North africa news

The Egyptian Exchange (Photo credit: Mubasher)
25 May 03:40 PM EGX30 closes above 13,000 pts
Cairo – Mubasher: The benchmark EGX30 index of the Egyptian Exchange (EGX) rose at Thursday’s close by 1.63% or 209.98 points to the level of 13,094.42 points. The EGX70, EGX100, and EGX50 indices also increased by 0.49%, 0.94%, and 1.02%, …
Egypt's investment and international cooperation minister Sahar Nasr
25 May 02:52 PM Greek companies to pump new investments into Egypt
Cairo – Mubasher: The ambassador of Greece to Cairo, Michel Christos Diamisis, said that 17 Greek companies plan to inject new investments into development projects in Egypt. Egypt's investment and international cooperation minister Sahar Nasr …
Photo Credit: Arabianeye-Reuters
25 May 02:48 PM Kuwait crude oil up 69 cents Wednesday – KPC
Kuwait – Mubasher: The price of Kuwait’s crude oil rose by 69 cents to settle at $50.97 per barrel (pb) on Wednesday, compared to $50.28 pb on Tuesday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). At the global …
(Photo Credit: One of Telecom Egypt branches)
25 May 01:35 PM TE, Etisalat Egypt ink agreement to provide mobile services
Cairo – Mubasher: Telecom Egypt (TE) will sign an agreement with Etisalat Egypt on Thursday to provide 2G and 3G mobile services through the latter, Reuters reported, citing sources from TE and the Egyptian Ministry of Communications and …
The investment budget for the next year was set at EGP 1.5 million.
25 May 01:11 PM Wadi Kom Ombo OGM approves FY17/18 budget
Cairo – Mubasher: Wadi Kom Ombo Land Reclamation said Thursday that its ordinary general meeting (OGM) has adopted the budget draft for fiscal year 2017/2018. The company targets a profit of EGP 1 million in FY17/18, compared to an estimated …
(Press release photo)
25 May 12:36 PM LG Electronics to raise investments in Egypt to EGP 3bn
Cairo – Mubasher: LG Electronics has decided to increase its investments in Egypt from EGP 100 million to EGP 3 billion, Egypt's investment and international cooperation minister Sahar Nasr said on Thursday. The minister added that she has …
The Egyptian Exchange (Photo credit: Mubasher)
25 May 12:12 PM Eskanta sells stake in ICID for EGP 1.2m
Cairo – Mubasher: Arab African International Securities said Thursday that International Company for Housing and Construction (Eskanta) has sold its 1.85% stake in International Company for Investment and Development (ICID). Eskanta sold about …
The Egyptian Exchange (Photo credit: Mubasher)
25 May 11:36 AM EGX opens in green on foreign, Arab purchases
Cairo – Mubasher: The Egyptian Exchange’s (EGX) benchmark EGX30 index rose at Thursday’s open by 1.17% or 151.96 points to the level of 13,036.41 points. Likewise, the EGX70, EGX100, and EGX50 indices grew by 0.50%, 0.68%, and 0.9%, respectively. …
The company’s profits for FY16 reached EGP 31.5 million.
25 May 11:29 AM Modern Shorouk OGM approves 50 piasters/shr dividends
Cairo – Mubasher: Modern Shorouk Printing and Packaging’s ordinary general meeting (OGM) has approved to distribute cash dividends of 50 piasters per share for fiscal year 2016. The OGM also adopted the financial statements for the year ended 31 …
Revenues for the first nine months of FY16/17 increased to EGP 2.4 billion
25 May 11:12 AM Middle Egypt Mills profits rise 146% in 9M
Cairo – Mubasher: Middle Egypt Flour Mills on Thursday posted a rise of 146% in profits for the first nine months of fiscal year 2016/2017 to EGP 91.7 million, compared to EGP 37.24 million for the same period of FY15/16. Revenues for the first …
Net profit amounted to EGP 55.97 million in the first 10 months of EY16/17
25 May 11:00 AM General Company for Silos profits up 39% in 10M
Cairo – Mubasher: General Company for Silos and Storage’s profits for the first ten months of fiscal year 2016/2017 rose by 39% year-on-year. Net profit amounted to EGP 55.97 million in the first ten months of FY16/17, versus EGP 40.27 million for …
The Central Bank of Egypt
25 May 10:53 AM CBE to issue bills worth EGP 12.75bn Thursday
Cairo-Mubasher: The Central Bank of Egypt (CBE) will issue EGP 12.75 billion in treasury bills on Thursday, on behalf of the Ministry of Finance (MoF). The issue will be used to finance the country’s budget deficit, the bank said in a statement. …
The OGM has adopted an investment budget worth EGP 14 million for FY17/18
25 May 10:49 AM North Cairo Mills OGM adopts FY17/18 budget
Cairo – Mubasher: North Cairo Flour Mills’ ordinary general meeting (OGM) has approved the budget draft for fiscal year 2017/2018. The company targets a net profit of EGP 28.1 million for FY17/18, compared to an estimated budget of EGP 22.4 …
One of Dana's projects (Photo Credit: Company Website)
25 May 08:56 AM Dana Gas to carry out additional drilling activities in Egypt
Abu Dhabi – Mubasher: Dana Gas said its board has approved the additional limited drilling activities to be carried out in Egypt, after receiving dues from the country’s government, according to a bourse filing. The Abu Dhabi-listed energy firm …
Photo Credit: Company Website
24 May 11:19 PM Mubasher maintains Elsewedy overweight recommendation
Cairo - Mubasher: Pharos Research has reiterated their overweight recommendation on Elsewedy Electric, with a fair value (FV) of EGP 111.5 per share, according to a recent report. The research firm attributed its recommendation and evaluation to …
The Egyptian Ministry of Finance
24 May 10:07 PM Egypt to get $3bn from Eurobonds in May
Cairo - Mubasher: The Egyptian Ministry of Finance (MoF) said that it will raise $3 billion from Eurobonds sale by the end of May, as reported by Reuters on Wednesday. Finance minister, Amr El-Garhy said they have received demands with a total …
Photo Credit: Arabianeye-Reuters
24 May 10:06 PM EFG Hermes showing interest in Nomu-Parallel Market
By: Amr Adel Dubai - Mubasher: The Co-Head of EFG Hermes investment banking, Mohamed Fahmi, said that the group is interested in the Saudi Nomu-Parallel Market. Fahmi said in an answer to a question from Mubasher during a press event in Dubai that …
Net profits after taxes amounted to EGP 6 billion
24 May 08:36 PM NBE profits up 4% in H1-FY16/17
Cairo - Mubasher: The National Bank of Egypt (NBE) reported 4% growth in net profits for the first half of fiscal year 2016-2017, according to a press release. The bank said in a statement that net profits totalled EGP 6 billion in the six-month …
Photo Credit: Arabianeye-Reuters
24 May 08:02 PM Saving balances in Egypt grow 19% to EGP2.7tr
Cairo - Mubasher: The Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) said that total individuals’ saving deposits grew 19.1%. Saving deposits reached EGP 2.664 trillion in fiscal year 2015-2016 compared to EGP 2.237 …
Photo Credit: Arabianeye-Reuters
24 May 07:34 PM Moody’s downgraded Hong Kong’s rating
Mubasher: Financial Services has downgraded Hong Kong’s rating on Wednesday, after recently cutting its rating on China, according to a recent report. The rating agency downgraded local and foreign currency ratings on Wednesday from AA2 to AA1, …
Photo Credit: Arabianeye-Reuters
24 May 06:43 PM Kuwaiti oil exports to China up 38% in April
Mubasher: Kuwait's crude oil exports to China surged 37.5% in April 2017 to 1.63 million tons, equivalent to around 397,000 barrels per day (bpd), government data showed, according to Kuwait News Agency (KUNA). Kuwaiti shipments of crude oil to …
Photo Credit: Company Website
24 May 06:27 PM Hermes considering 4-6 M&A deals in the UAE
By: Amr Adel Dubai - Mubasher: The Co-Head of EFG Hermes investment banking, Mohamed Fahmi, said that his group is considering managing six to eight new investment operations in the UAE markets. In a press event in the group’s headquarters in …
Photo Credit: Arabianeye-Reuters
24 May 04:48 PM UAE supports extending the OPEC agreement - Minister
Abu Dhabi - Mubasher: The United Arab Emirates minister of energy, Suhail bin Mohammed Al Mazroui, said on Wednesday that his country supports extending the oil output cut agreement. The UAE is ready to endorse a six or a nine-month extension …
The Egyptian Exchange (Photo credit: Mubasher)
24 May 04:07 PM EGX30 gains 93 pts at close, market cap up EGP 5.74bn
Cairo – Mubasher: The benchmark EGX30 index of the Egyptian Exchange (EGX) ended Wednesday’s session with an increase of 0.72% or 92.61 points, to the level of 12,884.44 points. Similarly, the EGX70, EGX100, and EGX50 indices rose by 0.48%, 0.68%, …
Photo Credit: Arabianeye-Reuters
24 May 03:52 PM Oman oil prices rise 89 cents
Mubasher: The price of Oman oil futures for July delivery went up by 89 cents per barrel today, according to the data of the Dubai Mercantile Exchange (DME). Data showed that Omani crude oil registered $53.24 per barrel (pb) on Wednesday, compared …