Day: November 11, 2024

Remittances from Egyptians working abroad surged by 65.5% in August 2024, reaching around $2.6bn, up from approximately $1.6bn in August 2023. According to the Central Bank of Egypt (CBE), remittances saw a significant increase of 76.2% over July and August 2024, totalling around $5.6bn compared to $3.2bn in the same…

The Central Agency for Public Mobilization and Statistics (CAPMAS) has announced an increase in the trade exchange between Egypt and Saudi Arabia to $7.5bn in the first nine months of 2024, compared to $5.6bn in the same period of 2023, a growth of 33.9%. It issued a statement on Monday…

CI Capital Asset Management has announced that subscriptions to the CI Assets Management Sector Investment Fund, Egypt’s first multi-sector equity fund, will open Monday, for a two-month subscription period. The fund targets investments in equities of companies listed on the Egyptian Exchange, with each issue focusing on a specific sector.…

The Central Bank of Egypt (CBE) received 30 bids totalling $1.739bn to cover a local treasury bill (T-bill) auction denominated in US dollars. The central bank offered this auction on Monday, with a value of $1.5bn, for a one-year maturity period due on November 12, 2025. The proceeds from this…

Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, chaired the 10th meeting of the Ministerial Group for Industrial Development on Monday. The meeting was attended by several ministers, representatives of ministries that are members of the ministerial group, along with leaders from the Ministries…

Valero Developments has officially launched, announcing its first project, Circle 9 Mall in Obour city, according to Chairperson Ahmed Fahmy. Fahmy highlighted that Valero aims to make a mark in Egypt’s real estate sector, including potential expansion into the Gulf region by delivering Egyptian projects at international standards. Fahmy noted…

Arab Developers Holding has maintained strong financial performance in the third quarter (Q3) of 2024. It sold 323 units worth EGP 1.77bn, compared to 532 units worth EGP 1.355bn in the same period last year. Additionally, the company delivered 42 units worth EGP 1.069bn, compared to 72 units worth EGP…

Egypt’s Minister of Environment, Yasmine Fouad, witnessed the signing of a Memorandum of Understanding between the Waste Management Regulatory Authority and the UAE’s Tadweer Group to explore and develop cooperation and investment opportunities in the waste management and recycling sector in Egypt. The signing was attended by Mohamed El-Zamlout, Governor…