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22 February 04:23 PM

Egypt news

The EGX100 index fell 1.4%
21 February 09:13 PM EGX’s indices shrink in week; Market cap loses EGP 5.1bn
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices went down in a week, with market capitalisation lost EGP 5.1 billion. The benchmark index, EGX30, declined by 1% to 13,720 points, while the EGX70 index shed 0.83% to 1,256 points. The EGX100 …
Trading Activities
The new A220-300 has a two-class cabin
21 February 08:58 PM EgyptAir adds 9th Airbus A220-300 to its fleet
Mubasher: EgyptAir on Friday received its ninth Airbus A220-300 and third A320neo family aircraft, according to Ahram Online. The Egyptian carrier received the second A320neo plane earlier in February. The new A220-300 has a two-class cabin with …
Companies Investments
21 February 07:32 PM Chinese solar industry may rebound in 2020
​​​​​​​Mubasher: The China Photovoltaic Industry Association (CPIA) expects the country’s new installations to reach a range between 35 and 45 gigawatts in 2020.
Oil and Energy
Egypt's Finance Minister Mohamed Maait
21 February 03:58 PM Egypt hires 4 int’l banks for 1st green bonds
Cairo – Mubasher: The Egyptian finance ministry has commenced the required procedures for Egypt’s first green bond issue on global markets, according to a statement. Egypt will be the first country in the Middle East and North African to …
Bonds
The discount rate was maintained at 12.75%
20 February 10:58 PM Egypt C. bank maintains interest rates
Cairo – Mubasher: The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided in its meeting on Thursday to keep the current interest rates unchanged. The overnight deposit rate and the overnight lending rate were maintained at …
Macroeconomics
The sale included 182-day notes
20 February 09:23 PM Egypt sells EGP 20.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) on Thursday announced the sale of treasury bills (T-bills) worth EGP 20.5 billion, ahead of the announcement of the bank’s decision on interest rates. The sale included 182-day notes worth EGP 10 …
Central Banks
Orouba Skyline project includes 1,500 residential units
20 February 08:42 PM Orouba Misr signs hotel management agreement with AccorHotels
Cairo – Mubasher: Orouba Misr for Construction and Development has signed an agreement with AccorHotels to manage Novotel Hotel in Orouba Skyline project in Alexandria. Situated on 400,000 square metres with total investments of EGP 7 billion, …
Real estate
Over 28k MW were added to the national power grid
20 February 07:11 PM Egypt to produce 6,6K MW renewable energy by 2021-end
Cairo – Mubasher: Electricity produced by renewable energy in Egypt is expected to reach around 6,628 megawatts (MW) by the end of 2021, Egyptian electricity minister Mohamed Shaker stated on Thursday. Total electricity produced by renewable …
Macroeconomics
The project will be situated on 130,000 square metres
20 February 05:47 PM Mabany Edris launches EGP 1.25bn project in Egypt’s New Asyut
Cairo – Mubasher: Mabany Edris has launched an urban project in Egypt’s New Asyut city, with total investments of EGP 1.25 billion. The project will be situated on 130,000 square metres, head of the commercial sector at the company, Ayman Nawar, …
Real estate
20 February 05:28 PM Global LNG demand forecast to double by 2024 – Shell
Mubasher: Global demand for liquefied natural gas (LNG) is forecast to double to 700 million tonnes by 2040.
Global Markets brief
Net profit before tax is expected to reach EGP 153.7m
20 February 05:21 PM Nile Pharma targets EGP 1.1bn revenue in FY20/21
Cairo – Mubasher: Nile Pharmaceuticals and Chemical Industries (Nile Pharma) is expecting to achieve a net-profit-before-tax of EGP 153.7 million in the fiscal year 2020/2021. Revenue is expected to reach EGP 1.1 billion in FY20/21, compared to …
Financial Results
The EGX100 index rose by 0.44%
20 February 05:11 PM EGX’s indices end in green Thursday
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices rose at the end of Thursday, with market capitalisation gained EGP 1.7 billion. The benchmark index, EGX30, increased by 0.19% to 13,720 points, while the EGX70 index added 1.21% to reach …
Trading Activities
20 February 05:09 PM Moody’s: Global investment banks spend $72bn annually to face fintechs
Mubasher: Global investment banks allocate $72 billion annually to develop their information technology (IT), including retail infrastructure and applications, to face threats by fintech companies.
Global Reports
20 February 04:57 PM Coronavirus adds pressures on Asia Pacific’s economy - Moody's
Mubasher: The outbreak of coronavirus contributes to slowing down the economic growth in Asia Pacific as it affected trade, tourism, and supply chains, Moody's referred.
Global Reports
20 February 04:55 PM Morgan Stanley to acquire E-Trade Financial Corporation for $13bn
Mubasher: American multinational investment bank Morgan Stanley has announced that it will acquire discount brokerage E-Trade Financial Corporation in a consideration of $13 billion.
Global Markets brief
The company will specialise in management of solar power plants
20 February 04:09 PM Elsewedy Electric to establish new company in Algeria
Cairo – Mubasher: Elsewedy Electric Co’s board on Thursday approved the establishment of a new company in Algeria. The company will specialise in procurement, instalment, building, management, and ownership of solar power plants with 50-megawatt …
Companies Investments
Egypt will earmark EGP 2 million for the industrial areas
20 February 04:04 PM Egypt to allocate EGP 2m for industrial areas in Upper Egypt
Cairo – Mubasher: Egypt will earmark EGP 2 million to develop utilities in the industrial areas in Qena and Sohag, the director of the Upper Egypt local development programme, Hesham El-Helbawy, said. This announcement came during El-Helbawy’s …
Macroeconomics
President Abdel Fattah El Sisi
20 February 03:57 PM El Sisi approves KWD 40m loan to develop national power grid
Cairo – Mubasher: The Egyptian President Abdel Fattah El Sisi has issued Decree No. 508 of 2018 approving a loan agreement between the Egyptian government and the Arab Fund for Economic and Social Development. The loan amounts to KWD 40 million …
Banking and Finance
Flights will be resumed as of 27 February
20 February 03:49 PM EgyptAir resumes flights to China
Cairo – Mubasher: EgyptAir on Thursday announced that it will resume flights to China, according to a statement. Flights to and from China will be resumed as of 27 February 2020, the company stated. EgyptAir noted that it is monitoring the …
Macroeconomics
Net profits slid to EGP 4.163 billion
20 February 03:38 PM Elsewedy Electric’s profit down 19% in 2019
Cairo – Mubasher: Elsewedy Electric Co reported an 18.53% year-on-year profit retreat during 2019. Net profits slid to EGP 4.163 billion last year, compared to EGP 5.109 billion in 2018, including minority shareholders’ rights, the company said in …
Financial Results
Qarun plans to produce 33,000 bpd at East Baharia Extension 3 area
20 February 03:27 PM Qarun Petroleum eyes $170m investments in FY20/21
Cairo – Mubasher: Qarun Petroleum Company is looking to invest $170 million during fiscal year 2020/2021. These investments are planned to be directed for the production of 33,000 barrels of crude oil per day (bpd) at East Baharia Extension 3 …
Companies Investments
The board recommended a cash dividend of EGP 60 million
20 February 02:57 PM Arab Moltaqa’s profit jumps 48% in 2019; dividends proposed
Cairo – Mubasher: The consolidated financial statements of Arab Moltaqa Investments reported a 48% year-on-year profit hike during 2019. Net profits grew to EGP 60 million last year from EGP 40.48 million in 2018, including minority shareholders’ …
Financial Results
El Kahera Housing logged net profits of EGP 85.18 million in nine months
20 February 02:24 PM El Kahera Housing approves EGP 580m loan from ADIB Egypt
Cairo – Mubasher: The board of directors of El Kahera Housing approved a funding agreement worth EGP 580 million with Abu Dhabi Islamic Bank – Egypt (ADIB Egypt). The funding will be used for the payment of all dues owed to financial leasing …
Real estate
Telecom Egypt reported net profits of EGP 4.4 billion in 2019
20 February 01:37 PM EFG Hermes-Citibank to advise TE on Vodafone stake sale option
Cairo – Mubasher: The board of directors of Telecom Egypt approved a proposal to appoint the consortium comprised of EFG Hermes and Citibank to advise on its investment options regarding its stake in Vodafone Egypt. “With this strong consortium on …
Mergers and Acquisitions
The deposit portfolio surged by 21% to EGP 41.285 billion
20 February 01:04 PM HDB’s 2019 standalone profit up 20% in unaudited financials
Cairo – Mubasher: The unaudited standalone financial results of Housing and Development Bank (HDB) showed a 20% year-on-year profit growth during 2019. Net profits amounted to EGP 1.951 billion in the 12-month period ended 31 December 2019, …
Cash Dividends