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Egypt secured a $2.7 billion loan from the IMF in May
2 hours ago Egypt’s net foreign reserves grow to $38.3bn in July
Cairo – Mubasher: Egypt’s net international reserves grew by $113 million to $38.314.5 billion in July, data by the Central Bank of Egypt (CBE) showed on Thursday. The country’s foreign reserves reached $38.201 billion in June and $36.003 billion …
Suez Canal has achieved revenues of $3.3 billion year-to-date
2 hours ago Egypt’s Suez Canal generates $27.2bn revenue in 5 yrs
Cairo – Mubasher: Egypt’s Suez Canal has generated $27.2 billion in revenue for the last five years, the chairman of the Suez Canal Authority (SCA) Osama Rabea said. About 90,000 vessels have crossed Suez Canal with a net tonnage of 5.5 billion …
3 hours ago Bank of England keeps interest rates unchanged, expects longer recovery
Mubasher: The Bank of England (BoE) maintained interest rates steady, but warned that the economy could take longer to recover from the coronavirus (COVID-19) crisis.
Porto Group incurred net losses of EGP 16.34 million in Q1-20
4 hours ago Porto Group provides guarantee for loan to Porto October
Cairo – Mubasher: The board of directors of Porto Group Holding decided to provide a guarantee to its subsidiary Porto October. The company’s chairman and managing director has been authorised to sign a joint guarantee agreement at a value of EGP …
Some cars were exempt from the payment of more than EGP 1.132 billion
4 hours ago Alexandria Customs issues clearance for EGP 3.9bn cars, spare parts in July
Cairo – Mubasher: Alexandria Customs collected total taxes of EGP 1.105 billion for issuing customs clearance for cars and spare parts at a combined value of EGP 3.908 billion in July, the head of the Egyptian Customs Authority, Kamal Negm, said …
El-Gouna - Orascom Development’s flagship town
5 hours ago Orascom Development Egypt sells land in El-Gouna for EGP 105m
Cairo – Mubasher: Orascom Development Egypt (ODE) signed a land sale agreement with Mangroovy for Hotels. Under the deal, Mangroovy for Hotels will purchase a land plot in El-Gouna over an area of 40,654 square metres for EGP 104.8 million ($6.6 …
The issuance will be used to finance the country’s budget deficit
5 hours ago CBE offers EGP 20.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20.5 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 9.5 billion and will be offered through …
10:01 AM US, China to review trade deal mid-August
The senior US and Chinese officials will come together on 15 August via videoconference to review the first phase of the bilateral trade deal.
09:58 AM Thomson Reuters reports lower quarterly earnings   
Thomson Reuters Corp on Wednesday said it saw slightly lower revenue and an 18% slump in operating profit during the second quarter of 2020.
The project is aimed at achieving a balance in the local meat market
5 August 05:58 PM Egypt to allocate additional EGP 1bn to veal project
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi instructed the government to increase the funding allocated for the National Project for Veal Revival by EGP 1 billion. The project is aimed at achieving a balance in the local meat …
The company is seeking to delist its 458.02 million shares
5 August 05:25 PM Alexandria Portland Cement submits voluntary delisting request
Cairo – Mubasher: Alexandria Portland Cement has submitted a request to delist its shares from the Egyptian Exchange (EGX) in accordance with the extraordinary general meeting’s (EGM) decision on 14 July. The request will be referred to the …
The market’s turnover registered EGP 1.25 billion
5 August 05:04 PM EGX gains EGP 3.7bn in market cap at Wednesday's close
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s trading session on a positive note, supported by local and Arab purchases. The main EGX30 index rose by 0.79% to end at 10,704 points, while the small- and mid-cap EGX70 EWI …
Bids will be opened on Sunday, 9 August.
5 August 04:38 PM Egypt launches tender to buy 5K tonnes of vegetable oils
Cairo – Mubasher: The Egyptian General Authority for Supply Commodities (GASC) announced the launch of a local purchase tender for vegetable oils. The state-run body aims to purchase a minimum of 3,000 tonnes of soyoil and 2,000 tonnes of …
The price of 24-karat gold amounted to EGP 1,046 per gram
5 August 04:05 PM Egypt's gold prices rise to all-time high
Cairo – Mubasher: Gold prices continued its rising trend in the Egyptian market, reaching an all-time high on Wednesday, according to the gold division at the Federation of Egyptian Chambers of Commerce (FEDCOC). The price of 24-karat gold …
Egypt’s tourism revenues dropped by 11.5% in Q1-20
5 August 03:41 PM Egypt's tourism revenue losses forecast at 2% of GDP – IMF
Cairo – Mubasher: Egypt’s losses in tourism revenues could exceed 2% of the country’s gross domestic product (GDP) in 2020 due to the coronavirus (COVID-19) crisis, the International Monetary Fund (IMF) said in a report on Tuesday. The expectation …
5 August 02:02 PM Beirut explosion causes $3-5bn damages – Governor
Mubasher: The massive blast that shook the Lebanese capital on Tuesday caused between $3 billion and $5 billion worth of damage.
The company’s revenues increased to EGP 1.3 billion in the January-June period
5 August 01:24 PM MNHD's profit falls 6% in H1-20
Cairo – Mubasher: The consolidated financial statements of Madinet Nasr Housing and Development (MNHD) showed a 6% year-on-year (YoY) drop in its net profits to EGP 482 million in the first half (H1) of 2020 from EGP 511 million. The company’s …
The board also approved the resignation of SEII's representative
5 August 01:03 PM Arab Cotton Ginning approves unit's capital raise
Cairo – Mubasher: The board of directors of Arab Cotton Ginning decided to increase the capital of its 99.89%-owned subsidiary Amwal Al Arabia for Cotton Company. The company is currently studying the size and method of the capital increase, …
Orascom was eyeing a stake in Bawabet Al Sharq Al Qahira Al Guedida
5 August 12:30 PM Orascom Investment announces end of talks with Qatari Diar
Cairo – Mubasher: Orascom Investment Holding (OIH) announced the end of negotiations with Qatari Diar Real Estate Investment Company and Bawabet Al Sharq Misr For Real Estate Development. Orascom was eyeing the acquisition of a stake in Bawabet Al …
The company’s revenues retreated to EGP 1.008 billion
5 August 12:12 PM Arab Cotton Ginning turns to loss in 9M
Cairo – Mubasher: The unaudited consolidated financial results of Arab Cotton Ginning reported net losses of EGP 65.38 million in the first nine months of fiscal year 2019/2020, against net profits of EGP 18.68 million in the year-ago period. The …
The company’s sales increased to EGP 1.02 billion
5 August 11:40 AM Alexandria Pharmaceuticals posts 54% profit hike in FY19/20 initial results
Cairo – Mubasher:  The unaudited financial results of Alexandria Co. for Pharmaceuticals and Chemical Industries showed a 54% year-on-year (YoY) growth in its net profits to EGP 173.8 million in fiscal year 2019/2020 from EGP 112.8 million. The …
Egypt Purchasing Managers’ Index increased to 49.6 in July
5 August 11:05 AM Egypt's PMI rises in July as economy reopens
Cairo – Mubasher: Egypt's non-oil private sector contracted at its lowest pace in a year in July as key parts of the economy such as tourism and hospitality started to reopen. The seasonally adjusted IHS Markit Egypt Purchasing Managers’ Index …
The process will be made after Odin Investments signs an NDA
4 August 06:05 PM MNHD's board approves due diligence on Nasr for Civil Works
Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) made a recommendation to the board of directors of Nasr Company for Civil Works for allowing Odin Investments to conduct a due diligence process. The process will be made after Odin …
The cement producer’s sales declined to EGP 1.012 billion
4 August 05:39 PM Alexandria Portland Cement’s indicators show 26% loss increase in H1-20
Cairo – Mubasher: Alexandria Portland Cement reported net losses of EGP 212.75 million in the first half (H1) of 2020, up by 26% year-on-year (YoY) from EGP 168.99 million, the company’s unaudited consolidated financial results showed. The cement …
The market cap gained EGP 4.2 billion
4 August 05:12 PM EGX ends Tuesday in green on local, Arab purchases
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday’s trading session on a positive note on the back of local and Arab purchases. The main EGX30 index rose by 0.19%, ending the session at 10,620 points, while the small- and mid-cap EGX100 …