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16 January 05:12 PM

Egypt news

All physical and non-physical assets and customer accounts are included in the deal
14 January 05:54 PM Bahrain's Bank ABC completes acquisition of Blom Bank Egypt for $480m
Mubasher: Bahrain's Arab Banking Corporation (Bank ABC) finalised the acquisition of Blom Bank’s unit in Egypt for $480 million, two banking sources told Reuters on Thursday. All physical and non-physical assets and customer accounts are included …
Mergers and Acquisitions
Talaat Moustafa Group recorded net profits of EGP 1.569 billion in nine months
14 January 05:44 PM Talaat Moustafa Group's unit gets approval to develop 5k feddans in Capital Gardens City
Cairo – Mubasher: The Egyptian cabinet approved a request from the Ministry of Housing, Utilities, and Urban Communities to enter into agreement with a subsidiary of Talaat Moustafa Group Holding (TMG Holding). The company will develop 5,000 …
Real estate
The project is built by the Orascom Construction-Engie-Toyota Tsusho consortium
14 January 05:29 PM Egypt approves power purchase deal for Gulf of Suez wind farm
Cairo – Mubasher: The Egyptian cabinet approved signing a power purchase agreement with the Orascom Construction-Engie-Toyota Tsusho consortium that builds a 500-megawatt (MW) wind farm in the Gulf of Suez. The project is being implemented under a …
Macroeconomics
Egypt Ventures secured EGP 103.8 million in direct and indirect investments during 2020
14 January 05:15 PM Egypt Ventures leads $1m funding round for life science startup Nawah
Cairo – Mubasher: Egypt Ventures led a financing round for the emerging company, Nawah, the first private Egyptian multidisciplinary research centre for natural and medical sciences, with a value of $1 million, the Chairman and Managing Director, …
Macroeconomics
The three tranches were rated at AA+, AA, and A, by MERIS
14 January 05:05 PM Amer Group’s units complete EGP 607m securitised bond sale
Cairo – Mubasher: The Financial Group For Securitization closed a three-tranche securitised bond issuance worth EGP 607 million for four of Amer Group Holding Co’s subsidiaries. The three tranches were rated at AA+, AA, and A, respectively, by …
Bonds
The market cap value grew by EGP 3.4 billion
14 January 04:46 PM EGX30 rises above 11,400 pts at Thursday's close
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Thursday’s trading session in the green territory on the back of foreign and Arab purchases. The main EGX30 index rose by 0.57 to end the session at 11,453 points, while the small- and mid-cap …
Trading Activities
Total tax revenues increased by 10% to EGP 334 billion
14 January 04:38 PM Egypt settles EGP 16bn taxes with petroleum companies
Cairo – Mubasher: Egypt has settled due taxes worth EGP 16 billion owed by some petroleum companies, the Minister of Finance, Mohamed Maait, revealed.   Total tax revenues increased by 10% to EGP 334 billion during the first half (H1) of fiscal …
Macroeconomics
The ministry has reduced the risks of refinancing existing debts
14 January 04:29 PM Egypt's debt servicing costs drop 8% in 6M
Cairo - Mubasher: Egypt's public debt servicing costs declined by 8% year-on-year (YoY) to EGP 246 billion in the first half of the current fiscal year from around EGP 267 billion in the year-ago period, Egyptian Minister of Finance, Mohamed …
Bonds
Egypt provided an additional investment funding worth EGP 28 billion to some state-owned entities
14 January 03:56 PM Egypt’s government investments rise to EGP 102bn in H1-20/21
Cairo – Mubasher: Egypt’s government investments jumped by 59% year-on-year (YoY) to EGP 102 billion in the first half (H1) of fiscal year 2020/2021, compared to EGP 64 billion in the year-ago period, the Minister of Finance, Mohamed Maait, said. …
Macroeconomics
Central Bank of Egypt
14 January 03:43 PM Egyptian banks' balances abroad surge to $20bn at December-end
Cairo – Mubasher: Balances and reserves held by Egyptian banks abroad leapt to more than $20 billion at the end of December 2020 from about $10 billion at the end of April, a senior official at the Central Bank of Egypt (CBE) told the Middle East …
Banking and Finance
14 January 03:38 PM PepsiCo plans to achieve net-zero emissions by 2040
PepsiCo seeks to achieve net-zero emissions across its production cycle system by 2040.
Global Reports
The country aims to extend the debt maturity to 3.8 years by the end of June 2021.
14 January 01:47 PM Egypt achieves primary surplus of EGP 14bn in H1-20/21 despite COVID-19
Cairo – Mubasher: Egypt recorded a primary surplus of EGP 14 billion during the first half (H1) of fiscal year 2020/2021 despite the negative impact of the coronavirus (COVID-19) pandemic on economy, the Minister of Finance, Mohamed Maait, …
Macroeconomics
The company’s fiscal year begins on 1 September and ends on 31 August.
14 January 01:25 PM CIRA's profit rises 12% in three months
Cairo – Mubasher: Cairo for Investment and Real Estate Development (CIRA) reported net profits of EGP 118.6 million during the three-month period ended 30 November 2020, up by 12.03% year-on-year (YoY) from EGP 105.86 million. The company’s …
Financial Results
Sales reached EGP 815 million during the October-December period
14 January 12:59 PM Domty sees 26% higher sales in Q4-20
Cairo – Mubasher: Arabian Food Industries Co (Domty) said that its sales surged by 26% year-on-year (YoY) to EGP 815 million during the fourth quarter (Q4) of 2020, compared to EGP 647 million, the unaudited results showed. The jump in sales was …
Financial Results
The electric rail has a designated speed of 250 km per hour
14 January 12:42 PM Egypt inks MoU with Siemens to build Ain Sokhna-New Alamein electric rail
Cairo – Mubasher: The Egyptian Prime Minister, Mostafa Madbouly, witnessed the signing of a memorandum of understanding (MoU) between the Ministry of Transport’s National Authority for Tunnels (NAT) and Siemens. The MoU involves the establishment …
Macroeconomics
Egyptian President Abdel Fattah El-Sisi
14 January 12:21 PM El-Sisi issues three presidential decrees
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi issued a decree, approving a grant worth EUR 200,000 from the Spanish Agency for International Cooperation and Development (AECID). The grant will finance a programme for creating jobs …
Banking and Finance
The plant is planned to have a capacity of 17,000 cubic metres per day
14 January 11:57 AM Elsaeed Contracting to build EGP 270m water purification plant in Luxor
Cairo – Mubasher: Elsaeed Contracting and Real Estate Investment Company has been awarded a new contract to establish a water purification plant in Luxor at a value of EGP 270 million. The plant is planned to have a capacity of 17,000 cubic metres …
Egypt's current portfolio with the ITFC has reached $11.2 billion.
14 January 11:19 AM Egypt inks deal to secure $1.1bn from ITFC
Cairo – Mubasher: Egypt signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to obtain a funding package of $1.1 billion to finance the purchase of basic commodities and petroleum products. The funding is aimed at …
Macroeconomics
The agreement includes building a railway line between Ain Sokhna and New Alamein City
14 January 10:57 AM Siemens to build 1,000-km electric rail network worth EGP 360bn in Egypt
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi held talks with the CEO of Siemens, Joe Kaeser, in Cairo to discuss the final agreement for establishing a 1,000-kilometre (km) high-speed electric rail network in Egypt at a cost of …
Macroeconomics
The issuance will be used to finance the country’s budget deficit
14 January 10:39 AM CBE offers EGP 20bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP 7.5 …
Central Banks
Funding to the food and beverage sector tripled to $122 million
13 January 06:05 PM Egypt ranks second in MENA’s VC investment in 2020
Cairo – Mubasher: Egypt came in the second position in terms of venture capital (VC) investments in the MENA region in 2020, following the UAE which made up 56% of the total funding, Magnitt’s MENA Venture Investment Report showed. Egypt’s VC …
Macroeconomics
Employees held a strike asking for profit-related bonuses
13 January 05:50 PM Egypt Aluminum resumes operations at all facilities
Cairo – Mubasher: Egypt Aluminum said that the metal drawing process has been resumed at all facilities, according to a bourse disclosure on Wednesday. Earlier, the company said that employees held a strike and halted production asking for …
13 January 05:19 PM Chipmaker Qualcomm to acquire NUVIA for $1.4bn
Mubasher: Mobile-phone chipmaker Qualcomm Inc said an agreement to acquire NUVIA, a chip startup founded by three of Apple’s top executives, for about $1.4 billion.
Global Reports
The market’s turnover amounted to EGP 1.74 billion
13 January 04:35 PM EGX ends Wednesday in green; market cap rises EGP 2bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s trading session on a positive note on the back of foreign purchases. The benchmark EGX30 index rose by 0.43% to end the session at 11,388 points, while the small- and mid-cap EGX70 …
Trading Activities
The initiative will be applied from 21 January until the end of 2021.
13 January 03:54 PM Egypt cuts price of jet fuel to support aviation, tourism sectors
Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, announced a reduction in the price of jet fuel by 15 cents per gallon as part of a new initiative to support the aviation and tourism sectors. This move is …
Macroeconomics