Financial-Services News
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Edita doubles its annual profits to over EGP1bn in 2022
The profits of Edita Food Industries increased by 93% to EGP 1.02bn in 2022, compared to EGP 528.8m in 2021.
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Tax Authority prepares draft law to settle over EGP 10m worth of back taxes
Tawfik said that there is a draft law in the parliament now to settle back taxes worth less than EGP 10m.
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Zahraa Maadi logs $8.52mln profits in 2022 initial results; dividends proposed
Total revenues amounted to $12.80mln in 2022, an annual growth of 4.10%
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Egypt: Listing committee approves Sidpec’s capital hike
In November 2022, the shareholders of Sidpec greenlighted the capita hike, after the board had approved the increase in April.
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Egypt records highest-level foreign direct investment
The Prime Minister said in a press conference that the country recorded a 94 percent growth in foreign investment on a year-on-year basis.
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Deadline for joining e-invoice system set at April 1
The minister added that the application of digital tax and customs systems allows integration between the tax and customs authorities.
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Forbes Middle East 100 Most Powerful Businesswomen 2023
The UAE and Egypt scored the most entries at 15 and 12, respectively, followed by Saudi with 11, Kuwait with eight, and Lebanon, Oman with 6.
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$1.65bn in transfers done through the company during 2022: IBAG
IBAG, the official and oldest agent of Western Union in Egypt since 1995, revealed that the number of transfers from Egyptians abroad reached 2.8 m.
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Egypt’s real GDP growth to slow to 3% in 2023 as higher inflation looms
Egypt’s real GDP growth is expected to moderate to 3% in 2023 with a higher inflation anticipated Fitch Solutions said in its MENA Monthly Outlook.
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FRA approves Aman for Financial Services’ EGP 400m bond issuance
The issuance will be completed during the current month, to make new expansions for the company during the first half of this year.
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IBAG records a 7% increase in growth rate in 2022, shares 2023 plans
International Business Associates Group for Money Transfer Services, S.A.E. (IBAG) recorded a total of US$1.65 billion worth of transfers in 2022.
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Analysts name potentially successful areas for government IPOs
At the end of last year, the state adopted the “State Ownership Policy Document” to allow more room for private sector participation in economy.
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Wafeq strengthens presence in GCC and expands to Egypt with new funding
With its recent funding, Wafeq will continue to innovate and build new product functionalities, while also focusing on customer acquisition.
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Capital markets in 2022: It just wasn’t the year for fresh paper
At the start of the year, the government envisioned as many as 10 state-owned companies selling shares on the bourse in 2022.
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Egypt signs deals worth EGP 10 billion for financing green projects
Egypt signed a number of partnership agreements and letters of intent (LOI) worth around EGP 10 billion with development partners last week.
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Euromoney Egypt Conference 2022 to take place on Dec. 7
The lead sponsors of the conference are Mashreq Bank and Standard Chartered. The co-sponsor is Citibank.
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Fitch Solutions raises Egypt GDP growth projection in 2022 by 0.3%
The report lowered its expectations for the country’s inflation rate by 0.2 percent to 13 percent through the end of 2022, down from 13.2 percent.
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EU provides support of up to US$300 mln to Egypt’s start-up sector
Ezz stressed the importance of supporting this sector due to the growing opportunities worldwide and in Egypt.
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14th Creative Industry Summit launches under theme ‘Creative Economy’
The summit is expected to host a selection of international, regional, and local experts in their respective fields.
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Egypt’s SWF signs deals on EGP 25.5 bln projects
The Sovereign Fund of Egypt (TSFE) implemented or signed binding deals to execute 10 projects worth EGP 25.5 billion in 2021.