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8 September 08:41 AM Reachware fuels GCC expansion plans via $3m funding co-led by Elm
Riyadh – Mubasher: Saudi SaaS provider Reachware has raised $3 million in Seed funding, led by Sadu Capital, with participation from 500 Sanabil Investments and Elm Company, according to a press release. Reachware, a leading startup specialising …
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4 September 03:28 PM Hakbah, Tawuniya forge new partnership at 24 Fintech
Riyadh – Mubasher: Saudi fintech savings platform Hakbah entered into a new partnership with The Company for Cooperative Insurance (Tawuniya) at the 24 Fintech Conference that kicked off in Riyadh on 3 September. This alliance will reshape the …
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4 September 09:40 AM UAE-based Gulf Capital exits Egypt’s Middle East Glass
Mubasher: Abu Dhabi-based Gulf Capital has sold its stake in Egypt-listed Middle East Glass (MEG) to the majority shareholder of the business, MENA Glass Holdings Limited, according to a press release. Gulf Capital’s investment enabled Middle East …
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3 September 03:54 PM stc’s subsidiary STC Bank partakes in global meeting point 24 Fintech as Founding Partner
Riyadh – Mubasher: STC Bank, formally known as stc pay and one of the leading digital innovators in the listed Saudi Telecom Company (stc) portfolio, is joining the 24 Fintech three-day event in Saudi Arabia as a Founding Partner. Being the newest …
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2 September 05:32 PM Checkout.com to enter into strategic partnership with Tawuniya at 24 Fintech
Riyadh – Mubasher: Global payments solution provider Checkout.com unveiled it will be signing strategic partnership agreements with The Company for Cooperative Insurance (Tawuniya) during the 24 Fintech 2024 event which will launch in Saudi Arabia …
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2 September 02:57 PM Eastern Company’s pretax net profit nears EGP 11.5bn in FY23/24; dividends proposed
Cairo – Mubasher: Eastern Company achieved a 17% growth to EGP 11.46 billion in net profit before tax during fiscal year (FY) 2023/2024, which ended on 30 June 2024, compared to EGP 9.76 billion in FY22/23. Net revenues increased by 15% to EGP …
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29 August 12:20 PM EFIC logs nearly EGP 789m consolidated profits in H1-24
Cairo – Mubasher: Egyptian Financial and Industrial Company (EFIC) posted consolidated net profits after tax valued at EGP 788.88 million in the first half (H1) of 2024, an annual hike from EGP 435.50 million. The sales hit EGP 3.98 billion in …
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29 August 10:24 AM Orascom Construction sees 47% lower consolidated profits in H1-24; backlog hits $7.7bn
Cairo – Mubasher: Orascom Construction posted consolidated net profits after tax valued at $70.70 million in the first half (H1) of 2024, an annual drop of 46.80% from $132.90 million. Revenues reached $1.47 billion in H1-24, down 5.50% …
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28 August 02:56 PM Orascom Development Egypt unveils EGP 332m sale deal
Cairo – Mubasher: Orascom Development Egypt has sold a commercial building to Seoudi Supermarket within the O West commercial strip at a value of EGP 332 million. the transaction aims to integrate the first supermarket in the destination, which …
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28 August 08:58 AM Banque du Caire records EGP 5.7bn net profits in H1-24
Cairo – Mubasher: Banque du Caire logged standalone net profits after tax valued at EGP 5.71 billion in the first half (H1) of 2024, compared to EGP 2.59 billion in H1-23. Net income hit EGP 12.84 billion as of 30 June 2024, marking a year-on-year …
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27 August 10:30 AM Madinet Masr, SCAD team up for EGP 650m development project
Cairo – Mubasher: Madinet Masr Housing and Development signed a memorandum of understanding (MoU) with Smart Construction and Development (SCAD) for the Sarai multi-purpose project in New Cairo with a contractual value of EGP 650 million. This …
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26 August 11:47 AM Palm Hills logs EGP 1.7bn consolidated profits in H1-24
Cairo – Mubasher: Palm Hills Developments Company posted consolidated net profits after tax and minority interest worth EGP 1.70 billion in the first half (H1) of 2024, an annual hike of 180% from EGP 608 million. Revenues reached EGP 10.93 …
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25 August 03:30 PM Menthum, CI Capital launch USD fixed income fund in Egypt
Cairo – Mubasher: Menthum, Egypt's digital savings platform, and CI Capital Asset Management launched Menthum USD Fixed Income Fund, a novel US Dollar fixed income fund. This mutual fund is developed to provide both individuals and businesses with …
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25 August 02:46 PM NBK-Egypt’s profits exceed EGP 3.1bn in H1-24
Cairo – Mubasher: National Bank of Kuwait - Egypt (NBK Egypt) has logged net profits valued at EGP 3.17 billion (KWD 24.90 million) in the first half (H1) of 2024. The registered net profits were higher by 102% year-on-year (YoY) than EGP 1.57 …
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25 August 01:09 PM Gadwa’s consolidated profits hit EGP 1.2bn in H1-24
Cairo – Mubasher: Gadwa for Industrial Development logged a net income before minorities of EGP 1.20 billion in the first half (H1) of 2024, higher by 115% than EGP 563 million in H1-23. Revenues exceeded EGP 9 billion as of 30 June 2024, an …
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25 August 11:43 AM NMDC, ADNCO announce 1st clean energy project in MEA
Abu Dhabi – Mubasher: National Marine Dredging Company (NMDC) secured a contract worth more than $200 million from the Abu Dhabi National Oil Company (ADNOC), according to a press release. The deal covers the crucial marine dredging works in the …
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25 August 10:59 AM SCA hikes stake in Suez Canal Bank for EGP 239m
Cairo – Mubasher: Suez Canal Authority (SCA) increased its equity ownership in Suez Canal Bank to 3.42% from 0.001%, according to a bourse disclosure. SCA purchased 15.76 million shares in the EGX-listed lender for EGP 238.87 million, at an …
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22 August 11:50 AM Panda’s consolidated profits up in H1-24; sales hit EGP 1.4bn
Cairo – Mubasher: The Arab Dairy Products Company (Arab Dairy – Panda) generated EGP 103.30 million in consolidated net profit during the first half (H1) of 2024, an annual rise hike from EGP 50.60 million. The sales amounted to EGP 1.44 billion …
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22 August 11:00 AM Liva Group to expand in Saudi market via merger with Malath Insurance
Riyadh – Mubasher: Liva Group announced a potential merger between Liva Insurance Company (Liva KSA) and Malath Cooperative Insurance Company (Malath Insurance) The GCC's leading multi-line insurer highlighted that the transaction aligns with its …
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22 August 08:59 AM Phoenix Group, Tether to create UAE Dirham-pegged stablecoin
Abu Dhabi – Mubasher: Phoenix Group has collaborated with Tether, the largest company in the digital asset industry, to launch a stablecoin pegged to the UAE Dirham, according to a press release. Backed by Green Acorn Investments Limited, this …
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21 August 01:04 PM FABMISR logs EGP 15.8bn net profits in H1-24
Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, unveiled its financial results for the first half (H1) 2024, logging net profits of EGP 15.80 billion. The lender highlighted robust …
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21 August 12:30 PM Alsaif Gallery launches 7th branch in GCC countries
Riyadh – Mubasher: Al Saif Stores for Development and Investment Company (Alsaif Gallery) has inaugurated its first branch in Qatar, located in the city of Doha. This branch, which is the 73rd for the company, covers an area of 1,392 square …
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21 August 11:48 AM ICON sees higher consolidated profits in H1-24; revenues hit EGP 2.7bn
Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) generated consolidated net profits of EGP 643.80 million in the first half (H1) of 2024, an annual rise from EGP 267.61 million. Revenues from contracts with …
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21 August 09:01 AM Acrow Misr’s H1-24 consolidated revenues cross EGP 2bn; profits hike
Cairo – Mubasher: The consolidated net profits after tax of Acrow Misr for Scaffolding and Formwork hit EGP 558.37 million in the first half (H1) of 2024, compared to EGP 237.55 million in H1-23. Revenues from contracts with customers reached EGP …
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20 August 02:41 PM Electro Cable Egypt logs EGP 1bn consolidated profits in H1-24
Cairo – Mubasher: Electro Cable Egypt registered consolidated net profits amounting to EGP 1 billion in the first half (H1) of 2024, marking a leap from EGP 539.18 million in H1-23. Total revenues reached EGP 6.64 billion in H1-24, higher …