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Egypt-based technology company OneOrder raised a $6.5 million working capital facility from Contact Factoring, a subsidiary of Contact Financial Holding. The company offers restaurants, cafes, and hotels a one-stop shop for food supplies with logistics services through its software. Founded in 2021, OneOrder will utilize the funds to create a digital environment that can support restaurant owners in procuring online, MAGNiTT reported. Read More : https://www.arabnews.com/node/2139126/business-economy

Agthia, the food and beverage company based in Abu Dhabi, is bullish about growth in Saudi Arabia and aims to expand further in the Arab world’s largest economy. The company, which announced a greenfield investment of Dh90 million ($24.5m) to set up a new manufacturing unit in the kingdom earlier this year, is “looking for new opportunities” to further grow its business in the country, Alan Smith, chief executive of Agthia Group, told The National . “Saudi Arabia continues to be a market of interest. That’s why we are investing in our new facility … we will continue to look for opportunities there,” Mr Smith said. Read More : https://www.thenationalnews.com/business/economy/2022/08/09/uaes-agthia-bullish-on-saudi-arabia-with-further-expansion-planned-ceo-says/ 

Top officials from the anti-money laundering task forces of the UAE and Egypt met as the two countries seek to strengthen co-operation in the fight against illicit financial activity. The two sides reviewed the “most prominent regional developments and co-ordination between them” in the sector, UAE state news agency Wam reported on Thursday. The UAE has continued its efforts to “inform international and regional partners on the latest developments in its national action plan and notable projects and initiatives” that it is working on, said Hamid Al Zaabi, director general of the UAE's Executive Office for Anti-Money Laundering and Counter Terrorism Financing (AML/CFT). The measures are designed to ensure a “sustainable framework to combat money laundering and counter terrorism financing”, he said. Read More : https://www.thenationalnews.com/business/2022/08/04/uae-and-egypt-to-co-operate-in-fight-against-money-laundering-and-terrorism-financing/

The UAE believes a successful conclusion to negotiations over a hydroelectric dam Ethiopia is building on the Nile is “within reach”, according to a statement posted on the website of the Permanent Mission of the UAE to the UN. The project – known as the Grand Ethiopian Renaissance Dam – has led to a stand-off between Egypt, Ethiopia and Sudan. The UAE said this should be tackled in the spirit of “African solutions to African challenges”. Egypt and Sudan have complained that Ethiopia has acted unilaterally and started to fill the reservoir behind the dam on the Blue Nile. Egypt has expressed concerns that a quick filling of the reservoir will reduce its share of Nile waters, which the country depends on for its water supply. Read More : https://www.thenationalnews.com/mena/2022/08/04/uae-believes-a-successful-conclusion-to-nile-dam-stand-off-is-within-reach/