Mubasher Group is launching 'Du-Crypto', a digital currency trading platform in the MENA region | Zilla Capital

Newsletter

15 Jun 2022

Mubasher Group is launching ‘Du-Crypto’, a digital currency trading platform in the MENA region

Let’s begin with our EGX and companies talks, Mubasher Group is launching ‘Du-Crypto’, a digital currency trading platform in the MENA region, on Thursday, 16 June to enable customers and investors to trade on all cryptocurrency pairs with low trading fees. The new platform will offer its services across 76 countries to help traders to securely invest in all types of cryptocurrencies such as Bitcoin, Ripple, Ethereum, Solana, and Dogecoin. Through Mubasher Crypto Academy, the new platform will also educate and provide different levels of beginners with analytical, news, and educational services to raise their awareness of investing and exploring opportunities in digital currencies. Therefore, Du-Crypto cooperates with Mubasher.info, owned by Dubai-based Global Financial Media, to present news and educational content and teach Arab investors the digital currency trading mechanisms at www.crypto.mubasher.info. (Mubasher)

NI Capital aims to raise its assets under management to 8 billion pounds by the end of 2022. The company's strategy to maximize the base of assets under management is based on launching new funds and acquiring diversified financial portfolios.
In the same context, the current studies to launch an investment fund before the end of this year, with an initial size of 50 million EGP, to be directed to investing in several vital sector. This fund comes within the framework of the company's current strategy to diversify its investment products, as NI Capital manages the National Charitable Education Fund "Education is Life" and the "Siola" cash fund, in addition to many investment portfolios. (Arab Finance)
Response Plus Holding is expected to establish a potential joint venture with Cleopatra Hospitals Group (CHG), an Egyptian listed company.
The company has signed a non-binding term sheet with the Egypt-based private hospital group. It is noteworthy to mention that in the first quarter (Q1) of 2022, CHG achieved consolidated net profits worth 102.42 million EGP, down 5% year-on-year (YoY) from 107.94 million EGP, including minority shareholders’ rights. (Mubasher)
The Egyptian government has postponed a third rise in electricity prices to mitigate burdens on citizens caused by the global economic crisis, President Abdel Fattah El-Sisi announced on June 13th during the inaugurating of the livestock, dairy, and mechanized slaughterhouses complex in Menoufia’s Sadat City.
A number of 17 million users will benefit from that decision, which means that 17 million apartments are paying less than 50% of energy prices, El-Sisi added. El-Sisi stressed that the state is doing its best to mitigate the ramifications of global economic crisis on citizens. (Arab Finance)
It is worth noting that the new electricity pricing program has been postponed for the third time due to international and local circumstances, but it should be taken into consideration that the cost of electricity production has already increased due to such circumstances which were coupled with a surge in oil prices.
Currently, the price of natural gas that is used for electricity production is four or five times higher than before, El-Sisi remarked. (Arab Finance)
Al-Derini & Co. is a legal advisor to a company working in the field of investment banking using financial technology.
A group of local investors applied to the Financial Regulatory Authority, today, to obtain a license to establish the first company working in the field of promotion and underwriting through the use of financial technology, which is the first application of the financial technology law in non-banking financial activities. (EGX)
International Company for Fertilizers and Chemicals (El Dawlia) (ICFC) has announced the establishment of Ebdaa for Chemical Industries in partnership with International Company for Agricultural Products (IFAP) and Ebdaa for Project Development.
The new company’s authorized capital amounts to 500 million EGP, while the issued capital stands at 5 million EGP. IFAP will hold 59% of the company’s shares, while Ebdaa will hold a 40% stake and El Dawlia will have the remaining 1%. The new company will establish, operate, and manage a factory for production of mono- and di-calcium phosphate. (Arab Finance)
The Suez Canal Authority (SCA) has amended its rebate concerning Liquified Petroleum Gas (LPG) carriers operating between the American Gulf and India and its Easter ports, which shall remain into force until the end of 2022.
Under the new amendment, rebate percentages for these areas shall be as follows: The rebate will be amended to 20% of the Suez Canal's normal tolls for ports West of India and Maldives Islands till port of Kochi up to port of Singapore; 55% for Eastern ports to the port of Kochi up to port of Singapore; and 75% for Singapore ports and its eastern ports. Recent amendments shall be applicable to LPG carriers (laden or ballast) sailing from origin ports for the period from July 1st 2022 until December 31st 2022. (Arab Finance)
Sixth of October Development and Investment Company (SODIC) (OCDI) has signed an EGP 600 million discounting facility agreement with Ahli United Bank (AUB).
The agreement will cover receivables representing future installments for delivered units in SODIC’s East Cairo project Eastown Residences. It is worth noting that SODIC reported a 102% year-on-year (YoY) surge in gross contracted sales for the first quarter (Q1) of 2022. (EGX)
e-finance for Digital and Financial Investments (EFIH) has announced activation of its partnership with Universal Health Insurance Authority (UHIA), kicking off the first phase to operate and manage the Universal Health Insurance System.
Under the partnership, e-finance’s subsidiary e-health will provide technical and operational support services to users of the insurance system. e-health will service hospitals, healthcare centers, health units, and authorities affiliated with UHIA. The company will also manage and configure the UHS’ components and monitor its infrastructure. (Arab Finance)
The board of directors of Misr Cement – Qena (MCQE) has approved the operations and maintenance of the company’s factory in Qena.
It is worth noting that the factory was managed by Arab Swiss Engineering Company (ASEC) under an agreement that ends in June 30th. On May 16th, Misr Cement – Qena reported a 106% year-on-year (YoY) increase in consolidated profit attributable to controlling shareholders during the first quarter (Q1) of 2022, recording 59.631 million EGP. Misr Cement – Qena is engaged in the manufacturing and marketing of cement and cement-related products in Egypt and abroad. The company is involved in the production and distribution of construction materials, as well as dealing in all types of construction supplies and equipment. (Arab Finance)
Telecom Egypt (ETEL) and Irish subsea cables operator Aqua Comms have signed a crossing and landing agreement for the Europe Middle-East India Connect 1 (EMIC-1) subsea cable in Egypt.
The agreement will give internet access to up to 3 billion people and satisfy a growing regional demand for data. EMIC-1 cable will land in Ras Ghareb on the Red Sea and Mediterranean Sea side of Port Said. Both landing stations are connected to more than two diverse terrestrial routes and are equipped with fiber optics. A third marine path will be added under the name of Red Sea Festoon. It will link the Ras Ghareb and Suez landing stations with an option of the Suez Canal Route. It will also connect Port Said and Suez on the bank of the Suez Canal. (Al Mal)
The consolidated net profits of GlaxoSmithKline (GSK Egypt) jumped to 869.16 million EGP in the first quarter (Q1) of 2022, compared to 2.69 million EGP in the year-ago period, including minority shareholders' rights.
The company generated revenues of 370.17 million EGP in the January-March period of 2022, up from 140.04 million EGP in the same quarter of 2021. In Q1-22, the company reported a surge in its standalone net profits to 870.42 million EGP, compared to 22.21 million EGP in the corresponding period of the earlier year. It is noteworthy to mention that in 2021, the unaudited consolidated net profits of GSK Egypt hiked by 454% to 155 million EGP from 28 million EGP in 2020. (Mubasher)