Day: March 25, 2024

Valu, MENA’s leading universal financial technology powerhouse, announced today its strategic partnership with Proctor & Gamble (P&G) to offer innovative financing solutions for Braun’s grooming products’ consumers in Egypt.  The collaboration is set to improve accessibility to Braun’s grooming products by providing affordability solutions for consumers. Through this partnership, Valu…

 In a bid to combat rising inflation and ease the burden on citizens, Egyptian Prime Minister Mostafa Madbouly announced a new initiative on Monday that aims to bring down the prices of essential goods by 15-20% within the coming days. The initiative follows a meeting between the Prime Minister and…

Valu, a leading force in MENA’s financial technology sector, has completed its eighth securitized bond issuance, valued at EGP 888m. This issuance contributes to the company’s extensive programme, which is authorized up to EGP 9bn. The bond, supported by a receivables portfolio managed by EFG for Securitization (the special purpose…

Mahmoud Gaber, CEO of Magic Land Al-Hokair, announced that the Tanza project is poised to become the premier tourism entertainment venture in the Middle East, propelled by a robust expansion strategy in the Egyptian market. Gaber revealed plans to initiate new projects in the near future as part of this…

Banque du Caire reported a net profit of EGP 6.7bn in 2023, a significant increase from EGP 3.1bn in 2022, marking a 112% growth rate. The bank’s total assets also saw a substantial rise, growing by 25% to reach EGP 402bn. The Chairperson and CEO, Tarek Fayed, highlighted the bank’s…

Hala El-Said, Minister of Planning and Economic Development, Yasmine Fouad, Minister of Environment, Hisham Amin, Minister of Local Development, and Mukhtar Abdel Latif, Chairperson of the Arab Organization for Industrialization, finalized agreements for the fifth phase of the solid waste management system’s basic infrastructure across the governorates of Matrouh, Beheira,…

Ahmed Samir, the Egyptian Minister of Trade and Industry, emphasized the Ministry’s role, along with its sectors and affiliated entities, in advancing the Egyptian industry and expanding exports to diverse global markets. He noted that foreign trade is a cornerstone of the Egyptian economy, contributing to the provision of foreign…

Within nine months, the Suez Canal Economic Zone (SCZONE) has secured contracts for 127 projects, totaling an investment of approximately $2.8bn. Out of these, 61 projects have received final approval, boasting a foreign investment rate of 49%. Walid Gamal El-Din, Chairman of the SCZONE, reported that from 1 July 2023…

Compass Capital, a leading Egyptian private equity firm, in partnership with CI Capital, a top-tier Egyptian investment bank, has announced the inception of the C3 Fund. This closed-end equity fund is dedicated to investing in a select portfolio of listed Egyptian companies. The C3 Fund aims for a final size…

 In a move to bolster market stability and shield consumers from price swings, the Egyptian government announced plans to build a strategic stockpile of essential goods. The decision came during a meeting led by Prime Minister Mostafa Madbouly, who emphasized the government’s commitment to ensuring the affordability and availability of…