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9 February 2025 10:09 AM Global tech event LEAP 2025 kicks off in Saudi Arabia
Riyadh – Mubasher: The fourth edition of the LEAP 2025 Tech Conference kicked off on Sunday, 9 February, at the Riyadh Exhibition and Convention Center in Malham under the theme ‘Into New Worlds’. Held by the Ministry of Communications and …
Global Economy
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9 February 2025 09:10 AM Dana Gas ends 2024 with positive performance following Egypt’s consolidated concession deal
Abu Dhabi – Mubasher: The net profits of Dana Gas fell by 6% year-on-year (YoY) to $151 million (AED 553 million) in 2024 from $160 million (AED 586 million). The revenues grew by 5% in 2024, recording $445 million (AED 1.63 billion), compared to …
Financial Results
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9 February 2025 08:27 AM CBE unveils EGP 65bn T-bills on Sunday
Cairo - Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) at a total value of EGP 65 billion through two tranches on Sunday, 9 February. The first auction was valued at EGP 30 billion and will mature in 91 days on 13 May …
Macroeconomics
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6 February 2025 08:29 PM Egypt Gas registers 9% higher revenues in 2024; profits near EGP 291m
Cairo – Mubasher: Egypt Gas posted 70.40% year-on-year (YoY) higher net profits at EGP 290.73 million in 2024, compared to EGP 170.59 million in 2023. The revenues hit EGP 7.50 billion as of 31 December 2024, up 9.25% year-on-year (YoY) from EGP …
Financial Results
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6 February 2025 07:13 PM Abu Qir Fertilizers posts EGP 4.4bn standalone profits in H1-24/25
Cairo – Mubasher: Abu Qir Fertilizers logged standalone net profits after tax amounting to EGP 4.44 billion in the first half (H1) of fiscal year (FY) 2024/2025, an annual rise of 11.89% from EGP 3.98 billion. The sales hit EGP 10.24 billion as of …
Financial Results
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6 February 2025 04:03 PM Retail event 2025 RLC Global Forum concludes in Saudi Arabia
Riyadh – Mubasher: The 2025 RLC Global Forum wrapped up in Riyadh on 5 February after two days of high-level discussions, bringing together leaders from across the retail value chain, according to a press release. The event brought together …
Global Economy
Capital Markets Forum Riyadh 2025
6 February 2025 02:26 PM Riyadh to host 5th Capital Markets Forum under Powering Connections theme
Riyadh – Mubasher: Saudi Tadawul Group has announced its flagship event Capital Markets Forum (CMF) which will take place for three days in Riyadh under the theme ‘Powering Connections’, according to a press release. The event will be held under …
Global Economy
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6 February 2025 06:18 AM Al Ramz drives regional expansion by supporting market-making operations in Oman
Dubai – Mubasher: The Muscat Stock Exchange (MSX) granted Al Ramz Corporation Investment and Development a market maker licence to support its regional expansion strategy, according to a press release. This move anchors Al Ramz’s position as a key …
Global Economy
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6 February 2025 05:55 AM CBE offers T-bills worth EGP 80bn end-week
Cairo - Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) at a combined value of EGP 80 billion through two issues on Thursday, 6 February. The first issue was valued at EGP 40 billion and will mature in 182 days on 12 …
Treasury Bills
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5 February 2025 07:48 PM Crédit Agricole Egypt’s consolidated profits leap 55.5% in 2024; deposits exceed EGP 95.4bn
Cairo – Mubasher: Crédit Agricole Egypt witnessed 55.43% year-on-year (YoY) higher consolidated net profits at EGP 8.03 billion in 2024, compared to EGP 5.16 billion. The EGX-listed lender reported interest income amounting to EGP 17.94 at the end …
Banking and Finance
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5 February 2025 03:08 PM UAE, Saudi Arabia lead MENA’s e-commerce growth in 2024
Mubasher: The e-commerce sector in the MENA region, valued at $1.80 billion, grew by 30% in 2024, according to a joint report by Flowwow and Admitad. The market witnessed online orders growth in 2024, with 7% increases in the UAE and 9% in Saudi …
Global Economy
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5 February 2025 02:52 PM Beltone VC collaborates with LNKO to boost expansion plans
Cairo – Mubasher: Beltone Venture Capital (VC), a subsidiary of the listed Beltone Holding, has made a strategic equity investment in LNKO, a trendsetting omni-channel D2C eyewear startup. The partnership comes as part of Beltone VC’s ongoing …
Global Economy
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5 February 2025 09:48 AM Cairo-based Khazna to boost Saudi expansion via $16m funding
Cairo – Mubasher: Egypt-based fintech Khazna has closed a $16 million pre-Series B funding round to fuel its growth by applying for a digital banking license in Egypt and expanding into the Saudi market. The fundraising transaction was led by …
Companies Investments
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4 February 2025 06:28 PM Raydan Food liquidates Egypt unit to avoid currency exchange losses
Riyadh – Mubasher: Raydan Food Company commenced the liquidation procedures for its subsidiary in Egypt to avoid currency exchange losses, according to a bourse filing. Raydan Egypt, a fully-owned subsidiary with a capital of EGP 50,000, will …
Companies Investments
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4 February 2025 04:47 PM qeen.ai secures largest seed investments in MENA; total funding reaches $12m
UAE – Mubasher: Dubai-based AI startup qeen.ai has raised one of the largest seed investments in the MENA region to date, securing $10 million in funding, according to a press release. The fundraising transaction was led by Prosus Ventures, with …
Companies Investments
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4 February 2025 01:09 PM Egypt’s non-oil sector begins 2025 with growth; PMI up to 50.7 in January
Cairo – Mubasher: The headline seasonally adjusted Purchasing Managers’ Index (PMI) of Egypt increased to 50.7 in January 2025 from 48.1 in December 2024, according to the latest S&P Global PMI data. The non-oil private sector expanded in January, …
Sector Reports
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3 February 2025 09:06 PM Beltone generates over EGP 1.7bn consolidated net profit in 2024; revenue hits EGP 7.4bn
Cairo – Mubasher: Beltone Holding recorded a consolidated net profit of EGP 1.78 billion in 2024, marking a 383.47% leap from EGP 369.22 million in 2023. The consolidated revenues surged by 296.82% year-on-year (YoY) to EGP 7.42 billion during the …
Banking and Finance
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3 February 2025 06:11 PM Myne secures $2m funding to fuel expansion in MENA
UAE – Mubasher: UAE-based fintech Myne has closed a $2 million pre-seed funding round, led by Scene Holding, Raz Holding, with participation from Plus VC, the most active VC in the MENA. The funding will support Myne’s strategy of redefining how …
Companies Investments
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3 February 2025 04:56 PM BKN301 launches regional office in Qatar to foster MENA’s digital solutions
Mubasher: BKN301 Group, a London-based banking as a service (BaaS) technology provider, has launched an office in Qatar, serving as the company’s regional headquarters (HQ) for the MENA region. This move aligns with BKN301’s development strategy …
Global Economy
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3 February 2025 01:31 PM ADNOC mulls creating global polyolefins group
Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) has confirmed negotiations with OMV AG about setting up a new global polyolefins group, according to a bourse filing. ADNCO proposed acquiring Nova Chemicals Corporation from Mubadala …
Global Economy
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3 February 2025 09:27 AM ADNOC’s TA’ZIZ unveils world’s largest methanol plants via $1.7bn award
UAE – Mubasher: TA’ZIZ, a joint venture (JV) between ADNOC and ADQ, has awarded a contract worth $1.70 billion (AED 6.20 billion) to SAMSUNG E&A for the construction of one of the world’s largest methanol plants in Al Ruwais Industrial City. The …
Companies Investments
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3 February 2025 08:27 AM CBE auctions EGP 14bn debt instruments over 4 issues
Cairo – Mubasher: The Central Bank of Egypt (CBE) issued fixed treasury bonds (T-bonds) worth EGP 10.50 billion through two auctions on Monday, 27 January 2025. The first tranche stood at EGP 2.50 billion and will mature in two years on 4 February …
Central Banks
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2 February 2025 07:27 PM Egyptian startup Simplex raises $13m investment to build CNC factory in Saudi Arabia
Mubasher: Simplex, an Egypt-based startup in the field of computer numerical control (CNC) machine manufacturing, secured $13 million to open a factory on a 20,000 square-metre site in Riyadh, according to a press release. The establishment of the …
Global Economy
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2 February 2025 11:50 AM NMDC Energy delivers 80% higher net profits in 2024 due to global expansion
Abu Dhabi – Mubasher: NMDC Energy, a subsidiary of National Marine Dredging Company (NMDC), registered AED 1.40 billion in net profit during the 12-month period that ended on 31 December 2024. The annual earnings were higher by 80% than AED 780.42 …
Global Economy
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2 February 2025 09:53 AM Jarir’s sales cross SAR 10.8bn in 2024; net income affected by Egyptian pound devaluation
Riyadh – Mubasher: Jarir Marketing Company (Jarir Bookstores) recorded net profits valued at SAR 974 million in 2024, up 0.10% from SAR 973 million in the January-December 2023 period. The sales increased by 2.23% year-on-year (YoY) to SAR 10.83 …
Financial Results