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
Al-Mashat says Egypt, Bahrain seek stronger economic ties
Egypt and Bahrain are keen to strengthen their economic partnership. Rania Al-Mashat, Minister of Planning and Economic Development, attended the Egyptian-Bahraini Joint Committee meeting here and stressed the close ties between the two nations. The meeting, chaired by Ahmed Kouchouk,
HDB doubles net profits to EGP 11bn in 2024, marking 83.1% surge
The Housing and Development Bank (HDB) has reported a substantial increase in pre-tax and provisioned profits, reaching EGP 16.855bn in 2024, compared to EGP 9.444bn in 2023. This marks a rise of EGP 7.411bn or 78.5%. Net profits after tax
Egyptian Minister praises Nile Basin consultations, voices GERD concerns
Egypt’s Minister of Water Resources and Irrigation, Hani Sewilam, has commended the recent ministerial decision to launch a consultative process involving seven Nile Basin countries to explore a path forward based on consensus. The countries involved are Uganda, South Sudan,
UAE to Install Over 500 Electric Vehicle Charging Stations by 2025
The United Arab Emirates (UAE) plans to install more than 500 electric vehicle (EV) charging stations by the end of 2025. Sharif Al Olama, the UAE’s Under-Secretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure, announced
Shell Egypt promotes youth innovation, entrepreneurship at EGYPES 2025
Shell Egypt showcased its commitment to youth empowerment and sustainable innovation at EGYPES 2025, highlighting its NXplorers Awards Ceremony and the Shell Intilaaqah Egypt programme. These social investment programmes aim to develop future energy leaders and entrepreneurs, providing them with