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CBE lifts caps on USD deposits and withdrawals: The central bank announced yesterday that it has lifted all previously-imposed restrictions on USD deposits and withdrawals for importers of non-essential goods. The central bank had set a deposit limit of USD 10k a day to a maximum of USD 50k a month (and a withdrawal limit […]

Is the government going to revisit its calculations on fuel subsidy cuts for FY2017-18? The Finance Ministry will review the impact of higher crude prices on Egypt’s fuel subsidy bill for FY2017-18, said El Garhy at the press conference, according to Al Mal. It is yet unclear whether the statement signals that the government may […]

Egypt planning consecutive eurobond sales in 1Q2018 starting late January:Egypt’s first USD-denominated eurobond sale in 2018 will take place in late January or early February, with an EUR-denominated issuance to follow later in February or March, Finance Minister Amr El Garhy told Bloomberg in an interview. The EUR-denominated issue will have a tenure of 5-10 […]

Emirates NBD’s asset management arm is still tipping Egyptian opportunities despite last Friday’s attack on Al Rawda Mosque in Sinai, said the lender’s head of asset management, Salman Bajwa, in an interview on Bloomberg on Tuesday (watch, runtime 3:31). Bajwa says the attack needs to be viewed as “an isolated incident” for now as macroeconomic […]

CIB signs USD 100 mn subordinated loan agreement with IFC: CIB signed an agreement (pdf) with the International Finance Corporation (IFC) yesterday for a USD 100 mn subordinated loan that qualifies as tier-two capital under recently amended central bank regulations. The loan carries a 10-year maturity and will not cause any dilution to equity, but […]

Speaking of CIB: The bank topped Forbes Middle East’s Top Egyptian Companies list, which was unveiled earlier this week, The UAE News reports. The bank was honored at Forbes’ Egypt 100 conference alongside the likes of Global Telecom Holding, Elsewedy Electric, Union National Bank of Egypt, Qatar National Bank, Arafa Group, Palm Hills Development, and […]

M&A WATCH- Egyptian, Spanish funds in talks to acquire majority stake in Cairo Scan: Two unnamed private equity firms, one each from Egypt and Spain, are in talks to jointly acquire a majority stake in radiology provider Cairo Scan from Chairman and Managing Director Mohamed Abdel Wahab, sources close to the matter tell Al Mal. […]

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INVESTMENT WATCH- Mowasalat Misr to invest EGP 1 bn in Egypt bus fleet expansion during 2018: Private transport company Mowasalat Misr is investing EGP 1 bn in Egypt in 2018 to support its planned expansions, sources familiar with the matter tell Al Mal. Mowasalat, a 70%-owned subsidiary of the Emirates National Group, is planning to […]

Shipping lines alliance to return to East Port Said? An alliance of five shipping lines that had ceased East Port Said operations earlier this year to protest a hike in fees have agreed to return to the port, Suez Canal Authority chief Mohab Mamish said yesterday, Al Mal reports. The latest round of negotiations proved […]