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Egypt’s net foreign reserves drop slightly amid IMF talks

Arabiya Capital Staff -
Egypt’s net foreign reserves dropped slightly in August, the central bank said Thursday, as the North African country strives to secure International Monetary Fund...
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Egypt reportedly backing flexible pound amid devaluation calls and IMF talks

Arabiya Capital Staff -
Egypt is now backing a more flexible currency to support its economy, a top-level government official said Tuesday, as the Arab world’s most populous...
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Egypt’s non-oil activity shrinks further in August, says S&P Global

Arabiya Capital Staff -
Egypt’s non-oil private sector activity contracted for the 21st month running in August and the business outlook remains subdued amid growing concerns over the...
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Central Bank of Egypt raises cash withdrawal limits

Arabiya Capital Staff -
The Central Bank of Egypt (CBE) raised the maximum amount of cash customers are allowed to withdraw from their bank accounts and scrapped limits...
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EFG Hermes’ BNPL firm valU acquires HR and payroll platform Paynas

Arabiya Capital Staff -
Egyptian buy now pay later (BNPL) firm valU said Tuesday that it has acquired Paynas, a full-fledged employee management and benefits company that offers...
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Central Bank of Egypt keeps key interest rates unchanged, names acting governor

Arabiya Capital Staff -
The Central Bank of Egypt (CBE) kept its interest rates unchanged on Thursday, a day after Governor Tarek Amer stepped down just over a...
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EFG Hermes signs a $39.2 million sale and leaseback deal with Egypt’s Marakez

Arabiya Capital Staff -
Egyptian universal bank EFG Hermes said Wednesday that its leasing and factoring arm has signed a $39.2 million (EGP 750 million) sale and leaseback...
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UAE’s Chimera Investment acquires a 55.9% stake in Beltone Financial

Arabiya Capital Staff -
Abu Dhabi-based Chimera Investment said Tuesday that it has acquired a controlling stake in Egypt’s Beltone Financial Holding as part of the private investment...
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Saudi wealth fund PIF launches company for Egypt investments

Arabiya Capital Staff -
Saudi Arabia’s Public Investment Fund (PIF) has launched a company that will invest in promising sectors throughout Egypt including financial services, infrastructure as well...
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Bahrain’s Arab Financial Services expands business into Egypt

Arabiya Capital Staff -
Bahrain-based Arab Financial Services (AFS) said Tuesday that it has expanded its regional footprint with the opening of a new office in Egypt as...
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