Egypt’s United Bank has fixed the offer price of its initial public offering (IPO) for individual investors at EGP 13.85 ($0.28) apiece to raise a total of EGP 4.6 billion ($92.1 million). The public offering of 16.5 million shares for individual investors will remain open until December 3. According to a statement posted on the local bourse, individual investors must place orders for a minimum of 100 shares. United Bank is selling a 30% stake of its 1.1 billion shares currently owned by the Central Bank of Egypt. The first tranche of the offering, available to institutional investors and representing…
Author: Fatema Fouad
Egypt has allocated EGP 10 billion ($201.5 million) to settle its financial obligations to pharmaceutical and medical supply companies, according to an official statement, as part of efforts to stabilize the sector. Addressing shortages Minister of Finance Ahmed Kouchouk stated that EGP 4 billion has already been secured, with an additional EGP 3 billion to be provided next week, followed by another EGP 3 billion the week after, as the government strives to maximize the supply of medications within the market. Prime Minister Mostafa Madbouly emphasized that “the government is exerting every effort to pay all dues owed to pharmaceutical…
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has outlined key priorities for the ministry during the American Chamber of Commerce in Egypt (AmCham Egypt) monthly luncheon on November 18, emphasizing the need to boost local production alongside ongoing exploration activities. Badawi introduced six main pillars that guide the ministry’s efforts. The first pillar focuses on meeting the local market’s needs for petroleum products, which requires maximizing production and exploration activities. The second pillar aims to leverage Egypt’s abundant petroleum resources and infrastructure to unlock added value through refineries and petrochemical industries. By capitalizing on these resources, Egypt can…
The Egyptian General Petroleum Corporation (EGPC) has awarded four exploration blocks to four companies in the latest bid round conducted through the Egypt Upstream Gateway. Exploration blocks The exploration blocks include NW El Moghra in the Western Desert, W. Kheir in the Eastern Desert, and E. El-Galalla & E. El-Hammed in the Gulf of Suez. The awarded companies are CIS Gaz, Aten, Dragon Oil, and Terra Petroleum. The companies will explore the blocks spanning approximately 4,000 square kilometers. According to Egypt Upstream Gateway, the committed minimum investment for the initial exploration phases amounts to $71 million, with plans to drill…
According to the World Health Organization, Egypt’s highly fragmented health system “leads to difficulties in regulation and ensuring quality and standards of care.” Those “difficulties” are exacerbated by the system’s diverse array of public and private healthcare providers. It also makes consistent quality in healthcare services a major concern. To overcome those challenges, President Abdel Fattah el-Sisi ratified a new law in June that was approved by the House of Representatives in May. It allows private investors to manage and operate public hospitals for three to 15 years while staying under state ownership. According to Ahram Online, Minister of Health…
Egypt’s annual urban consumer price inflation revved for a third consecutive month to 26.5% in October from 26.4% a month earlier due to fuel price hikes, according to data released by Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS). The index increased 1.1% month-on-month in October, decelerating from September’s 2.1% jump, CAPMAS noted. On an annual basis, food and beverage prices, which make up the largest component of the inflation basket, rose by 27.3% compared to 27.7% in September. Hesham Hamdy, a financial analyst at Naeem Financial, noted in an interview with Asharq Bloomberg that the announced inflation figures…
Accor, a global leader in hospitality, has announced the rebranding of Conrad as Sofitel Cairo Downtown Nile, the fourth Sofitel in Egypt, a company statement showed on November 4. Sofitel Cairo Downtown Nile The new hotel, located in Cairo’s downtown Nile-front district, is set to begin operations in January 2025. Its prime location, surrounded by major cultural landmarks such as the Grand Egyptian Museum and the Giza Pyramids, is expected to attract a large number of guests. The Sofitel Cairo Downtown Nile encompasses 615 rooms and suites designed to offer panoramic views of the Nile. In addition, the hotel has…
Beijing Automotive Group (BAIC) and Egyptian International Motors (EIM Group), a subsidiary of Alkan Holdings, have inked an agreement to establish a new factory for electric vehicle manufacturing, according to a statement on October 27. The new factory, which will span 120,000 square meters and will commence operations by the end of 2025, targets the production of 20,000 electric cars in its first year, with plans to maximize production to reach 50,000 cars by the end of the fifth year. The project plans to encompass 48% of local inputs, with plans to increase this figure to reach 58%, the statement…
Deloitte UK will inject $30 million into Egypt’s economy on the sidelines of officially inaugurating the Deloitte Innovation Hub in Cairo, which started operations in September. According to a statement released by the Information Technology Industry Development Agency (ITIDA), the fund aims to boost the country’s talent ecosystem over the next three years. Launching the Hub in Egypt demonstrates Deloitte’s acknowledgment of the country’s rich talent base in Computer Science, Computer Engineering, Business & Information Systems, and Data Engineering. “The Innovation Hub will enable us to foster and develop local talent, making an impact that matters to Egyptian people and…
Saudi Arabia has signed deals exceeding $15 billion in various sectors in Egypt, including renewable energy, industry, real estate development, tourism, and technology, Bandar Al-Amiri, head of the Saudi-Egyptian Business Council, said on October 16. The deals were announced during Saudi Crown Prince and Prime Minister Mohammed bin Salman’s visit to Egypt this month. They encompass the establishment of the Egyptian-Saudi Supreme Coordination Council and other deals to safeguard and encourage investments between the two nations. The Supreme Coordination Council, co-chaired by the Egyptian president and the Saudi crown prince, will oversee and ensure the continuous development of various aspects…