Egypt news

Riyadh – Mubasher: Stride Ventures, a global venture debt firm from India, marked a key milestone in its international strategy by announcing its first $1 million venture debt investment in Maalexi as part of a broader GCC commitment. The funding …

Cairo – Mubasher: The Financial Regulatory Authority (FRA) passed the request of Egyptian Gulf Bank (EG Bank) to increase its issued and paid-up capital to $510.10 million from $499.50 million. The $10.60 million raise will be distributed over …

Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s trading session lower, with the EGX30 main index down 0.63% to 28,287.98 points. The small- and mid-cap EGX70 EWI as well as EGX100 EWI indices closed the session lower by 0.57% to …

Mubasher: Servme, the leading reservation and guest CRM platform for restaurants and hospitality operators, had entered into a partnership with MyFatoorah, a leading payments platform, to boost payment adoption for restaurants across the Middle …

Cairo – Mubasher: Egypt’s annual headline inflation rate inched lower to 27.10% in June 2024 from 27.40% in May. The inflation in June was primarily driven by a 30.80% year-on-year (YoY) surge in the prices of food and beverage, and a 55.20% YoY …

Cairo – Mubasher: The Egyptian Exchange (EGX) has completed the transfer of the ownership of around 427.71 million shares in Elsewedy Electric Company to Two Point Zero Group, a subsidiary of International Holding Company (IHC), for EGP 21.20 …

Cairo – Mubasher: Ezz Steel shifted to a consolidated net profit after tax of EGP 1.26 billion during the first quarter (Q1) of 2024, compared to a net loss of EGP 2.48 billion in the corresponding period a year earlier. Consolidated net sales …

Riyadh – Mubasher: Saudi Arabia ranked first in MENA in terms of the value of venture capital (VC) investments during the first half (H1) of 2024, attracting $412 million, down 7% year-on-year (YoY), according to a report by MAGNiTT. Around 32% of …

Cairo – Mubasher: The value of Egypt's agricultural exports increased by $600 million year-on-year (YoY) to around $2.69 billion in the first half (H1) of 2024. The volume of agricultural exports rose to over 4.90 million tonnes in H1-24, up …

Cairo – Mubasher: The Egyptian Cabinet has granted preliminary approval for five oil and gas agreements with the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a group of local and international …

Mubasher: The GCC saw a notable decline in project awards during the second quarter (Q2) of 2024, with total awards dropping by 19.70% year-on-year (YoY) to $51.70 billion from $64.30 billion in the same period last year. This downturn was …

Cairo – Mubasher: The Egyptian Exchange (EGX) ended Tuesday’s trading session higher, with the EGX30 main index up 0.19% to 28,466.24 points. The small- and mid-cap EGX70 EWI as well as EGX100 EWI indices closed the session lower by 0.25% to …

Cairo – Mubasher: Egypt’s total trade deficit surged by 22.29% year-on-year (YoY) to $28.80 billion during the first nine months (9M) of fiscal year (FY) 2023/2024 from $23.55 billion. Total exports dropped to more than $24.11 billion in 9M-23/24 …

Cairo – Mubasher: Egypt recorded a staggering increase of around 200% year-on-year (YoY) in net inflows of foreign direct investments (FDI) to $23.70 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, against $7.90 …

Cairo – Mubasher: Suez Canal’s transit receipts declined by 7.40% year-on-year (YoY) to $5.80 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, versus $6.20 billion. The net tonnage shrank by 15.60% to 944.9 million …

Cairo – Mubasher: The consolidated net profits of Qatar National Bank Al Ahli (QNB) jumped year-on-year (YoY) to EGP 13.74 billion in the first half (H1) of 2024 from EGP 8.66 billion. QNB reported net interest income amounting to EGP 19.81 …

UAE - Mubasher: The UAE-based NOW Money partnered with global tech firm Mastercard to boost the payments industry across the GCC region, according to a press release. Through Mastercard payment cards, NOW Money customers will have secure and …

Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices closed with a mixed performance on Monday. The benchmark index, EGX30, declined by 0.67% to close at 28,411.87 points. EGX100 EWI also decreased by 0.14%, closing at 9,127.76 points. On the …

UAE - Mubasher: EMX, a 7X logistics provider, launched EMX International to streamline e-commerce parcel delivery across the GCC region. The new service consolidates shipments to GCC, allowing companies to utilise Dubai as a gateway and optimise …

Mubasher: The National Bank of Kuwait (NBK) has entered into a five-year strategic partnership agreement with Software AG, a leading technology solutions company, to utilise its Super iPaaS solution as a unified platform for integrating …

Cairo – Mubasher: Madinet Masr Housing and Development has signed a memorandum of understanding (MoU) with Aboelwafa Contracting and Real Estate Investment Company to execute the construction work of the Sarai project. The MoU covers the …

Riyadh – Mubasher: Saudi Arabia held the third position in 5G Download Speed among key markets in the EMEA region, according to a report released by Opensignal. The report highlighted that the Kingdom witnessed a significant improvement in 5G …

Riyadh – Mubasher: The Saudi Arabian capital, Riyadh, has ranked among the world’s top 15 fastest-growing cities by 2033 based on economy, population, and wealth in the Savills Growth Hubs Index. Riyadh’s population is anticipated to grow by 26% …