Day: March 13, 2024

The Egyptian Customs Authority released in the last ten days USD 1.7 billion (EGP 82.2 billion) worth of commodities from various ports all over Egypt, intending to reduce inflation and stabilize prices, according to Egypt’s Minister of Finance, Mohamed Maait. The release follows an Egyptian government announcement on 4 March…

Egypt’s Minister of Finance Mohamed Maait revealed in a ministerial meeting on 12 March that 50 percent of the revenues generated through the government’s privatisation programme will be used to reduce public debt in the upcoming fiscal year. The statement, later shared in a Cabinet Facebook post, added that the…

Credit rating agency Moody’s announced on Tuesday that it has changed the ratings and estimates of five internationally ranked Egyptian banks. The agency said that this includes the Caa1 long-term deposit ratings of the National Bank of Egypt (NBE), Banque Misr (BM), Banque du Caire and the Commercial International Bank…

Al Tamimi & Company, a preeminent law firm in the Middle East and North Africa, is pleased to announce the appointment of Ali El Hawary as a Partner in its Banking and Finance practice. El Hawary will be based in the firm’s Cairo office, bringing over twenty years of comprehensive…

Arab Developers Holding (ADH) has reported a record-breaking year in 2023, with contractual sales reaching EGP 5.3bn, a significant increase from EGP 2.6bn in 2022, marking a 203% growth rate. This milestone represents the highest sales in the company’s history. Transitioning to profitability, ADH recorded a net profit of EGP…

First Abu Dhabi Bank Misr (FABMISR), a leading bank in Egypt, has proudly announced a strategic partnership with Drive Finance, one of Egypt’s foremost consumer finance firms and a subsidiary of GB Capital, part of GB Corp. This significant collaboration signifies the integration of Drive Finance with ‘Access by FABMISR’, to…

Basil Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), welcomed Ahmed Al-Ansari, Governor of Fayoum, at the agency’s Cairo headquarters. They reviewed Fayoum’s developmental needs, focusing on youth employment and the expansion of support for SMEs within the governorate. A work agreement was signed during the…

Egypt’s Minister of Trade and Industry, Ahmed Samir, recently met with Zhang Tao, the Acting Chinese Ambassador to Cairo, along with a delegation, to discuss the progress made since last week’s meeting with the Chinese Minister in Cairo. The talks focused on establishing a Chinese industrial zone along the Mediterranean…

Mohamed Maait, Egypt’s Finance Minister, has confirmed the nation’s improving economic conditions, optimistically stating that “the next period is better.” He anticipates that the government’s comprehensive, integrated, and coherent measures will effectively accelerate the resurgence of economic activity, particularly in agriculture, industry, and exports. Despite the public treasury facing significant…

Daily News Egypt has learned that the Holding Company for Construction and Development (HCCD) is set to offer majority stakes in three of its subsidiaries—Al-Nasr Housing and Development, Maadi Company for Development and Construction, and Misr Concrete Development Company. This move is part of the government’s initiative to launch initial…