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11 April 07:02 PM Saudi Arabia, Kuwait’s crude oil production rises in March; UAE shows decline
Mubasher: The Saudi crude oil production surged by 20,000 barrels per day (bpd) to hit 9.03 million bpd in March 2024 compared with 9.01 million bpd in February, according to the latest OPEC report. The average crude oil production by Saudi Arabia …
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11 April 02:41 PM UAE’s global aerospace engineering firm Sanad extends $145m deal with Asiana Airlines
UAE – Mubasher: Global aerospace engineering and leasing solutions leader Sanad, which is wholly owned by Abu Dhabi’s sovereign investor Mubadala Investment Company, has renewed a five-year contract with Asiana Airlines, the second largest airline …
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10 April 06:55 PM Arab stock markets show varied performance in Ramadan 2024
Mubasher: The performance of the capital markets in the Arab region was mixed during the holy month of Ramadan, with five markets rising and eight declining. The Palestine Exchange was the top performer, with the main index increasing by 20.48% …
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10 April 02:38 PM Saudi delivery platform Mrsool to boost expansion in Egyptian market with new jobs
Cairo – Mubasher: Mrsool Egypt, part of the delivery on-demand service platform Mrsool in Saudi Arabia, aims to offer 10,000 new job opportunities for couriers in 2024 as part of its expansion plans in the Egyptian market. The new addition would …
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9 April 04:04 PM Saudi Arabia leads Forbes list of “Most Valuable Banks”
Mubasher: Forbes Middle East has revealed its ‘30 Most Valuable Banks’ ranking, with Saudi Arabia leading the list via 10 entries at an aggregated market value of $279.50 billion. As of 23 February 2024, the 30 banks had a combined value of …
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9 April 03:12 PM Ras El-Hekma project adds EGP 179bn to Egypt’s treasury
Cairo-Mubasher: Egypt recorded a primary surplus of EGP 416 billion at a rate of 3% of the gross domestic product (GDP) during the July 2023-March 2024 period. Mohamed Maait, Egypt's Finance Minister, highlighted that the surplus was compared to …
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9 April 02:35 PM Egypt logs $7.8bn revenues from tourism sector
Cairo – Mubasher: Egypt registered a 6.10% increase in tourism revenues to $7.80 billion in the first six months (6M) of the fiscal year (FY) 2023/2024. The recorded amount is compared to$7.30 billion a year earlier, according to official data. …
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9 April 01:15 PM QNB Al Ahli’s consolidated profits exceed EGP 7bn in Q1-24
Cairo – Mubasher: Qatar National Bank Al Ahli (QNB Al Ahli) logged consolidated net profits after tax worth EGP 7.04 billion in the first quarter (Q1) of 2024. The recorded net profits were higher year-on-year (YoY) than EGP 4.71 billion, …
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9 April 11:32 AM Egypt's balance of payments registers deficit of $409.6m in H1-23/24
Cairo – Mubasher: Egypt's overall balance of payments (BOP) deficit reached $409.60 million in the first half (H1) of fiscal year (FY) 2023/2024, registering a surplus of $599.10 million in the same period the previous year. The current account …
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8 April 04:48 PM El Mansour & El Maghraby lowers stake in Palm Hills for EGP 141.5m
Cairo – Mubasher: El Mansour & El Maghraby Investment & Development reduced its shareholding in Palm Hills Developments Company to 39.85% from 41.19%, according to a bourse disclosure. El Mansour & El Maghraby sold 39.41 million shares in the …
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8 April 03:14 PM EGX30 gains over 1% on Monday; turnover hits EGP 2.3bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed in the green territory on Monday after the EGX30 main index grew by 1.25% to close at 28,503.75 points. The small- and mid-cap EGX70 EWI rose by 0.88% to stand at 6,541.52 points. On the other …
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8 April 12:59 PM CBE offers two-type T-bonds on Monday
Cairo - Mubasher: The Central Bank of Egypt (CBE) auctioned treasury bonds (T-bonds) at a value of EGP 4 billion through one issue on Monday, 8 April 2024. The offering will mature in three years on 9 April 2027, according to official data. …
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8 April 12:37 PM SCZON, Türkiye’s Eroğlu sign contract for $40m new denim clothes factory
Cairo – Mubasher: The Suez Canal Economic Zone (SCZONE) has entered into a contract with Türkiye’s Eroğlu Holding to construct a denim clothes factory in the West Qantara industrial zone. The new facility will cover an area of 62,000 square …
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8 April 12:34 PM Oriental Weavers unveils payment date for 2023 dividends
Cairo – Mubasher: Oriental Weavers unveiled annual cash dividends valued at EGP 1.25 per share for 2023, according to a bourse disclosure. The EGX-listed company indicated that the payment date for the dividends will be 30 April 2024. Last year, …
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8 April 11:57 AM Egypt’s inflation rate down to 33.1% in March – CAPMAS
Cairo – Mubasher: Egypt’s annual headline urban consumer price index (CPI) inflation retreated to 33.1% in March 2024 from 36% in February, recording 221.6 points. The Central Agency for Public Mobilization and Statistics (CAPMAS) highlighted that …
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8 April 11:32 AM EIPICO unveils cash dividends
Cairo – Mubasher: Egyptian International Pharmaceutical Industries (EIPICO) announced a cash dividend distribution of EGP 2 per share, according to a bourse disclosure. The dividends will be disbursed in two equal installments on 30 April and 29 …
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8 April 10:34 AM Egypt raises minimum wage for private sector by over 71%
Cairo – Mubasher: The National Council of Wages (NCW) in Egypt has approved raising the minimum wage for private sector workers by 71.43% to EGP 6,000 from EGP 3,500. The new minimum wage includes all wage elements, including the employer's share …
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7 April 04:17 PM EGX shows mixed performance on Sunday
Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) ended Sunday’s trading session with varied note after the EGX30 main index retreated by 1.24% to close at 28,151.66 points. The small- and mid-cap EGX70 EWI closed higher by 0.05% at …
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7 April 03:18 PM DP World in Sokhna receives new mobile harbour crane
UAE – Mubasher: DP World, the operator of the multipurpose terminal at the Port of Ain Sokhna, received a new mobile harbour crane, according to a press release. Manufactured by Konecranes, the mobile harbour crane will boost DP World’s …
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7 April 02:36 PM Etihad Airways boosts operations in Middle East via new destination
UAE-Mubasher: Etihad Airways added the Saudi province of Al Qassim to its growing list of destinations, increasing its total number of Saudi gateways to four. This move aligns with the company’s objectives to expand its network and enhance …
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7 April 01:12 PM Gulf banks could benefit from macroeconomic shift in Turkiye – Fitch Ratings
Mubasher: Potential macroeconomic changes in Turkiye are set to benefit subsidiaries of GCC-based banks in the country. A disinflation in Turkiye is set to cut GCC banks’ net losses and the decelerated devaluation of the lira is expected to reduce …
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7 April 12:51 PM Air Arabia Egypt launches its first flight to Istanbul
Cairo – Mubasher: Air Arabia Egypt, a subsidiary of Air Arabia, commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen International Airport in Istanbul. The newly added route will link both cities with a frequency …
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7 April 12:25 PM Egypt leads Middle East in Forbes fintech ranking with 13 companies
Cairo – Mubasher: Egypt led the Middle East as the most represented country in the Forbes ranking list of the region’s top companies in the financial technology (fintech) sector. The 13 Egyptian companies represented in the list include Fawry for …
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7 April 11:38 AM CBE auctions EGP 55bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) at a total value of EGP 55 billion through two tranches on Sunday, 7 April 2024. The first tranche stood at EGP 30 billion and will mature in 91 days on 9 July this …
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7 April 11:32 AM Banks, EGX to halt business during Eid holiday
Cairo – Mubasher: Banks operating in Egypt will suspend their operations during the Eid El-Fitr holiday from 9 to 14 April 2024, the Central Bank of Egypt (CBE) announced. The Egyptian Exchange (EGX) will also be closed during the same period. …