CIB reports record EGP 28.8bn net income for Q3 2025; nine-month profits surge 47% to EGP 62.1bn
Commercial International Bank (CIB) announced Tuesday a consolidated net income of EGP 28.8bn for the third quarter of 2025, bringing its nine-month net income to EGP 62.1bn, or EGP 18.5 per share – a robust 47% increase year-on-year. Management attributed
Egypt, Lebanon sign MoUs to enhance economic, development cooperation
Egypt and Lebanon have signed several memoranda of understanding (MoUs) to strengthen cooperation and exchange expertise in economic and development policy-making, including two MoUs with Egypt’s Ministry of Planning and its affiliated Institute of National Planning (INP). The signings took
SCZONE signs agreement with S. Korea’s H&L for ready-made garments factory in West Qantara with $12m investment
The Suez Canal Economic Zone (SCZONE) signed on Tuesday a contract with H&L Egypt Apparel, a subsidiary of South Korea’s H&L Group, to establish a ready-made and sports garments factory in the West Qantara Industrial Zone with investments totaling $12m
GCF approves $50m for climate-tech investments in Egypt
Egypt’s Acting Environment Minister, Manal Awad, announced that the Green Climate Fund (GCF) Board has approved $50m for climate-tech investments in Egypt. This funding is part of the Novastar Investment Fund III, a $200m equity venture aimed at mobilizing climate-related
Egypt launches new cancer pharmaceuticals sector to boost drug industry localization
Egypt’s Health Minister Khaled Abdel Ghaffar announced on Tuesday the launch of the new Eva Pharma Oncology and Hematology Division, marking a significant milestone in the country’s efforts to localize advanced pharmaceutical manufacturing and enhance national health security. Speaking at
NBE grants Ora Developers Egypt EGP 3bn long-term financing for Solana West project
The National Bank of Egypt (NBE) has signed a long-term financing agreement worth EGP 3bn with Ora Developers Egypt to help fund part of the investment cost for Solana West, one of the company’s flagship real estate developments in West
Mansour Group breaks ground on $150m MAC transport vehicle factory in 6th of October City
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, laid the foundation stone for the MAC transport vehicles factory, a new project by Mansour Automotive Group, in 6th of October City, West Cairo. Al-Wazir said
Madbouli seeks to boost Qatari investments, reaffirms support for Yemen at Doha Summit
Egyptian Prime Minister Mostafa Madbouli held a series of high-level meetings in Doha on the sidelines of the first Global Alliance Leaders’ Summit to Combat Hunger and Poverty, where he represented President Abdel Fattah Al-Sisi. During his visit, Madbouli met
Egypt’s solar panel production to begin by early 2026 with up to 90% local component: GAFI
Egypt will begin solar panel production in early 2026 with a local component rate of up to 90%, according to Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI). Heiba said the move marks a significant
Egypt, Ireland explore partnership opportunities in food security, agritech
Egypt’s Minister of Agriculture and Land Reclamation Alaa Farouk met with Noel Grealish, Ireland’s Minister of State for Agriculture and Food, in Cairo to discuss strengthening bilateral cooperation in agriculture, livestock production, and agricultural research. The meeting, attended by Deputy