The vulnerable nature of most North African economies has made it an attractive market for many Gulf lenders. During the last decades, almost all Maghreb countries have experienced major political unrest that has had a major impact on their financial services sectors while creating economic gaps. When the 2010s began, banks headquartered in Qatar and the United Arab Emirates (UAE) projected international expansion in the Maghreb, which they regard as the western part of the Arab world, particularly Egypt. But when the COVID-19 pandemic struck, there was a decline in the drive into the Egyptian economy as talks to acquire more assets were placed on hold by some notable Gulf lenders. For instance, in May 2020, unfavourable market conditions necessitated by the pandemic forced First Abu Dhabi Bank (FAB) to put on hold the acquisition of Lebanese-owned Bank Audi of Egypt, a deal said to be worth about $700 million.
SOURCE: VENTURES AFRICA
More Stories
South Africa Still a Long Way Off in Building a National Culture of Human Rights
After Lawsuits and Demonstrations Led by Chagossian Women, Britain Paid Some Compensation through the Mauritian Government to the Exiled Chagos Population
Sister to Egypt’s Most Prominent Political Prisoner Takes the Fight to the UN and EU
MSI Reproductive Choices in Africa Helps Women and Girls Make Informed Decisions about their Bodies and Futures
Kenya’s ‘Linda Mama’ Policy is a Step in the Right Direction Towards Universal Health Coverage
The Women and Caregivers behind Uganda’s Model for Palliative Care
Tunisian President’s Speech was Essentially the “Great Replacement” Theory, but with a Local Twist
The UN’s Largest Annual Gathering on Gender Equality and Women’s Empowerment Tackles the Gender Digital Divide
Challenges And Opportunities – Global Survey Results On Women’s Tech Careers
WHO Director’s Insights on Health in Africa and the IIAG Results
Best Style Moments of Tems
To the World