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PHD, Sarwa Capital announce closing of EGP 760m securitisation bonds

Palm Hills Developments (PHD) and Sarwa Capital (Sarwa) announce the closing of the latest issue of securitisation bond for PHD, backed by the receivables portfolio’s net present value which stood at EGP 609m, after applying a discount rate of 16.04% on the gross receivables portfolio of EGP 760m, calculated based on the average coupon of …

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Signify to install Li-Fi technology in Egypt within upcoming 3 years

Signify, previously Philips Lighting, considers Egypt as an important regional hub to increase its exports to North and East Africa in the company’s growth plans for 2019. The company won a deal to install its smart lighting systems at five stadiums in Egypt where the African Cup of Nations 2019 will be held. The company’s …

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Digital Nation 6 showcases latest developments in ICT sector in Egypt

The 6th round of the annual conference of the Chamber of Information Technology and Communications (CIT) ‘Digital Nation 6’, has launched with the participation of the Minister of Communications and Information Technology, Amr Talaat, and the Minister of Investment and International Cooperation, Sahar Nasr, and the CIT Chairperson, Waleed Gad, and around 100 ICT investment …

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Finance Minister Mohamed Moeit

Finance Ministry provides EGP 10.2bn as urgent allocations in different sectors

The Minister of Finance, Mohamed Moeit, approved on Tuesday EGP 10.2bn as urgent allocations for both months January and February, to the General Authority for Supply Commodities (GASC), the Egyptian National Railways (ENR), the General Authority for Health Insurance (GAHI), and the National Media Authority (NMA). “The allocations included EGP 8bn for the GASC, which …

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Narrative Disruptors 2019 to kick off mid-April under auspices of MCIT

Narrative Disruptors, Egypt’s first international tech innovation forum, will take place in Cairo in the middle of April under the auspices of Egypt’s Minister of Communications and Information Technology, Amr Talaat. The summit is organised by Egyptian CC Plus firm in cooperation with leading digital solutions provider VictoryLink. It is a side-forum of international public relations gathering Narrative …

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Palm Hills increases its sales by 18% in FY 18

Palm Hills Developments has achieved EGP 12.5bn sales in its project with an increase of 18% Y-o-Y, according to consolidated financial statements for the last quarter (Q4) of 2018. The statement said that the company has succeeded in selling 3,102 units in fiscal year (FY) 2018, compared to 2,136 units in FY 2017. The company …

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Kom El-Shoqafa archaeological site fully renovated

Saving hundreds of rare relics from drowning, the Ministry of Antiquities announced completing the restoration of Kom El-Shoqafa archaeological site in Alexandria. The renovation process included lowering underground water that was threatening the relics in the tombs. The restoration was conducted with the help of the United States Agency for International Development (USAID) and the …

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Sarwa Capital obtains licences to commence insurance business

Sarwa Capital Holding for financial investments, announced on Monday the receipt of the requisite licences from the Financial Regulatory Authority (FRA) in order to commence offering life and general insurance products. Accordingly, two new companies will be commenced, Sarwa Insurance Company, which will provide property and liability insurance, and Sarwa Life Insurance Company, which will …

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LNA seizes control of areas in Libya’s southern border

The Libyan National Army (LNA) said that it seized control of Libya’s southern border with Algeria, according to the spokesperson for the army, Ahmed Al-Mismari. He added that the forces entered several southern towns, including Ghat and Awayna during the previous week, with the aim of countering terrorists and criminals.   In a recent development …

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Bouteflika vows not to complete 5th term, if re-elected

Algerian President Abdelaziz Bouteflika promised to call for early election within one year if re-elected for a fifth time in April, Algerian state-run TV channel said on Sunday night. Bouteflika, who is currently receiving medical care in Switzerland, has ruled the country since 1999 and is currently bidding for a fifth term despite his deteriorating health. This …

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SWF regulations to come into force immediately: planning minister

The issued framework for the planned EGP 200bn sovereign wealth fund (SWF), will come into force immediately, according to a report issued by the Minister of Planning and Administrative Reform, Hala Al-Saeed, on Sunday. According to the regulations published on Saturday in the Official Gazette, the fund, entitled “Misr Fund” would be an independent body …

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