Economics and Policy
Egypt said its economy will grow by 3.8 percent in the fiscal year starting in July as ministers outlined the 2013-14 budget to parliament Tuesday.
Morocco expects to sign a $2.4 billion loan deal next month with the Saudi-based Islamic Development Bank (IDB).
Business and Companies
The U.S. Treasury Department has designated Lebanese money exchange firms Kassem Rmeiti & Co. and Halawi Exchange Co as a “primary money laundering concern,” alleging they may be laundering millions of dollars of narcotics profits and funneling the money to Hezbollah.
Higher income from investments and fees helped National Bank of Abu Dhabi, the United Arab Emirates' largest lender by market value, to a 35.5 percent jump in first-quarter net profit, the bank said on Tuesday.
Dubai Investments, the largest investment company listed on the Dubai Financial Market, has announced that its net profit in 2012 attributable to shareholders rose 58 per cent.
Etisalat, the Gulf’s biggest telecoms operator, reported a near-flat first-quarter profit, missing analysts’ estimates as margins weakened.