Day: February 1, 2025

Banque Misr has introduced a new instant money transfer service that allows Egyptians working abroad to send funds in Egyptian pounds to any bank account, card, or electronic wallet within Egypt. This service is part of the bank’s ongoing commitment to providing innovative digital banking solutions that meet the diverse…

Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny inspected the Al Gabal Al Asfar Wastewater Treatment Plant, which currently has a capacity of 2.5 million cubic meters per day. He reviewed ongoing expansion efforts that will add an additional one million cubic meters per day to enhance the plant’s…

Gold prices have soared to a new historic high, marking a significant milestone as the precious metal increased for the fifth consecutive week. The surge comes amidst rising global tensions and uncertainty in the financial markets, driven in part by US President Donald Trump’s recent tariff threats. This latest price…

Egypt has cultivated 2,000 acres of short-staple cotton in East Owainat as part of a project to boost domestic production and reduce reliance on imports for the textile industry. Public Enterprise Sector Minister Mohamed Shimi received a progress report on the project, highlighting that over half the crop has already…

The Ministry of Finance announced plans to issue 29 treasury bills (T-bills) and bonds worth EGP 641bn in February to refinance maturing debt and cover the state’s budget deficit. The offerings include 16 treasury bills totaling EGP 580bn and 13 bonds worth EGP 61bn. According to the ministry’s published plan,…

Kuwait Finance House (KFH) has officially launched its operations in Egypt following the successful acquisition of Ahli United Bank Bahrain in 2022. The transformation into a fully Sharia-compliant financial institution was completed in December 2023, followed by a merger with Ahli United Bank Kuwait in February 2024. With this acquisition,…

Prime Minister Mostafa Madbouly has directed the Ministry of Social Solidarity to allocate EGP 35m to support three of Egypt’s key hospitals: Baheya, Ahl Masr, and Al-Nas hospitals. The funding aims to provide the necessary medical equipment and supplies to these institutions, which specialize in the treatment and care of…

Said Zater, Chairperson of the Egyptian Federation of Consumer Finance, announced that Egypt’s consumer finance sector experienced significant growth, reaching EGP 47.45bn in the first ten months of 2024—a 25.1% increase compared to the same period in 2023. The number of beneficiaries also rose to 3.27 million clients, reflecting a…

Basel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency financed 21,000 micro and small projects in the green economy sector from July 2014 to December 2024, with total investments reaching EGP 1.3bn. These projects have generated approximately 63,400 job opportunities, reinforcing MSMEDA’s…

Laboratorium new episode: Russian scientists are developing a new generation of bionic prosthetics that allow users to perceive the size and firmness of objects even without visual input. This technology, featured on the programme “Laboratorium,” employs electrical stimulation to restore a sense of touch for amputees. The bionic prosthetics are…