Egypt's Ora Developers breaks ground for Ali-Wardi project in Iraq

Iraq on Tuesday broke ground on a project to build a new city near the capital Baghdad after it was awarded to an Egyptian developer. Al-Wardi city comprises 100,000 houses and will be constructed by Ora Developers, owned by Egyptian tycoon Naguib Sawiris, …

Gold prices in Egypt drop on Monday

Arab Finance: The gold prices in Egypt recorded collective gains on Monday, with the 24-karat rising to EGP 5,371.5 per gram for buying and EGP 5,394.25 for selling, iSagha’s data showed. The 22-karat gold price increased to EGP 4,923.75 for buying and EGP …

Egypt’s Money Fellows raises $13 million to expand digital savings platform across Africa

Cairo-based fintech Money Fellows has raised $13 million in a strategic funding round co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund, with participation from Partech, CommerzVentures, and other investors, it announced on Monday. The …

Egypt: Abu Qir Fertilizers’ standalone profits shrink 35.5% in 9M-24/25

Cairo – Abu Qir Fertilizers recorded 35.49% year-on-year (YoY) lower net profits after tax at EGP 7.77 billion in the first nine months (9M) of fiscal year (FY) 2024/25. The registered net profits were compared with EGP 12.05 billion, according to the …

Egypt: EGX closes Monday’s session on a mixed note

Arab Finance: The Egyptian Exchange (EGX) showed a varied performance on Monday after the EGX30 retreated by 0.43% at 32,211.75 points. Likewise, the Sharia-compliant index, EGX33 Shariah index, saw no change at 3,348.2 points. On the other hand, the EGX70 …

Egypt: Palm Hills records $1bln in Q1 sales

Arab Finance: Palm Hills Developments reported total sales of EGP 80.2 billion in the first quarter (Q1) of 2025, more than doubling from EGP 32.2 billion in the same period last year and up from EGP 21 billion in the fourth quarter (Q4) of 2024, as per a …

Egypt condemns targeting of civilian facilities and infrastructure in Port Sudan

Egypt: EFIC’s profits leap 32% in Q1-25

Cairo – Egyptian Financial and Industrial (EFIC) recorded an annual surge of 32% in net profit after tax to EGP 208.88 million during the first quarter (Q1) of 2025, compared to EGP 158.20 million. Net revenues hiked by 63% year-on-year (YoY) to EGP 1.27 …

Egypt banks’ net foreign assets jump to $15bln on higher FDIs

Egypt’s banks have expanded their holdings of foreign assets on the back of strong foreign direct investment (FDI) inflows. The banking sector in the country saw its net foreign assets (NFA) surge by 47% to $15 billion in March, from $10.2 billion in …

Egypt to introduce a new law regulating issuance of fatwas: Minister of Endowment

Egyptian Minister of Endowments Osama Al-Azhari - press photo CAIRO – 6 May 2025: Egypt’s Ministry of Endowment is drafting a new law regulating issuance of fatwas (Islamic rules), stated Minister of Endowments Osama Al-Azhari at the Egyptian Senate (the …