Day: March 8, 2025

Global Finance has awarded Hisham Ezz Al-Arab, Chairperson and CEO of Egypt’s Commercial International Bank (CIB), its Lifetime Achievement Award. The award is the publication’s highest individual honour. Joseph D. Giarraputo, Founder and Editorial Director of Global Finance, said Ezz Al-Arab’s leadership had a transformational impact on Egypt’s banking sector.…

The Egyptian Competition Authority (ECA), led by Mahmoud Momtaz, recently welcomed a high-level delegation from the European Commission to discuss advancements in competition policies across various markets and economic sectors. The delegation, headed by Annika Eriksgaard, Head of the Directorate-General for Economic and Financial Affairs at the European Union, included…

Gold prices declined on Friday, yet the precious metal achieved gains over the past week due to safe-haven inflows and a US jobs report revealing lower-than-expected job growth in February. This suggests that the Federal Reserve may be on track to cut interest rates this year.   The global ounce…

Egypt’s Minister of Tourism and Antiquities, Sherif Fathy, has met with representatives from major Japanese media outlets to promote Egyptian tourism and discuss the soon-to-open Grand Egyptian Museum (GEM). The meetings, which included representatives from news agencies, newspapers and television channels such as Kyodo News, Asahi Shimbun, Japan Press, and…

The General Authority for Supply Commodities (GASC) in Egypt has announced it will penalize subsidized bakeries operating with natural gas that fail to pay the differences in bread production costs promptly.   According to a statement released by GASC on Saturday, bakeries that do not adhere to the payment schedule…

The Financial Regulatory Authority (FRA), under the leadership of Mohamed Farid, has issued two pivotal decisions, No. 17 and 18 of 2025, aimed at addressing economic shifts and furthering the implementation of the Unified Insurance Law. These decisions increase the maximum financing limit for microfinance institutions and raise the insurance…

The Social Housing and Mortgage Finance Fund (SHMFF) revealed that 22 banks participating in the low-income mortgage finance initiative have contributed a total of EGP 79.2bn to the programme. This financing has supported approximately 599,512 clients, representing 96.9% of the initiative’s total beneficiaries. In parallel, eight mortgage companies provided EGP…

All banks operating in Egypt will offer free account openings starting Sunday, with no minimum balance requirements as part of a nationwide initiative to promote financial inclusion. This initiative, which coincides with International Women’s Day, is the first of its kind for 2025, running annually from March 8 to 31.…