BANKING-

Foreign reserves rose again to USD 49.25 bn at the end of August, marking a USD 215 mn increase from July, according to data released by the Central Bank of Egypt. This rise was driven by a USD 449 mn increase in gold reserves, which helped offset a USD 94 mn decrease in foreign currency holdings and a USD 140 mn drop in Special Drawing Rights.

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MANUFACTURING-

Rock Steel wants to expand locally: Homegrown metal pipes manufacturer RockSteel wants to set up a new EGP 1.5 bn factory in Beni Suef to produce a specific type of stainless steel used in car manufacturing, Asharq Business reports. The new plant is expected to go online in 2027 and is set to push the company’s monthly production capacity to 9k tons from 6k tons at the moment.

FINTECH-

Bokra relaunches its digital platform: Local fintech startup Bokra relaunched its mobile app with enhanced features for shariah-compliant digital savings and investments, according to a statement (pdf). The new features are backed by AI-driven technologies, “giving clients a smoother, more secure, and highly personalized savings and investment journey,” CEO Ayman El Sawy said.

DEBT WATCH-

Raya Holding subsidiary Raya Integration secured a EGP 1.13 bn credit facility from the Industrial Development Bank (IDB), according to a bourse disclosure (pdf). The company will use the financing to expand its digital transformation projects and enhance its technological infrastructure.

This marks Raya Integration’s second loan in as many months, as the company secured a EGP 1 bn integrated credit facility from Midbank in August to fund its growth plans.

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