Company Insights Central Bank of Egypt Banking & Finance Central Bank of Egypt News Banking & Finance Abu Dhabi-backed Egyptian bank doubles profits Commercial International Bank, the Egyptian lender backed by Abu Dhabi, has doubled its consolidated net profits for the first quarter of this year, compared with the same period in 2023. In an earnings release published on Sunday, CIB posted a net income of EGP11.9 billion ($253 million) at the start of this year, up from […] May 14, 2024 Economy Egypt’s outlook revised up as external financial risks ease Fitch Ratings has upgraded Egypt’s outlook to “positive” from “stable” citing lower external financing risks and increased foreign capital inflow. The $35 billion Ras El-Hekma deal with the UAE, a flexible exchange rate, and tightening of monetary policy have reduced near-term external financing risks, the global rating agency said in a report. “The Ras El-Hekma investment underscores the […] May 6, 2024 Banking & Finance Egypt to open first digital bank later this year Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […] May 3, 2024 Finance Egypt to receive $30bn by June but denies $1.5bn new Saudi deal An Egyptian government spokesperson rebuffed reports on Sunday that the Saudi firm Ajlan & Bros had submitted a $1.5 billion proposal to develop Ras Gamila on the Red Sea. A spokesperson for the Ministry of Public Enterprise, Mansour Abdelghany, told Ahram Online that no such offers would be considered until an international advisory firm completes […] April 22, 2024 Economy Egypt’s ambitious budget makes private sector a priority Egypt’s budget for the financial year 2024-25 includes ambitious targets of 4.2 percent growth, a 50 percent increase in private sector investment and a primary surplus of 3.5 percent. The budget was approved in a cabinet meeting on Wednesday and will be sent to the House of Representatives by the end of the month. It […] March 28, 2024 Opinion Economy Egypt and Turkey turn a corner but Lebanon flounders The phrase 'two out of three ain't bad' offers no solace for a struggling nation March 22, 2024 Opinion Economy Egypt must deal with its fundamental challenges Abu Dhabi's cash injection offers short-term relief but serious budgetary issues remain March 21, 2024 Economy Egypt central bank cancels meeting after interest rate hike Egypt’s central bank has called off the meeting of its monetary policy committee (MPC) on March 28, citing the “sufficiency” of the special meeting held on March 6, during which it raised interest rates by 600 basis points. The overnight lending and overnight deposit rates were set at 28.25 percent and 27.25 percent at the […] March 21, 2024 Leisure & Hospitality Egypt’s tourist arrivals surpass 2010 peak Tourist arrivals in Egypt reached 14.91 million in 2023, hitting the highest level since 2010, according to a news report. The North African nation had received 14.73 million visitors in 2010, the Egypt Today newspaper reported. The fourth quarter of 2023 saw a surge in tourism activity, an increase of 8 percent year on year […] January 19, 2024 Transport AD Ports to invest $200m to develop Egypt’s Safaga port AD Ports Group of Abu Dhabi has signed a concession agreement with the Red Sea Ports Authority to develop and operate a multi-purpose terminal at Safaga port in Egypt. The agreement will mean an investment of $200 million over three years to develop the first internationally operated port serving the Upper Egypt region, the UAE […] December 28, 2023 Posts navigation Previous 1 … 3 4 5 … 8 Next
Banking & Finance Abu Dhabi-backed Egyptian bank doubles profits Commercial International Bank, the Egyptian lender backed by Abu Dhabi, has doubled its consolidated net profits for the first quarter of this year, compared with the same period in 2023. In an earnings release published on Sunday, CIB posted a net income of EGP11.9 billion ($253 million) at the start of this year, up from […] May 14, 2024
Economy Egypt’s outlook revised up as external financial risks ease Fitch Ratings has upgraded Egypt’s outlook to “positive” from “stable” citing lower external financing risks and increased foreign capital inflow. The $35 billion Ras El-Hekma deal with the UAE, a flexible exchange rate, and tightening of monetary policy have reduced near-term external financing risks, the global rating agency said in a report. “The Ras El-Hekma investment underscores the […] May 6, 2024
Banking & Finance Egypt to open first digital bank later this year Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […] May 3, 2024
Finance Egypt to receive $30bn by June but denies $1.5bn new Saudi deal An Egyptian government spokesperson rebuffed reports on Sunday that the Saudi firm Ajlan & Bros had submitted a $1.5 billion proposal to develop Ras Gamila on the Red Sea. A spokesperson for the Ministry of Public Enterprise, Mansour Abdelghany, told Ahram Online that no such offers would be considered until an international advisory firm completes […] April 22, 2024
Economy Egypt’s ambitious budget makes private sector a priority Egypt’s budget for the financial year 2024-25 includes ambitious targets of 4.2 percent growth, a 50 percent increase in private sector investment and a primary surplus of 3.5 percent. The budget was approved in a cabinet meeting on Wednesday and will be sent to the House of Representatives by the end of the month. It […] March 28, 2024
Opinion Economy Egypt and Turkey turn a corner but Lebanon flounders The phrase 'two out of three ain't bad' offers no solace for a struggling nation March 22, 2024
Opinion Economy Egypt must deal with its fundamental challenges Abu Dhabi's cash injection offers short-term relief but serious budgetary issues remain March 21, 2024
Economy Egypt central bank cancels meeting after interest rate hike Egypt’s central bank has called off the meeting of its monetary policy committee (MPC) on March 28, citing the “sufficiency” of the special meeting held on March 6, during which it raised interest rates by 600 basis points. The overnight lending and overnight deposit rates were set at 28.25 percent and 27.25 percent at the […] March 21, 2024
Leisure & Hospitality Egypt’s tourist arrivals surpass 2010 peak Tourist arrivals in Egypt reached 14.91 million in 2023, hitting the highest level since 2010, according to a news report. The North African nation had received 14.73 million visitors in 2010, the Egypt Today newspaper reported. The fourth quarter of 2023 saw a surge in tourism activity, an increase of 8 percent year on year […] January 19, 2024
Transport AD Ports to invest $200m to develop Egypt’s Safaga port AD Ports Group of Abu Dhabi has signed a concession agreement with the Red Sea Ports Authority to develop and operate a multi-purpose terminal at Safaga port in Egypt. The agreement will mean an investment of $200 million over three years to develop the first internationally operated port serving the Upper Egypt region, the UAE […] December 28, 2023
