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23 October 05:05 AM

Egypt news

A substation will be established in Mesaieed at a cost of EGP 396.52 million
22 October 05:50 PM Egypt’s Sinai power supply phase one sees EGP 1.64bn investments
Cairo – Mubasher: The Egyptian Ministry of Electricity announced that investments of the first phase of electricity supply in Sinai reached EGP 1.64 billion. An agreement was signed to establish a 220/66/22 kilovolt (kv) gas insulated substation …
The market cap value dropped by EGP 8.76 billion
22 October 05:27 PM EGX30 ends Thursday below 11,000 pts as CIB’s stock suspended
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Thursday’s trading session in the red territory, pressured by foreign selloffs. The main EGX30 index slumped by 1.03% to end the session at 10,987 points as trading was halted on the shares of …
Trading Activities
22 October 05:01 PM Goldman Sachs fined $350m in Hong Kong over 1MDB scandal
Mubasher: Hong Kong's market regulator fined Goldman Sachs's Asian business $350 million for its role in raising billions of dollars for 1MDB.
Global Reports
22 October 04:43 PM Microsoft partners with Alaska Airlines, SkyNRG to cut CO2 emissions
Microsoft has entered into a partnership to buy sustainable aviation fuel (SAF) from SkyNRG for Alaska Airlines.
Global Reports
Minister of Trade and Industry, Nevine Gamea
22 October 04:31 PM US investments in Egypt reach $21.8bn
Cairo – Mubasher: The Egyptian Minister of Trade and Industry, Nevine Gamea, said that there is a substantial development in commercial relations with the US, the Middle East News Agency (MENA) reported on Thursday. Bilateral trade between the …
Macroeconomics
Egypt's President Abdel Fattah El-Sisi
22 October 04:06 PM El-Sisi approves amendment to Abu Senan oil exploration deal
Cairo – Mubasher: The Egyptian President, Abdel Fattah El-Sisi, issued the law no .155 of 2020 for authorising the Minister of Petroleum and Mineral Resources to enter into agreement with the Egyptian General Petroleum Corporation (EGPC) and …
Law
The bank’s capital will be raised to $422.74 million
22 October 03:44 PM EGX approves EG Bank's $32m capital raise
Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee approved the listing of the capital raise shares of the Egyptian Gulf Bank (EG Bank). The bank’s paid-up and issued capital will be raised by $32.122 million to $422.74 million from …
Banking and Finance
22 October 02:24 PM Southwest sees biggest-ever quarterly loss on coronavirus
Southwest Airlines Co lost more than $1 billion during the third quarter (Q3) of 2020, its biggest loss ever.
Global Reports
Pharmaceutical sales are expected to increase to EGP 85 billion in 2020
22 October 01:59 PM Egypt’s strategic reserve of medicines enough for at least nine months
Cairo – Mubasher: Egypt has ample strategic reserves of medicines and sanitisers enough to handle a second wave of coronavirus infections, Ali Ouf, Head of the Pharmaceutical Division of the Federation of Egyptian Chambers of Commerce, told the …
Macroeconomics
The new carrier will be based in Accra
22 October 01:35 PM EgyptAir inks MoU to be partner in Ghana-based air carrier
Cairo – Mubasher: EgyptAir signed a memorandum of understanding (MoU) to be a strategic partner for the establishment of an air carrier affiliated to the Ghanaian government. The MoU was signed by the Ghanaian Minister of Aviation, Joseph Kofi …
Macroeconomics
The company reported net profits of EGP 63.7 million in FY19/20
22 October 01:11 PM Misr Chemical Industries shareholders approve EGP 1/shr dividend for FY19/20
Cairo – Mubasher: The ordinary general meeting (OGM) of Misr Chemical Industries approved the amended cash dividend distribution for fiscal year 2019/2020. The shareholders approved cash dividends of EGP 73.12 million or EGP 1 per share instead of …
General Assembly
The imported goods included wheat, sugar, and legumes
22 October 12:45 PM Dekheila, Ain Sokhna collect EGP 3.1bn taxes, customs in September
Cairo – Mubasher: The Egyptian Customs Authority collected EGP 3.1 billion in taxes, customs duties, and other charges at Dekheila and Ain Sokhna ports during September. The total value of taxes and customs duties collected for imported goods at …
Taxes
Minister of Planning and Economic Development, Hala El-Saeed
22 October 12:24 PM Egypt invests EGP 29.6bn in Qena, Sohag in four years
Cairo – Mubasher: The Egyptian government has invested about EGP 29.6 billion in Qena and Sogah between fiscal years 2016/2017 and 2019/2020, the Minister of Planning and Economic Development, Hala El-Saeed, said. The investments include EGP 14.3 …
Macroeconomics
Sales retreated to EGP 5.719 billion in the January-September period
22 October 12:05 PM Juhayna's profit grows 32% in 9M
Cairo – Mubasher: The net profits of Juhayna Food Industries surged by 31.87% year-on-year (YoY) to EGP 383.74 million in the first nine months of 2020, compared to EGP 291 million, including minority shareholders’ rights. The company’s sales …
Financial Results
Water and sanitation projects account for 43% of investments
22 October 11:47 AM Egypt allocates EGP 2.9bn investments to develop Qena, Sohag in FY20/21
Cairo – Mubasher: The Egyptian Minister of Planning and Economic Development, Hala El-Saeed, announced the allocation of EGP 2.9 billion in investments for the local development of Upper Egypt in fiscal year 2020/2021. These investments include …
Macroeconomics
The bank reported net profits of EGP 4.997 billion in six months
22 October 11:20 AM EGX halts trading on CIB in response to regulator's request
Cairo – Mubasher: The Egyptian Exchange (EGX) has halted trading on the shares of the Commercial International Bank – Egypt (CIB) based on the request of the Financial Regulatory Authority (FRA), according to a statement on Thursday. In September, …
Banking and Finance
Geocycle has burnt hazardous pesticides in six hours over six days
22 October 11:07 AM Geocycle Lafarge Egypt disposes of hazardous waste at Egyptian ports
Cairo – Mubasher: The waste management solutions provider Geocycle Lafarge Egypt, a member of LafargeHolcim, has teamed up with the World Bank and the Egyptian Ministry of Environment to safely dispose of 34.9 tonnes of expired pesticides dumped …
The issuance will be used to finance the country’s budget deficit
22 October 10:37 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 8.5 …
Banking and Finance
The two schools will be established with a total investment of EGP 650 million
21 October 05:55 PM Al Ahly Sabbour, LVNG ink MoU to develop two int’l schools
By: Abdullah Bedeir Cairo – Mubasher: Egypt’s real estate developer Al Ahly Sabbour signed a memorandum of understanding (MoU) with New Giza for School Management (LVNG Learning Environments) to develop two international schools in the City of …
Real estate
The market cap value retreated by EGP 3.9 billion
21 October 05:29 PM EGX ends Wednesday on negative note on local selloffs
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s trading session on a negative note with the benchmark EGX30 index sliding by 0.5% to 11,101 points. Meanwhile, the EGX70 EWI dropped by 1.25% to 1,918 points, while the EGX100 EWI …
Trading Activities
Egypt’s young population is a major opportunity for the future job market
21 October 05:12 PM Tech-based future needs tech savvy youth – El-Mashat
Cairo – Mubasher: Rania El-Mashat, the Minister of International Cooperation, participated in “The Jobs Reset Summit: Building a New Economy and Society” a webinar series by the World Economic Forum (WEF), and spoke about Egypt’s initiatives for …
The monthly incentive will be increased by 50%
21 October 04:44 PM Egypt announces new pay system for teachers
Cairo – Mubasher: The Egyptian Prime Minister, Mostafa Madbouly, on Wednesday announced the approval of a new pay system for teachers effective of as January 2021, according to a state-run TV. Allowance for teachers will be raised by 50% with a …
Macroeconomics
The initiative helped retailers achieve average daily sales of EGP 20.3 million
21 October 04:09 PM Egypt’s cabinet extends consumer spending initiative
Cairo – Mubasher: Egypt’s cabinet approved several decisions on Wednesday, including extending the local consumer spending initiative and approving an amendment to the draft law on living aquatic wealth protection. The government decided to extend …
Macroeconomics
21 October 04:03 PM PayPal to launch cryptocurrency service for customers
PayPal Holdings Inc will launch a new service allowing its customers to buy, sell, and hold bitcoin and other cryptocurrencies.
Global Reports
Egypt is expected to the only country in MENA to achieve economic growth
21 October 03:44 PM FDI inflows to Egypt reach $9bn
Cairo – Mubasher: Egypt’s cabinet showcased a number of economic indicators measured by the World Bank in its report “Trading Together — Reviving Middle East and North Africa Regional Integration in the Post-COVID Era.” The report showed that …
Macroeconomics