<![CDATA[rss-Business & Economics]]> All Rights Reserved for The Cairo post <![CDATA[Business & Economics]]>]]> 100 29 <![CDATA[EGX ends Monday on mixed note, market cap. loses LE 8.9B]]>
The benchmark EGX 30 dipped 2.45 percent, or 238.75 points, to close at 9,521.43 points.

The equally weighted index EGX 50 decreased 1.20 percent, or 16.13 points, to end at 1,323.7 points, and the broader index EGX 100 dropped 1.47 percent, or 15.25 points to 1,022.93 points.

On the other hand, the small and mid-cap index EGX 70 rose 0.31 percent, or 3.07 points, to close at 981.16 points.

Market capitalization lost LE 8.9 billion, recording LE 529.05 billion, compared to LE 537.95 billion in Sunday’s session.

The trading volume reached 183.71 million shares, traded through 21,278 transactions, with a turnover of LE 539.6 million.

Egyptian investors were buyers at LE 206.78 million, while Arab and foreign investors were net sellers at LE 12.36 million, and LE 194.42 million, respectively.

Egyptian and foreign individuals were net buyers at LE 40.51 million, and LE 319,205, respectively, while Arab individuals were net sellers at LE 10.14 million.

Arab and foreign organizations sold at LE 2.22 million, and LE 194.74 million, respectively, while Egyptian organizations bought at LE 166.26 million.

Misr Chemical Industries, Sues Canal Company for Technology Settling, and Medical Packaging Company were top gainers of the session at 10 percent, 9.96 percent and 9.95 percent, respectively.

Meanwhile, Misr Duty Free Shops, Wadi Kom Ombo Land Reclamation, and Credit Agricole Egypt were top losers of the session by 8.41 percent, 8.28 percent, and 7.59 percent, respectively.

On Sunday, EGX ended the session on mixed note as: EGX 30 dipped 1.54 percent, or 152.8 points, while EGX 50 increased 0.05 percent, EGX 70 rose 1.95 percent, EGX 100 hiked 0.19 percent.
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3/30/2020 4:53:48 PM
<![CDATA[Debt installments of small businesses in Egypt to be postponed for 3 months]]>
The minister added that there is currently increasing demand on food, and medical equipment and products. Hence, if any factory wants to expand its production capacity, it can be granted a loan after a certain committee inspects the lines and ensures the size of the loan is suitable and is going tothe right place.

The minister affirmed that factories hit by the crisis will be accommodated, and that the president stressed the necessity to make room for local industries, and not resort to imports in light of the increasing demand on certain goods driven by the coronavirus crisis.

Egypt had allocated LE100 billion to face the coronavirus crisis, and its repercussions on the economy. Earlier this month, the Central Bank of Egypt (CBE) decreased interest rates from 12 percent to nine percent.

Egypt's central bank issues LE 7.5B in T-bonds Monday

CAIRO - 23 March 2020: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued LE 7.5 billion in treasury bonds on Monday, Mar 23. The T-bonds were offered in two installments, with the first valued at LE 4 billion with a three-year term and the second worth LE 3.5 billion with a seven-year term.


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3/30/2020 4:38:11 PM
<![CDATA[Petroleum derivatives' prices to decline in April: Egypt’s Central Bank governor]]>
Amer indicated during a phone interview with a TV program that oil prices and the exchange of the dollar have recently fallen significantly at the global level.

The governor of the Central Bank said, "The date for the re-pricing of petroleum products will be at the end of March, and I believe that it will be reduced."

He pointed out that Egypt was targeting to purchase oil by about $11.8 billion of its budget, but due to the spread of the coronavirus around the world, which affected the price of oil, in return, the amount of oil purchase in the budget fell to $7.3billion, marking a a decrease of $4.5 billion.

Egypt has adopted the automatic pricing mechanism since July 2019, aiming to provide flexibility to enable state institutions to provide the best service for all citizens.

The automatic pricing mechanism aims at adjusting the sale prices of some petroleum products in the local market every three months, based on two key determinants in the domestic market, namely Brent Crude Oil price and the change in the value of the US dollar against the Egyptian pound.

These two key determinants come beside other fixed charges and costs, which are being adjusted annually in September after the approval of the previous fiscal year budget by the Central Auditing Organization.


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3/30/2020 3:31:09 PM
<![CDATA[Egypt's central bank issues LE 7.5B in T-bonds Monday]]>
The T-bonds were offered in two installments, with the first valued at LE 4 billion with a three-year term and the second worth LE 3.5 billion with a seven-year term.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Monday to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to reach 9.25 percent, 10.25 percent, and 9.75 percent, respectively.

Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.

Egypt's 2020/2021 draft budget aims to reduce public debt of GDP to 82.7 percent by end of June 2021, up from earlier target of 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.]]>
3/30/2020 2:49:29 PM
<![CDATA[Governor of Egypt’s Central Bank expects pound to rise against dollar]]>
“We must first consider the variables that occur abroad on the balance of domestic payments, before expecting the pound to rise against the dollar,” Amer said during a phone interview with a TV program.

The average dollar price is LE 15.68 for buying and LE 15.78 pounds for selling. With the Egyptian pound’s gains that reached 2.1 percent against the dollar, Capital Economics attributed the rise of the currency to official intervention, “but this raises concern that policymakers haven’t learnt from past mistakes.”

“While the pound has fallen by just over 1 percent against the dollar since late-February, that is a much better performance than other EM currencies over the same period,” Capital Economics added.

CBE’s governor referred to global talks about how Egypt preceded the current conditions by controlling the economy

“Unlike Egypt, pumping loans in Europe has become weak because they have reached the limit of being satisfied and the loan-to-deposit ratio is very high, “Amer said.

He continued,"While in Egypt we still have excess of deposits and liquidity, and we also have scope to lower interest rates more and more in order to stimulate the economy."

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided earlier to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to reach 9.25 percent, 10.25 percent, and 9.75 percent, respectively.

Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.
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3/30/2020 2:36:53 PM
<![CDATA[Egyptian expats’ remittances hit $34B, exceeding Egypt’s Central Bank figures ]]>
Amer added during statements to the privately owned Sada al-Balad TV channel that Egypt is facing a cash problem, pointing out that the $26 billion are transferred from abroad to banks directly, while other Egyptians bring cash as they return from abroad.

He pointed out that the Central Bank is discussing with the International Monetary Fund (IMF) a review of how it calculates the balance of payments, to add all foreign exchange resources “because in the current period it does not reflect the real state of the economy in the country.”

“Whenever we succeed in adding the informal economy to the formal sector, this reflects on the economy and enables the state to attract foreign direct investment,” CBE’s governor stressed.

Earlier, CBE stated that Remittances from Egyptian expatriates hiked 5 percent or $1.3 billion during 2019, reaching $26.8 billion, compared to $25.5 billion in 2018.

CBE attributed the increase to the hike of the remittances of Egyptians abroad during the second half of 2019 by 13.5 percent or $1.6 billion, to reach $13.7 billion, compared to $12.1 billion in the same period of 2018.

Remittances from Egyptian expats hikes to $26.8B in 2019

CAIRO - 19 March 2020: Remittances from Egyptian expatriates hiked 5 percent or $1.3 billion during 2019, reaching $26.8 billion, compared to $25.5 billion in 2018, the Central Bank of Egypt (CBE) stated Thursday.



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3/30/2020 1:47:46 PM
<![CDATA[Foreigners exit from Egypt’s bourse by $500M: CBE governor]]>
Amer added during a phone call to the privately owned Sada al-Balad TV channel that CBE’s LE20 billion-support to EGX came as a result of these exits, which pushed the bourse upward in a time all global exchanges were losing.

He stressed that all global stock exchanges lost between 70 to 90 percent of their capital, but thanks to the measures taken by the state, the Egyptian Stock Exchange conditions witnessed huge improvement.

President Abdel Fatah El-Sisi announced on Mar. 22, that CBE allocated LE 20 billion to the Egyptian Stock Exchange as part of measures taken to curb the effect of coronavirus.

Egypt's central bank supports EGX by LE20B to curb Coronavirus effect

CAIRO - 22 March 2020: The central Bank of Egypt (CBE) allocated LE 20 billion to the Egyptian Stock Exchange as part of measures taken to curb the effect of coronavirus, President Abdel Fatah El-Sisi announced Sunday. This came in a meeting with a number of women on the occasion of Mother's Day.




The Egyptian Exchange (EGX) ended Sunday in a semi-collective rise. However, it lost LE 1.9 billion of market capitalization, amid Arab and foreign selling.

EGX ends Sunday on mixed note, market cap. loses LE1.9B

CAIRO - 29 March 2020: The Egyptian Exchange (EGX) ended Sunday in a semi-collective rise. However, it lost LE 1.9 billion of market capitalization, amid Arab and foreign selling. The benchmark EGX 30 dipped 1.54 percent, or 152.8 points, to close at 9,760.18 points.



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3/30/2020 12:49:58 PM
<![CDATA[EGX ends Sunday on mixed note, market cap. loses LE1.9B]]>
The benchmark EGX 30 dipped 1.54 percent, or 152.8 points, to close at 9,760.18 points.

On the other hand, the equally weighted index EGX 50 increased 0.05 percent, or 0.67 points, to end at 1,339.83 points.

The small and mid-cap index EGX 70 rose 1.95 percent, or 18.67 points, to close at 978.09 points, and the broader index EGX 100 hiked 0.19 percent, or 2.02 points to 1,038.18 points.

Market capitalization lost LE 1.9 billion, recording LE 537.95 billion, compared to LE 539.91 billion in Thursday’s session.

The trading volume reached 194.52 million shares, traded through 19,775 transactions, with a turnover of LE 390.81 million.

Egyptian investors were buyers at LE 105.41 million, while Arab and foreign investors were net sellers at LE 5.27 million, and LE 99.81 million, respectively.

Arab and foreign individuals were net sellers at LE 6.99 million, and LE 973,273, respectively, while Egyptian individuals were net buyers at LE 27.21 million.

Egyptian and Arab organizations bought at LE 78.19 million, and LE 1.4 million, respectively, while foreign organizations sold at LE 100.78 million.

Sabaa International Company for Pharmaceutical and Chemical, Samad Misr -EGYFERT, and B Investments Holding were top gainers of the session at 9.95 percent, 9.94 percent and 9.40 percent, respectively.

Meanwhile, Ismailia Development and Real Estate Co, El Ezz Porcelain (Gemma), and Arab Co. for Asset Management and Development were top losers of the session by 4.48 percent, 3.77 percent, and 3.69 percent, respectively.

On Thursday, EGX ended the session in green, EGX 30 rose 0.48 percent, EGX 50 increased 1.97 percent,EGX 70 inched up 3.15 percent,and EGX 100 hiked 1.40 percent.
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3/29/2020 6:24:26 PM
<![CDATA[Egypt injects LE 30B to expand int’l internet corridors entering its borders]]>
Talaat added that those capacities have contributed to a significant improvement in the quality of internet services. He noted that without these new capacities, we would have been in a major crisis, especially in light of the high demand from all segments of society with the precautionary measures taken by the state against coronavirus spread, including allowing employees to work from home and activating distant education.

On the slow internet speed, he pointed out that the decline in internet services is a bit of a global problem and is not only in Egypt, after various countries of the world have allowed working from home through reliance on the World Wide Web.

Ministry of Communications and Information Technology has taken a set of measures and initiatives to reduce the burdens on citizens and facilitate their daily activities to keep pace with the precautionary measures taken by the state to prevent the spread of the coronavirus.

These initiatives included one to support e-learning during the period of suspension of schools and universities by increasing the capacities of internet packages by 20 percent, as well as making the browsing service available to "Knowledge Bank", educational platforms and websites free of charge, to ensure that the educational process is not affected during the suspension period.

Telecom Egypt increases capacity of landline internet packages 20%

CAIRO - 17 March 2020: Telecom Egypt has increased the capacities of landline internet packages offered to its customers by 20 percent, as part of the Ministry of Communications and Information Technology initiative to support students in the education process.




In addition, the National Communications Regulatory Authority (NCRA) agreed with mobile operators in Egypt to enhance the use of electronic transactions by providing the citizens with incentive offers on its e-services. The incentives will be offered when charging the balance using electronic payment methods, whether through the electronic applications of each company or by charging the balance using the cash service (electronically). This offer gives 30 times the balance charged worth of minutes and free units when using this feature.

Egypt offers incentives over charging mobiles electronically

CAIRO - 20 March 2020: The National Communications Regulatory Authority (NCRA) agreed with the mobile operators in Egypt to enhance the use of electronic transactions by providing incentive offers on its services provided to citizens.



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3/24/2020 6:21:19 PM
<![CDATA[World Bank funds developing countries by $150B to fight coronavirus]]>CAIRO – 24 March 2020: The World Bank can provide up to $150 billion in resources over the next 15 months to help developing countries fight the coronavirus (COVID-19), according to President of the bank David Malpas.

In a statement to the finance ministers of the Group of Twenty (G20) and the central bankers issued by the World Bank, Monday, Malpas called the creditor countries in G20 to allow the poorest countries to suspend all bilateral debt payments while fighting the virus.

Malbas added that the poorest countries should be allowed to focus their resources on their health responses to the current crisis.

He said that the World Bank is now preparing projects in 49 countries to help to fight the virus under a rapid credit facility, adding that decisions are expected to issue this week.

Earlier this week, the World Bank provided Egypt with a new financing package worth $500 million, with the aim to facilitate access to housing units at subsidized prices for low-income families.

The fund also targets to strengthen the capacity of the Social Housing Fund and support real estate finance in designing policies and coordinating programs in the social housing sector.

WB offers Egypt $500M to provide housing units for low income

CAIRO - 22 March 2020: The World Bank provided Egypt with a new financing package worth $500 million, with the aim to facilitate access to housing units at subsidized prices for low-income families. The fund also targets to strengthen the capacity of the Social Housing Fund and support real estate finance in designing policies and coordinating programs in the social housing sector.



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3/24/2020 5:25:36 PM
<![CDATA[CBE: Working hours at banks to be from 9:30 am to 1:30 pm]]>
Banks’ working time will be from 9:30 am to 1.30 pm for the public and from 9:00 am to 2:00 for the staffers, said a statement issued by CBE.

The decision was in line with the prime minister's decision to ban the movement of citizens on roads from 7:00 pm to 6:00 am for two weeks as part of precautionary measures against the coronavirus. ]]>
3/24/2020 5:06:07 PM
<![CDATA[EGX ends Tuesday in semi-collective regression, market cap. loses LE6.9B]]>
The benchmark EGX 30 dipped 2.76 percent, or 276.96 points, to close at 9,770.48 points.

The equally weighted index EGX 50 dropped 1.27 percent, or 16.51 points, to end at 1,282.38 points, and the broader index EGX 100 declined 0.96 percent, or 9.72 points to 1,002.01 points.

On the other hand, the small and mid-cap index EGX 70 inched up 0.04 percent, or 0.4 points, to close at 905.15 points.

Market capitalization lost LE 6.94 billion, recording LE 533.89 billion, compared to LE 540.83 billion in Monday’s session.

The trading volume reached 261.63 million shares, traded through 26,322 transactions, with a turnover of LE 761.9 million.

Egyptian investors were net buyers at LE 222.3 million, while Arab and foreign investors were net sellers at LE 13.22 million, and LE 209.08 million, respectively.

Egyptian and foreign individuals were net buyers at LE 34.55 million, and LE 61,629, respectively, while Arab individuals were net sellers at LE 11.59 million.

Arab and foreign organizations sold at LE 1.63 million, and LE 209.14 million, respectively, while Egyptian organizations bought at LE 187.75 million.

Misr Fretilizers Production Company - Mopco, Sues Canal Company for Technology Settling, and International Co For Investment & Development were top gainers of the session at 12.72 percent, 9.99 percent and 9.50 percent, respectively.

Meanwhile, B Investments Holding, Edita Food Industries S.A.E, and Al Tawfeek Leasing Company-A.T.LEASE were top losers of the session by 9.99 percent, 9.84 percent, and 9.45 percent, respectively.

On Monday, EGX continued its uptrend for the third session responding to the Central Bank support by LE 20 billion. Market capitalization gained LE 16.47 billion, amid Egyptian purchases.

The benchmark EGX 30 rose 3.04 percent, EGX 50 climbed 4.34 percent, EGX 70 increased 4.01 percent, and the broader index EGX 100 jumped 4.32 percent.
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3/24/2020 4:52:55 PM
<![CDATA[CBE provides tourism facilities 2-year-loans to pay salaries]]>
CBE added that with reference to the initiative issued to support the tourism sector and to allocate around LE 50 billion to finance companies and tourist facilities that want to replace and renew hotels and tourism transportation fleets at a rate of 8 percent. “A new article was added to the initiative includes the provision of credit facilities for a period of two years.”

By the end of 2019, CBE announced the largest financing plan to support the tourism industry, which includes increasing the value of its initiative to renovate and develop hotels from LE5 billion to LE50 billion.

“This procedure will contribute to the payment of salaries, wages and obligations existing with suppliers and maintenance work for tourist activities, especially hotels for residence and tourism projects, except for those for sale, travel agency services, reservations, and tourist trips, land tourist transport, restaurants and recreational activities in tourist areas, air transport for passengers,” CBE clarified in its statement.

This step comes after President Abdel Fatah al-sisi announced a number of economic measures, including providing necessary support to the sectors that are most affected by coronavirus, launching an initiative to back workers impacted by losses in the tourism sector and funding hotels by up to LE 50 billion ($3.2 billion).

Sisi reveals details of economic plan in face of coronavirus crisis

CAIRO - 22 March 2020: Egyptian President Abdel Fattah al-Sisi on Sunday announced in full the country's economic plan, in face of the novel coronavirus, as he read out loud a number of economic decisions, while marking the national Women's Day. This is considered to be Sisi's first public comments on coronavirus, since it started in Egypt.



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3/24/2020 4:18:28 PM
<![CDATA[Egyptian banks reduce interest rate of dollar-dominated savings by 1%]]>
In statements to MENA Monday, the source said the decision came in light of a trend by all international central banks to down the interest rate on dollars.

The Central Bank of Egypt decided last week to reduce interest rate on deposits and loans in Egyptian pounds by 3 percent.]]>
3/24/2020 2:20:26 PM
<![CDATA[Egypt’s bourse stops trading suspension in case of indices hike]]>
This decision comes in line with the global stock markets as EGX made a study of international markets and reviewing a report of the World Federation of Exchanges (WFE) studying markets reactions to severe market fluctuations.

The bourse added that the temporary pause of trading will only be imposed when the indexes go down.

According to previous rules, trading is suspended for 30 minutes when Egypt's broader index EGX100 goes up or down by more than 5 percent.

On Monday, EGX continued its uptrend for the third session responding to the Central Bank support by LE 20 billion. Market capitalization gained LE 16.47 billion, amid Egyptian purchases.

The benchmark EGX 30 rose 3.04 percent, EGX 50 climbed 4.34 percent, EGX 70 increased 4.01 percent, and the broader index EGX 100 jumped 4.32 percent.
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3/24/2020 2:16:45 PM
<![CDATA[FEDCOC launches initiative for shutting down shops in face of COVID-19]]>
In a statement on Monday, FEDCOC said the initiative comes to urge the citizens to stay home and avoid crowds to contain the spread of the virus.

FEDCOC President Ibrahim Al Arabi supported the initiative, saying it is important in such critical circumstances which the country faces.

Arabi hailed President Abdel Fattah El Sisi's directives and decisions aimed to maintain the citizens' health as well as the government's role in managing the crisis. ]]>
3/23/2020 4:37:26 PM
<![CDATA[Egyptian Pound to be included within "Beni" platform for Arab payments]]>
This step comes in preparation for the launch of the "Beni" platform for Arab payments of the fund and the start of the process of joining central and commercial banks to the platform.

The "Bani" platform will provide clearing and settlement services for the Egyptian pound currency, along with the currencies of the US dollar, the euro, the UAE dirham, the Jordanian dinar, the Bahraini dinar, the Saudi riyal, and other international and Arab currencies that will be announced later.

The multi-currency platform will also provide clearing and settlement services in Arab and international currencies that meet eligibility requirements in order to clear inter-Arab financial transactions, as well as financial transactions between Arab countries and the main trading partners of the Arab countries.

Moreover, the platform has enhanced capabilities to ensure that the platform’s operations comply with relevant international principles and standards, foremost among which are standards related to combating money laundering and terrorist financing operations as well as complying with the regulations for the currencies used on the platform.

The platform is available to all banks that meet the criteria and conditions for participation in them, foremost among them are the standards and procedures for compliance aspects.

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3/23/2020 4:21:01 PM
<![CDATA[CBE: Egypt's domestic liquidity rises to LE 4.140T by end of January]]>
The report stated that the increase in domestic liquidity was reflected in the growth of quasi-money that went up by LE 213.1 billion at a rate of 7.2 percent and the rise in the money supply by LE 63.7 billion at a rate of 6.9 percent.

The surge in quasi-money came as a result of the rise in non-current deposits in local currency by LE 287.8billion at an average of 12.9 percent.

The report attributed the increase in the money supply to the rise in current deposits in local currency by LE 35.1 billion, at an average of 8.1 percent. ]]>
3/23/2020 4:02:21 PM
<![CDATA[EGX flags in green for 3rd session in row, adds LE16.5B to market cap.]]>
The benchmark EGX 30 rose 3.04 percent, or 296.78 points, to close at 10,047.44 points.

The equally weighted index EGX 50 climbed 4.34 percent, or 54 points, to end at 1,298.89 points.

The small and mid-cap index EGX 70 increased 4.01 percent, or 34.84 points, to close at 904.75 points, and the broader index EGX 100 jumped 4.32 percent, or 41.93 points to 1,011.73 points.

Market capitalization gained LE 16.47 billion, recording LE 540.83 billion, compared to LE 524.36 billion in Sunday’s session.

The trading volume reached 313.42 million shares, traded through 30,314 transactions, with a turnover of LE 1.08 billion.

Egyptian investors were net buyers at LE 481.26 million, while Arab and foreign investors were net sellers at LE 65.48 million, and LE 415.78 million, respectively.

Arab and foreign individuals were net sellers at LE 35.59 million, and LE 1.2 million, respectively, while Egyptian individuals were net buyers at LE 1.24 million.

Arab and foreign organizations sold at LE 29.88 million, and LE 414.57 million, respectively, while Egyptian organizations bought at LE 480.03 million.

Citadel Capital - Common Shares, ELSWEDY ELECTRIC, and Alexandria Mineral Oils Company were top gainers of the session at 11.94 percent, 10.57 percent and 10.55 percent, respectively.

Meanwhile, Misr Hotels, MM Group for Industry and International Trade, and Marsa Marsa Alam for Tourism Development were top losers of the session by 9.99 percent, 8.47 percent, and 7.96 percent, respectively.

Earlier during Monday’s session, EGX suspended trading for half an hour, due to the hike EGX100 witnessed exceeding 5 percent.

High gains push EGX towards suspending trading for half an hour

CAIRO - 23 March 2020: The Egyptian Exchange (EGX) suspended trading for half an hour during Monday's session, due to the hike EGX100 witnessed exceeding 5 percent. By 10:45 am Cairo time, the broader index EGX 100 jumped 5.01 percent, or 48.2 points to 1,018 points.




On Sunday’s session, EGX ended the session in green, as EGX 30 rose 5.92 percent, EGX 50 climbed 3.82 percent, EGX 70 increased 3.50 percent, and EGX 100 jumped 4.27 percent.
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3/23/2020 3:56:08 PM
<![CDATA[Finance ministry: Treasury incurs LE 35B in pensions' five bonuses raise]]>
In a statement on Monday, the minister said that the pension raise reflects the political leadership's keenness on improving the living conditions of pensioners so that they can meet their needs.

On Sunday, President Sisi announced a raft of economic measures to face the ramifications of coronavirus (Covid-19).

These measures included decisions related to pensions bonus. Pensioners will get five overdue bonuses at a rate of 80 percent of the basic salary, as well as a 14 percent annual bonus as of the fiscal year 2020/2021.]]>
3/23/2020 3:09:47 PM
<![CDATA[Deposits in banks hit LE 4.246T in January]]>
CBE added in its monthly report that governmental deposits decreased LE 10.6 billion to reach LE 602.9 billion in the end of January, compared to LE 613.5 billion in December 2019.

According to the report, governmental deposits with local currency stood at LE 527.1 billion, while foreign currency deposits recorded LE 75.7 billion.

The total value of non-governmental deposits hit LE 2.996 trillion at the end of January, up from LE 2.960 trillion in December 2019.

“Foreign currency deposits reached LE 647.4 billion, compared to LE 662.5 billion in the prior month,” the report noted.

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3/23/2020 3:01:28 PM
<![CDATA[Goldman Sachs sees 1% drop in global GDP due to 'coronacrisis']]>
Global governments have been taking unprecedented measures to contain the coronavirus outbreak which is threatening to spark a worldwide economic contraction.

"The coronacrisis — or more precisely, the response to that crisis — represents a physical (as opposed to financial) constraint on economic activity that is unprecedented in postwar history," the investment bank said in a note to its clients published late on Sunday.

It sees the real GDP in advanced economies contracting "very sharply" in the second quarter, including a 24 percent drop in the United States, a whopping two-and-a-half times as large as the previous postwar record.]]>
3/23/2020 2:44:34 PM
<![CDATA[Oil drops toward 17-year low as hopes for OPEC-Texas production truce fade]]>
Futures in London fell around 4 percent to near $26 a barrel, while West Texas Intermediate rose after the April contract expired Friday.

Texas Railroad Commissioner Ryan Sitton landed a rare invitation to attend OPEC’s June meeting on Friday, but just hours later hopes for an agreement began to unravel as his call to curb output was criticized by regulators and drillers.

Democrats in the US Senate blocked a Republican economic recovery package of nearly $2 trillion, describing it as too focused on corporations at the expense of workers.

Major support measures remain likely but could take additional time for the two parties to work out their differences. Asian stocks tumbled, while US equity futures dropped 5 percent and hit their down limit. ]]>
3/23/2020 2:41:13 PM
<![CDATA[Bloomberg: Egyptian stocks rise most in world thanks to Sisi’s initiative]]>
The EGX30 index climbed as much as 6.8 percent shortly after opening Monday in Cairo, extending a 5.9 percent increase in the previous session.

Commercial International Bank and Eastern Company SAE surged 5 percent and 10 percent, respectively, fueling the index’s increase.

After the exchange closed Sunday, Sisi said the central bank will provide the funds to support the stock market, while urging Egyptians to respect strict measures in place to contain the spread of the coronavirus in the Arab world’s most populous nation.

The aid comes after two state-run lenders had said last week they’d inject 3 billion pounds into the market. ]]>
3/23/2020 2:33:38 PM
<![CDATA[High gains push EGX towards suspending trading for half an hour ]]>
By 10:45 am Cairo time, the broader index EGX 100 jumped 5.01 percent, or 48.2 points to 1,018 points.

As per the benchmark index, EGX30 climbed 6.71 percent, or 653.34 points, to the 10,404 points.

These gains came after President Abdel Fatah al-Sisi announced that the central bank will support the stock exchange by LE 20 billion.

Egypt's central bank supports EGX by LE20B to curb Coronavirus effect

CAIRO - 22 March 2020: The central Bank of Egypt (CBE) allocated LE 20 billion to the Egyptian Stock Exchange as part of measures taken to curb the effect of coronavirus, President Abdel Fatah El-Sisi announced Sunday. This came in a meeting with a number of women on the occasion of Mother's Day.




EGX witnessed a downtrend since the announcement of Coronavirus but started to regain some of its losses during sessions of Thursday and Sunday.

It ended Sunday in green, regaining LE 19.62 billion of market capitalization during the session, after gaining around LE 11 billion during Thursday’s session, amid Egyptian purchases.

EGX regains LE19.6B of its market losses

CAIRO - 22 March 2020: The Egyptian Exchange (EGX) ended Sunday in green, regaining LE 19.62 billion of market capitalization, amid Egyptian purchases. The benchmark EGX 30 rose 5.92 percent, or 545.08 points, to close at 9,750.66 points. The equally weighted index EGX 50 climbed 3.82 percent, or 45.8 points, to end at 1,244.89 points.



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3/23/2020 1:57:20 PM
<![CDATA[CBE issues LE 7.5B in T-bonds Monday]]>
The T-bonds were offered in two installments, with the first valued at LE 4 billion with a five-year term and the second worth LE 3.5 billion with a 10.5-year term.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Monday to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to reach 9.25 percent, 10.25 percent, and 9.75 percent, respectively.

Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.]]>
3/23/2020 1:36:41 PM
<![CDATA[Sisi reveals details of economic plan in face of coronavirus crisis]]>
This is considered to be Sisi’s first public comments on coronavirus, since it started in Egypt. He gave the remarks in a meeting with a number of Egyptian women, as well as Prime Minister Mostafa Madbouli and some other ministers including Health Minister Hala Zayed.

Sisi urges citizens to comply with coronavirus measures, stop overbuying

CAIRO - 22 March 2020: Egyptian President Abdel Fattah al-Sisi on Sunday called on citizens to show "further discipline" and to comply by health instructions while dealing with the coronavirus crisis, as Egypt has by Saturday reported a total of 294 cases of coronavirus.




Among the decisions are reducing electricity prices for the industrial sector by 10 piastres ($0.0064), decreasing natural gas prices for this sector by $4.5 and providing LE 1 billion ($63.9 million) to exporters during March and April, to pay part of their dues.

Sisi announced adjourning the payment of the real estate tax imposed on factories and tourist facilities for three months and stopping administrative seizure against taxpayers, in return for 10% of the tax due on them.

The decisions also include decreasing the interest rates of the Central Bank of Egypt by 3%, while providing the credit limits required to finance the share capital, and also adjourning credit entitlements of the small, medium and micro businesses for six months.

The economic plan exempts foreigners from capital gains taxes forever and postpones the payment of these taxes imposed on residents until 2022.

It also includes providing necessary support to the sectors that are most affected by coronavirus, launching an initiative to back workers impacted by losses in the tourism sector and funding hotels by up to LE 50 billion ($3.2 billion).

According to the President, the government decided to include the five bonuses due for pensioners by 80 percent of the basic wage, in addition to granting the annual periodic bonus to pensioners to be 14 percent as of next fiscal year.

It was also decided to extend the moratorium on the tax law on agricultural land for a period of two years.

The decisions include allocating LE 100 billion ($6.39 billion) to fund a comprehensive coronavirus strategy, LE 50 billion ($3.2 billion) to fund real estate development for middle-class people through banks and LE 20 billion ($1.28 billion) from the Central Bank to fund the Egyptian Bourse (EGX).

According to the decisions, there will be no additional fines on late payment.



Nine new coronavirus cases were detected on Saturday, all of them are Egyptians, who were in contact with positive cases, the Health Ministry said.

Two more deaths were confirmed; raising the total number to 10.

The new fatalities were a 68-year-old Egyptian woman and a 75-year-old man. Both of them are from Giza governorate.

Up to 41 coronavirus patients have totally recovered so far, the ministry spokesman said.

In order to curb the spread of the deadly virus, the state decided to close all mosques and Islamic places of worship across Egypt for two weeks starting from March 21, 2020. Also, Pope Tawadros II of Alexandria announced a temporary closure of all churches, and the suspension of all rituals and activities.

In streets, the Egyptian Cabinet ordered the closure of all restaurants, cafes, cafeterias, casinos, night clubs, bars, shopping centers (malls), and other local shops will shut down from 7:00 pm (Cairo time) to 6:00 pm across the nation. The decision excludes pharmacies, bakeries, grocery stores, supermarkets, and the delivery service.


Additional reporting by Hanan Mohamed, Egypt Today Staff
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3/22/2020 9:46:17 PM
<![CDATA[NSB increases annual yield of senior citizens' certificate to 15.5%]]>
The decision comes in light of the bank's keenness to provide a decent life for the elderly, amid the current circumstances, Farouk added in a press statement on Sunday.

The NSB is working to provide a safe coverage for pensioners, with a view to helping them face the burden of living costs and achieve financial stability, he said.

He went on to say that the value of the deposit starts from LE 1,000 and does not exceed LE 1 million per person and the return is calculated from the day after the deposit is received. ]]>
3/22/2020 9:02:57 PM
<![CDATA[Egypt takes economic measures related to pensions, agricultural taxes]]>
These measures included decisions related to pensions bonus and agriculture land taxes.

According to the President, the government decided to include the five bonuses due for pensioners by 80 percent of the basic wage, in addition to granting the annual periodic bonus to pensioners to be 14 percent as of next fiscal year.

It was also decided to extend the moratorium on the tax law on agricultural land for a period of two years.

This came in a meeting with a number of women on the occasion of Mother's Day, where Sisi announced the measures taken by the state to eliminate coronavirus effect.

Sisi urges citizens to comply with coronavirus measures, stop overbuying

CAIRO - 22 March 2020: Egyptian President Abdel Fattah al-Sisi on Sunday called on citizens to show "further discipline" and to comply by health instructions while dealing with the coronavirus crisis, as Egypt has by Saturday reported a total of 294 cases of coronavirus.



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3/22/2020 8:38:34 PM
<![CDATA[WB offers Egypt $500M to provide housing units for low income ]]>
The fund also targets to strengthen the capacity of the Social Housing Fund and support real estate finance in designing policies and coordinating programs in the social housing sector.

Minister of Housing, Utilities and Urban Communities, Assem El-Gazzar, said that this program supports related efforts to enhance the current housing programs for the benefit of Egyptian citizens with low incomes, as it will raise the efficiency of the housing sector as a whole, and ensure the design of programs according to the needs of Egyptians with limited incomes, as well as encouraging private sector participation in the field of social housing.

For her part, CEO of the Social Housing and Real Estate Finance Fund Mai Abdel Hamid said that there are more than 300,000 families that have benefited from the program in various governorates of Egypt since 2015, noting that the program gave priority to families, as 57 percent of the beneficiaries are married and have small children.

“On average, more than three quarters of the beneficiaries' families during the past five years were in the poorest segment of 40 percent on the scale of income distributions for families in Egypt, and the result of this effort has increased this percentage steadily from 68 percent in 2015 to 80 percent at the end of 2019,” she clarified.

She added that the additional financing, which amounts to $ 500 million, will increase the amount of the social housing fund and real estate finance support to $1.3 billion to support low-income people.
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3/22/2020 8:14:07 PM
<![CDATA[Mohamed Eletrby elected head of FEB by acclamation]]>
In a statement released on Sunday, FEB said the formation of the federation's new board included Head of the National Bank of Egypt (NBE), who assumed the post of deputy head of FEB, and Hussein Abaza who was named as secretary general of the FEB's fund.

Other board members of the FEB include Mohamed El Deeb, Board Chairman of the Qatar National Bank Al Ahli (QNBA), Tarek Fayed, Head of Banque du Caire, Tarek el Gholy, Head of SAIB Bank and Mervat Sultan, Board Chairman of the Export Development Bank Of Egypt (EBE), Hussein El Refai, Board Chairman of Suez Canal Bank and Ahmed Ismail Hassan, the Regional Director of Al Arab Bank.]]>
3/22/2020 7:41:05 PM
<![CDATA[CBE exempts money transfers in local currency from charges for 3 months]]>
In a statement released on Sunday, the CBE said the decision is aimed at limiting cash transactions that could pose a risk to public health at the present time.

It also comes as part of precautionary measures taken by the banking sector to stem the spread of the novel coronavirus (COVID-19), the statement added.]]>
3/22/2020 6:37:58 PM
<![CDATA[Egypt's central bank supports EGX by LE20B to curb Coronavirus effect]]>
This came in a meeting with a number of women on the occasion of Mother's Day.

EGX witnessed a downtrend since the announcement of Coronavirus but started to regain some of its losses during sessions of Thursday and Sunday.

It ended Sunday in green, regaining LE 19.62 billion of market capitalization during the session, after gaining around LE 11 billion during Thursday’s session, amid Egyptian purchases.

EGX regains LE19.6B of its market losses

CAIRO - 22 March 2020: The Egyptian Exchange (EGX) ended Sunday in green, regaining LE 19.62 billion of market capitalization, amid Egyptian purchases. The benchmark EGX 30 rose 5.92 percent, or 545.08 points, to close at 9,750.66 points. The equally weighted index EGX 50 climbed 3.82 percent, or 45.8 points, to end at 1,244.89 points.




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3/22/2020 6:29:34 PM
<![CDATA[EGX regains LE19.6B of its market losses]]>
The benchmark EGX 30 rose 5.92 percent, or 545.08 points, to close at 9,750.66 points.

The equally weighted index EGX 50 climbed 3.82 percent, or 45.8 points, to end at 1,244.89 points.

The small and mid-cap index EGX 70 increased 3.50 percent, or 29.44 points, to close at 869.91 points, and the broader index EGX 100 jumped 4.27 percent, or 39.68 points to 969.8 points.


Market capitalization gained LE 19.62 billion, recording LE 524.36 billion, compared to LE 504.74 billion in Thursday’s session.

The trading volume reached 242.57 million shares, traded through 24,050 transactions, with a turnover of LE 858.98 million.

Egyptian investors were net buyers at LE 242.27 million, while Arab and foreign investors were net sellers at LE 66.4 million, and LE 175.87 million, respectively.

Egyptian and Arab individuals were net sellers at LE 85.24 million, and LE 13.34 million, respectively, while foreign individuals were net buyers at LE 573,466.

Arab and foreign organizations sold at LE 53.05 million, and LE 176.44 million, respectively, while Egyptian organizations bought at LE 327.44 million.

Orascom Construction PLC, Misr Fretilizers Production Company - Mopco, and Eastern Company were top gainers of the session at 9.98 percent, 9.93 percent and 9.82 percent, respectively.

Meanwhile, Rowad Tourism (Al Rowad), Minapharm Pharmaceuticals, and MM Group For Industry And International Trade were top losers of the session by 9.65 percent, 7.11 percent, and 5.31 percent, respectively.

On Thursday’s session, EGX ended the session in a semi-collective rise, as EGX 30 rose 5.13 percent, EGX 50 climbed 0.92 percent, and EGX 100 jumped 0.24 percent, while EGX 70 decreased 0.34 percent.
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3/22/2020 6:15:04 PM
<![CDATA[CBE announces postponing credit liabilities for 6 months]]>CAIRO – 22 March 2020: The Central Bank of Egypt (CBE) clarified Sunday the main points regarding the postponement of customer credit liabilities for a period of 6 months.

CBE defined credit entitlements or liabilities as all amounts due to be paid for all credit facilities, whether short-term, or current or future loan installments, in addition to returns, so that all entitlements and payment schedules are automatically posted starting from the date the instructions are issued and for a period of 6 months. The decision also included notifying clients through any available means of communication.

The central bank explained that the instructions apply to all clients, whether regular or irregular individuals and institutions, including financial leasing companies, real estate financing and factoring, medium and small companies. The instructions also apply to the facilities entitlements granted in all types of guarantees, as well as clients of initiatives issued by the Central Bank.

According to CBE, the facilities of individuals are consumer loans, which are personal loans; credit cards, car loans for personal use; and mortgage loans for personal housing.

"The new instructions do not apply to loans that were granted starting from the date the instructions were issued,” it clarified.

The central bank stressed the banks' commitment not to impose any returns or commissions due to the postponement. The rate of return applied to loans is calculated only according to the contracted pricing mechanism at the time of the instructions issuance, provided that the customer is informed of the additional cost that he will bear as a result of the postponement.

It pointed out that in case the client does not wish to benefit from the delay or incur an additional cost resulting from it, his request will be complied with.

On Mar. 16, CBE has obliged all local banks to delay the collection of credit liabilities for six months.

"The move is part of the state's precautionary measures against the novel coronavirus (COVID-19) outbreak," CBE Governor Tarek Amer said.
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3/22/2020 6:04:32 PM
<![CDATA[CBE to issue LE 14.5B in T-bills Sunday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 4 billion with a 91-day term and the second is worth LE 10.5 billion with a 266-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided March 16 to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to reach 9.25 percent, 10.25 percent, and 9.75 percent, respectively.

Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.
]]>
3/22/2020 6:01:21 PM
<![CDATA[FRA welcomes issuing consumer financing law]]>
FRA chairman Mohamed Omran hailed the move, aimed at regulating the consumer financing activities, which was expected to boost the purchase power of citizens.

Omran added that FRA was working on outlining the regulating provisions of the law and urged the consumer financing companies to legalize their conditions according to the new law.]]>
3/21/2020 4:51:26 PM
<![CDATA[NBE: 15% yield certificates to be available via online banking service to curb coronavirus spread]]>
In a statement on Friday, of which MENA got a copy, said that this decision was taken as the area designated for clients in the different branches of the bank will not accommodate all clients and falls within the State's measures to curb the spread of coronavirus.

Earlier in the day, Banque Misr has decided to confine buying its 15-percent-yield saving certificates to the online channel, the mobile banking application, the contact center, e-mails or via transfers from other banks for new clients.

In statements to MENA, chairman of Banque Misr Mohamed el Etreby said the bank decided to reject cash deposits as a means of buying the certificate to preserve the health of its clients amid the spread of the novel coronavirus.

On Thursday, the National Bank of Egypt (NBE) and Banque Misr decided to issue new saving certificates as of Sunday with a yield of 15 percent.]]>
3/20/2020 6:07:27 PM
<![CDATA[Egypt offers incentives over charging mobiles electronically]]>
The incentives will be offered when charging the balance using electronic payment methods, whether through the electronic applications of each company or by charging the balance using the cash service (Electronically). This will occur through giving 30 times the balance charged worth of minutes and free units when using this feature.

These offers are valid for a month and can be extended for other periods, in order to facilitate the process of charging the mobile balance through electronic transactions without the need to leave home, to encourage the activation of the policy of working remotely.

Earlier, the Ministry of Communications and Information Technology launched a number of initiatives to support the remote education, most prominently the 20 percent increase of the download capacities of home internet packages for individuals.

Telecom Egypt was the first company in the telecommunications sector to implement the initiative, announcing that it has increased the capacities of landline internet packages offered to its customers by 20 percent, as part of the Ministry of Communications and Information Technology's initiative to support students in the education process.


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3/20/2020 10:19:04 AM
<![CDATA[Egypt to import 6 high-speed passenger trains from Spain in March 2021 ]]>

"The batch is part of a strategy to renovate the country’s fleet," the minister added during a Thursday meeting with railway leading official.

The minister stressed the need to adhere to the schedule of importing the first train in March 2021. He further signaled the high technological qualifications of these Spanish trains and clarified that they are stable aluminum-made vehicles that help to reduce the trip’s duration, as they have high operational speeds of up to 160 km/hour.








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3/20/2020 10:15:41 AM
<![CDATA[Egypt closes Nasr City’s car market as measure to curb coronavirus]]>
Abdel-Al clarified that the car market receives a large number of citizens from different governorates.

This comes as part of a series of measures that the governorate implements to prevent gatherings and within the framework of precautionary measures taken by the country to confront the coronavirus.

In a similar context, Cairo Governorate continues implementing the precautionary and preventive measures to prevent gatherings and preserve the health and safety of citizens. These measures include closing the public parks as well as cafés, restaurants, cinemas and theatres and prohibiting the establishment of public pavilions in the streets.


Into Egypt's automotive market

CAIRO - 12 March 2020: What is going on in the Egyptian automotive market? This is a common question amongst whoever is interested in this market, given the announcement of relevant agreements and the changes in the exchange rate of the Egyptian pound against the U.S. dollar.



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3/19/2020 6:03:25 PM
<![CDATA[Finance Ministry auctions T-bills worth LE 20.5 bln]]>
In an online statement, the ministry said it sold 182-day T-bills worth EGP 10 billion, with an average yield of 13.29 percent.

The ministry also sold 357-day T-bills valued at EGP 10.5 billion, with an average yield of 13.28 percent.
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3/19/2020 4:56:19 PM
<![CDATA[State keen on boosting local industry to face coronavirus impacts]]>
The government will offer a package of assistance like the package of 30 billion pounds it offered during the 2008-2009 global crisis, the minister said in a statement by the ministry.

She said the government will boost the sectors that were badly hit by the current crisis to ease burdens on the companies and promote markets.

Within the coming period, the government will focus more on achieving self sufficiency, benefiting from weak movement of international trade amid coronavirus outbreak concerns.

The government will also offer some payment facilities to companies, she said.

The international community is now facing a global crisis that needs rallying all efforts and carrying out an immediate plan to face the economic repercussions of the crisis, the minister said.]]>
3/19/2020 4:53:05 PM
<![CDATA[NBE, Banque Misr pump LE 3 billion to boost bourse: offical]]>
Speaking to MENA, the official said the move comes as part of efforts to boost the Egyptian economy as the bourse has suffered deep losses over the past weeks over coronavirus concerns.

However, the Egyptian Exchange index upped earlier in the day by four percent, restoring 26 billion pounds of its losses over the past weeks.

Earlier in the week, the Central Bank of Egypt announced a package of procedures, including cutting the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

It also cut interest rate by three percent from 12.75 percent to 9.75 percent.]]>
3/19/2020 4:18:22 PM
<![CDATA[EGX adds LE 11.11B to market capitalization]]>
The benchmark EGX 30 rose 5.13 percent, or 448.88 points, to close at 9,205.58 points.

The equally weighted index EGX 50 climbed 0.92 percent, or 10.96 points, to end at 1,199.09 points, and the broader index EGX 100 jumped 0.24 percent, or 2.26 points to 930.12 points.

On the other hand, the small and mid-cap index EGX 70 decreased 0.34 percent, or 2.88 points, to close at 840.47 points.

Market capitalization gains LE 11.11 billion, recording LE 504.74 billion, compared to LE 493.63 billion in Wednesday’s session.

The trading volume reached 483.21 million shares, traded through 34,743 transactions, with a turnover of LE 1.24 billion.

Egyptian investors were net buyers at LE 377.78 million, while Arab and foreign investors were net sellers at LE 42.16 million, and LE 335.62 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 86.34 million, LE 29.6 million and LE 7.1 million, respectively.

Arab and foreign organizations sold at LE 12.55 million, and LE 328.51 million, respectively, while Egyptian organizations bought at LE 464.11 million.

Alexandria New Medical Center, Modern Company for water proofing (Bitumode), and Electro Cable Egypt were top gainers of the session at 9.77 percent, 9.42 percent and 9.42 percent, respectively.

Meanwhile, MM Group for Industry and International Trade, Ismailia National Food Industries, and El Ahram Co. for Printing and Packing were top losers of the session by 10 percent, 9.99 percent, and 9.98 percent, respectively.

On Wednesday’s session, EGX flagged in red for the fourth session in row, as EGX 30 lessened 4.84 percent, EGX 50 dipped 5.37 percent, EGX 70 decreased 5.67 percent, and EGX 100 declined 5 percent.
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3/19/2020 4:03:51 PM
<![CDATA[Remittances from Egyptian expats hikes to $26.8B in 2019]]>
CBE attributed the increase to the hike of the remittances of Egyptians abroad during the second half of 2019 by 13.5 percent or $1.6 billion, to reach $13.7 billion, compared to $12.1 billion in the same period of 2018.

In December 2019, remittances from Egyptian expatriates hiked 20.1 percent or $437.1 million, reaching $2.6 billion, compared to $2.2 billion in December 2018.

CBE clarified earlier in a statement that the remittances of Egyptian expats during the first four months of fiscal year 2019/2020 (from July to October 2019) recorded about $ 9 billion, up from $ 8 billion registered during the same period of 2018, marking an increase of 13.4 percent.

Earlier, CBE announced that the remittances from Egyptian expatriates hiked 13.6 percent during the first quarter of 2019/2020, reaching $6.7 billion, compared to $5.9 billion in the same quarter of the prior fiscal year.

CBE announced in Nov. that the remittances of Egyptian expats increased by $277.1 million or 5.5 percent in July and August of 2019, reaching $4.4 billion, up from $4.2 billion during the same months of 2018.

In 2018, remittances from Egyptian expatriates hiked 3.1 percent or $778.2 million, reaching $25.5 billion, compared to $24.7 billion in 2017.

Remittances are one of Egypt’s main foreign currency sources, which have been on the rise since Egypt floated its local currency in November 2016.
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3/19/2020 2:54:48 PM
<![CDATA[CBE to issue LE 20.5B in T-bills Thursday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 10 billion with a 182-day term and the second is worth LE 10.5 billion with a 357-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided March 16 to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to reach 9.25 percent, 10.25 percent, and 9.75 percent, respectively.

Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.
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3/19/2020 2:40:01 PM
<![CDATA[Egypt on energy transition track]]>
The country targets to generate 20 percent renewables in electricity generation by 2022 and to reach 42 percent by 2035.

In addition, it has the potential to generate up to 53 percent of its electricity from renewable sources by 2030, according to a report by the International Renewable Energy Agency (IRENA).

The Egypt Renewable Energy Outlook report, released earlier, showed that pursuing higher shares of renewable energy could reduce the country’s energy bill by up to $900 million annually in 2030.

Aiming to reach these percentages, the state is taking some steps and attracting investments and partnerships in renewable energy, which in return, helps in energy transition in the country, as the world’s total renewable-based power capacity is expected to increase 50 percent between 2019 and 2024. In response to this shift, utilities have begun a rapid energy transition away from coal.

To clarify, energy transition refers to the global energy sector’s shift from fossil-based systems of energy production and consumption — including oil, natural gas and coal — to renewable energy sources like the wind and sun as well as lithium-ion batteries.

In Egypt, the price of electricity produced by renewable projects has been steadily decreasing across the past several years to become more competitive than conventional fossil fuel sources. This has created strong demand in Egypt from commercial and industrial heavy electricity consumers to have access to electricity from private renewable energy producers.

As mentioned above, Egypt does not only depend on renewable energy, despite working on increasing its percentage, through establishing new and renewable projects, the state also achieved self-sufficiency in natural gas. This came after the country has faced several issues with electricity in 2014.

In the same vein, Egypt announced in 2018 depending on coal in producing energy and directed factories to use it, a step that raised contraversy among environmental activists.

On May 30, 2018, Minister of electricity Mohamed Shaker opened the bids for the Hamrawein power plant, which is located on the Red Sea coast near Safaga. Hamrawein is the first coal-fired plant in Egypt with a production capacity of 6,000 megawatts, which makes it the biggest coal power plant in the world.

The state and the consortium working on the project clarified that the plant will be an eco-friendly clean-coal power plant. As it is the first coal plant in Egypt, coal will need to be imported, mainly from South Africa and Indonesia, to ensure that the plant operates at full capacity.

This town on the Red Sea, 600 kilometres south-east of Cairo, is dwarfed by other harbours on the route to Suez, but all that will change over the next six years as Egypt builds the world’s largest clean-coal plant.

In accordance with Egypt’s 2030 Agenda, which aims at reducing carbon dioxide emissions and shrinking Egypt’s carbon footprint, the plant will use ultra super-critical low NOx pulverised-coal burners to cut down on carbon dioxide emissions.

According to the 2018 New and Renewable Energy Authority report, the total new energy capacity produced in Egypt is 4,100 megawatts, divided into 2832 megawatts of hydropower, 1,000 megawatts of wind energy. This is in addition to projects under implementation with a capacity of 370 megawatts and projects under study with a capacity of 700 megawatts.Moreover, 312 megawatts of solar energy will be added, as well as projects under implementation with a capacity of 2000 MW and others under study with a capacity of 770 MW.

According to the indicators of the World Bank, Egypt three countries (Tunisia - Emirates - Egypt) brought about developments in the regulatory frameworks for renewable energy in the period between 2010 - 2017. Egypt aims to activate regional cooperation in the field of electric energy to achieve sustainable regional development through electricity linkages with neighboring countries in the east (Jordan), west (Libya), and south (Sudan).

This is in addition to signing of a memorandum of understanding for electrical connection with Cyprus and Greece in Europe; thus linking with Africa and Europe will motivate the absorption of a huge amout of electric energy that will be produced from renewable energy sources in the continent.

In attempt to increase the percentage of generating power through renewable energy, Egypt built a hydroelectricity power plant, a nuclear power plant, a wind farm, and a solar power plant.

Hydroelectricity: Moussa Water Spring (Ayoun Moussa)

Four main hydroelectric generating stations are currently operating in Egypt, the Aswan Low Dam, the Esna Dam, the Aswan High Dam, and the Naga Hamady Barrages.

In July 2018, Minister of Electricity and Renewable Energy, Mohamed Shaker, announced the establishment of a major power station in Moussa Water Spring (Ayoun Moussa) in Sinai. The station is set to produce 2,640 Mega Watts, feeding all of Sinai with electricity.

During his announcement of the project, Shaker pointed out that a number of alliances have been created to ensure that this project is done according to the highest of standards.

Furthermore, during his meeting with the Energy and Environment Committee of the House of Representatives on July 3, 2017, Shaker said that the electricity that will be produced from this power plant will be used to develop Sinai.

Shaker suggested that the power station will be able to feed all Sinai, including the three million houses that will be built by the government as part of their development plan for the area.

Shaker pointed out that two new stations for pumping and storage in Luxor will produce electricity with high capacity.

Nuclear: El Dabaa Nuclear Power Plant

In 2014, Egypt and Russia announced their cooperation in the nuclear power field. On November 19, 2015, an agreement was finally signed between Cairo and Moscow, which allows Russia to build a nuclear power plant in the city of Dabaa, with Russia extending a $25 billion loan to Egypt to cover the cost of construction. The loan will cover 85 percent of the plant, with Egypt funding the remaining 15 percent.

According to the deal, Russian nuclear firm Rosatom will finance and construct four third-generation reactors, with a capacity of 1,200 megawatts (MW) each, for a total of 4,800 MW. The plant will be built on approximately 12,000 feddans and is expected to create over 50,000 job opportunities.

Nuclear energy is part of the government’s plan to diversify its energy sources to prevent any future crisis resulting from shortages in electricity.

Wind energy: Wind turbine farms

As one of only 38 countries worldwide with a published National Wind Atlas, Egypt enjoys strong wind at an average speed of 10.5 miles per second. This has led the Egyptian government to aim to provide 12 percent of generated electricity (the equivalent of 6.8 gega watts) through wind energy by 2022; this goal comes as part of Egypt’s 2030 strategic plan.

Egypt has accordingly started building the biggest wind farm in the world in the Gabal el-Zeit area of the Red Sea governorate. Due to the project’s massive size, it includes three projects, the first of which was inaugurated in July 2018.

With a total of 300 wind turbines at a total cost of LE 12 billion ($670.64 million), the overall capacity of the three projects is 580 megawatts. The first completed project contains 120 turbines with a capacity of 240 megawatts, while the second and third projects will have 110 turbines with a capacity of 220 megawatts and 60 turbines with a capacity of 120 megawatts, respectively. The project was launched in 2015.

Solar power: Benban Solar Park

Benban plant includes 32 stations producing electricity with a capacity of 1,465 megawatts from solar energy.

The project is considered the largest solar power project in the world and was funded by the World Bank with a total value of $653 million. The total value of the project is $2 billion for a total power generation of up to 1600 megawatts. The project is carried out with the participation of the European Bank for Reconstruction and Development and a large number of major international companies.

Despite all these procedures, Egypt still has to work intensively on energy transition to accelerate its dependence on the new and renewable energy
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3/18/2020 6:13:36 PM
<![CDATA[EGX continues its downtrend despite reducing stamp taxes]]>
The government decided Tuesday to reduce the stamp tax on non-residents to 1.25 per thousand instead of 1.5 per thousand, and reduce the stamp tax on residents to 0.5 per thousand instead of 1.5 per thousand, until the capital gains tax is applied to them at the beginning of 2022.

It was also decided to reduce the price of the dividend tax to companies listed on the Stock Exchange by 50 percent to 5 percent.

Egypt reduces stamp tax on non-residents to 1.25 per thousand

CAIRO - 18 March 2020: The government made an important package of decisions to support the industry sector and deal with the economic consequences of the emerging corona virus.




The benchmark EGX 30 lessened 4.84 percent, or 444.95 points, to close at 8,756.7 points.

The equally weighted index EGX 50 dipped 5.37 percent, or 67.39 points, to end at 1,188.13 points.

The small and mid-cap index EGX 70 decreased 5.67 percent, or 50.7 points, to close at 843.35 points, and the broader index EGX 100 declined 5 percent, or 48.82 points to 927.86 points.

Market capitalization lost LE 18.84 billion, recording LE 493.63 billion, compared to LE 512.47 billion in Tuesday’s session.

The trading volume reached 193.01 million shares, traded through 18,254 transactions, with a turnover of LE 617.55 million.

Egyptian investors were net buyers at LE 169.82 million, while Arab and foreign investors were net sellers at LE 33.76 million, and LE 136.06 million, respectively.

Arab and foreign individuals were net sellers at LE 1.85 million, and LE 253,377, respectively, while Egyptian individuals were net buyers at LE 17.44 million.

Arab and foreign organizations sold at LE 31.91 million, and LE 135.81 million, respectively, while Egyptian organizations bought at LE 152.38 million.

Delta Construction & Rebuilding, Memphis Pharmaceuticals, and Raya Holding For Financial Investments were top gainers of the session at 8.59 percent, 5.03 percent and 4.99 percent, respectively.

Meanwhile, Ismailia National Food Industries, Ismailia Development and Real Estate Co, and Mansourah Poultry were top losers of the session by 10 percent, 9.97 percent, and 9.96 percent, respectively.

On Tuesday’s session, EGX flagged in red for the third session in row, as EGX 30 lessened 2.41 percent, EGX 50 dipped 5.46 percent, EGX 70 decreased 5.75 percent, and EGX 100 declined 4.60 percent.
]]>
3/18/2020 5:27:46 PM
<![CDATA[Egypt reduces stamp tax on non-residents to 1.25 per thousand]]>
Regarding the stock exchange, the government decided to reduce the stamp tax on non-residents to 1.25 per thousand instead of 1.5 per thousand, and reduce the stamp tax on residents to 0.5 per thousand instead of 1.5 per thousand, until the capital gains tax is applied to them at the beginning of 2022.

It was also decided to reduce the price of the dividend tax to companies listed on the Stock Exchange by 50 percent to 5 percent.

The government decided to completely exempt the immediate operations on the shares from the stamp tax to activate the volume of transactions and increase the depth of the Egyptian market, as well.

In addition, it was decided to exempt the non-residents from the capital gains tax once and delay this tax on the residents until 1/1/2022.
]]>
3/18/2020 4:40:31 PM
<![CDATA[Assar, GAFI's chairman discuss investment opportunities]]>
During their meeting on Wednesday, the two sides discussed a number of projects, which the Military Production Ministry is currently studying in order to implement them in cooperation with several international companies.

They also mulled projects to upgrade a number of production lines belonging to its companies and main obstacles facing them in this regard.

The two sides also reviewed a number of strategic projects for which a feasibility study was prepared, including a project to manufacture solar panels that will be carried out in cooperation with the leading Chinese companies in this field.

They also discussed a project to manufacture tires in cooperation with a Chinese company. ]]>
3/18/2020 4:17:50 PM
<![CDATA[FRA: Stock trading to be done via e-mail, SMS to curb coronavirus spread]]>
In a statement by the authority of which MENA got a copy, Omran said that this precautionary measure is taken in line with the state measures to curb the spread of coronavirus.

On Sunday, Omran issued directives pertaining to offering non-banking services online as part of precautionary measures against coronavirus.

Now, those seeking non-banking services can file their requests to FRA online, Omarn said in a statement.

He made clear that FRA started as of 2019 digitizing some non-banking services to spare time and effort as one of tools of economic reforms.

Those who have complaints can send them to the authority via email "Complaints@fra.gov.eg", he said.

The statement listed the non-banking services clients can apply for electronically.

The step comes days after Egypt’s government banned large gatherings until further notice to prevent the spread of coronavirus (COVID-19).

The virus is now reported in 117 countries.

The World Health Organization (WHO) declared the outbreak as a pandemic. ]]>
3/18/2020 4:14:21 PM
<![CDATA[Boeing seeks $60 bn in US support for aerospace industry]]>
The funds would include federal loan guarantees to provide liquidity for Boeing and companies in its supply chain at a time when the virus pandemic has obliterated near-term airline demand and destroyed the industy's profitability.

"Funds would support the health of the broader aviation industry, because much of any liquidity support to Boeing will be used for payments to suppliers to maintain the health of the supply chain," Boeing officials said in a statement.

"The long-term outlook for the industry is still strong, but until global passenger traffic resumes to normal levels, these measures are needed to manage the pressure on the aviation sector and the economy as a whole."

Boeing's near-term outlook had already been dimmed by the 737 MAX crisis, which was grounded a year ago following two deadly crashes.

The jet has still not been cleared to resume service and continues to face some important regulatory hoops before it will fly again.

The dual crises would threaten the survival of other companies, but Boeing still retains considerable support in Washington because of its importance to the US economy, with about 130,000 employees, a figure that doesn't include workers at about 17,000 suppliers.

President Donald Trump on Tuesday endorsed aggressive measures to assist Boeing, telling reporters at a briefing, "we have to protect Boeing and help Boeing."

Airlines are also suffering, and media reports say the government is looking at $50 billion in assistance that the industry has requested.

Still, federal packages for big companies could come with conditions.

Democratic presidential candidate Senator Bernie Sanders of Vermont said any bailouts to the airline industry must be conditioned on ending stock buybacks.

And Senator Elizabeth Warren, a Massachusetts Democrat who recently ended her presidential campaign, said on Twitter that companies should also be prohibited from paying dividends or executive bonuses during the period of relief and three years after.

Credit ratings agency S&P on Monday downgraded its rating for Boeing, saying its outlook has worsened and predicting a likely increase in "aircraft order deferrals, further pressuring cash flows."

Boeing disclosed Tuesday that it has fully drawn a $13.8 billion credit agreement struck only last month with major banks, according to a securities filing.

The company still has another credit facility from October 2019, which has not been drawn on and provides "additional liquidity as we navigate the current challenges."

]]>
3/18/2020 7:51:53 AM
<![CDATA[Tokyo stocks open higher on virus stimulus measures]]>
The benchmark Nikkei 225 index was up 1.18 percent, or 201.06 points, at 17,212.59 in early trade, while the broader Topix index edged up 1.29 percent, or 16.37 points, to 1,284.83.

"Japanese shares are seen led by purchases on the backdrop of rallies in European and US bourses with... a cheap yen," Mizuho Securities said in a note.

"Gains will likely continue on expectations for an autonomous rebound after sharp drops in recent sessions and expectations for large-scale US economic stimulus."

"On the other hand, worries over the further spread of the new coronavirus in Europe will continue to weigh on the market," it added.

The dollar fetched 107.48 yen in early Asian trade, against 107.64 yen in New York late Tuesday.

In Tokyo, major exporters were higher, with Toyota surging 4.65 percent to 6,661 yen, Sony soaring 6.01 percent to 6,184 yen, and Olympus rallying 6.40 percent to 1,511 yen.

Panasonic was up 0.88 percent at 732.2 yen while construction machine maker Komatsu was up 2.71 percent at 1,627.5 yen.

SoftBank Group was down 8.81 percent at 3,329 yen after a report said the Japanese company may not buy $3 billion of shares in WeWork from existing investors as part of its planned bailout of the US-based co-working facilities provider.

Trade of shares in Fujifilm Holdings was suspended on overwhelming buy-orders, as speculation mounted about the mass production of its influenza drug Avigan, which Chinese science authorities have reportedly said is effective in treating the new coronavirus.

The Chinese government plans to officially recommend the drug's use for treatment, Japan's Jiji Press and other media reported.

Japan posted a trade surplus of 1.1 trillion yen ($10 billion) last month but imports from China nearly halved from a year earlier, according to data released by the finance ministry 10 minutes before the opening bell.

The drop in imports is seen as part of the impact of the coronavirus on economic activities, analysts said.

On Wall Street, the Dow ended up 5.2 percent at 21,237.38.

]]>
3/18/2020 7:37:36 AM
<![CDATA[Egypt stops exporting alcohol, face masks for three months: Trade minister]]>
The decisions come into effect as of the date of their publishing in the official gazette.

Gamea said in a statement that both decisions aim to provide the citizens with their needs of these products amid the precautionary measures that the Egyptian government is adopting to protect the citizens from any probable repercussion of the spread of the novel coronavirus.

The decisions were taken after coordination with the Health Ministry and companies specialized in manufacturing the products, she said.

The move comes after large amounts of these products were found to be exported, over the past few days, to the countries witnessing COVID-19 outbreak, a matter that badly affected the quantities of these products in the local market, she added.]]>
3/17/2020 5:45:06 PM
<![CDATA[Egypt allocates LE242B for women in 1.5 years]]>
Saeed affirmed Tuesday that the state's efforts and the serious steps it has made came in the field of women's economic empowerment, whether in the framework of the sustainable development strategy, Egypt's Vision 2030, or in the framework of the national strategy for empowering women 2030.

This came in a report of the Ministry of Planning and Economic Development, which monitors the progress made in achieving the sustainable development goals in relation to the fifth goal of the topic "gender equality" within the framework of the government's work program (18/201 - 21/2022) during the period from July 2018 To December 2019.

She clarified that the efforts aimed to address the factors affecting the economic empowerment of women, develop her capabilities to expand work options for her, increase her participation in the workforce, and achieve equal opportunities in employing women in all sectors, including the private sector and entrepreneurship.

The minister stated that this is in addition to the state’s efforts to implement training and capacity-building programs directed at Egyptian women, as well as efforts to empower women economically by encouraging the small and medium enterprises sector, which is one of the main sectors that accommodate decent and productive work opportunities for women in various Egyptian regions and governorates.

]]>
3/17/2020 4:13:10 PM
<![CDATA[Telecom Egypt increases capacity of landline internet packages 20% ]]>
The ministry added in a statement Tuesday that this step coincides with the decision to suspend schools and universities for two weeks as part of the precautionary measures taken by the state to confront coronavirus.

Earlier, the Ministry of Communications and Information Technology launched a number of initiatives to support the distance education process, most prominently the 20 percent increase of the download capacities of home internet packages for individuals.

Thus, Telecom Egypt is the first company in the telecommunications sector to implement the initiative.

For his part, Managing Director and CEO of Telecom Egypt Adel Hamed said that his company was keen on the immediate implementation of increasing the internet packages offered to customers by 20 percent, so that students can keep up with their lessons through the distance learning system.

Hamed added that the implementation of the initiative started on March 17, and that customers will receive text messages to inform them of the increase in the capacities of their current packages by 20 percent, and that these additional packages will be valid for 30 days.

Hamed clarified that Telecom Egypt will provide a browsing service for the Knowledge Bank, educational platforms and sites free of charge for students, in order to support the distance education.
]]>
3/17/2020 3:55:02 PM
<![CDATA[EGX ends Tuesday in red for 3rd session in row, market cap. loses LE15.36B]]>
The benchmark EGX 30 lessened 2.41 percent, or 227.29 points, to close at 9,201.65 points.

The equally weighted index EGX 50 dipped 5.46 percent, or 72.56 points, to end at 1,255.52 points.

The small and mid-cap index EGX 70 decreased 5.75 percent, or 54.53 points, to close at 894.05 points, and the broader index EGX 100 declined 4.60 percent, or 47.04 points to 976.68 points.

Market capitalization lost LE 15.36 billion, recording LE 512.47 billion, compared to LE 527.83 billion in Monday’s session.

The trading volume reached 200.58 million shares, traded through 19,980 transactions, with a turnover of LE 552.24 million.

Egyptian investors were net buyers at LE 54.71 million, while Arab and foreign investors were net sellers at LE 34.43 million, and LE 20.27 million, respectively.

Arab and foreign individuals were net sellers at LE 4.28 million, and LE 87,740, respectively, while Egyptian individuals were net buyers at LE 3.97 million.

Arab and foreign organizations sold at LE 30.15 million, and LE 20.18 million, respectively, while Egyptian organizations bought at LE 50.74 million.

Obour Land For Food Industries, International Co For Investment & Development, and ODIN Investments were top gainers of the session at 6.67 percent, 5.57 percent and 4.68 percent, respectively.

Meanwhile, Ismailia Misr Poultry, Remco for Touristic Villages Construction, and El Obour Real Estate Investment were top losers of the session by 10 percent each.

During the mid-session of Tuesday, EGX continued its losses, losing more than LE 12 billion of market capitalization, unlike expectations, after cutting 3 percent of interest rates on Monday.

On Monday’s session, EGX flagged in red for the second session in row, as EGX 30 lessened 7.09 percent, EGX 50 dipped 6.82 percent, EGX 70 decreased 6.58 percent, and EGX 100 declined 6.05 percent.
]]>
3/17/2020 3:52:44 PM
<![CDATA[Beltone to establish new company with LE30M capital]]>
The company clarified in a filing to the Egyptian Exchange (EGX) that the BoD approved the updating of the policy of money laundering, terrorist financing and non-conflict of interest for Beltone Financial Holding Company and its subsidiaries.

Meanewhile, the company recorded an increase in its consolidated losses during 2019 by 11 percent, reaching LE 91.5 million, compared to LE 82.4 million in 2018.

Beltone Financial operates within the diversified financials sector focusing on investment banking & brokerage. Beltone Financial was established in May 2006.
]]>
3/17/2020 3:25:35 PM
<![CDATA[Beltone records losses of LE 91.5M during 2019]]>
According to the company’s financial results, revenues declined to LE 243 million in 2019, compared to LE 342.7 million in prior year.

As per standalone results, the company recorded losses of LE 202.43 million, compared to losses of LE 210.36 million in 2018.

The company reported losses of LE 63.3 million during the first nine months of 2019, up from LE 27.2 million including minority rights during the same period of 2018.

Beltone Financial operates within the diversified financials sector focusing on investment banking & brokerage. Beltone Financial was established in May 2006.
]]>
3/17/2020 2:53:16 PM
<![CDATA[EGX dips during mid-session, loses LE12.2B of market cap.]]>
The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Monday to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to reach 9.25 percent, 10.25 percent, and 9.75 percent, respectively.

Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.

By 12 PM Cairo time, the benchmark EGX 30 lessened 2.01 percent, to reach levels of 9,239 points.

The small and mid-cap index EGX 70 decreased 5.04 percent, to reach levels of 900.79 points, and the broader index EGX 100 declined 3.8 percent, to 984.8 points.

Market capitalization lost LE 12.22 billion, recording LE 515.6 billion, compared to LE 527.83 billion in Monday’s session.

On Monday’s session, EGX flagged in red for the second session in row, as EGX 30 lessened 7.09 percent, EGX 50 dipped 6.82 percent, EGX 70 decreased 6.58 percent, and EGX 100 declined 6.05 percent.
]]>
3/17/2020 1:38:20 PM
<![CDATA[Egypt, Belarus discuss cooperation in microbus manufacturing]]>
Tawfik highlighted the depth of bilateral ties, adding that he is looking forward to boosting cooperation in various domains.

In a statement, the ministry said the talks tackled promoting cooperation with Belarus' Maz company in manufacturing microbuses at the Engineering Automotive Manufacturing Company which is affiliated to the ministry.

A memo was signed between the two sides in this respect in August 2019.

The talks also tackled cooperation with Belarus in establishing units for getting diesel-powered engines to operate by natural gas.

At the end of the meeting, the minister was invited to visit Maz company to stand on the up-to-date technology used there. ]]>
3/17/2020 1:17:19 PM
<![CDATA[CBE puts off collection of credit liabilities for 6 months: Governor]]>
The move is part of the state's precautionary measures against the novel coronavirus (COVID-19) outbreak, CBE Governor Tarek Amer said on Monday.

In a statement, the bank indicated that it had decided to postpone the payment of any credit liabilities on individuals and institutions, including consumption loans and mortgages, without any rates or fines for delayed payments.

The CBE instructed all banks to take the actions necessary in light of the bank's decision as of Monday. ]]>
3/17/2020 1:10:48 PM
<![CDATA[CBE launches initiative to support financially-strapped clients]]>
In a statement on Monday, the CBE said the initiative is meant to support even the clients against whom banks have taken legal measures.

The law suites against financially-strapped clients will be settled once they reach a deal on terms of paying their debts.

The initiative will go into effect as of today until March 31, 2021. ]]>
3/17/2020 12:59:14 PM
<![CDATA[Finance Ministry takes all needed precautionary measures against coronavirus]]>
The ministry said on its Facebook page on Monday that it took needed measures to avoid gatherings and ordered both employees and visitors to wear masks.

The ministry also sterilizes the building throughout the day.

No one is allowed to enter the ministry's building without measuring his temperature. ]]>
3/17/2020 12:56:10 PM
<![CDATA[Egypt to bear LE 2.25B-losses for suspending air traffic]]>
Madbouli added at a press conference on Monday that the losses of the National Aviation Company, EgyptAir, will reach LE 2.250 billion as a result of the decision, explaining that the state will bear these losses.

He stressed that all these measures come as precautionary measures to prevent the outbreak of the coronavirus in the context of the government's concern for the safety of citizens. He further clarified that the Egyptian tourism sector will be at the forefront of those affected by this decision.

Moreover, Madbouli pointed out that all tourist facilities and hotels in Egypt will be sterilized during the suspension period, in order to prevent the outbreak of the virus.

Earlier on Monday, the Egyptian government decided to suspend air traffic at the Egyptian airports, from next Thursday to the end of March 2020.
]]>
3/16/2020 7:41:04 PM
<![CDATA[Egypt textile exports hit $257M in Jan.]]>
In its monthly report, the Textiles, Apparel, and Home Textiles Export Council said the exports of ready-made clothes rose by 1 percent to hit $96.2 million in January, compared to $95.6 million in the same period last year.

The US ranked first in terms of importing Egyptian textile products with a percentage of 37.4. ]]>
3/16/2020 6:41:17 PM
<![CDATA[Egypt's central bank exceptionally cuts interest rates 3%]]>
The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to reach 9.25 percent, 10.25 percent, and 9.75 percent, respectively.

Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.

MPC affirmed that reducing the rates was taken as an exceptional measure, which contributes to supporting economic activity in all sectors, taking into account the future expectations and consistency of inflation with achieving the target inflation rate of ± 9 percent (3 percent) during the fourth quarter of 2020.

It added that it will not hesitate to take the necessary steps regarding interest rates and will not deviate from the central role assigned to the central bank, which is to maintain price stability in the medium term.

On Feb. 20, the committee kept the overnight deposit rate, the overnight lending rate, and the rate of the main operation unchanged for the second time this year during Thursday's meeting, Feb. 20.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are at 12.25 percent, 13.25 percent, and 12.75 percent, respectively. Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.
]]>
3/16/2020 6:32:20 PM
<![CDATA[Sales of Iron&Steel decline 37% in 7 months]]>
The company said in a statement to the Egyptian Stock Exchange (EGX) that its total sales during the period from July to the end of last January amounted to about LE 455.4 million, compared to LE 722.13 million during the same period last fiscal year.

It added that the company's current activity revenues during the first 8 months of the current fiscal year amounted to LE 666.488 million during the period from July to February.

The company achieved total sales during the period from July to the end of December, amounting to LE 362.77 million, compared to LE 640.89 million during the same period last fiscal year.

Moreover, the company's current activity revenue during the first half of the current fiscal year amounted to LE 586.13 million in the period from July to January.

Egyptian Iron & Steel operates within the Materials sector focusing on Steel. Egyptian Iron & Steel is based in Cairo, Egypt and was established in January 1991.
]]>
3/16/2020 5:34:27 PM
<![CDATA[Trade min.: Egypt capable of achieving industrial, economic leap]]>
Gamea was speaking during a symposium, organized by the Canada Egypt Business Council, titled "The Future of Trade & Industry in Light of the Current Challenges" in the presence of a number of businessmen.

The council meetings is an important platform for communication between the government and the businessmen to review the government's plan and achievements about the industrial and trade issues which represent a main pillar in achieving a comprehensive economic development, the minister noted.

Egypt encourages the factories to achieve economies of scale to compete more at the local and international levels by taking decisions which contributed to increasing the factories productive capacity to meet the local needs and export abroad, she stated.

The minister pointed out that the Trade and Industry Ministry expanded in establishing the specialized industrial complexes.

Up to 13 complexes are being finished in 12 governorates, nine of them are in Upper Egypt and set to be finished by the end of 2020.

Regarding the impact of coronavirus, Gamea said the ministry monitors the virus's repercussions on importing the production requirements from abroad, noting that factories are not being negatively affected by this matter.

The minister added that the current circumstances should be benefited from through promoting the local industry and export. ]]>
3/16/2020 5:11:06 PM
<![CDATA[EGX continues its downtrend, market cap. loses LE32.33B]]>
The benchmark EGX 30 lessened 7.09 percent, or 719.4 points, to close at 9,428.94 points.

The equally weighted index EGX 50 dipped 6.82 percent, or 97.26 points, to end at 1,328.08 points.

The small and mid-cap index EGX 70 decreased 6.58 percent, or 66.81 points, to close at 948.58 points, and the broader index EGX 100 declined 6.05 percent, or 65.97 points to 1,023.72 points.

Market capitalization lost LE 32.33 billion, recording LE 527.83 billion, compared to LE 560.16 billion in Sunday’s session.

The trading volume reached 263.14 million shares, traded through 21,904 transactions, with a turnover of LE 707.39 million.

Foreign investors were net sellers at LE 96.59 million, while Egyptian and Arab investors were net buyers at LE 93.87 million, and LE 2.72 million, respectively.

Arab and foreign individuals were net sellers at LE 13.22 million, and LE 2.47 million, respectively, while Egyptian individuals were net buyers at LE 2.47 million.

Egyptian and Arab organizations bought at LE 85.84 million, and LE 15.94 million, respectively, while foreign organizations sold at LE 94.12 million.

Tenth of Ramadan Pharmaceutical Industries&Diagnostic-Rameda, Raya Holding for Financial Investments, and Naeem Holding were top gainers of the session at 6.28 percent, 5.58 percent and 3.60 percent, respectively.

Meanwhile, United Housing & Development, Citadel Capital - Common Shares, and Egyptian Financial Group-Hermes Holding Company were top losers of the session by 10 percent, 10 percent, and 9.99 percent, respectively.

On Sunday, EGX ended the session in red, as EGX 30 lessened 9.34 percent, EGX 50 dipped 8.26 percent,EGX 70 decreased 7.37 percent, and EGX 100 declined 7.09 percent.
]]>
3/16/2020 4:18:40 PM
<![CDATA[Egypt's bourse resumes trading after 30-minute suspension]]>
Trading was suspended for half an hour after Egypt's broader index EGX100 went down by more than 5 percent.

The EGX30 benchmark index nosedived by 8.48 percent to hit 9287,63 points.

The broader EGX70 fell by 6.46 percent to reach 949,78 points.

Market capital hit LE 528.9 billion against LE 560.1 billion on Sunday.]]>
3/16/2020 2:16:09 PM
<![CDATA[Egypt's bourse suspends trading for 30 minutes]]>
The EGX30 benchmark index nosedived by 8.2 percent to hit 9316,31 points.

The broader EGX70 fell by 5.79 percent to reach 956,55 points.

Market capital hit LE 531.1 billion against LE 560.1 billion on Sunday.]]>
3/16/2020 2:12:33 PM
<![CDATA[CBE issues LE 18.5B in T-bonds, bills Monday]]>
The T-bills were offered at a value of LE 4 billion with a three-year term.

while the t-bonds were offered in two installments; with the first valued at LE 4 billion with a 91-day term and the second worth LE 10.5 billion with a 273-day term.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) kept the overnight deposit rate, the overnight lending rate, and the rate of the main operation unchanged for the second time this year during Thursday's meeting, Feb. 20.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.]]>
3/16/2020 1:55:15 PM
<![CDATA[FRA takes measures to confront coronavirus]]>CAIRO – 16 Mach 2020: The Financial Regulatory Authority (FRA) called on companies to take decisions to cope with the precautionary measures applied by the Egyptian state to confront the emerging coronavirus.

Chairman of FRA Mohamed Omran asked listed companies on the Egyptian Exchange and companies operating in the field of non-banking financial activities, to adhere to preparing a system for the remote voting of shareholders, who are entitled to participate and vote in the General Assembly.

Omran also requested to make the substitution mechanism available, where one of the custodians authorized to practice the activity, or one of the registered owners vote, in accordance with the provisions of the Central Depository and Registry Law of Securities. The voting form should make clear all the topics presented on the agenda of the General Assembly and the shareholder should be notified before presenting each by agreeing, rejecting or abstaining from voting.

“The precautionary measures taken by all Egyptian agencies to confront the emerging virus drove us to activate some of the options provided by the law of joint stock companies, limited partnership companies, limited liability companies and single-person companies issued by Law No. 159 of 1982. These companies are permitted to use any of the electronic systems to view the items of the ordinary or extraordinary general assembly meetings, allowing the shareholders entitled to participate and vote to remotely vote on these items,” Omran clarified.

This step comes days after Egypt’s government banned all large community events and gatherings until further notice to prevent the spread of coronavirus (Covid 19).

Discovered in late 2019 in China, the virus has spread to around 117 countries and regions. Earlier this week, the World Health Organization (WHO) characterized the disease as a pandemic.
]]>
3/16/2020 1:05:06 PM
<![CDATA[PM reviews report on investment atmosphere in Egypt over past 2 months]]>
Among the measures were the formation of presidential groups under the premier's chairmanship, including the ministerial group for investment and the ministerial group for tourism and antiquities, the report said.

The report expounded the accomplishments of the Investment Authority to improve the business atmosphere, including paying field visits to several governorates and meetings with investors, businessmen and representatives of banks.

The report shed light on trade and economic activities that were held over the past period to promote for investments in Egypt, including the Egyptian-Swiss Investment Forum, the World Free Zones Organization forum and participation in the British-African summit in London.

The report also referred to the expected role to be played by investors' centers that will be opened soon in different governorates to boost investments.]]>
3/15/2020 4:29:11 PM
<![CDATA[EGX loses LE39.61B of market cap. ]]>
The benchmark EGX 30 lessened 9.34 percent, or 1045.78 points, to close at 10,148.34 points.

The equally weighted index EGX 50 dipped 8.26 percent, or 128.37 points, to end at 1,425.34 points.

The small and mid-cap index EGX 70 decreased 7.37 percent, or 80.83 points, to close at 1,015.39 points, and the broader index EGX 100 declined 7.09 percent, or 83.12 points to 1,089.69 points.

Market capitalization lost LE 39.61 billion, recording LE 560.16 billion, compared to LE 599.77 billion in Wednesday’s session.

The trading volume reached 197.07 million shares, traded through 16,683 transactions, with a turnover of LE 942.26 million.

Egyptian investors were net buyers at LE 440.99 million, while Arab and foreign investors were net sellers at LE 1.28 million, and LE 439.72 million, respectively.

Egyptian and Arab individuals were net sellers at LE 18.77 million, and LE 19.88 million, respectively, while foreign individuals were net buyers at LE 34,937.

Egyptian and Arab organizations bought at LE 459.77 million, and LE 18.6 million, respectively, while foreign organizations sold at LE 439.75 million.

Raya Holding for Financial Investments, El Arabia Engineering Industries, and Mohandes Insurance were top gainers of the session at 2.28 percent, 0.97 percent and 0.24 percent, respectively.

Meanwhile, Ezz Steel, Alexandria Mineral Oils Company, and Porto Group were top losers of the session by 13.01 percent, 12.84 percent, and 12.41 percent, respectively.

On Wednesday, EGX ended the session in a semi-collective rise, as EGX 30 inched down 0.05 percent, while EGX 50 climbed 0.87 percent, EGX 70 increased 1.42 percent, and the broader index EGX 100 jumped 0.52 percent.

Thursday, was a paid day off for the bourse workers for bed weather.
]]>
3/15/2020 4:14:42 PM
<![CDATA[Sisi approves €53.2M financing agreement bet. Egypt, IFAD]]>
The Fund provides to Egypt, pursuant to this agreement, a loan amounting to €53.2 million, and a grant of €860,000 euros.

The agreement was signed in Rome on Feb. 18, 2019.

According to previous official announcements, this project will help in providing new jobs and creating a big investment environment. In addition, the project aims to achieve sustainable development of the desert areas, by developing these urban areas to be ready to establish a full life in them of residential areas, industrial projects and a road network.
]]>
3/15/2020 1:46:33 PM
<![CDATA[FRA offers online non-banking services on back on coronavirus scare]]>
Now, those seeking non-banking services can file their requests to FRA online, Omarn said in a statement.

He made clear that FRA started as of 2019 digitizing some non-banking services to spare time and effort as one of tools of economic reforms.

Those who have complaints can send them to the authority via email "Complaints@fra.gov.eg", he said.

The statement listed the non-banking services clients can apply for electronically.

The step comes days after Egypt’s government banned large gatherings until further notice to prevent the spread of coronavirus (COVID 19).

The virus is now reported in 117 countries.

The World Health Organization (WHO) declared the outbreak as a pandemic.]]>
3/15/2020 1:35:01 PM
<![CDATA[CBE dismisses issuing precautionary measures against COVID-19]]>
Any instructions, to be issued in this score, will be announced officially, CBE said in a statement on Saturday.

The CBE said it closely follows up the developments of the virus outbreak, data and recommendations of the Health Ministry and the World Health Organization. ]]>
3/15/2020 1:32:14 PM
<![CDATA[CBE to issue LE 20.5B in T-bills Sunday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 10 billion with a 182-day term and the second is worth LE 10.5 billion with a 364-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) kept the overnight deposit rate, the overnight lending rate, and the rate of the main operation unchanged during Thursday's meeting, Feb. 20, for the second time this year.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are kept at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates are to 12.75 percent.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.]]>
3/15/2020 1:16:36 PM
<![CDATA[FRA calls on companies to adhere to Egypt's anti-Coronavirus measures]]>
Chairman of FRA Mohamed Omran asked listed companies on the Egyptian Exchange and companies operating in the field of non-banking financial activities, to adhere to setting out a system for remote voting by shareholders who are entitled to participate, and vote in the General Assembly elections.

Omran also requested to make an alternative voting mechanism available by one of the custodians - who are authorized to practice the activity - or registered owners in accordance with the provisions of the Central Depository and Registry Law of Securities. He explained that the process would be through a voting form in which he identifies all the topics presented on the agenda of the General Assembly and the shareholder is notified before each subject presented by agreeing, rejecting or abstaining from voting.

“The precautionary measures taken by all Egyptian state agencies to combat the emerging virus drove us to activate some of the options provided by the law of joint stock companies, limited partnership companies, limited liability companies and single-person companies issued by Law No. 159 of 1982, which are permitted to use any of the electronic systems to view the items of the ordinary or extraordinary general assembly meetings and vote on them remotely by the shareholders who are entitled to participate and vote in the association,” Omran clarified.

This step comes days after Egypt’s government banned all large community events and gatherings until further notice to prevent the spread of coronavirus (Covid 19).

Discovered in late 2019 in China, the virus has outbreak to around 117 countries and regions. Earlier this week, the World Health Organization (WHO) described the outbreak as a pandemic.]]>
3/14/2020 4:38:01 PM
<![CDATA[Sisi orders to increase workers' income, tax exemption limit ]]>
The measures included endorsing the periodic allowance for employees included in the civil service law with a 7 percent of the total comprehensive wage and employees not included in the law with a 12 percent of the basic wage.

This came during Sisi’s meeting with Prime Minister Moustafa Madbouly, the minister of planning and economic development and the minister of finance, in addition to the deputy minister of finance for financial policies, deputy minister of finance for public treasury and deputy minister of planning for planning affairs. The meeting reviewed the draft budget for the fiscal year 2020/2021.

The President also directed increasing the tax exemption limit for those whose annual wage falls between LE 8,000 - 15,000 and creating a low tax bracket with a value of 2.5 percent for income earners that make less than LE 35,000 annually, so as to contribute to increasing the monthly income of citizens with the least income.

Earlier this month, Finance Minister Mohamed Ma’it said that a new law on the brackets of income tax will be submitted to the House of Representatives shortly, aiming to alleviate burden of the income taxes borne by the citizens.

Min.: Bill on brackets of income tax to lower burden on citizens

CAIRO, March 8 (MENA) - Finance Minister Mohamed Maait Sunday said that a new law on the brackets of income tax will be submitted to the House of Representatives shortly. The draft law aims to alleviate burden of the income taxes borne by the citizens.




During the meeting, Ma’it explained that initial indicators show the continuation of achieving of an initial surplus estimated at 2 percent of the GDP, in addition to reducing the budget deficit to 6.2 percent, down from 7.2 percent of the GDP during the past fiscal year.
Ma’it also added the debt of the public budget agencies declined to 80 percent by the end of the next fiscal year, compared to 108 percent of the GDP in June 2017.

On another noter, the minister of planning and economic development Hala el-Saeed presented the state's investment plan for 2021, which seeks to realize a 6 percent growth rate so as to create jobs and reduce unemployment to 8 percent.

The plan also works on increasing the investment budget of the state agencies to finance a number certain sectors to accelerate their growth and improve their services, such as education, housing, electricity, transportation, communications, youth and sports.

“The investment plan also seeks to channel investments to a number of vital initiatives in the health sector, such as an initiative for incubators, ICU beds and childcare beds, whereby incubators will be increased by 10 percent, childcare beds by 90 percent and ICU beds by 80 percent, in addition to increasing allocations for the "Decent Life" initiative to significantly improve services provided to the poorest villages,” according to the minister.

]]>
3/14/2020 1:00:00 PM
<![CDATA[Industry min. plans to replace old microbuses with advanced ones]]>
The meeting was attended by the leaderships and representatives of the ministries of local development, petroleum and finance as well as the Central Bank of Egypt (CBE).

The plan also aims to encourage owners of new micorbuses to turn their vehicles to gas-powered ones, the Trade and Industry Ministry said in a statement Thursday.

This step falls within the framework of the auto industry's strategy in Egypt which was launched by President Abdel Fattah El Sisi, as part of which is improving means of mass transportation and increasing dependence on new energy sources.

The meeting touched on several key axes, including the roles to be played by all bodies that are engaged in implementing this national project and the criteria of selecting microbuses that will be replaced by the new ones.

Gamea said that this strategy has development, environmental and economic dimensions, including boosting local manufacturing of transportation means. ]]>
3/12/2020 11:31:01 AM
<![CDATA[Into Egypt's automotive market]]>
By the beginning of 2019, Egypt applied zero tariffs on cars from the European Union, an action that almost resolved the competition in Egypt in favor of European cars.

Later in 2019, an agreement was signed with China to jointly manufacture 2,000 buses over four years. The percentage of the Egyptian component in the deal is 45%, to be followed by the next stages of joint manufacturing of other types of electric cars. Various international missions have visited Egypt recently to discuss car assembly in the country, and potential cooperation has been announced.

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Adding more dynamism to the scene, it was highlighted that as of 2020, cars assembled in Turkey will be exempted from customs in accordance with an older agreement establishing a free trade zone between the two countries.

All these factors made the Egyptian automotive market unpredictable, rendering the Egyptian buyer unsure whether to buy a new car or wait in hopes that better cars or better prices will be introduced.

Subsequently, the prices of about 10 models of Italian, Japanese, Korean and American brands were reduced despite not enjoying customs exemption, but the reaction is an attempt to maintain competitiveness and drain the 2019 inventory.

To help readers make a decision, Egypt Today Egypt reviews actions and movements
taking place in the market, as well as the opinions of experts and officials.

Egypt-Turkey Agreement

In December 2005, Egypt concluded the Free Trade Zone agreement with Turkey, which was enforced in January 2007. Since then, the two parties have been committed to partially reducing tariffs on annual basis until full exemption
in 2020.

The Customs Authority issued publication of agreement No. 1 of 2020, in accordance with the Free Trade Zone Agreement between Egypt and the International Federation of Technical Analysts (IFTA), and the agreement to establish a free trade zone between Egypt and Turkey, both members of IFTA.

IFTA is an international non-profit organization that was incorporated in 1986 with members of 22 countries.

According to the publication, the free trade zone between Egypt and the IFTA countries began in 2020. Category (D) products, namely cars, now enjoy a 100-percent reduction of customs instead of 90 the year before.

Similarly, the publication entailed the free trade zone between Egypt and Turkey, whereby the products in Category (4), including cars, are imported with 100 percent customs reduction instead of 90 percent.

Egypt imports cars of Japanese brands from Turkey, notably Toyota Corolla and Honda
Civic, and Italian cars such as Fiat Tipo, and French ones such as Renault Megane.

fiat-TIPO-street-5door-white-familycar-08-desktop-606x340


“The prices of some of the car brands in the Egyptian-Turkish agreement dropped by six percent compared to their prices before the full exemption,” head of Car Dealers Association Osama Abul Majd said.

Abul Majd clarified that prices of most car types in the Egyptian market have witnessed a decrease since the beginning of the year, indicating that the prices of some types decreased by three percent.

Zero Tariffs on cars from the European Union (GATT Agreement)

The General Agreement on Tariffs and Trade (GATT) was signed between numerous countries to enhance international trade by reducing trade barriers such as tariffs or quotas. In 1995, Egypt began negotiations with the European Union for a partnership agreement. The agreement was initialed on January 26, 2001 in preparation for its final signing on June 25. After parliaments of the member states ratified the agreement, it entered into force in mid-2004.

The agreement stipulates establishing a free trade area in the span of a transitional period of 12 years from the date of enforcement. It also liberalizes the Egyptian imports of industrial goods with European origins for up to 16 years. The Egyptian-European Trade Agreement covered industrial goods, agricultural commodities and manufactured agricultural products. Cars came in the fourth list of industrial goods imported from the European Union. Regarding cars, Egypt started implementing the trade cooperation agreement with the European Union in 2010, so European car customs began to decline gradually. Egypt used the right to postpone the reduction twice in previous years, and by the inception of 2019, customs were reduced to hit 0 percent for all cars of all engine capacities coming from the EU. Among these are Mercedes, BMW, Audi, Volvo, Peugeot, Renault, French-origin Citroen, Fiat and Siat.


Electric Cars in Egypt

The National Authority for Military Production signed on October 1, 2019 a MoU with Scottish energy company SSE and Marathon International Ltd. to build a factory in Egypt that manufactures electric vehicle charging stations and recycles vehicle batteries.

The move comes within the state’s plan to give up fuel vehicles in the public transportation fleet and introduce electric ones. The Ministry of Military Production had signed earlier in April an agreement with Chinese company Foton Motor to produce 2,000 electric buses over four years at the Egyptian military owned Tank Production and Repair Company (Factory 200).

Previously, Chairman of Factory 200 Yosry al-Nemr revealed that entering the sector of electric vehicle manufacturing in Egypt was launched with city buses to be followed by travel buses, private buses, minibuses, taxis and cars, respectively.

Nemr said his establishment has taken the first steps to accomplish the strategy devised to further the local manufacturing of electric vehicles. During President Abdel Fatah al-Sisi’s visit to China to attend the Belt and the Road Summit in April 2019, a deal was closed with Foton Motors to build a plant for manufacturing electric vehicles and producing city buses.

In September of the same year, the ministry signed a MoU with Chinese automotive company Geely to produce electric cars immediately.

The Belt and Road Initiative was launched by the Chinese government to enhance trade, investments, and infrastructure in more than 150 countries in Asia, Europe, the Middle East, Africa, and Latin America. The initiative is a revival to what was known as the “Silk Road,” a vast group of routes where lucrative trade was held in ancient times and up until the 18th century.

The ministry also celebrated a new project to manufacture electric buses in the country in partnership with China’s Foton Motor in 2019. Most importantly, Minister of Military Production Mohamed al-Assar said by the end of October that the ministry would produce electric mini-cars in coordination with Egyptian company International Marathon United Technology (IMUT).

The ministry said the new mini-cars, dubbed E-Motion, would be affordable but would only be allowed to be driven in resorts and com-pounds. The versions of the mini-cars that will be permitted on public streets would be announced later.

In a step forward, Minister of Electricity and Renewable Energy Mohamed Shaker con-firmed that the ministry has assigned a task force to set a plan determining the future locations of electric vehicle charging centers.

The minister told Business Today Egypt earlier that the ministry had embarked on a scientific study to pinpoint the energy needs of electric cars owned by different users. Shaker pointed out that the ministry is keen on providing a service that facilitates the process of charging electric cars.

In December 2019, Cairo launched a trial operation of its first electric bus in a prelude to deploy more buses into service at the public transport sector, along with natural-gas powered buses in the large governorate.

The Public Transport Authority in Cairo received 20 new natural-gas-powered buses, one year after the buses of the first batch of 10 bus-es came into service. Thus far, 30 buses out of a planned 121 are transporting Egyptians. According to an official announcement.

Egypt already has 130 charging stations across the country, all operated by a couple of private companies.

Factors Determining the Final Selling Price of Cars

There are several factors that determine the final sale of car prices in Egypt after lifting customs tariffs on European and Turkish cars such as:

The dollar rate: Head of Egyptian Auto-mobile Manufacturers Association (EAMA) Khaled Saad Amin said the main factor that affects the prices of cars is the exchange rate of the dollar. The exchange rate is around the average of LE 15.75 for buying and LE 15.85 for selling.

Amin added that the tariff cut on cars from Turkey will have limited impact because only a few of them have been imported, pointing out that other factors determining car pricing in Egypt include customs, taxes, fuel prices, and interest rates on cars.


le-couple-delivre-par-le-13-tce-115-est-beaucoup-plus-important-que-sur-lancien-12-tce-et-permet-des-depassements-facilites-et-des-bonnes-relances


Schedule taxes: It is a tax imposed in special rates or at specified values on the sale or importation of local or imported goods and services provided in the schedules accompanying the VAT Act. This tax is levied on the sale, performance or importation of the goods and services provided in the schedules of the law and up to 24%.

Development fees: The latest amendments to Law No. 147 of 1984 concerning the imposition of a fee on certain products for the purpose of developing the state’s financial resources. The amount of the fee on imported cars depends on their value, in addition to the customs tax, if any, and VAT and other marginal taxes and fees.

Agents’ profit margins: This margin has no rules or constants to govern it because it is subject to supply and demand in the local market, and is thus a relative factor determined by the agent alone.

This particular factor was the reason behind the “Let it Rust” campaign, which is a social-media campaign protesting high car prices. The widespread campaign emerged after customers had an idea about the margin profit of selling cars and deemed it too high. The campaign went viral in January of 2019 as consumers continued to wait for a decrease in auto-motive prices following the full elimination of customs tariffs on European cars.

Sales of Cars

Regarding sales of cars in the Egyptian market, Abul Majd clarified that the decline in sales witnessed in January and February is generally normal general and that regression occurs during these months.

The head of Car Dealers Association explained that this regression leads to the need for companies and exhibitions to compete and provide offers to the consumer to increase sales during that period.

Abul Majd advised those wishing to buy cars to take advantage of that period, as there are offers and inducements to seize, although it is possible that they end with the return of car sales again, and therefore prices can rise.

He pointed out that car prices are also affected by three main determinants: First, the agreements signed between countries regarding customs reduction or exemption; second, the exchange rate against the dollar; and third, the competitive prices offered by companies.

“So, the decline in car prices in Egypt came after several agreements were signed with the European Union and Turkey and also the decline in the price of the dollar to less than LE 16, compared to LE 18-19 last year,” he continued.

Following the decline in the prices of Turkish and European cars, companies that were not included in these agreements will seek to reduce their prices in order to be able to compete in the market, according to Abul Majd.

On the decline of other brands’ prices, general manager of Audi in Egypt, Joseph Daniel, said in a press statement that the drop-in prices come as a result of the decline in the dollar price, as well as the entry of new cars to the list of models exempt from customs duties.

Moreover, head of East Anglian Motor Auctions (EAMA) said that car companies are working to provide discounts in the Egyptian market amid the fierce competition at this time, as well as to be in a better position owing to the naturally declining sale rates at the beginning of each year.

Car sales in the first 10 months of 2019 decreased by 4.9% manifested in 143,519 units, down from 150,016 during the same period of 2018, according to data issued by the Automotive Market Information Council (AMIC).




]]>
3/12/2020 10:00:00 AM
<![CDATA[Capital Economics sees Egypt to continue easing monetary cycle]]>
It attributed this expectation to the spread of coronavirus and the drop of the inflation during February below the lower band of the CBE’s target range.

The Central Bank of Egypt’s (CBE) target range is 9 percent, plus or minus 3 percentage points.

"We expect the interest rate to be reduced to 10 percent by the end of this year and to 9.50 percent by end-2021," it added.

The investment bank has a previous expectation that the CBE would hold off from resuming its easing cycle until the middle of the year.

On Tuesday, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s annual consumer price inflation recorded 4.9 percent in February 2020, compared to 13.9 percent in February 2019.

"The breakdown showed that this was driven by a sharp fall in food inflation – which accounts for a third of the basket. It slumped from 2.6 percent y/y in January to -0.9 percent y/y last month. The decline in food inflation knocked 1.1 percent-pts off the headline rate. Easing price pressures among other major price categories, namely, transport, health, and clothing inflation, also brought the headline rate down," it commented.

The investment bank added that the Egyptian pound has continued to hold up. It has strengthened by 2 percent against the dollar so far this year, but more pressing is the outbreak of coronavirus in the country. "The number of cases has jumped sharply in the past week and concerns about its economic hit have intensified."

Out of Egypt's 60 confirmed coronavirus cases, the people who have tested negative amounted to 25 Tuesday after receiving the appropriate healthcare.

The condition of the 26 people is stable and they are still in the quarantined hospital in Matrouh, being treated according to the guidelines of the World Health Organization.

]]>
3/11/2020 6:16:47 PM
<![CDATA[Cityscape Egypt postponed officially]]>
The conference was scheduled to be held on March 18-21, 2020.

"We are monitoring the situation carefully and working with all stakeholders and government bodies to ensure Cityscape Egypt endeavors to run as soon as possible in 2020. We are in discussions with the venue, EIEC, to ensure Cityscape Egypt is the first major event to run in 2020 once things return to normal post-COVID19," Informa Markets Company- the organizer of the event- stated.

The company added that it is committed to delivering an excellent alternative later in 2020 for its buyers and sellers alike.

The Conference is an annual event leading the way into the Cityscape Egypt Exhibition, providing an unparalleled platform for the real estate industry to hear new government announcements, share information on current and upcoming projects, develop personal and organization-level skills and knowledge and create new business leads.
]]>
3/11/2020 5:55:14 PM
<![CDATA[EGX ends Wednesday in semi-collective rise, adds LE1.4B to market cap.]]>
EGX announced earlier that tomorrow, Thursday, will be a paid day off for the bourse workers for bed weather and work will be resumed on Sunday.

The benchmark EGX 30 inched down 0.05 percent, or 5.84 points, to close at 11,194.12 points.

on the other hand, the equally weighted index EGX 50 climbed 0.87 percent, or 13.42 points, to end at 1,553.71 points.

The small and mid-cap index EGX 70 increased 1.42 percent, or 15.39 points, to close at 1,096.22 points, and the broader index EGX 100 jumped 0.52 percent, or 6.05 points to 1,172.81 points.

Market capitalization gained LE 1.45 billion, recording LE 599.77 billion, compared to LE 598.33 billion in Tuesday's session.

The trading volume reached 214.75 million shares, traded through 23,477 transactions, with a turnover of LE 214.75 million.

Foreign investors were net sellers at LE 80.15 million, while Egyptian and Arab investors were net buyers at LE 78.3 million, and LE 1.85 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 23.53 million, LE 14 million and LE 6.64 million, respectively.

Egyptian and Arab organizations bought at LE 101.83 million, and LE 15.86 million, respectively, while Foreign organizations sold at LE 73.51 million.

Alexandria New Medical Center, Rowad Tourism (Al Rowad), and El Arabia Engineering Industries were top gainers of the session at 9.97 percent, 9.56 percent and 9.30 percent, respectively.

Meanwhile, National Housing for Professional Syndicates, Ismailia Misr Poultry, and Arabian Food Industries DOMTY were top losers of the session by 9.91 percent, 9.31 percent, and 6.56 percent, respectively.

On Tuesday, EGX ended the session on a mixed note, as EGX 30 rose 1.97 percent, EGX 50 climbed 0.30 percent, while EGX 70 decreased 0.24 percent, and EGX 100 lessened 0.04 percent.
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3/11/2020 5:05:37 PM
<![CDATA[Egypt, New Zealand probe agricultural cooperation]]>
This came in Agriculture Minister El Sayed el Quseir's meeting with New Zealand Ambassador in Cairo Greg Lewis.

Quseir underlined the importance of increasing cooperation opportunities between the two sides and improving trade balance.

Talks covered benefiting from New Zealand's expertise in the training domains and hurdles blocking the flow of agricultural products between the two sides.]]>
3/11/2020 2:34:17 PM
<![CDATA[Dollar exchange rate inches up at Egypt's major banks]]>
At the Central Bank of Egypt, the dollar rate went up by one piaster to register LE 15.66 for buying and LE 15.78 for selling.

At Al Ahli Bank of Kuwait-Egypt, the dollar price stood at LE 15.69 for buying and LE 15.79 for selling.

At the National Bank of Egypt and Banque Misr, the dollar rate recorded LE 15.65 for buying and LE 15.75 for selling.

At the Commercial International Bank, Credit Agricole, Arab African International Bank and Bank Audi, the dollar rate stood at LE 15.67 for buying and LE 15.77 for selling.

Meanwhile, the sterling was down on pound registering LE 20.09 for buying and LE 20.43 for selling]]>
3/11/2020 2:09:56 PM
<![CDATA[Banks and bourse are off on Thursday for bad weather]]>
The source told MENA that banks will be back to work on Sunday.

Also, an official source with the Stock Exchange said that tomorrow will be a paid day off for the bourse workers for the same reason and work will be resumed on Sunday. ]]>
3/11/2020 2:01:26 PM
<![CDATA[Egypt’s annual core inflation fells to 1.9% in February: CBE]]>
Core inflation discounts or strips out certain categories that are considered more volatile.

CBE said in a statement on its website Tuesday that the core inflation recorded a monthly rate of 0.2 percent in February 2020, compared to 1 percent in February 2019, and 0.7 percent in January 2020.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s annual consumer price inflation recorded 4.9 percent in February 2020, compared to 13.9 percent in February 2019.

Inflation has surged in Egypt since the flotation of the Egyptian pound in November 2016, reaching a high record level in July 2018 due to energy subsidy cuts, and gradually easing since July 2019.

Egypt targets an inflation rate of 10.5 percent in fiscal year of 2019/2020 and was targeting 13 percent in 2018/2019 budget.
]]>
3/10/2020 4:47:41 PM
<![CDATA[Egypt's economy capable of dealing with global economic developments: Min.]]>
At a meeting with chief editors of national newspapers and media people, he added that he is following up on daily basis means of regulating the governmental financial performance and upgrading the efficiency of public expenditure.

He underlined that international financial institutions lauded the financial performance of the Egyptian economy.

He noted in this regard that the Egyptian economy's performance has achieved this success thanks to the bravery of President Abdel Fattah El Sisi and the difficult decisions he made including the economic reform decisions which have spared Egypt many hazards.

He added that his ministry is now working to issue new legislation as part of the structural economic reform program. These laws are related to partnership with the private sector, customs and unified taxation measures.]]>
3/10/2020 4:25:41 PM
<![CDATA[Chemical industries' exports hike to $5.4B in 2019]]>
Abul Makarem explained that the exports of the plastic sector amounts to about $1.8 billion annually, clarifying that the plastic industry is one of the most important industries in Egypt. Some 7,000 official factories are registered in the Federation of Egyptian Industries, representing about 40 percent of the industry in Egypt.

He forecast that the chemical industries exports will increase in 2020 by no less than 15 percent. Abul Makarem indicated that this increase is being targeted with a focused and clear strategic plan to gain access to new markets.

During the first half of 2019, Egypt’s exports of chemicals decreased 10 percent on a year-on-year basis to $2.4 billion, due to the delay of export subsidies and the low participation of companies in international exhibitions.


]]>
3/10/2020 4:19:20 PM
<![CDATA[EGX ends Tuesday on mixed note, market cap. gains LE4.25B]]>
The benchmark EGX 30 rose 1.97 percent, or 216.48 points, to close at 11,199.96 points.

The equally weighted index EGX 50 climbed 0.30 percent, or 4.64 points, to end at 1,540.29 points.

On the other hand, the small and mid-cap index EGX 70 decreased 0.24 percent, or 2.6 points, to close at 1,080.83 points, and the broader index EGX 100 lessened 0.04 percent, or 0.43 points to 1,166.76 points.

Market capitalization gained LE 4.25 billion, recording LE 598.33 billion, compared to LE 594.07 billion in Monday’s session.

The trading volume reached 271.49 million shares, traded through 26,808 transactions, with a turnover of LE 773.53 million.

Arab investors were net sellers at LE 8.34 million, while Egyptian and foreign investors were net buyers at LE 7.16 million, and LE 1.18 million, respectively.

Egyptian and foreign individuals were net sellers at LE 29.84 million, and LE 699,811, respectively, while Arab individuals were net buyers at LE 55.69 million.

Egyptian and foreign organizations bought at LE 37 million, and LE 1.88 million, respectively, while Arab organizations sold at LE 64.04 million.

Alexandria New Medical Center, Golden Coast Company, and El Shams Housing & Urbanization top gainers of the session at 9.74 percent, 7.89 percent and 6.51 percent, respectively.

Meanwhile, El Obour Real Estate Investment, Marsa Marsa Alam For Tourism Development, and Pioneers Holding were top losers of the session by 9.95 percent, 9.60 percent, and 7.99 percent, respectively.

On Monday, EGX ended Monday in red, as EGX 30 dropped 7.31 percent, EGX 50 dipped 5.95 percent, EGX 70 decreased 5.04 percent, and EGX 100 lessened 5.71 percent.
]]>
3/10/2020 4:13:05 PM
<![CDATA[2-3 companies to be floated on EGX by end of year: Farid]]>
He said that global and oil market declines are normal due to the current crises and the global panic of the coronavirus.

He added, on the sidelines of the annual summit of the financial markets, that the stock exchanges echo all fluctuations or emergencies in economies, stressing the ability of markets to recover gradually on the medium and long term.

He pointed out that the Egyptian stock market decline is a reaction to the movement of global market indices in the short term, expecting a recovery in the medium and long term.

The Egyptian Exchange (EGX) recorded a collective regression during Monday’s session, losing LE 32.95 billion, amid Arab and foreign selling.

On the precautionary measures that the stock exchange will take in light of market fluctuations, he said during his speech at the "Money Market; Multiple Windows for Financing" that the Stock Exchange does not interfere in determining the market path or price trends. "The Stock Exchange has taken some measures to protect the market from the extreme volatility of issuing benign stock rules," he added.

The EGX strategy in 2020 depends on three axes, including enhancing the value-added chain perspective, boosting the organizational processes to improve the trading mechanisms and attaching more significance to technological development.

“Among 2020's targets is the restructuring of the SME market, and soon the European Bank for Reconstruction will finish its lesson on developing this market,” he clarified.

He also noted that the stock exchange management is discussing with the Financial Supervisory Authority to improve registration and disclosure rules, and to facilitate companies' procedures and protect investors.

Farid also pointed to the commodity exchange, which is considered one of the Egyptian Stock Exchange targets, which is now in the stage of establishment. This is in addition to laws related to warehouses, licenses, classification and arrangement of goods that are being drafted, and set to be completed after a year of establishment.

By the end of 2019, Egypt had announced the establishment of the commodity exchange, which opens the door for questions about this kind of exchange, how it works, and how it will regulate the prices of the commodities in Egypt.
]]>
3/10/2020 3:35:54 PM
<![CDATA[Egypt’s annual inflation dips to 4.9 % in Feb., stabilize monthly]]>
In Jan. 2020, Egypt's annual inflation reached 6.8 percent.

On a monthly basis, inflation recorded 105.2 points remaining at the same levels of January 2020, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

CAPMAS attributed the stabilize in inflation to the decline in prices of some commodities during the month, as vegetables by 5.4 percent, other food products by 0.9 percent, fruits by 0.3 percent, Fish by 0.2 percent and clothes and shoes by 1.3 percent.

It also referred to the increase in the prices of meat and poultry by 1.9 percent, dairy, cheese and eggs by 0.9 percent, cereals and bread by 0.3 percent, and the Restaurants and Hotels Division by 0.7 percent.

At the urban level, the annual inflation rate for January 2020 dipped to 5.3 percent, up from 7.2 percent in January.

In Jan., Cabinet's media center revealed Egypt's average inflation rate recorded 9.2 percent in 2019 compared to 14.4 percent in 2018.

Earlier, the International Monetary Fund (IMF) expected Egypt’s inflation to reach 14 percent in 2019 and 7 percent in 2023.

Inflation surged in Egypt since the flotation of the Egyptian pound in November 2016, reaching a high record level in July due to energy subsidy cuts, and gradually easing since July.

Inflation remains within the Central Bank of Egypt’s (CBE) target range of 9 percent, plus or minus 3 percentage points.
]]>
3/10/2020 1:22:20 PM
<![CDATA[EGX loses LE32.95B of market cap. during Monday]]>
The benchmark EGX 30 dropped 7.31 percent, or 865.91 points, to close at 10,983.48 points.

The equally weighted index EGX 50 dipped 5.95 percent, or 97.21 points, to end at 1,535.65 points.

The small and mid-cap index EGX 70 decreased 5.04 percent, or 57.51 points, to close at 1,083.43 points, and the broader index EGX 100 lessened 5.71 percent, or 70.72 points to 1,167.19 points.

Market capitalization lost LE 32.95 billion, recording LE 594.07 billion, compared to LE 627.02 billion in Sunday’s session.

The trading volume reached 256.74 million shares, traded through 23,967 transactions, with a turnover of LE 822.74 million.

Egyptian investors were net buyers at LE 93.41 million, while Arab and foreign investors were net sellers at LE 11.22 million, and LE 82.19 million, respectively.

Arab and foreign individuals were net sellers at LE 19.21 million, and LE 1.54 million , respectively, while Egyptian individuals were net buyers at LE 58.08 million.

Egyptian and Arab organizations bought at LE 35.33 million, and LE 7.99 million, respectively, while foreign organizations sold at LE 80.65 million.

Alexandria New Medical Center, Ismailia Misr Poultry, and Golden Coast Company top gainers of the session at 9.97 percent, 3.62 percent and 3.01 percent, respectively.

Meanwhile, Orascom Development Egypt, Citadel Capital - Common Shares, and AJWA for Food Industries company Egypt were top losers of the session by 10 percent, 9.99 percent, and 9.96 percent, respectively.
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3/9/2020 4:17:44 PM
<![CDATA[PM chairs meeting to discuss 2020/2021 state budget]]>
The meeting was attended by Minister of Finance Mohamed Ma'it and other officials.

During the meeting, Madbouli stressed that the new budget for 2020/2021 will include an unprecedented increase in government investments with the view to maintaining the high growth rates achieved by the government.

It also focuses on pumping more investments in the health and education sectors, along with beefing up investments in villages as part of measures taken by the government to provide a decent life for the residents of needy villages, he added.

He noted that the draft budget will be presented to the president within days.]]>
3/9/2020 2:59:33 PM
<![CDATA[Dollar price records rise of 5 piasters amid disturbance in international markets]]>
The US dollar jumped five piasters in most Egyptian banks recording LE 15.65 for buying and LE 15.75 for selling at Al Ahli bank of Kuwait K.S.C.

At the Gulf Egyptian Bank, the United Bank and Abu Dhabi Islamic Bank, the dollar recorded LE 15.64 for buying and LE 15.74 for selling.

At the Commercial Interantional Bank, the Arab African International Bank, the dollar rate recorded LE 15.63 for buying and LE 15.73 for selling.

At Banque Misr and the National Bank of Egypt (NBE), the dollar price reached LE 15.61 for buying and LE 15.71 for selling.]]>
3/9/2020 2:56:31 PM
<![CDATA[Production index for transformative, extractive industries dips 0.6% in Dec.]]>
The index of ready-made clothes hiked 9.6 percent, recording 334.51 in December, up from 305.20 in November 2019, according to supply contracts.

The Central Agency for Public Mobilization and Statistics (CAPMAS) added that the index of pharmaceutical and chemical products increased to 252.65 in December, up 5.7 percent from 239.11 for November, due to the increase in demand and sales.

On the other hand, the beverage industry index reached 176.52 during December 2019 compared to reaching 212 in November, marking a decrease of 16.7 percent due to the introduction of the winter season and the decrease in supply contracts.

The index of electrical appliances industry was 66.98 during December 2019 compared to 68.29 in November, recording a decrease of 1.9 percent, due to the market situation and seasonal production.
]]>
3/9/2020 12:18:23 PM
<![CDATA[CBE issues LE 7.5B in T-bonds Monday]]>
The T-bonds were offered in two installments, with the first valued at LE 4 billion with a five-year term and the second worth LE 3.5 billion with a seven-year term.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) kept the overnight deposit rate, the overnight lending rate, and the rate of the main operation unchanged for the second time this year during Thursday's meeting, Feb. 20.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.]]>
3/9/2020 12:06:14 PM
<![CDATA[Min.: Bill on brackets of income tax to lower burden on citizens]]>
The draft law aims to alleviate burden of the income taxes borne by the citizens.

The minister was addressing a meeting held by the parliament's planning and budget committee, under Lawmaker Hussein Eissa, to discuss a draft law proposed by the government on the issuance of the unified tax procedures bill.

The unified tax procedures draft law regulates the procedures of the collection of the various types of taxes, including the income tax, the value added tax, the stamp duty as well as the tax of the development of state's financial resources.

Besides reducing the procedures, the unified tax procedures bill intends to avoid the double taxation.

It also regulates the procedures of collecting the aforementioned taxes along with us boosting dependency on the modern technological techniques in various tax dealings. ]]>
3/8/2020 3:18:32 PM
<![CDATA[Egypt-U.S. talks over cooperation in oil sector held]]>
The strategic dialogue on energy between Egypt and the United States started in September in Cairo and will continue.

Molla, who was in Toronto last month to attend an international conference on mining, has posted senior officials at a number of global firms on investment opportunities in Egypt.

Molla stated in February that the ministry is carrying out a work program focusing on improving crude oil production, increasing output from existing wells and expanding exploration activities in concession areas.

Current production of gas from Zohr gas field hiked to 2.7 billion cubic meters in November 2019.

The ministry clarified in a statement that this comes as a result of accelerating the implementation of the project.

“Petro Shorouk Company has successfully operated four new wells in the southern side of the project and put them on the production map, bringing the total number of operating wells to 14,” Chairman of Petro Shorouk Company Atef Hassan said.

Hassan said the 15th well in Zohr field will start production in March, raising the current production capacity of gas from the field to 3 billion cubic meters per day.

According to Hassan, the company's current budget is $408 million and will work on resuming other exploration and development activities in the coming phase.
]]>
3/7/2020 5:17:13 PM
<![CDATA[Egypt, Germany probe coop. on dry-charged battery production]]>
Th German delegation was headed by Regional President Africa for Bosch Rexroth AG Tillmann Olsen.

The minister reiterated that the meeting is part of the ministry’s strategy to enhance cooperation with global companies to transfer state-of-the-art technologies to companies and production units affiliated to the ministry.

Olsen said his company is keen to expand cooperation and provide required training for the ministry-affiliated companies in light of Egypt’s remarkable development and the great economic and industrial leap the country witnesses.

At the end of the meeting, the minister witnessed the signing of a memo between the two German companies and the national authority for military production.]]>
3/7/2020 4:23:23 PM
<![CDATA[Manpower min. opens annual job forum expected to offer 3,500 opportunities]]>
Saafan asserted that President Abdel Fattah El Sisi gives the youth all support to be able to contribute to the construction process.

The forum offers 3,500 job opportunities in various specializations and sectors with salaries ranges between EGP 2,000 as minimum and 5,000 as maximum, he pointed out.

It falls within the framework of the state’s support to training and employing the youth to create a generation capable of competing in the local and foreign labor markets, Saafan said.

This event is held as part of President Sisi’s initiative to provide suitable jobs for the youth, he noted.

He said that 30 companies and employment institutions are participating in the forum with more that 4,000 graduates attending.]]>
3/7/2020 2:50:31 PM
<![CDATA[Egypt to issue plastic currency starting with LE 10 notes]]>
In an interview with Egypt Today, Negm said the new plastic currency lasts longer than paper notes, adding that the LE 10 plastic notes are expected to be issued starting from the end of this year.



This comes a year after the CBE announced preparations to produce some categories of the Egyptian currency in the plastic form by 2020 from its press at the new capital, days after Bank of England revealed issuing its new plastic £50 note.

Plastic currencies are produced from polymer, and was first used as currency-making material in Australia in 1988. In 1968, Australia began researching for a scientific solution to combat forgeries of the new decimal currency after it issued its $10 notes in 1966. The state spent 10 years in trials to overcome technical problems. In 1996, Securency International was formed as a joint venture between the Reserve Bank of Australia (RBA) and Innovia Films to market the technology.

“By 1998, all Australian banknotes were is- sued in plastic and by 2009 Securency was exporting to 25 countries, with more than 3 billion polymer notes in circulation,” notes CSIROpedia.

The Bank of England claims polymer is cleaner and more durable than other currency-comprising materials, and it allows the addition of extra security features. Polymer reportedly about 2.5 times longer than paper notes, although they take longer to biodegrade.

The environmental impact of the lifecycle of banknotes worth €3 billion produced in 2003 is equivalent to the environmental impact of driving a car around the world in 9,235 times, according to a study conducted by the Bank of Canada in 2016.

The study revealed that at the end of the lifecycle of paper money, it is usually torn and transported to the landfill. The polymer sheets extracted from the circulation are chopped into granules and used to manufacture every- day plastics, such as garden furniture.]]>
3/6/2020 5:51:13 PM
<![CDATA[Brexit preparations cost UK £4.4bn: spending watchdog]]>
The government spending watchdog said departments will have spent at least £4.4 billion between the June 2016 referendum on EU membership and March 31 this year.

A total of £6.3 billion had been allocated for Brexit preparations, including for the possibility that Britain left the EU without a divorce deal.

Britain -- an often reluctant member of the EU -- became the first country to leave the bloc after nearly 50 years of membership on January 31.

It is currently in a transition phase until the end of the year and EU rules still apply, as London and Brussels try to agree a trade deal.

The NAO said the spending figures represented a "minimum estimated level of spend" due to "limitations" in the data provided by departments.

It includes £1.9 billion on staffing costs, £1.5 billion on building new systems and infrastructure, and £288 million on bringing in expertise and external advice.

Some 22,000 staff were working on Brexit preparations at its peak in October last year. They included 1,500 seconded from other government departments to prepare for a "no-deal" exit.

London and Brussels reached agreement on the immediate separation issues ahead of Brexit, but a disorderly split remains on the table if they fail to strike a trade deal this year.

After the first round of negotiations this week, both sides noted the significant areas where they disagree.

The head of the NAO, Gareth Davies, said: "In preparing for EU exit, government departments planned for multiple potential outcomes, with shifting timetables and uncertainty.

"Producing this report has highlighted limitations in how government monitored spending on EU exit specifically, and cross-government programs more generally."

Alistair Carmichael, Brexit spokesman for the pro-EU opposition Liberal Democrats, said billions of pounds of taxpayers' money had been "thrown away" because of the "Brexit mess".

"The public have a right to know where it is all going. In the face of major floods and the coronavirus threat, we have to ask if the government knows its own spending priorities," he added.

Meg Hillier, an opposition Labour lawmaker who heads parliament's Public Accounts Committee, accused the government of keeping the public "in the dark" about its plans.

"Data is limited, and the Treasury seem unconcerned by the lack of transparency," said Hillier, who voted against Brexit.

]]>
3/6/2020 11:04:53 AM
<![CDATA[Finance Minitry auctions T-bills worth LE 20.5 billion]]>
In an online statement, the ministry said it sold 182-day T-bonds worth LE 10 billion, with an average yield of 14.321 percent.

The ministry also sold 357-day T-bonds valued at LE 10.5 billion, with an average yield of 14.016 percent. ]]>
3/5/2020 4:52:35 PM
<![CDATA[EGX ends week in green, market cap. gains LE8B]]>
The benchmark EGX 30 rose 1.36 percent, or 165.19 points, to close at 12,347.65 points.

The equally weighted index EGX 50 hiked 1.49 percent, or 24.9 points, to end at 1,697.04 points.

The small and mid-cap index EGX 70 increased 2.76 percent, or 31.55 points, to close at 1,172.87 points, and the broader index EGX 100 climbed 1.85 percent, or 22.97 points to 1,266.78 points.

Market capitalization gained LE 7.97 billion, recording LE 644.48 billion, compared to LE 636.51 billion in Wednesday’s session.

The trading volume reached 213.41 million shares, traded through 22,664 transactions, with a turnover of LE 618.09 million.

Foreign investors were net sellers at LE 65.83 million, while Egyptian and Arab investors were net buyers at LE 61.48 million, and LE 4.35 million, respectively.

Arab and foreign individuals were net sellers at LE 1.48 million, and LE 369,785, respectively, while Egyptian individuals were net buyers at LE 22.84 million.

Egyptian and Arab organizations bought at LE 38.64 million, and LE 5.84 million, respectively, while foreign organizations sold at LE 65.46 million.

Ismailia National Food Industries, Arab Valves Company, and Gulf Canadian Real Estate Investment Co. top gainers of the session at 9.97 percent, 9.76 percent and 9.75 percent, respectively.

Meanwhile, El Obour Real Estate Investment, Upper Egypt Flour Mills, and Marsa Marsa Alam for Tourism Development were top losers of the session by 10 percent, 6.96 percent, and 6.72 percent, respectively.

]]>
3/5/2020 4:50:04 PM
<![CDATA[Dollar exchange rate down at Egypt's major banks]]>
It comes as concerns over the global spread of coronavirus are diminishing after the World Bank and the International Monetary Fund announced financing programs worth $62 billion to help developing countries combat the virus, which has so far appeared in more than 80 countries.

At the Central Bank of Egypt, the dollar rate went down by one piaster to register LE 15.58 for buying and LE 15.71 for selling.

At the Commercial International Bank, the dollar rate decreased five piasters, recording LE 15.59 for buying and LE 15.69 for selling.

At the National Bank of Egypt, the dollar rate receded four piasters, standing at LE 15.58 for buying and LE 15.68 for selling.

Meanwhile, the dollar rate dropped three piasters at the Arab African International Bank, recording LE 15.59 for buying and LE 15.69 for selling.]]>
3/5/2020 4:02:40 PM
<![CDATA[Trade min.: Women's empowerment contributes to developing economy]]>
Speaking at the Women World Economic Forum (WWEF) in Cairo on Thursday, Gamae thanked Chairwoman of the National Council of Women (NCW) Maya Morsi for her consistent support of all initiatives launched by the Micro, Small & Medium Enterprise Development Agency (MSME) to empower women.

She added that the MSME is set to implement a number of activities to back and empower women in the area of business administration. Those activities include financial and non-financial services.

The minister explained that specialized training courses have been organized for qualifying women and helping them increase their productivity.

Around 46% of women have benefited from loans offered by the MSME, the minister said.

Some 70% of women are running entrepreneurship programs, she added. ]]>
3/5/2020 3:55:36 PM
<![CDATA[Newmont Mining to participate in bidding for gold in Egypt]]>
This came during a discussion session held by the Egyptian Minister of Petroleum Tarek El-Molla, with Cotts, according to a statement of the Egyptian Ministry of Petroleum.

The company has the largest proven gold reserves in the world and is one of the largest companies owning mines in the world

The two sides reviewed areas proposed for the tender, as well as the new financial system to motivate investors to pump more investments into the Egyptian mining sector.

Newmont Corporation is the world's largest gold mining company. It’s based in Greenwood Village, Colorado, and USA.

Incorporated in 1921, it has ownership of gold mines in Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname. In addition to gold, Newmont mines copper, silver, zinc and lead.

Molla announced earlier that Egypt will launch an international exploration tender for gold and other minerals such as copper and silver from 15 March to 15 July.

According to Molla, investors will be given the opportunity to bid on 320 blocks over an area of about 56,000 square kilometres in the Eastern Desert and the Red Sea, clarifying that each block will cover an area of 170 square kilometres, and the block will be administered under a tax and royalty scheme.

Earlier, the government made amendments to the mining law in a bid to attract investors to the mining sectors.

Mineral Resources Act amendments include setting up a new authority in charge of licensing mines and quarries, taking the power to issue and control licenses away from governorates. They would also lift a previous 16,000 sqm area limit, allowing the authority to issue licenses to areas of unlimited size. Licenses could also be renewed for more than one term.

Moreover, there will be separate contracts and agreements for exploration and extraction, and companies will have to pay a minimum royalty of 5 percentof annual production, with a 20 percent cap being set.

“Mining firms will have to pay 6 percent of a mine’s annual production to the home governorate. Governorates can recommend amending this 'rent' but a final say can only come from the prime minister. Under current legislation, governorates had the power to dictate the payout every four years,” according to the amendments.
]]>
3/5/2020 3:43:16 PM
<![CDATA[Molla discusses with major int'l firms investment opportunities in mining sector]]>
This came on the sidelines of the annual PDAC Convention, the world's premier international event for the minerals and mining industry, held in Toronto, Canada.

In a statement on Thursday, the Petroleum Ministry said that Mulla had talks with Canadian International Trade Minister Mary Ng on means of promoting bilateral cooperation, particularly in light of Canada's hands-on and great experience in the mining field.

During the meeting, the two sides reviewed working plans and programs executed by the Petroleum Ministry to develop the mining sector in Egypt.

For her part, the Canadian minister welcomed Egypt's strong participation in the conference, saying Egypt has become the focus of attention of many international companies in the field of mining.

Mulla also held talks with Nicholas Cotts, the Vice President of the Sustainability and External Relations at Newmont Mining Corporation, and a number of the company's leaders on investment opportunities in Egypt.

During the meeting, Cotts expressed his company's keenness on entering the upcoming bid for gold. The two sides reviewed areas proposed for the tender, as well as the new financial system to motivate investors to pump more investments
into the Egyptian mining sector.

Newmont Corporation, based in Greenwood Village, Colorado, USA, is the world's largest gold mining company.

Incorporated in 1921, it has ownership of gold mines in Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname. In addition to gold, Newmont mines copper, silver, zinc and lead. ]]>
3/5/2020 3:32:16 PM
<![CDATA[Egypt's non-oil imports drop to $4.4B in January ]]>
GOEIC referred in a statement to the decline in imports of 12 sectors, most notably the imports of "medical industries", that decreased 64 percent to record $99 million during January 2020, compared to $276 million in January 2019.

Imports of building materials also dipped 42 percent, recording $622 million in January, compared to $1.074 billion in the same month of 2019, according to GOEIC.

It stated that imports of furniture declined during January, by 35 percent, to $8 million, compared to $ 12 million in January 2019.

Also, handicrafts’ imports decreased by about 31 percent to $20 million, compared to $29 million during the same period in the previous year, and imports of chemical products and fertilizers decreased to $667 million, compared to $948 million, marking a decrease of 30 percent.

In December, non-petroleum imports declined 18 percent, registering $5.292 billion, compared to $6.473 billion during the same period the prior year.
]]>
3/5/2020 3:28:24 PM
<![CDATA[CBE to issue LE 20.5B in T-bills Thursday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 10 billion with a 182-day term and the second is worth LE 10.5 billion with a 357-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) kept the overnight deposit rate, the overnight lending rate, and the rate of the main operation unchanged during Thursday's meeting, Feb. 20, for the second time this year.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are kept at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates are to 12.75 percent.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.
]]>
3/5/2020 1:32:46 PM
<![CDATA[PM follows up progress of reclamation project in Minya]]>
The premier on Wednesday chaired a meeting to review the achievements made regarding the project in the presence of Water Resources and Irrigation Minister Mohamed Abdel Ati, Agriculture and Land Reclamation Minister el Sayed el Quseir, Electricity Minister Mohamed Shaker, and Director of the National Center for Planning State Land Use Nasser Fawzy, among others.

Fawzy said the committee formed as per a decision issued at a previous meeting agreed to carry out the project in light of its promising potential results and feasibility.

The committee also agreed on allocating an area of 165,000 feddans, of which some 109,000 feddans will be reclaimed at the first phase under the Derb El Bahnasawi project.

The meeting also reviewed financial costs, irrigation plans and power feeding of the project.

The premier tasked attendees with conducting a detailed memo on the conclusions reached by the committee to be referred to President Abdel Fattah El Sisi.]]>
3/5/2020 12:13:21 PM
<![CDATA[INTERVIEW - Indian entrepreneur Harbeen Arora speaks about WEF held in Egypt]]>
Days before the event, Business Today sat down with Arora while she was preparing for the conference. She shared her views and insights on this year’s forum. Arora also spoke about her advice to women for economic empowerment.

The event is expected to bring together over 1,000 women leaders and businesswomen from Egypt and around the world to discuss issues like employment, international trade, women in technology and finance, and much more. For the past 25 years, this annual forum has brought together over 100,000 inspiring women from 150 countries.

As Founder & Global Chairperson of the Women Economic Forum, to what extent do you think that these forums contribute to women’s economic empowerment?

I think these forums are absolutely essential for women to learn the business. We need these ecosystems and forums you can tap into for energy, inspiration, continuous learning, and also to find networks and opportunities for your ideas, projects, and businesses.

These forums will help you grow as a person, and when you grow as a person, everything you create is enhanced. We are happy to play a small role in filling this gap.

Why did you choose Egypt to host the Women Economic Forum this year?

It’s the first time that we have brought the annual edition of the Women Economic Forum to a country outside of India. We held many regional events worldwide, in Canada, UK, Mexico, US, and many others. But the annual event has been held in India since 2015 when we first started. This is really thanks to the Egyptian president Abdel Fattah Al-Sisi
and President of Egypt’s National Council for Women Maya Morsi. We have really worked hard on this for the past two years.

What are your expectations and fears regard- ing WEF in Egypt, this year?

I’m excited. We decided to move the entire annual event to Egypt this year, so I expect that the international participants from over 70 countries are going to experience the beautiful hospitality, culture, and tourism of Egypt.

I don’t have any fears here. I’m at home, but the only fear that I feel every time I organize any event is regarding travel formalities and regulations. So more than fears, there are prayers. I pray that everybody is able to come and get through the travel formalities of getting visas, permissions and so on.

What is different this year about the WEF held in Egypt?

There is a tourism component added to WEF this year. We are making sure to take people coming from different countries around Egypt to explore historic places, particularly in Cairo, Alexandria, Luxor, and As- wan.

If I am a woman who has a startup in Egypt, how can I attend? On which criteria are speakers selected?

We have a global Secretariat in India that selects speakers. We have many inspiring Indian people who will come to speak at this upcoming event, like the Indian film actor Amitabh Bachchan, as well as prominent business people traveling all the way from India as well.

The criteria for Egyptian speakers is a mutual selection that occurs by WEF and our local organizing partners. The selection process is very difficult; however, attendance is open to everyone, and we welcome women to come and attend.

Registering to attend the forum is very simple, as there’s a website where you can pick the ticket at a low cost. So for attending, you should only want to be part of a network and bring in positive energy.

What’s your opinion on the media coverage of such women’s forums?

I think that the media could do a better job in covering women’s events and issues. But, now we have digital media and almost anyone can publish today. Women as women, have to become the media.

I have a little acronym for media, “my energy drives ideas and endeavors.” So it is my energy, which is the media. And today, with social media and digital media, I can put my energy and thoughts out there. While traditional and institutional media should do a little more, we can also do a little more.

What are the opportunities that WEF and other forums offer to women? Is it just networking?

I think the greatest opportunity is the opportunity itself. So how do you grow your business? Let’s say I run a shop. I have 10 customers and I sell things to them, then how do I grow? I have to step up. I have to find opportunities, and I have to go and make people aware about what I’m doing.

Networking is not just networking--networking is a lot of work. Because networking can lead you to innovative opportunities that you would have never thought of. Yes, you have to engage with the marketplace. You have to get out there to engage with people, and you have to build support networks that will guide you and perhaps even help you collect funds. You never know where your next investment is coming from.

How do you evaluate women’s contribution in the economy worldwide?

As women, we are striving everywhere in the world to increase our participation in economic work, make our endeavors more visible to society, be taken more seriously, get more funding flow to our ventures, and find more markets. I think these are the universal challenges that face women entrepreneurs and ambitious women at large.

These are challenges, and this is the journey we are ongoing on in order to diminish those challenges.

In your opinion, what features that Egyptian and Indian women have in common?

We, as Egyptian and Indian women, have faith and this faith is a very broad concept to us. We are connected to the invisible all the time, in different ways, but also in similar ways. So, we have the Indian philosophy and Indian cultural tradition that we see God in everyone. Here, in Egypt, women have a great understanding of faith, with what happens in the afterlife and this creates a great mystical connection to life.

We know, in India and Egypt, that we are waves in an ocean and there is an ocean of life and energy that we may be able to see. We have a lot in common, and I think the biggest thing in common is our sense of faith.

How could women overcome the obstacles of traditional customs?

I think we have to talk about our traditions because if you throw away your traditions, you’re also throwing away a lot of continuity of civilization. But you have to engage and talk about the tradition so that the traditions don’t just speak with a patriarchal voice.
If we start talking to our tradition, the tradition will also start reflecting the voice of women. So instead of fearing the tradition, we have to open and start talking to the tradition.

You were awarded by President Sisi at the World Youth Forum, for your inspiring work in women’s empowerment. As the first Indian recipient of the Presidential honor, can you tell me about your experience at WYF?

I participated as a speaker at the World Youth Forum in 2018, where I had the great opportunity to be honored by the Egyptian President. This is the time I truly learned how much Egypt’s political leadership is committed to empowerment and the discourse of development, and how serious they are about development.

The president was there in the sessions, sitting, listening, and talking to the youth. I think that is a very important message of political leadership to civil society, saying that “work together and getting the young people involved who have the energy and the ideas, and involve them in creating a new Egypt”. WYF is a project of great vision, and I congratulate the Egyptian people for it.

At last, what is your advice to women entrepreneurs?

I think my message is more in terms of the energy of all women worldwide. We should step up into the world with knowledge and wisdom, knowing that what we bring is something strong and powerful, and the world needs it. We should step up with that confidence and faith in our- selves. Women have to get out there with self- belief, find the support systems, support each other and the opportunities will follow.









]]>
3/4/2020 5:24:53 PM
<![CDATA[Oil minister posts int'l firms on mining opportunities in Egypt]]>
In a meeting on the fringe of the event with Deputy Chairman of Britain's Centamin PLC James Rutherford, Molla reviewed measures taken to upgrade the mining sector in Egypt and create an investment-friendly climate.

He touched upon promising opportunities in the mining field in Egypt, especially in light of amendments to the mineral resources law.

Rutherford, for his part, affirmed that the new mining regulations will encourage major mining companies to enter the Egyptian market.

Molla also had talks with CEO of Sprott US Holdings Rick Rule, who voiced interest in participating in the gold mining tender to be launched in mid-March.

In addition, the executive vice president of La Mancha Resources, Vincent Benoit, commended the recent amendments to the mining regulations which switched to a tax and royalty system instead of the production-sharing system.

Benoit also affirmed the company’s interest to participate in the anticipated tender and inject large investments into the mining sector in Egypt.

Senior officials of Kinross Gold also pointed out that the recent regulative amendments have encouraged the company to place Egypt among its top five investment priorities for the coming years.]]>
3/4/2020 5:22:21 PM
<![CDATA[EGX indexes show mixed performance amid economic uncertainties]]>
Meanwhile, purchases prevailed in transactions of foreign institutions, investment funds and Egyptian individuals amid uncertainties about the taxation of capital gains and the coronavirus' impact on the global economy.

The market capital closed at LE 636.5 billion after transactions totaled LE 2.2 billion.

The EGX 30 benchmark index went down 1.9 percent, registering 12,182.46 points.

The broader EGX 70 index of the leading small and mid-cap enterprises (SMEs) slightly increased 0.3 percent, recording 1,141.32 points.

Meanwhile, the all-embracing EGX 100 index was down 0.65 percent, standing at 12,243.81 points.]]>
3/4/2020 5:06:05 PM
<![CDATA[Egypt is door to Africa: Nissan Managing Director]]>
Whitfield stated Africa as the continent is the final frontier for the global automotive industry, noting that the road to achieving new automotive opportunities in Africa is linked to the auto eco-systems and regional plays.

"There is huge opportunity ahead of auto industry in Egypt with bold economic programs, accessibility to large key markets - Geo. and T.As, and government vision on industrialization," Managing Director of Nissan said, noting that the future can be bright.

He stated that auto production in Egypt has untouched growth opportunities, pointing out to the production volume in Egypt recorded 94,000, compared to 611,000 in South Africa, and 404,000 in Morocco.

Whitfield clarified that maximizing country's return by boosting auto production and attracting global suppliers.

This came during Whitfield's speech at Women Economic Forum (WEF) which takes place in Egypt during March 4-5.

The event which is being held from March 4-5, entitles " Culture and creativity creating pathways to Peace & Prosperity".

WEF an international platform enabling women and leaders from all walks of life worldwide to expand business opportunities and enhance personal influence through networking across borders while being inspired by some of the world’s most successful entrepreneurs, authors, thought leaders and celebrities.
]]>
3/4/2020 4:47:08 PM
<![CDATA[Women Economic Forum kicks off in Egypt ]]>
The event which is being held from March 4-5, entitles " Culture and creativity creating pathways to Peace & Prosperity".

WEF an international platform enabling women and leaders from all walks of life worldwide to expand business opportunities and enhance personal influence through networking across borders while being inspired by some of the world’s most successful entrepreneurs, authors, thought leaders and celebrities.

During the forum, Head and Founder of WEF Harbin Arora announced the launch of the first digital initiative of its kind dedicated to women entrepreneurs from all over the world, explaining that the implementation of the platform will start from Egypt.

According to Arora, the platform will be related to the economic development, inclusiveness and economic development of women in the world.

"It targets one million women from all around the world," Arora noted.

The forum includes discussions on employment and international trade, the role of women in technology and financial matters, and the challenges women face in order to succeed as entrepreneurs, whether in terms of financial, social, or educational challenges.

The conference will feature a display of successful and inspiring experiences of women entrepreneurs around the world, and women face the challenging challenges of succeeding in the business community, according to Harbin.

Women Economic Forum comes to Egypt for 1st time

CAIRO - 24 October 2019: The 26th Annual Women Economic Forum will be held on March 4-5, 2020 in Cairo under the auspices of President Abdel Fatah al Sisi, announced the organizer of the forum, Worx for Events.


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3/4/2020 4:12:42 PM
<![CDATA[AL Miawiah wins Bt100 award]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.

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3/4/2020 3:35:06 PM
<![CDATA[CBE has liquidity enough to support national economy: Official]]>
At a press conference, he added that such liquidity is not available in many world countries.

The role of the CBE is to provide jobs and encourage industry and projects, he pointed out, adding that the CBE had settled debts of around 100 faltering investors to the value of 19.4 billion pounds and waived up to 6.5 billion pounds owed by other investors. ]]>
3/4/2020 2:43:29 PM
<![CDATA[BT100: Highlighting recent economic reform in Egypt ]]>
The short film shows how Egypt has completed main steps of the economic reform program amid constant praise from global financial institutions and the international investment community.

International praise

The International Monetary Fund confirmed the contribution of the Egyptian Economic Reform Program in reducing the fiscal deficit and reducing the public debt.

The World Bank affirmed that Egypt continues to lead economic growth in the Middle East and MENA region amid the improvement of macroeconomic indicators.

The British "Financial Times" praised the improved performance of the tourism sector in Egypt led by low prices and security improvement.

"Bloomberg" agency confirmed the sharp decline in food commodity prices as the main cause of the fall of inflation faster than expected.

Egypt continues to lead the African countries that attract investment, according to UNCTAD report.

Egypt's credit rating improved from B to B + with a stable future vision, according to Fetch agency, and from B3 to B2, according to Moody’s agency.

The performance indicators of the economy witnessed positive developments represented in:

The pound’s value appreciated against the dollar by 5.10%, with gains of 188 piasters during the year 2019 to $ 5.15 a dollar.

Remittances from Egyptians working abroad increased to $ 6.25 billion during the past fiscal year.

Tourism revenue doubled to $ 5.12 billion, compared to $ 4 billion at the beginning of the program thanks to the development procedures and raising the competitiveness for this sector.

Reaching self-sufficiency and joining the list of gas exporting countries thanks to the promotion of the production of the Zohr field and pumping investments of about 28 billion during the past four years

The rate of economic growth increased to 6.5% during the last fiscal year.

Levels of foreign reserves achieved a historical blink of $ 4.45 billion. It covers about 8 months of imports.

The Egyptian Stock Exchange achieved the third best performing market in the Middle East and North Africa in 2019.

And with a look at the future expectations of the Egyptian economy’s performance and enhancing the sector’s role, we find the following

Growth rates in Egypt reached between 8.5 or 6%.

It is expected that $2.11 billion will inflow to Egypt expected at the end of the fiscal year.

The International Monetary Fund expected that the gross domestic product will reach 458.6 trillion pounds.

A huge number of supportive legislations that attract investment and increase the role of the sector, most importantly ending the investors' imprisonment.

It is expected that the level of inflation decreases to reach 9.5% in 2020.

Bt100

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.]]>
3/3/2020 11:54:52 PM
<![CDATA[Hyde Park Developments wins top marketing performance at bt100 Awards]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.

The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.]]>
3/3/2020 11:23:40 PM
<![CDATA[Renault Egypt wins 2019 top sales performance award ]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 11:20:36 PM
<![CDATA[Orange Egypt wins top data center operator in New Administrative Capital ]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 11:15:38 PM
<![CDATA[City Edge Developments wins fastest growing real estate company at bt100]]>
The Company executed nine projects during 2019, including New Alamein Towers, exceeding the average of the implemented projects of similar companies.

City-Edge-Developments

City Edge Developments is the country’s leading real estate developer and development manager, it develops and manages high-end real estate projects.

“We launched nine projects last year, which no other company managed to do,” CEO of City Edge Developments Mohamed Mekkawy said in an interview.

1-3-2-e1516127191948-743x430
Mr. Ashraf Salman, former minister of investment and chairman of City Edge Developments


The company claimed the fastest growing real estate company title for the 2nd year in a row, according to Mekkawy.

In addition to a diversified land bank for third–party accounts containing indirect real estate holdings under their management that span a range of investments across all asset classes including residential, hospitality, retail, office and education.

Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy.

The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.

The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.]]>
3/3/2020 11:14:50 PM
<![CDATA[PepsiCo top sustainable investor at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 11:13:10 PM
<![CDATA[Marseilia Group wins best mega-sized land portfolio at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 11:05:56 PM
<![CDATA[Al Ahly Real Estate wins bt100 award for top achievements]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.
The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.]]>
3/3/2020 11:05:52 PM
<![CDATA[El Attal Holding Group wins fastest growing company at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:59:14 PM
<![CDATA[ IDRAK wins best role in promoting environment-friendly design at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.

]]>
3/3/2020 10:56:03 PM
<![CDATA[ORA Developments wins top real estate concept for ZED project at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:55:00 PM
<![CDATA[Egyptian tourism minister receives bt100 award]]>
BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

A line up of key business individuals and leading companies that invested their resources and money, and helped transform the country's economy are taking the stage at BT100 award ceremony.

Candidates for the prizes are chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates are chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:54:30 PM
<![CDATA[TEDA top industrial developer at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:53:09 PM
<![CDATA[TSEBO wins leading role award in food industries solutions, integrated solutions ]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:51:14 PM
<![CDATA[Egyptian finance minister receives bt100 award]]>
BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

A line up of key business individuals and leading companies that invested their resources and money, and helped transform the country's economy are taking the stage at BT100 award ceremony.

Candidates for the prizes are chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates are chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.]]>
3/3/2020 10:48:37 PM
<![CDATA[Telecom Egypt wins 2019 top infrastructure services provider ]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:46:44 PM
<![CDATA[Samsung Electronics Egypt wins top CSR role in scientific research, AI]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:44:50 PM
<![CDATA[Etislatat Misr wins first digital operator in Egypt award ]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.
The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.]]>
3/3/2020 10:43:34 PM
<![CDATA[Vodafone Egypt wins public-private partnership award at bt100]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:43:23 PM
<![CDATA[Phillip Morris Egypt wins top responsible role in community development in Upper Egypt ]]>The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:41:43 PM
<![CDATA[Egyptian public business minister receives bt100 award]]>
BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

A line up of key business individuals and leading companies that invested their resources and money, and helped transform the country's economy are taking the stage at BT100 award ceremony.

Candidates for the prizes are chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates are chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.]]>
3/3/2020 10:40:23 PM
<![CDATA[HO Group wins 2019 top market share growth in the pharmaceutical market ]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:39:59 PM
<![CDATA[GLC Paints wins top quality architectural paint award at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions
]]>
3/3/2020 10:38:21 PM
<![CDATA[Egyptian Supply Minister Ali Moselhy receives BT100 award]]>
BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

A line up of key business individuals and leading companies that invested their resources and money, and helped transform the country's economy are taking the stage at BT100 award ceremony.

Candidates for the prizes are chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates are chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.]]>
3/3/2020 10:36:58 PM
<![CDATA[DHL Express wins top regional performance award at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions
]]>
3/3/2020 10:36:05 PM
<![CDATA[Cairo Festival City Mall wins innovation, marketing leadership award ]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:34:47 PM
<![CDATA[HDB wins best bank’s role in financing real estate activities]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:31:41 PM
<![CDATA[Cairo 3A wins bt100 award for effective economic achievements]]>
Cairo-Three-A--for-Agricultural-and-Animal-Production-Egypt-8670-1544096059

The award was received by Mr. Aly El Gamil, chief executive officer of the company, during the bt100 awards ceremony on Tuesday.

Founded in 1981 in Egypt, Cairo 3A is a market leader in Egypt in agriculture commodity trading and manufacturing.

The nature of group’s business provides the necessary logistical support for its clients including stevedoring, warehousing and transportation.

Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy.

The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.

The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.

]]>
3/3/2020 10:28:00 PM
<![CDATA[Edita top innovative food manufacturer at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:27:23 PM
<![CDATA[Suez Cement Group top environment-friendly manufacturer at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.


]]>
3/3/2020 10:25:55 PM
<![CDATA[El-Sallab Group top innovative manufacturer at bt100 Awards]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 10:24:20 PM
<![CDATA[e-finance wins bt100 award for best financial services ]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.
The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.]]>
3/3/2020 10:19:25 PM
<![CDATA[Talaat Moustafa Group wins bt100 award for best role in building cities ]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.
The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.]]>
3/3/2020 10:16:10 PM
<![CDATA[Beltone wins bt100 award for best asset manager]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.

The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.
]]>
3/3/2020 10:15:31 PM
<![CDATA[Tatweer Misr wins bt100 award for best CSR]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.
The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.]]>
3/3/2020 10:09:33 PM
<![CDATA[Banque Misr wins bt100 award for best bank’s role in financing mega projects]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.

The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.
]]>
3/3/2020 10:08:39 PM
<![CDATA[Palm Hills Group wins bt100 award for best urban concept]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.
The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.]]>
3/3/2020 10:04:19 PM
<![CDATA[Banque du Caire wins bt100 award for best bank’s role in business growth]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.

The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.
]]>
3/3/2020 9:59:56 PM
<![CDATA[bt100 award bestowed on renowned heart surgeon Magdi Yacoub]]>
Yacoub was not present during the ceremony.

The renowned heart transplant surgeon is the founder and leader of the Magdi Yacoub Heart Foundation in Aswan, which, according to Foundation Board Chair Magdy Ishak, performs 12,000 surgeries per year, and treats around 80,000 patients annually.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

A line up of key business individuals and leading companies that invested their resources and money, and helped transform the country's economy are taking the stage at BT100 award ceremony.

Candidates for the prizes are chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates are chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 9:56:26 PM
<![CDATA[ AlexBank wins bt100 award for best bank’s role in supporting SMEs]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.

The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.
]]>
3/3/2020 9:54:23 PM
<![CDATA[CIB wins bt100 award for best bank performance on EGX]]>
Business Today, Egypt’s leading economics magazine, held on Tuesday its award ceremony bt100 to honor top influential figures and companies who positively impacted the Egyptian economy in 2019.

bt100 is a tribute to the leaders of the government, the private sector, and corporations for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to better their performance, develop their marketing methods and their selling skills.
The ceremony is organized by Business Today, one of the strongest publications from the Egyptian Media Group, and the biggest business magazine in Egypt, in cooperation with Youm7 and POD.

This year, Business Today is also celebrating its 26th year in Egypt.
]]>
3/3/2020 9:51:31 PM
<![CDATA[bt100 award bestowed on Egyptian Competition Authority chief ]]>
BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

A line up of key business individuals and leading companies that invested their resources and money, and helped transform the country's economy are taking the stage at BT100 award ceremony.

Candidates for the prizes are chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates are chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.]]>
3/3/2020 9:45:34 PM
<![CDATA[Hani Sarie El-Din, chairman of Sarie El-Din & Partners receives bt100 award]]>
The dazzling award ceremony is held with the attendance of Cabinet members, businessmen, high profile companies, start-ups, celebrities and journalists.

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.
]]>
3/3/2020 9:44:33 PM