#Egypt

Tabby Egypt

UAE’s buy-now-pay later platform Tabby expands to Egypt

Tabby works with multiple brands including Lacoste, L’azurde, Faces, In Your Shoe, Kai Collections, Ariika, Marcqa, Dresscode and Floward

Stake

Dubai’s property investment platform Stake raises $8m in pre-series A funding

The company plans to invest the new capital in advancing its product and technology, upscaling its brand, and expanding operations across the region

green hydrogen masdar uniper

Saudi’s Alfanar, SCZone to launch $3.5bn project to build green hydrogen plant in Egypt

The $3.5bn project will use renewable energy sources and produce 500,000 tons of green ammonia from 100,000 tons of green hydrogen annually

Tourist project

In pics: UAE President, regional leaders inspect tourism project in Egypt

The leaders were briefed about the five-star hotel which features several tourist facilities

ADIB Egypt

ADIB, Simplifi partner to expand Egypt’s digital payment ecosystem

Both the organisations will work together to help companies issue scheme-enabled prepaid cards by reducing cost to launch and time to market

EFG Hermes Holding announces Q2 2022 results Karim-Awad

EFG Hermes Holding reports 28% rise in Q2 revenues to EGP2.1bn

The group announced that net profit before tax rose by 8 per cent YoY in Q2 2022 to EGP623m.

Saudi wealth fund starts company for Egypt investments

The company will invest in swathes of Egypt’s economy from infrastructure and real estate to pharmaceuticals

ADNOC DISTRIBUTION gets 50% STAKE IN TOTALENERGIES EGYPT

ADNOC Distribution acquires 50% stake in TotalEnergies Marketing Egypt

The acquisition is expected to be completed in Q1 2023 pending satisfaction of certain conditions, including customary regulatory approvals

Nigeria

Nigeria startup to expand electric vehicle use in African push

Metro Africa Xpress raised $31m last year to develop an EV market on the continent

CNNB Solutions

UAE e-commerce firm CNNB Solutions expands to Kuwait

The company supports brands with their e-commerce and direct-to-consumer strategies, to help them reach more customers

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

Standard Chartered closes transition trade facility

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 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

Saudi Investment

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