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IMF preparing next billion dollar loan to Egypt

The International Monetary Fund on Friday said it had reached a staff-level agreement with Egypt for a one-year, $5.2 billion standby loan to help the North African country grapple with the novel coronavirus pandemic and its economic fallout. The agreement, which must be finalized by the Fund’s executive board, would …

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ENOC wins mega-loan from China

ENOC Group has secured a five-year US$690 million term loan from a Chinese consortium of banks as China’s biggest financial institutions endorse the Group’s operational and financial health. The term loan will finance general corporate purposes as ENOC continues to fuel the local economy through its business divisions in exploration …

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Dubai’s new Mortgage Law can be the right stimulus

Dubai’s proposed “Mortgage Law” intends to create greater depth in the property marketplace, in particular by making it easier for specialised funds to come in and take up exposures. Another target of the law would be create “alternative financing methods” over and above what is offered via direct bank finance. …

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Financing initiative launched to support Emirati-owned SMEs

Emirates Development Bank, the lender set up to help finance local developmental, residential and industrial projects, said on Monday it would begin funding small and medium-sized enterprises (SMEs). Focusing on SMEs owned and operated by UAE nationals, the initiative is intended to support the economic and social development of the …

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U.S. pending home sales rise modestly in November

Reuters – Contracts to buy previously owned U.S. homes rose only modestly in November, pointing to a still-sluggish housing market despite several months of stronger economic growth and hiring. The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, gained 0.8 …

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