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State-run banks are the top purchasers of the government debt instruments
12 minutes ago CBE offers EGP 19.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T- bills) worth EGP 19.5 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills is valued at EGP 9 billion and will be offered through …
How the pandemic changed the e-payments outlook in MENA?
12 August 07:27 PM The future of e-payment solutions after COVID-19
By: Moslem Ali Cairo – Mubasher: “Stay Home” is a global call that spread across the world over the past months, signalling not only a new public policy and a health precaution against an infectious disease but a turning point in how markets …
Egypt is Russia’s largest trade partner in Africa and the Middle East
12 August 05:53 PM Egypt acquires 40% of Russian-African trade – Official
Cairo – Mubasher: Egypt has acquired 40% of total trade exchange between Russia and Africa, the Middle East News Agency (MENA) reported on Wednesday, citing the Egyptian ambassador to Russia, Ehab Nasr, as saying. Egypt is Russia’s largest trade …
12 August 04:39 PM US signs $1.5bn deal with Moderna for potential COVID-19 vaccine
Mubasher: The US has reached an agreement with biotech company Moderna Inc to purchase 100 million doses of its potential coronavirus vaccine.
City Edge is developing several projects in Sheikh Zayed, New Alamein, and New Mansoura
12 August 03:59 PM City Edge, Suez Canal Bank sign mortgage funding protocol
Cairo – Mubasher: City Edge Developments signed a protocol of cooperation with Suez Canal Bank as part of the Central Bank of Egypt (CBE) initiative for providing various mortgage financing plans. The first plan includes a mortgage finance for …
The company achieved revenues of EGP 244 million
12 August 02:16 PM October Pharma's profit soars 711% in H1-20
Cairo – Mubasher: The net profits of October Pharma hiked by 711% year-on-year (YoY) to EGP 27 million in the first half (H1) of 2020, compared to EGP 3.33 million. The company’s revenues rose to EGP 244 million in the six-month period ended on 30 …
Mohsen Mohamed Abdul Rahman Hassan has been appointed as the managing director
12 August 01:52 PM El-Kaliouby named chairman of Arab Cotton Ginning
Cairo – Mubasher: The ordinary general meeting (OGM) of Arab Cotton Ginning approved the appointment of eight board members for a new term. Mohamed Ali Hussein Ali El-Kaliouby has been named the company’s chairman, according to a bourse disclosure …
12 August 01:41 PM UK enters recession after economy slumps 20.4% in Q2
The UK economy has suffered its largest-ever contraction during the second quarter (Q2) of the year on account of the coronavirus lockdown measures.
The deal involved the purchase of 14 million shares
12 August 01:21 PM Banque Misr increases stake in CI Capital
Cairo – Mubasher: Banque Misr raised its stake in CI Capital Holding For Financial Investments to 15.12% from 13.72%. The bank bought 14 million shares for EGP 58.1 million at an average price of EGP 4.14 per share, according to a statement to the …
The company generated EGP 55.5 million in revenue
12 August 01:01 PM Canal Shipping reports EGP 328m profit in FY19/20
Cairo – Mubasher: Canal Shipping Agencies achieved net profits of EGP 328.4 million in fiscal year 2019/2020, up by 46% year-on-year (YoY) from EGP 225.5 million. In the meantime, the company’s revenues retreated to EGP 55.5 million in the …
Facial recognition will be used to take student attendance
12 August 12:41 PM Egypt to invest EGP 4.7bn in digitising 27 state-run universities
Cairo – Mubasher: Egypt is looking to digitise and automate 27 governmental universities and Al-Azhar University at a total cost of EGP 4.722 billion, the Minister of Higher Education and Scientific Research, Khaled Abdel Ghaffar, said. The plan …
The company reported net losses of $1.24 million
12 August 12:16 PM Naeem Holding logs $1.7m net losses in H1-20
Mubasher: The consolidated financial results of Naeem Holding for Investment has shown net losses of $1.68 million in the first half (H1) of 2020, compared to net losses of $236,958 in the same period of 2019. The company's revenues declined to …
The company’s operating income grew to EGP 15.8 million
12 August 12:04 PM Lift Slab Misr reports 16-fold profit leap in H1-20
Cairo – Mubasher: The net profits of the Egyptian Company for Construction Development (Lift Slab Misr) surged by 1,558% year-on-year (YoY) to EGP 3.79 million during the first half (H1) of 2020 from EGP 228,668. The company’s operating income …
The company’s revenues declined to EGP 25.99 million
12 August 11:41 AM Emerald's profit halves in H1-20 on lower revenue
Cairo – Mubasher: Emerald Real Estate Investment posted a 53% year-on-year (YoY) decrease in its net profits, logging EGP 7.89 million in the first half (H1) of 2020, compared to EGP 16.77 million. The company’s revenues fell to EGP 25.99 million …
The company’s revenues slid to EGP 1.07 billion
12 August 11:14 AM SODIC’s profit sinks 80% in H1-20
Cairo – Mubasher: Six of October Development and Investment (SODIC) reported an 80% year-on-year (YoY) drop in its net profits to EGP 69.3 million in the first half (H1) of 2020 from EGP 337.9 million. The company’s revenues slid to EGP 1.07 …
EBRD has invested about EUR 6.5 billion in Egypt since 2012
12 August 10:50 AM EBRD provides Banque Misr with $100m to support SMEs
Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) has approved a $100 million funding deal with Banque Misr. The funding will be on-lent to small- and medium-sized enterprises (SMEs) which have been hit hardly by the …
11 August 03:25 PM Russia approves first COVID-19 vaccine
Russia became the first country in the world to grant regulatory approval to a COVID-19 vaccine following less than two months of human testing.
The market’s turnover amounted to EGP 1.53 billion
11 August 05:57 PM EGX ends Tuesday mixed; market cap gains EGP 2.1bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday’s trading session on a mixed note amid local and Arab purchases and foreign selloffs. The benchmark EGX30 index went down by 0.17%, ending the mid-week session at 10,919.47 points. On …
The lender’s net profits fell to EGP 350.72 million in Q2-20
11 August 05:29 PM NBK Egypt reports 29% profit drop in H1-20
Cairo – Mubasher: The National Bank of Kuwait – Egypt (NBK Egypt) achieved net profits of EGP 753.48 million in the first half (H1) of 2020, down by 28.6% year-on-year (YoY) from EGP 1.05 billion. Interest income from loans and revenues retreated …
11 August 05:20 PM Nokia phones maker HMD secures $230m from strategic partners
HMD Global, the home of Nokia phones, has raised $230 million funding from its global strategic partners.
The company’s sales fell to EGP 1.35 billion
11 August 04:49 PM Misr Cement Qena's profit jumps 330% in H1-20
Cairo – Mubasher: Misr Cement – Qena posted a 330% year-on-on-year (YoY) leap in its net profits, logging EGP 63.25 million in the first half (H1) of 2020, compared to EGP 14.69 million, including minority shareholders’ rights. The company’s sales …
Trading on the company’s shares will be halted as of 12 August
11 August 04:10 PM EGX approves Alexandria Portland Cement’s voluntary delisting procedures
Cairo – Mubasher:  The Egyptian Exchange’s (EGX) listing committee approved a request submitted by Alexandria Portland Cement to begin procedures to delist its shares from the bourse. The cement producer is seeking to delist its 458.02 million …
EIPICO's revenues slid to EGP 1.45 billion
11 August 03:40 PM EIPICO's H1 profit slides 34%
Cairo – Mubasher: The Egyptian International Pharmaceutical Industries (EIPICO) reported a 34% year-on-year (YoY) decrease in its consolidated net profits to EGP 262.2 million in the first half (H1) of 2020, compared to EGP 398.3 million. …
BLOM Bank received the CBE's approval to start the due diligence process
11 August 02:36 PM Lebanon’s BLOM Bank mulls sale of Egypt's subsidiary
Cairo – Mubasher: Lebanon’s BLOM Bank is considering several strategic options, including the sale of its stake in BLOM Bank Egypt, amid the economic crisis that hit Lebanon. This move is aimed at meeting the requirements set by the Lebanese …
Four companies have already completed the registration procedures
11 August 02:11 PM Egypt starts manufacturing COVID-19 drug Favipiravir
Cairo – Mubasher: The Egyptian Drug Authority (EDA) has approved requests from 61 local companies to begin procedures to register Favipiravir medicine, a treatment for coronavirus (COVID-19), the Middle East News Agency (MENA) reported on Tuesday. …