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The temporary limits were imposed to encourage the use of cashless payment methods
22 April 03:13 PM Egypt to raise cash withdrawal limit for individuals in Ramadan
By: Islam Fadl Cairo – Mubasher: The Federation of Egyptian Banks (FEB) and the Central Bank of Egypt (CBE) agreed to raise the daily limit on bank and ATM cash withdrawals for individuals starting from Ramadan, FEB’s chairman Mohamed El-Etreby …
EFG Hermes acted as the financial advisor
13 April 06:07 PM Four banks, Saudi investor buy Sukuk issued by Talaat Moustafa’s unit
By: Islam Fadl Cairo – Mubasher: Four banks and a Saudi investor have participated in covering the Sukuk issuance issued by Talaat Moustafa Group Holding’s subsidiary Arab Company for Projects and Urban Development. The Egyptian Financial Group …
The projects include rerouting the International Coastal Road
1 April 05:50 PM Egypt builds roads, bridges at EGP 2.54bn in New Alamein City
By: Abdullah Bedeir Cairo – Mubasher: The Egyptian Ministry of Housing and New Urban Communities Authority (NUCA) are developing roads and bridges in New Alamein City at a combined cost of EGP 2.54 billion, according to an official document …
Accrued interest will be paid on a monthly basis
31 March 05:07 PM Banque Misr sells EGP 12.3bn of 15% certificates in 7 days
By: Islam Fadl Cairo – Mubasher: Banque Misr sold EGP 12.3 billion of its new 15% annual rate savings certificates in seven days, the bank’s vice chairman Akef El-Maghraby told Mubasher on Tuesday. Online sales of these certificates accounted for …
New Garden City spans over an area of 985 feddans
31 March 03:39 PM Egypt develops New Garden City at EGP 80bn
By: Abdullah Bedeir Cairo – Mubasher: The Egyptian Ministry of Housing and the New Urban Communities Authority (NUCA) have estimated the cost of developing the New Administrative Capital's R5 residential district at EGP 80 billion. The R5 …
A total of EGP 24.9 billion has been disbursed so far
29 March 04:17 PM Egypt’s slum development plan estimated at EGP 396.2bn
By: Abdullah Bedeir Cairo – Mubasher: The Egyptian Ministry of Housing has estimated the cost of slum development plan at EGP 396.2 billion. The plan includes developing unsafe and unplanned areas and markets, according to a document reviewed by …
Rate on floating certificates of deposits was cut to 10.5%
22 March 03:56 PM Banque du Caire maintains certificates interest rates unchanged
By: Islam Fadl Cairo – Mubasher: The asset-liability committee (ALCO) of Banque du Caire decided to keep the rate of return on the fixed-rate certificates of deposits unchanged despite the Central Bank of Egypt’s (CBE) recent decision to …
Certificates will be offered on Sunday
19 March 04:39 PM Banque Misr, NBE to issue 15% savings certificates
By: Islam Fadl Cairo – Mubasher: Banque Misr and the National Bank of Egypt (NBE) will issue savings certificates with a 15% annual yield, the highest in the local market, Banque Misr's chairman Mohamed El-Etreby told Mubasher. These certificates …
Each bank injected EGP 1.5 billion into a number of listed companies
19 March 04:23 PM Banque Misr, NBE inject EGP 3bn into Egyptian bourse
By: Islam Fadl Cairo – Mubasher: Banque Misr and the National Bank of Egypt (NBE) purchased stocks worth EGP 3 billion to support the Egyptian Exchange (EGX), the vice chairman of Banque Misr, Akef El-Maghraby, told Mubasher. Each bank injected …
Experts call for delaying due payments to the government
17 March 03:02 PM Egypt's tourism sector to incur $1bn monthly losses on flight suspension
By: Mohamed Mowafy Cairo – Mubasher: The Egyptian tourism sector is expected to incur losses of up to $1 billion monthly due to the suspension of all flights, experts said. The government decided to halt all flights from Thursday, 19 March, until …
ALCO will review interest rates on all its savings schemes
17 March 11:34 AM NBE lowers interest rate on variable-rate certificates
By: Islam Fadl Cairo – Mubasher: The National Bank of Egypt (NBE) decided to cut interest rates on its variable-rate certificates by 3% following the interest rate reduction, the lender’s vice chairman Yehia Aboul Fotouh told Mubasher. The bank’s …
Central Bank of Egypt (CBE)
4 March 06:07 PM Egyptian banks provide EGP 2.8bn to factories – CBE
By: Islam Fadl Cairo – Mubasher: Banks in Egypt have provided EGP 2.8 billion in finances as part of an initiative to support industrial projects, according to deputy governor of the Central Bank of Egypt (CBE) Gamal Negm. The number of …
The auction will be held on 5 March
3 March 04:32 PM Heliopolis Housing offers 6 land plots in New Heliopolis for sale
By: Abdullah Bedeir Cairo – Mubasher: Heliopolis Company for Housing and Development (HHD) will offer six vacant plots of land in New Heliopolis for sale in a sealed-bid public auction on Thursday, 5 March. The land plots are dedicated for …
An alternative plan will be announced within two months
3 March 03:37 PM HCCD cancels plan to float stake of Heliopolis Housing on EGX
By: Abdullah Bedeir Cairo – Mubasher: Plans to float an additional stake of 25% in Heliopolis Company for Housing and Development (HHD) on the Egyptian Exchange (EGX) have been retracted, chairman of HHD’s parent company, the Holding Company for …
The land plots are dedicated for residential purposes
3 March 03:12 PM Heliopolis Housing offers 21 land plots for sale
By: Abdullah Bedeir Cairo – Mubasher: Heliopolis Company for Housing and Development (HHD) will offer 21 vacant land plots in Heliopolis for sale, with areas ranging between 537.63 and 1,740.86 square metres.  Located in Sheraton, the land plots …
The Egyptian Exchange
29 February 03:47 PM EGX indices record losses in February
Cairo – Mubasher: The Egyptian Exchange (EGX) saw a negative performance during February on the back of the selling activity of Arab investors. The benchmark index (EGX30) declined by 6.54% to close at 13,008 points, while EGX70 EWI lost 5.34% and …
The Egyptian Exchange
29 February 12:13 PM EGX30 down 5.2% in week
Cairo – Mubasher: The Egyptian Exchange (EGX) ended last week’s trade in decline, as the benchmark index (EGX30) lost 5.19% and closed at 13,008 points. EGX70 EWI fell by 3.73% to 1,209 points, while the broader index EGX100 lost 3.93 and closed …
Emerald plans to float 28% of its shares on the EGْْX
23 February 02:36 PM Emerald’s IPO 5.8 times oversubscribed so far
Cairo – Mubasher: The initial public offering (IPO) of Emerald Real Estate Investment has been oversubscribed by 5.8 times, informed sources told Mubasher on Sunday. At 12:00 pm Cairo time, investors submitted 272 orders for 20.4 million shares, …
The project is forecast to create more than 500 direct and indirect jobs
23 February 01:18 PM Egypt’s West Bakr wind farm to produce 2,000 GW annually
By: Mohamed Mowafy Cairo – Mubasher: Egypt is currently building West Bakr wind farm in the Gulf of Suez at a capacity of 250 megawatts (MW) with total investments of $330 million, spokesman of the Egyptian Ministry of Electricity and Renewable …
The public offering has been covered by 3-4 times
20 February 12:44 PM Emerald Real Estate Investment’s offering oversubscribed
By: Ahmed Allam Cairo – Mubasher: The public and private offerings of Emerald Real Estate Investment’s shares have been oversubscribed, raising about EGP 280 million, Hashem El-Sayed, CEO of the Egyptians for Housing and Development, which owns …
Photo Archive
18 February 10:20 AM Saudi oil exports down 10.75% in 2019
Riyadh – Mubasher: Saudi Arabia’s oil exports decreased by 10.75% last year, as shown by the Joint Organisations Data Initiative (JODI) figures. Total exports, including crude oil and petroleum products, declined by 366.59 million barrels per day …
13 February 01:15 PM MWC 2020 cancelled over coronavirus worries
The Mobile World Congress (MWC) scheduled to be held in Barcelona on 24-27 February 2020 has been cancelled
The new companies’ activities will include micro insurance
7 February 05:51 PM Raya Holding to launch 3 companies with EGP 15m capital
By: Islam Fadl Cairo – Mubasher: Raya Holding for Financial Investment is planning to launch three new companies during the first six months of 2020 in the non-banking financial services sector. The new companies’ activities will include micro …
Suez Canal Bank’s chairman Hussein Refaei
6 February 04:25 PM Suez Canal Bank considers providing EGP 400m syndicated loans
By: Islam Fadl Cairo – Mubasher: Suez Canal Bank (SCB) is planning to participate in syndicated loans worth a range between EGP 300 million and EGP 400 million, the bank’s chairman Hussein Refaei told Mubasher on Thursday. The bank will provide …
The Textile Export Council aims to increase its exports to $12 billion by 2025
5 February 02:30 PM Egypt’s textile exports exceed $3bn in 2019
Cairo – Mubasher: The Egyptian exports of ready-made garments, textiles, and home furnishings grew by $5 million during 2019, head of Textile Export Council Magdy Tolba revealed. Total exports of textiles amounted to $3.054 billion last year, …