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29 January 10:37 AM

Egypt news

Egyptian exports to Tunisia reached $509.8m
12:34 AM Egyptian-Tunisian trade grows by $100m in 2019
Cairo – Mubasher: The value of trade exchange between Egypt and Tunisia increased by $100 million year-on-year in 2019, data from the Egyptian Commercial Service showed, according to the Middle East News Agency. Trade between the two Arab …
Macroeconomics
The move will create opportunities for Egyptian drivers
28 January 11:38 PM Uber Egypt considers incorporating taxis in its services
Cairo – Mubasher: Uber Egypt on Tuesday announced that it is planning to include existing taxi cabs into the ride-hailing services it offers in the North African country, according to Ahram Online. The move is aimed at meeting different needs of …
Companies Investments
The contenders include 16 int'l financial firms
28 January 11:12 PM Raya Holding receives 24 acquisition offers for subsidiary
Cairo – Mubasher: Raya Holding for Financial Investment has announced that it received 24 offers from local and international companies for the acquisition of a minority stake in its subsidiary Aman Holding for Non-Banking Financial Services. The …
Companies Investments
The new stations will be built in diverse areas
28 January 10:37 PM Egypt to build 3,000 fast charging stations in three years
Cairo – Mubasher: The Egyptian government is planning to build 3,000 fast charging stations over the next three years, Minister of Public Business sector Hisham Tawfik stated on Tuesday. During 2020, the government will sign a group of agreements …
Macroeconomics
28 January 09:10 PM Renault appoints VW executive as new CEO
​​​​​​​Mubasher: French Automaker Renault on Tuesday named former Volkswagen executive Luca de Meo as new CEO, according to the New York Times.
Global Reports
Egypt is a key market for GCC countries
28 January 07:50 PM Egypt’s annual tourism revenue may reach $30bn in five years
Cairo – Mubasher: Egypt’s tourism revenue is expected to achieve a compounded annual growth of 13% to reach $29.7 billion over the next five years, exhibition director of Arabian Travel Market 2020 (ATM) Danielle Curtis stated on Tuesday. Egypt is …
Macroeconomics
An EBE branch
28 January 07:07 PM CI Ratings affirms EBE’s ratings; Outlook stable
Cairo – Mubasher: Capital Intelligence Ratings (CI Ratings) has affirmed the long-term foreign currency rating of Export Development Bank of Egypt (EBE) at ‘B+’. The rating agency also affirmed the bank’s short-term foreign currency rating at ‘B’, …
Ratings
Egypt’s new capital will house 6.5 million people
28 January 06:55 PM Emirati Bee’ah wins waste management contract in Egypt’s new capital
UAE – Mubasher: UAE's leading integrated environmental, recycling, and waste management company Bee’ah has won a contract in Egypt’s New Administrative Capital which is developed by the Administrative Capital for Urban Development (ACUD). Under …
Companies Investments
28 January 05:59 PM Rising concerns over coronavirus weigh on global auto industry  
Mubasher: Rising concerns over an outbreak of coronavirus in China have dimmed the economic outlook for several sectors, mainly the automotive industry, according to GlobaData.
Global Markets brief
The programme will stimulate SMEs in Egypt
28 January 05:53 PM World Bank Group launches initiative for SMEs in MENA
Cairo – Mubasher: The World Bank Group (WBG) has launched a new phase of a finance programme for small and medium-size enterprises (SMEs), the Middle East News Agency reported on Tuesday. The new programme is expected to create sustainable jobs …
Banking and Finance
The first phase includes 56 industrial units
28 January 05:32 PM Polaris group targets EGP 2.4bn investments for project in Egypt
By: Abdullah Bedeir Cairo – Mubasher: Polaris group is planning to attract EGP 2.4 billion local investments to the first and second phases of Bosla project in Egypt’s 6th of October City. The total cost of both phases of the project totals EGP …
Companies Investments
Egyptian transport minister Kamel Elwazir
28 January 05:11 PM Phase III of Cairo Metro’s 3rd line costs EGP 97bn – Minister
Cairo – Mubasher: The total cost of the third line of Cairo Metro is totalling around EGP 97 billion, Egyptian transport minister Kamel Elwazir stated on Tuesday. Moreover, the total cost of the third phase of the third line is EGP 32.8 billion, …
Macroeconomics
Headquarters of Tabreed
28 January 05:09 PM Tabreed plans to enter new markets in Middle East – CEO
Dubai – Mubasher: The National Central Cooling Company (Tabreed) seeks to invest in new markets in the Middle East, including Egypt and Kuwait, in the coming period, Tabreed’s CEO, Bader Al Lamki, told CNBC Arabia. Al Lamki added that the company …
Companies Investments
Market capitalisation lost about EGP 1.12 billion
28 January 04:32 PM EGX ends Tuesday in red on Arab, foreign sell-offs
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday’s trading session on a negative note, pressured by Arab and foreign sell-offs. The benchmark EGX30 index declined by 0.14%, ending the mid-week session at 13,620 points. Likewise, the …
Trading Activities
The new hotel consists of 270 rooms
28 January 04:27 PM Marriott to bring iconic brand to Egypt’s New Administrative Capital
Cairo – Mubasher: Marriott International has signed an agreement to open a luxury hotel, St. Regis, at the entrance of Egypt’s New Administrative Capital, according to a press release on Tuesday. The name of the hotel, which consists of 270 rooms, …
Companies Investments
The industrial zone development plan will be executed over three years
28 January 04:19 PM IDA asks finance ministry to arrange EGP 10bn for industrial zone development
By: Abdullah Bedeir Cairo – Mubasher: The Egyptian Industrial Development Authority (IDA) has submitted a request to the Ministry of Finance to arrange EGP 10 billion for the development of industrial zones, IDA’s chairman Magdy Ghazy said. The …
Macroeconomics
The self-driving bus was presented at the King Abdulaziz Telecom Complex
28 January 04:18 PM stc launches region's first self-driving 5G bus
Riyadh – Mubasher: Saudi Telecom Company (stc) has launched the region’s first 5G-supported self-driving bus at the King Abdulaziz Telecommunication Complex in Riyadh. The bus, launched in collaboration with Ericsson, will help smooth the movement …
Companies Investments
Factored securities stood at about EGP 10.6 billion
28 January 03:47 PM FRA chairman overviews Egypt’s non-banking financial market in 2019
Cairo – Mubasher: The total value of securities issued in the Egyptian main market exceeded EGP 162 billion during 2019, the Financial Regulatory Authority’s (FRA) chairman Mohamed Omran said. In addition, the value of securitised bond issuances …
Macroeconomics
2019 witnessed securitised bond issuances worth EGP 22.1 billion
28 January 03:12 PM Egypt ranks 3rd in MSCI Emerging Markets Index in 2019 – FRA chairman
By: Fahd Omran Cairo – Mubasher: Egypt came in the third place in the MSCI Emerging Markets Index, rising by 39% in 2019, following Russia and Greece, the Financial Regulatory Authority’s (FRA) chairman Mohamed Omran said. Over the course of 2019, …
Macroeconomics
28 January 03:06 PM Juniper Networks revenue rises 4% in 2019
Juniper Networks reported preliminary financial results for the three months and fiscal year ended 31 December 2019.
Global Reports
The company’s revenues declined to EGP 273.05 million
28 January 02:43 PM Nasr for Civil Works' indicators show 22% profit drop in 2019; dividends proposed
Cairo – Mubasher: Nasr Company for Civil Works reported a 22.2% year-on-year decline in its net profits in 2019, the company’s unaudited financial results showed. Net profits went down to EGP 42.37 million in the twelve-month period ended 31 …
Financial Results
CIAF Leasing will be the issuer of sukuk worth $50 million
28 January 02:28 PM CIAF Leasing, Talaat Moustafa to issue sukuk in 3 months
By: Fahd Omran Cairo – Mubasher: The Egyptian aircraft leasing company CIAF Leasing will issue the first corporate sukuk in February, head of the central department for corporate finance at the Financial Regulatory Authority (FRA), Sayed Abdel …
Sukuk and Islamic Finance
The company’s revenues retreated to EGP 2.36 billion
28 January 01:23 PM Delta Sugar’s profit dips 83% in 2019 unaudited financials
Cairo – Mubasher: The unaudited financial results of Delta Sugar reported an 83% year-on-year profit drop during 2019. Net profits plunged to EGP 57.52 million in the twelve-month period ended 31 December 2019, compared to EGP 343.74 million a …
Financial Results
FRA earlier imposed a fine of EGP 11 million on the company's chairman
28 January 01:08 PM Raya Holding to appeal against EGP 110m fine
Cairo – Mubasher: Raya Holding for Financial Investment plans to appeal a court ruling that imposed a fine of EGP 110 million on the company, according to a bourse disclosure on Tuesday. Egypt’s Cairo Economic Court fined the company’s chairman …
Corporate Actions
AT Lease aims to raise its capital to EGP 400 million by the end of 2022
28 January 12:31 PM AT Lease obtains factoring licence
Cairo – Mubasher: Al Tawfeek for Financial Lease (AT Lease) has been licensed by the Egyptian Financial Regulatory Authority (FRA) to conduct factoring operations. AT Lease aims to increase the value of contracts to cumulatively reach EGP 7 …
Companies Investments