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Work is underway for rehabilitating 3,122 km of canals
4 March 05:56 PM Egypt to invest EGP 68bn in canal rehabilitation
Cairo – Mubasher: Egypt has completed the rehabilitation of more than 1,128 kilometres (km) of irrigation canals as part of the EGP 68 billion national project for rehabilitating and lining canals, the Minister of Water Resources and Irrigation, …
The market cap lost EGP 977 million
4 March 05:17 PM EGX ends Thursday in red on Arab, foreign selloffs
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Thursday’s trading session on a negative note, pressured by Arab and foreign selloffs. The main EGX30 index fell by 0.52% to close at 11,333 points, while the small- and mid-cap EGX70 EWI …
The consortium is comprised of Egyptian, British, French, and Emirati companies
4 March 04:56 PM Hassan Allam Holding's consortium wins bid to operate Grand Egyptian Museum
Cairo – Mubasher: Hassan Allam Holding-led consortium has been selected to operate and manage facilities at the Grand Egyptian Museum (GEM) complex. The consortium is comprised of Egyptian, British, French, and Emirati companies with experience in …
The company is building a residential project with investments of EGP 1.5 billion
4 March 04:12 PM Mardev Developments plans EGP 400m investments in New Administrative Capital in 2021
 By: Abdullah Bedeir Cairo – Mubasher: Mardev Developments plans to invest EGP 400 million in new projects in the New Administrative Capital during 2021, the CEO Mohamed Zohdy said. The real estate developer takes part in the Capital of Hope …
The country aims to slash fuel subsidies to EGP 28.193 billion this fiscal year
4 March 03:46 PM Egypt cuts fuel subsidies by 45% in H1-20/21
Cairo – Mubasher: Egypt’s fuel subsidies decreased by 45% to EGP 8.4 billion during the first half (H1) of fiscal year 2020/2021, compared to EGP 15.25 billion in the year-ago period, Reuters reported on Thursday, citing the Minister of Petroleum …
The current cooperation portfolio between Egypt and the AfDB amounts to about $640.8 million
4 March 02:07 PM Egypt inks EUR 109m deal with AfDB to finance sanitation services in Luxor
Cairo – Mubasher: The Ministry of International Cooperation and the African Development Bank (AfDB) signed a development financing deal worth EUR 109 million to provide sanitation services in residential communities in Luxor’s rural areas, …
Minister of Planning, Hala El-Saeed
4 March 01:43 PM Egypt plans more than 2,000 development projects in Upper Egypt in FY20/21
Cairo – Mubasher: The Egyptian Ministry of Planning and Economic Development issued a report on the citizen investment plan for fiscal year 2020/2021 in Upper Egypt. The report showed that total government investments directed to Upper Egypt …
This is part of Egypt's strategy to raise the contribution of renewables to the energy mix
4 March 01:13 PM Egypt partners with Belgium's DEME to begin studies for green hydrogen project
Cairo – Mubasher: Egypt’s Prime Minister, Mostafa Madbouly, witnessed the signing of a cooperation agreement between the Ministry of Electricity, Ministry of Petroleum, and the Egyptian Navy with Belgium’s DEME Group. The agreement includes the …
The ministry has allocated 40 vaccination centres across all governorates in Egypt
4 March 12:51 PM Egypt starts COVID-19 vaccination for elderly, people with chronic diseases on Thursday
Cairo – Mubasher: Egypt has kicked off its coronavirus (COVID-19) vaccination programme for the elderly and people suffering from chronic diseases on Thursday. A total of 152,892 eligible individuals have registered to take the vaccine on the …
Bidders can submit their offers starting from 22 March until 27 May
4 March 12:22 PM Heliopolis Housing seeks bidders for Heliopark development project
Cairo – Mubasher: Heliopolis Company for Housing and Development has launched a request for proposals (RFP), seeking bidders for the development of Heliopark project over an area of 1,695 feddans in New Cairo. Bidders can submit their offers …
The merger deal is expected to close in the second quarter of 2021
4 March 11:14 AM Anghami to be first Arab tech startup to list on Nasdaq
Mubasher: Anghami is set to become the first Arab technology company to list on Nasdaq New York by merging with Vistas Media Acquisition, a special purpose acquisition company (SPAC). The merger deal, which is expected to close in the second …
CI Capital reported consolidated net profits of EGP 474.6 million in 2020
4 March 11:05 AM Trading halted on CI Capita's stock until FRA reviews FV study
Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) decided to halt trading on the stock of CI Capital for Financial Investments until reviewing its fair value (FV) study. The FRA will decide on the compliance of the FV study with …
The project is expected to create more than 500 jobs.
4 March 10:27 AM Egypt inks deal with Samsung to build $30m tablet factory in Beni Suef
Cairo – Mubasher: Egypt signed an agreement with Samsung to establish a factory in Beni Suef to manufacture tablets for students in secondary schools with investments of $30 million, the Middle East News Agency reported on Wednesday. The project …
The Swedish furniture seller launched 1,400 new products in Egypt
3 March 05:56 PM IKEA opens second branch in Egypt
By: Abdullah Bedeir Cairo – Mubasher: IKEA has launched its second branch in Egypt in collaboration with Al-Futtaim Group and MARAKEZ for Real Estate Investment, a subsidiary of the Saudi Fawaz Abdulaziz Alhokair Co. The new two-storey outlet, …
Egypt aims to raise the share of renewables to 42% of electricity consumption by 2035
3 March 05:30 PM Egypt plans to launch all energy projects via auction scheme
Cairo – Mubasher; Egypt plans to launch all energy projects through the auction scheme, which will help the country implement energy projects at the lowest prices, the Deputy Minister of Electricity and Renewable Energy, Osama Asran, said. The …
Selina Bieber, Senior Regional Director for MENA Region, GoDaddy
3 March 04:40 PM GoDaddy to participate in SHE CAN 2021
Cairo – Mubasher: GoDaddy Inc. announced that it will be participating in SHE CAN 2021, an event that will be held on March 5, in honour of International Women’s Day. The participation is derived from the alignment of both entities’ visions, which …
Tatweer Misr aims to invest about EGP 3 billion in four projects this year
3 March 04:38 PM Tatweer Misr launches EGP 7bn project in North Coast
By: Abdullah Bedeir Cairo – Mubasher: Tatweer Misr announced the launch of a new project in the North Coast in partnership with Kayan for Real Estate Development. With an initial investment cost of EGP 7 billion, the development will be built over …
The decision will be in effect for the next five years
3 March 03:57 PM Egypt imposes anti-dumping duty on tyre imports from China, India
Cairo – Mubasher: The Egyptian Minister of Trade and Industry, Nevine Gamea, issued a decision to impose anti-dumping duty on imports of tyres for buses and trucks from China and India. The decision will be in effect for the next five years, …
The pilot operation of the project is planned to begin in August
3 March 03:32 PM Egypt inks deal with French firm to operate new electric train
Cairo – Mubasher: The Egyptian Minister of Transport, Kamel El-Wazir, witnessed the signing an agreement between the National Authority for Tunnels (NAT) and France’s RATP Dev for the management, operation, and maintenance of Egypt’s new electric …
The new system will connect coastal and landlocked African countries to Europe
3 March 02:12 PM Telecom Egypt to launch Hybrid African Ring Path by 2023
Cairo – Mubasher: Telecom Egypt is planning to launch Hybrid African Ring Path (HARP) by 2023, a new subsea system circling the African continent. “This will connect coastal and landlocked African countries to Europe through the company’s …
Photo Archive
3 March 01:49 PM S&P launches ratings for Saudi local currency debt
Riyadh – Mubasher: S&P Global Ratings said it is providing GCC National Scale Ratings for entities in Saudi Arabia issuing local currency debt, Reuters reported on Wednesday. Over the past few years, Saudi Arabia, the GCC region’s largest economy, …
Sidpic recorded net profits of EGP 26 million in 2020
3 March 01:15 PM Sidpec mulls offer to transfer polypropylene licence to RSNCRP
Cairo – Mubasher: The board of directors of Sidi Kerir Petrochemicals (Sidpec) decided to study an offer to transfer the ownership of the licence of its polypropylene project to Red Sea National Company for Refining and Petrochemicals (RSNCRP). In …
The planned budget for fiscal year 2021/2022 includes investments of $562 million
3 March 12:55 PM GUPCO plans to raise daily output to 70k barrels
Cairo – Mubasher: The Gulf of Suez Petroleum Company (GUPCO) aims to increase its output to 70,000 barrels per day (bpd). The company’s planned budget for fiscal year 2021/2022 includes investments of $562 million for the implementation of …
3 March 12:43 PM Samsung considers four sites in US for $17bn chip plant
Samsung Electronics Co is considering two sites in Arizona and two others in New York and Texas’ Austin for a new $17 billion chip plant.
Revenues increased to EGP 14.09 billion last year
3 March 12:29 PM Talaat Moustafa Group's profit down 11% in 2020 initial results; dividends proposed
Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) reported consolidated net profits of EGP 1.67 billion in 2020, down by 11% year-on-year (YoY) from EGP 1.87 billion, including minority shareholders’ rights, the unaudited financial …