Local Economy

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07:57 AM CBE unveils T-bills worth EGP 60bn on Sunday

Cairo – Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) at an aggregated value of EGP 60 billion through two tranches on Sunday, 12 May 2024. The first auction, which stood at EGP 30 billion, holds a tenor of 91 days …

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9 May 09:41 AM Egypt's non-oil private sector marks 41st consecutive month of contraction

Cairo – Mubasher: Egypt's non-oil private market continues its downturn in April 2024, accompanied by a significant easing of inflationary pressures. The S&P Global Egypt Purchasing Managers’ Index (PMI), which provides a snapshot of operating …

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9 May 08:55 AM Egypt’s annual headline inflation decelerates over 1% in April

Cairo – Mubasher: Egypt’s annual headline inflation rate declined by 1.30% to 31.80% in April 2024 from 33.10% in March. The shrinkage in the annual inflation is attributed to a 3.70% decline in grain and bread prices, and a 1.80% decrease in meat …

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9 May 08:08 AM CBE issues EGP 50bn T-bills on Thursday

Cairo – Mubasher: The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) at a combined value of EGP 50 billion through two equal issues on Thursday, 9 May 2024. The first offering will mature in 182 days on 12 November this year, …

Banking and Finance

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8 May 03:22 PM Egypt to build int’l tourist port in New Ras El-Hekma

Cairo – Mubasher: Egyptian Prime Minister Mostafa Madbouly has approved building an international tourist port to accommodate tourist cruises and yachts in New Ras El-Hekma city. The Marine Transport and Logistics sector within the Ministry of …

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8 May 08:58 AM Egypt int’l reserves hit 4-year high in April 2024

Cairo – Mubasher: The net international reserves (NIR) at the Central Bank of Egypt (CBE) rose by around $690 million to more than $41.05 billion at the end of April 2024 from $40.36 billion in March. The recent increase brought reserves to its …

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7 May 12:19 PM Egypt buys 1.8 tonnes of wheat from local farmers

Cairo – Mubasher: Egyptian farmers have supplied around 1.80 tonnes of wheat to the government since the start of the harvest season on 13 April 2024, said Ahmed Kamal, Assistant Minister of Supply and Internal Trade for Projects and Media. The …

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5 May 12:18 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 …

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5 May 09:07 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 …

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2 May 10:54 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 …

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2 May 09:13 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 …

Banking and Finance

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2 May 07:51 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 …

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1 May 08:20 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 …

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1 May 07:55 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 …

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29 April 10:09 AM CBE unveils EGP 65.5bn debt instruments on Monday

Cairo – Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) at a combined value of EGP 60 billion through two equal auctions on Monday, 29 April 2024. The first auction will mature in 91 days on 30 July this year, while the …

Companies Investments

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28 April 09:03 AM CBE issues T-bills, T-bonds worth EGP 58bn on Sunday

Cairo – Mubasher: The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) at a total value of EGP 55 billion through two tranches on Sunday, 28 April 2024. The first auction stood at EGP 30 billion and will mature in 182 days on 29 …

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25 April 03:38 PM Damietta Alliance inks Contract for Tahya Misr 1 Terminal's superstructure

Cairo – Mubasher: Damietta Alliance Container Terminals, a consortium of Hapag-Lloyd, EUROGATE Group, and Contship Italia, has signed an agreement with Rowad Modern Engineering to execute the superstructure works for Container Terminal Tahya Misr …

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24 April 02:31 PM Austrian, Czech companies mull building sodium cyanide factory in Egypt

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, …

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23 April 01:51 PM UAE pens MoU with 3 countries for Development Road project

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 …

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23 April 12:26 PM Egypt to receive $400m budget support from UK - Minister

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 …

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22 April 12:51 PM Egypt seeks 4.2% economic growth in FY24/25 – El-Said

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 …

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22 April 12:02 PM Egyptian gov’t buys 200,000 tonnes of raw sugar

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 …

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22 April 08:49 AM CBE issues two-type T-bonds on Monday

Cairo - Mubasher: The Central Bank of Egypt (CBE) offered treasury bonds (T-bonds) worth EGP 4 billion on Monday, 22 April, through one issue. The semi-annual tranche will mature in three years on 16 April 2027, according to official data. …

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21 April 12:58 PM Egyptian gov’t cuts cooking oil price by 36%

Cairo – Mubasher: The Egyptian government has reduced cooking oil prices by 36% to around EGP 65 per litre, said Ali El-Moselhi, Minister of Supply and Internal Trade. El-Moselhi noted an increase in the supply of basic commodities following the …

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21 April 09:38 AM CBE unveils T-bills worth EGP 55bn on Sunday

Cairo – Mubasher: The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) at a combined value of EGP 55 billion through two offerings on Sunday, 21 April 2024. The first issue was valued at EGP 30 billion, holding a tenor of 91 days …

Banking and Finance