Doaa A.Moneim's Articles

Egypt-based fintech investment platform Exits.me closed a buy-side deal with KSA-based Morni Holding earlier this month in Dubai, UAE, in the presence of Exits.me CEO & Co-founder Mohamed Abu El-Naga and Salman Al-Suhaibaney Founder and Chief Commercial Officer of Morni Holding, the two sides announced on Tuesday.

Gold prices continue to rise in the Egyptian market, reaching on Tuesday the record level of EGP 1,630 per gram for 21-karat gold.

Egypt’s Minister of Communications and Information Technology Amr Talaat on Thursday named Ahmed Hassan Elzaher as acting CEO of the ministry’s Information Technology Industry Development Agency (ITIDA).

The International Monetary Fund (IMF) has scheduled its meeting for Egypt’s new loan on 16 December, according to the fund’s online executive board meetings calendar.

Zoomcar will launch “Zoomcar Green” programme by the second quarter of 2023 with total investments of $2 million to promote the use of electric cars and bolster decarbonisation efforts in the local market.

Egypt hopes to receive in December the first tranche, worth $750 million, of the $3 billion loan from the International Monetary Fund (IMF), Minister of Finance Mohamed Maait said in statements to Alsharq Bloomberg on Sunday.

Egypt’s Purchasing Managers’ Index (PMI) for the non-oil private sector dropped from 47.7 in October to 45.4 in November, marking the second lowest level since June 2020 and extending the current sub-50 sequence to two years, with readings below 50.0 indicating a contraction, Standard and Poor’s (S&P) Global said on Monday.

Egypt is an important market for L’Oreal, which plans to expand in the Egyptian market in terms of business and activities, L’Oreal Egypt managing director Benoit Julia told Ahram Online.

The International Finance Corporation (IFC), a financing arm of the World Bank Group, alongside UAE, Japanese, Dutch, and private sector commercial banking partners, announced on Wednesday a $1.1 billion financing package for Egypt, including debt and equity.

Egypt’s IT Industry Development Agency (ITIDA) has announced its partnership with 500 Global, one of the world’s most active venture capital companies. 500 Global will provide Egypt with a range of programs to boost the country’s evolving startup ecosystem.

The global inflationary wave and its severe repercussions on the prices of commodities and services in the Egyptian market are the main challenges Fawry and other e-payment and digital finance solutions companies have been facing since the onset of the Russia-Ukraine conflict, Fawry CEO Ashraf Sabry said.

The Central Bank of Egypt (CBE) has called off its low-interest initiatives for the private sector in the industry, agriculture, and construction fields, said CBE Deputy Governor Gamal Negm on Tuesday.

The private sector plays a significant role in contributing to the empowerment of women in the Egyptian market as well as creating more job opportunities for them, Ahmed El-Fakhrany, the general manager and chief commercial officer at Fine Hygienic Holding (FHH) Egypt, told Ahram Online.

Education, renewables, logistics, and electric car manufacturing are the top investment areas for Chinese businessmen eyeing the Egyptian market, especially in the Suez Canal Economic Zone, the President of the Egyptian-Chinese Entrepreneurs Association (ECEA) Omar Wang told Ahram Online.

Egypt offers foreign investors, especially Chinese businessmen, diverse and promising opportunities for investment, said CEO of the Egyptian Sovereign Wealth Fund (SWF) Ayman Soliman on Sunday.

The Central Bank of Egypt offered on Sunday Egyptian pound-backed treasury bills (T-bills) with a total value of EGP 28.5 billion over two maturity types.

The Central Bank of Egypt (CBE) launched on Sunday its financial inclusion strategy for 2022-2025 that sets key objectives and priorities for creating financial inclusion in the country.

“The well-organised COP27 came amid great challenges the African continent is facing, which exacerbated by the consequences of the ongoing conflict in Ukraine that placed a big pressure on the continent’s countries”, said the acclaimed Russian billionaire entrepreneur Andrey Melnichenko in an interview with Ahram Online held in Sharm El-Sheikh during the UN Conference of Partners on Climate Change in its 27the (COP27) Egypt hosted 6-20 November.

The Central Bank of Egypt (CBE) issued on Monday a circular to banks operating in the Egyptian market announcing they will no longer manage low-interest rate initiatives issued by the bank across several sectors in the country, handing off the responsibility to the Ministry of Finance

The Board of Directors of the European Investment Bank (EIB) has approved financing worth €10.9 billion to accelerate climate action and clean energy, business investment, health and sustainable transport investment across the world, including Africa, the bank announced Sunday.

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