At a forum in Cairo, the head of the Arab-Brazilian Chamber of Commerce Office in Egypt, Micheal Gamal Kaddes, presented the results of the free trade agreement between the Arab country and Mercosur. Egyptian sales increased in revenue, and the range of products diversified.
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The Saudi Arabia Social Development Bank received an award at a finance forum in São Paulo for its funding of female entrepreneurship.
Financing for financial institutions reached USD 7.8 billion through July. Amount borrowed by consumers has also increased.
The North African country’s minister of economy said the financial instrument will be released later this week for the purchase of basic items, of which the country still has stocks for three months.
The aim is to enhance the financial system’s performance in environmental and social risk management, offer sustainable products, and increase the sector’s competitiveness.
Exports to the country have been consistently growing since 2022, based on the analysis of the first eight months of the year. Imports, on the other hand, are declining.
The Arab Monetary Fund bulletin shows the value of the stock markets in Arab countries at the end of August. The Saudi stock exchange recorded the highest capitalization, followed by Abu Dhabi’s.
A major exporter of oil and gas, the Arab country recorded a trade surplus. Top imports were mineral products and machinery.
The month-on-month increase was primarily due to higher production of crude oil, petroleum, petroleum products, and natural gas.
The cement maker announced on Friday (13) the sale of its subsidiary with operations in the Arab country to German company Heidelberg Materials.
The Arab group has controlled the Brazilian company since the beginning of this year. The agreement also includes specialized training.
Last year, the Saudi economy was boosted by private consumption and non-oil investment. According to the IMF, the country is making progress in its diversification efforts. Non-oil GDP is expected to grow by 3.5% in 2024.
Edge Group, SIATT, and the Brazilian Navy signed a partnership to complete the development of armament for a new class of vessels.
Jordanian companies increased their exports of products such as food, plastics, leather, textiles, and pharmaceuticals in the first half of this year.
