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21 October 11:05 PM

Egypt news

Egypt's economy is forecast to grow by 5.5% in FY21/22
20 October 05:52 PM Fitch maintains Egypt's rating at B+; outlook stable
Cairo – Mubasher: Fitch Ratings has maintained Egypt's long-term foreign-currency issuer default rating (IDR) at 'B+' with a stable outlook. The rating is backed by the country's "recent record of fiscal and economic reforms, which the authorities …
Ratings
The Egyptian Exchange
20 October 05:19 PM EGX announces new rules for temporary trading suspension limit
Cairo – Mubasher: The Egyptian Exchange (EGX) announced new rules under which trading will be temporarily halted when the EGX100 EWI moves up or down by 10% within the day’s trading session, compared to a previous limit of 5%.  The trading will be …
Markets Regulations
The market cap value increased by EGP 8.5 billion
20 October 05:02 PM EGX ends Wednesday in red
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday's trading session in the red territory, pressured by Arab and foreign selloffs.  The main EGX30 index declined by 0.56% to end at 11,132 points, while the small- and mid-cap EGX70 EWI …
Trading Activities
The revenues from leased fixed assets fell to EGP 70.24 million
20 October 04:27 PM Suez Canal Technology's annual standalone profit surges 65%
Cairo – Mubasher: Suez Canal Company for Technology Settling reported standalone net profits of EGP 498.57 million in the 12-month period ended 31 August, up by 65.1% year-on-year (YoY) from EGP 301.93 million.   The revenues from leased fixed …
Financial Results
The country allocated 7,650 square kilometres of lands to renewable energy projects
20 October 03:53 PM Egypt targets to boost renewables share to 42% of energy mix by 2035
Cairo – Mubasher: Egypt aims to increase the share of renewable energy in the country's electricity mix to 42% by 2035, according to the Minister of Electricity and Renewable Energy, Mohamed Shaker.  During a meeting with Chris Antonopoulos, CEO …
Macroeconomics
Shares of e-finance opened at EGP 13.98 apiece
20 October 02:10 PM e-finance sets record as Egypt's largest IPO
Cairo – Mubasher: e-finance For Digital and Financial Investments has debuted its trading on the Egyptian Exchange (EGX) on Wednesday under the ticker symbol of EFIH.CA.  The fintech platform has set a record as the largest offering in Egypt with …
Initial Public Offerings
The silo will be established with a capacity of 100,000 tonnes
20 October 01:45 PM General Company for Silos inks deal to build EGP 520m silo
Cairo – Mubasher: General Company for Silos and Storage has signed a contract with Rowad Modern Engineering to build a silo at West Port Said Port. The silo will be established with a capacity of 100,000 tonnes at a cost of EGP 520 million, the …
Minister of Trade and Industry Nevine Gamea
20 October 01:27 PM Egypt's non-oil exports rise to $2.6bn in September
Cairo – Mubasher: Egypt's non-oil exports increased by $349 million or 16% to $2.560 billion in September, compared to $2.212 billion in the same month a year earlier, the Minister of Trade and Industry, Nevine Gamea, said in a statement on …
Macroeconomics
e-finance debuted its trading on the EGX on Wednesday
20 October 01:03 PM Foreign investors make up 72% of demand for e-finance's offering
Cairo – Mubasher: The offering of e-finance For Digital and Financial Investments has attracted strong demand from investors and investment funds from various countries such as the UAE, Saudi Arabia, Kuwait, the UK, the US, and Sweden, along with …
Initial Public Offerings
The country's food exports to Iraq grew to $125 million in 2020
20 October 12:33 PM Egypt's food exports to Iraq hit $84m in eight months
Cairo – Mubasher: Egypt's food exports to Iraq rose by 1% to $84.2 million in the first eight months of 2021, compared to $83.7 million in the year-ago period, the Deputy Executive Director of the Egyptian Food Export Council, Tameem El-Dawy, was …
Macroeconomics
The reactor will be used to produce raw polystyrene through recycling PET plastic waste
20 October 12:01 PM Rubex's board decides to buy polyester production reactor for EGP 2.5m
Cairo – Mubasher: The board of directors of Rubex International for Plastic and Acrylic Manufacturing has approved the purchase of a reactor for raw polyester production for EGP 2.5 million.   The reactor will be used to produce raw polystyrene …
Corporate Actions
The independent financial advisor valued these assets at EGP 1.179 billion
20 October 11:45 AM GSK Egypt approves valuation report for consumer healthcare assets
Cairo – Mubasher: The board of directors of GlaxoSmithKline (GSK Egypt) approved a fair value (FV) report prepared by the independent financial advisor Grant Thornton - Egypt for the consumer health business assets. These assets include the …
e-finance's stock jumped by 43.06% to EGP 20
20 October 11:25 AM e-finance soars 43% in first minutes of trading debut
By: Heba El-Kordy Cairo – Mubasher: The stock of e-finance For Digital and Financial Investments jumped during the first few minutes of its trading debut on the Egyptian Exchange (EGX). By 10:07 a.m. Cairo time, e-finance jumped by 43.06% to EGP …
Trading Activities
Minister of Finance Mohamed Maait
20 October 11:15 AM Egypt's health sector receives EGP 24bn in Q1 to face pandemic
Cairo – Mubasher: Egypt has provided the health sector with more than EGP 24 billion in order to face the COVID-19 pandemic during the first quarter (Q1) of fiscal year (FY) 2021/2022, posting an annual growth rate of 35%, the Minister of Finance, …
Macroeconomics
Minister of International Cooperation Rania El-Mashat
20 October 10:40 AM Egypt's House of Representatives approves $259m development financing deals
Cairo – Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, announced that the House of Representatives approved three development financing agreements worth $259 million. These agreements are aimed at supporting the …
Macroeconomics
The market cap value increased by EGP 9.99 billion
19 October 05:53 PM EGX ends Tuesday in red
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday's trading session on a negative note.  The main EGX30 index fell by 0.72% to end at 11,195 points, while the small- and mid-cap EGX70 EWI plunged by 6.7% to 2,481 points. Meanwhile, the …
Trading Activities
The loan will be used for the development of the electricity sector in Egypt
19 October 05:42 PM Egypt's House of Representatives approves Japanese loan for power sector
Cairo – Mubasher: The Egyptian House of Representatives approved presidential decree no. 324 of 2021 ratifying the letters exchanged between the governments of Egypt and Japan.  These letters include a loan worth JPY 25 billion from the Japan …
Macroeconomics
The company plans to add 5,000 cars by March 2022
19 October 05:05 PM Indian car rental platform Zoomcar to invest $25m in Egypt
Cairo – Mubasher: Zoomcar, the largest car-sharing marketplace covering emerging markets and dominating the self-drive car rental market in India, announced the launch of its operations in Egypt as part of its plan to expand to the MENA region. …
Companies Investments
Cabinet meeting
19 October 04:24 PM Egypt's cabinet approves setting up Digital Egypt Fund
Cairo – Mubasher: The Egyptian cabinet approved a draft law for the establishment of the Digital Egypt Fund to activate and promote digital community services.  The fund will support various sectors in implementing plans and initiatives related to …
Macroeconomics
Minister of International Cooperation Rania El-Mashat
19 October 03:44 PM Egypt's House of Representatives approves $255m development funding deals
Cairo – Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, announced that the House of Representatives approved four development financing agreements worth $255 million with bilateral development partners. The …
Macroeconomics
President Abdel Fattah El-Sisi
19 October 02:01 PM El-Sisi witnesses signing MoUs with Greece, Cyprus
Cairo – Mubasher: The Egyptian President, Abdel Fattah El-Sisi, witnessed the signing of several memorandums of understanding (MoUs) between Egypt, Greece, and Cyprus on the sidelines of the ninth trilateral summit held in Athens, the Middle East …
International Agreements
Egypt's exports to Greece surged by 194.9% to $807.4 million
19 October 12:55 PM Trade exchange between Egypt, Greece hits $1bn in H1-21
Cairo – Mubasher: Bilateral trade between Egypt and Greece jumped by 112.8% year-on-year (YoY) to $1 billion in the first half (H1) of 2021, compared to $477.6 million, according to data released by the Central Agency for Public Mobilization and …
Macroeconomics
The company plans to boost revenues by adding more drive-thru testing facilities
19 October 12:41 PM Speed Medical reveals financial impact of COVID-19 drive-thru testing deal
Cairo – Mubasher: Speed Medical Company revealed the impact of the recently-signed COVID-19 drive-thru testing contract on its revenues and profits.  The total revenues of the drive-thru testing facilities will be added to the company's standalone …
Financial Results
Societe Arabe Internationale de Banque
19 October 12:20 PM SAIB approves exit from Cairo National Company for Brokerage and Securities
Cairo – Mubasher: The board of directors of Societe Arabe Internationale de Banque (SAIB) approved a decision to exit from Cairo National Company for Brokerage and Securities.  The board also approved the appointment of Marwa Sami Shahin as the …
Corporate Actions
Exports amounted to $597 million in the first half of 2021
19 October 12:09 PM Ezz Steel's exports exceed $1bn in nine months
Cairo – Mubasher: Ezz Steel said that its total exports during the first nine months of 2021 reached $1.013 billion.  Exports amounted to $597 million in the first half (H1) of 2021 and $416 million in the third quarter (Q3) of the year, according …