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Domestic consumption fell to 31 million tonnes
11:14 AM Egypt’s petroleum consumption declines 8m tonnes in 4 years
Cairo – Mubasher: Egypt’s domestic petroleum consumption has declined in four years, as a result of the implementation of reforms to the pricing structure of petroleum products, according to petroleum minister Tarek El Molla. Domestic consumption …
Benban's solar power plants have a1,465-mega-watt total capacity
10:30 AM Investments in Egypt’s Benban solar park total $2.2bn
Cairo – Mubasher: Egypt’s Benban solar park, one of the world’s largest photovoltaic (PV) power station, electricity and renewable energy minister said. The project was executed in cooperation with 32 investors, who contributed $2.2 billion, …
Top-tier officials singing the agreement on Thursday
12 December 04:56 PM Egypt inks EUR 1.016bn funding deal for 1,300 train cars
Cairo – Mubasher: The Egyptian National Railways (ENR) concluded a EUR 1.016 billion agreement with the Hungarian Export-Import Bank Plc. (Eximbank) and State Specialized Russian Export- Import Bank.  The deal covers the import and manufacture of …
The investment cost of building Salam City is estimated at EGP 68 billion
12 December 01:52 PM Sisi allocates land for New Port Said City
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi has issued a presidential decree no 589 of 2019 to reallocate a land plot covering an area of 22,153 feddans (93.06 million square metres) in Port Said and North Sinai to the New Urban …
The projects include four water and seven wastewater facilities
12 December 01:38 PM Egypt sets up EGP 823m water, wastewater projects in Ismailia
Cairo – Mubasher: The Egyptian Ministry of Housing is currently establishing eleven water and wastewater projects in Ismailia at a combined cost of EGP 823 million. Scheduled for completion in September 2020, the projects are expected to serve …
Mohamed ElKasstawi as a speaker during RiseUp Summit 2019
12 December 01:31 PM ElKasstawi: Stock markets, gov’t can boost performance via digital money – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Blockchain is increasingly carving out space within the investment and banking sectors, with cryptocurrencies, tokens, and fiat currencies expected to reshape the future of financing as many countries …
An ESCRIBANO delegation will visit Egyptian military production firms
12 December 01:25 PM NOMP signs MoU with 2 defence manufacturers
Cairo – Mubasher: Egypt’s National Organization for Military Production (NOMP), IMUT and Spain’s ESCRIBANO signed a memorandum of understanding (MoU) to cooperate in the fields of military manufacturing and defence system development. Under the …
The deadline for receiving offers is 12 January 2020
12 December 12:05 PM Egypt offers 147 industrial units in Benha
Cairo – Mubasher: The Egyptian Ministry of Investment and International Cooperation announced offering fully-finished 147 industrial units in the investment zone in Benha.  Units will be offered in collaboration with the Micro, Small and Medium …
The issuance will be used to finance the country’s budget deficit
12 December 11:20 AM CBE issues EGP 18.75bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 9.25 billion and will be offered …
The fund will start by the sale of a 70% stake in three power plants
12 December 11:01 AM Egypt's sovereign wealth fund selects assets based on investor appetite – CEO
Cairo – Mubasher: Egypt’s sovereign wealth fund (Tharaa) is looking to acquire some of the government’s “cherry-picked” assets in power and real estate sectors based on investor appetite, Ayman Soliman, CEO of the sovereign fund, told Reuters. “We …
The reduction will range from EGP 6,000 to a maximum of EGP 10,000
11 December 05:04 PM Egypt to witness price reduction in three car models by 2020
By: Mohamed Mowafy Cairo – Mubasher: Car prices in Egypt are expected to witness further reduction starting from January 2020 in tandem with the implementation of the final tranche of tariff reductions on imported cars from Turkey with a 60% local …
Bilateral trade between the UAE and Egypt amounted to $3 billion in H1-19
11 December 04:32 PM UAE-Egypt trade exchange likely to reach $8bn by end 2019
Cairo – Mubasher: Bilateral trade between the UAE and Egypt amounted to $3 billion during the first half of 2019, the Middle East News Agency (MENA) reported, citing the undersecretary of the Foreign Trade and Industry at the UAE Ministry of …
Credit Agricole’s market share reaches 1.22% in Egypt
11 December 03:47 PM Credit Agricole Egypt to join CBE’s mortgage initiative
By: Islam Fadl Cairo – Mubasher: Credit Agricole Egypt aims to take part in the Central Bank of Egypt’s (CBE) new mortgage initiative during 2020, the bank’s managing director Pierre Finas said. The bank also plans to expand into corporate and …
CBE governor - Tarek Amer
11 December 03:24 PM Egypt’s Eurobonds attract $70 billion bids – CBE governor
Cairo – Mubasher: Eurobonds issued by Egypt have reached $20 billion, the Central Bank of Egypt’s (CBE) governor, Tarek Amer, was quoted by the Middle East News Agency (MENA). Investors have placed orders for $70 billion worth of Eurobonds, Amer …
The bilateral cooperation backed the higher trade exchange during 2018
11 December 02:56 PM UAE-Egypt trade exchange hits $3bn in 2018 – Trade minister
Cairo – Mubasher: Bilateral trade between the UAE and Egypt amounted to $3 billion, of which $1.9 billion are Egyptian exports and $1.1 billion are Emirati imports, the Egyptian minister of trade and industry, Amr Nassar said in a statement on …
UAEIIC's secretary general was in visit to Egypt
11 December 01:11 PM UAE aims to raise investments in Egypt to $14bn – UAEIIC
Cairo – Mubasher: the UAE is aiming to invest in Egypt up to $14 billion over the upcoming five years, the UAE International Investors Council’s (UAEIIC) secretary general said. In the light of the opportunities offered by promising Egyptian …
Sawiris set the mastering plan for Andermatt
11 December 11:08 AM Except for El Gouna, all projects came by coincidence – Samih Sawiris in RiseUp
By: Ingy ElSafy Cairo -Mubasher: On the final day of the RiseUp Summit 2019, the Egyptian tycoon Samih Sawiris was hosted to talk to the attendees about different topics and events, whether by speaking out on personal or business matters. The …
Land plots in the diplomatic district are sold at $400 per metre
11 December 10:46 AM Chinese, Saudi embassies request to move to Egypt’s new capital
By: Islam Fadl Cairo – Mubasher: About 60 embassies have submitted requests to the Egyptian Ministry of Foreign Affairs to obtain land plots in the diplomatic district in the New Administrative Capital, the official spokesman for the project …
Iconic Tower
10 December 06:05 PM New capital’s business district expected to be delivered by mid-2021
Cairo – Mubasher: Finishing work of towers at the central business district in Egypt’s New Administrative Capital is set to begin in January 2020, assistant to the housing minister Khaled Abbas said. Delivery of these towers is expected to start …
The CBE is expected to deliver further interest rate cuts over the coming twelve months
10 December 05:29 PM CBE expected to cut interest rates by 50bps late December – Capital Economics
Cairo – Mubasher: The Central Bank of Egypt (CBE) is expected to cut its overnight deposit rate by 50 basis points (bps) to 11.75% from 12.25% during its meeting on 26 December, London-based Capital Economics said in a report on Tuesday. Despite …
This service will be launched by the first quarter of 2020
10 December 04:39 PM I-Score mulls 3 European offers for ‘Nano Loans’ app
By: Islam Fadl Cairo – Mubasher: The Egyptian Credit Burea “I-Score” is currently considering three European offers to launch “Nano Loans” via mobile phones.  This service will be launched in the Egyptian market by the first quarter of 2020, in …
Al Nowais Investments will invest up to EGP 16 billion in these two projects
10 December 04:17 PM Egypt, UAE’s Al Nowais ink deals to build renewable power projects
Cairo – Mubasher: The Egyptian Electricity Transmission Company (EETC) has signed two agreements with the UAE’s Al Nowais Investments to build two renewable energy plants in the most populous Arab nation. The agreements include the establishment …
The monthly core inflation recorded a negative rate of 0.1%
10 December 03:15 PM Egypt’s annual core inflation drops to 2.1% in November – CBE
Cairo – Mubasher: Egypt’s core annual inflation rate declined to 2.1% in November, compared to 2.7% in October, according to data released by the Central Bank of Egypt (CBE). The monthly core inflation recorded a negative rate of 0.1% in the …
NBK expects the CBE to deliver a further rate cut of 300-400 bps in 2020
10 December 02:59 PM Egypt’s rising revenue, energy reforms to drive economic growth – NBK
Cairo – Mubasher: Egypt’s economy is expected to continue its growth trend, but at a slower pace, compared to the previous years, the National Bank of Kuwait (NBK) said in a report on Tuesday. During the first quarter of fiscal year 2019/2020, the …
The facility will have an annual output capacity of about 50,000 tonnes
10 December 01:25 PM USTDA funds feasibility study of petrochem project in Egypt
Cairo – Mubasher: The US Trade and Development Agency (USTDA) has signed a grant agreement worth $690,000 with the Egyptian Petrochemicals Holding Company (ECHEM). The grant will be used to finance a detailed feasibility study of a polyacetal …