August 22nd, 2019 | 0 commentsOrascom Development Egypt is looking forward to generating around EGP 6.5 billion to EGP 7 billion in property sales by the end of 2019, according to a statement to the Egyptian Exchange (EGX). The company is planning to raise its real estate sales this year from EGP 2.3 billion in 2018, backed by O West project and the robust financial r...
August 20th, 2019 | 0 commentsThe region’s largest startup and entrepreneurship summit, RiseUp, announced the acquisition of MENAbytes, the leading startup and technology publication in the Middle East and North Africa (MENA) region. RiseUp’s takeover deal also includes trackMENA, the new data platform by MENAbytes which can help users in tracking startups, VCs, inves...
August 19th, 2019 | 0 commentsUAE-based Harris Pye Engineering Group signed an agreement with Canal Sugar Co., an Egyptian joint stock company, in a bid to bolster its presence in the North African nation. Under the deal, Harris Pye will provide Canal Sugar Co’s beet sugar production facility in Minya with five horizontal, three-pass, and multi-tubular smoke tube boil...
August 16th, 2019 | 0 commentsThe consolidated income statements of the Egyptian International Pharmaceutical Industries Company (EIPICO) for the first six months of fiscal year 2019 showed a marginal increase in profits when compared to the corresponding half a year earlier. EIPICO achieved EGP 398.3 million worth of profits in the interim consolidated financials of...
August 15th, 2019 | 0 commentsGiza General Contracting and Real Estate Investment Company released its consolidated financial statements for the first six months of 2019, which showed a 1.4% year-on-year increase in profit. The company’s consolidated profit reached EGP 40.06 million in H1-19, compared to EGP 39.47 million in the year-ago period, according to a bourse...
August 11th, 2019 | 0 commentsThe European Bank for Reconstruction and Development (EBRD) agreed to participate in a $252 million funding for West Bakr wind project in Egypt. The project will be also funded by the Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution, and the International Finance Corporation (IFC), accord...
August 9th, 2019 | 0 commentsOrientals for Urban Development (OUD), a subsidiary of Oriental Weavers Group, targets EGP 4bn sales of its projects during the year, according to Mohamed Farid Khamis, OUD’s managing owner, told Daily News Egypt. Khamis said the company’s sales in the first quarter (Q1) of 2019 exceeded EGP 1bn. The company aims in the current year to be...
August 7th, 2019 | 0 commentsPrime Holding announced plans to establish a new company named ‘Prime Finance’. The new retail consumer finance company will be established with a capital of EGP 300 million, Prime Holding said in a statement to the Egyptian Exchange (EGX) on Tuesday. Later, another subsidiary will be set up with a capital of EGP 100 million, the statemen...
August 5th, 2019 | 0 commentsBeltone Financial Holding announced that its shareholders had approved increasing the company’s issued capital to EGP 898.4 million from EGP 338.08 million during an ordinary general meeting (OGM). The capital raise will be conducted by issuing 280.18 million shares at a nominal value of EGP 2 apiece, the company said in a filing to the E...
August 2nd, 2019 | 0 commentsNational Bank of Egypt (NBE) signed a financing agreement worth EGP 760 million with Misr Technology Services (MTS) to establish ‘Nafiza’ project. Under the deal, a new electronic window connected to logistics centres in the country will be established, the lender’s deputy chairman Yehia Aboul Fotouh said in a statement. Such loan will be...
