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23 May 10:51 PM

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02:56 PM Goldman Sachs reportedly becomes 1st Wall Street bank with Saudi HQ licence
Riyadh – Mubasher: Goldman Sachs Group Incorporation became the first Wall Street bank to establish a Middle Eastern headquarters (HQ) in Saudi Arabia, according to Bloomberg. Goldman obtained a licence from the Saudi Ministry of Investment (MISA) …
Corporate Actions
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01:17 PM First Arab Forum for Aviation Security kicks off in Saudi Arabia
Riyah – Mubasher: The General Authority of Civil Aviation (GACA) has organised the first Arab Forum for Aviation Security in cooperation with the Arab Civil Aviation Organization. The forum was attended by 120 leaders in the aviation sector and …
Event
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5 hours ago Centena Group boosts regional presence with platform debut in Saudi Arabia
Mubasher: Dubai-based Centena Group has announced the launch of AtlabShoponline platform as an educational eCommerce platform in Saudi Arabia to promote a knowledge-based economy across the region while further solidifying its presence in the …
Global Economy
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02:16 PM EFG Holding sees higher consolidated profits at EGP 2.1bn in Q1-24
Cairo – Mubasher: The consolidated net profits after tax of EFG Holding jumped to EGP 2.11 billion in the first quarter (Q1) of 2024 from EGP 920.12 million a year earlier. The EGX-listed group posted revenues valued at EGP 8.55 billion in Q1-24, …
Financial Results
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02:00 PM Immensa joins forces with Pelagus 3D to expand business in MENA
Mubasher: MENA’s largest digital manufacturer Immensa has penned a strategic collaboration agreement with Pelagus 3D, an on-demand digital manufacturing partner for the maritime and offshore industry. The two parties will integrate their strengths …
Companies Investments
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11:38 AM Egypt reportedly to operate EGP 1.7bn new fuel transportation pipeline
Cairo – Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources plans to operate a new transportation pipeline for petroleum products on the Mediterranean coast, according to Al Arabiya Business. The new pipeline will link the MIDOR oil …
Macroeconomics
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09:59 AM Microsoft, UAE’s G42 unveil $1bn investment in Kenya
UAE – Mubasher: Microsoft Corporation and UAE’s G42 announced an initial invetments of $1 billion in digitalisation projects in Kenya in collaboration with the country’s Ministry of Information, Communications, and the Digital Economy. The …
Companies Investments
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09:13 AM Philip Morris International acquires 14.7% of Eastern Company
Cairo – Mubasher: Philip Morris International (PMI) has acquired a 14.70% stake in Eastern Company. The two companies also signed a nonexclusive letter of intent (LOI) to explore potential strategic areas for mutual long-term collaboration, in the …
Mergers and Acquisitions
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08:22 AM CBE offers EGP 50bn T-bills end-week
Cairo – Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) at a total value of EGP 50 billion through two equal auctions on Thursday, 23 May 2024. The first tranche will mature in 182 days on 26 November this year, while the …
Central Banks
Jad Antoun, CEO and Co-Founder of Huspy
08:07 AM UAE-headquartered Huspy fuels growth plans in MENA via funding round
UAE – Mubasher: Huspy, a property technology firm headquartered in the UAE, has raised a funding round led by Balderton Capital, along with existing investor Fifth Wall as well as other investors. The fundraising had a considerably higher …
Companies Investments
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22 May 05:47 PM Future Aviation Forum 2024 attracts historic investments within 2 days
Riyadh – Mubasher: The third edition of the Future Aviation Forum has witnessed the signing of several agreements on the first two days of the event, which had nearly 5,000 delegates from over 100 countries to elevate global connectivity. On top …
Companies Investments
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22 May 11:20 AM flyadeal expands fleet size with new order at Future Aviation Forum
Riyadh – Mubasher: flyadeal unveiled a landmark order for 51 narrow-body Airbus aircraft to boost its expansion plans, according to a press release. The announcement is a part of Saudia Group’s deal for a record 105 aircraft order, which was …
Event
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22 May 02:23 PM Maait announces EGP 500m additional financing for special funds employees’ salaries
Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, has directed the disbursement of EGP 500 million as additional financing for the timely payment of salaries of employees at special funds and accounts across governorates, …
Macroeconomics
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22 May 12:58 PM EFG Hermes acquires equity ownership in Danish fintech Kenzi Wealth
Cairo – Mubasher: EFG Hermes, a subsidiary of EFG Holding, has acquired a minority stake in  Copenhagen-based fintech Kenzi Wealth, according to a press release. The Danish digital wealth manager uses advanced AI-powered asset management …
Mergers and Acquisitions
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22 May 12:11 PM NBE secures $119m loan from EBRD
Cairo – Mubasher: The National Bank of Egypt (NBE) has secured $119.5 million (EUR 109 million) from the European Bank for Reconstruction and Development (EBRD) to support Egyptian micro, small and medium-sized enterprises (MSMEs). The loan aims …
Banking and Finance
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22 May 10:41 AM Remco’s consolidated losses deepen to EGP 1.8bn in 2023
Cairo – Mubasher: The consolidated net losses after tax of Remco for Tourism Villages Construction hiked to EGP 1.83 billion in 2023 from EGP 283.53 million at the end of December 2022 Revenues amounted to EGP 744.26 million last year, higher than …
Real estate
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22 May 10:26 AM e-finance acquires stakes in Al Ahly Momken, EasyCash
Cairo - Mubasher: e-finance for Digital and Financial Investments has acquired a 25% stake in Al Ahly Momken, and a 13% stake in EasyCash for Digital Payments. The transactions aim to facilitate digital payments for individuals and businesses by …
Companies Investments
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22 May 10:23 AM SAL pens SAR 458m joint deal with Riyadh Airports at Future Aviation Forum
Riyadh – Mubasher: SAL Saudi Logistics Services Company inked a binding mutual agreement with Riyadh Airports Company at a value of SAR 458 million on the sidelines of the Future Aviation Forum 2024, which concludes in Saudi Arabia on 22 May. The …
Event
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22 May 09:21 AM TMG Holding’s contractual sales surpass EGP 100bn
Cairo – Mubasher: Talaat Moustafa Group Holding Company (TMG Holding) achieved contractual real estate sales and reservations exceeding EGP 100 billion year-to-date (YTD) until 20 May 2024. Covering 9,303 units, the sales value is higher than …
Financial Results
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22 May 08:57 AM Central Bank of Egypt withdraws EGP 872.5bn liquidity from 31 banks
Cairo – Mubasher: The Central Bank of Egypt (CBE) has withdrawn EGP 872.55 billion in liquidity from Egyptian banks in a fixed-rate deposits offering on Tuesday. The CBE accepted 31 bids at an average yield of 27.75%, according to the bank’s …
Bonds
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22 May 08:11 AM Madinet Masr unveils EGP 70bn development investments
Cairo – Mubasher: Madinet Masr Housing and Development plans to invest EGP 70 billion in non-residential projects within the Taj City and Sarai projects, The development schemes span 1.5 million square metres and will be implemented within 10 …
Real estate
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21 May 02:24 PM Riyadh Air’s Coste unveils plans until 2030, impact on Saudi employment ecosystem – Interview
Riyadh – Mubasher: Chief Commercial Officer at Riyadh Air, Vincent Coste, told Mubasher in an interview during the Future Aviation Forum 2024, which is taking place in the capital of Saudi Arabia for three days. Coste stated: “We are actively …
Global Economy
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21 May 05:31 PM Future Aviation Forum 2024 likely to showcase $100bn opportunities in Saudi aviation sector
Riyadh – Mubasher: The Future Aviation Forum 2024 is expected to showcase the $100 billion investment programme of opportunities available in the Saudi aviation sector that will accelerate the development of aviation globally. The three-day event, …
Event
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21 May 03:04 PM Edita sees 26% higher consolidated profits in Q1-24
Cairo – Mubasher: Edita Food Industries recorded consolidated net profits after tax worth EGP 502.79 million in the first quarter (Q1) of 2024, an annual jump of 25.70% from EGP 399.92 million. The revenues amounted to EGP 3.92 billion in Q1-24, …
Financial Results
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21 May 02:40 PM Orascom Construction logs $50m consolidated profits in Q1-24
Cairo – Mubasher: Orascom Construction recorded an annual leap in consolidated net profit to $49.80 million during the first quarter (Q1) of 2024, compared to $40.10 million. Revenues dropped by 4.80% year-on-year (YoY) to $766.30 million in Q1-24 …
Real estate