CIB, GTH, Elsewedy make Forbes Middle East Top 100 list: Our friends at CIB were the only Egyptian company to place in the top 50 in Forbes Middle East’s Top 100 Companies In The Arab World 2017 list, coming in at 45th. Despite the EGP devaluation, two other Egyptian companies made the list: Global Telecom Holding (the year’s top gainer on the list at 52) and Elsewedy Electric (ranked 92). The list used four metrics: market value, sales, net profits and total assets. Market value and currency conversions are as of 6 April, 2017. The top-ranked company on the list remains Saudi Arabia’s SABIC, with QNB, First Abu Dhabi Bank, National Commercial Bank, and Etisalat rounding out the top five. Saudi Arabia still dominates the list with 36 companies, followed by Qatar and the UAE with 19 and 17 companies respectively.

And speaking of CIB: The bank will seek approval to issue bonus shares to increase its capital by 25% at its next general assembly meeting, Reuters reports. CIB will seek to increase its capital to EGP 14.52 bn from EGP 11.62 bn through the distribution of a bonus share for every four original shares. The general assembly will be held on 18 July.