Year: 2024

Banque Misr arranged, financed, and participated in 29 major financing deals valued at EGP 211.8bn in 2024. The bank’s share in these transactions amounts to approximately EGP 69bn. In a statement released on Monday, the bank highlighted that these deals span a wide range of sectors, including real estate investment,…

Egypt’s Prime Minister Mostafa Madbouly chaired a meeting of the government offerings committee on Monday to review the progress of previously announced targeted company sales, with a focus on expediting the offering of four military-affiliated companies. The Prime Minister conveyed a directive from President Abdel Fattah Al-Sisi to expedite the…

Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA), announced that the 2024 tax filing will begin next Wednesday, January 1, 2025. Individuals can file their tax returns until March 31, 2025, while companies have until April 30, 2025, or within four months of the end of their fiscal…

Minister of Housing, Utilities, and New Urban Communities, Sherif El-Sherbiny, has announced the activation of the New October Transformer Station, located in New October City. With a capacity of 220/22/22 KV and a total current capacity of 375 MVA, the station has now entered service as part of the ministry’s…

The Central Bank of Egypt (CBE) will hold a Treasury bill (T-Bill) auction denominated in US dollars on Monday, offering $800m in new debt. The proceeds from this auction will be used to settle the maturity of a prior T-Bill issue from January 2, 2024, from which the CBE withdrew…

Prime Minister Mostafa Madbouly attended on Sunday the signing ceremony of a landmark agreement between Mansour Group and China’s SAIC Motor to establish a $135m automotive manufacturing plant in Egypt. The agreement includes a technical licensing deal to produce MG cars locally, as well as a land allocation contract for…

The Central Bank of Egypt (CBE) has announced an increase in the maximum transaction limits for financial inclusion accounts, which apply to withdrawals, outgoing transfers, debit operations, and purchases. Under the new regulations, the daily transaction limit for individual accounts has been raised to EGP 90,000, up from EGP 60,000.…

Egypt’s President Abdel Fattah Al-Sisi held a meeting on Sunday with Prime Minister Mostafa Madbouly and Minister of Communications and Information Technology Amr Talaat to discuss key digital transformation initiatives and ongoing national projects. The discussions centered on strengthening collaboration between the Ministry of Communications and other government agencies, with…

Egypt has launched a major new initiative to support the private sector in purchasing machinery, equipment, and production lines. Announced on Sunday by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, alongside Minister of Finance Ahmed Kouchouk, the initiative provides EGP 30bn in financing…