Nasser Bank introduces a triple savings certificate with the highest return in the market, a return of 15% annually, 14.25% quarterly, and 14% monthly

Newsletter

01 Jun 2022

Nasser Bank introduces a triple savings certificate with the highest return in the market, a return of 15% annually, 14.25% quarterly, and 14% monthly. In this context, Mohamed Ashmawy, Vice Chairman and Managing Director of the bank, indicated that the value of the certificate starts from 1,000 pounds and its multiples, and the return is calculated from the day following the deposit, and it can also be redeemed after six months from the date of its issuance approved by the bank. The Chairman of the Board of Directors of Nasser Social Bank added that it had been decided to keep the prices of cash funds as they are without modification. (Hapi Journal)

Banque Misr and the National Bank of Egypt (NBE) have decided to stop offering their high-yield 18% certificates of deposit (CDs) as of Monday, May 30th, after achieving sales of 750 billion EGP,
according to Chairman of Banque Misr Mohamed El-Etreby and Deputy Chairman of NBE Yehia Abou El Fettouh. Both banks have raised the annual fixed rate of the El Tholatheya certificate to 14% from 11% to be paid monthly as of May 30th, the officials highlighted, adding that the 14% CDs has a three-year tenor. The owners of Banque Misr's Talat Harb CDs will still receive the fixed yields at their bank accounts until the certificates’ maturity date. It is worth noting that the bank offers Al Qimma CDs with an annual fixed interest rate of 14% that is paid monthly, with a tenor of three years. (Masrawy)
Egypt natural gas and LNG export revenues grew 98% y-o-y in the first four months of 2022 to record 3.89 billion USD, according to the Oil Ministry.
Meanwhile, our 2021 revenues from natural gas exports jumped 768% y-o-y to 3.96 billion USD, according to the data. The rise comes as the government is pushing to ramp up its exports of liquefied natural gas, particularly to the EU amid its energy crunch on the back of the war in Ukraine. (Reuters)
Saudi Arabia-based Etihad Etisalat Company (Mobily) has inked a memorandum of understanding (MoU) with Telecom Egypt to establish the first submarine cable system that directly connects the Kingdom to Egypt.
Through the new system, both companies seek to meet the rising communication traffic and demands between Saudi Arabia and Egypt. The agreement also highlights new ways to connect international capacity to Europe in the west through Telecom Egypt's network and to the GCC in the east through Mobily's network. This objective will be achieved by expanding the two companies' networks and connecting them to neighboring countries. (Mubasher)
Siemens Egypt has signed a memorandum of understanding (MoU) with Petrojet to join forces in implementing projects within the petroleum, infrastructure, utilities, and water sectors in Egypt.
Under the MoU, the two companies will jointly explore new potential business opportunities within the framework of the Egyptian Ministry of Petroleum and Mineral Resources’s strategy aiming to digitize the oil sector in line with Egypt Vision 2030. (Arab Finance)
Global interest in green hydrogen production has been gathering steam over the last year and nowhere more so than in Egypt, where the government has begun making moves to capitalize on the investment momentum ahead of COP27 by establishing the Suez Canal Economic Zone (SCZone) as a regional green energy hub.
Global companies have inked 10 billion USD worth of preliminary agreements for green ammonia and hydrogen projects in Ain Sokhna in the past three months alone and we’re expecting more where that came from. Hydrogen itself is a zero-carbon energy source but 95% of the world’s hydrogen is produced from fossil gas and coal. Hydrogen is produced by passing an electric current through water (electrolysis) to split the hydrogen from the oxygen. The resulting hydrogen is “green” only if the electricity used is generated from renewables. Check out our recent explainer if you want to know more. (Bloomberg Asharq)
Moving to our EGX and companies talks, Egypt Gas (EGAS) reported a 1,200.8% year-on-year (YoY) surge in net profit after tax for the first quarter (Q1) of 2022.
Net profit after tax stood at 75.88 million EGP in Q1 2022, versus 5.83 million EGP in Q1 2021. Operating revenues amounted to 1.25 billion EGP in the three-month period ended March 31st, up to 978.97 million EGP in the same quarter last year. In 2021, the company achieved a net profit after tax of 165.828 million EGP, up from 84.665 million EGP in 2020. Egypt Gas is an Egypt-based shareholding company engaged in the design, installation, operation, and maintenance of natural gas distribution networks and pressure reduction stations for domestic, commercial, and industrial applications. (EGX)
Swvl Holdings is carrying out a portfolio optimization program to improve efficiency, cut central costs, and accelerate profitability to achieve positive cash flow in 2023.
With its recent acquisitions of Transport as a Service (TaaS) and Software as a Service (SaaS) businesses, along with Viapool, Volt Lines, Shotl, and pending takeover of door2door, Swvl will focus on its highest profitability operations. The company’s portfolio optimization program involves maintaining the organic and inorganic business of TaaS and SaaS across all geographies of operations, with a main focus on B2C business in Egypt and Pakistan. The program also covers the optimization of B2C route networks in specific cities, while continuing investment in the development of Swvl’s proprietary technology stack. Moreover, the company is projected to reduce its headcount by nearly 32%, particularly in roles that were automated by investments in its engineering and product and support functions. The company also aims to offer monetary, non-monetary, and job replacement support to assist the transition of some employees to new roles. (EGX)
Telecom Egypt (ETEL) posted a 35.8% year-on-year (YoY) decline in consolidated net profit attributable to the holding company for the first quarter (Q1) of 2022.
Consolidated net profits excluding minority interest amounted to 1.36 billion EGP in Q1 2022, compared to 2.12 billion EGP in Q1 2021. The company achieved consolidated operating revenues of 9.41 billion EGP in the three-month period ended March 31st, up from 8.39 billion EGP in the year-ago period. Meanwhile, the company’s standalone net profit after tax fell to 654.34 million EGP in Q1 2022 from 1.84 billion EGP in the same quarter a year earlier, according to the standalone income statement. (EGX)
Paragon Developments has completed selling 50% of the Paragon 2 project in the Administrative Capital.
Mohamed Badir, Chairman of the Board of Directors of Paragon Real Estate Development, revealed that the sale of 50% of the company’s second project in the administrative capital “Paragon 2” had been completed within a month and a half of the project’s launch, after the full completion of the sale of its first sustainable project, Paragon 1 “, which has been achieved since It was launched in the Egyptian market, with a great turnout from customers. It is the first environmentally friendly smart building designed according to the highest environmental, technical and engineering standards in the most distinguished locations in the heart of the financial district of the capital. (Property Plus)
Cairo Angels Syndicate Fund (CASF) is investing a 6 million USD investment in Africa-focused fintech startup Finclusion Group, which uses AI to provide financial services products.
This is CASF’s second investment outside of Egypt and their third fintech investment. The startup is looking to drive financial inclusion by providing financial tools such as earned-wage access, buy-now-pay-later options, and direct credit to its clients in South Africa, Eswatini, Namibia, Kenya, and Tanzania. Finclusion also hopes to build the first pan-African neo bank. The company has raised 40 million USD since September: Earlier this year, the company raised 20 million USD in debt and equity pre-series A financing, just four months after closing a 20 million USD funding round led by fintech debt financing provider Lendable. The VC fund participated in Orcas’ 2.1 million USD pre-series A round and made a second investment in scientific research startup Nawah Scientific. (Enterprise)