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11 July 12:35 PM SIDC’s unit inaugurates 1st branch in Egypt
Riyadh – Mubasher: The Arabian Spring and Foam Mattresses Manufacturing Company (Sleep High), an Egypt-based subsidiary of Saudi Industrial Development Company (SIDC), opened its first branch in the City Stars Center Through the branch in Nasr …
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11 July 11:07 AM AMEA Power plans 2,500 MW projects in Egypt
  Cairo – Mubasher: UAE's AMEA Power is planning to launch new renewable energy projects in Egypt with capacities of up to 2,500 megawatts (MW), including solar and wind power projects, said Chairman Hussain Al Nowais. Al Nowais held a meeting in …
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11 July 10:10 AM Stride Ventures makes 1st GCC investment of $1m in Maalexi
Riyadh – Mubasher: Stride Ventures, a global venture debt firm from India, marked a key milestone in its international strategy by announcing its first $1 million venture debt investment in Maalexi as part of a broader GCC commitment. The funding …
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11 July 08:46 AM FRA greenlights EG Bank’s capital raise
Cairo – Mubasher: The Financial Regulatory Authority (FRA) passed the request of Egyptian Gulf Bank (EG Bank) to increase its issued and paid-up capital to $510.10 million from $499.50 million. The $10.60 million raise will be distributed over …
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10 July 05:43 PM EGX’s indices see negative performance on Wednesday
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s trading session lower, with the EGX30 main index down 0.63% to 28,287.98 points. The small- and mid-cap EGX70 EWI as well as EGX100 EWI indices closed the session lower by 0.57% to …
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10 July 03:06 PM Servme, MyFatoorah partner to enhance digital payments in Middle Eastern restaurants
Mubasher: Servme, the leading reservation and guest CRM platform for restaurants and hospitality operators, had entered into a partnership with MyFatoorah, a leading payments platform, to boost payment adoption for restaurants across the Middle …
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10 July 02:59 PM Egypt’s annual headline inflation edges lower to 27.1% in June
Cairo – Mubasher: Egypt’s annual headline inflation rate inched lower to 27.10% in June 2024 from 27.40% in May. The inflation in June was primarily driven by a 30.80% year-on-year (YoY) surge in the prices of food and beverage, and a 55.20% YoY …
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10 July 02:04 PM IHC’s unit completes nearly 20% equity acquisition in Elsewedy Electric; value unveiled
Cairo – Mubasher: The Egyptian Exchange (EGX) has completed the transfer of the ownership of around 427.71 million shares in Elsewedy Electric Company to Two Point Zero Group, a subsidiary of International Holding Company (IHC), for EGP 21.20 …
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10 July 12:48 PM Ezz Steel swings to consolidated profit in Q1-24
Cairo – Mubasher: Ezz Steel shifted to a consolidated net profit after tax of EGP 1.26 billion during the first quarter (Q1) of 2024, compared to a net loss of EGP 2.48 billion in the corresponding period a year earlier. Consolidated net sales …
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10 July 12:27 PM Saudi Arabia tops MENA's VC funding in H1-24 – Report
Riyadh – Mubasher: Saudi Arabia ranked first in MENA in terms of the value of venture capital (VC) investments during the first half (H1) of 2024, attracting $412 million, down 7% year-on-year (YoY), according to a report by MAGNiTT. Around 32% of …
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10 July 11:34 AM Egypt's agricultural exports soars $600m YoY in H1-24
Cairo – Mubasher: The value of Egypt's agricultural exports increased by $600 million year-on-year (YoY) to around $2.69 billion in the first half (H1) of 2024. The volume of agricultural exports rose to over 4.90 million tonnes in H1-24, up …
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10 July 10:13 AM Egypt ratifies $200m energy agreements with local, int’l companies
Cairo – Mubasher: The Egyptian Cabinet has granted preliminary approval for five oil and gas agreements with the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a group of local and international …
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9 July 04:29 PM GCC’s project awards drop 20% YoY in Q2-24 – Report
Mubasher: The GCC saw a notable decline in project awards during the second quarter (Q2) of 2024, with total awards dropping by 19.70% year-on-year (YoY) to $51.70 billion from $64.30 billion in the same period last year. This downturn was …
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9 July 04:03 PM EGX closes Tuesday in green zone
Cairo – Mubasher: The Egyptian Exchange (EGX) ended Tuesday’s trading session higher, with the EGX30 main index up 0.19% to 28,466.24 points. The small- and mid-cap EGX70 EWI as well as EGX100 EWI indices closed the session lower by 0.25% to …
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9 July 12:09 PM Egyptian trade deficit widens 22% YoY in 9M-23/24 – CBE
Cairo – Mubasher: Egypt’s total trade deficit surged by 22.29% year-on-year (YoY) to $28.80 billion during the first nine months (9M) of fiscal year (FY) 2023/2024 from $23.55 billion. Total exports dropped to more than $24.11 billion in 9M-23/24 …
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9 July 11:59 AM Egypt’s FDI soars 200% in 9M-23/24 – CBE
Cairo – Mubasher: Egypt recorded a staggering increase of around 200% year-on-year (YoY) in net inflows of foreign direct investments (FDI) to $23.70 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, against $7.90 …
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9 July 10:05 AM Red Sea disruptions cause Suez Canal’s revenues to drop over 7% YoY in 9M-23/24 – CBE
Cairo – Mubasher: Suez Canal’s transit receipts declined by 7.40% year-on-year (YoY) to $5.80 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, versus $6.20 billion. The net tonnage shrank by 15.60% to 944.9 million …
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9 July 09:47 AM QNB’s H1-24 net profits leap; consolidated assets hit EGP 750.3bn
Cairo – Mubasher: The consolidated net profits of Qatar National Bank Al Ahli (QNB) jumped year-on-year (YoY) to EGP 13.74 billion in the first half (H1) of 2024 from EGP 8.66 billion. QNB reported net interest income amounting to EGP 19.81 …
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9 July 08:47 AM NOW Money, Mastercard partner to foster payment in GCC
UAE - Mubasher: The UAE-based NOW Money partnered with global tech firm Mastercard to boost the payments industry across the GCC region, according to a press release. Through Mastercard payment cards, NOW Money customers will have secure and …
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8 July 04:04 PM EGX’s indices end Monday with varied performance
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices closed with a mixed performance on Monday. The benchmark index, EGX30, declined by 0.67% to close at 28,411.87 points. EGX100 EWI also decreased by 0.14%, closing at 9,127.76 points. On the …
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8 July 02:44 PM EMX introduces EMX International to facilitate e-commerce delivery in GCC
UAE - Mubasher: EMX, a 7X logistics provider, launched EMX International to streamline e-commerce parcel delivery across the GCC region. The new service consolidates shipments to GCC, allowing companies to utilise Dubai as a gateway and optimise …
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8 July 12:54 PM NBK seals 5-year deal to deploy Super iPaaS solution in Middle East
Mubasher: The National Bank of Kuwait (NBK) has entered into a five-year strategic partnership agreement with Software AG, a leading technology solutions company, to utilise its Super iPaaS solution as a unified platform for integrating …
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8 July 12:29 PM Madinet Masr pens MoU for construction of EGP 1bn Sarai project
Cairo – Mubasher: Madinet Masr Housing and Development has signed a memorandum of understanding (MoU) with Aboelwafa Contracting and Real Estate Investment Company to execute the construction work of the Sarai project. The MoU covers the …
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8 July 11:46 AM Saudi Arabia ranks 3rd in EMEA 5G download speeds – Opensignal
Riyadh – Mubasher: Saudi Arabia held the third position in 5G Download Speed among key markets in the EMEA region, according to a report released by Opensignal. The report highlighted that the Kingdom witnessed a significant improvement in 5G …
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8 July 10:42 AM Riyadh ranks among world’s top 15 fastest-growing cities by 2033 – Report
Riyadh – Mubasher: The Saudi Arabian capital, Riyadh, has ranked among the world’s top 15 fastest-growing cities by 2033 based on economy, population, and wealth in the Savills Growth Hubs Index. Riyadh’s population is anticipated to grow by 26% …