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Savers pour EGP 471 bn into high-yield CDs. PLUS: Mining tender + subsea cable incoming.
Savers have poured some EGP 305 bn in CDs with NBE and EGP 166 bn with BM’s
aiBank and Valu roll out new co-branded credit card. PLUS: Sidpec’s net income doubles in 2023, CIRA absorbs three subsidiaries
The card’s features include 1% cashback on food, beverages, and fuel.
Gov’t’s Pharos Energy bill rises to USD 37 mn. PLUS: Schneider solar projects, Tata Motors team up with MM Group, ValU + Bosta + PayTabs, Heliopolis Housing project, Nokia factory, new ADIB microfinance firm
The company intends to refrain from retrieving its USD-denominated receivables due to the exchange rate volatility.
Banque Misr becomes the latest bank to lower credit card FX limits. PLUS: Startup financing news, new Heliopolis Housing project, new fintech startup on the block, Egypt + Malta talk energy
The move follows similar movies by NBE, CIB, and ADIB over the last two weeks
ACWA Power’s Kom Ombo solar plant to finish construction by April 2024. PLUS: MSME financing, GB Auto loan, Chinese investment, InDrive + Cargas
The 200-MW solar plant being built in Upper Egypt is now 82% complete
Heidelberg Materials commences waste heat recovery system. PLUS: Paymob to launch in Oman
INDUSTRY- Heidelberg Materials installs waste heat recovery system at Helwan plant: Germancement manufacturer Heidelberg Materials has set up a waste…
B2Gold is looking to sell gold exploration licenses to Lotus Gold. PLUS: Heliopolis Housing multi EGP bn land purchase, Egyptian National Railways loan
B2Gold is pivoting away from Egypt to focus on its operations in South Africa
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