First Independent Mena Newspaper
Earlier this May, Fitch downgraded Egypt’s sovereign rating to “B” with a negative outlook. Three of the four banks, whose ratings it downgraded, are public banks exposed to the state. Rating agency Fitch downgraded on May 17 the credit ratings of four major Egyptian banks, namely The National Bank of Egypt (NBE), Banque Misr, Banque […]
The UAE International Investors Council and the Egyptian-Emirati Business Council have signed a Memorandum of Understanding (MoU) to enhance cooperation and the existing investment partnerships. The deal aims to increase investment opportunities in the new economy, green projects, recycling, clean projects, the technology sector, and new digital technologies. It also provides for exchanging expertise as […]
The African Development Bank Group, AfDB, has greenlighted a partial credit guarantee of $345 million to Egypt for the financing of green and social projects, reports say. Egypt expects to use the credit guarantee to raise the equivalent of $500 million in the Chinese Yuan denominated Panda Bond market, issued by foreign borrowers, Egypt Today […]
The Central Bank of Egypt (CBE) has handpicked Barclays Bank as an international sell-side advisor for the sale of its 99% stake in the state-owned United Bank, Egypt Today reports. Barclays will work alongside local financial advisor, CI Capital, the media also notes. United Bank is one of the 32 state-owned companies the Egyptian government […]
Egypt’s Health ministry and GlaxoSmithKline plc (GSK), a British multinational pharmaceutical and biotechnology company, have signed an agreement to improve health in the Arab country. The agreement encompasses several key areas, including increased public awareness campaigns and specialized training for professionals in the field of child and elderly immunizations, the ministry’s official spokesman Hossam Abdel-Ghaffar […]
Air Serbia, Serbia’s national carrier, resumed last Monday direct flights between Belgrade and Cairo following three years of suspension owing to the COVID-19 pandemic. Egypt’s Ministry of Tourism and Antiquities made the announcement Tuesday, Ahram Online reports. “Egypt’s rich culture and history attract tourists from all over the world, and its climate makes it an […]
EgyptAir has signed a long-term agreement with the travel technology specialist Amadeus to boost flight reservation systems, the airline said in a statement on Monday. “Amadeus is in a position to support Egyptair throughout its digital transformation, allowing us to provide customers with a best-in-class travel experience,” Yehia Zakaria, chief executive, Egyptair Group, said. “Once […]
Egypt’s Financial Regulatory Authority’s (FRA) has launched the country’s first gold investment and first ever minerals investment Fund. The fund is part of the FRA’s plans to support the government’s efforts to boost financial and investment inclusion and develop an inclusive non-banking financial sector with a catalytic role in enhancing the economy, Arab Finance reports. […]
Egypt’s Health Minister Khaled Abdel Ghaffar and his Portuguese counterpart Manuel Pizarro signed Thursday a cooperation protocol to upgrade health and pharmaceutical sectors, Egypt Independent reports. There are no details about the agreement but Ghaffar reportedly indicated that the visit of his Portuguese counterpart and his delegation aims at deepening the partnership and cooperation in […]
The Egyptian government Wednesday approved temporarily a draft decree exempting travelers who bring gold from customs duties and other fees except value-added tax (VAT), reports say. The draft is applicable to semi-manufactured gold, gold prepared for currency-trade, and jewelry parts made or coated with a layer of precious metals. It is however unclear how much […]