Month: February 2025

Electrolux Group has decided to retain its business operations in Egypt as part of the Group. This decision follows a final evaluation of various alternatives. The potential divestment of the Group’s business in Egypt was communicated as part of the announcement on July 20, 2023, to initiate preparations for the…

Prime Minister Mostafa Madbouly chaired a meeting on Tuesday to assess the latest developments in the Ras El-Hekma development project in Matrouh’s North Coast. Attendees included Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir, Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny, Governor…

PFI Asset Management has been officially appointed as the fund manager for the Mawared Fund, effective February 18, 2025. Established in November 2009 by Housing and Development Bank, Mawared is a prominent money market fund designed to offer stable returns and liquidity to investors. This appointment marks PFI Asset Management’s…

Financial inclusion rates in Egypt continue to rise, with approximately 52 million citizens now using transaction accounts. The Central Bank of Egypt (CBE) announced on Tuesday that financial inclusion rates had reached 74.8% by the end of 2024, marking a strong performance compared to peer countries. This figure represents the…

Karim Badr, Egypt’s Minister of Petroleum and Mineral Resources, has announced the resumption of development activities at the Zohr gas field following the arrival of the Saipem 10000 drillship in Egyptian waters at the end of January. After completing essential preparations, drilling of the first well in the new phase…

ADNOC Distribution, the UAE-based fuel and retail company, explores entry into Egypt’s electric vehicle (EV) charging market and is in the process of securing the necessary licences, according to CEO Bader Al Lamki. As part of its expansion strategy, the company plans to open its first integrated service station in…