Day: December 25, 2023

EFG Hermes, the leading investment bank in Frontier and Emerging Markets (FEM) under EFG Holding and Palm Hills Developments (PHD), a leading real estate developer in Egypt jointly announced Monday the successful closing of an EGP 421m securitized bond, the second issuance in a newly approved EGP 5bn programme. The…

Egyptian MP Mahmoud al-Saeedi, a member of the Economic Committee in the House of Representatives, predicted that the US dollar exchange rate against the Egyptian pound will see a significant decline in the coming period, and assured Egypt is simply going through a passing crisis. Saeedi referred to current efforts…

Neuchâtel– Philip Morris International (PMI) is planning to launch a tobacco-free product called LEVIA soon. LEVIA is made from a cellulose-based material, which is a natural plant fibre. Unlike cigarettes, LEVIA does not contain tobacco, but it does contain nicotine. Gizelle Baker, the Vice President of Global Scientific Engagement at…

GB Capital, a subsidiary of GB Corp, has launched a new subsidiary, “Kredit,” to finance small and medium-sized enterprises (SMEs) in Egypt. Kredit started with an initial capital of EGP 35m, which was increased to EGP 300m, reflecting the importance of this sector. Kredit is part of GB Capital’s strategy…

The Agricultural Bank of Egypt (ABE) has launched the “Dream” initiative to help small breeders and farmers buy genetically improved and highly productive cattle, as well as automated milking machines. The initiative provides soft loans with a 5% decreasing interest rate. Alaa Farouk, the bank’s president, said that this initiative…

As cryptocurrencies become ‘the new normal’, Kaspersky conducted a survey to study consumers’ attitudes to using them. 77% of respondents in the Middle East currently own crypto, and 66% said they are well aware of how to use cryptocurrencies. The study also discovered that almost half (48%) of consumers believe…

Huawei, a leading provider of information and communication technology solutions, has partnered with Entlaq Holding, a company that supports entrepreneurial projects, to offer opportunities for promising technology startups. Through a joint programme, startups in Entlaq Holding’s portfolio will get free access to Huawei’s latest technologies, such as artificial intelligence and…

Chefaa, a rising star in patient-centric pharmacy benefits platforms, has secured $5.25m in a strategic funding round led by Newtown Partners (South Africa) and Global Brain (Japan). Existing investors GMS Capital Partners LLC (US), Verod-Kepple Africa Ventures (Nigeria), and M3, Inc. (Japan) also participated. This strategic investment comes on the…

Al Ahly Financial Services (AFS) is further strengthening its commitment to diversified investment solutions with the launch of Al Ahly Sukuk company, a new subsidiary dedicated to Sharia-compliant financial instruments.  This strategic move underscores AFS’ dedication to serving the needs of a wider client base and fostering sustainable economic growth…

Banque du Caire and El Taamer, a company that offers engineering consultations, have signed a financing agreement of EGP 956m to speed up the construction of the Urban Business Lane project. The project is one of the largest integrated business complexes in New Cairo, consisting of 10 administrative and commercial…