Month: March 2024

Nilesat, the Egyptian satellite operator, announced on Saturday that it achieved a 12% increase in profits for the year ended December 31, 2023. The company’s profits reached $43.754m, compared to $38.967m in 2022. Revenues from operations also increased by 2% to $101.825m, compared to $99.859m in 2022. The announcement was…

In the realm of Arab financial markets, the year 2023 witnessed remarkable developments. The annual report issued by the Union of Arab Securities Authorities highlighted several key points: Stock Price Improvements Traded stock prices in regional markets experienced significant growth, particularly during the last two months of the previous year.…

Egypt’s agricultural exports reached an impressive $1.5bn during the first quarter of 2024, marking a significant increase of $300m compared to the same period last year. Elsayed Elkosayer, the Minister of Agriculture and Land Reclamation, proudly announced that Egyptian agricultural exports exceeded 2.2 million tonnes, all valued at the aforementioned…

Act Financial has submitted provisional listing documents to the Egyptian Exchange, awaiting approval from the Listing Committee. The company plans to offer a minority stake in its shares, to raise approximately EGP 1bn. The exact portion will be determined after independent financial advisor Fact Financial Consultancy completes the evaluation process.…

Prime Minister Mostafa Madbouly conducted an inspection tour in 10th of Ramadan industrial city, visiting several companies. At Beko Egypt, which specializes in home appliances, Madbouly emphasized the government’s readiness to provide necessary support and facilitation. The factory, built on a total area of 114,000 sqm, boasts Turkish investments exceeding…

Egyptian President Abdel Fattah Al-Sisi held a meeting on Saturday with Amir Sayed Ahmed, the Advisor to the President for Urban Planning, and Bahaa El-Ghanem, the Executive Director of Egypt’s Future Agency for Sustainable Development. During the meeting, the official spokesperson for the Presidency reported that President Al-Sisi closely monitored…

The Executive Board of the International Monetary Fund (IMF) on Friday completed the first and second reviews of the extended arrangement under the Extended Fund Facility (EFF) for Egypt and approved an augmentation of the original program by about five billion dollars, allowing the authorities to draw the equivalent of…

The International Monetary Fund (IMF) approved a significant boost to its financial support for Egypt, acknowledging the country’s complex economic situation. The Executive Board completed the first and second reviews of Egypt’s Extended Fund Facility (EFF) arrangement and greenlit an augmentation of the program by $5bn (SDR 3.76bn) raising the…

Alexei Kononenko, Vice President of Atom Astroy Export and Project Manager of the Dabaa Nuclear Station, confirmed that there are a number of contracts signed with Egypt by the Russian nuclear corporation Rosatom and its subsidiaries, which include a commitment to supply nuclear fuel to the Dabaa Station through the…

India is setting an ambitious goal to electrify its roads, aiming for 30% of all new car sales to be electric vehicles by 2030. This push comes amid a confluence of factors making electric cars more attractive to Indian consumers. Electric vehicles are now the most economical option in India…