Finance News
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Banque Misr, Banque du Caire, Misr Insurance Holding Group, Allianz Egypt launch Real Estate Investment Fund 1
Real Estate Investment Fund 1 signed a deal to purchase commercial real estate assets from Talaat Moustafa Group in Al-Rehab City and Madinaty
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World Bank grants Egypt $9.13 M to expand the greater cairo air pollution management and climate change project
The development of this project is to support Egypt’s 2050 Climate Strategy
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Electro Cable logs higher consolidated profits in 2022; capital reduction proposed
The sales hit EGP 5.69 billion last year, higher than EGP 2.66 billion in 2021, according to the income statements.
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JumiaPay to facilitate e-payment for ZoomCar through new partnership
e-commerce platform has teamed up with Zoomcar to endorse online payment and collection transactions for car rentals, according to a press release.
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Interview: EBRD to invest in Egypt over $1.4 bln in 2023
The EBRD has financed 163 projects since it began operations in the country. Of these projects, 57 percent were directed to the private sector.
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World Bank announces $9.13 mln grant to support Egypt’s climate change efforts
The grant is from the Global Environment Facility (GEF) to expand the scope of the Greater Cairo Air Pollution Management and Climate Change Project.
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Gulf states have given billions in aid to Egypt. Now they want to see returns
The nation is seen by its neighbors as vital to regional stability and has often found a helping hand from richer Arab states.
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Egypt's premier addresses concerns from Qatari investors during his visit to Doha
The PM addressed various concerns coming from Qatari investors, mainly regarding the outflow of money from companies established in Egypt.
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Tax Authority prepares draft law to settle over EGP 10m worth of back taxes
Tawfik said that there is a draft law in the parliament now to settle back taxes worth less than EGP 10m.
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Egypt’s Copal and Mastercard launch family payment app
The app is designed to give parents and custodians control over young family members’ funds, allowing them to easily track and manage finances.
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Cabinet denies reducing “Takaful and Karama” payments due to economic crisis
The ministry stated that currently, 5.2 million families (about 22 million citizens) benefit from the “Takaful and Karama” intiative.
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African development bank holds first industrial and trade business opportunity forum in Egypt
Egyptian businesses keen to increase business and deepen integration with other African countries.
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Misr Beni Suef swings to $4.76mln losses in 2022
The EGX-listed firm reported sales worth EGP 1.84 billion last year, higher than EGP 1.12 billion as of 31 December 2021.
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Sukuk and bond pricing mostly similar; Sukuk less liquid
We expect this trend to continue in 2023. However, the liquidity profile of most Islamic banks in the GCC generally remain intact.
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Kuwaiti investments in Egypt exceed $15B
The two countries established the Egyptian-Kuwaiti Cooperation Council in 2014, with the aim of enhancing means of economic cooperation.
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Egypt in talks with EBRD over under-construction projects
The minister lauded the positive bilateral cooperation with the European bank in carrying out a number of projects in the transport domain.
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AMAN Holding announces 2022 business milestones & future plans for 2023
AMAN Holding future plans aim to provide a more inclusive bundle of non-banking financial products to promote financial inclusion and cashless economy
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Nice Deer collaborates with Misr Finance
Limitless, a subsidiary of Eva Pharma and Estsharion Medical Care signed to adopt the Nice Dear platform to manage their insurance systems.
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Egypt’s first bonds more than four times oversubscribed
The Egyptian Ministry of Finance issued a statement about Egypt’s first bonds system with the aim of resolving part of the US dollar shortage crisis.
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Egypt’s first sovereign sukuk issuance critical step for economy: Fitch Ratings
Some 250 investors from various global markets purchased these bonds, and their proceeds will be directed to finance public investment projects.