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10 May 08:29 PM

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9 May 12:25 PM TAQA Arabia posts 16% YoY higher consolidated profit in Q1-24
Cairo – Mubasher: TAQA Arabia recorded a 16% year-on-year (YoY) jump in consolidated net profit to EGP 102.77 million in the first quarter (Q1) of 2024 from EGP 88.38 million. Consolidated revenues grew 22% YoY to EGP 3.57 billion in Q1-24 from …
Financial Results
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9 May 11:12 AM Faisal Islamic Bank's consolidated profit leaps 181% YoY in Q1-24
Cairo – Mubasher: The consolidated net profit of Faisal Islamic Bank of Egypt jumped 180.60% year-on-year (YoY) to EGP 6.16 billion in the first quarter (Q1) of 2024 from EGP 2.19 billion. Revenues soared 78.80% YoY to EGP 11.66 billion in Q1-24 …
Financial Results
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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 …
Macroeconomics
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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 …
Macroeconomics
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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, …
Central Banks
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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 …
Macroeconomics
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8 May 02:27 PM RAYA CX acquires 15% of Gulf Customer Experience Bahrain
Cairo – Mubasher: The board of Raya Customer Experience (RAYA CX) has acquired 59,170 shares in Gulf Customer Experience Bahrain, representing 14.97% of the company’s capital. The acquired stake was bought from an American investor, according to a …
Mergers and Acquisitions
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8 May 01:46 PM Air Cairo chooses Seera’s Almosafer as exclusive agent in Saudi Arabia
Riyadh – Mubasher: Egypt’s hybrid national airline Air Cairo has partnered with the Saudi travel company Almosafer, a subsidiary of Seera Group Holding, to become the exclusive general sales agent (GSA) of Air Cairo in Saudi Arabia, according to a …
Global Economy
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8 May 01:11 PM Mastercard restructures leadership roles in MENA
Riyadh - Mubasher: Payments giant Mastercard announced restructuring its regional operations, appointing new division leaders as it aims to step up growth across the Middle East and North Africa (MENA). This initiative forms part of the company's …
Global Economy
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8 May 10:21 AM Beltone, UAE’s Comera partner to boost digitalisation in Egypt
Cairo – Mubasher: Beltone Holding has signed a strategic partnership agreement with Abu Dhabi-based Comera Financial Holding to bolster digital transformation and customer experience in Egypt. Under the agreement, the two companies will join …
Companies Investments
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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 …
Banking and Finance
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7 May 03:05 PM Qalaa Holdings registers EGP 11.8bn consolidated profits in 2023; revenues up 17%
Cairo – Mubasher: Qalaa Holdings logged consolidated net profits after tax valued at EGP 11.80 billion in 2023, lower year-on-year (YoY) than EGP 18.74 billion, including non-controlling interest. Meanwhile, the consolidated revenue grew 17% to …
Financial Results
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7 May 02:29 PM ASCOM registers leap in 2023 consolidated profits
Cairo – Mubasher: The consolidated net profits after tax of Asec Company for Mining (ASCOM) widened to EGP 1.95 billion in 2023 from EGP 96.90 million as of 31 December 2022. The EGX-listed firm generated revenues valued at EGP 1.92 billion last …
Financial Results
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7 May 02:15 PM FABMISR opens 2 new branches in Giza, Cairo
Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), an Egypt-based unit of the ADX-listed FAB, has inaugurated two new branches in Egypt. The new branches, the bank’s 66th and 67th in the country, are located on El-Haram Street in Giza …
Companies Investments
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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 …
Macroeconomics
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7 May 10:28 AM Masdar to expand green hydrogen projects in Egypt’s SCZONE, Mediterranean coast
By: Mahmoud Gamal UAE – Mubasher: Abu Dhabi Future Energy Company (Masdar) is planning to expand its green hydrogen production in Egypt’s Suez Canal Economic Zone (SCZONE) and along the Mediterranean coast, Mohammad Abdelqader El-Ramahi, Chief …
Companies Investments
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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 …
Macroeconomics
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5 May 10:42 AM ADES Holding wins SAR 161m contract for works in Egypt
Riyadh – Mubasher: Egypt-based Suez Oil Company (SUCO) has awarded ADES Holding Company a SAR 161 million contract to use a standard jackup unit from the Saudi company’s fleet. The jackup unit will be used for drilling works at the Gulf of Suez, …
Global Economy
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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 …
Macroeconomics
Mostafa Abdelaziz, Managing Partner at Act Financial
1 May 12:52 PM Act Financial plans EGX listing in Q2-24 after decade of continuous work – Abdelaziz
By: Abdel Razek El-Showeikhy Cairo – Mubasher: Act Financial is in negotiations to acquire equities in four companies that plan to list their shares on the Egyptian Exchange (EGX), Managing Partner Mostafa Abdelaziz told Mubasher in an interview. …
Initial Public Offerings
Mohammed Al Ballaa, Chairman of Mubasher Financial Group
30 April 12:38 PM Highlights of Chairman Al Ballaa’s speech during AFCM 2024
Mubasher: Chairman of Mubasher Financial Group, Mohammed Al Ballaa, stated that the emergence of the fintech industry helped with the success witnessed in stock exchanges and different sectors over the past years. Al Ballaa noted, during the third …
Global Economy
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2 May 12:05 PM Alexandria Container’s board mulls capital hike via bonus shares
Cairo – Mubasher: The board members of Alexandria Container and Cargo Handling Company agreed to increase the issued and paid-up capital to EGP 1.48 billion from EGP 744.87 million. The EGX-listed firm will raise its capital by EGP 744.87 million …
Management Decisions
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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 …
Macroeconomics
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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 08:56 AM Arabia Investments, Nasr Company for Civil Works unveil capital hike
Cairo – Mubasher: The shareholders of Arabia Investments Holding and Nasr Company for Civil Works agreed to increase the company’s issued and paid-up capital. Arabia Investments plans to raise its capital to EGP 467.43 million from EGP 424.94 …
Companies Investments