Finance News
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Premiums rise by nearly 29% in Egypt
Data from Egypt’s Financial Regulatory Authority showed that local insurers recorded a 28.9% year-on-year growth.
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Due diligence on Egypt’s United Bank to kickstart end of September: CBE
The due diligence for the acquisition of the United Bank is scheduled to start by the end of September 2023.
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Egypt to represent Africa in AIIB's 8th annual meeting in Sharm El-Sheikh
Egypt is set to represent Africa at the eighth annual meetings of the Asian Infrastructure Investment Bank (AIIB)
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Egypt authorizes IFC to issue local currency bonds in global markets
The Egyptian Cabinet has approved permitting the IFC, to issue Egyptian pound bonds in international markets.
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Egyptian President extends Hassan Abdalla's term for one year
Abdalla succeeded the former governor Tarek Amer, who resigned from the position a year before the end of his term.
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Egypt raises governorates’ special funds budget by 32% to make payroll
The Egyptian government has increased allocations to special funds and accounts in governorates, except for Cairo, by 32 percent for the FY23/24.
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Saudi Arabia partners with Egypt and Turkiye on digital economy
These discussions reflected the Kingdom’s commitment to fostering international partnerships in the realm of digital transformation.
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Egypt: Saib Bank reports 78% growth in profits in 1H 2023
The bank’s financial statements revealed an increase in net income from return in local currency by 58%.
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Egypt's 2023/24 budget in the spotlight
The Egyptian Parliament finally approved in June the draft state general budget and the social and economic development plan for the fiscal year 23/24
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Egypt's e-finance eyes launching a digital bank
The Egyptian state-owned company E-Finance For Digital and Financial Investments is studying launching a digital bank.
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Top 10 Egyptian insurance companies
Egypt has a well-established insurance industry, with both life and general insurance companies operating in the country.
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NBE raises return on triple savings certificate to 19.5%
The periodicity of disbursing the return on this type of certificate is quarterly, the minimum purchase period and duration is 3 years.
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Egypt ranks first in volume of foreign investment flows in Africa: UNCTAD
The IDSC also said the net direct foreign investment witnessed a tangible increase in Egypt in 2022.
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Egypt will overcome financial crises through tireless efforts and sound management
The president reiterated that Egypt was exposed to two back-to-back crises triggered by the coronavirus and the Russian-Ukrainian war.
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LE 12B disbursed via immediate cash payment initiative
This maximizes opportunities for expansion of productive and export activities in light of the exceptional circumstances of the global economy.
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Al Baraka Bank records $51mln in profits in 1H 2023, with 38% growth
The standalone financial indicators of Al Baraka Bank during the first half of 2023 showed that a rate of return on average assets was achieved by 2.2
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Al-Sisi directs Sovereign Fund to optimise investment opportunities in Egypt
This will enhance the capabilities of current and future generations of all Egyptians and build a growing and diversified economic and investment base
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Egypt launches first insurance pension in US dollars for expats
Expatriates between 18-59 years old will be able to purchase a pension plan in dollars.
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Egypt e-payment leader Fawry to launch new digital bank by end of 2023
Fawry, Egypt's leading e-payment solutions provider, announced a plan to turn its online payment portal myFawry into a digital bank in 2023.
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Egyptian pound devaluation expected amid inflation concerns, interest rates rise: Capital Economics
The sudden 100 basis point hike, raising the rates to 19.25 percent, took the majority of analysts, including Capital Economics, by surprise.