Day: December 10, 2024

Egypt’s annual urban inflation rate eased to 25.5% in November 2024, down from 26.5% in October, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The monthly inflation rate registered a modest 0.5%, driven by a 1.9% drop in food prices compared to the previous month. Core CPI…

Raya Holding for Financial Investments has announced a strategic $15m investment in its subsidiary, Raya Data Centre (RDC), from Africa50, a pan-African infrastructure investor and asset manager. This funding, paired with an additional $10m from Raya Information Technology, brings the total investment to $25m. The funds will support the construction…

Sherif Fathy, Egypt’s Minister of Tourism and Antiquities, met with Eric Chevalier, the French Ambassador to Cairo, at the ministry’s headquarters in the New Administrative Capital to discuss enhancing Egyptian-French cooperation in tourism and antiquities. Discussions included strategies to increase inbound tourism from France and updates on joint archaeological projects.…

Several major Egyptian banks have activated card tokenization services through Apple Pay, following the Central Bank of Egypt’s (CBE) February 2023 approval of regulations for this technology. National Bank of Egypt, Banque Misr, and Commercial International Bank (CIB) are among the first institutions to offer the service. Tokenization allows customers…

Basel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), emphasized the agency’s commitment to establishing the Turathna Exhibition as a central hub for Egyptian handicrafts and traditional arts. The event will bring together various ministries, governmental bodies, and private organizations to support thousands of artisans and…

CI Capital has announced the successful execution of the EGP 4.57bn initial public offering (IPO) of United Bank, marking a significant milestone in the Egyptian financial market. This transaction, one of the largest in recent years, makes United Bank the first banking institution to debut on the Egyptian Exchange in…

Egypt’s Minister of Agriculture and Land Reclamation, Alaa Farouk, convened the first roundtable on the future of Egyptian agriculture. The meeting brought together key stakeholders, including MP Hesham El-Hossary, head of the Agriculture and Irrigation Committee in the House of Representatives; Sami Abdelsadek, acting president of the Agricultural Bank of…

Facebook has launched a new campaign in Egypt, “Discover on Facebook,” aiming to highlight the platform’s role in fostering community and enabling social discovery beyond simply connecting with friends and family. The campaign emphasizes Facebook’s utility in facilitating connections based on shared interests, learning new skills, and exploring diverse communities.…