Orascom Development Egypt reported consolidated net profits of EGP 942.76 million in the first half (H1) of 2024, down from EGP 1 billion in H1-23. Despite the dip in profits, the company saw its net revenues soar by 64.90% year-on-year (YoY), reaching EGP 10.21 billion in H1-24, compared to EGP 6.19 billion in the previous...Read More

The Egyptian Satellites Company NileSat Reports a net profit of $21.47 million from continuing operations during the first half (H1) of 2024, reflecting an increase from $19.30 million in the same period last year. Despite the profit growth, revenues slightly declined to $50.80 million in H1-24, down from $51.19 million in H1-23, as per the company’s...Read More

a global fintech company redefining the landscape of investing and trading, GTN Appoints Ahmad Abouardini as its new Middle East Relationship Manager, according to a recent press release. Abouardini brings over eight years of experience from Saxo Bank, where he managed strategic relationships and platform sales across the Middle East. His tenure at Saxo Bank...Read More

The Central Bank of Egypt (CBE) auctioned treasury bonds (T-bonds) worth EGP 5 billion on Monday, 12 August 2024. The bonds have a maturity period of three years, set to mature on 13 August 2027, according to official data. Additionally, the CBE issued floating-rate T-bonds valued at EGP 2 billion through a single tranche, which...Read More

Madinet Masr Housing and Development has reported exceptional financial performance for the first half (H1) of 2024, showcasing significant growth across various financial metrics. The company’s consolidated net profits soared by an impressive 149.40% to reach EGP 1.45 billion, compared to EGP 584.70 million recorded in the same period last year (H1-23). This remarkable increase...Read More

Juhayna Food Industries reported consolidated net profits of EGP 1.48 billion in the first half (H1) of 2024, a 166% increase compared to EGP 556.43 million in H1-23. Net revenues rose by 69% year-on-year (YoY) to EGP 11.47 billion, up from EGP 6.80 billion, according to the company’s consolidated financial results. Earnings per share (EPS)...Read More

Egypt and the UAE have joined forces to establish a $3 billion logistics zone aimed at enhancing trade in the Mediterranean region. The agreement was formalized in New Alamein City, witnessed by Egypt’s Prime Minister, Mostafa Madbouly, during the signing of a memorandum of understanding (MoU) between the two governments. The deal includes plans to...Read More

The private offering of Act Financial’s shares has been oversubscribed by 20.20 times, informed sources told Mubasher. The subscription process ended on Thursday after achieving the highest coverage rate on the Egyptian Exchange (EGX) in the last six years. Earlier in July, Hany Hamdy, Managing Director at MubasherTrade Egypt, stated that Act Financial’s offering is considered...Read More

Abu Dhabi Global Market (ADGM) will implement substantial reductions of 50% or more for non-financial and retail licenses starting January 1, 2025, according to a recent announcement. This move supports ADGM’s goal of aiding the transition of Al Reem businesses to its jurisdiction following its 2023 expansion to Al Reem Island. ADGM states that the...Read More