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The market cap value gained EGP 9.5 billion
4 June 05:59 PM EGX30 ends Thursday at highest level since mid-March
By: Heba El-Kordy Cairo – Mubasher: The Egyptian Exchange (EGX) closed Thursday’s trading session in the green territory on the back of local purchases. The benchmark EGX30 index advanced by 1.89% to end at 10,621, hitting its highest closing …
Egypt's construction and building industry is valued at $25 billion
4 June 05:20 PM Fitch sees Egypt as MENA's largest construction market by 2029 – Cabinet
Cairo – Mubasher: The Egyptian cabinet said that Fitch Ratings expects the construction and building sector in the most populous Arab nation to continue its robust growth over the next decade. Between 2020 and 2024, the construction sector is …
The oil exports represented 93.28% of Kuwait's total exports
4 June 04:36 PM Kuwait's oil exports slump to KWD 3.61bn in Q1-20
Mubasher: Kuwait's exports of crude oil and basic petroleum products declined by 20.31% year-on-year (YoY) to KWD 3.61 billion ($11.74 billion) during the first quarter (Q1) of 2020, compared to KWD 4.53 billion ($14.74 billion) in the year-ago …
The deal involved the trading of 11.52 million shares
4 June 04:24 PM Dice sees EGP 18.4m block-trading deal
Cairo – Mubasher: Dice Sport and Casual Wear witnessed a block-trading transaction worth EGP 18.4 million on the Egyptian Exchange (EGX). The deal involved the trading of 11.52 million shares, the Egyptian bourse said in a statement on Thursday. …
Chinese exports to Egypt declined to $3.08 billion
4 June 03:19 PM Egypt’s non-oil imports down 21% in 4M – CAPMAS
Cairo – Mubasher: Egypt’s non-oil imports shrank by 21.1% to $18.81 billion in the first four months of 2020, compared to $23.86 billion in the year-ago period, according to data by the Central Agency for Public Mobilization and Statistics …
The branch will be closed for four days
4 June 02:06 PM HDB temporarily closes Zamalek branch after COVID-19 case
Cairo – Mubasher: Housing and Development Bank (HDB) announced the closure of its branch in Zamalek after an employee tested positive for coronavirus (COVID-19), HDB’s chairman Hassan Ghanem said. The branch will be closed for four days in order …
The 342-km-long road is planned to comprise three lanes in each direction
4 June 01:30 PM Sisi approves Kuwaiti loan to finance Tunnel-Sharm El-Sheikh Road
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi issued a presidential decree, greenlighting a second Kuwaiti loan to finance the construction of the Tunnel-Sharm El-Sheikh Road project, the Middle East News Agency (MENA) reported on …
A total of 27% of government investments have been directed into education and health
4 June 01:03 PM Egyptian gov’t investments stand at EGP 113bn in 9M
Cairo – Mubasher: The Egyptian government implemented investments worth EGP 113 billion during the first nine months of fiscal year 2019/2020, posting a 23% increase, according to report released by the Ministry of Planning and Economic …
These projects have contributed to creating about 12,000 jobs
4 June 12:23 PM KSA’s grant of $200m finances 2,176 Egyptian businesses so far
Cairo – Mubasher: Saudi Arabia has so far financed a total of 2,176 projects in 27 Egyptian governorates through a grant of $200 million, the Egyptian minister of international cooperation Rania Al-Mashat said.  These projects have contributed to …
Minister of planning and economic development, Hala El-Saeed
4 June 11:49 AM Egypt reports growth in several sectors in Q3-19/20 despite COVID-19
Cairo – Mubasher: Egypt witnessed growth rates in several economic sectors during the third quarter of fiscal year 2019/2020 amid the coronavirus (COVID-19) outbreak, led by the oil refining sector which advanced by 78%. Over the January-March …
The two schools are slated to open by September 2022
4 June 11:29 AM Orascom Development inks 3rd school development deal in O West
Cairo – Mubasher: Orascom Development Egypt (ODE) signed its third school development agreement with Nermien Ismail Schools (NIS), continuing to deliver on its accelerated land bank monetisation strategy and securing EGP 535 million worth of cash …
PAYFORT partnered with the region's leading banks
4 June 10:52 AM Amazon's PAYFORT to support SMEs in Saudi Arabia, UAE, Egypt
Mubasher: PAYFORT, an Amazon company, has introduced an initiative to support startups and small- and medium-sized enterprises (SMEs) in Saudi Arabia, the UAE, and Egypt. Through the #StartUpStayUp initiative, PAYFORT will help over 100 of …
The issuance will be used to finance the country’s budget deficit
4 June 10:34 AM CBE offers EGP 14bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 14 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP 7 …
The competition is open for entrepreneurs until 22 June
3 June 06:15 PM RiseUp invites Egyptian startups to participate in $1.5m competition
Cairo – Mubasher: The startup accelerator RiseUp called on Egyptian startups to submit applications to the second edition of the “Africa’s Business Heroes” (ABH) prize competition, organised by Jack Ma Foundation, with a prize pool of $1.5 …
The number of electricity subscribers in Aswan amounted to about 540,000
3 June 05:50 PM Egypt upgrades electricity distribution networks in Aswan at EGP 500m
Cairo – Mubasher: Upper Egypt Electricity Production Company (UEEPC) has completed the expansion and replacement works of electricity distribution networks in Aswan from 1 July 2019 until the end of last April at a cost of EGP 500 million. This is …
The reduced amount involves late fees and other penalties
3 June 05:33 PM Egypt cancels EGP 5.3bn in natgas debt owed by factories
Cairo – Mubasher: The Egyptian cabinet approved a proposal by the Ministry of Petroleum and Mineral Resources to cut outstanding natural gas debt owed by factories up until 31 December 2019.   During its weekly videoconference meeting, the …
3 June 05:30 PM Saudi Arabia, Russia near agreement to extend oil output cut
Saudi Arabia and Russia have reportedly agreed on a preliminary deal to extend the current crude oil output curbs for another month.
Deposits denominated in local currency grew by EGP 40.6 billion
3 June 05:11 PM Egypt’s local-currency deposits hit a record EGP 3.1trn in April
By: Heba El-Kordy Cairo – Mubasher: Local-currency deposits held by the Egyptian banking sector continued its upward trend in April for the 14th month in a row, hitting a new record. Deposits denominated in local currency grew by EGP 40.6 billion …
The market cap value gained EGP 3 billion
3 June 04:58 PM EGX ends Wednesday in green amid heavy liquidity
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s trading session on a positive note on the back of local and Arab purchases. The benchmark EGX30 index increased by 0.83%, ending at 10,424 points. In the meantime, the small- and …
The new metro line will employ Siemens’ SIMATIC substation operating system
3 June 04:48 PM Siemens Energy to power Cairo Metro Line 3 extension project
Cairo – Mubasher: Siemens Energy will supply the electrification package for the expansion of Cairo Metro’s Line 3, which will connect the capital with Cairo International Airport. This project will be carried out in collaboration with the …
The Egypt PMI rose 11 points to 40.7 in May
3 June 04:04 PM Egypt’s non-oil private activity sees softer downturn in May
Cairo – Mubasher: Egypt’s non-oil private sector activity witnessed a softer downturn in May than in April. The seasonally adjusted IHS Markit Egypt Purchasing Managers’ Index rose to 40.7 in May, compared to a record low of 29.7 in April, …
The amount of EGP 231.1 million represents 10% of the land valuation difference
3 June 01:10 PM Nile Cotton Ginning reaches settlement deal with state-run HCCD
Cairo – Mubasher: Nile Cotton Ginning will pay EGP 231.1 million to settle its dispute with the Holding Company for Construction and Development (HCCD). The company announced that the ministerial committee for settling investment disputes approved …
Some cars were exempt from the payment of more than EGP 804 million
3 June 12:21 PM Alexandria Customs issues clearance for EGP 2.8bn cars, spare parts in May
Cairo – Mubasher: Alexandria Customs collected total taxes and duties of EGP 807 million for issuing customs clearance for cars and spare parts valued at EGP 2.85 billion in May, the Egyptian Ministry of Finance said in a statement on Wednesday. …
Upper Egypt governorates account for 25% of total allocated government investments
3 June 11:54 AM Egypt to invest EGP 47bn in Upper Egypt in FY20/21
Cairo – Mubasher: Egypt has allocated EGP 47 billion worth of government investments to Upper Egypt governorates during fiscal year 2020/2021, up by 50% from FY19/20. Upper Egypt governorates account for 25% of total allocated government …
Borg El-Arab Petroleum and Mineral Company drilled El Salmiya-5 well
3 June 11:14 AM Egypt makes new oil discovery in Western Desert
Cairo – Mubasher: Egypt has made a new oil discovery in Abu Senan area in the Western Desert. The discovery was made after Borg El-Arab Petroleum and Mineral Company drilled El Salmiya-5 well which started to produce 4,100 barrels of crude oil and …