Saudi company Afanar to invest in Egypt-GettyImages-1080377280

Saudi Arabia’s Alfanar Global Development to invest SAR2bn in Egypt

The agreements – focused on tech for renewable energy, IT, digital solutions and cybersecurity – were signed on the sidelines of Saudi Crown Prince Mohammed bin Salman’s visit to Egypt

UAE minister Sheikh Abdullah bin Zayed meets Egyptian President in Cairo

UAE foreign minister Sheikh Abdullah meets Egyptian President in Cairo

The two leaders discussed the importance of joint coordination, essential to consolidating peace in the region

Saudi crown prince regional tour

In pics: Saudi Crown Prince Mohammed bin Salman’s regional tour

The Crown Prince left Turkey on Wednesday, June 22, bringing an end to his regional tour that also took him to Egypt and Jordan

valU EFG-Karim-Awad

FAS Labs, valU partner to offer digital consumer finance services in Saudi Arabia

The agreement will accelerate the geographical expansion of valU and provide digital finance solutions to consumers in Saudi Arabia through FAS Finance

uae jordan egypt industrial partnership

UAE, Egypt and Jordan agree on $10bn industrial partnership investment fund

The five areas that the three countries will cooperate on include food, agriculture and fertilisers; pharmaceuticals; textiles; minerals and metals; and petrochemicals

EFG Karim Awad

EFG Hermes Holding posts net profit of EGP345m in Q1 2022

EFG Hermes Holding’s sell-side revenues grew by 61 per cent y-o-y to EGP494m supported by revenues from the investment banking and brokerage divisions

Bravado Gaming

Bravado Gaming announces its debut in Middle East, Africa

The Bravado expansion will include the establishment of bases in South Africa, Egypt, the UAE, and Saudi Arabia

Egypt carbon dioxide

Egypt to store carbon dioxide in cooperation with Italian Eni

The project will capture and store between 25,000 and 30,000 tonnes of carbon dioxide per year

Suez Canal Economic Zone

UAE’s Masdar signs agreements to develop green hydrogen plants in Egypt

Egypt hosts abundant solar and wind resources that enable renewable power generation at competitive costs

UAE’s fintech startup FlexxPay expands into Egypt

The company estimates that around 20 million people across Egypt could benefit from early wage access

The Food Lab, Egypt’s cloud kitchen operator, raises pre-seed round of $4.5m

Nuwa Capital, Shorooq Partners, and 4DX Ventures co-led the round, which comprised investors from all across the world

StanChart plans to exit seven markets in Africa, Middle East

The markets it plans to exit made up about 1 per cent of total group income in 2021

First Abu Dhabi Bank

UAE lender First Abu Dhabi Bank pulls bid for Egypt’s EFG-Hermes

FAB had offered to buy a majority stake in EFG-Hermes in February

Interview: EFG Hermes’ Karim Awad shares the diversified strategy driving the company’s success

The group CEO, chairman of the executive committee, and member of the board of EFG Hermes Holding, shares the company’s key milestones

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Saudi Arabia makes $5bn deposit in Egypt Central Bank

It is part of the kingdom’s efforts to support Egypt’s economy

Container Ship

UAE’s AD Ports Group to manage operations at Egypt’s Ain Sokhna Port

A feasibility study will be conducted into the future development of Ain Sokhna Port to explore potential investment opportunities to enhance its capacity

Dubai attracts 57% of scaleup funding in MENA region – report

Scaleups in the UAE raised $5.4bn as of December 2021

Egypt’s EFG Hermes Holding reports EGP1.5bn in net profit in 2021

The group’s revenues crossed the EGP6 billion mark for the first time

Wheat soars to record, surpassing high during global food crisis

The elevated prices are triggering concerns about growing food insecurity

UAE’s Gulf Capital accelerates investment pace in Egypt and Africa

Gulf Capital has already invested over $300m in Egypt in sectors such as technology, infrastructure, manufacturing, petrochemicals and healthcare

National Petroleum Construction Company signs strategic MoUs at EGYPS

UAE-based National Petroleum Construction Company signed agreements with leading Egyptian companies to explore growth opportunities in the MENA region

Fertiglobe announces $340m dividend after Q4 2021 results

The company, a joint partnership between Abu Dhabi’s ADNOC and the Netherlands-based OCI, reported a revenue rise of 113 per cent to $3.31bn in 2021

Dragon Oil

Dubai’s Dragon Oil confirms first oil discovery in Egypt’s Gulf of Suez

The field could contain around 100 million barrels in reserves

Dubai Islamic Bank targets growth, scouts out deals

The lender reported its profit jumped 33 per cent in 2021 to Dhs4.4bn

Power Letters 2022: Mohammad A. Baker, deputy chairman and CEO, GMG

Whether it is acquiring new international brands or developing homegrown concepts, when an opportunity presents itself, we go after it

UAE retailer GMG to open more than 100 stores in Egypt by 2026

Sun & Sand Sports, a GMG brand and the Middle East’s sports retailer, is already slated to open at the City Centre Almaza as well as Mall of Egypt

Dana gas

Dana Gas reports 2021 collections from Egypt and Kurdistan of $377m

It marked a 107 per cent year-on-year rise over the $182m it received in 2020

UAE’s Dana Gas receives $39m from Egypt in December

Dana Gas has invested over $2bn since first entering Egypt in 2007

Egypt seeks to build affordable electric vehicles priced at around $20,000

Production is set to begin in 2023, with output increasing to an annual 20,000 units over three years