news

Egypt allocates EGP 2bn for road improvement
16 - Sun - Feb - 2020
Egypt allocates EGP 2bn for road improvement
Egypt has provided EGP 2 billion in urgent allocations for fiscal year 2019/2020 to improve road networks inside governorates, the Egyptian minister of finance Mohamed Maait said.The government aims to raise allocations for health, education, and comprehensive health insurance during the coming fiscal year in…
GUPCO plans to raise output to 77,000 bpd in FY20/21
16 - Sun - Feb - 2020
GUPCO plans to raise output to 77,000 bpd in FY20/21
Gulf of Suez Petroleum Company (GUPCO) aims to increase its output to about 77,000 barrels per day (bpd) of crude oil during fiscal year 2020/2021, the company’s chairman Mohamed El-Meligy said.The company’s shareholders approved an estimated budget of $543 million for the coming fiscal year,…
ADIB Egypt’s profit jumps 44% in 2019 initial results
16 - Sun - Feb - 2020
ADIB Egypt’s profit jumps 44% in 2019 initial results
The initial financial results of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) showed a 44% year-on-year profit surge during 2019.The lender reported net profits of EGP 1.228 billion last year, compared to EGP 850.239 million in 2018, according to a statement to the Egyptian Exchange (EGX)…
Hadisolb’s sales dip 43% in H1-19/20
16 - Sun - Feb - 2020
Hadisolb’s sales dip 43% in H1-19/20
The board of directors of the Egyptian Iron and Steel (Hadisolb) announced that the company’s sales fell by 43.4% year-on-year during the first half of fiscal year 2019/2020.Total sales plunged to EGP 362.77 million during the six-month period ended 31 December 2019, compared to EGP 640.89 million…
Bosta secures DPDgroup’s 1st investment in Egypt
16 - Sun - Feb - 2020
Bosta secures DPDgroup’s 1st investment in Egypt
The Egyptian on-demand delivery startup Bosta has raised a multi-million funding in a Series A round of investment from Europe’s second largest parcel delivery network DPDgroup and the Egyptian e-payment platform Fawry.This is the first investment of DPDgroup in the Egyptian market, according to a statement…