North africa news

Cairo – Mubasher: Austria’s Petrochemical Holding and Czechia’s Draslovka company announced plans to build a sodium cyanide factory in Egypt. The project is set to meet the local demand and export 80% of its output to the Mediterranean Basin, …

Cairo – Mubasher: Egyptian Gulf Bank (EG Bank) reported a consolidated net profit after tax from continued operations of EGP 596.54 million during the first quarter (Q1) of 2024, up 91% year-on-year (YoY) from EGP 312.77 million. The bank’s …

Cairo – Mubasher: Arab Cotton Ginning Company posted a 371% year-on-year (YoY) surge in the consolidated net profit after tax during the first half (H1) of the fiscal year (FY) 2023/2024, soaring to EGP 304.28 million, from EGP 64.60 million a …

Cairo – Mubasher: Egypt-based fintech Bokra has closed a $4.60 million pre-Seed round led by DisrupTech Ventures and SS Capital, according to a press release. The fintech will use the funding to reshape wealth management in the MENA region by …

Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices dropped on Tuesday, with the EGX30 main index plunged 4.86% to close at 26,777.05 points. The small- and mid-cap EGX70 EWI also plummeted by 5.06% at 6,213.97 points. Similarly, the EGX100 …

Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork posted a consolidated net profit of EGP 344.36 million in 2023, up from EGP 113.11 million a year earlier. Revenues surged to EGP 2.55 billion last year from EGP 1.57 billion in 2022, …

UAE – Mubasher: The UAE has signed a memorandum of understanding (MoU) with Iraq, Qatar, and Türkiye for cooperation on the Development Road project. The project seeks to create a sustainable economy bridging East and West, increase international …

Cairo – Mubasher: Egypt is set to receive budget support of $400 million from the UK over two years, Minister of International Cooperation Rania El-Mashat said in an interview, according to Bloomberg. The North African country is expecting to …

Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) reported a net consolidated profit after tax of EGP 423.59 million in 2023, up from EGP 145.41 million the year before. Revenues surged to EGP 3.62 billion …

Cairo – Mubasher: The Suez Canal Economic Zone (SCZONE) has entered into an agreement with the Chinese company WU'AN XIN FENG at an investment value of $297 million. The Chinese entity was granted usufruct rights to a land area spanning 750,000 …

Cairo – Mubasher: Arab Developers Holding is targeting contracted sales amounting to EGP 7 billion in 2024. The company plans to deliver 2,000 housing units in all of its development projects during this year, according to a bourse disclosure. In …

Cairo – Mubasher: The Egyptian Exchange (EGX) is set to suspend trading on Thursday, 25 April 2024, in celebration of Sinai Liberation Day. Trading will resume on EGX as of Sunday, 28 April, according to an announcement. The EGX’s indices declined …

UAE – Mubasher: Spinneys 1961 Holding set the price range for its initial public offering (IPO) on the Dubai Financial Market (DFM) between AED 1.42 and AED 1.53 per Share. The IPO will imply a market cap at the time of listing of between nearly …

Cairo – Mubasher: The Financial Regulatory Authority (FRA) approved for Zahraa Maadi Investment and Development to raise its authorisied capital by EGP 4 billion from EGP 1 billion. The listed company aims to increase the authorised capital to EGP …

Cairo – Mubasher: The Egyptian government is in talks with the UAE’s Emirate of Fujairah and Brooge Petroleum and Gas Investment Company (BPGIC) to sign a preliminary agreement for building a free zone for production, storage, and trade of oil and …

Cairo – Mubasher: The ordinary general meeting (OGM) of CI Capital Holding for Financial Investments resolved the distribution of EGP 216.90 million worth of cash dividends for 2023, unlike the board’s previous recommendation not to pay out cash …

Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices declined on Monday, with the EGX30 main index shrank by 1.67% to close at 28,144.22 points. The small- and mid-cap EGX70 EWI also dipped by 1.08% at 6,544.86 points. Similarly, the EGX100 EWI …

Cairo – Mubasher: The ordinary general meeting (OGM) of Elsewedy Electric Company agreed to disburse EGP 0.50 per share as a cash dividend for 2023. The company will pay out a total amount of EGP 1.06 billion to the eligible equityholders of …

Cairo – Mubasher: Egypt is targeting a 4.20% economic growth rate in the fiscal year (FY) 2024/2025, stated Hala El-Said, Minister of Planning and Economic Development. The Egyptian government revised down growth prediction for FY23/24 from 4% to …

Cairo – Mubasher: Egypt’s General Authority for Supply Commodities (GASC) has contracted 200,000 tonnes of raw sugar for delivery between May and August 2024. As a result, the recently contracted amount has reached 450,000 tonnes, according to an …

Cairo – Mubasher: Egypt's premier group-buying website and mobile app Waffarha has secured a Seed funding round from Saudi Value Makers Studio (VMS), according to a press release. The investment aligns with the platform’s expansion plans into the …

Cairo – Mubasher: The ordinary general meeting (OGM) of Fitness Prime Health Clubs agreed to raise the issued and paid-up capital to EGP 82.15 million from EGP 66.25 million. The EGP 15.90 million increase will be granted from the company’s net …

Cairo – Mubasher: Misr Beni Suef Cement has agreed to pay EGP 260 million to settle a contractual dispute with Arab Swiss Engineering Company (ASEC), a subsidiary of Qalaa Holdings. Under the settlement deal, Misr Beni Suef Cement will receive an …