CBE introduces new controls for updating customer data in banks
Banks must obtain CBE approval for electronic client data updates and have a three-month period to settle the situation
CIB’s Extraordinary General Assembly approves issuance of financial instruments worth $1bn
The Extraordinary General Assembly of the Commercial International Bank (CIB) has authorized the issuance of financial instruments totaling $1bn or its equivalent in local or foreign currencies. These instruments may…
CBE approves capital increase for Banque du Caire
The Central Bank of Egypt (CBE) has granted approval for Banque du Caire to increase its issued and paid-up capital by EGP 9bn, bringing it to EGP 19bn. Additionally, the…
Suez Canal Bank measures carbon footprint: A milestone in sustainable financing
Suez Canal Bank announced that it has completed measuring the carbon emissions of about 70% of its financing portfolio for direct facilities, in cooperation with DCARBON and ESG. This step…
Nilesat reports 12% increase in profits for 2023
Nilesat, the Egyptian satellite operator, announced on Saturday that it achieved a 12% increase in profits for the year ended December 31, 2023. The company's profits reached $43.754m, compared to…
Market capitalization of Arab stock markets surpasses $4.5trn in 2023
In the realm of Arab financial markets, the year 2023 witnessed remarkable developments. The annual report issued by the Union of Arab Securities Authorities highlighted several key points: Stock Price…
Egypt’s agricultural exports surge in Q1 2024
Egypt’s agricultural exports reached an impressive $1.5bn during the first quarter of 2024, marking a significant increase of $300m compared to the same period last year. Elsayed Elkosayer, the Minister…
Act Financial aims to raise EGP 1bn from minority stake offering
Act Financial has submitted provisional listing documents to the Egyptian Exchange, awaiting approval from the Listing Committee. The company plans to offer a minority stake in its shares, to raise…
Prime Minister tours factories in 10th of Ramadan Industrial City
Prime Minister Mostafa Madbouly conducted an inspection tour in 10th of Ramadan industrial city, visiting several companies. At Beko Egypt, which specializes in home appliances, Madbouly emphasized the government’s readiness…
US quietly supplies bombs, air fighters to Israel amid Gaza genocide
The Washington Post reported that the administration of US President Joe Biden recently agreed to supply the Israeli occupation with bombs and air fighters worth billions of dollars. This decision…