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The new A220-300 has a two-class cabin
21 February 08:58 PM EgyptAir adds 9th Airbus A220-300 to its fleet
Mubasher: EgyptAir on Friday received its ninth Airbus A220-300 and third A320neo family aircraft, according to Ahram Online. The Egyptian carrier received the second A320neo plane earlier in February. The new A220-300 has a two-class cabin with …
Egypt's Finance Minister Mohamed Maait
21 February 03:58 PM Egypt hires 4 int’l banks for 1st green bonds
Cairo – Mubasher: The Egyptian finance ministry has commenced the required procedures for Egypt’s first green bond issue on global markets, according to a statement. Egypt will be the first country in the Middle East and North African to …
The discount rate was maintained at 12.75%
20 February 10:58 PM Egypt C. bank maintains interest rates
Cairo – Mubasher: The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided in its meeting on Thursday to keep the current interest rates unchanged. The overnight deposit rate and the overnight lending rate were maintained at …
The sale included 182-day notes
20 February 09:23 PM Egypt sells EGP 20.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) on Thursday announced the sale of treasury bills (T-bills) worth EGP 20.5 billion, ahead of the announcement of the bank’s decision on interest rates. The sale included 182-day notes worth EGP 10 …
Over 28k MW were added to the national power grid
20 February 07:11 PM Egypt to produce 6,6K MW renewable energy by 2021-end
Cairo – Mubasher: Electricity produced by renewable energy in Egypt is expected to reach around 6,628 megawatts (MW) by the end of 2021, Egyptian electricity minister Mohamed Shaker stated on Thursday. Total electricity produced by renewable …
Egypt will earmark EGP 2 million for the industrial areas
20 February 04:04 PM Egypt to allocate EGP 2m for industrial areas in Upper Egypt
Cairo – Mubasher: Egypt will earmark EGP 2 million to develop utilities in the industrial areas in Qena and Sohag, the director of the Upper Egypt local development programme, Hesham El-Helbawy, said. This announcement came during El-Helbawy’s …
President Abdel Fattah El Sisi
20 February 03:57 PM El Sisi approves KWD 40m loan to develop national power grid
Cairo – Mubasher: The Egyptian President Abdel Fattah El Sisi has issued Decree No. 508 of 2018 approving a loan agreement between the Egyptian government and the Arab Fund for Economic and Social Development. The loan amounts to KWD 40 million …
Flights will be resumed as of 27 February
20 February 03:49 PM EgyptAir resumes flights to China
Cairo – Mubasher: EgyptAir on Thursday announced that it will resume flights to China, according to a statement. Flights to and from China will be resumed as of 27 February 2020, the company stated. EgyptAir noted that it is monitoring the …
Qarun plans to produce 33,000 bpd at East Baharia Extension 3 area
20 February 03:27 PM Qarun Petroleum eyes $170m investments in FY20/21
Cairo – Mubasher: Qarun Petroleum Company is looking to invest $170 million during fiscal year 2020/2021. These investments are planned to be directed for the production of 33,000 barrels of crude oil per day (bpd) at East Baharia Extension 3 …
A total of 59 unsafe areas are currently under development
20 February 11:48 AM Egypt develops 298 unplanned areas – Minister
Cairo – Mubasher: The Egyptian Ministry of Housing has completed the development of 298 unsafe areas so far, the housing minister Assem El-Gazzar revealed. A total of 59 unsafe areas comprising of 214,354 residential units are currently under …
The issuance will be used to finance the country’s budget deficit
20 February 10:28 AM CBE offers EGP 20.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20.5 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 10 billion and will be offered through …
President Abdel Fattah El Sisi and his Belarus counterpart Alexander Lukashenko
19 February 08:14 PM Egypt inks 4 MoUs with Belarus
Cairo – Mubasher: Egypt on Wednesday signed four memorandums of understanding (MoUs) with Belarus to promote cooperation between the two countries, according to the Middle East News Agency. The signed protocols covered cooperation in postgraduate …
RevPAR in Cairo is expected to increase by 2% YoY
19 February 06:54 PM Hotel rooms in Egypt to generate higher revenue in 2020
Cairo – Mubasher: Revenue per available hotel room (RevPAR) in Egypt’s Cairo, Sharm El Sheikh, Hurghada, and Alexandria is expected to grow in 2020, according to a report released on Wednesday by Colliers International. RevPAR in Cairo and Sharm …
Authorised capital increased to EGP 500 million
19 February 06:08 PM EGX approves Delta Insurance’s capital hike
Cairo – Mubasher: The listing committee of the Egyptian Exchange (EGX) has approved the increase of Delta Insurance’s authorised capital to EGP 500 million from EGP 150 million, according to a bourse statement released on Wednesday. The committee …
The mortgage is offered at an interest rate of 10%
19 February 04:35 PM Egyptian banks operationalise EGP 50bn middle-income housing initiative
Cairo – Mubasher: The new initiative to support the finance of middle-income housing with EGP 50 billion is operationalised, Deputy Governor of the Central Bank of Egypt (CBE) Gamal Negm stated on Wednesday. People who meet certain requirements …
The retail and wholesale sector contributed 14.7% to GDP
19 February 03:16 PM Egypt’s GDP growth steady at 5.6% in H1-19/20
Cairo – Mubasher: Egypt continued its stable economic growth at 5.6% during the first half of fiscal year 2019/2020, despite the global economic slowdown, the planning minister Hala El-Saaed revealed. The country's economic growth is supported by …
Global prices remained unchanged on Tuesday
19 February 11:41 AM Kuwait’s oil dips 77 cents on Tuesday – KPC
Mubasher: Kuwait’s crude oil price slid by 77 cents on Tuesday, 18 February, to settle at $57.18 per barrel (pb) as compared to $57.95 pb last Monday, according to official prices released by Kuwait Petroleum Corporation (KPC). Global prices …
Higher education minister Khalid Abdel Ghaffar
18 February 08:51 PM Egyptian gov’t allocates EGP 1.4bn to Smart Campus programme
Cairo – Mubasher: Egypt’s government is planning to improve internet speed in Egyptian universities, develop 35 automated test centres, and supply hundreds of computers and software systems, higher education minister Khalid Abdel Ghaffar stated on …
Local debt dropped by 66.8% YoY in September
18 February 06:42 PM Egypt pays EGP 267.2bn interests in H1-19/20
Mubasher: The value of interests paid by the Egyptian government grew by 28.7% year-on-year during the first six months of the fiscal year 2019/2020, according to a report released by the Ministry of Finance. Interests rose to EGP 267.19 billion …
The company issued 96.64m bonus shares
18 February 06:20 PM Speed Medical ups capital to more than EGP 71m
Cairo – Mubasher: Speed Medical Company has increased its capital to EGP 71.327 million from EGP 52 million, according to a statement released on Tuesday. The capital increase is distributed among 96.638 million bonus shares and is funded by …
Egypt's Inflation rate is forecast to record an average rate of 5.6%
18 February 03:35 PM CBE likely to keep interest rates unchanged next Thursday – HC Research
Cairo – Mubasher: HC Research expects the Central Bank of Egypt (CBE) to keep interest rates unchanged in its meeting on Thursday, 20 February. Although inflation rates accelerated in January, they are within the CBE’s target range of 9% plus or …
The desalination plant will have a capacity of 150,000 cubic metres per day
18 February 02:08 PM East Port Said water desalination plant reaches 95% completion
Cairo – Mubasher: Construction of East Port Said water desalination plant has reached 95% completion, head of East Port Said City Authority Alaa Manei said. The desalination plant will have a capacity of 150,000 cubic metres per day, with plans to …
Interest and loan payments worth EGP 10.6 billion have been waived
18 February 12:57 PM CBE settles EGP 18.4bn non-performing loans
Cairo – Mubasher: A total of 8,600 customers are included in the Central Bank of Egypt’s (CBE) initiative for funding customers in default, including 800 in the industrial sector, the CBE’s governor Tarek Amer revealed. Non-performing loans (NPLs) …
Disclosures will be required to be submitted online on a quarterly basis
18 February 12:25 PM Egypt’s income taxpayers to submit disclosures online in April
Cairo – Mubasher: Income taxpayers will be able to submit their disclosures online via the Egyptian Tax Authority’s (ETA) official website in April, ETA’s head Reda Abdel Qader revealed. This move is in preparation of making the procedure …
Global prices increased on Monday
18 February 12:07 PM Kuwait oil up 70 cents on Monday – KPC
Mubasher: The price of Kuwait’s crude oil rose by 70 cents on Monday, 17 February, to reach $57.95 per barrel (pb) from $57.25 pb last Friday, according to official prices released by Kuwait Petroleum Corporation (KPC).   Meanwhile, Global prices …