Bank News
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Sukuk and bond pricing mostly similar; Sukuk less liquid
We expect this trend to continue in 2023. However, the liquidity profile of most Islamic banks in the GCC generally remain intact.
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Egypt in talks with EBRD over under-construction projects
The minister lauded the positive bilateral cooperation with the European bank in carrying out a number of projects in the transport domain.
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Egypt’s first sovereign sukuk issuance critical step for economy: Fitch Ratings
Some 250 investors from various global markets purchased these bonds, and their proceeds will be directed to finance public investment projects.
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African Development Bank Holds First Industrial and Trade Business Opportunity Forum in Egypt
The meeting brought together industrial, agricultural, and private sector experts from 105 large Egyptian manufacturers and exporters.
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Saudi Arabia halts PIF’s plan to buy Egypt’s United Bank
Saudi Arabia has halted the plan of its sovereign wealth Public Investment Fund (PIF) to buy Egyptian lender United Bank, Bloomberg reported.
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Egypt sells its first Islamic sukuk for $1.5 billion
Egypt sold on Tuesday its first US-denominated sovereign bonds, Islamic sukuk, with a total value of $1.5 billion, Minister of Finance Mohamed Maait.
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Banks across Egypt, Morocco, and Jordan face an uncertain 2023
The recent decline in energy prices and the resilience of tourism may soften the financial and operational impact on the banks, the analysts said.
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Net FDI in Egypt surge 94% during Q1 of 2022/2023
Egypt is the first investment destination for Arab sovereign funds, led by Saudi investments and Emirati investments.
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Credit Agricole joins forces with Ahl Masr Foundation
Credit Agricole Foundation for Development has made a donation that will contribute to the establishment of Central Sterilization Supply Department.
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Egypt issues its first Islamic sukuk
Egypt initiated on Tuesday the issuance of its first US dollar-dominated sovereign bonds, known as Islamic sukuk, with a maturity of three years.
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CIB sign USD 50 mln credit guarantee to support SME customers in Egypt
CIB has always been committed to providing innovative products and banking solutions to its SME customers.
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Officials at FRA, CBE, EGX review latest developments in national economy
The meetings were held to cast a spotlight on the latest developments in the Egyptian economy.
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Al Baraka Bank-Egypt’s 2022 consolidated profits hit $56mln; dividends proposed
Earnings per share (EPS) stood at EGP 2.12 last year, higher than EGP 1.37 in 2021, according to the income statements.
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5 Indicators that reveal the direction of Egypt’s Economy
Policy makers see it different this time, after a large group of promised reforms that will transform Egypt’s markets and its economy.
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Egypt court to rule soon in case over Intesa's local unit
Egypt is seeking to raise cash after its financial markets suffered heavy foreign investment outflows in the wake of the Ukraine war.
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Real-time gross settlement between banks records EGP 10.85trn in January 2022
The total RTGS in 2022 amounted to EGP 119.901trn through about 2.836 million transactions.
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Long Live Egypt Fund allocates bank account for Syria relief
The fund has designated a hotline No. 15118 to receive inquiries, to receive contributions from inside and outside Egypt to provide relief to Syria.
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World Bank to discuss five-year program for Egypt in March
The international financial institution has already committed $900 million to the North African country this fiscal year.
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EBRD downgrades forecasts for Egypt’s growth by 1% in FY2022/23
Highlighting Egypt’s economic scene, the report explained that the country’s economy recovered strongly from the COVID-19 pandemic in FY2021/2022.
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CBE reveals reasons for high inflation in Egypt
It attributed this rise to the continuation of supply chain disruptions and fluctuations in the exchange rate of the Egyptian pound since March 2022.