Finance News
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Egypt’s non-oil business activity expands for first time in three years
This was the second month in a row that businesses increased recruitment amid expectations of more business activity, the survey's results showed.
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Egypt tax revenues rose 25% in July, August
The paper cited unnamed government sources as saying that the increase in tax revenues is attributed to expanding the tax base.
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Saudi-UAE consortium withdraws from major investment project in Egypt
The Egyptian government allocated the project to develop this land to two companies affiliated with the Sovereign Fund of Egypt in March.
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CBE reports first profit in seven years
The CBE also reported a rise in total assets, reaching EGP 6.057trn in June 2024, compared to EGP 4.480trn in June 2023, an increase of EGP 1.6trn.
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Egyptian banking sector records $13.25bn NFA surplus in July, marking continued growth
This marks an increase from the previous month’s surplus of $13.02bn (EGP 626.6bn) in June.
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Egypt’s MaxAB and Wasoko finalize Africa’s largest tech merger
“This merger proves that massive, world-class tech companies can be built in Africa for Africa,” says Belal El-Megharbel, Co-CEO at Wasoko and MaxAB.
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Egypt eyes shift from commodity subsidies to cash payments by July 2025
Currently, Egypt subsidizes essential commodities for more than half of its population.
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Arab African International Bank reports net profit of USD 156MM
Arab African International Bank reports its separate financial statements for the first half of 2024 with a net profit of USD 156MM.
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EGX to rebound strongly in 4Q 2024 despite fluctuations: Experts
All indices reached support levels, with the main index reaching 17,000 points and surpassing its resistance level of 12,000.
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Madbouly and Kouchouk review efforts to lower debt levels
The meeting also addressed the government’s strategies for maintaining fiscal discipline and ensuring that the debt-to-GDP ratio continues to decline.
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Could Egypt’s new finance districts spark a startup revolution?
As Egypt drafts a new law to regulate its finance and business districts, we explore: what does this mean for local entrepreneurs and businesses?
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IMF eases support package conditions for Egypt
This new review involves easing some of the fund’s criteria, and is part of the two reviews the IMF conducts per year before disbursing funds.
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Finance Minister: We eye more British investments in Egypt
Minister of Finance Ahmed Kouchouk has described Britain as key partner to Egypt, saying that it is one of the biggest investors in Egypt.
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Egypt’s economy showing signs of recovery: IMF
Egypt’s banking sector remains stable and financial institutions could achieve profitability and have sufficient capital liquidity, IMF said.
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Egypt sovereign fund appoints Noha Khalil new acting CEO
Khalil's appointment was announced during a TSFE board of directors meeting headed by Minister Rania Al-Mashat.
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Entrepreneurship sector attracts $2B in FDI
This came during the release of Entlaq’s Egyptian Entrepreneurship Sector Diagnostics Report for the first half (H1) of 2024.
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PM Madbouly reappoints Ahmed Elsheikh EGX chairman for 2nd term
Ahmed Elsheikh appoints as the Egyptian Stock Exchange's chairman and Heba ElSerafi as the vice chairman for a one-year term, starting 26 August.
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CBE clarifies limits on foreign and domestic currency exchange
The bank emphasized that it had previously increased the daily withdrawal limit for domestic currency from ATMs to LE30,000 in April.
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New survey spotlights Egypt’s progress in financial transparency and oversight
Egypt has improved its position by six spots in the 2023 Open Budget Survey, now ranking 63rd among 125 countries.
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Egypt exceeds global average in budget oversight for 1st time at 54 pts
Egypt has exceeded the global average in budget oversight for the first time achieving 54 points.