The African Development Bank (AfDB) and the European Investment Bank (EIB) have signed a joint partnership action plan aiming to stimulate public and private sector investments in Africa amid the ongoing COVID-19 crisis.
The joint action plan (...)
Africa's economy shrank by 2.1 percent in 2020 and is expected to grow by 3.4 percent in 2021 as the global economy recovers from the COVID-19 pandemic and its severe impacts, according to the President of the African Development Bank (AfDB), (...)
The Egyptian banking sector is expected to be stable in 2021 even as profitability comes under pressure due to falling net interest margins and growing non-performing loans, according to Moody's Investors Service.
Profitability of Egyptian banks (...)
Egypt witnessed the signing of five gold exploration agreements between local and Canadian companies and the Egyptian Mineral Resources Authority (EMRA), according to the Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla.
The (...)
A consortium led by Bombardier Transportation has confirmed on Wednesday a deal with the Egyptian government to build two new monorails thanks to £1.7 billion ($2.3 billion) backing from UK Export Finance (UKEF).
This is the largest amount of (...)
U.S. President Donald Trump has left on Wednesday the White House for the final time in his tumultuous presidency. The 45th President will skip the inauguration of his successor Joe Biden, choosing instead to fly to Florida, via Maryland for a (...)
First Abu Dhabi Bank (FAB) has signed a definitive agreement for the acquisition of 100 percent share in Bank Audi's Egyptian subsidiary, the two banks announced in a joint statement on Wednesday.
This agreement follows the completion of an in-depth (...)
Egypt agreed with Qatar to resume diplomatic relations between them, according to the Egyptian foreign ministry announced.
"Arab Republic of Egypt and the State of Qatar exchanged, today, January 20, 2021, two official memoranda, in virtue of which (...)
Egypt's stock exchange's (EGX) indexes closed higher on Wednesday, with the benchmark EGX 30 index advancing 0.98 percent to 11,599 points.
The EGX 70 EWI index of the leading smaller and mid cap enterprises (SME) surged 1.06 percent to 2,303 (...)
Egyptian state-owned companies are "eclipsing" the private sector despite IMF-backed structural reforms designed to reorient the economy toward private sector growth, according to Reuters
Revenues at 17 non-oil, public sector holding companies more (...)
London-listed Centamin reported on Tuesday that gold production from the Sukari gold mine in Egypt for the fourth-quarter 2020 was 67,996 ounces (oz), which is in-line with the quarterly guidance range of 60,000 to 70,000 oz.
Gold production for (...)
Alibaba founder Jack Ma has emerged after weeks out of the spotlight, which sparked speculation about his whereabouts as his companies face increased regulatory scrutiny.
Alibaba's Hong Kong-listed stock was up over 8% on news of his (...)
Egypt's Juhayna Food Industries chairman Safwan Thabet resigned and has handed over the role of board member to Ahmed El Wakil, the company announced in a bourse filling on Wednesday.
"The Board of Directors of Juhayna Food Industries has (...)
Egypt reported 899 new coronavirus cases and 58 deaths on Tuesday, the country's health ministry said in a statement.
The total infection tally reached 158,174, while the death toll hit 8,696 since the outbreak began domestically in (...)
A fresh 170 million Egyptian pound ($10.8 milion) securitised bond issuance EFG Hermes is looking to take to the Egyptian market should soon get regulatory approval, the country's watchdog head told local press on Tuesday.
EFG Hermes has already (...)
The London-based financial institution, Standard Chartered maintained its previous forecast for Egypt's economy to be one of the top 10 economies in the world by 2030 in terms of gross domestic product (GDP) growth.
Egypt is the only country in the (...)
Egypt's stock exchange's (EGX) indexes bounced back on Tuesday, with the benchmark EGX 30 index gaining 0.31 percent to 11,485 points.
The EGX 70 EWI index of the leading smaller and mid cap enterprises (SME) advanced 0.77 percent to 2,278 points, (...)
The National Bank of Egypt (NBE) and Banque Misr announced the launch of Gardenia City with investments of 26 billion. Egyptian pounds.
A consortium comprised of Al Ahly Sabbour Development and Founders, a subsidiary of Hyde Park, will be (...)
Egypt has sent on Monday a planeload of medical supplies and medicines to Jordan to help it deal with its ongoing coronavirus crisis.
The shipment was sent in collaboration with the health ministry on a military transport plane as per the directives (...)
EFG Hermes ranked first for in Egypt, Kuwait, Dubai, and Kenya, placing second in Abu Dhabi and Nigeria (by value traded), and securing a third-place spot in Oman during FY 2020.
The leading financial services corporation in frontier emerging (...)
IT exports are getting a shot in the arm with export incentives from ITIDA's annual Export IT program. The program is designed to encourage local IT companies to boost exports, secure their position in existing markets, and increase market (...)
Egyptian state-run automaker El Nasr Automotive Manufacturing signed on Monday a framework agreement with China's Dongfeng Motor Industry Import and Export Company to produce electric cars in Egypt.
Egyptian Minister of Public Business Sector Hisham (...)
New criteria for inclusion in the country's most important stock index, EGX 30, are rolling out next month, according to EGX Chairman Mohamed Farid.
The changes aim to make the EGX30 more attractive to foreign investors by giving more weight to (...)
Egyptian textiles company Giza Spinning and Weaving is delaying plans for an initial public offering (IPO) until at least the first quarter of 2022 due to financial market uncertainty amid the coronavirus pandemic.
However, the company's managing (...)
Egypt reported 890 new coronavirus cases on Sunday, bringing the total infection tally to 156,397 since the outbreak began in mid-February.
The health ministry also reported 56 new deaths, bringing the total number of deaths from the virus to (...)
