Banque Misr introduces high-yield three-year dollar savings certificates

Newsletter

26 Jul 2023

Banque Misr introduces high-yield three-year dollar savings certificates. Banque Misr launches “Al Qimma and Elite” three-year dollar savings certificates, offering attractive returns of 9% annually for “Summit” and 7% annually for “Elite.” Both certificates are available to Egyptians and foreigners in denominations of 1000 US dollars and its multiples. Elite certificate holders can borrow up to 50% of the redemption value in Egyptian pounds, up to a maximum of 10 million EGP. The Central Bank of Egypt guarantees transfer of refunds and returns outside Egypt upon request. (Arab Finance)

Egypt anticipates Zohr gas field investments to reach 15 billion USD within 3 years.
The Ministry of Petroleum and Mineral Resources denied the existence of any problems or concerns in Zohr field and emphasized that Zohr field is operating at its highest efficiency and full production capacity, adhering to international standards. Zohr partners, including Eni, BP, Rosneft, Mubadala, and EGAS, continue to invest to maintain production levels. The field's total investments have reached 12 billion USD, expected to reach 15 billion USD in the next three years. (Arab Finance)
SODIC to Sell Eastown Office Building to Beltone for 1.1 billion EGP.
Beltone Financial to acquire Eastown office building from SODIC for 1.1 billion EGP. The sale has been approved by SODIC shareholders, and the payment will be made in installments over 4.5 years, with a down payment of 20% upon signing. Beltone will also pay an additional "maintenance bond" of 61.9 million EGP upon delivery. (Enterprise)
Major Taqa Arabia shareholder unloads 20% stake.
Major shareholder of Taqa Arabia executes block trade, selling 20% stake, 270.5 million shares, worth EGP 1.6 billion to repay a creditor. The identity of the selling shareholder and buyers remains undisclosed. On Monday, Taqa shares experienced a 0.7% decline, settling at EGP 10.96 per share at the market's close. (Enterprise)
Egyptian Government contemplates merger of Maadi Development and El Nasr Housing companies.
Egyptian government considers merging Maadi for Development and El Nasr Housing and Development companies to create one entity for selling a stake to a strategic investor. Both companies have a combined paid-up capital of 1.5 billion EGP, and El Nasr Housing holds a substantial portfolio of government land and real estate assets. The government is awaiting approval of financial statements for the fiscal year 2022-2023 before proceeding with the planned merger, driven by the Sovereign Fund of Egypt. (Asharq)
Egypt's fuel subsidies decline 2% to 58 billion EGP.
Egypt’s fuel subsidies dropped 2% YoY to 58 billion EGP in 2022-2023 fiscal year, exceeding the targeted support of 28 billion EGP. The diesel price increase saved over half a billion dollars annually. Budget estimates oil at 80 USD per barrel and petroleum subsidies at 119.4 billion EGP for 2023-2024. (Asharq)
Red Sea ports witness 15% surge in goods handling in first half of 2023.
Red Sea ports in Egypt experienced a 15% growth in goods handling during the first half of 2023, with a total trade volume of 3.5 million tons. Exports reached 2.3 million tons, up 80% from imports at 1.2 million tons. Suez and Safaga ports witnessed significant increases in trade, with Safaga handling 3.6 million tons and Suez handling 61,000 tons of goods. (Arab Finance)
Qalaa Holding, ECARU, and Axens to explore green fuel production in Egypt.
Qalaa Holding, ECARU, and Axens collaborate on green fuel production in Egypt. Joint research will focus on advanced bioethanol and sustainable aviation fuel, with plans to export their production. Seven months of technical and economic studies are set to be conducted. (Enterprise)
Minister of Industry holds talks with General Motors on expanding in Egyptian market.
Minister of Trade and Industry, Eng. Ahmed Samir, meets with General Motors Egypt officials to discuss the company's projects in Egypt and its plans to increase investments in the market. They review efforts to provide an attractive investment climate and enhance cooperation with major international companies. General Motors expresses keenness to expand in Egypt and benefit from automotive industry incentives provided by the state. (Hapi)
Comprehensive health insurance system's investment portfolio reaches 72 billion EGP.
Egypt's universal health insurance system's investment portfolio reaches 72 billion EGP, yielding 86 billion EGP in surpluses in four years. Over 2.8 million citizens benefit from the system in select governorates, receiving self-funded medical services worth 5 billion EGP. The system is gradually expanding despite global economic challenges. 182 health facilities participate, including 50 private sector entities. (Economy Plus)