North africa news

Cairo – Mubasher: China State Construction Engineering Corporation (CSCEC Group) has inaugurated a steel structures factory in Egypt with CNY 87.40 million ($12.06 million) in investments. Located on 27,039 square meters, the new factory will have …

Cairo – Mubasher: South Valley Cement Company incurred net losses amounting to EGP 194.65 million in 2023, an annual drop from EGP 208.74 million. Sales increased to EGP 877.42 million last year from EGP 873.73 million as of 31 December 2022, …

Cairo – Mubasher: Egypt-based HRTech bluworks has raised a $1 million pre-Seed investment round led by Saudi venture capital firm Khawarizmi Ventures, according to a recent press release.   bluworks plans to use the fundraising transaction to …

Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) showed a negative performance at the end of Wednesday’s session, with the EGX30 main index falling by 3.21% to 25,917.59 points. The small- and mid-cap EGX70 EWI dropped 3.49% to …

Cairo – Mubasher: Taaleem Management Services reported a consolidated net profit after tax of EGP 357.86 million during the first half (H1) of the fiscal year (FY) 2023/2024 from EGP 192.08 million in the similar period a year earlier. Revenues …

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 …