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THIS EVENING: CBE floats the EGP, goes for 600 bps rate hike
Bankers, diplomats say the float is real. CBE directs banks to start easing credit card and other foreign-exchange restrictions
Gov’t awards 11 concessions for gas exploration in the western Mediterranean. PLUS: Shelf Drilling, Sabbour Consulting, Sky Developments
The concessions were awarded to BP, ExxonMobil, TotalEnergies, Chevron, and Shell.
Net foreign liabilities hit record high in January for second consecutive month
Net foreign asset deficit at commercial banks widened to USD 17.6 bn from USD 16.2 bn
Telecom Egypt’s net income rose by 25% y-o-y in 2023. PLUS: Bolt, Danieli, Majid Al Futtaim, Fawry + PayMe, FABMisr, Al Baraka Bank
The company’s revenues were up 28% y-o-y to reach EGP 56.7 bn, which it attributed to higher data services and…
Contact to expand in Saudi in 2025. PLUS: News from B Investments, Talaat Moustafa Group, ADIB, Mashreq, Madinet Masr, Idea Verde, Azimut
The investment will fund Basata’s regional expansion plans
CBE issues tighter regulations for financial leasing firms. PLUS: Hassan Allam + Sumou Holding JV, Magic Land Al Hokair, EGP 1.1 bn entertainment project, China hands over satellite center, EGP 1 bn auto assembly plant
The total credit facilities and investments made in the securitization portfolios of leasing companies should not exceed 5% of the…
THIS EVENING: ADQ pays up the first chunk of its investment for Ras El Hekma development rights
Good afternoon, folks, and happy almost-Thursday. As we move towards the end of the week, the news cycle is staying…
Qatar Islamic Bank, Kuwait Finance House wrap up due diligence on United Bank
The sale could reportedly reel in the USD equivalent of EGP 22 bn
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