Middle East business information

Egyptian financial services firm Pioneers Holding said it would buy investment bank Beltone Financial in an all-share deal, Reuters has reported. Pioneers said it would issue 100 million new shares at a yet to be determined price representing Beltone's total value and giving Beltone shareholders a 17% stake in the merged company. Beltone, which oversees some $5bn in assets, is based in Egypt and has offices in New York, Saudi Arabia, Qatar and the UAE.