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03 July 07:04 PM

Banking

The greenback slid to EGP 16.08 for buying at ALEXBANK and Suez Canal Bank
30 June 04:01 PM USD falls against EGP at local banks on Tuesday
Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound fell by about EGP 0.02 at local banks on Tuesday. The greenback slid to EGP 16.08 for buying and EGP 16.18 for selling at ALEXBANK and Suez Canal Bank. Meanwhile, the USD …
Macroeconomics
Mansour Group, from Egypt, came in first place
28 June 03:24 PM Top 100 Arab family businesses include 36 Saudi firms - Forbes
Mubasher: Saudi Arabia has dominated this year’s Forbes Middle East Top 100 Arab Family Businesses, which are seen as the backbone of the region's economy. Saudi Arabia came in the lead with 36 family businesses, followed by the UAE with 21 …
Global Economy
Minister of International Cooperation - Rania Al-Mashat
17 June 05:54 PM AfDB supports Egypt’s electricity, green growth with EUR 225m
Cairo – Mubasher: The African Development Bank Group (AfDB) approved the provision of EUR 225 million to finance Egypt’s Electricity and Green Growth Support Program (EGGSP).  The facility will help the Egyptian government in meeting its financing …
Macroeconomics
The greenback advanced to EGP 16.17 for buying at AAIB
7 June 04:11 PM EGP slides to lowest level against USD since October 2019
By: Heba El-Kordy Cairo – Mubasher: The Egyptian pound exchange rate continued its declining trend against the US dollar, nearing the lowest level since 21 October 2019, according to data compiled by Mubasher. For the second week in a row, the USD …
Macroeconomics
The USD went up to EGP 15.86 for buying at NBE
1 June 01:15 PM USD almost hits EGP 16 at local banks on Monday
Cairo – Mubasher: The US dollar continued to increase against the Egyptian pound during early trading at local banks on Monday, almost hitting EGP 16 for the first time in five months. The USD went up to EGP 15.86 for purchasing and EGP 15.96 for …
Banking and Finance
Saudi Aramco is currently the most profitable company worldwide
26 May 11:02 AM World's top 2,000 list includes 40 Arab companies; Aramco ranked 5th
By: Amal A. Wahaab Mubasher: This year's Forbes Global 2000 list saw the inclusion of 40 companies from the Arab world in the magazine's ranking of the world's top 2,000 companies, based on assets, profits, revenues, and market value.  Oil giant …
Global Economy
Phoenix Commodities Pvt was recently placed in liquidation
11 May 10:58 AM CBI denies financial exposure to Phoenix Commodities
Abu Dhabi – Mubasher: Commercial Bank International (CBI) has negated any financial exposure to Phoenix Commodities Pvt or its related parties, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday. Founded 20 …
Bankruptcy
The USD rose to EGP 15.69 for buying at CBE
26 April 02:43 PM USD stabilises against EGP at local banks on Sunday
Cairo – Mubasher: The Egyptian pound exchange rate has stabilised against the US dollar during mid-trades on Sunday at local banks. The USD remained unchanged at EGP 15.68 for buying and EGP 15.78 for selling at the National Bank of Egypt (NBE) …
Banking and Finance
Domestic M&A registered a 92% annual drop in Q1-20
16 April 11:42 AM MENA M&A deals record $14.8bn in Q1-20 – Report
Dubai – Mubasher: Investment banking fees in the Middle East and North Africa (MENA) region rose by 11% year-on-year (YoY) to an estimated $188.8 million during the first quarter (Q1) of 2020, with three-figure gains recorded across mergers and …
Mergers and Acquisitions
The fund will focus on Egypt, Morocco, and Tunisia
13 April 01:37 PM IFC to invest $20m in North Africa-focused fund
Cairo – Mubasher: The International Finance Corporation (IFC), a member of the World Bank Group, will inject $20 million into a private equity fund manager SPE AIF I operating in MENA. The investment aims to help small- and medium-sized …
Macroeconomics
Minister of international cooperation - Rania Al Mashat
6 April 12:51 PM AfDB allocates $3bn to support member countries’ efforts against COVID-19
Cairo – Mubasher: The African Development Bank Group (AfDB) allocated $3 billion to support efforts to curb the spread of the novel coronavirus (COVID-19) in member states, including Egypt, director of AfDB's Country Office, Malin Bloomberg, said. …
Global Economy
CBK eased the risk weighting for SMEs to 25% from 75%
2 April 01:09 PM Kuwait C. bank offers stimulus to support vital sectors, SMEs
Mubasher: The Central Bank of Kuwait (CBK) on Thursday announced a stimulus package to help vital economic sectors, projects of added value, and small and medium-sized enterprises (SMEs) cushion the impact of the coronavirus outbreak. The new …
Global Economy
President of Egypt, Abdel Fattah El-Sisi
27 March 06:07 PM Egypt calls for African debt relief by G20 countries
Cairo – Mubasher: President of Egypt, Abdel Fattah El-Sisi, has presented an initiative to the G20 group to consider easing debt burdens on African countries, in light of the impacts of the coronavirus (COVID-19) crisis on the continent’s …
Banking and Finance
The economic stimulus package aims to mitigate the impacts of the coronavirus epidemic
16 March 11:36 AM Abu Dhabi introduces 16 economic initiatives amid COVID-19 outbreak
UAE – Mubasher: The government of  Abu Dhabi has launched 16 initiatives under the emirate’s economic stimulus package, aiming to protect the economy from the repercussions of the coronavirus (COVID-19) epidemic, as directed by Crown Prince of Abu …
Global Economy
The programme aims to mitigate the impacts of the COVID-19 outbreak
15 March 01:57 PM SAMA supports SMEs with SAR 50bn against COVID-19
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has introduced the “Private Sector Financing Support Program” with a total value of about SAR 50 billion. The programme aims at supporting the private sector to promote economic growth …
Global Economy
The USD fell by EGP 0.04 to EGP 15.64 for buying at EG Bank
9 March 01:35 PM USD rises against EGP at local banks on Monday
Cairo – Mubasher: The Egyptian pound exchange rate went down against the US dollar at local banks on Monday amid rising concerns over the spread of the new coronavirus (COIVD-19). The USD grew by EGP 0.05 to EGP 15.64 for buying and EGP 15.74 for …
Banking and Finance
The fund is currently at the cabinet’s disposal
8 March 03:12 PM Kuwait C. bank sets up KWD 10m fund to combat coronavirus
Mubasher: The Central Bank of Kuwait (CBK) has established a KWD 10 million ($32.8 million) fund financed by Kuwaiti banks to promote the government’s efforts against the spread of the China coronavirus (COVID-19).    The initiative is part of the …
Global Economy
The greenback went down to EGP 15.57 for buying at SAIB
5 March 04:43 PM EGP returns to upward trend against USD on Thursday
Cairo – Mubasher: The US dollar exchange rate returned to its downward trend against the Egyptian pound at the end of Thursday’s transactions at local banks.  The USD declined by EGP 0.04 to EGP 15.59 for buying and EGP 15.69 for selling at Al …
Currencies
The USD dropped to EGP 15.65 for buying at ADIB
17 February 02:43 PM USD falls against EGP at local banks on Monday
Cairo – Mubasher: The US dollar exchange rate declined against the Egyptian pound at 12 local banks on Monday. The USD dropped to EGP 15.65 for buying and EGP 15.75 for selling at Abu Dhabi Islamic Bank (ADIB) and EGP 15.63 for buying and EGP …
Banking and Finance
Egypt’s gold reserves increased to $3.424 billion
9 February 02:57 PM Egypt’s gold reserves up $123m in January amid coronavirus worries
Cairo – Mubasher: Gold reserves in Egypt rose in January for the second month in a row as concerns about the spreading coronavirus fuelled safe-haven demand. Egypt’s gold reserves increased by $123 million to $3.424 billion in January from $3.301 …
Central Banks
AfDB has investments in 100 Egyptian projects
1 February 06:05 PM AfDB invests $6.76bn in Egypt
Cairo – Mubasher: African Development Bank Group’s (AfDB) investments in Egypt reached $6.76 billion in over 100 projects in electricity, water and sanitation, and other fields, Ahram Online reported on Saturday. The bank’s country manager in …
Macroeconomics
The African Development Bank
29 January 04:25 PM AfDB approves $22m loan to Corplease
Cairo – Mubasher: The African Development Bank (AfDB) on Wednesday approved a $22 million senior loan to Egypt’s Corporate Leasing Company (Corplease). The loan will help Corplease expand its operations, and $7 million of the $22 million will to …
Banking and Finance
Burgan Bank expects the deal to improve the quality of its assets
28 January 09:51 AM Burgan Bank gets approval for selling stake in Bank of Baghdad
Mubasher: The Central Bank of Iraq (CBI) has approved the sale of Burgan Bank’s 51.8% stake in Bank of Baghdad to United Gulf Holding Company (UGH), a sister company of the Kuwait-based bank and another subsidiary of the Kuwait Projects Holding …
Banking and Finance
Finastra's solutions cover 90% of banks’ needs
20 January 11:19 AM Interview: We look to repeat Finastra Egypt Digital Trade Forum – Serge Tohme
Mubasher: Finastra was founded in 2017 from the merger of two fintech giants, D+H, a leading financial technology provider and Misys, which provides software solutions focused on retail and corporate banking services. Serge Tohme, Managing …
The EGP exchange rate climbed to EGP 15.86 for buying
14 January 11:39 AM Egyptian banks receive $1.7bn foreign cash inflows in 4 days
Cairo – Mubasher: foreign cash inflows into banks operating in Egypt reached $1.7 billion in just four days ending on Monday, 13 January, according to a statement by the Central Bank of Egypt (CBE). Such inflows have helped push the Egyptian pound …
Central Banks