Business - Markets & Companies

Egypt’s PMI for non-oil business faces fastest decline in activity in two years

Egypt’s Purchasing Managers’ Index (PMI) for the non-oil private sector rose slightly in April to 46.9, up from 46.5 in March, however, the sector is still suffering from the second quickest deterioration in its activity in two years, Standard and Poor’s (S&P) announced on Sunday.

Bank Misr acquires Banque du Caire in deal worth EGP 6.9 bln

State-owned Bank Misr has carried out an ownership transfer transaction for fellow state-owned Banque du Caire in a deal valued at EGP 6.9 billion, the Egyptian Stock Exchange (EGX) announced on Thursday.

Egypt’s non-oil exports grow by 20 percent in 1Q 2022: Trade minister

Egypt’s non-oil exports grew by $1.5 billion - 20 percent - in the first quarter (1Q) of 2022 (January-March) to reach $9.1 billion, up from $7.6 billion in 1Q 2021 despite the global economic challenges., according to Minister of Trade and Industry Nevine Gamea.

Shatablee plans EGP 1-bln-business volume in Egypt by FY2022/23

Egypt-based Shatablee — a digital interior design and finishing operations start-up — plans to attain a business volume in the Egyptian real estate market of over EGP one billion during the upcoming FY2022/23, according to the company’s CEO Mostafa Amer.

ITIDA launches 13th round of Export IT Programme to support MSMEs

The Information Technology Industry Development Agency (ITIDA) launched on Tuesday the 13th round of its annual ‘Export IT Programme’, which aims to support Egyptian IT companies in developing their resources, leveraging their competitiveness, and reducing their export-related costs.

Revenues for Egyptian e-payment platform Fawry grew by 34.3% in 2021

The revenues for Egypt-based e-payment platform Fawry climbed by 34.3 percent in 2021 to reach EGP 1.6 billion, with a growth in profit valued at EGP 932 million, an increase of 39.6 percent, according to the company’s financial statement released on Thursday.

Egypt to apply cash repayment initiative on exported goods retroactively from July 2021

Egypt’s government will implement a cash repayment for exporters’ arrears initiative on exported goods retroactively from 1 July 2021 with an acceleration deduction of eight percent instead of 15 percent, Minister of Finance Mohamed Maait announced on Sunday.

Emirati FAB backs out of acquiring majority stake in Egypt-based EFG Hermes

First Abu Dhabi Bank (FAB) has decided to withdraw its offer for purchasing Egypt-based banking investment group EFG Hermes Holding SAE, Abu Dhabi Securities Exchange (ADX) announced on Thursday.

Procter & Gamble Egypt launches Unbox Innovation Challenge targeting MEA

Procter & Gamble (P&G) Egypt has launched an Unbox Innovation Challenge targeting the countries of the Middle East and Africa (MEA), the company announced on Wednesday.

Abu Dhabi wealth fund completes $1.8 bln acquisition of 5 Egyptian companies

The Abu Dhabi Developmental Holding Company (ADQ), also known as the Abu Dhabi wealth fund, has completed acquisition deals for five companies in Egypt, including private sector and state-owned firms, with a total value of $1.8 billion, the Egyptian Exchange (EGX) disclosed on Tuesday.

EXPLAINER: What Elon Musk's dance with Twitter really means

Tesla CEO Elon Musk's great Twitter turnabout, in which he disclosed his massive stake in the social media company, got a seat on its board, publicly floated drastic changes, and then turned down the board role, all happened in a week.

IFC to invest $15 mln to support start-up ecosystem in Egypt

The International Finance Corporation (IFC) — a World Bank Group member — is set to invest $15 million in the second fund from venture capital firm Algebra Ventures with the aim of supporting tech start-ups with access to finance and drive innovation and job creation primarily in Egypt.

Global stocks dip on Fed tightening, China prices

Asian stocks posted losses on Monday as unease lingered over tightening monetary policy by the Fed and rising prices in China.

Japan’s JICA, Afreximbank ink $200 mln loan deal to accelerate Africa’s socio-economic recovery

Japan International Cooperation Agency (JICA) signed a loan agreement worth $200 million with the African Export-Import Bank (Afreximbank) to support COVID-19 responses through the private sector and boost social and economic recovery from the pandemic in Africa, JICA announced.

Egypt’s PMI for non-oil private sector drops to lowest level in 21 months: S&P

Egypt’s headline purchasing managers’ index (PMI) for the non-oil private sector fell to 46.5 in March, down from 48.1 in February, indicating a significant decline in the health of the country’s non-oil economy, according to a report released by S&P Global on Tuesday.

Elon Musk buys large stake in Twitter, sending stock soaring

Elon Musk has taken a major stake in Twitter, regulatory filings showed Monday, sending the social media network's stock soaring and igniting speculation he could seek an active role in its operations.

Egypt’s MSMEDA partners with Amazon Egypt to support small, medium-sized businesses

Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) signed on Tuesday a memorandum of understanding (MoU) with Amazon Egypt to support small and medium-sized businesses in the country.

Mexican CEMEX to inject $20 mln in Egypt by end of 2022

Mexican CEMEX — the owner of the Assiut Cement Company in Egypt — plans to invest up to $20 million by the end of 2022 despite the ongoing challenges caused by the Russian-Ukrainian conflict on global and local markets, according to the company’s president in Egypt and the UAE Carlos E. Gonzalez.

Venture capital investments in Egyptian start-ups hit record $491 mln in 2021: Report

Venture capital (VC) investments in Egyptian start-ups rose by 168 percent in 2021 to reach an all-time high of $491 million, according to a report by the UAE-based data analytics platform MAGNiTT.

Egypt key market for Huawei in MENA: VP

Egypt is a key market for Huawei’s operations in the Middle East, with the company's headquarters for North Africa operations located in Cairo.

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