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The facility will be used for a loan repayment
1 hour ago Palm Hills signs EGP 505m facility agreement with AUB Egypt
Cairo – Mubasher: Palm Hills Development Company has signed an EGP 505 million short-term facility agreement with Ahli United Bank (AUB) Egypt, according to a bourse statement released on Tuesday. The company announced that it will use the …
Revenue dropped to EGP 215.52 million
2 hours ago Misr Hotels’ profit shrinks 5.6% YoY in H1-19/20
Cairo – Mubasher: Misr Hotels’ net profit declined by 5.62% year-on-year during the first six months of the fiscal year 2019/2020. The company’s net profit reached EGP 117.05 million from July to December 2019, compared to EGP 124.03 million in …
The bank’s assets rose to EGP 102.74 billion in December
2 hours ago Faisal Islamic Bank’s business records EGP 108.3bn in Dec. 2019
Cairo – Mubasher: Faisal Islamic Bank of Egypt’s business volume grew by 13.5% year-on-year to EGP 108.3 billion at the end of December 2019. The bank’s assets rose to EGP 102.74 billion in December from EGP 93.77 billion in the same month a year …
3 hours ago Kia Motors to invest $25bn in EV development by 2025
Mubasher: Kia Motors Corporation announced its mid- to long-term strategy, ‘Plan S’, which aims to strengthen the company’s leading position in the future automotive industry.
3 hours ago Facebook to create 1,000 jobs in London this year
Mubasher: Facebook is planning to hire 1,000 people in London in 2020, the company’s vice president for the EMEA Nicola Mendelsohn stated on Tuesday.
Loans provided to the private sector reached EGP 796.1bn
4 hours ago Egyptian banks grant EGP 1.85trln loans in FY18/19
Cairo – Mubasher: Total loans provided by Egyptian banks grew by 13.7% year-on-year to EGP 1.85 trillion during the fiscal year 2018/2019, according to a report released on Tuesday by the Central Agency for Public Mobilization and Statistics …
4 hours ago New EU rules pose challenge for car manufacturers - GlobalData
The industry will see a highly competitive year with new EU CO2 rules coming into effect
A total of 17,000 residential units were built in partnership with the private sector
4 hours ago Egypt's gov’t builds 437k residential units in 2019
Cairo – Mubasher: The Egyptian government established 437,000 residential units over the course of 2019, according to data revealed by the cabinet’s Media Center on Tuesday. A total of 17,000 residential units were built in partnership with the …
The value of factored securities reached EGP 10.6 billion
5 hours ago Egypt’s financial leasing firms ink contracts at EGP 55.9bn in 2019
Cairo – Mubasher: Financial leasing companies in Egypt signed 2,944 contracts in 2019, compared to 2,361 contracts a year earlier, the Financial Regulatory Authority (FRA) said. The value of contracts amounted to EGP 55.9 billion last year, up …
Family deposits increased by 14.5% to EGP 2.71 trillion
5 hours ago Egypt’s bank deposits hit EGP 3.99trln in FY18/19 – CAPMAS
Cairo – Mubasher: Egypt's bank deposits grew by 12.4% year-on-year to EGP 3.99 trillion during fiscal year 2018/2019, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Tuesday.  Family deposits …
02:10 PM GlobalData sees positive outlook for construction industry in 2020
Mubasher: Prospects for the world’s construction industry in 2020 are generally positive, although it has been facing challenges to achieve growth momentum.
Total direct support to the project amounted to EGP 4.6 billion
01:34 PM Egypt's housing ministry spends EGP 60bn on social housing units
Cairo – Mubasher: Egypt has spent EGP 60 billion so far out of total EGP 195 billion needed for the establishment of 1 million social housing units, the country’s housing minister Assem El-Gazzar said. Total direct subsidies to the project …
The subscription involved 254.47 million shares
01:21 PM Beltone’s rights issue 90.8% covered
Cairo – Mubasher: Beltone Financial Holding announced that subscription to its rights issue was covered by 90.8%. The subscription involved 254.47 million shares valued at EGP 508.94 million, along with issuance expenses of EGP 5.08 million, the …
The two real estate developments are expected to generate sales of about EGP 10 billion
12:30 PM DM Development to launch New Cairo, North Coast projects at EGP 3bn in FY21/22
By: Fahd Omran Cairo – Mubasher: DM Development is looking to launch two property projects in the North Coast and New Cairo by the beginning of fiscal year 2021/2022. With total investments of EGP 3 billion, the North Coast project and the New …
The drop in interest rate have helped narrow budget deficit
11:44 AM Egypt’s debt burden to drop EGP 280bn annually on lower borrowing costs
Cairo – Mubasher: Egypt’s public debt burden is expected to decrease by EGP 280 billion annually on the back of lower borrowing costs with the declining interest rates, the Middle East News Agency (MENA) recently reported, citing informed sources …
CIB is the largest private sector bank in Egypt with the largest market cap
11:25 AM CIB to secure $100m Tier II capital facility from UK’s CDC
Cairo – Mubasher: The Commercial International Bank – Egypt (CIB) has signed a memorandum of understanding (MoU) with the UK’s impact investor and development finance institution CDC Group. Under the MoU, CDC Group will provide $100 million of …
The agreement was signed on the sidelines of the UK-Africa Investment Summit
11:01 AM Egypt’s sovereign fund inks MoU with Actis to help draw investments
Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) has signed a memorandum of understanding (MoU) with and the UK-based leading private equity firm Actis to explore potential investment opportunities in several sectors in the North African …
The overall budget deficit widened to 3.8% in H1-19/20
20 January 05:58 PM Egypt eyes 5.8-5.9% GDP growth in FY19/20
Cairo – Mubasher: The Egyptian finance minister Mohamed Maait expected the country’s gross domestic product (GDP) to grow by 5.8-5.9% by the end of fiscal year 2019/2020, compared to a previous target of 5.6%, Reuters reported on Monday. During …
20 January 05:33 PM Hong Kong’s card payments may top 1bn in 2020 -GlobalData
Mubasher: Total number of card payments in Hong Kong is likely to increase to 1 billion in 2020 from 642.0 million in 2015, GlobalData said.
Egyptian exports to the UK went up to GBP 720.8 million
20 January 05:17 PM Egypt-UK bilateral trade records GBP 1.7bn in 9M
Cairo – Mubasher: Trade exchange between Egypt and the UK reached GBP 1.7 billion ($2.29 billion) during the first nine months of 2019, marking a 9.4% year-on-year growth. Egyptian exports Egyptian exports to the UK went up to GBP 720.8 million in …
Talaat Moustafa Group submitted a request to purchase a 500-feddan land plot
20 January 04:06 PM Talaat Moustafa Group likely to finalise talks over west Assiut land in month
By: Abdullah Bedeir Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) is in negotiations with the Ministry of Housing’s New Urban Communities Authority (NUCA) to purchase a land plot, the company’s CEO and managing director Hisham …
The petroleum sector in the North African nation generated EGP 10 billion in revenue
20 January 03:33 PM Egypt’s fuel subsidies hit EGP 7bn in Q1-19/20
By: Ahmed Ammar Cairo – Mubasher: Egypt’s spending on fuel subsidies reached about EGP 7 billion during the first quarter of fiscal year 2019/2020, the country’s deputy finance minister Ahmed Kouchouk revealed. The petroleum sector in the North …
Tax revenues reached EGP 304 billion in the July-December period
20 January 03:07 PM Egypt’s revenues surpass EGP 390bn in H1-19/20
Cairo – Mubasher: Egypt’s revenues stood at EGP 390.1 billion during the first half of fiscal year 2019/2020, rising by 0.5% year-on-year, the country’s finance minister Mohamed Maait said. However, grants offered to Egypt plunged to EGP 800 …
Ministry of Finance
20 January 02:32 PM Foreign investments in Egypt’s debt instruments hit $22bn end 2019
By: Ahmed Ammar Cairo – Mubasher: Foreign holdings of the Egyptian public debt instruments amounted to $22 billion at the end of December 2019, the country’s finance minister Mohamed Maait said. Moreover, government securities to investors …
Talaat Moustafa Group logged net profits of EGP 1.37 billion in nine months
20 January 01:47 PM Talaat Moustafa Group to issue sukuk in April
By: Abdullah Bedeir Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) is looking to issue sukuk by April, the company’s CEO and managing director Hisham Talaat Mostafa said. Over the course of 2020, the real estate developer aims to …