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Canal Shipping Agencies posted net profits of EGP 41.05 million in three months
21 January 05:57 PM Canal Shipping Agencies names new CEO, Managing Director
Cairo – Mubasher: The board of directors of Canal Shipping Agencies approved the appointment of Mohamed Mohamed Hosny El-Husseiny as the company’s CEO and Managing Director. The CEO and managing Director has been given the authority to sign on …
Banks will be reopened on Sunday, 31 January
21 January 05:33 PM CBE announces 25 January Revolution holiday
Cairo – Mubasher: The Central Bank of Egypt (CBE) announced that banks will be closed on Thursday, 28 January, in celebration of the anniversary of 25 January Revolution and National Police Day. Banks will be reopened on Sunday, 31 January, the …
The AOI also agreed with TAQA Arabia to establish natural gas refuelling stations
21 January 05:23 PM Egypt’s AOI inks cooperation protocol to manufacture natural gas cylinders
Cairo – Mubasher: The Arab Organization for Industrialization (AOI) signed a protocol of cooperation with Qalaa Holdings, while another protocol was signed between ASEC for Manufacturing and Industrial Projects and TAQA Arabia. The protocol is …
The 21-karat gold grew to EGP 817 per gram
21 January 04:38 PM Gold gains EGP 2/gram on Thursday
By: Mohamed Mowafy  Cairo – Mubasher: Gold prices in Egypt continued its rising trend as the global price increased in anticipation of further stimulus under US President Joe Biden’s administration. The 21-karat gold grew to EGP 817 per gram on …
The decision will help drive new investments into the education sector
21 January 04:19 PM CIRA reveals impact of cancelling cap on foreign ownership of schools
Cairo – Mubasher: Cairo for Investment and Real Estate Development (CIRA) said that the Ministry of Education’s decision to cancel a 20% cap on foreign ownership of international schools in the country will have a positive impact on the company. …
Egypt’s exports to Sudan amounted to $496 million last year
21 January 04:06 PM Egypt-Sudan trade exchange hits $862m in 2020
Cairo – Mubasher: Egypt’s Minister of Trade and Industry, Nevine Gamea, revealed that bilateral trade between Egypt and Sudan reached $862 million during 2020. Egypt’s exports to Sudan amounted to $496 million last year, while imports from the …
Minister of Social Solidarity, Nevine El-Kabbag
21 January 03:56 PM Egypt signs EUR 6m deal with EU to combat COVID-19
Cairo – Mubasher: Egypt’s Minister of Social Solidarity, Nevine El-Kabbag, witnessed the signing of an agreement with the European Union (EU) and the United Nations Development Programme (UNDP) to support the country’s COVID-19 response plan with …
Mubadala Petroleum will hold a 27% participating interest in Block 4
21 January 03:28 PM Mubadala Petroleum signs agreement for Red Sea Block 4 in Egypt
Mubasher: Mubadala Petroleum inked a concession agreement with the Egyptian Ministry of Petroleum and Mineral Resources for oil and gas exploration in the Red Sea Block 4 in Egypt. Mubadala Petroleum, a wholly-owned subsidiary of Abu Dhabi-based …
The total value of Rawaj’s accumulated credit facilities reached EGP 1.2 billion
21 January 02:14 PM AIH's unit closes EGP 308m securitised bond sale
Cairo – Mubasher: Arabia Investments Holding announced that its auto loan-focused subsidiary Rawaj Finance closed its third securitisation bond issuance at a value of EGP 308 million. The Commercial International Bank acted as the financial …
Sputnik V is the third COVID-19 vaccine approved in the UAE
21 January 02:04 PM UAE approves Russia's Sputnik vaccine for emergency use
UAE - Mubasher: The UAE Ministry of Health and Prevention has approved the Russian coronavirus (COVID-19) vaccine, Sputnik V, for emergency use, the Emirates News Agency (WAM) reported. Sputnik V is the third COVID-19 vaccine to be approved for …
Revenues rose to EGP 3.24 billion last year
21 January 01:46 PM Delta Sugar moves to loss in 2020 initial results
Cairo – Mubasher: Delta Sugar turned to net losses of EGP 267.04 million during 2020, against net profits of EGP 42.89 million in the prior year, the unaudited financial results showed. The negative turn in the annual financial results was …
The ACI system will help identify high-risk cargo prior to their arrival.
21 January 01:32 PM Egypt to implement ACI system in maritime ports in July
Cairo – Mubasher: Egypt’s Minister of Finance, Mohamed Maait, said that the first phase of the advance cargo information (ACI) system will cover maritime ports, noting that that the pilot operation will be launched in April and the mandatory …
HDB reported net profits of EGP 1.65 billion in nine months
21 January 12:47 PM HDB approves inauguration of three new branches
Cairo – Mubasher: The board of directors of Housing and Development Bank (HDB) approved the inauguration of three new branches. The three new branches will be located in Sixth of October City, Palm Hills October, and Beverly Hills (Sheikh Zayed), …
Minister of Petroleum and Mineral Resources, Tarek El-Molla
21 January 12:19 PM Egypt inks five gold exploration deals with $13m investment
Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, witnessed the signing of five gold exploration agreements between local and Canadian companies and the Egyptian Mineral Resources Authority (EMRA). The …
The company’s sales increased to EGP 2.74 billion last year
21 January 11:56 AM Obour Land logs EGP 310m profit in 2020
Cairo – Mubasher: The consolidated financial statements of Obour Land for Food Industries showed net profits of EGP 310.36 million in 2020, up by 5% year-on-year (YoY) from EGP 295.28 million. The company’s sales increased to EGP 2.74 billion last …
Cash and interbank balances represent 19% of total assets
21 January 11:28 AM Egypt’s banking sector forecast to remain stable in 2021 - Moody's
Cairo – Mubasher: The Egyptian banking sector is expected to be stable in 2021 even as profitability comes under pressure due to falling net interest margins and growing non-performing loans, according to Moody’s Investors Service. Profitability …
The bank’s authorised capital will also be raised to EGP 10 billion
21 January 10:55 AM EBE's board approves EGP 546m capital raise
Cairo – Mubasher: Export Development Bank of Egypt (EBE) approved a proposal to raise its paid-up and issued capital to EGP 3.27 billion from EGP 2.728 billion. The board of directors decided to issue 54.65 million bonus shares at a nominal value …
The issuance will be used to finance the country’s budget deficit
21 January 10:45 AM CBE offers EGP 19.25bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 19.25 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 …
Egypt's Prime Minister, Mostafa Madbouly
20 January 06:00 PM Egypt announces January Revolution, National Police holiday
Cairo – Mubasher: Egypt’s cabinet announced that Thursday, 28 January, will be an official holiday in celebration of the 25 January Revolution and National Police Day, according to a statement on Wednesday. In June, the government decided to move …
This comes as part of a two-year securitisation programme worth EGP 2 billion.
20 January 05:51 PM EFG Hermes closes EGP 170m securitisation issuance for Premium International
Cairo – Mubasher: EFG Hermes announced the completion of the fourth short-term securitisation issuance worth EGP 170 million for Premium International for Credit Services. This comes as part of a two-year securitisation programme worth EGP 2 …
The acquisition is expected to be complete within the coming few months
20 January 05:19 PM FAB acquires Bank Audi Egypt
Cairo – Mubasher: First Abu Dhabi Bank (FAB) signed an agreement to acquire 100% of Bank Audi Egypt, according to a statement on Wednesday.   The deal follows the completion of the due diligence process conducted on the operations of Bank Audi …
The market’s turnover reached EGP 1.719 billion
20 January 05:01 PM EGX30 ends Wednesday near 11,600 pts; market cap grows about EGP7bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s trading session on a positive note on the back of local purchases. The main EGX30 index rose by 0.98% to 11,598 points, while the small- and mid- cap EGX70 EWI advanced by 1.06% to …
20 January 04:49 PM Biden to be sworn in as US President on Wednesday
Biden announced an ambitious agenda for his first 100 days, including administering 100 million doses of coronavirus vaccinations.
The index of manufacturing pharmaceuticals and chemical products went up 7%
20 January 04:02 PM Egypt’s manufacturing index rises 0.84% in November 2020 – CAPMAS
Cairo – Mubasher: Egypt’s index of manufacturing and extractive industries, excluding crude oil and petroleum products, advanced by 0.84% to 97.76 (initial) in November from 96.94 (final) in October, according to the Central Agency for Public …
Japan ranked first with a value of $1.26 trillion
20 January 03:50 PM Egypt’s holdings of US Treasuries hit $2.244bn in November 2020
By: Heba El-Kordy Cairo – Mubasher: Egypt’s holding of US Treasuries rose to $2.244 billion in November 2020, hitting its highest level in two years, compared to $2.176 billion in the same month a year earlier, data by the US Department of the …