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06 May 11:06 PM

Egypt news

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5 May 01:18 PM Egypt’s foreign currency reserves to soar $16.2bn in FY24/25 – Report
Cairo – Mubasher: Egypt’s international reserves are expected to surge by $16.20 billion during the fiscal year (FY) 2024/2025, according to a report by JPMorgan, an American multinational finance company. The report expected the country’s …
Macroeconomics
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5 May 11:42 AM ADES Holding wins SAR 161m contract for works in Egypt
Riyadh – Mubasher: Egypt-based Suez Oil Company (SUCO) has awarded ADES Holding Company a SAR 161 million contract to use a standard jackup unit from the Saudi company’s fleet. The jackup unit will be used for drilling works at the Gulf of Suez, …
Global Economy
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5 May 10:07 AM Fitch Ratings upgrades Egypt’s outlook to stable, affirms IDR rating at 'B-'
Cairo - Mubasher: Fitch Ratings has revised the outlook on Egypt's long-term foreign-currency (LTFC) issuer default rating (IDR) from stable to positive. The rating agency affirmed Egypt’s IDR at 'B-', according to a press release. Fitch …
Macroeconomics
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2 May 04:08 PM EGX’s indices surge on Thursday, market cap exceeds EGP 1.76trn
Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) showed a positive performance at the end of Thursday’s session, with the EGX30 main index rising by 3.34% to 26,113.71 points. The small- and mid-cap EGX70 EWI added 2.23% to close at …
Trading Activities
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2 May 01:05 PM Alexandria Container’s board mulls capital hike via bonus shares
Cairo – Mubasher: The board members of Alexandria Container and Cargo Handling Company agreed to increase the issued and paid-up capital to EGP 1.48 billion from EGP 744.87 million. The EGX-listed firm will raise its capital by EGP 744.87 million …
Management Decisions
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2 May 11:54 AM Egyptian gov’t offers EGP 40bn investment opportunities to local, int’l investors
Cairo – Mubasher: The Egyptian government has offered 12 new investment opportunites in eights governorates to local and international with total target investments of more than EGP 40 billion. The offered projects are set to be located on 405 …
Macroeconomics
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2 May 10:13 AM Egypt’s foreign asset deficit hits 25-month low in March 2024
Cairo – Mubasher: Egypt’s foreign asset deficit plummeted around 70.61% month-on-month (MoM) to EGP 199.65 billion ($4.17 billion) in March 2024, its lowest level since February 2022, or nearly 25 months, after a $28.83 billion surge in foreign …
Macroeconomics
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2 May 09:56 AM Arabia Investments, Nasr Company for Civil Works unveil capital hike
Cairo – Mubasher: The shareholders of Arabia Investments Holding and Nasr Company for Civil Works agreed to increase the company’s issued and paid-up capital. Arabia Investments plans to raise its capital to EGP 467.43 million from EGP 424.94 …
Management Decisions
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2 May 08:51 AM CBE offers T-bills, zero-coupon T-bonds on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) at a combined value of EGP 55 billion through two issues on Thursday, 2 May 2024. The first offering stood at EGP 30 billion and will mature in 91 days on 6 …
Bonds
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1 May 04:10 PM EGX ends Wednesday in green; market cap hits EGP 1.7trn
Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) rose at the end of Wednesday’s session, with the EGX30 main index gaining by 3.36% to 25,270.55 points. The small- and mid-cap EGX70 EWI tumbled 1.74% to close at 5,670.65 points. The …
Trading Activities
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1 May 03:09 PM DFM launches ARENA platform for MENA companies, investors
Dubai– Mubasher: Dubai Financial Market (DFM) has launched ARENA, an innovative platform for initial private offerings. ARENA by DFM will support the growth of companies and investors in the Middle East and North Africa (MENA) region through …
Global Economy
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1 May 02:09 PM Madinet Masr launches Sheya project, achieves EGP 5.1bn in sales
Cairo – Mubasher: Madinet Masr Housing and Development has launched the Sheya project in Sarai, its mega mixed-use development. Located on a 228,212 square metre area near the New Administrative Capital, Sheya includes 744 mixed-use residential …
Companies Investments
Mostafa Abdelaziz, Managing Partner at Act Financial
1 May 01:52 PM Act Financial plans EGX listing in Q2-24 after decade of continuous work – Abdelaziz
By: Abdel Razek El-Showeikhy Cairo – Mubasher: Act Financial is in negotiations to acquire equities in four companies that plan to list their shares on the Egyptian Exchange (EGX), Managing Partner Mostafa Abdelaziz told Mubasher in an interview. …
Global Economy
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1 May 12:43 PM EFIC posts 19% profit decline in Q1-24
Cairo – Mubasher: Egyptian Financial and Industrial Company (EFIC) registered a 19% year-on-year (YoY) drop in net profit after tax to EGP 70.93 million in the first quarter (Q1) of 2024 from EGP 87.26 million. Revenues surged 103% YoY to EGP …
Financial Results
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1 May 11:22 AM Crédit Agricole Egypt logs EGP 2.3bn consolidated profits in Q1-24
Cairo – Mubasher: Crédit Agricole Egypt recorded consolidated net profit after tax of EGP 2.28 billion in the first quarter (Q1) of 2024, a jump from EGP 1.22 billion in the same quarter a year earlier. Net interest income leapt to EGP 2.68 …
Financial Results
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1 May 09:49 AM Abu Qir Fertilizers’ net profit dips 3% YoY in 9M-23/24
Cairo – Mubasher: Abu Qir Fertilizers reported a 3.16% year-on-year (YoY) decline in net profit after tax to EGP 12.14 billion in the first nine months (9M) of the fiscal year (FY) 2023/2024 from EGP 12.53 billion. Revenues dropped 18.84% YoY to …
Financial Results
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1 May 09:20 AM amana's strategy reinforces MENA trading volumes by 190%
UAE – Mubasher: Dubai-based neobroker amana launched a groundbreaking strategy to boost access to the MENA stock markets for its customers, according to a press release. In February, the investment service provider developed an initiative to …
Macroeconomics
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1 May 08:55 AM CBE issues debt instruments worth EGP 49bn
Cairo – Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) at an aggregated value of EGP 45 billion through two offerings on Wednesday, 1 May 2024. With a tenor of 182 days until 5 November this year, the first tranche stood …
Treasury Bills
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30 April 04:25 PM Egyptian Exchange’s indices tumble on Tuesday
Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) dropped at the closure of Tuesday’s session, with the EGX30 main index dropping by 6.01% to 24,448.73 points. The small- and mid-cap EGX70 EWI tumbled 4.92% to close at 5,573.72 points. …
Trading Activities
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30 April 03:58 PM Constructor Capital opens regional office in UAE
UAE – Mubasher: Constructor Capital, a venture capital (VC) fund investing in technology startups, has made a debut in the UAE with a new regional office. Constructor Capital's latest move signals a deeper foray into quantum technology within the …
Global Economy
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30 April 03:02 PM Sidpec registers 7% YoY higher profit in Q1-23
Cairo – Mubasher: Sidi Kerir Petrochemicals Company (Sidpec) recorded a 7.50% year-on-year (YoY) growth in net profit after tax to EGP 559 million during the first quarter (Q1) of 2024 from EGP 520 million. Sales decreased by 4.12% YoY to EGP 3.46 …
Financial Results
Mohammed Al Ballaa, Chairman of Mubasher Financial Group
30 April 01:38 PM Highlights of Chairman Al Ballaa’s speech during AFCM 2024
Mubasher: Chairman of Mubasher Financial Group, Mohammed Al Ballaa, stated that the emergence of the fintech industry helped with the success witnessed in stock exchanges and different sectors over the past years. Al Ballaa noted, during the third …
Global Economy
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30 April 12:09 PM AMOC sees higher consolidated profits at EGP 1.3bn in 9M-23/24
Cairo – Mubasher: Alexandria Mineral Oils Company (AMOC) logged consolidated net profits after tax amounting to EGP 1.31 billion in the nine months (9M) of fiscal year (FY) 2023/2024. The recorded net profits were higher by 19% year-on-year (YoY) …
Financial Results
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30 April 11:54 AM Beltone’s investment arm to launch $100m credit platform for Egyptian exporters
Cairo – Mubasher: Beltone Investment Holding (BIH), a subsidiary of Beltone Holding, is set to launch a $100 million private credit platform. The new platform will serve Egyptian exporters, according to a press release. The platform will …
Companies Investments
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30 April 11:04 AM EFG Hermes advises on HSB's EGP 600m short-term note issuance
Cairo – Mubasher: EFG Hermes, a subsidiary of EFG Holding, has announced that its investment banking division closed the issuance of an EGP 600 million senior unsecured short-term note for the Hermes Securities Brokerage Company (HSB). This …
Banking and Finance