BANKING-

Banque Misr has halted new issuances of its 27% yield Talaat Harb annual certificate of deposit (CDs), and issued a 200 bps reduction in the interest rate on its three-year Ibn Misr certificate, as well as its fixed-return Triple Summit certificate, the bank said in a statement seen by EnterpriseAM. Banque Misr also lowered the yield on its Yomati certificates and its Super Cash current and savings accounts by 225 bps. The decision comes into effect starting today.

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The bank follows a list of other banks who cut rates following the Central Bank of Egypt’s decision to cut interest rates last week, with the National Bank of Egypt cutting rates on some of its high interest certificates by 225 bps and CIB cutting interest rates on its savings accounts and its certificates of deposits by 225 bps.

DIPLOMACY-

President Abdel Fattah El Sisi met with Italian Deputy Prime Minister and Foreign Affairs Minister Antonio Tajani to discuss expanding trade, investment, and energy ties, and boosting cooperation on migration, according to an Ittihadiya statement. Talks also covered regional issues, including Gaza, Syria, Libya, and Sudan, with both sides reiterating their support for a two-state solution to the Israeli-Palestinian conflict.

Two MoU’s were inked during a separate meeting with Egyptian Foreign Minister Badr Abdelatty — one to establish an Egyptian-Italian platform to promote decent work and facilitate labor mobility to Italy, and the other to boost cooperation on energy transition projects, according to a statement by the ministry. Italy’s financial services and ins. group Sace also signed a framework agreement with the Intesa Sanpaolo majority-owned Bank of Alexandria to back up to EUR 200 mn in loans to Egyptian SMEs procuring Italian goods, according to a statement.

REAL ESTATE

Al Ahly Sabbour subsidiary Grande-Sabbour signed a cooperation agreement with KSA’s Sarat Investments to develop real estate projects across the Kingdom, according to a statement (pdf). Under the agreement, Grande-Sabbour will act as the company’s real estate arm in Saudi Arabia and develop projects in Jeddah, Riyadh, and Medina.

What they said: “This agreement deepens our footprint in the Saudi market, a promising market with numerous growth opportunities that will contribute to stimulating economic growth in the Kingdom and the region as a whole,” said Al Ahly Sabbour Chairman Ahmed Sabbour.

ENERGY-

#1- Dragon Oil agreed to merge its concession agreements in the Gulf of Suez under a unified framework with the Egyptian General Petroleum Corporation, Al Bayan reports. The move will help the Emirati company ramp up production, maximize resource utilization, and unlock untapped potential across the integrated zones, it said.

ICYMI- The company is currently in discussions with the governments of Egypt, Iraq, and Turkmenistan to begin operating new oil fields within four years. The company previously committed to investing USD 500 mn in Egypt in 2025 for operational and capital expenditures and is eyeing further investments in the country.

#2- Local renewables player IRSC will co-develop 75 MW of solar projects across Egypt under a recently signed strategic framework agreement with the Arab Consulting Office (ACO), alongside Chinese energy companies Sungrow and Tongwei, IRSC said in a statement.

EXPANSION-

Fast Ventures’ growth marketing platform Platformance opened a new office in Cairo to support its expansion in the MENA region, the company said in a statement (pdf). The new office will allow Platformance to offer deeper local insights, faster response times, and closer access to clients and talent in Egypt and the region, it said. The company has offices in Dubai and Riyadh.

What they said: “Our presence in Cairo positions us to support that growth directly. It allows us to partner more closely with local and regional brands, contribute to the wider digital advertising industry, and play a part in building long term economic value,” CEO Waseem Afzal said.

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