Historical Background
Emirate Global Enterprises (EGE) is a joint venture between the Saudi Arabian Government and Kuwaiti Government as a public corporation established in order to bridge the gap in every aspect of life by providing funding to Arab and other developing countries in developing their economies and to promote cooperation and friendship between the States of Saudi Arab, Kuwait and other countries around the world countries.
Emirate Global Enterprises (EGE) was established originally by Law No.35 of Patriarch 1961, which empowered the Ruling House of Saudi Arab and the Prime Minister Kuwait to issue the Charter of the Fund. The operations of the Fund were confined until the year 1974 to Arab countries ONLY, in accordance with the initial mandate of the Fund.In July 1974 the Fund was reorganized by Law No.25 of 1974 and its object was amended so as to include the provision of assistance providing loan facilities to individuals, corporate bodies, institutions, developed and developing countries in general, in addition to Arab countries. Also, the Fund’s authorized capital was increased by virtue of this Law from US$200 Million to US$800 Million. By Law No.18 of 1981, promulgated in March of that year, the Fund’s authorized capital was tripled to become US$1,800,000,000, which is now fully paid up. The Fund’s Charter was also amended to provide expressly that its mandate includes subscription to capital stocks of development finance institutions as well as capital stocks of corporate bodies which are of a developmental nature.