First Independent Mena Newspaper
A Cairo Criminal court has removed the name of the businessman Safwan Thabet, the grandson of outlawed Muslim Brotherhood’s second leader Hassan al-Hudaybi, from the terror list following his release in mid-January. Safwan, the founder and former CEO of Juhayna Food Industries, and his son Seif El-Din were set free on January 21 from prison […]
Moody’s Investors Service cuts Egypt’s sovereign rating by one notch to B3 from B2, saying that it does not expect the country’s liquidity and external positions to rebound quickly. The change comes as the Arab country has continued to face a foreign currency shortage despite allowing the Egyptian pound to depreciate sharply in recent months. […]
The “Funding Body of Science, Technology and Innovation” of the Egyptian Ministry of Higher Education and Scientific Research and Romanian Ministry of “Research, Innovation and Digital” have penned a Memorandum of understanding (MoU) to enhance cooperation in the field of science and technology. The agreement signed Sunday aims at enhancing cooperation between the two parties […]
Concord International Investments, a company providing investment management and supervisory services to high-net-worth individuals, banks, thrift institutions, and other investment companies from its headquarters in New York, is planning to establish a healthcare investment company in Egypt with a capital of $40 million. Chairman Mohamed Younes has told Asharq Business that investments will be directed […]
The Egyptian Prime Minister, Mostafa Madbouly, indicated that the Arab country hopes to list at least 20 state-owned companies in 2023 as part of a larger strategy aimed at generating more revenues, Zawya reports. Not all companies will be listed on the EGX (the Egyptian stock market). Some will see major shares sold to strategic […]
Commercial International Bank Egypt (CIB) is set to proceed with the complete takeover of Kenya’s Mayfair CIB, after obtaining approvals from authorities, in a deal valued at $40 million. The Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) have just granted their consent for CIB to acquire the remaining 49% of […]
Egypt’s Prime Minister Mostafa Madbouly has announced the government’s intention to unveil the plan for offering state-run companies on the Egyptian Exchange (EGX) in 2023 within two weeks. Madbouly, Asharq business reports, indicated that the Cabinet would soon reveal the names of the companies to be offered on EGX throughout 2023. Egypt has been planning […]
Egypt and India signed several memoranda of understanding covering the areas of ICT, cybersecurity, youths and sports, broadcast, and culture. The MoUs were signed on the sidelines of President El-Sisi’s three-day visit to India to participate for the first time ever in the South Asian country’s 74th Republic Day celebrations, Egypt’s Presidential office indicated Wednesday. […]
Egypt and Nigeria have signed a memorandum of understating (MoU) to enhance bilateral cooperation in the field of electricity and renewable energy, a statement from the Egyptian Ministry of Electricity and Renewable Energy said Tuesday. Per the agreement, the two countries will support joint cooperation in a number of areas including: technical support for the […]
Egypt will put Financial Year 2023-2024 budget draft to a community dialogue expected to be convened within the next few weeks in view of enhancing community participation in determining public spending priorities, Finance Minister Mohamed Maait announced Monday. “A community dialogue on the new budget will be launched in the next few weeks, in order […]