• Tuesday, 6 October 2020

    Who’s in the market for debt? Redcon Construction + MSMEDA

    Redcon Construction has signed a EGP 625 mn syndicated loan agreement with the National Bank of Egypt and Qatar National Bank to help finance the construction of several towers in New Alamein, according to Al Mal. The company was originally...
  • Tuesday, 15 September 2020

    Empower Egypt looks to produce fertilizer, energy from sugar beet waste

    Waste-to-energy company Empower is close to signing agreements worth a combined EGP 350 mn with three unnamed sugar beet processing companies to turn beet waste into energy and organic fertilizer, Chairman Hatem El Gamal told the local press. The company...
  • Monday, 6 July 2020

    Egyptian banks dole out EGP 69 bn from CBE’s EGP 100 bn subsidized loan initiative

    Banks dole out EGP 69 bn to local industry under CBE’s EGP 100 bn subsidized loan initiative: Egyptian banks — primarily CIB, the National Bank of Egypt, Banque Misr, QNB, and the Export Development Bank — have handed out EGP...
  • Tuesday, 17 March 2020

    EGX sell-off continues as shares fall 7%

    The selloff on the EGX continued yesterday, tripping circuit breakers yet again: The sell-off on the EGX continued at pace yesterday, with the benchmark EGX30 index finishing 7.1% in the red and the wider EGX100 falling more than 6%. CIB,...
  • Tuesday, 5 November 2019

    CBE grants HSBC, Emirates NBD license to use QR codes for e-payments

    The Central Bank of Egypt has granted HSBC and Emirates NBD the e-admission license that uses QR Codes for enhanced electronic payment, according to Al Mal. There are now nine banks in Egypt using this new technology, including the National...
  • Tuesday, 8 October 2019

    National Bank of Egypt, QNB provide EGP 1.7 bn loan to Redcon Construction

    The National Bank of Egypt (NBE) and Qatar National Bank are providing a EGP 1.7 bn syndicated loan to Redcon Construction, according to Al Mal. The money will finance the company’s contracting operations to build multi-purpose towers in New Alamein...
  • Thursday, 6 December 2018

    Banks say new tax treatment not to affect 2018 results

    Banks say new tax treatment of income from gov’t debt won’t hit 2018 P&L: CIB’s 2018 financial results will not reflect the impact of proposed amendments to the tax treatment of bank income from government debt, it said in an...
  • Sunday, 25 November 2018

    FinMin settles 65 tax disputes with QNB, EGP 100 mn repaid

    The Finance Ministry has settled 65 tax disputes with QNB Al Ahli worth EGP 100 mn, which the bank has paid, Al Mal reports. The disputes primarily involved stamp tax payments dating back 20 years. The ministry waived 90% of...

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