Sector News

Cairo – Mubasher: Banque du Caire said that it will lead a consortium of banks, with a value of EUR 150 million or EGP 2.67 billion, to finance Egypt's first medium-density fibreboard (MDF) plant. The financing will cover the investment costs for …

Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) announced the completion of the first securitisation bond, backed by MNHD’s receivables portfolio of EGP 370 million. The issuance is in line with the real estate developer’s strategy …

By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Credit Agricole has chosen Infini Systems, an India-based startup, as the winner of the Fintech Hackathon 2019 during the RiseUp Summit, held in Cairo from 5 to 7 December. A total of 30 teams …

Cairo – Mubasher: The board of directors of Palm Hills Development Co approved the offer presented by the Commercial International Bank – Egypt (CIB) for a medium-term facility worth EGP 1.099 billion. The facility will be used to repay a …

By: Islam Fadl Cairo – Mubasher: Credit Agricole Egypt aims to inject EGP 500 million funding into the new mortgage initiative launched by the Central Bank of Egypt for middle-income people, the bank’s managing director Walie El-Din Lotfy said in …

By: Islam Fadl Cairo – Mubasher: Credit Agricole Egypt aims to take part in the Central Bank of Egypt’s (CBE) new mortgage initiative during 2020, the bank’s managing director Pierre Finas said. The bank also plans to expand into corporate and …

Cairo – Mubasher: Faisal Islamic Bank of Egypt saw its business volume expanding by 14.1% by the end of November to EGP 102.680 billion, from EGP 90 billion a year ago, the bank’s financial indicators showed. The bank’s assets grew to EGP 100.93 …

Cairo – Mubasher: Union National Bank – Egypt (UNB Egypt) is close to finalise all the procedures required to submit the voluntary desliting request to the Egyptian Exchange (EGX).   The minutes of the general assembly has not been approved …

Cairo – Mubasher: Cairo For Investment and Real Estate Development signed a credit facility agreement worth EGP 130 million with Qatar National Bank Al Ahli (QNB Al Ahli). The loan will be used to resume the construction works of seven new …

By: Islam Fadl Cairo – Mubasher: Al Baraka Bank – Egypt aims to increase its paid-up capital by EGP 3.5 billion to EGP 5 billion over the next three years, the bank’s CEO Ashraf El-Ghamrawy said. The banks plans to increase its capital in order to …

Cairo – Mubasher: The Commercial International Bank – Egypt (CIB) plans to acquire a controlling stake in one of Kenya’s smallest banks, Reuters reported on Thursday, citing the Competition Authority of Kenya.   The Kenyan regulator said that it …

Cairo – Mubasher: National Bank of Kuwait – Egypt (NBKE) inked a cooperation deal with the International Labor Organization (ILO) and Bioenergy for Sustainable Rural Development to establish 60 new biogas and organic fertilisers units in the …

Cairo – Mubasher: The board of directors of Housing and Development Bank (HDB) approved the resignation of its chairman Mohamed Fathy El Sebai. The board nominated Hassan Ismail Ghanem to succeed El Sebai as the new chairman and managing director …

Cairo – Mubasher: Egypt will issue its first corporate sukuk in the coming weeks, head of the central department for corporate finance at the Financial Regulatory Authority (FRA), Sayed Abdel Fadil, told Reuters on Tuesday. The aircraft leasing …

Cairo – Mubasher: Banque du Caire reported a 66% year-on-year profit surge during the first nine months of 2019. The lender’s net profits after taxes amounted to EGP 3 billion in the January-September period, compared to EGP 1.7 billion in the …

By: Islam Fadl Cairo – Mubasher: Obour Land for Food Industries plans to build a dairy farm over an area of 44 feddans in Belbeis with investments worth EGP 255 million, the company’s vice chairman and CEO Ashraf Hamed said. The food manufacturer …

Cairo – Mubasher: The consolidated financial statements of Housing and Development Bank (HDB) showed an 8% year-on-year profit growth during the first nine months of 2019. Net profits increased to EGP 1.71 billion during the January-September …

Cairo – Mubasher: The board of directors of the Egyptian Gulf Bank (EG Bank) has approved the estimated budget for 2020. The lender targets a 15% year-on-year profit increase for the next year, according to a statement to the Egyptian Exchange …

Cairo - Mubasher: The solid growth in National Bank of Kuwait - Egypt’s (NBK Egypt) profits affirms the bank’s leading position in the Egyptian market which enjoys promising growth opportunities and positive outlook, NBK Egypt’s deputy group CEO …

Cairo – Mubasher: Egyptian Gulf Bank (EG Bank) has reported a 9.9% year-on-year increase in consolidated profit during the first nine months of 2019. Net profit grew to EGP 458.1 million from January to September 2019, compared to EGP 416.47 …

Cairo – Mubasher: Al Baraka Bank – Egypt has posted a 36.56% year-on-year profit increase during the first nine months of 2019. The bank’s profit reached EGP 863.64 million from January to September 2019, compared to EGP 632.43 million in the …

Cairo – Mubasher: National Bank of Kuwait - Egypt (NBK Egypt) reported a 13.79% year-on-year profit increase during the first nine months of 2019. The bank’s net profits grew to EGP 1.66 billion in the nine-month period ended 30 September, …

Cairo – Mubasher: The unaudited consolidated financial results of Export Development Bank of Egypt (EBE) showed a 9% year-on-year profit decrease during the first quarter of fiscal year 2019/2020. Net profits slumped to EGP 275.37 million in the …