Month: November 2023

The Chairman of the Suez Canal Authority Osama Rabie announced on Thursday that navigation statistics for the canal in November showed unprecedented records in the number of ships passing, net tonnages, and revenues achieved. This year is now the the highest compared to previous Novembers throughout the history of the…

Black Friday and Cyber Monday have become global sales phenomena, captivating millions of shoppers worldwide. In 2022, online Black Friday sales reached a staggering $65.3bn, representing a 3.5% growth. Further underscoring the impact of these events, a Salesforce survey revealed that consumers spent a whopping $1.14trn online globally during the…

The HDC·Together HUAWEI MEA Ecosystem Summit, held in Dubai, UAE, on November 27, 2023, brought together Huawei Ecosystem partners from China and across the Middle East and Africa (MEA) to showcase a seamless fusion of collaboration and innovation. Organized in partnership with Dubai Economy and Tourism (DET) and Saudi Tourism…

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla met with Richard Hall, CEO of Dana Gas, and Abang Yusuf bin Abang Puteh, Senior Vice President of LNG Assets at Petronas’ Gas Business. The meetings focused on exploring investment opportunities in Egypt’s oil and gas sector and the companies’ respective…

Orascom Construction (OC) PLC announced that it had secured new contracts worth $5.2bn in the first nine months of 2023, which include 50% of the contracts of its subsidiary “BESIX” group, in which it owns a 50% stake. The company’s backlog of projects increased to $9.8bn during the same period,…

First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, achieved a net profit of EGP 8.2bn for the nine months ending on 30 September 2023, according to its financial statements. This represents a 206% increase from the same period in 2022. The bank’s net loan…

Bassel Rahmi, the head of the Medium, Small, and Micro Enterprise Development Authority (MSMEDA), announced that the authority has allocated EGP 4.1bn from January to October 2023 to finance 128,000 small and micro projects across the country. He said that these projects have created about 212,000 permanent and 278,000 daily…

Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda emphasized the crucial role of the private sector in financing and implementing climate adaptation activities. He said that these activities are not only vital for human and environmental well-being but…

The New Urban Communities Authority (NUCA) has issued securitization bonds worth EGP 15bn, which were fully subscribed by 11 local banks operating in the Egyptian market. The bonds are part of the third programme of the El Taamir for Securitization Company, which has a total value of EGP 30bn and…

The EFG Foundation for Social Development (EFG Foundation), a non-profit organization dedicated to supporting sustainable development initiatives, has partnered with aiBANK Foundation for Community Development (aiBANK Foundation) and Magdi Yacoub Heart Foundation to bolster the training and qualification of nurses at the Aswan Heart Centre (AHC). This tripartite agreement, signed…