Latest News

Cairo – Mubasher: Egypt’s annual headline inflation rate fell to 27.40% in May 2024 from 31.80% in April. The inflation in May was primarily fuelled by a 28.90% year-on-year (YoY) uptick in the food and beverage sector, driven by a 26.60% YoY …

Cairo – Mubasher: The European Union (EU) plans to provide firms in private sector with guarantees amounting to EUR 1.80 billion to enhance foreign direct investment (FDI) in Egypt. The plans were discussed between Rania Al-Mashat, Egypt’s …

Cairo – Mubasher: Qalaa Holdings announced that the first phase of allowing shareholders to purchase its external debt has raised EGP 875.35 million Egyptian pounds ($17.49 million), between 2 and 5 June 2024, covering 81% of the targeted amount. …

Cairo – Mubasher: The Central Bank of Egypt (CBE) auctioned treasury bonds (T-bonds) at a combined value of EGP 3 billion through two issues on Monday, 10 June. The offering stood at EGP 2.50 billion and will mature in three years on 4 June 2027, …

Cairo Mubasher: HMD Global, the Finnish manufacturer of Nokia mobile phones, plans to produce four million traditional and smartphones annually in Egypt for African exports starting in 2024. The company also intends to export an additional 200,000 …

Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, penned a deal with Cayesh, the first supply chain finance company in Egypt. The two entities will join forces to leverage innovative …

Mubasher: The GCC region has reigned over Forbes' 2024 list of top 100 listed companies in the Middle East by sales, assets, and profits. The list was led by the UAE with 32 firms, followed by Saudi Arabia with 31, according to a press release. …

Cairo – Mubasher: The indexes of the Egyptian Exchange (EGX) showed a negative performance on Sunday, with the EGX30 main index down 2.91% to 25,659.13 points. Both small- and mid-cap EGX70 EWI as well as EGX100 EWI indices ended the session lower …

Cairo – Mubasher: The extraordinary general meeting (EGM) of Alexandria Container and Cargo Handling Company approved increasing the authorised capital to EGP 2 billion from EGP 1 billion. The shareholders also agreed to raise the issued and …

Cairo – Mubasher: EdVentures, the investment arm of Nahdet Misr Group, has partnered with the Mastercard Foundation to launch the Mastercard Foundation EdTech Fellowship in Egypt. This five-year initiative aligns with Egypt's Vision 2030, focusing …

Cairo - Mubasher: El Ebour Real Estate Investment agreed to conclude contracting agreements in Saudi Arabia and the UAE, according to a bourse disclosure. The EGX-listed firm plans to ink a subcontracting contract between the company’s branch in …

Cairo – Mubasher: Madinet Masr Housing and Development has announced Project Kayan in collaboration with Lemania Swiss International School (LSIS), managed by CIRA Education’s subsidiary Eduhive, and Klub Kayan, operated by Blue Ribbon in Taj …

Cairo – Mubasher: EgyptAir is set to operate its first flight to Alamein City on the North Coast on 11 July 2024. This seasonal flight will operate until 14 September 2024, according to the State Information Service (SIS). EgyptAir noted that the …

Cairo – Mubasher: Electro Cable Egypt posted a consolidated net profit of EGP 535.32 million in the first quarter (Q1) of 2024, up from EGP 202.17 million in the equivalent period a year earlier. Consolidated sales jumped to EGP 3.07 billion in …

Cairo – Mubasher: Juhayna Food Industries has signed a credit facility worth EGP 450 million with HSBC, renewing a working capital financing agreement. Signed in November 2023, the credit facilities include a package of benefits by the bank linked …

Cairo – Mubasher: Talaat Moustafa Group Holding Company (TMG Holding) has achieved total sales of EGP 122 billion in the first five months (5M) of 2024, up from EGP 45 billion in the same period the year before. The surge in sales include EGP …

Cairo – Mubasher: Al Ahly FC has appointed UAE’s Palms Sports, a subsidiary of International Holding Company (IHC), as the official operator of the El-Qalaa El-Hamraa mega sports complex project. This partnership is set to enhance the value of …

Cairo – Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) worth EGP 55 billion through two tranches on Sunday, 9 June. The first auction stood at EGP 30 billion and will mature in 91 days on 10 September 2024, according to …

UAE – Mubasher: Elevate, a London and Dubai-based fintech, has secured $5 million in a pre-Series A funding round to boost its expansion into the Middle East and Africa, according to a press release. Founded in 2021 by Faris Keenan, Khalid Keenan, …

Riyadh – Mubasher: Riyadh Air has signed a strategic cooperation memorandum of understanding (MoU) with EgyptAir. The MoU will provide guests of both carriers a variety of exclusive benefits when travelling between Saudi Arabia and Egypt, …

Cairo – Mubasher: The International Monetary Fund (IMF) has reached a staff-level agreement with the Egyptian authorities on a set of comprehensive policies and reforms needed to complete the third review of the loan programme signed in December …

Cairo – Mubasher: The indexes of the Egyptian Exchange (EGX) ended in the red on Thursday, with the EGX30 main index inching lower by 0.77% to 26,428.65 points. Both small- and mid-cap EGX70 EWI as well as EGX100 EWI indices closed the session …

Cairo – Mubasher: The value of Egypt's agricultural exports increased by $500 million to approximately $2.60 billion in the first five months (5M) of 2024 compared to the corresponding period in 2023, according to El-Sayed El-Quseir, Minister of …