Day: November 8, 2023

Sandoz, a global leader in generic and biosimilar medicines, marked a significant milestone today as it began trading as an independent company on the SIX Swiss Exchange. This momentous occasion follows the successful completion of its spin-off from former parent company Novartis. The opening bell-ringing ceremony at SIX headquarters signalled…

Marrakech – Akinwumi Adesina, President of the African Development Bank (AfDB), called for investment in Special Agro-Industrial Processing Zones (SAPZs) at the Africa Investment Forum in Marrakech, Morocco, on Wednesday. “We must end the export of raw agricultural commodities,” Adesina said. “Africa must process its own cashew, cotton, coffee, tea,…

The price of the dollar rose against the Egyptian pound by at least five pounds, exceeding LE47 according to the “Masrawy” website and LE48 according to the “Al-Sarf Al-Youm” (The Exchange Today) website. The price of the dollar rose was previously LE42 one week ago, while its official price in…

The 2023 edition of the Africa Investment Forum (AIF) kicked off on Wednesday in Marrakech, Morocco, bringing together Heads-of-State, decision-makers, multinationals, and investors for a three-day event under the theme “Unlocking Africa’s Value Chains.” The Africa Investment Forum is a multi-stakeholder platform focusing on continental dealmaking, facilitating connections between project…

Tatweer Misr, a leading Egyptian real estate developer, has signed a medium-term facility contract worth EGP 3.5bn with the Arab African International Bank (AAIB) to expedite the construction of two of its flagship projects: IL Monte Galala in Ain Sokhna and Bloomfields in Mostakbal City, east Cairo. Under the terms…

The Central Bank of Egypt (CBE) has received 28 offers worth €781.7m for its Euro-denominated treasury bills (T-bills) tender, which was launched on behalf of the Ministry of Finance. The tender had a value of €645m and a maturity of one year, ending on 5 November 2024. The funds raised…

AUR Capital, a financial consulting company and a subsidiary of AUR Capital Financial Group, has successfully completed the first issuance of the second programme for AUR for Securitization on behalf of Waseela, a micro, small, and medium enterprise (MSME) finance company. The issuance was done in collaboration with several partners,…

Al Ahli Pharos, a subsidiary of Al Ahli Group for Financial Services, has issued securitisation bonds worth EGP 617.5m for United Finance, another subsidiary of the same group.  The bonds are backed by a portfolio of future lease payments worth about EGP 993m. The issuance was promoted and covered by…

Minister of Finance, Mohamed Maait, will showcase Egypt’s high-priority development investment areas at the 14th session of the Turkish-Arab Economic Forum, titled “A New Era of Partnership,” in Istanbul on Wednesday. The Minister will deliver a speech at the opening session in the presence of several Arab and Turkish ministers,…

More than 1,000 participants will gather in El Gouna along Red Sea coastline in Egypt to celebrate the Forbes Under 30 community Forbes Middle East’s second Under 30 Summit is set to return to El Gouna, Egypt, from January 11-14, 2024. The four-day event will once again host young talent,…