Day: December 10, 2023

The Ministry of Planning and Economic Development convened with the Central Bank of Egypt (CBE) to outline the execution of the financial inclusion strategy for the second phase of “Decent Life,” a national project aimed at uplifting the Egyptian countryside. Gamil Helmy, Assistant Minister of Planning and General Supervisor of…

The Financial Regulatory Authority (FRA) has endorsed the Egyptian Exchange’s (EGX) initiative to streamline the registration process for clients of investment funds and foreign companies in the stock market, as well as the activation of dormant accounts. Aligned with the government’s strategy to draw more foreign investment into the stock…

Schneider Electric has entered into a Memorandum of Understanding (MoU) with Paragon Developments, aiming to bolster sustainability within Egypt’s real estate sector. Under this agreement, Schneider Electric will equip Paragon Developments’ administrative buildings, Paragon 2 and Paragon 3, with cutting-edge smart sustainable building solutions. The MoU was signed at the…

Al-Tameer Mortgage Finance Company (Aloula) has reported a significant 56% increase in total financing, reaching approximately EGP 2.5bn from January to October 2023. According to Chairperson Ayman Abdel Hamid, mortgage financing portfolios represent 90% of this total, with the remaining 10% allocated to individual financing. Abdel Hamid shared with Daily…

ADVA Developments has successfully sold out the initial phase of the ADVIDA project, located in New Sheikh Zayed’s Green Belt area, west Cairo. The first phase’s total sales have reached EGP 350m. Spanning 21,000 sqm, ADVIDA marks ADVA Developments’ inaugural venture in New Sheikh Zayed City. Currently, 25% of the…

Mekky Developments has launched its latest administrative commercial project, Vio Mall, in the Banafseg Buildings area at New Cairo. Chairperson of Mekky Developments Ahmed Mekky said that the Vio Mall project is being developed over 1,012 sqm, comprising administrative and commercial properties. The 3-storey mall is scheduled to be completed…

Within the strategy reflecting innovation and originality, ‘Eight Developments’ has undergone a full rebranding, to be ‘Town Writers.’  Town Writers, already taking over Cairo billboards, comes with a fresh vision that reflects an evolved perspective aimed at delivering the best experience to its customers. With the success achieved by Town…

The Central Bank of Egypt (CBE) is actively considering the issuance of a digital pound in collaboration with the International Monetary Fund (IMF) and the World Bank, aiming to propel the country’s digital transformation.. Director of the Cairo Center for Economic and Strategic Studies, Abdel Monem Al-Sayed, told Al-Masry Al-Youm…

Basil Rahmi, CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), has affirmed the agency’s commitment to state policies aimed at fostering cooperation with Arab and African countries. This initiative supports entrepreneurs by assisting in project implementation and facilitating the exchange of experiences with similar ventures across these…

The Central Bank of Egypt (CBE) has announced an increase in net international reserves to $35.173bn in November 2023, up from $35.102bn in October, marking a $71m rise. The CBE explained that the value of gold included in the international reserves rose to $8.258bn at the end of November, compared…