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29 October 12:34 AM

Egypt news

More than 2,500 companies have obtained EGP 30 billion in export subsidies
28 October 05:49 PM Egypt to launch fourth phase of export subsidy initiative in November
Cairo – Mubasher: The Egyptian government will launch the fourth phase of the immediate export subsidy payment initiative at the beginning of November.  The initiative is in line with presidential directives to support the export sector and …
Macroeconomics
The market's turnover reached EGP 1.32 billion
28 October 04:52 PM EGX ends Thursday in green; market cap up EGP 6.3bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Thursday's trading session on a positive note on the back of local and Arab purchases.  The main EGX30 index rose by 1.25% to end at 11,506 points, while the small- and mid-cap EGX70 EWI …
Trading Activities
ITC mall is scheduled to be operational in the fourth quarter of 2022
28 October 04:10 PM Dahab Development launches ITC project with EGP 500m investments
Cairo – Mubasher: Dahab Development has launched the Iconic Trinity Complex (ITC) project, its first project in the New Administrative Capital (NAC), With investments of up to EGP 500 million.  ITC spans over ​​8,000 square metres (sqm) in the …
Real estate
The integrated urban project is scheduled to be delivered by 2025
28 October 03:43 PM TIJ Contracting to start construction on EGP 12bn project in Mostakbal City
Cairo – Mubasher: TIJ Contracting will start construction works on the Montenapoleone project, owned by Reportage Properties, in April with total investments of EGP 12 billion. Montenapoleone will be established over 111 acres in Mostakbal City in …
Real estate
The transaction included the trading of 1.008 million shares
28 October 12:40 PM EGX executes MTO on Modern Shorouk Printing at EGP 75m
Cairo – Mubasher: The Egyptian Exchange (EGX) announced the execution of a mandatory tender offer (MTO) on the shares of Modern Shorouk Printing and Packaging. The transaction included the trading of 1.008 million shares for a total value of EGP …
Trading Activities
The capital will be raised by EGP 35.652 million
28 October 12:24 PM Beltone Financial Holding's shareholders nod to capital raise
Cairo – Mubasher: The ordinary general meeting (OGM) of Beltone Financial Holding approved a proposal to increase the company’s issued and paid-up capital to EGP 926.957 million from EGP 891.305 million. The capital will be raised by EGP 35.652 …
Corporate Actions
28 October 12:10 PM Sidpec swings to profits in nine months
Cairo – Mubasher: Sidi Kerir Petrochemicals Co. (Sidpec) turned to net profits of EGP 358 million during the first nine months of 2021, against net losses of EGP 75 million in the year-ago period, the unaudited financial results showed. The …
Financial Results
CapEx cycle is expected to slow down in the coming period
28 October 11:59 AM Telecom Egypt approves 2022 budget
Cairo – Mubasher: Telecom Egypt said that its board of directors has approved the 2022 budget which targets early double-digit revenue growth and earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin in the mid to high …
Egypt's ongoing cooperation portfolio with the World Bank amounts to $5.8 billion
28 October 10:47 AM World Bank approves $360m development policy financing for Egypt
Cairo – Mubasher: The Board of Executive Directors of the World Bank has approved a $360 million development policy financing (DPF) loan to support the Egyptian economy's recovery from the COVID-19 pandemic. This funding is part of a strategic …
Macroeconomics
The shipment will take place between 1 and 12 December.
28 October 10:16 AM Egypt buys 360k tonnes of wheat in international tender
Cairo – Mubasher: The Egyptian General Authority for Supply Commodities (GASC) has purchased 360,000 tonnes of Russian, Ukrainian, and Romanian wheat in an international tender, the Middle East News Agency (MENA) reported.  The country will buy …
Macroeconomics
The market's turnover stood at EGP 1.21 billion
27 October 05:36 PM EGX loses EGP 1.3bn in market cap at Wednesday's close
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday's trading session on a mixed note with the main EGX30 index rising by 0.96% to end at 11,364 points.  The small- and mid-cap EGX70 EWI declined by 0.54% to 2,249 points, while EGX100 …
Trading Activities
Bilateral trade between the two countries registered $439.9 million
27 October 05:04 PM Egypt's exports to Romania hike 51% in H1-21
Cairo – Mubasher: Egypt's exports to Romania jumped by 51.1% year-on-year (YoY) to $100.4 million in the first half (H1) of 2021, compared to $66.5 million, the Middle East News Agency (MENA) reported on Wednesday, citing data by the Central …
Macroeconomics
Exports of cables rose by 20%
27 October 03:37 PM Egypt's engineering exports hit $2.2bn in nine months
Cairo – Mubasher: Egypt's engineering exports surged by 43% year-on-year (YoY) to $2.284 billion in the first nine months of 2021, compared to $1.595 billion, data by the Engineering Export Council of Egypt showed.  During September, engineering …
Macroeconomics
The company also decided to dismiss the Deputy Chairman and Managing Director
27 October 01:02 PM Marseilia approves moving to main market, developing new land plot
Cairo – Mubasher: The board of directors of Marseilia Almasreia Alkhalegeya Real Estate Investment agreed to enter into partnership with the Northern Military Region to develop a land plot in Alexandria. The board also decided to begin procedures …
Corporate Actions
Suez Canal Authority's (SCA) Chairman, Osama Rabie
27 October 12:26 PM Suez Canal generates $5.1bn revenue since beginning of 2021
Cairo – Mubasher: Egypt's Suez Canal amounted to $5.1 billion from 1 January to 25 October, up by 12.6% from $4.53 billion in the same period a year earlier, the Suez Canal Authority's (SCA) Chairman, Osama Rabie, said.  During the 10-month …
Macroeconomics
The EIPICO 3 plant will be established with investments of EGP 1.2 billion
27 October 11:49 AM Swedish firm wins contract to build EIPICO Plant 3 with $43.5m
Cairo – Mubasher: The board of directors of the Egyptian International Pharmaceutical Industries (EIPICO) approved to assign the construction of the EIPICO 3 plant building structure to the Swedish company Pharmadule Morimatsu for a total amount …
Companies Investments
TAT earlier offered to acquire 14.274 million shares for EGP 49.04 apiece
27 October 11:23 AM TAT drops offer to acquire Alexandria New Medical Center
Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) has received a letter from TAT for Medical Services stating that it has dropped its offer to acquire Alexandria Medical Services - Alexandria New Medical Center, according to a …
Mergers and Acquisitions
The three discoveries add over 6,000 barrels of equivalent oil per day
27 October 10:47 AM Eni makes three oil, gas discoveries in Egypt's Western Desert
Cairo – Mubasher: The Italian oil and gas giant Eni has made three new discoveries in its Meleiha and South West Meleiha concessions in the Egyptian Western Desert. The three discoveries add over 6,000 barrels of equivalent oil per day, while the …
Macroeconomics
The market cap value dropped by EGP 656.8 million
26 October 05:43 PM EGX ends Tuesday mixed
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday's trading session on a varied note. The main EGX30 index rose by 0.7% to end at 11,256 points, while the small- and mid-cap EGX70 EWI fell by 3.61% to 2,261 points. Meanwhile, the EGX100 …
Trading Activities
A roundtable discussion held by the Movement of the Enterprises of France (MEDEF) in Paris
26 October 05:13 PM Egypt allocates $18bn development funding for infrastructure development
Cairo – Mubasher: The Minister of International Cooperation, Rania El-Mashat, stated that the efforts exerted by the government over the last five years succeeded in developing the country’s infrastructure.  The country's ongoing international …
Macroeconomics
ADIB Egypt will hold a 98% stake in the new company
26 October 04:53 PM ADIB Egypt establishes EGP 10m consumer finance firm
Cairo – Mubasher: Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) announced the establishment of Abu Dhabi Islamic Consumer Finance with an issued and paid-up capital of EGP 10 million.  ADIB Egypt will hold a 98% stake in the new company which will …
Corporate Actions
The programme is aimed at supporting a structural reform agenda
26 October 04:39 PM Egypt, OECD ink MoU to launch three-year country programme
Cairo – Mubasher: Egypt's Prime Minister Mostafa Madbouly signed a memorandum of understanding (MoU) with the Organisation for Economic Co-operation and Development's (OECD) Secretary-General, Mathias Cormann, at the OECD’s headquarters in Paris …
Macroeconomics
Minister of Finance Mohamed Maait
26 October 03:57 PM S&P affirms Egypt's credit rating at B for fourth time since pandemic
Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, said that Standard & Poor’s (S&P) has affirmed Egypt’s sovereign credit rating at “B” with a stable outlook for the fourth time since the beginning of the COVID-19 pandemic. …
Macroeconomics
Minister of Transport Kamel El-Wazir
26 October 02:11 PM Egypt looking for sources to fund Lake Victoria-Mediterranean link feasibility studies
Cairo – Mubasher: The Egyptian Minister of Transport, Kamel El-Wazir, said that the Lake Victoria-Mediterranean Sea linking project will be a vital waterway for transport between Nile Basin countries.  During a Cairo Water Week, the minister noted …
Macroeconomics
The acquisition will widen MNHD's product range
26 October 01:37 PM MNHD clarifies reasons behind MINKA's acquisition
Cairo – Mubasher: Madinet Nasr for Housing and Development (MNHD) announced more details about the acquisition of MINKA Developments from the Sallam family.  The company said that MINKA's projects are located inside Taj City's land plot and that …
Real estate