dailynewsegypt.com
Alyaa Stohy
683 Articles
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1Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title
2Dutch fund to invest $1.5bn in Egyptian fertiliser, animal feed projects
3Orascom Construction signs $1.1bn contacts in 2Q 2021
4Egypt exempts consumer finance services from VAT
5Egypt Kuwait Holding invests $180m in subsidiaries in 2021
LATEST BY ALYAA STOHY
EGX30 index records 0.9% weekly gains, making 10,860-10,935 points as key resistance area
Successful breach above would trigger recovery signal on medium term
Alyaa Stohy
15 hours ago
SODIC announces completion of first securitisation bonds issuance
The Sixth of October Development and Investment Company (SODIC) has announced the success of its subsidiary, SODIC Securitisation, in completing the first issuance of securitisation bonds worth EGP 343m. In a statement to the Egyptian Exchange (EGX), on Monday, the company said that the securitisation bonds were insured through a portfolio of notes worth EGP …
Alyaa Stohy
July 28, 2021
Contact Financial announces closure of 2nd sukuk issuance of EGP 2.5bn
The issue is an Islamic Sharia compliant seven-year Mudaraba Sukuk, and received a high credit rating of A- by the Middle East Ratings and Investors Service (MERIS). The proceeds will be used to further expand Contact Credit and its affiliate companies.
Alyaa Stohy
July 27, 2021
Egypt’s Financial Regulator launches e-registry for mortgage finance deals
Amendments to some provisions of Mortgage Finance Law
Alyaa Stohy
July 26, 2021
40 companies get tender offer prospectus for operating Egypt’s 2 public transport enterprises
Technical bids for each tender to be evaluated separately on 24 and 31 August
Alyaa Stohy
July 26, 2021
Evergrow for speciality fertilisers aims to offer 70% on stock market: Vice Chairperson
Company aims to obtain EGP 600m of credit facilities before 2021 end
Alyaa Stohy
July 26, 2021
Aldar Properties requests extended compulsory purchase offer of SODIC shares until due diligence completed
The offer is being made on all shares of the Sixth of October Development and Investment Company (SODIC).
Alyaa Stohy
July 25, 2021
Egypt’s Financial Regulator prioritises digital transformation, fintech in 2025 vision
The road map aims to prepare the second phase of the comprehensive strategy for non-banking financial activities for the next four years, covering 2022 to 2026.
Alyaa Stohy
July 25, 2021
Obourland for food industries expects new farm to be fully operational by November
The farm is set to provide 25% of the company’s milk production, and will be used for packaged milk products only. The management expects the farm to produce 7,000 tonnes of milk in 2022.
Alyaa Stohy
July 17, 2021
Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title
Al Ahly have strong record against South African teams in continental competitions
Alyaa Stohy
July 15, 2021
Dutch fund to invest $1.5bn in Egyptian fertiliser, animal feed projects
Evergrow for speciality fertilisers has signed a preliminary agreement with a large Dutch investment fund, which will invest $1.5bn in two Egyptian fertiliser and animal feed projects, according to Vice-Chairperson of Evergrow Ahmed Khalifa. Evergrow will act as the technical partner to manage the fund’s investments in the Egyptian market. Khalifa said that these investments …
Alyaa Stohy
July 15, 2021
Egypt Kuwait Holding invests $180m in subsidiaries in 2021
A source with the Egypt Kuwait Holding has exclusively told Daily News Egypt that the company has earmarked $180m for capital expenditures in its subsidiaries this year. The funds will be channelled to: ONS, which will receive $80m; a medium density fibreboard (MDF) project, which will also receive $80m; Kahraba, which will receive $10m; and …
Alyaa Stohy
July 13, 2021
Egypt’s Financial Regulator approves 1st SME funding licence in NBFC sector
Egypt’s Financial Regulatory Authority (FRA) has agreed to grant the first licence for small and medium enterprise (SME) funding to a company operating in the microfinance sector.  This licence allows the company to provide financing to SMEs for the first time in the non-banking financial sector (NBFC).  This implements the latest legislative amendment issued in …
Alyaa Stohy
July 13, 2021
GB Auto’s Drive obtains FRA approval to provide consumer finance services
Ghabbour Auto (GB Auto) revealed in a statement on Saturday, that it has obtained the final approval from Egypt’s Financial Regulatory Authority (FRA) to add consumer finance activities to its factoring subsidiary Drive. This comes in addition to its car financing capacities, which fall within the company’s desire to continue expanding the products and services …
Alyaa Stohy
July 12, 2021
ADIB Egypt to set up sukuk company with authorised capital of EGP 100m
The Abu Dhabi Islamic Bank-Egypt’s (ADIB Egypt) board has approved the decision to proceed with setting up a sukuk company. In a statement to the Egyptian Exchange, on Saturday, ADIB Egypt said the company will be established with an authorised capital of EGP 100m and issued capital of EGP 10m. An official source told Daily …
Alyaa Stohy
July 12, 2021
Egypt’s Elsewedy Electric acquires International Cables for EGP 410m
Egypt’s Elsewedy Electric has announced that it has signed a share purchase agreement (SPA) to acquire 99.25% of the shares of the International Cables Company (ICC). In a statement to the Egyptian Exchange (EGX) on Saturday, Elsewedy Electric said that the value of the contract amounts to EGP 410m. It highlighted that the implementation of …
Alyaa Stohy
July 12, 2021
EGX likely to continue sideways movement between 10,100 – 10,350 points
This will also look at the consistency of trading above the major support level 10,000 points then the chance of resuming the rebounding attempts remains intact.
Alyaa Stohy
July 10, 2021
Egypt exempts consumer finance services from VAT
The services included in the VAT exemption included those provided by companies or providers of consumer financing. The move comes as part of the Egyptian Government’s endeavours to overcome any obstacles facing those authorities that practice non-banking financial activities (NBFS).
Alyaa Stohy
July 9, 2021
Vortex Energy achieves $200m closure for its 4th flagship fund
Platform targets $750m in fund size within 2 years
Alyaa Stohy
July 7, 2021
Orascom Construction signs $1.1bn contacts in 2Q 2021
Orascom Construction signed $1.1bn worth contracts in the second quarter (Q2) of 2021. These new contracts mark an increase of 52% year-on-year (y-o-y), and bring the total new contracts in the first half (H1) of 2021 to $1.8bn. The company’s operations in Egypt account for 32% of the Q2 projects, as the Group signed contracts …
Alyaa Stohy
July 7, 2021
Prime FinTech, Endorse launch supply chain finance platform under factoring services
The digitisation, which aims to save time and effort, is now available to institutions who conduct factoring activities.
Alyaa Stohy
July 6, 2021
Finance Ministry will have paid EGP 510.5bn in dues to Insurance Authority by June 2022
It comes as part of an agreement between the Ministries of Social Solidarity and Finance to repay accumulated dues over half a century to local insurance funds.
Alyaa Stohy
July 4, 2021
EGX sees decline in purchasing power, weakening chances to shatter 10,310 point resistance
The Egyptian Exchange (EGX) suffers from a clear decline in purchasing power, which weakens the chances of rising above the resistance level 10,310 points again, and confirming its breach upwards. The benchmark index EGX30 is expected to continue rising during the coming week’s early sessions, to re-penetrate the resistance level of 10,310 points again. This …
Alyaa Stohy
July 3, 2021
Rawaj targets start of consumer finance operations by Q3 2021
Company implements sukuk issuance amounting to EGP 200-300m this year
Alyaa Stohy
June 28, 2021
Egyptian Exchange targets 10,450 point level amid optimism for continued surge
EGX30 closed at 10,278.86 points last week, recording increase of 4.19%
Alyaa Stohy
June 26, 2021
Egypt’s capital market is key funding source for economic growth, SMEs stimulation: Madbouly
Prime Minister witnesses launch of ‘Tamayuz’ index to measure SMEs market performance
Alyaa Stohy
June 23, 2021
Egyptian government’s IPO programme expected for revival in Q4 2021
Only one offering expected, which may be Banque du Caire or e-finance
Alyaa Stohy
June 22, 2021
Savola Foods, ASRT sign cooperation protocol to improve Egypt’s health, wellbeing
SFC and ASRT will award top 3 solutions on hydrogenation with prizes ranging from EGP 10,000-30,000, along with certificates of appreciation, says Hania Seria
Alyaa Stohy
June 22, 2021
Cairo Investment plans to establish private equity fund in education sector
Company targets full acquisition of Starlight Education Group within 3 years
Alyaa Stohy
June 21, 2021
Tawasol alliance bids to fully acquire Alexandria Medical Services
Tawasol offers EGP 52 per share, targeting up to 10.5 million shares
Alyaa Stohy
June 21, 2021

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