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25 March 11:17 AM Crédit Agricole's board nods for 2023 cash dividends
Cairo – Mubasher: Crédit Agricole Egypt’s board of directors approved the distribution of EGP 1.14 per share in cash dividends for 2023. The approved dividends represent 27.92% of the distributable profits, according to a bourse filing. It is …
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24 March 04:33 PM EGX closes Sunday in green zone
Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) closed higher at the end of Sunday’s session, with the EGX30 main index up by 0.02% to 29,060.02 points. The small- and mid-cap EGX70 EWI rose by 1.22% at 6,676.65 points. Similarly, the …
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24 March 03:28 PM Madinet Masr negotiating banks for credit facilities
Cairo – Mubasher: Madinet Masr Housing and Development is in talks with a syndicate of banks for credit facilities to fund its commercial projects. Official contracts will be signed upon the finalisation of the negotiations, Madinet Masr stated, …
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24 March 12:32 PM CBE issues T-bills worth EGP 50bn on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) at a total value of EGP 50 billion through auctions on Sunday, 24 March 2024. The two auctions stood at EGP 25 billion, each, with varied maturity periods, …
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24 March 10:54 AM Orascom Financial Holding swings to profitability in 2023
Cairo – Mubasher: Orascom Financial Holding (OFH) turned to profitability in 2023, recording a consolidated net profit after tax of EGP 20.45 million, compared to a net loss of EGP 133.39 million a year earlier. Operating revenues reached EGP …
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21 March 06:43 PM US-based Coupa launches firm’s 1st data centre in Middle East
UAE – Mubasher: AI-driven platform Coupa, headquartered in the US, has opened its first data centre in the Middle East in collaboration with the Amazon Web Services (AWS) team in Dubai. The new AWS data centre aims to enhance data security for …
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21 March 05:08 PM EGX shows positive performance on Thursday
Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) closed Thursday’s trading session in the green zone, with the EGX30 main index rising by 1.63% to 29,054.96 points. The small- and mid-cap EGX70 EWI closed higher by 3.16% at 6,596.40 …
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21 March 03:07 PM Elsewedy Electric ups credit facility deal with Afreximbank to $300m
Cairo – Mubasher: Elsewedy Electric Company’s board approved increasing a revolving facility agreement with the African Export-Import Bank (Afreximbank) to $300 million. The agreement was also signed with Elsewedy Electric for Transmission and …
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21 March 01:15 PM EFG Hermes leads $429m IPO of Parkin for DFM listing
Mubasher: EFG Hermes, an EFG Holding Company, concluded its advisory on the $428.70 million initial public offering (IPO) of Parkin on the Dubai Financial Market (DFM), according to a press reelase. EFG Hermes acted as a joint bookrunner on the …
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21 March 12:09 PM CBE unveils T-bills worth EGP 60bn on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) at a combined value of EGP 60 billion through auctions on Thursday, 21 March 2024. The first tranche stood at EGP 30 billion and will mature in 182 days on 24 …
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21 March 11:44 AM Wind boosts MENA’s yachting industry via $1m funding round
UAE – Mubasher: Dubai-based sailing club Wind Rises has secured $1 million in a pre-seed funding round from angel investors, according to a press release. The funds will be used to expand the fleet and boost the company’s services while fostering …
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20 March 06:50 PM CoinMENA FZE joins Network International to endorse crypto ecosystem
UAE – Mubasher: CoinMENA FZE, the virtual asset service provider headquartered in the UAE, has teamed up with Network International to offer a seamless and secure onramp from fiat to crypto through card deposits to customers. This strategic …
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20 March 05:18 PM EGX closes Wednesday with varied performance
Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) settled at a mixed note at the end of Wednesday’s trading session, with the EGX30 main index falling by 0.30% to 28,589.37 points. On the other hand, both the small- and mid-cap EGX70 …
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20 March 03:53 PM Egypt’s healthtech platform Pharmacy Marts raises funding round
Cairo – Mubasher: Egypt-based Pharmacy Marts has secured a six-figure bridge round from Acasia Ventures, according to a press release. Pharmacy Marts is a business-to-business (B2B) digital marketplace that provides pharmacies and medical …
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20 March 03:41 PM The Arab Energy Fund posts 51% YoY higher net income in 2023
Riyadh – Mubasher: The Arab Energy Fund (TAEF), previously APICORP, reported a 51% year-on-year (YoY) surge in net income to $225 million in 2023. Total assets grew by 12% YoY to reach $9.88 billion last year, according to a press release. As of …
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20 March 01:54 PM MANTRA completes $11m funding round to boost RWA tokenisation
Mubasher: MANTRA ($OM), the Layer 1 blockchain for Real World Assets (RWA), has secured a new funding round led by key venture and technology investors in the MENA region, according to a press release. Shorooq Partners led the $11 million …
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20 March 01:32 PM Mopco releases payment date for EGP 2/shr dividends
Cairo – Mubasher: Misr Fertilizers Production Company (Mopco) unveiled payment dates for EGP 2 per share in cash dividends for the ordinary and senior shareholders for the financial year 2023. The payment date is 7 April 2024 for ordinary …
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20 March 01:00 PM EFG Holding’s consolidated profit soars 39% YoY in 2023
Cairo – Mubasher: EFG Holding recorded a consolidated net profit after tax and minority interests of EGP 2.49 billion in 2023, up 39% year-on-year (YoY) from EGP 1.80 billion. The company’s group net operating revenue surged 34% YoY to EGP 14.72 …
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20 March 12:22 PM Dubai International Chamber boosts global expansion of EV market
UAE – Mubasher: Dubai International Chamber supported the global expansion of two Dubai-based businesses to provide advanced electric vehicles (EVs) in new markets, according to a press release. This comes within the framework of the strategic …
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20 March 11:44 AM Valu mulls offering 25% stake on Egyptian Exchange – CEO
Cairo – Mubasher: Fintech company Valu, a subsidiary of EFG Holding Company, is considering an initial public offering (IPO) of 25% of its shares on the Egyptian Exchange within the next 12 months, revealed Walid Hassouna, CEO of Valu, in an …
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19 March 04:46 PM EGX’s indices continue to close in red zone on Tuesday
Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) ended Tuesday with a negative performance, with the EGX30 main index down 1.43% to 28,675.70 points. The small- and mid-cap EGX70 EWI fell by 1.16% to 6,211.56 points and the EGX100 EWI …
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19 March 04:35 PM EG Bank’s shareholders nod to capital increase
Cairo – Mubasher: The shareholders of Egyptian Gulf Bank (EG Bank) agreed to disburse EGP 250.25 million bonus shares at a nominal value of EGP 0.02 per share. The ordinary general meeting (OGM) greenlighted the bonus shares, on 18 March 2024, in …
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19 March 02:50 PM Brent crude to surpass $80/b by 2024-end amid timid market sentiment – Bloomberg
Mubasher: The price of Brent crude oil is expected to hover above $80 per barrel (pb) at the end of 2024, as market sentiment shifts towards a more reserved outlook for demand. In a survey by Bloomberg Intelligence, around 53% of respondents …
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19 March 01:51 PM Stubborn inflation likely to prompt Fed to maintain interest rates – Emirates NBD
Mubasher: The Federal Reserve (Fed) is expected to maintain interest rates at 5.50% during its upcoming two-day monetary policy meeting, concluding on 20 March. This expectation is supported by higher-than-expected inflation data and signs of …
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19 March 01:25 PM Global energy transition efforts face hard realities – Aramco’s CEO
Riyadh – Mubasher: The global energy transition strategy has not succeeded in many aspects due to five hard realities that should be considered to adjust its path, stated Amin Nasser, President & CEO of Saudi Arabian Oil Company (Aramco). These …