Finance News
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UAE, KSA and Egypt Play Key Roles in Growing Middle East Fintech
The tech savviness of consumers in the Middle East, especially in the UAE, is a large reason the fintech industry has continued to grow.
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Egyptian Tax Authority, Industries Union unite for smooth tax-customs integration
He emphasised the significant technological advances made by both the Ministry of Finance and the Egyptian Tax Authority.
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Here are Wealthiest Arab Cities in 2023
Cairo ranked 5th in the Arab world, and the 2nd richest in Africa. With 7,400+ millionaires, 5 billionaires, and 27 people with wealth over $100mln.
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Azimut Egypt set to launch sovereign-bonds investment fund for Egyptian expats
Azimut Egypt is considering launching an investment fund for Egyptian expats to attract subscriptions in foreign currency.
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Egyptian Bonds Seize Biggest Gains in Emerging Markets after Rate Hike
The bonds due in February 2026 increased about 0.9 cents on the dollar to 53.4, snapping its biggest gain since July 14.
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Egyptian Banks to Raise Rates to 19.5% following CBE's Decision
The interest rate on the platinum certificate with a variable return offered through the NBE is expected to increase from 18.5% to 19.5%.
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Egypt's foreign exchange reserves rise by $72M in July
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
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Egypt’s central bank raises interest rates by 1%
The rates of the overnight deposit and lending return were raised by 100 basis points, to reach 19.25%, 20.25% and 19.75%, respectively.
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CIB launches 6 percent 1-year USD certificates in Egypt
The Commercial International Bank (CIB) launched Thursday a one-year USD-denominated certificate of deposits (CDs) with a monthly yield of 6 percent.
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Crédit Agricole Egypt generates over $81mln consolidated profits in H1-23
In the January-March 2023 period, the EGX-listed bank posted a 148.96% leap in consolidated net profit.
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Will Egyptian banks offer new high-yield CDs?
Metwally added that after the decision, the variable interest rates on deposits will rise directly by one percent.
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EBRD invests €27 mln in Egyptian bonds to finance municipal infrastructure
The European Bank for Reconstruction and Development (EBRD) has invested €27 million in securitized bonds issued in Egypt.
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NCW head: Financial inclusion “cornerstone” of women’s economic empowerment
President of the National Council for Women (NCW) Maya Morsy has said financial inclusion is the cornerstone of women’s economic empowerment.
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Egyptian pound to be devalued in September/October: Morgan Stanley
US investment bank Morgan Stanley anticipates that the Egyptian pound’s exchange rate against foreign currencies will further decline.
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Int’l Cooperation: Saudi grants worth dlrs 1.5 bn to 3,524 projects in Egypt
This came in a report released by the Ministry of International Cooperation to review current efforts to upgrade the micro, small and medium projects.
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Egypt's banks offer fee-free accounts with no minimum deposit until mid-August
This is in light of the Central Bank of Egypt’s (CBE) celebration of International Youth Day on 12 August.
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Egypt's net foreign assets deficit soars 125 percent to $27 bln over a year: CBE
The deficit in Egypt's net foreign assets surged by over 125 percent on a yearly basis in June, according to data released by the CBE.
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Egyptian expats to soon invest in high-return national projects through new company
A group of high-profile Egyptian investors abroad will soon establish an investment company to engage the country’s expats in high-return project.
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Tamweely Microfinance launches new financing line to back SMEs: Egypt
The new line will provide financing ranging between EGP 220,000 and EGP 7 million per ticket for a start, targeting SMEs.
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National Dialogue warns against unsustainable public debt
Abdel Fattah El-Gebaly, warned that Egypt's public debt has reached 113 percent of the GDP.