Banque Misr’s mortgage portfolio hits EGP 21bn for 145,000 clients in 2024
Banque Misr has announced a significant increase in its mortgage portfolio, which rose by approximately EGP 3bn in 2024, bringing the total portfolio to EGP 21bn. This growth benefits approximately 145,000 clients, making the bank’s mortgage portfolio one of the
5.24% increase in manufacturing, extractive industry index for October 2024
The Central Agency for Public Mobilization and Statistics (CAPMAS) has reported a 5.24% increase in the Manufacturing and Extractive Industries Production Index for October 2024. The index, which excludes crude oil and petroleum products, reached 112.32 in October, up from
Housing Ministry considers launching new lands for mixed-use, tourism projects in New Alamein
Prime Minister Mostafa Madbouly convened a meeting with Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, to review the latest developments across several national projects. During the meeting, El-Sherbiny presented several proposed land plots along Egypt’s North West Coast
CBE increases transaction limits for financial inclusion accounts
The Central Bank of Egypt (CBE) has announced an increase in the maximum transaction limits for financial inclusion accounts, which apply to withdrawals, outgoing transfers, debit operations, and purchases. Under the new regulations, the daily transaction limit for individual accounts
Mansour Group, SAIC Motor announce $135m auto plant in Egypt
Prime Minister Mostafa Madbouly attended on Sunday the signing ceremony of a landmark agreement between Mansour Group and China’s SAIC Motor to establish a $135m automotive manufacturing plant in Egypt. The agreement includes a technical licensing deal to produce MG
CBE to offer $800m T-bill auction to settle previous issuance
The Central Bank of Egypt (CBE) will hold a Treasury bill (T-Bill) auction denominated in US dollars on Monday, offering $800m in new debt. The proceeds from this auction will be used to settle the maturity of a prior T-Bill
Al Ahly Capital boosts stake in Easy Lease to 97.55% in strategic acquisition
Al Ahly Capital Holding, the investment arm of the National Bank of Egypt (NBE), has acquired an additional 93.1 million shares—representing 46.55% of Easy Lease’s capital—from El Sewedy Capital Holding. This acquisition significantly strengthens Al Ahly Capital’s ownership in Easy
Housing Ministry activates New October Transformer Station to support urban growth
Minister of Housing, Utilities, and New Urban Communities, Sherif El-Sherbiny, has announced the activation of the New October Transformer Station, located in New October City. With a capacity of 220/22/22 KV and a total current capacity of 375 MVA, the
Tax filing for 2024 to begin next Wednesday: ETA Chief
Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA), announced that the 2024 tax filing will begin next Wednesday, January 1, 2025. Individuals can file their tax returns until March 31, 2025, while companies have until April 30, 2025,
Egyptian gold demand declines in Q4 2024 amid price hikes
Local demand for gold in Egypt decreased in the fourth quarter of 2024, despite stabilising prices, due to rising inflation and higher price levels, according to the Gold Bullion 2024 report. Throughout 2024, gold prices in Egypt experienced significant fluctuations,