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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, …
The CBE kept the overnight lending rate steady at 13.25%
5 February 11:20 AM NBE cuts interest rates on personal loans, Murabaha by 1%
By: Islam Fadl Cairo – Mubasher: The National Bank of Egypt (NBE) has decided to reduce interest rates on personal loans and Murabaha by 1% for all clients, the bank’s vice chairman Yehia Aboul Fotouh told Mubasher. This decision in in line with …
The funding will be offered at a declining interest rate of 10%
3 February 11:44 AM CBE to activate mortgage initiative in March – Sources
By: Islam Fadl Cairo – Mubasher: The Central Bank of Egypt (CBE) is expected to activate its middle income mortgage initiative by the beginning of March, informed sources told Mubasher. The CBE is finalising regulations for the implementation of …
IPOs are expected from an education group and a food security company
29 January 03:49 PM CI Capital plans two IPOs; raises assets to EGP 9.2bn
Cairo – Mubasher: CI Capital plans to carry out two initial public offerings (IPOs) on the Egyptian Exchange (EGX) in the coming period, according to the company’s CEO Hazem Badran. Offering the shares Taleem, the owner of Nahda University, is set …
FDI inflows to Egypt from KSA amounted to $69.3 million in Q1-FY19/20
29 January 02:27 PM Saudi FDI in Egypt down 43% in 3M
Mubasher: Net foreign direct investment (FDI) inflows from Saudi Arabia to Egypt decreased by 43.4% during the first quarter (Q1) of the fiscal year (FY) 2019/2020, as shown by the data of the Central Bank of Egypt (CBE). Data showed that Saudi …
Assistant housing minister at NUCA, Walid Abbas
29 January 12:13 PM Egypt ministry to issue decrees for new cities’ projects
By: Abdullah Bedair Cairo – Mubasher: The New Urban Communities Authority (NUCA) is currently reviewing ministerial decrees related to 82 projects spreading across new cities in Egypt to put them into effect at the soonest, assistant housing …
The two real estate developments are expected to generate sales of about EGP 10 billion
21 January 12:30 PM DM Development to launch New Cairo, North Coast projects at EGP 3bn in FY21/22
By: Fahd Omran Cairo – Mubasher: DM Development is looking to launch two property projects in the North Coast and New Cairo by the beginning of fiscal year 2021/2022. With total investments of EGP 3 billion, the North Coast project and the New …
Finastra's solutions cover 90% of banks’ needs
20 January 11:19 AM Interview: We look to repeat Finastra Egypt Digital Trade Forum – Serge Tohme
Mubasher: Finastra was founded in 2017 from the merger of two fintech giants, D+H, a leading financial technology provider and Misys, which provides software solutions focused on retail and corporate banking services. Serge Tohme, Managing …
Iron prices have dropped by EGP 300 per tonne since the beginning of the week
15 January 03:28 PM Iron prices to further decline as EGP levels up
By: Abdullah Bedeir Cairo – Mubasher: Iron prices are expected to further decline in the coming period, Ahmed El-Zeiny, the head of chamber of building materials at the Federation of Egyptian Chambers of Commerce (FEDCOC) told Mubasher. With the …
head of ITDA, Ibrahim Ashmawy
7 January 10:39 PM Trading on Egypt’s new commodities exchange to start by year-end
By: Mohammad Mowafy Cairo – Mubasher: The first trading transaction of strategic commodities on the Egyptian Commodities Exchange (EGYCOMEX) is expected to take place by the end of 2020, head of The Egyptian Internal Trade Development Authority …
Bahrain launched Cloud First Policy in 2017
7 January 03:58 PM Pakiza Abdulrahman: Gov’t leads cloud adoption in Bahrain; private sector is following – Interview
By: Ingy ElSafy & Moslem Ali Mubasher: Startup Bahrain is a national initiative launched in 2016 for the purpose of facilitating all tools required for small business to build and establish themselves while growing into international and regional …
Photo Archive
6 January 03:32 PM Egypt’s gold reserves rise 21.5% in 2019
Cairo – Mubasher: Egyptian gold reserves increased by 21.5% or $585 million to reach $3.301 billion by the end of December 2019, compared to $2.71 billion at the end of 2018. On a monthly basis, gold’s share in Egypt’s reserves rose by around 5% …
The EGX70 index went down by 22.97%
31 December 2019 08:38 PM EGX suffers EGP 14bn loss in 2019 despite recovery of Egyptian economy
By: Heba El Kordy Cairo – Mubasher: Despite the positive outcomes of Egypt’s economic reform programme, the Egyptian Exchange’s (EGX) market capitalisation lost EGP 14 billion during the full year 2019, with lower liquidity. The benchmark index, …
Fawry’s IPO led the 2019 offerings
26 December 2019 02:19 PM EGX sees EGP 5.1bn offerings in 2019
By: Heba El-Kordy Cairo – Mubasher: The Egyptian Exchange (EGX) has witnessed four initial and secondary public offerings during 2019. The EGX hosted the offerings of Eastern Co, Speed Medical Co, Fawry for Banking Technology and Electronic …
Salma is the Arabic version of Google Home and Amazon Alexa
26 December 2019 02:08 PM Story behind first Arabic voice assistant ‘Salma’ – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Salma, the first Arabic personal digital assistant developed by Mawdoo3, was among tech startup success stories featured in the recent RiseUp Summit, held in Cairo on 5-7 December. Mubasher visited …
Egypt’s IDB injected $2.3 billion financing for about 190 clients
24 December 2019 05:13 PM Industrial Development Bank gains EGP 480m profits
By: Islam Fadl Cairo - Mubasher: The Industrial Development Bank (IDB) in Egypt has achieved EGP 480 million profits since the beginning of 2019, the deputy chairman of the bank, Hamdy Azzam, said. In a phone interview with Mubasher, Azzam noted …
Natural gas has been delivered to about 400,000 customers
23 December 2019 01:05 PM NBE offers EGP 800m funding to extend natural gas to houses
By: Islam Fadl Cairo – Mubasher: The National Bank of Egypt (NBE) has injected EGP 800 million in funding to deliver natural gas to houses in collaboration with specialised companies, head of retail risk group at the bank, Karim Sous, told …
Pakiza Abdulrahman, Manager of Business Development for Startups at EDB
22 December 2019 00:20 PM Pakiza Abdulrahman: We encourage Egyptian startups to set up in Bahrain – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Bahrain is opening its arms for Egyptian startups with flexible and progressive sentiment, and is keen on doing what is best for organizations, startups, and regulators, as described by Pakiza …
Vera Futorjanski during a panel at RiseUp Summit 2019
22 December 2019 10:50 AM Vera Futorjanski: Startups must focus on solving local challenges – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Vera Futorjanski, Director of Innovation and Partnerships at 500 Startups, recently participated in the RiseUp Summit 2019, held in the American University in Cairo (AUC) on 5-7 December, where she …
The average yield on five-year notes stood at 13.818%
18 December 2019 04:35 PM Yield on 5-year T-bonds hits lowest level since March 2015
By: Heba El-Kordy Cairo – Mubasher: Egypt’s debt instruments have remained attractive to foreign investors, despite four rate cuts during 2019. The yield on five-year treasury bonds (T-bonds) offered in an auction on Monday registered its lowest …
Credit Agricole is still developing SMEs portfolio and getting some resources
18 December 2019 02:09 PM Antoine Paliard talks fintech innovation, startup contests – Interview
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 …
Egypt's interest rates are still attractive as compared to other emerging markets
17 December 2019 05:28 PM Net foreign investments in Egypt’s T-bills rise $9bn in 2019
By: Heba El-Kordy Cairo – Mubasher: Net foreign investments in Egypt’s treasury bills (T-bills) have increased by $8-9 billion since the beginning of 2019, Fakhry Elfiky, a board member at the Central Bank of Egypt (CBE), said. Egypt’s T-bills …