Talaat Moustafa Group’s 2024 profits soar 224% to EGP 10.7bn
Talaat Moustafa Group (TMG) reported a 224% surge in profits for 2024, reaching EGP 10.7bn, compared to EGP 3.3bn in 2023. This significant increase was driven by a 50% rise in revenues, which climbed to EGP 42.6bn from EGP 28.4bn
Egypt offers 2,172 industrial land plots across 22 governorates
Egypt’s Ministry of Industry and Transport has announced the offering of 13.3 million square meters of serviced industrial land through the Egypt Industrial Digital Platform. A total of 2,172 plots, spanning 22 governorates, will be made available to accelerate industrial
Egypt launches automated system for social housing reconciliation procedures
Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (SHMFF), has announced the launch of an automated system for handling reconciliation requests related to violations of the Social Housing Law. This system will process cases documented by
Egypt’s banking sector expands sustainable finance initiatives
Egypt’s banking sector, under the leadership of the Central Bank of Egypt (CBE), is intensifying its commitment to sustainable finance, playing a pivotal role in achieving the country’s Sustainable Development Goals (SDGs) and Vision 2030. Banks across the nation are
Public Enterprises Minister stresses role of subsidiary companies in strengthening industry
Mohamed Shimi, the Minister of Public Enterprises Sector, convened an extensive meeting with the heads of the ministry’s holding companies to assess the progress of various projects and strategic plans aimed at enhancing company development, increasing operational efficiency, and maximizing
EGP 911.5bn in total financing provided by FRA-regulated entities in 2024: Chairperson
Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), unveiled key performance indicators for the non-banking financial sector, reporting that total financing granted by FRA-regulated entities reached approximately EGP 911.5bn in 2024. This marks a 2% increase from EGP 893.5bn
Gold hits record highs amid market uncertainty, CBE purchases
Gold prices surged in local markets on Saturday, coinciding with the weekend closure of global stock exchanges. This follows an eighth consecutive week of gains, with gold rising by 1.8% amid heightened global uncertainty and strong Central Bank of Egypt’s
Egyptian Drug Authority, Sandoz discuss oncology drug localisation
The Chairperson of the Egyptian Drug Authority (EDA), Ali Ghamrawy, has met with a high-level delegation from Sandoz, a global pharmaceutical company, to discuss strengthening cooperation and localising the production of oncology drugs in Egypt. The Sandoz delegation was headed
Saib reports EGP 1.74bn net profits in December 2024, achieving 81% growth
Saib bank concluded 2024 with an exceptional 81% surge in net profits, reaching EGP 1.74bn compared to EGP 963m in 2023. Pre-tax profits also experienced a robust 60% increase, rising to EGP 2.54bn from EGP 1.58bn the previous year. Net
Egypt’s Housing Ministry unveils ‘Your Home in Egypt’ initiative for expats
The Ministry of Housing, Utilities, and Urban Communities has officially launched the Your Home in Egypt initiative, which provides Egyptian expatriates with the opportunity to purchase residential units in 12 prestigious projects across the country. This initiative, launched in collaboration