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The market cap value grew by EGP 3.19 billion
14 October 05:32 PM EGX30 ends Thursday near 11,000 pts
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Thursday's trading session on a mixed note with the main EGX30 index advancing by 1.05% to end at 10,995 points.  The small- and mid-cap EGX70 EWI fell by 0.41% to 2,636 points, while the EGX100 …
Minister of Finance Mohamed Maait
14 October 05:04 PM Egypt's e-invoice system uncovers tax evasion cases amounting to EGP 3.8bn
Cairo – Mubasher: Egypt has successfully implemented the electronic invoice system on schedule in a bid to integrate the informal economy into the formal one towards a fair tax system. The move aims at facilitating the tax collection process that …
The deal will enhance the region’s power supply
14 October 04:27 PM Egypt, Greece ink electricity interconnection MoU
Cairo – Mubasher: The Egyptian Ministry of Electricity and Renewable Energy has signed a memorandum of understanding (MoU) with the Greek Ministry of the Environment and Energy to study the implementation of an electricity interconnection project …
Minister of Petroleum Tarek El-Molla visited several projects in Alexandria
14 October 03:32 PM ANRPC invests $12m to raise high-octane gasoline output
Cairo – Mubasher: Alexandria National Refining and Petrochemicals Co (ANRPC) is building a project to increase high-octane gasoline production to 2 million tonnes per day at an estimated cost of $12 million.  The company is also developing a new …
The new firm will import used vehicles to be modified for persons with disabilities
14 October 02:59 PM Egytrans to establish $200,000 firm, rejects Hassan Allam's offer
Cairo – Mubasher: The board of directors of Egyptian Transport and Commercial Services Co (Egytrans) decided to establish a new company under the name of Egytrans for Logistics Solutions in the Suez Canal Economic Zone (SCZone) to handle storage …
The mixed-use project spans an area of 2,500 square metres
14 October 01:28 PM Genoa Development launches EGP 456m project in new capital
Cairo – Mubasher: Genoa Development has launched its first project in the New Administrative Capital named Seventy Seven Business Complex in the Downtown area with an investment of EGP 456 million.  The project, which spans an area of 2,500 square …
Mostafa Hassan Mahmoud has been appointed as the company's liquidator
14 October 01:09 PM Hadisolb incurs EGP 590m loss in five months
Cairo – Mubasher: The ordinary general meeting (OGM) of the Egyptian Iron and Steel (Hadisolb) approved the financial position for the period ended 31 May and the liquidation balance from 1 January to 31 May with a net loss of EGP 590.31 million.  …
The solar plant has been operational since November 2019
14 October 12:33 PM UK's Globeleq acquires Egyptian solar plant in Benban
Cairo – Mubasher: The British independent power producer Globeleq has acquired ARC for Renewable Energy (ARC) 66-MWp solar PV plant at the Benban Solar Park near Aswan, Egypt. The project was developed by the SECI Energia, Enerray, and Desert …
Orascom Construction will hold a 25% stake in the project
14 October 12:19 PM Orascom Construction consortium to build 500 MW wind farm in Egypt
Mubasher: A consortium, including Orascom Construction PLC and Toyota Tsusho Corporation, has signed a 20-year agreement with the Egyptian Electricity Transmission Company (EETC) to develop and operate a 500 MW wind farm in Ras Ghareb in Egypt. …
The facility will be used to finance SODIC West
14 October 12:02 PM SODIC pens EGP 1.57bn syndicated facility with two banks
Cairo – Mubasher: Six of October Development and Investment (SODIC) signed a long-term syndicated facility worth EGP 1.57 billion with Arab African International Bank (AAIB) and Banque Misr (BM) to finance the company’s West Cairo development …
Ayman Soliman, CEO of The Sovereign Fund of Egypt
14 October 11:33 AM Egypt's sovereign fund inks green hydrogen deal with Scatec, Fertiglobe
Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) signed an agreement with Norway's Scatec and Fertiglobe plc, an ammonia producer jointly owned by the Netherlands-based OCI and Abu Dhabi National Oil Company (ADNOC), to develop a 50-100 …
Egypt is expected to join the index with 14 bonds with a total value of $24 billion
14 October 10:57 AM Egypt's inclusion in JP Morgan index may inject $1bn into gov't debt instruments
Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, said that the announcement of Egypt's inclusion in JPMorgan’s emerging-market sovereign bond index by the end of January 2022 is a new international testament to the country's …
The issuance will be used to finance the country’s budget deficit
14 October 10:25 AM CBE offers EGP 18bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 18 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 3 …
These projects have led to the creation of 82,880 jobs
13 October 05:47 PM Mashroak finances over 29k projects in Beheira with EGP 2.7bn
Cairo – Mubasher: The Egyptian National Program for Community, Human, and Local Development (Mashroak) has financed about 29,600 projects in Beheira Governorate with EGP 2.750 billion, the Middle East News Agency (MENA) reported on Wednesday, …
The market cap value grew by EGP 1.2 billion
13 October 05:27 PM EGX30 rises near 10,900 pts at Wednesday's close
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday's trading session on a varied note with the main EGX30 index rising alone by 0.9% to end at 10,881 points.   The small- and mid-cap EGX70 EWI slid by 1.21% to 2,647 points, while the …
The company's private offering has been oversubscribed by 190%
13 October 04:29 PM Emerald Development's public offering oversubscribed by 26.34 times
Cairo – Mubasher: The initial public offering (IPO) of Emerald Development & Projects Management has been oversubscribed by 26.34 times. Purchasing orders placed on the shares of Emerald included 414.817 million shares, the Egyptian Exchange (EGX) …
A total of 23.376 million doses have been administered to citizens
13 October 04:16 PM China to supply Egypt with vaccine materials to produce 250m doses by 2023
Cairo – Mubasher: China has agreed to supply Egypt with the needed raw materials for manufacturing 250 million doses of Sinovac vaccine against COVID-19 by 2023.  During a press conference on Wednesday, the Egyptian Minister of Health and …
The two sides will consider developing Martyr Ahmed Hamdy Tunnel I.
13 October 03:47 PM Suez Canal Authority inks protocol with Siemens to enhance digital transformation
Cairo – Mubasher: The Suez Canal Authority (SCA) has signed a protocol of cooperation with Siemens AG to enhance mutual cooperation and exchange experience in industrial development and digital transformation.  Under the protocol, the two sides …
The imported goods included strategic goods and production inputs
13 October 03:15 PM Alexandria Port collects EGP 6.8bn customs, taxes in September
Cairo – Mubasher: The Egyptian Customs Authority collected EGP 6.876 billion in customs duties, taxes, and charges from Alexandria port during September. The total value of taxes and customs duties collected for imported goods at Alexandria port …
Egypt Set to Agree on Electricity Link-Up With Greece
13 October 01:42 PM Egypt to sign electricity interconnection deal with Greece on Thursday
Cairo – Mubasher: Egypt is set to sign a preliminary agreement with Greece to establish a large electricity cable connecting the two countries, Bloomberg reported on Wednesday.  The memorandum of understanding (MoU) will be signed by the Egyptian …
The new regulations will facilitate the process of joining the e-invoice system
13 October 11:44 AM Federation of Egyptian Banks, Tax Authority ink cooperation protocol
Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, witnessed the signing of a protocol of cooperation between the Egyptian Tax Authority (ETA) and the Federation of Egyptian Banks (FEB) regarding the rules regulating banks joining …
The company will cancel 5.68 million treasury shares
13 October 11:22 AM Raya Contact Center's board approves capital cut
Cairo – Mubasher: The board of directors of Raya Contact Center decided to reduce its capital by EGP 2.84 million by cancelling 5.68 million treasury shares.  Over the period from 18 March 2020 to 7 September 2020, the company purchased 10.4 …
valU offers non-banking financial services over large-scale instalments
13 October 11:06 AM EFG Hermes' consumer finance platform valU aims to reach 250,000 users by end-2022
By: Abdullah Bedeir  Cairo – Mubasher: EFG Hermes' consumer finance platform valU aims to increase the number of users to 250,000 by the end of 2022 from the current 100,000, the CEO of EFG Hermes Finance, Walid Hassouna, said.  During a …
The country's GDP growth is expected to reach 5.2% in 2022
13 October 10:46 AM IMF upgrades forecast for Egypt's GDP growth
Cairo – Mubasher: The International Monetary Fund (IMF) has upgraded its forecast for Egypt’s real gross domestic product (GDP) growth in 2021 to 3.3%, compared to a previous forecast of 2.5% in April, the Middle East News Agency (MENA) reported.  …
The market's turnover reached EGP 811.03 million
12 October 05:57 PM EGX gains EGP 2.7bn in market cap at Tuesday's close
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday's trading session on a varied note amid local and foreign selloffs and Arab purchases. The main EGX30 index rose by 0.65% to end at 10,783 points, while the small- and mid-cap EGX70 EWI …