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4 hours ago Egypt’s int’l reserves grow in November
Cairo – Mubasher: Egypt’s net international reserves reached $33.53 billion at the end of November 2022, compared to $33.41 billion in October 2022, the Middle East News Agency (MENA) cited the Central Bank of Egypt (CBE). This represents an …
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6 December 05:33 PM Fintactics launches new ventures, enters partnerships during Saudi Arabia’s World Fintech Show
Riyadh – Mubasher: The World Fintech Show has witnessed the launch of new ventures Holoul and Leza'am by Fintactics, which also signed partnership agreements with Aion Digital and Bitfy Holdings. The event, which kicked off on 5 December in …
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6 December 04:59 PM IMF to discuss Egypt’s $3bn loan deal next week
Cairo – Mubasher: The executive board of the International Monetary Fund (IMF) has scheduled a meeting on Egypt on 16 December 2022 as the Arab world’s most populous nation awaits final approval for a $3 billion loan deal. On 5 December, the …
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6 December 04:36 PM Seedstars to develop VC managers in emerging markets
Mubasher: Switzerland-based Seedstars has launched its investment arm Seedstars Capital for emerging venture capital (VC) fund managers across the Middle East and other emerging markets with the support of xMultiplied, a Swiss-based investment …
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6 December 02:45 PM ESIIC receives int'l offers to build ethanol factory with EGP 1.5bn investments
Cairo – Mubasher: Chairman of the Egyptian Sugar and Integrated Industries Company (ESIIC), Essam El-Bedeiwy, said his company received three international offers to establish an ethanol or absolute alcohol (99.99%) extraction factory from …
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6 December 02:03 PM ESIIC to build 3 factories with EGP 480m investments
Cairo – Mubasher: The Egyptian Sugar and Integrated Industries Company (ESIIC) plans to establish 3 fertiliser production factories with up to EGP 480 million investments, the Middle East News Agency (MENA) reported on Tuesday. The statement was …
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6 December 12:54 PM Saudi Arabia cuts January oil prices to Asia to 10-month low
Riyadh – Mubasher: Saudi Arabia cut the January 2023 official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low, on concerns over a drop in demand and a potential increase in Russian competition. The Saudi …
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6 December 11:28 AM Egypt, Poland trade exchange hits EUR 700K last year
Cairo – Mubasher: The volume of trade exchange between Egypt and Poland reached EUR 700,000 in 2021, Ahram Gate reported. In a press conference on the margin of the Food Africa 2022 Conference, Poland’s Ambassador to Egypt, Michał Łabenda, said …
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6 December 10:11 AM Banque Misr, CIB provide EGP 6.35bn financing to Benya
Cairo – Mubasher: Banque Misr and Commercial International Bank (CIB) have arranged and granted joint financing worth EGP 6.35 billion to Benya Group. The funding will be used in financing projects awarded to Benya covering the technological …
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6 December 09:40 AM Port Said collects EGP 3.2bn customs, taxes in November
Cairo – Mubasher: The customs authority of Port Said collected EGP 3.21 billion in taxes, customs duties, and other charges in November 2022. The total value of taxes and customs duties collected for imported goods at the port hit EGP 561.26 …
Issam Abu Sulaiman, Regional Director for the GCC countries at the World Bank
5 December 05:38 PM Mobile apps see over $2.7 daily transactions – World Bank’s Abu Sulaiman
Riyadh – Mubasher: Issam Abu Sulaiman, Regional Director for the GCC countries at the World Bank, stated that transactions worth more than $2.70 billion are being traded on a daily basis through mobile applications. Abu Sulaiman highlighted that …
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5 December 04:07 PM World Fintech Show kicks off in Saudi Arabia
Riyadh – Mubasher: The World Fintech Show has launched today, 5 December, in Saudi Arabia’s capital Riyadh at InterContinental Riyadh.   The event aims to connect the world’s fintech innovators with enterprises, investors, policymakers, startups, …
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5 December 03:54 PM Schneider Electric to distribute products online via DATCO’s digital platform
Cairo - Mubasher: Global leader in the digitalisation of industrial automation and energy management, Schneider Electric, has signed a partnership contract with the Industrial Services Center (DATCO) to distribute its products. The new partnership …
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5 December 02:03 PM ADVA, One Finance team up to offer consumer financing services
Cairo - Mubasher: Integrated consumer financing platform, One Finance, and first online service installment platform, ADVA, signed a partnership agreement to facilitate installment of a wide portfolio of services provided by ADVA. The services …
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5 December 12:56 PM Egypt’s output levels fall at sharpest rate in 2.5 years in November
Cairo – Mubasher: Egyptian companies suffered a marked contraction in operating conditions during November 2022, as business activity and demand were undermined by inflationary pressures, the latest PMI data showed. Output fell at the sharpest …
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5 December 12:05 PM CBE issues two-type T-bonds at EGP 12.75bn on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) has offered treasury bonds (T-bonds) at an aggregated value of EGP 12.75 billion through three issues on Monday, in coordination with the Ministry of Finance (MoF) to finance the budget deficit. …
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5 December 09:48 AM Egypt hopes to obtain $750m of IMF loan this December – Minister
Cairo – Mubasher: Egypt's Finance Minister, Mohamed Maait, said his country hopes to obtain the first tranche of the International Monetary Fund (IMF) loan valued at $750 million this month. During a recent press conference, the minister added the …
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4 December 04:53 PM Ain Sokhna Port collects EGP 3.7bn taxes, customs in November
Cairo – Mubasher: The General Authority of Sokhna Customs has collected EGP 3.70 billion in taxes, customs duties, and other charges at Ain Sokhna Port in November 2022. The total value of taxes and customs duties collected for imported goods at …
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4 December 12:30 PM NBE, EGOTH sign EGP 393m financing deal to renovate Sofitel Winter Palace
Cairo – Mubasher: The National Bank of Egypt (NBE) has signed a long-term investment financing contract valued at EGP 393 million with the Egyptian General Company for Tourism and Hotels (EGOTH) to finance renovations of the Sofitel Winter Palace …
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4 December 10:42 AM CBE auctions EGP 27.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) worth EGP 27.50 billion through two offerings on Sunday, 4 December. With a tenor of 91 days until 7 March 2023, the first auction stood at EGP 7.50 billion, …
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4 December 10:39 AM Ismailia’s agricultural exports top $223m in 11M-22
Cairo – Mubasher: Governor of Egypt’s Ismailia, Sherif Fahmy Beshara, said the total value of the governorate's agricultural exports during the first eleven months (11M) of 2022 hit $223.20 million, Akhbar El-Yom reported. The governorate exported …
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4 December 09:48 AM Egypt-Jordan trade exchange grows 2.7% in 8M-22
Cairo – Mubasher: Trade exchange between Egypt and Jordan increased by 2.70% year-on-year (YoY) during the first eight months (8M) of 2022 to $646.10 million, compared to $629.10 million. Egypt’s exports to Jordan amounted to $481.60 million …
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1 December 04:59 PM Egyptian gov’t allocates EGP 49.5bn for petroleum sector under FY22/23 plan
Cairo – Mubasher: Egypt's Minister of Planning and Economic Development, Hala El-said, announced allocating total investments worth EGP 49.50 billion to the development of the petroleum and mineral resources sector under the fiscal year (FY) …
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1 December 03:52 PM VC firm 500 Global opens office in Egypt, partners with ITIDA
Cairo - Mubasher: US-based 500 Global is partnering with the Egyptian IT Industry Development Agency (ITIDA) to launch a range of investment and startup-focused support programmes. 500 Global, one of the world’s most active venture capital (VC) …
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1 December 03:44 PM Haj Arafa to build dates factory in Siwa
Cairo – Mubasher: Haj Arafa plans to establish a dates factory in Egypt's Siwa Oasis with more than EGP 100 million in investments next year. The factory will be built in partnership with the largest date producers in Siwa and will provide many …