Month: December 2023

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…

The European Investment Bank (EIB) has been in talks with Scatec, a Norwegian company which specializes in renewable energy systems, to cooperate in the field of green hydrogen production in Egypt, according to EIB Vice President Gelsomina Vigliotti. She told Daily News Egypt that the bank and the company discussed…

Years ago, the Green Dot, a simple green circle framed by two arrows, emerged as the first ever visible symbol of a company’s ethical and environmental transparency. The symbol embodied a profound shift in consumer-company relations. Before the Green Dot, the relationship was one-sided—companies produced, consumers consumed, and waste accumulated.…

Valu, MENA’s leading universal financial technology powerhouse, announced on Sunday that it has closed its seventh securitized bond issuance worth EGP 953.1m. The issuance is part of the approved extended EGP 9bn programme. The bond is backed by a receivables portfolio assigned to EFG for Securitization as the issuance’s special…

MIDBANK has announced the latest updates in its plan and the boost of its growth. It said that the growth was the result of its ambitious plan after implementing the comprehensive restructuring strategy, in line with CBE’s plan for financial inclusion. During the press conference held by the bank last…

The Central Bank of Egypt (CBE) reported the key financial soundness indicators for banks in the Egyptian market in the third quarter (Q3) of 2023. A recent CBE report showed that the percentage of non-performing loans in banks remained at 3.3% of their total loan portfolio in Q3 2023, unchanged…