Day: March 17, 2024

A high-ranking delegation from the European Union (EU), including President of the European Commission Ursula von der Leyen, announced a substantial funding package of USD 8.06 billion (EGP 385.38 billion) for Egypt on 17 March, the organization announced in a press release circulated across media outlets. The package was unveiled…

The Commercial International Bank – Egypt (CIB) Foundation unveiled the newly equipped children’s floor at the Ahl Masr Trauma and Burn Hospital. This initiative, part of a collaboration with the Ahl Masr Foundation for Development, involved outfitting the floor with essential medical equipment, totaling a contribution of EGP 40m. Under…

The Suez Canal Bank has expanded its network with the inauguration of a new branch located at 6th of October University in Giza. The opening ceremony was led by Hussein Rifai, the bank’s Chairperson and Managing Director, and was attended by key university officials including Hisham Tamraz, Vice President of…

Finance Minister Mohamed Maait has announced the release of 25,000 imported cars for Egyptians living abroad. This initiative aims to streamline the import process for citizens, ensuring that the government’s commitment to facilitate these procedures is met and direct communication with potential importers is maintained. Notably, multiple individuals from a…

Local gold prices saw a significant decline last week due to a gradual decrease in the dollar exchange rate at official banks and the near disappearance of the parallel market. Positive developments in the government’s dollar liquidity have also contributed to market stability and fairer gold pricing, as reported by…

The Financial Regulatory Authority (FRA), in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), the Ministry of Planning and Economic Development, and the Islamic Development Bank Institute, hosted a workshop on Islamic Sukuk at its headquarters. The event was attended by Mohamed Farid, Chairperson of…

The Financial Times reported that a large financial package from the European Union (EU) worth 7.4 billion euros may be announced during the EU delegation’s visit to support the Egyptian economy. European diplomatic sources announced that the high-level delegation from the EU will arrive in Cairo on Sunday. The delegation…

The market capitalisation of Arab stock exchanges witnessed an increase to approximately $4.54trn in February, up from around $4.4trn in January, as reported by the Arab Monetary Fund (AMF). The AMF’s February data, published on Thursday, indicated that the Abu Dhabi Securities Exchange’s market capitalization hit $775.1bn. The Dubai Financial…

Hossam Saif Al-Din, CEO of Capgemini Egypt, announced that the company exclusively exports its services to countries in Europe and the Middle East. In an interview with Daily News Egypt, he highlighted the company’s strategic advantage stemming from the devaluation of the Egyptian pound. Despite the challenges in quantifying the…

Rania Al-Mashat, Minister of International Cooperation, hailed the successful joint efforts between the European Bank for Reconstruction and Development (EBRD) and Egypt’s private sector in advancing national development priorities. This collaboration has demonstrably strengthened the participation of private companies, particularly in the crucial renewable energy sector. Award-Winning Project Highlights Success…