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19 September 07:02 AM

Egypt news

The investment cost of the project is valued at EGP 250 million
18 September 06:11 PM Saudi Alhokair’s unit partners with Egypt’s NSPO to build shopping mall
By: Abdullah Bedeir Cairo – Mubasher: Marakez for Real Estate Investment, a subsidiary of Saudi Fawaz Abdulaziz Alhokair, has obtained a land plot in Cairo’s El-Salam City from the National Service Products Organization (NSPO), the company’s chief …
Companies Investments
UNBE logged a profit of EGP 191.4 million in H1
18 September 05:36 PM ADCB not to make MTO to acquire UNBE – Egypt’s FRA
Cairo – Mubasher: Egypt’s Financial Regulatory Authority (FRA) said that Abu Dhabi Commercial Bank (ADCB) is not obliged to make a mandatory tender offer (MTO) to acquire a 96.64% stake in Union National Bank – Egypt (UNBE). ADCB will not make an …
Mergers and Acquisitions
18 September 05:34 PM US crude oil inventories rise as futures extend drop
Mubasher: US crude oil stockpiles climbed by 1.1 million barrels to 417.1 million barrels in the week ended 13 September.
Global Markets brief
18 September 05:06 PM Trump orders to ‘substantially’ tighten sanctions on Iran
Mubasher: US President Donald Trump on Wednesday said he ordered the Treasury Department to “substantially increase” sanctions against Iran, according to CNBC.
Global Markets brief
Turnover stood at EGP 620 million
18 September 04:59 PM EGX ends Wednesday in red; market cap loses EGP 422m
Cairo – Mubasher: The Egyptian Exchange (EGX) ended Wednesday’s trading session in red territory on the back of geopolitical tensions in the region after two facilities of Saudi Aramco were attacked with drones. The benchmark EG30 index edged down …
Trading Activities
The plant will produce 90m kWh annually
18 September 04:42 PM Germay’s KfW provides EUR 50m loan for PV plant in Egypt
Cairo – Mubasher: Egyptian Ministry of Electricity and Renewable Energy is planning to launch a 50 megawatts photovoltaic (PV) power plant in Zaafarana. The project will be funded by a EUR 50 million soft loan from Germany’s KfW bank, according to …
Banking and Finance
18 September 04:29 PM US bond yields fall before Fed’s policy decision
Mubasher: US debt bond yields dropped on Wednesday, amid expectations of a second interest rate cut is expected.
Global Markets brief
The project has generated sales of EGP 1.9 billion to date
18 September 04:26 PM Saudi Alhokair's unit targets EGP 800m sales from AEON’s final phase
By: Abdullah Bedeir Cairo – Mubasher: Marakez for Real Estate Investment, the Egyptian arm of Saudi Arabia’s Fawaz Abdulaziz Alhokair, aims to achieve sales of EGP 800 million from the final phase of AEON residential project in Sheikh Zayed, the …
Real estate
The deal was concluded at a total value of $631 million
18 September 04:01 PM Aramco acquires Shell’s stake in Saudi refining JV for $631m
Riyadh – Mubasher: The Saudi oil giant Aramco has completed the acquisition of Shell’s 50% stake in their Saudi Aramco Shell Refinery Co (SASREF), affiliated to Shell Saudi Arabia Limited, situated in Jubail Industrial City. The deal was concluded …
Commodities
Higher oil prices will positively impact Qalaa's unit
18 September 04:00 PM Oil price hike to play in favour of AMOC, Qalaa Holdings – Analyst
By: Heba El-Kordy Cairo – Mubasher: The projected increase in oil prices, resulted from the terrorist attacks against Saudi Aramco’s facilities, is expected to benefit Egypt-listed companies, Alexandria Mineral Oils Co (AMOC) and Qalaa Holdings, …
Financial Results
The bank plans to launch “Meeza” cards soon
18 September 03:48 PM EALB develops its infrastructure with EGP 1.4bn
By: Islam Fadl Cairo – Mubasher: Egyptian Arab Land Bank (EALB) works on developing its entire infrastructure in the current period, the bank’s chairman Amr Kamal said. The lender is injecting more than EGP 1.4 billion for the development of its …
Banking and Finance
18 September 03:48 PM Updated US private housing permits climb in August
Mubasher: US housing units authorised under building permits surged by 7.7% last August to an adjusted annual rate of 1.419 million.
Global Markets brief
18 September 03:18 PM UK on course for no-deal departure – EU warns
Mubasher: London’s ideas for solving the sticking point of the Irish border seemed unlikely to help in reaching an agreement ahead of the departure.
Global Reports
GB Auto holds a 90% stake in Drive Finance
18 September 03:16 PM GB Auto to issue securitised bonds for Drive Finance before end 2019
By: Heba El-Kordy Cairo – Mubasher: Ghabbour Auto (GB Auto) has not received yet the Egyptian Financial Regulatory Authority's (FRA) final approval concerning offering securitised bonds for its subsidiary Drive Finance, the company’s associate …
Companies Investments
The new plant will have an annual output capacity of about 205,000 cubic metres
18 September 02:37 PM Echem sets up Egypt’s first MDF plant with EUR 210m
Cairo – Mubasher: Egyptian Petrochemicals Holding Company (Echem) is set to establish Egypt’s first medium-density fibreboard (MDF) factory with investments of about EUR 210 million, Akhbar El-Yom reported on Wednesday, citing the company’s …
Companies Investments
18 September 02:24 PM US Treasury outlines new foreign investment rules
Mubasher: The US Treasury Department proposed new regulations on foreign investment in US companies, with access to critical technology and sensitive infrastructure.
Global Reports
The company’s capital reaches EGP 70 million
18 September 02:09 PM Upper Egypt Mills’ board proposes EGP 11/shr dividends for FY18/19
Cairo – Mubasher: The board of directors of Upper Egypt Flour Mills recommended a cash dividend distribution of EGP 11 per share for fiscal year 2018/2019. The total value of proposed dividends amounted to EGP 77 million, the company said in a …
Cash Dividends
18 September 02:01 PM Gold declines before Fed decision; oil fall supports risk-on sentiment
Mubasher: Gold prices declined on Wednesday as investors anticipated hints on the US Federal Reserve's monetary policy easing approach.
Global Markets brief
Egypt’s foreign reserves grew by $565 million in July
18 September 01:55 PM Egypt’s holdings of US Treasuries fall for first time in 6 months
By: Heba El-Kordy Cairo – Mubasher: Egypt’s holdings of US Treasuries witnessed a slight drop month-on-month during July, data by the US Department of the Treasury showed. The most populous Arab nation’s holdings of US debt instruments declined …
Macroeconomics
Echem raised petrochemical output to 4 million tonnes a year
18 September 01:32 PM Echem invests $2bn in new projects
Cairo – Mubasher: Egyptian Petrochemicals Holding Company (Echem) has started implementing several petrochemical projects with investments worth $2 billion, Akhbar El-Yom reported on Wednesday, citing the company’s chairman Saad Helal as saying. …
Companies Investments
18 September 01:17 PM UK house prices rise at slowest pace since 7 yrs
Mubasher: House prices in the UK rose during the 12-month period ended last July, at the slowest pace almost seven years.
Global Reports
Aman for Microfinance secured loans of EGP 250 million in H2-18
18 September 01:08 PM Raya Holding’s unit obtains EGP 650m loans from 8 banks
By: Islam Fadl Cairo – Mubasher: Aman for Microfinance, a subsidiary of Raya Holding for Financial Investment, has obtained loans of EGP 650 million during the first eight months of 2019, the company’s managing director Ahmed El Khatib said. Such …
Banking and Finance
Revenues dropped to EGP 1.22 billion
18 September 12:40 PM Upper Egypt Mills posts EGP 174m consolidated profit in FY18/19
Cairo – Mubasher: The consolidated financial statements of Upper Egypt Flour Mills recorded a 15% year-on-year profit retreat during fiscal year 2018/2019.   Net profits slid to EGP 174.12 million during the twelve-month period ended 30 June, …
Financial Results
18 September 12:39 PM Updated UK consumer inflation hits slowest pace since 2016
Mubasher: The UK’s consumer price index, the headline gauge for the country’s inflation, dropped to 1.7% year-on-year in August, from 2.1% in July.
Global Reports
SAFCO’s feedstock supplieso the company’s plants reached normal levels
18 September 12:29 PM SAFCO’s feedstock supplies reach normal levels
Riyadh – Mubasher: The Saudi Arabian Fertilizer Company (SAFCO) announced that the feedstock supplies to the company’s plants have reached normal levels as of Wednesday, 18 September 2019. Following the evaluation of the final effects, no …