North Africa/Middle East

Saudi Cable Says Turkish Appeal Court Overturns Subsidiary’s Bankruptcy

Saudi Cable Co. (SCC) issued a clarification regarding the ruling of Turkey's appeal court to overturn the bankruptcy (liquidation) decision previously issued against Elimsan, its subsidiary in Turkey, Argaam.com reported. In a statement to Tadawul, the company said its board decided on Oct. 11, 2021, to take the necessary actions to protect Elimsan Salt Cihazlari ve Elektromekanik San ve Tic A.S. by applying the debt protection law (financial restructuring). Elimsan is 94% owned by Mas Kablo, a subsidiary, which is 100% owned by Saudi Cable. On Feb.
Turkey
Saudi Arabia
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Egypt to Offer Stakes in at Least 10 State-Held Firms in 2025

Egypt plans to offer stakes in at least 10 state-held companies next year, including four affiliated with the military, pressing forward with an International Monetary Fund-backed drive to reduce the government’s role in the economy, Bloomberg News reported. The firms, which include AlexBank and Banque du Caire, will either be offered to strategic investors or on the local stock market, Prime Minister Mostafa Madbouly said Wednesday in a televised press conference.
Egypt
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Tunisia Looks to Central Bank to Repay Debt as Economy Reels

Tunisia’s government is looking to the central bank to help repay its external debt for a second straight year, as the economy languishes after a potential International Monetary Fund bailout stalled, Bloomberg News reported. The state needs to borrow as much as 7 billion dinars ($2.2 billion) from the regulator in 2025, Finance Minister Sihem Boughdiri told parliament on Monday, proposing an addendum to next year’s budget that lawmakers subsequently approved.
Tunisia
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Israel Holds Rates as War Fuels Inflation and Slows Economy

Israel’s central bank left interest rates unchanged as it weighs a war-related economic slowdown and quickening inflation, Bloomberg News reported. The Bank of Israel held its base case rate at 4.5% on Monday, in line with the estimates of all economists surveyed by Bloomberg. It was the monetary policy committee’s seventh straight hold and last decision of the year, with the next meeting scheduled for early January.
Israel
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