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58 minutes ago CIB’s H1-24 net profits skyrocket; total assets cross EGP 1trn
Cairo – Mubasher: The consolidated net profits of Commercial International Bank-Egypt (CIB) increased to EGP 27.54 billion in the first half (H1) of 2024 from EGP 14.05 billion in H1-23. Net interest income amounted to EGP 41.53 billion as of 30 …
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21 July 04:52 PM GCC fixed income markets see $75.5bn issuances in H1-24 – Report
Mubasher: Primary debt issuances of bonds and sukuk in the Gulf Cooperation Council (GCC) countries surged to $75.50 billion in the first half (H1) of 2024, marking a 38% year-on-year (YoY) increase from $54.80 billion. Saudi Arabia led the GCC …
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21 July 04:13 PM EMPC unveils payment date for 2023 dividends
Cairo – Mubasher: Egyptian Media Production City Company (EMPC) announced the distribution of EGP 0.50 per share in cash dividends for 2023 on 8 August 2024. The eligibility date will be 5 August, according to a bourse filing. The ordinary general …
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21 July 04:02 PM EGX closes Sunday’s trading session up
Cairo – Mubasher: The Egyptian Exchange (EGX) showed a positive performance on Sunday, with the EGX30 main index up 0.45% to 28,783.24 points. Both small- and mid-cap EGX70 EWI as well as EGX100 EWI indices closed the session higher by 1.74% at …
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21 July 03:12 PM Egyptian banks to suspend operations on 25 July
Cairo – Mubasher: The Central Bank of Egypt (CBE) announced Thursday, 25 July 2024 as a holiday for all banks operating in the country in celebration of the 23 July Revolution. Banks will resume works on Sunday, 28 July, according to a cabinet …
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21 July 02:08 PM Egypt unveils EUR 1.8bn investment guarantee with EU
Cairo – Mubasher: Egypt and the EU plan to activate a EUR 1.80 billion investment guarantee mechanism to stimulate local and foreign investments in mutually beneficial sectors, according to a press release. Rania El-Mashat, Minister of Planning, …
Dopay Team
21 July 11:59 AM Hub71 startup Dopay raises $13.5m Series A extension round
Cairo – Mubasher: Egypt-headquartered fintech Dopay has closed a strategic $13.50 million Series A extension round, according to a press release. The fundraising, which was led by y Argentem Creek Partners and other existing investors, will enable …
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21 July 11:31 AM Egypt’s MNT-Halan raises over $157m from int’l, local investors
Cairo – Mubasher: MNT-Halan, Egyptian first unicorn and fintech leader, has secured $157.50 million in new funding. The financing round includes $40 million investment from the International Finance Corporation (IFC), with contributions from …
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21 July 10:09 AM RAKBANK issues 1st publicly traded Social Bond in GCC
Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) has completed the issuance of its five-year Euro Medium-Term Note (EMTN) bond under its Social Finance Framework. The lender offered a $600 million issue, which was oversubscribed …
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21 July 10:03 AM CBE holds interest rates steady as inflation moderates
Cairo – Mubasher: The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) kept its key interest rates unchanged, maintaining the overnight deposit rate at 27.25%, the overnight lending rate at 28.25%, and the main operation rate at …
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21 July 09:04 AM CBE offers EGP 65bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) at a combined value of EGP 65 billion through two tranches on Sunday, 21 July 2024. The first auction was valued at EGP 40 billion and will mature in 91 days on 22 …
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21 July 08:37 AM MENA’s Majarra expands into AI sector via acquisition of Lableb
UAE – Mubasher: MENA’s leading digital content provider Majarra has acquired Lableb, AI-based search engine that deals with the nature of Arabic content online. This strategic transaction anchors Majarra's position at the forefront of Arabic …
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18 July 04:51 PM Egyptian Exchange closes Thursday in green
Cairo – Mubasher: The EGX30 main index of the Egyptian Exchange (EGX) rose by 1.11%, ending Thursday’s session at 28,653.85 points. The small- and mid-cap EGX70 EWI grew by 1.08% to 6,495.93 points. The EGX100 EWI increased by 1.13% to 9,374.67 …
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18 July 04:35 PM Act Financial’s private offering oversubscribed by over 20x
By: Hady El-Essawy Cairo – Mubasher: The private offering of Act Financial’s shares has been oversubscribed by 20.20 times, informed sources told Mubasher. The subscription process ended on Thursday after achieving the highest coverage rate on the …
Abdo Khoury, Managing Director of Sharikat Mubasher
18 July 02:30 PM Mubasher Info lunches Sharikat Mubasher to support Saudi ecosystem
Mubasher: “Mubasher Info”, the Middle East and North Africa’s most preferred Arabic-language news agency for equity market news, data, analysis, and investor tools, with expertise spanning over twenty years, today announced the official launch of …
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18 July 02:22 PM ADGM to reduce fee for commercial licences starting 2025
UAE – Mubasher: Abu Dhabi Global Market (ADGM) will implement major reductions of 50% or more for obtaining non-financial and retail licences within its jurisdiction as of 1 January 2025, according to a press release. This initiative comes in line …
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18 July 01:44 PM Sinai Cement unveils results for capital increase offering
Cairo – Mubasher: Sinai Cement has announced that senior shareholders have subscribed to 75.95% of its capital hike offering in the first phase. Out of 168.20 million offered shares, senior shareholders subscribed to 127.74 million shares at a …
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18 July 01:33 PM CBE auctions EGP 75bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) has offered treasury bills (T-bills) at an aggregated value of EGP 75 billion over two issues on Thursday, 18 July 2024. The first auction totalled EGP 30 billion with a 182-day tenor until 21 …
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18 July 01:32 PM Faisal Islamic Bank of Egypt posts 142% YoY higher standalone profit in H1-24
Cairo – Mubasher: The unconsolidated net profit of Faisal Islamic Bank of Egypt leapt by 142.50% year-on-year (YoY) to EGP 6.55 billion in the first half (H1) of 2024 from EGP 2.70 billion. Total revenues jumped by 68.10% YoY to EGP 16.34 billion …
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18 July 12:07 PM Egypt’s primary budget surplus soars 422% YoY in FY23/24 – Minister
Cairo – Mubasher: Egypt has achieved a primary budget surplus of EGP 857 billion in the fiscal year (FY) 2023/2024, up 422.56% year-on-year (YoY) from around EGP 164 billion in the previous FY, said Minister of Finance Ahmed Kochouk Meanwhile, the …
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18 July 10:48 AM Egypt approves 2,000 MW renewable energy projects by UAE's AMEA Power
Cairo – Mubasher: The Egyptian government has approved the proposal of UAE's AMEA Power to implement additional renewable energy projects by the summer of 2025. The projects involve adding 500 megawatts (MW) of solar energy upon the completion of …
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17 July 04:34 PM EGX’s indices achieve collective gains on Wednesday
Cairo – Mubasher: The EGX30 main index of the Egyptian Exchange (EGX) grew by 1.84%, closing Wednesday at 28,340.42 points. The small- and mid-cap EGX70 EWI increased by 1.51% to 6,426.78 points. The EGX100 EWI rose by 1.64% to 9,270.23 points and …
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17 July 03:29 PM Saudi Arabian Al Haytham Mining reportedly mulls acquiring stake in Egypt’s Afaq
Riyadh - Mubasher: Saudi Arabia’s Al Haytham Mining Company is considering acquiring a stake in Egypt’s Afaq Mining, Asharq News reported, citing CEO Khaled Al Jahdali. The Saudi company’s board plans to offer a share of the company’s stocks on …
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17 July 01:37 PM ICON’s consolidated profit hits EGP 449m in Q1-24
Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) logged a consolidated net profit of EGP 449.08 million in the first quarter (Q1) of 2024 from EGP 173.25 million in Q1-23. Revenues from contracts with …
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17 July 01:27 PM Acrow Misr’s consolidated profit jumps to over EGP 400m in Q1-24
Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork reported a consolidated net profit of EGP 400.29 million in the first quarter (Q1) of 2024 from EGP 146.79 million in Q1-23. Revenues from contracts with clients soared to EGP 893.66 …