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04 June 01:12 AM

Egypt news

The competition is open for entrepreneurs until 22 June
3 June 06:15 PM RiseUp invites Egyptian startups to participate in $1.5m competition
Cairo – Mubasher: The startup accelerator RiseUp called on Egyptian startups to submit applications to the second edition of the “Africa’s Business Heroes” (ABH) prize competition, organised by Jack Ma Foundation, with a prize pool of $1.5 …
Event
The number of electricity subscribers in Aswan amounted to about 540,000
3 June 05:50 PM Egypt upgrades electricity distribution networks in Aswan at EGP 500m
Cairo – Mubasher: Upper Egypt Electricity Production Company (UEEPC) has completed the expansion and replacement works of electricity distribution networks in Aswan from 1 July 2019 until the end of last April at a cost of EGP 500 million. This is …
Macroeconomics
3 June 05:33 PM Egypt cancels EGP 5.3bn in natgas debt owed by factories
Cairo – Mubasher: The Egyptian cabinet approved a proposal by the Ministry of Petroleum and Mineral Resources to cut outstanding natural gas debt owed by factories up until 31 December 2019.   During its weekly videoconference meeting, the …
Macroeconomics
3 June 05:30 PM Saudi Arabia, Russia near agreement to extend oil output cut
Saudi Arabia and Russia have reportedly agreed on a preliminary deal to extend the current crude oil output curbs for another month.
Global Reports
Deposits denominated in local currency grew by EGP 40.6 billion
3 June 05:11 PM Egypt’s local-currency deposits hit a record of EGP 3.1trn in April
By: Heba El-Kordy Cairo – Mubasher: Local-currency deposits held by the Egyptian banking sector continued its upward trend in April for the 14th month in a row, hitting a new record. Deposits denominated in local currency grew by EGP 40.6 billion …
Banking and Finance
The market cap value gained EGP 3 billion
3 June 04:58 PM EGX ends Wednesday in green amid heavy liquidity
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s trading session on a positive note on the back of local and Arab purchases. The benchmark EGX30 index increased by 0.83%, ending at 10,424 points. In the meantime, the small- and …
Trading Activities
The new metro line will employ Siemens’ SIMATIC substation operating system
3 June 04:48 PM Siemens Energy to power Cairo Metro Line 3 extension project
Cairo – Mubasher: Siemens Energy will supply the electrification package for the expansion of Cairo Metro’s Line 3, which will connect the capital with Cairo International Airport. This project will be carried out in collaboration with the …
Companies Investments
The Egypt PMI rose 11 points to 40.7 in May
3 June 04:04 PM Egypt’s non-oil private activity sees softer downturn in May
Cairo – Mubasher: Egypt’s non-oil private sector activity witnessed a softer downturn in May than in April. The seasonally adjusted IHS Markit Egypt Purchasing Managers’ Index rose to 40.7 in May, compared to a record low of 29.7 in April, …
Macroeconomics
The amount of EGP 231.1 million represents 10% of the land valuation difference
3 June 01:10 PM Nile Cotton Ginning reaches settlement deal with state-run HCCD
Cairo – Mubasher: Nile Cotton Ginning will pay EGP 231.1 million to settle its dispute with the Holding Company for Construction and Development (HCCD). The company announced that the ministerial committee for settling investment disputes approved …
Some cars were exempt from the payment of more than EGP 804 million
3 June 12:21 PM Alexandria Customs issues clearance for EGP 2.8bn cars, spare parts in May
Cairo – Mubasher: Alexandria Customs collected total taxes and duties of EGP 807 million for issuing customs clearance for cars and spare parts valued at EGP 2.85 billion in May, the Egyptian Ministry of Finance said in a statement on Wednesday. …
Taxes
Upper Egypt governorates account for 25% of total allocated government investments
3 June 11:54 AM Egypt to invest EGP 47bn in Upper Egypt in FY20/21
Cairo – Mubasher: Egypt has allocated EGP 47 billion worth of government investments to Upper Egypt governorates during fiscal year 2020/2021, up by 50% from FY19/20. Upper Egypt governorates account for 25% of total allocated government …
Macroeconomics
Borg El-Arab Petroleum and Mineral Company drilled El Salmiya-5 well
3 June 11:14 AM Egypt makes new oil discovery in Western Desert
Cairo – Mubasher: Egypt has made a new oil discovery in Abu Senan area in the Western Desert. The discovery was made after Borg El-Arab Petroleum and Mineral Company drilled El Salmiya-5 well which started to produce 4,100 barrels of crude oil and …
Commodities
The country’s revenues are estimated to be at EGP 1.351 trillion
3 June 10:49 AM Egypt targets EGP 415.2bn overall budget deficit in FY21/22
Cairo – Mubasher: The Egyptian Ministry of Finance aims to slash the country’s overall budget deficit to EGP 415.2 billion, or 5% of the gross domestic product (GDP), in fiscal year 2021/2022, the Middle East News Agency (MENA) reported, citing a …
Macroeconomics
The renewal is due to the COVID-19 pandemic
3 June 10:20 AM Al Babtain extends MoU with Saudi Egyptian Industrial
Riyadh – Mubasher: Al Babtain Power and Telecommunication Company has extended the Memorandum of Understanding (MoU) previously signed with the Saudi Egyptian Industrial Investment (SEII) to acquire a stake in Al Babtain Power and …
Mergers and Acquisitions
Brent futures were up by $1.25 on Tuesday
3 June 09:29 AM Kuwait’s crude oil nears $34 pb on Tuesday - KPC
Mubasher: The price of Kuwait’s crude oil settled higher by 89 cents on Tuesday to reach $33.9 per barrel (pb) when compared to $33.01 pb a day earlier, according to the official prices of the Kuwait Petroleum Corporation (KPC). Global oil prices …
Macroeconomics
Egypt aims to purchase 3.6 million of wheat from local farmers
2 June 05:57 PM Egypt buys 120K tonnes of Ukrainian wheat
Cairo – Mubasher: The Egyptian General Authority for Supply Commodities (GASC) announced the purchase of 120,000 tonnes of wheat sourced from Ukraine. The shipment will take place between 10 and 25 July, according to a statement on Tuesday. …
Macroeconomics
The company has received a discharge of its EGP 25 million debt
2 June 05:25 PM Nile Cotton Ginning settles debt with NBE
Cairo – Mubasher: Nile Cotton Ginning announced settling its debt with the National Bank of Egypt (NBE) by paying EGP 25 million.  The company has received a discharge of its debt owed to the state-run lender, according to a statement to the …
Banking and Finance
The allocation represents about 5.8% of the country’s total expenditures
2 June 04:58 PM Egypt allocates EGP 100.2bn for commodities, services in FY20/21
Cairo – Mubasher: The Egyptian government has raised its allocations for commodities and services by 33.7% to EGP 100.2 billion during fiscal year 2020/2021, compared to EGP 74.92 billion in FY19/20. The amount will be used to finance the purchase …
Macroeconomics
KPMG - Saudi Arabia
2 June 04:53 PM M&A deals in GCC expected to grow amidst COVID-19 – Report
Riyadh – Mubasher: A recent report by KPMG is expecting merger and acquisition (M&A) deals in Saudi Arabia and other Arabian Gulf countries to increase amid the coronavirus disease (COVID-19) pandemic. With many small and medium-sized enterprises …
Global Economy
Women currently outnumber men at universities in 15 Arab countries
2 June 04:44 PM Women's wealth in Middle East at $786bn with further growth expected
Mubasher: Women currently represent 13% of the Middle East wealth segment, with dramatic growth to be seen in the region during the coming years, according to a recent report by the Boston Consulting Group (BCG). Women's wealth in the Middle East …
Macroeconomics
2 June 04:23 PM EGX gains EGP 5.8bn in market cap at Tuesday's close
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday’s trading session on a positive note on the back of local purchases. The benchmark EGX30 index rose by 1.09%, ending the mid-week session at 10,338 points. Similarly, the small- and …
Trading Activities
2 June 04:02 PM CIB temporarily closes 4 branches on COVID-19
Cairo – Mubasher: The Commercial International Bank – Egypt (CIB) announced the closure of four branches temporarily as a precautionary measure following the death of two employees from coronavirus (COVID-19). Quweisna branch in the first …
Banking and Finance
2 June 03:41 PM Egypt's sovereign fund inks deal to develop Bab Al-Azab area
Cairo – Mubasher: The Egyptian Supreme Council of Antiquities signed an agreement with the Sovereign Fund of Egypt to develop and manage the services at the ‘Bab Al-Azab’ area of Salah Al-Din Al-Ayyubi’s historic Citadel. Under the deal, the …
Macroeconomics
Subsidies to basic food commodities will be lowered by 5%
2 June 01:05 PM Egypt cuts fuel, food commodity subsidies in FY20/21
Cairo – Mubasher: Egypt slashed subsidies to fuel and basic food commodities during fiscal year 2020/2021. The government reduced the value of fuel subsidies to EGP 28.19 billion in the coming fiscal year, down by 46.7% from EGP 52.96 billion in …
Macroeconomics
MSMEDA has provided a funding worth EGP 3.5 billion since early 2019
2 June 12:45 PM Egypt’s MSMEDA targets EGP 3bn funding in 2020
Cairo – Mubasher: The Egyptian Micro, Small and Medium Enterprise Development Agency (MSMEDA) aims to provide about 200,000 micro-loans valued at EGP 3 billion during 2020, the executive director of MSMEDA and minister of trade and industry, …
Banking and Finance