Day: May 24, 2025

The market is gearing up for the reopening of banks tomorrow, Sunday, after their weekly closure, to gauge the impact of the Central Bank of Egypt’s (CBE) recent 1% interest rate cut on savings instruments and loan products. The Monetary Policy Committee announced a reduction in the overnight deposit rate…

Egypt’s Minister of Water Resources and Irrigation, Hani Sewilam, called for enhanced regional cooperation and responsible management of shared water resources during his keynote address at the 5th Baghdad International Water Conference on Saturday. He emphasized that access to water should never be politicized or exploited as leverage in conflicts.…

Egyptian Prime Minister Mostafa Madbouly inaugurated the Egyptian Ambulance Authority’s new headquarters in Hadayek October City, coinciding with the 123rd anniversary of Egypt’s ambulance services. Madbouly toured the facility, where Amr Rashid, Chairperson of the Egyptian Ambulance Authority, showcased its modern equipment designed to enhance service capabilities. New services were…

Trade between Egypt and African Union (AU) countries reached $9.8bn in 2024, up from $9.2bn in 2023, marking a 6.5% year-on-year increase, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The announcement coincides with the celebration of Africa Day on May 25, marking 60 years since the…

The Central Bank of Egypt’s (CBE) second consecutive interest rate cut is fueling optimism among investors, with key figures in the business community hailing the move as a strong catalyst for economic growth, investment, and export expansion. Ahmed El-Zayat, a member of the Egyptian Businessmen’s Association and a board member…

Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, toured key industrial sites in Minya, highlighting Egypt’s ongoing push to localize manufacturing and expand infrastructure in Upper Egypt. Al-Wazir began by visiting the Giza Company for Upper Egypt Development, a textile and ready-made garments factory…

A banking consortium led by Banque Misr, in cooperation with Abu Dhabi Commercial Bank–Egypt (ADCB), has arranged a syndicated loan facility amounting to EGP 1.3bn for the Middle East for Real Estate & Tourism Investment Company, a subsidiary of Palm Hills Developments. The long-term facility will finance part of the…

The Industrial Development Bank (IDB) has taken part in two significant Sukuk issuances during the first half of 2025, with a total contribution of EGP 500m, further expanding its presence in the Islamic finance market. The first issuance was a Mudaraba Sukuk worth EGP 3bn, issued by Aman for SME…

United Bank has reported standalone pre-tax profits of EGP 1.013bn for the first quarter (Q1) of 2025, achieving a 59% increase compared to the same period in 2024. CEO and Managing Director Ashraf El-Kady described the performance as a reflection of the bank’s professionalism and adaptability across all areas of…

The Commercial International Bank (CIB) has entered into a strategic partnership with Lantern Ventures, a leading Egyptian investment portfolio management firm known for its active role in supporting start-ups and small and medium-sized enterprises (SMEs) across diverse sectors. The agreement was signed by Ahmed Tarek, Co-founder of Lantern Ventures, and…