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28 January 11:32 AM

Egypt news

27 January 04:24 PM Chinese health insurance seen to surpass $136.6bn in 2022–GlobalData
Mubasher: The Chinese health insurance sector is forecast to grow to CNY 921.1 billion ($136.6 billion) in 2022.
Global Reports
27 January 03:54 PM India expects fall in tax revenues
Corporate and income tax revenues in India are expected to decline in 2020, for the first time in more than 20 years.
Global Reports
The imported goods included ready-made garments, shoes, bags, and mobile accessories
27 January 03:27 PM Port Said Customs collects EGP 3.2bn dues in December 2019
Cairo – Mubasher: The Egyptian Customs Authority collected EGP 3.2 billion in customs duties and charges at Port Said during December 2019. The total value of taxes and customs duties collected for imported goods at Port Said reached EGP 553.6 …
Taxes
Mountain View owns 60% of the project
27 January 03:01 PM Mountain View targets EGP 8bn contractual sales in 2020
By: Abdullah Bedeir Cairo – Mubasher: Egypt’s major property developer Mountain View aims to achieve contractual sales of EGP 8 billion in 2020, up from EGP 6 billion in 2019, the company’s chairman Amr Soliman said on Monday.   The real estate …
Real estate
Net profits increased to EGP 39.371 million last year
27 January 02:24 PM Real Estate Egyptian Consortium’s profit hikes 257% in 2019 unaudited financials
Cairo – Mubasher: The unaudited consolidated financial results of the Real Estate Egyptian Consortium showed a 257.13% year-on-year profit surge during 2019. Net profits increased to EGP 39.371 million last year, compared to EGP 11.024 million in …
Financial Results
External debt to GDP ratio narrowed to 34.4%
27 January 01:35 PM Egypt's external debt service totals $2.9bn in Q1-19/20
Cairo – Mubasher: Egypt’s debt service stood at $2.94 billion during the first quarter of fiscal year 2019/2020, including $1.7 billion in principal debt and $1.2 billion in interest, official data showed. The North African nation’s external debt …
Macroeconomics
Net domestic debt owed by the Egyptian government fell to EGP 3.658 trillion
27 January 01:08 PM Egypt’s local debt dips EGP 102.8bn in Q1-19/20
Cairo – Mubasher: Egypt’s gross domestic debt fell by 2.39% or EGP 102.87 billion to EGP 4.186 trillion at the end of the three-month period ended 30 September 2019, compared to EGP 4.288 trillion at the end of last June. Net domestic debt owed by …
Central Banks
The issuance will be used to finance the country’s budget deficit
27 January 12:38 PM CBE offers EGP 6.75bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 6.75 billion on Monday on behalf of the Ministry of Finance. The first tranche amounts to EGP 3.75 billion and will be offered through five-year notes, …
Banking and Finance
Saudi Minister of Energy, Prince Abdulaziz bin Salman
27 January 12:35 PM Saudi Arabia monitors impact of coronavirus outbreak on oil market
Riyadh – Mubasher: Saudi Arabia is closely monitoring developments in the global oil market resulting from concerns about the coronavirus outbreak and its impact on China and the global economy, according to the Saudi Minister of Energy, Prince …
Global Economy
The bank also plans to increase its capital to EGP 5 billion
27 January 12:25 PM Al Baraka Bank – Egypt eyes EGP 3.3bn funding to national projects by 2023
Cairo – Mubasher: Al Baraka Bank – Egypt is looking to contribute EGP 3.3 billion to syndicated loans to be directed to national projects, bringing the total value of its contributions to EGP 5 billion by 2023. The bank also plans to increase its …
Corporate Actions
Dice logged a net profit of EGP 125.29 million in nine months
27 January 12:00 PM Dice denies merger reports
Cairo – Mubasher: Dice Sport and Casual Wear denied reports on talks for a stake sale and a potential merger with a company operating in the apparel sector.    The company has no intention to merge with another entity in the coming period, …
Mergers and Acquisitions
Kuwait’s oil economy slipped by 1% in 2019
27 January 11:49 AM Kuwait’s GDP down to 0.7% in 2019 on lower oil sector growth – IMF
Mubasher: The International Monetary Fund (IMF) on Monday stated that Kuwait’s gross domestic product (GDP) slowed to 0.7% in 2019 from 1.2% in 2018, pressured by lower oil prices and output, despite the growing non-oil sector. Kuwait’s real oil …
Commodities
The North African nation’s commodity imports went down by $693.8 million
27 January 11:34 AM Egypt’s foreign trade drops $358m in Q1-19/20
By: Abdullah Bedeir Cairo – Mubasher: Trade exchange between Egypt and its foreign partners declined by $358.2 million year-on-year to $23 billion during the first quarter of fiscal year 2019/2020, compared to $23.4 billion. The drop in the …
Central Banks
Total government deposits fell by EGP 11.2 billion
27 January 11:17 AM Egyptian banks’ deposits hit EGP 4.18trln end November 2019
Cairo – Mubasher: Total deposits at Egyptian banks hiked by EGP 17 billion to EGP 4.183 trillion at the end of November 2019, compared to EGP 4.166 trillion a month earlier. Total government deposits fell by EGP 11.2 billion month-on-month to EGP …
Banking and Finance
The North African nation’s current account deficit fell by $629.8 million
27 January 10:56 AM Egypt’s BoP records $227.3m surplus in Q1-19/20
By: Fahd Omran Cairo – Mubasher: Egypt’s balance of payments (BoP) posted an overall surplus of $227.3 million during the first quarter of fiscal year 2019/2020, according to the monthly statistical bulletin of the Central Bank of Egypt (CBE).   …
Macroeconomics
Each tanker has a storage capacity of 1,750 tonnes
26 January 06:00 PM Egypt launches 2 oil tankers with $14m investments
Cairo – Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources has launched two oil tankers in Port Said and Suez to supply vessels with fuel with total investment of $14 million (EGP 221 million), Ahram Gate reported on Sunday. The …
Companies Investments
Market cap lost about EGP 270 million
26 January 04:40 PM EGX30 edges down at Sunday's close amid foreign sell-offs
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Sunday’s trading session with a sideways-to-declining performance amid foreign sell-offs. The benchmark EGX30 index edged down by 0.05%, ending the session at 13,721 points. Meanwhile, the …
Trading Activities
The two loans will be disbursed over 24 semi-annual payments
26 January 04:08 PM Egypt’s parliament approves EUR 1.016bn loan to buy 1,300 railroad cars
Cairo – Mubasher: The Egyptian parliament approved the presidential decree no. 14 of 2020 regarding a credit facility for the purchase of 1,300 railroad cars, the Middle East News Agency (MENA) reported on Sunday. Valued at EUR 1.016 billion, the …
Banking and Finance
Egypt's electricity and renewable energy minister - Mohamed Shaker
26 January 03:41 PM Egypt seeks to take part in building Congo’s Inga Dam
Cairo – Mubasher: Egypt is looking to take part in establishing the Inga Dam project in Congo and operating a joint electricity grid with the African country.  Moreover, the most populous Arab nation's minister of electricity and renewable energy …
Macroeconomics
The bank’s authorised capital will be increased by $200 million
26 January 03:13 PM Egypt’s parliament approves IBRD’s capital raise
Cairo – Mubasher: The Egyptian parliament approved the presidential decree no 662 of 2019 regarding a capital increase of the International Bank for Reconstruction and Development (IBRD), Ahram Gate reported on Sunday. The bank’s authorised …
Banking and Finance
A total of EGP 24.926 billion was allocated to GASC
26 January 02:38 PM Egypt approves EGP 28.2bn urgent allocations in H1-19/20
Cairo – Mubasher: The Egyptian Ministry of Finance approved urgent allocations of EGP 28.17 billion for seven state-owned bodies for the first half of fiscal year 2019/2020. The government approved an allocation of EGP 24.926 billion to the …
Macroeconomics
Rameda’s stock started trading on the EGX on 11 December
26 January 02:16 PM Rameda's revenue rises to EGP 890m in 2019 unaudited financials
Cairo – Mubasher: Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) expects generating earnings before interest, taxes, depreciation, and amortisation (EBITDA) of EGP 255 million in 2019, up by 11.7% year-on-year from …
Financial Results
Total Saudi merchandise exports slipped by 14.9% in November 2019
26 January 01:50 PM Saudi oil exports dip 15.4% in November - GaStat
Riyadh – Mubasher: Recent data from the Saudi Arabia General Authority for Statistics (GaStat) showed a 15.4% year-on-year (YoY) decrease in Saudi oil exports in November 2019. Oil exports retreated to SAR 62.3 billion in November last year from …
Commodities
The Egyptian company generated EGP 2.58 billion in sales
26 January 01:12 PM Obour Land logs EGP 295m profit in 2019; dividends proposed
Cairo – Mubasher: Obour Land for Food Industries posted a 24% year-on-year profit growth during 2019, the company’s consolidated financial statements showed. The company’s net profits hiked to EGP 295.28 million last year, compared to EGP 238 …
Financial Results
Telecom Egypt logged a net profit of EGP 3.2 billion in nine months
26 January 12:36 PM Telecom Egypt denies Vodafone stake sale reports
Cairo – Mubasher: Telecom Egypt denied reports about receiving offers for the sale of its stake in Vodafone Egypt Telecommunications. The state-run telecom operator confirmed that it has no intention to sell its stake in Vodafone Egypt in the …
Mergers and Acquisitions