Nevine Kashmiri appointed United Bank of Egypt's assistant Managing Director of funding large enterprises, SMEs
The board of United Bank of Egypt has appointed Nevine Kashmiri as the assistant to the managing director of the department for funding large, and small- and medium-sized enterprises (SMEs).
NAEEM Shares & Bonds brokerage has announced that it has joined Nasdaq Dubai’s equity futures platform as a member, in a move aiming to connect its Emirati, Egyptian, and international clients to the fast-growing market.
[Egypt] Afreximbank announces new strategic plan targeting $90b disbursement for African trade over five years
The African Export-Import Bank (Afreximbank) has announced the inception of new five-year strategic plan that will see the African continental trade finance institution disburse no less than $90 billion in support of African trade between 2017 and 2021.
SDX Energy Inc revealed it has agreed to acquire the Egyptian and Moroccan assets of failed AIM firm Circle Oil. A non-binding heads of terms agreement has been signed, and it gives SDX 30 days exclusivity to finalise a deal.
Banque du Caire aims to inject more than $53 million in a number of economic sectors during 2017. These sectors include transportation, logistics, construction, industry, food, and commodities.
[Egypt] Pickalbatros Holding for Financial Investments Company sets eyes on ultra-modern hospitality facility
As part of its expansion plan Pickalbatros Holding for Financial Investments Company has bought a plot of land for the establishment of a new hotel facility in Fifth Settlement, New Cairo Egypt. The hotel is also expected to include an aqua park.
President Idriss Deby Itno of Chad, has ratified the Agreement on the Establishment of the African Export-Import Bank (Afreximbank), concluding the formalisation of the country’s membership of the continental trade finance bank.
The Housing and Development Bank (HDB) increased the number of its branches to 70 by the end of 2016, after the inauguration of the latest branch in Port Said as the bank seeks to grow its foothold in the region and continent.
Egypt has introduced the country’s first bankruptcy law which among others seek to minimize the need for individuals or companies to resort to courts while abolishing imprisonment in bankruptcy related cases.
Egypt’s construction sector is the most promising in the Middle East and Northern African regions, study
The Middle East North Africa construction sector is surprisingly diverse in terms of exposure, profitability, and metrics, making it difficult to draw broad conclusions, yet currently Egypt is the most prosperous construction market in the Middle East and North Africa (MENA) region despite the effect of the currency’s devaluation and the high inflation rate, according to a recently released HSBC’s “MENA construction” report.
The Economic Court in Egypt issued, on Sunday, a provision requiring Orange Egypt to pay LE49.1 million to the Telecom Egypt (TE) company, in compensation for the losses incurred by TE as a result of Orange connecting calls to Israel.
The World Bank and Ministry of International Cooperation has signed the loan agreement for USD 1 billion for the Second Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF) for Egypt.
Rwanda and Egypt heads of state have agreed on a plan to make the River Nile a transportation highway to the Mediterranean Sea to reduce import-export costs.
A delegation of Mercedes-Benz’s directors are set to visit Egypt in early 2017 to discuss expanding their investments in the Egyptian market.
Central Bank of Egypt releases the new version of the regulations governing Mobile Payment Services to expand their usage.
The African Development Bank, on 19th December 2016, signed a loan of US$ 500 million to finance the Egypt Economic Governance and Energy Support Program Phase II.
Hotel operator AccorHotels has announced signing of four new hotel management agreements with ARCO. The new hotels will be located on Egypt’s North Coast, to be opened by 2022.
Egypt Petroleum Company to receive $200m Afreximbank support for electricity generation and distribution expansion
The African Export-Import Bank today in Cairo signed a $200-million loan facility agreement with the Egyptian General Petroleum Company (EGPC) to support the expansion of electricity generation and distribution in the country.
The Egyptian and Chinese central banks have signed a $2.6 billion currency swap agreement which would ease pressure on Cairo’s foreign reserves, Egypt’s central bank said.
Soha Soliman, the former managing director of the Social Fund for Development, SFD, has been appointed deputy chairperson of Banque du Caire following a cabinet decree.
Silicon Waha a company tasked with establishing and developing technology zones in Egypt has signed a series of agreements with China electronics company ZTE and Transsion, the manufacturers of Tecno and Itel mobile phones ,in a first step of producing electronics locally.
Integrated oil and gas company BP has bought a 10 per cent stake in Shorouk offshore concession located around the Mediterrarean Sea and owned by Italian company Eni, for $375 million. The stake includes the Zohr gas field estimated at 30 cubic feet.
African Travel Spend expected to rise 24 Percent with Introduction of African Union Passport Introduction in 2018
Travellers from four countries – South Africa, Nigeria, Kenya and Egypt were surveyed, with those having flown in the past 24 months saying they would spend 24 percent more with the introduction of the passport.
Egypt’s feed in tariff projects have been thrown into disarray following a growing list of companies pulling out of the project, with the current numbers standing at 19.
Palmier Real Estate Investment and Project Management intends to launch a tourist resort in Marsa Matrouh located on an area of 10 acres with investments estimated at $9 million, according to company chairperson Mohamed Abdel Aziz.
National Bank of Egypt has signed a cooperation protocol with Misr Life Insurance as the lender looks to improving services to its customers and providing electronic banking services.
Egypt has won International Monetary Fund approval for a three-year, $12 billion bailout program aimed at reviving a struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor.
Real estate company Samcrete Development has set aside$3.2 million to the real estate sector, with $128 million going to the administrative complexes and $77 million to be used for residential units.
Oil and gas powerhouse GE Oil& Gas has announced an expansion of its services facility in Egypt with an additional 2,00 square metres in the industrial free zone bringing its space to 5,000 square metres.
The World Bank welcomes Egypt’s recent economic and social reform measures including the floatation of the currency, measures to boost investment especially in Upper Egypt, adjusting energy prices to reflect market conditions, and strengthening the social safety net.
Orascom Hotels and Development has revealed that it has entered into an agreement for the rescheduling of loans worth $147 million, after delaying repayment of loan installments for three years and postponing interest on premiums to the end of the fiscal year 2017.
Middle East’s largest bank by assets, Emirates NBD has announced the establishment of a specialized unit for financing small- and medium-sized enterprises as it seeks to implement the Central Bank of Egypt requirements even as it eyes expansion.
Minister of Petroleum and Mineral Resources Tarek el-Molla discussed, during an Iraq visit, with Iraqi Prime Minister Haider al-Abadi means of boosting joint cooperation in the fields of oil and natural gas and establishing an Egyptian-Iraqi partnership.
The Egyptian General Petroleum Corporation (EGPC) has signed a partnership agreement with Kuwait Energy for the Seba gas field located in southeast Basra, Iraq. The agreement stipulates that EGPC owns 15% of this field.
About 60km east of Cairo is a gleaming new 20,000 sq m logistics centre that can store goods from high-tech electronics to food.
Online food delivery platform, Jumia Food is set to open its doors having partnered with 20 restaurants across Asian stores, Italian restaurants and popular fast food joints as it seeks to tap into growing middle class.
Leading online shopping and e commerce platform SOUQ.com has launched two innovative selling programmes targeting for small- and medium-sized enterprises (SMEs) as appetite for convenience and faster delivery of goods and services soars.
Westin Hotels and Resorts, part of Marriott International Inc., today announced the opening of Egypt’s best kept secret, The Westin Cairo Golf Resort & Spa Katameya Dunes.
Nissan Egypt is set to cooperate with KidZania Cairo in establishing a role play automotive attraction that will provide younger generations with an opportunity to learn about Nissan products.
[Egypt] Afreximbank-supported medical centres to improve life expectancy in Africa, stem foreign exchange outflow
The range of specialist healthcare services to be delivered through the Centre of Excellence Initiative being developed by the African Export-Import Bank (Afreximbank) will enable Africa stem the outflow of billions in scarce foreign exchange and improve life expectancy and the quality of the continent’s workforce.
Marriott International has announced plans to debut Element Hotels, the stylish eco-incubator brand in Egypt in early 2019.
Telecom companies Vodafone Egypt and Etisalat Misr have signed deals to buy fourth-generation (4G) mobile licences, the National Telecom Regulatory Authority (NTRA) announced on Sunday.
Telecom Egypt is deploying Ciena’s GeoMesh solution and packet-optical platforms for reliable, low-latency connectivity to meet surging demands for high-bandwidth services on its national terrestrial network and submarine links between the Mediterranean and Asia.
Engineering behemoth Siemens has announced plans to start electricity generation trials in Egypt’s Borollos power plant as the country looks to modern ways of tapping and producing electricity.
Real estate conglomerate Porto Group has launched a new campaign to sell open units of the company’s real estate projects.
Egypt’s telecommunication regulator The National Telecommunications Regulatory Authority (NTRA) has signed a $484 million agreement with Orange Egypt to grant it the 4G license.
Egypt has received a $2 billion deposit from Saudi Arabia, an Egyptian Central Bank official said, moving closer to securing several billions of dollars needed to seal a prospective $12 billion loan.
Regional e commerce services provider MindPedia has opened its first Mindset Development Centre in Cairo as it seeks to further cement its position in Middle East and North Africa.
Cairo based Banque Du Caire has purchased 7,317 residential units for low and middle-income segments as part of an initiative by the Central Bank of Egypt (CBE) launched between February 2014 and September 2016, according to Mounir El-Zahid, chairperson of the bank.
A $20 billion administrative new capital is in the offing which will include homes and offices and all relevant infrastructure supported by China Fortune Land Development Co. Ltd. (CFLD).
The competition oversight body in Egypt, The Egyptian Competition Authority (ECA) is raising concerns over unhealthy monopolistic practices in the automotive industry which it says has led to a dramatic spike in prices of several models and categories of cars.
Egypt’s Alkan Group has announced it will invest $600 million in the Citadel Plaza real estate project in the next five years as it seeks to grow its portfolio in the booming industry.
Barclays Bank PLC has announced plans of selling its Egyptian subsidiary to Attijariwafa Bank of Morocco in a deal that is to be finalized by end year following regulatory approvals.
BP has revealed that it had signed three concession amendments with Egypt allowing the company to develop the Nooros play.
With its eyes trained on growing export numbers and providing incentives for exporters, the European Bank of Reconstruction and Development, EBRD, has inked a $50 million deal with Crédit Agricole-Egypt under the trade facilitation programme (TFP).
Two years after launching a concerted effort to sharply reduce subsidy programs that had proven unsustainable to the country’s government, Egypt has announced significant progress in the reduction effort, reporting a 28.7% drop in spending during the 2015-2016 fiscal year.
The latest figures published this month show that Nile Air continues to be Egypt's fastest growing airline and largest private airline based in the country.
Agriculture exporting company Sama Grain company is set to open a juice concentrate factory and a line of packaging citrus fruits with its eyes trained on the East Asia and Russia.
Players in the flat glass industry are decrying lack of production inputs, rising costs and foreign currency shortage which they say have made their products expensive and noncompetitive.
Telecom Egypt, the state fixed-line monopoly, said on Monday it was considering buying more spectrum, weeks after acquiring a fourth-generation (4G) licence that will allow it to directly offer mobile phone services for the first time.
The African Export-Import Bank (Afreximbank) has appointed of Amr Kamel, formerly Director of Banking Operations, as its new Executive Vice President in charge of Business Development and Corporate Banking
Fawry, an electronics payment company in Egypt has entered into a contract with 12 domestic banks to provide electronic payment services via mobile phones.
Fruits and vegetables producing and exporting company Itamco for Agriculture Development, Ghabour Farms, has announced plans to increase exports to African, Eastern Europe and South East Asia markets in coming months as markets express more appetite for its produce.
Egypt is set to launch its initial public offerings in government-owned companies with oil sector businesses, aiming to collect up to $10 billion dollars within three to five years, the minister of investment said.
Nile Air has operated the first ever flight by an all-female crew by an Egyptian airline. The historic scheduled service was operated between Cairo and Al Jawf (Saudi Arabia) on 5th September 2016 is to promote women’s empowerment and encourage more Egyptian women to pursue careers in aviation.
The much awaited government sponsored fuel smart cards could be launched by year end, government officials have said, a move hailed as key in sealing leakage of subsidized petroleum products into the black market.
An initiative by the Central Bank of Egypt to stimulate mortgage funding to the down of the pyramid citizens has yielded fruits with financial institutions like the National Bank of Egypt saying this has assisted it fund the purchase of some 12,500 housing units worth over $112.5 million.
Global hospitality company Hilton Hotels & Resorts is set to unveil five hotels in Egypt in coming years as it seeks to tap into the growing domestic market. Christian Moore, vice president of Egypt and Levant Operations, said Hilton manages 18 hotels in Egypt, and is considered the largest hotel management company in Egypt.
Siemens has entered into a partnership with Egypt’s Ministry of Electricity and Renewable Energy to set up two electricity production units in Beni Suef power plant at the heart of Egypt, with a capacity of producing 800 megawatts by November this year.
Royal Dutch airline KLM has announced it is temporarily suspending flights to and from Cairo from early next year in what it attributes to economic reasons.
Egypt is expecting to sign agreements with the European Investment Bank worth EUR575 million in the second half of October, Ministry of International Cooperation said on Sunday.
Multinational conglomerate General Electric has launched the GE Egypt Digital Innovation Challenge, an open innovation competition to encourage Egyptian minds to find digital solutions for some of the country's industrial challenges in healthcare, transportation, and energy.
Orange Egypt has commissioned Nokia to deploy its Subscriber Data Management (SDM) platform to be able to launch new, customized faster services to its subscribers.
Union National Bank-Egypt (UNB) intends to grow its financing to the Small and Medium enterprises to eight percent of its total loan portfolio by year end owing to what it says is the growing importance of the sector to the economic growth.
Global consumer transaction technologies company NCR Corporation has announced plans to improve the quality of services banks offer to their customers through a multi-channel sales approach.
On Wednesday, the 31st of August 2016, an agreement was signed between Cyprus and Egypt which sets out the legal framework allowing companies to commence discussions on the transport of natural gas from Cyprus to Egypt via a sub-sea pipeline.
Egyptian Bank, Banque Misr has unveiled a service that will now see its customers check their credit score through ATMs as it embraces technology to meet clients’ needs while offering bespoke services.
[Egypt] New Avenue Real Estate enters into cooperation protocol with financial firm to expedite expansion
Real estate consultancy firm New Avenue Real Estate has entered into a cooperation arrangement with financing firm Premier Financial Advisors in a bid to accelerate the consultancy firm’s expansion in the shortest time possible.
The first of its kind solar powered electricity station in Egypt is set for opening on 25 September and will sell energy to the private sector at a capacity of 1 megawatt.
A new juice production factory by Sakr Group for Food Industries is set to double the company’s exports of milk products and juices even as it seeks to cement its local markets.
According to reports published by Bloomberg, integrated energy major Royal Dutch Shell plc RDS.A expects its Forcados oil pipeline in Nigeria to restart deliveries in mid-September.
Egypt has entered into a partnership with Cyprus for transportation of gas from the exclusive economic zone, EEZ, in Cyprus to LNG terminals in Egypt as Egypt looks to bolster domestic demand in its power stations.
The Egyptian government has finalized modalities required to allow it access a $500 million World Bank loan facility geared towards what the government says will be domestic development program for Upper Egypt.
Egypt's state-owned telephone company Telecom Egypt has signed a deal to buy a fourth-generation (4G) mobile licence, becoming the first mobile operator to do so in the country.
Misr Capital, Al Nour Consulting Group, and Global Appraisal Tech have been selected by the Egyptian government to carry out a valuation of the Suez Canal Economic Zone as investors await the evaluation to start case studies on possible projects.
Egypt’s national carrier, EgyptAir has recorded $14 billion losses since the 2011 uprising which has affected the tourism industry.
Egypt’s household sector continues to dominate total deposits in banks standing at 75.3 per cent of all total deposits, the Central Bank of Egypt has said in a report.
The Abu Dhabi Fund for Development (ADFD), the UAE’s international development arm has deposited $1billion at Egypt’s Central Bank to finance development projects in the next six years as the North African country looks to industrialization to foster economic growth.
The Egyptian parliament has given a nod to an agreement connecting power grid between the country and Saudi Arabia, cementing their long economic ties.
Egypt has announced that it will end fuel subsidies in three years following a staff level agreement of a loan with the International Monetary Fund.
She chose a battle against the constraints of traditions, suspicions and mockery to pursue her dream career in one of many fields still labeled as “a men-only zone” in Egyptian culture.
Egypt’s telecom regulator has approved revised terms for 4G mobile broadband network licenses, and said it will send them out to operators on Sunday.
As you may be aware, Egypt’s housing and residential sector has been experiencing exceptional growth over the last 5 years. We have been in discussions with a number of the major developers in Egypt and they are very bullish about the future.
Due to continued strong demand for Nile Air’s services between Cairo & Hurghada, Nile Air announces a new flight to the Red Sea resort which will operate every Monday morning from 22nd August 2016.
Annual Egypt Ports and Waterways Summit: Egypt port authorities and Ministry of Transport meet to discuss upcoming projects
Developing business with government can be difficult. Getting hold of accurate information and getting the right meetings can therefore be a challenge when doing business in Egypt.
With Africa’s factoring volume expected to reach 200 billion Euros in 2020, the continent must put in place facilitating legal and regulatory infrastructure to enable it take advantage of the many opportunities associated with factoring.
MasterCard, a leading technology company in the global payments industry, has completed the migration of 2 million Vodafone Cash mobile wallets to its open mobile payments ecosystem, as part of its collaboration with Vodafone Egypt, the largest mobile network operator in the country.
Nile Air has announced its first European destination with the launch of services between Cairo and Istanbul’s Sabiha Gokcen Airport in July 2016.
Eni made a new significant gas discovery in the Baltim South West exploration prospect, located in the Baltim South license, in the conventional waters of Nile Delta, offshore Egypt.
The African Union’s Commissioner for Infrastructure and Energy, HE Mrs Elham Mahmood Ahmed Ibrahim, will tell participants at this year’s eLearning Africa conference that sharing infrastructure must be a top priority for African governments.