Al-Hini elected as HDB’s non-executive chairperson, Ghanem re-elected as CEO
The Housing and Development Bank (HDB) has announced that Basil Al-Haini was elected as a non-executive chairperson of the Bank, and Hassan Ghanem won a new term as CEO. Basil Al-Hini has extensive experience spanning more than 40 years in the commercial and investment banking sector. He held the position of Chairman and Managing Director of Misr Insurance Holding, making many achievements. He also held many leadership positions and served as a non-executive member in the boards of directors and affiliated general assemblies. As a culmination of the bank’s continuous efforts during the last period, it topped the list of banks listed on the stock exchange, recording the fastest growing bank in customer deposits with a growth rate of 42.3%, the fastest growing in assets with a growth rate of 35.9%, and the fastest growing bank in corporate loans with a growth rate of 56%, as well as the fastest growing in individual deposits, with a growth rate of 21.4%.
Source:Daily News Egypt
May 16, 2023 16:10 UTC
Gold Pricesdecline 7.7% In Egypt Within One Week - Dailynewsegypt
In addition to the release of US data, expect an increase in inflation rates to about 4.5% during this May. CEO of Dahab Masr Fady Kamel said that gold prices in Egypt declined due to the repercussions of the government's decision to allow citizens returning from abroad to bring any amount of gold, whether ingots, pounds or artifacts, without incurring any fees other than a value-added tax for only six months. This prompted citizens to sell gold they own due to fears from sharp decline in prices after pumping more gold ore and increasing the supply. Gold transactions concluded at the level of EGP 2,400, while the ounce declined by $8, as it opened trading at the level of $2,018, touched $2,055, and closed the trading week at the level of $2,010. Imbaby added that a gram of 24-karat gold recorded EGP 2,742, a gram of 18-karat gold recorded approximately EGP 2,057, a gram of 14-karat gold recorded about EGP1,600, while a pound of gold recorded nearby EGP 19,200.
Source:Daily News Egypt
May 16, 2023 15:19 UTC
FRA to create lending pool to resuscitate short selling
Mohamed Farid, Chairperson of the Financial Regulatory Authority, has revealed that it could within days create a central “lending pool” in cooperation with “concerned parties” through which investors can engage in short selling. The Misr for Central Clearing Depository and Registry (MCDR) is set to manage the new pool. He added that a study is underway to provide verification and certification requirements for international companies to be present in the Egyptian market under legal cover, until Egyptian companies obtain a license. The financial derivatives market is an exchange during which contracts are traded whose value is derived from financial or in-kind assets, price indices, commodities, or others determined by the Authority. In a related context, he explained that the legislative amendments regarding the maximum and minimum limits for private insurance funds await the final approval of the House of Representatives.
Source:Daily News Egypt
May 16, 2023 14:55 UTC
Egypt, Kazakhstan discuss enhancing bilateral cooperation in tourism
CAIRO - 16 May 2023: Minister of Tourism and Antiquities Ahmed Eissa, received Ambassador Khairat Lama, Ambassador of the Republic of Kazakhstan in Cairo, and his accompanying delegation, to discuss ways of enhancing cooperation between Egypt and Kazakhstan on tourism and archaeological level. The minister highlighted the strong relations between Egypt and Kazakhstan in various fields, especially tourism and antiquities. It is worth noting that in 2007 a cooperation agreement was signed between the Egyptian and Kazakh governments to restore the Al-Zaher Baibars Mosque. The mosque restoration project began in 2007, then stopped in 2011, then the work resumed in 2018. In the context of increasing the tourist movement coming from Kazakhstan to Egypt, during the month of March 2022, a direct flight between Egypt and Kazakhstan was operated, in addition to the presence of a charter flight at a rate of 8 flights per week.
Source:Egypt Today
May 16, 2023 13:07 UTC
Environment Ministry celebrates Int'l Day of Bird Migration at Ashtoum el-Gamil reserve
CAIRO - 16 May 2023: On the International Day of Bird Migration, The Ministry of Environment organized Tuesday a celebration, and a visit by environmental journalists to Ashtoum el-Gamil Reserve and Tnis Island in Port Said governorate. Ashtoum El-Gamil Reserve includes Boghazi El-Gamil, Ashtum El-Gamil and Lake Manzala. Lake Manzala is considered the largest area among the Delta lakes and is characterized by its diverse environmental systems. Ashtoum El-Gamil Reserve includes the number of plant species in the reserve, reaching 80 species in the protected area and 150 species in Lake Manzala. The number of birds is about 118 species, and it also includes 17 species of fish and 76 species of insects.
Source:Egypt Today
May 16, 2023 12:41 UTC
The Design Show Egypt returns in 2023
The Design Show Egypt 8th edition will return from 1-3 June 2023 at the Cairo International Convention and Exhibition Center. It creates a space design business culture within comprehensive high-performance practices and encourages innovators to present their solutions to the challenges of design business in Egypt. The Design Show Egypt is a destination for those searching for the right design services, products, and suppliers where it helps you with a smooth process throughout your visit. What distinguishes The Design Show Egypt is that it addresses a conceptual ideology through design solutions and it aims to complete and launch new projects inside and outside of Egypt that combine all the signatures. The Design Show Egypt is identified in the market by its different values, addressing a line of conceptions and thinking, including design solutions and furniture manufacture and product designs.
Source:Daily News Egypt
May 16, 2023 09:18 UTC
Developers List Their Demands To Revitalise, Develop Egyptian Real Estate Sector - Dailynewsegypt
In addition, they called for including the real estate sector in initiative to support industry, agriculture with 11% interest rate loans, and changing the work system in the real estate sector through shifting to construction and then selling to avoid price variables and continuous cost burdens. Moreover, provide mortgage financing or bank financing with acceptable interest, as well as making a package of tax and economic incentives for real estate developers to ensure the continuity of the sector. They called on the government to find comprehensive and integrated solutions for developers, and find a mechanism to compensate losses of real estate developers, similar to contractors, to ensure the continuity of the real estate sector and enhance its contribution to GDP. Developers further demanded activating mortgage financing for units under construction with the support of Central Bank of Egypt (CBE) with subsidised interest rate. The mortgage finance company also manages the project and has the right to assign the project to any real estate developer, and in all cases, the mortgage finance company has the right to refer back to the real estate developer to compensate for damages incurred as a result of this failure.
Source:Daily News Egypt
May 16, 2023 08:43 UTC
3 Egyptian Teams Qualify To Final Stage Of Huawei Global Competition In China - Dailynewsegypt
The three teams include two from Network Track, and a team from Cloud Track (cloud computing) representing Cairo, Alexandria, Sohag, Assiut, Tanta, Mansoura, Zagazig, and El Shorouk universities. The three teams, consisting of nine students, were able to reach the finals in China, achieving victory in all the stages they competed in at the level of Africa and the local competitions among 500 Egyptian students. The students participating in the competition were provided with specialized training and qualification courses by Huawei experts and in cooperation With many university professors and academic supervisors. Liu also explained that the Huawei International Competition for Information and Communication Technology is one of the most powerful international competitions in the field of technology. He highlighted Huawei's keenness on cooperating with all Egyptian government institutions and universities to discover, support and prepare technical talents to become future leaders by relying on information and communication technology.
Source:Daily News Egypt
May 16, 2023 06:41 UTC
Baseera conducts survey of Egyptian opinions on Netflix’s ‘Queen Cleopatra’
The Baseera Egyptian Center For Public Opinion Research conducted a survey of Egyptians opinions of Netflix’s controversial ‘Queen Cleopatra‘ documentary, which portrays the titular Egyptian queen as being a dark-skinned African. The survey aims to identify the percentage of Egyptians who subscribe to Netflix and the extent of their confidence in how factual it is. According to the results, three percent of Egyptian households are subscribed to the streaming service – estimated at about three-quarters of a million households. The response rate was about 42 percent and the margin of error in the results is less than three percent. The survey was conducted with self-financing from the Baseera Center.
Source:Egypt Independent
May 16, 2023 02:35 UTC
Egypt's cabinet legalizes 216 unlicensed churches, service buildings
CAIRO – 15 May 2023: Egypt’s Cabinet approved on Monday the legalization of 216 unlicensed churches and service buildings, raising the total number of legalized churches and buildings to 2815. Prime Minister Mostafa Madbouli headed on Monday, meeting of a committee in charge of legalizing the status of unlicensed churches and its service buildings in the presence of Minister of Justice Amr Marwan. Cabinet spokesman Nader Saad said the meeting reviewed the outcome of the committee proceedings, adding the committee agreed to legalize the status of 216 churches to bring the total number of legalized churches and buildings to 2815. In 2017, the committee responsible for churches legalization was formed, under prime minister and six other ministers, along with representatives from churches and bodies concerned. The Cabinet’s decision to legalize the status of churches comes according to 2016's article number 80 of the law regulating building churches.
Source:Egypt Today
May 15, 2023 23:45 UTC
Government sells 10% stake of Telecom Egypt for $128mln
The Egyptian government sold 10% of its stake in Telecom Egypt by inviting subscriptions through the book building mechanism last Thursday, relevant sources told Daily News Egypt. The sources added that the offered shares were covered twice, in a deal valued at about $128m. The average value of sold shares amounted to EGP 23.25 per share, provided that the settlement of the deal takes place on 15 May. Bloomberg International Agency, published last Thursday, that a book building mechanism was opened to offer an additional 10% of Telecom Egypt, with a price range ranging between EGP 22.22-27.16 per share. Data services revenues increased by EGP 3.2bn compared to the previous year, with other revenues of the enterprise business unit increasing by EGP 0.9bn.
Source:Daily News Egypt
May 15, 2023 21:41 UTC
Wadi Degla Developments launches Waterside in Murano’s third phase
Wadi Degla Developments has launched Waterside in the third phase of Murano. With investments of around EGP 8bn, Murano beach stretches across 750 metres on the Red Sea shore. “Murano’s first phase comprises 600 units fully-finished and delivered, and construction works are underway in the second phase, as well as the third phase project we’re launching today. Waterside is introducing new units with areas between 115 and 260 sqm ranging from chalets, duplexes and villas,” stated Raymond Ahdy, Deputy CEO of Wadi Degla Developments. Wadi Degla Developments is considered one of the pioneers in Ain Sokhna since the launch of their first project, Marina Wadi Degla in 2005.
Source:Daily News Egypt
May 15, 2023 19:32 UTC
H.E. The Minister of Tourism and Antiquities witnessed the signing ceremony of the first lifestyle art hotel in Egypt
Mr. Ahmed Issa, Minister of Tourism and Antiquities and General Ahmed Rashid, Governor of Giza, witnessed the signing ceremony of the first Lifestyle Art Hotel in Egypt Hyatt Centric Cairo West located in the Pyramids Heights Business Park, between ALDAU Development, member of Sami Saad Holding and Hyatt Hotels Corporation. During his speech, the Minister spoke about the national strategy for tourism development in Egypt, which aims to achieve rapid growth ranging from 25% to 30% annually in the tourism industry in Egypt. He added that the signing of this contract is a continuation of cooperation with Hyatt Hotels after the opening of the Hyatt Regency Cairo West Hotel in February 2022 to be the second hotel in Cairo under the Group’s management. He also thanked Mr. Ahmed Issa, Minister of Tourism and Antiquities and the Ministry of Tourism and Antiquities for their continuous efforts and work in coordinating with all ministries in order to complete the various tourism projects. Hyatt Centric Cairo West is located in Pyramids Heights Business Park.
Source:Egypt Today
May 15, 2023 15:15 UTC
Developers list their demands to revitalise, develop Egyptian real estate sector
A group of real estate developers have listed their demands to revitalise and develop the sector during the closing session of a summit held recently. These measures included activating mortgage finance for units under construction, as was the case before 2008. In addition, they called for including the real estate sector in initiative to support industry, agriculture with 11% interest rate loans, and changing the work system in the real estate sector through shifting to construction and then selling to avoid price variables and continuous cost burdens. Moreover, provide mortgage financing or bank financing with acceptable interest, as well as making a package of tax and economic incentives for real estate developers to ensure the continuity of the sector. They called on the government to find comprehensive and integrated solutions for developers, and find a mechanism to compensate losses of real estate developers, similar to contractors, to ensure the continuity of the real estate sector and enhance its contribution to GDP.
Source:Daily News Egypt
May 15, 2023 14:47 UTC
Egypt launches 1st Gold Investment Fund
What is a gold investment fund? The Gold Investment Fund is a license granted by the FRA to a company to sell gold investment documents backed by gold reserves through dealing with companies that buy, sell, store and secure gold savings. Gold investment fund detailsAccording to Abul-Saad, the recipient parties convert the capital of the subscribers in the documents into gold, by dealing with companies licensed to perform buying and selling activity, and registered with FRA. Abul-Saad explained that the launch of the gold investment fund now comes in light of the desire of many people to invest in gold with their inability to buy in light of high prices, as the fund made the document available starting from 10 pounds. The fund aims to invest in gold (via physical investment in bars), so that the net asset value of the fund is calculated on the basis of the gold price announced by the Egyptian Stock Exchange.
Source:Egypt Independent
May 15, 2023 13:42 UTC