October 3rd, 2019 | 0 commentsEgypt’s net international reserves increased by $148 million month-on-month in September, according to data released by the Central Bank of Egypt (CBE). The most populous Arab nation’s net foreign reserves grew to $45.117 billion at the end of last month, compared to $44.969 billion in August, the CBE added. According to MubasherTrade Res...
October 3rd, 2019 | 0 commentsThe board of directors of Pioneers Holding Company for Financial Investment decided to split the company into three separate companies, the company’s CEO Waleed Zaki said in an interview with Mubasher. The company will be restructured into three companies to be operating in financial services, real estate, and industrial sectors, Zaki add...
October 3rd, 2019 | 0 commentsThe Egyptian Tax Authority (ETA) denied reports about plans to impose a development tax on all locally manufactured and imported vehicles. The ETA affirmed that these claims are “baseless and entirely incorrect”, according to a statement on Wednesday. Previously, some news outlets claimed that the government is considering a new tax on al...
October 3rd, 2019 | 0 commentsThe Egyptian National Authority for Military Production has signed a memorandum of understanding (MoU) with Kuwait’s MEASC Safe Smart Cities to cooperate in the fields of digital transformation, safety and security of smart cities, Akhbar El-Yom reported on Wednesday. Under the MoU, the two sides will cooperate in several fields related t...
October 3rd, 2019 | 0 commentsThe UK’s investments in Egypt registered $47.8 billion through 1,817 British companies operating in the most populous Arab nation, the Egyptian minister of investment and international cooperation Sahar Nasr said in a statement on Wednesday. Representatives of 15 major British firms affirmed that the growth in investments was backed by th...
October 3rd, 2019 | 0 commentsArab Dairy Products Co. (Panda) announced that all negotiations and due diligence processes to acquire a stake in the company have ended. The acquisition talks have ended as interested parties have different strategic views than those of the company’s management and key shareholders, according to a statement to the Egyptian Exchange (EGX)...
October 3rd, 2019 | 0 commentsForeign-currency deposits held by Egyptian banks have reached their lowest level since April 2018, on the back of the strengthened local currency and the return of monetary easing. Deposits denominated in foreign currencies retreated to EGP 699.3 billion ($42.8 billion) in August from EGP 708.63 billion (43.3 billion) in July, according t...
October 3rd, 2019 | 0 commentsThe Egyptian New Urban Communities Authority (NUCA) is currently establishing nine smart cities in Upper Egypt, the minister of housing Assem El-Gazzar said in a statement on Wednesday. Investments of housing, water, and wasterwater facilities in these cities have reached EGP 11 billion to date, El-Gazzar revealed. The new smart cities ar...
October 3rd, 2019 | 0 commentsThe Egyptian Exchange (EGX) closed Wednesday’s trading session on a negative note. The benchmark EGX30 index fell by 115.69 points, or 0.8%, to close at 14,381.15 points. Meanwhile, the small- and mid-cap EGX70 index slid by 2.56% to close at 513.91 points, while the broader EGX100 index decreased by 1.87% to 1,388.14 points. In addition,...
October 3rd, 2019 | 0 commentsEgyptAir has collaborated with Rixos Seagate, the international Luxury Lifestyle resort, for top-level managers from Saudi travel agencies to visit the beautiful ultra-all-inclusive resort by the majestic shores of the Red Sea. The fam trip aimed to enlighten the agents with a comprehensive overview and understanding of the destination, w...
