First Independent Mena Newspaper
An Egyptian court upheld a one-month jail sentence and a one-year suspended sentence against Al-Zamalek football club’s controversial president Mortada Mansour, after he was found guilty of defamation against his Al-Ahly counterpart Mahmoud El-Khateeb. The ruling came Saturday after the court had rejected two appeals filed by Mansour against the two sentences, state-run news outlet […]
Turkish major appliance and consumer electronics brand Beko indicated Thursday it has invested $100 million in the Egyptian market for their plant project. General Manager of Beko Egypt Umit Günel made the announcement in a press release. The company in December laid the foundation stone of its Beko Egypt factory. The plant is set to […]
Saudi Arabia has put a plan by its sovereign wealth fund to acquire the United Bank of Egypt on hold because of a disagreement with the Egyptian authorities over its valuation, Reuters reports citing two sources familiar with the matter. The pause is unprecedented in the spree of investments done by the Gulf country in […]
Six Egyptian nationals held in an irregular detention center in western Libya have set free, Egypt’s oreign ministry announced. “According to the information received from our embassy in Tripoli, the six Egyptians have been released,” Foreign Ministry spokesman Ahmed Abu Zeid said on Twitter Sunday. “We are following their safe return to the homeland,” he […]
The Egyptian government signed Thursday three framework agreements for automobile manufacturing with the aim of to achieve bonded cooperation between Egyptian government representatives and companies, working to achieve the goals of the National Automotive Development Program. The agreements were signed by representatives of the government, including Amr Noureldin, Legal Advisor to the CEO of the […]
MasterCard has inked a partnership agreement with Copal to launch Egypt’s first family digital payment and expenses management mobile application, Arab Finance reports, citing a press release. The app aims to spread E-banking services by integrating youth into the banking system and the formal economy in a way that achieve Egypt’s financial inclusion goals, the […]
The Egyptian Exchange (EGX) and the Saudi Tadawul Group have signed a memorandum of understanding (MoU) to strengthen joint cooperation, Arab Finance reports citing an emailed press release of February 13. The MoU was signed on the sidelines of the ongoing Saudi Capital Market Forum, held in Riyadh February 12-14. “We seek to cooperate with […]
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 […]