News / Business

EBRD Gives USD 12 mn Loan to Al Dau Al Haram for Hyatt Regency Hotel

The European Bank for Reconstruction and Development (EBRD) has extended a USD 12 mn (EGP 190.1 mn) long-term loan to Al Dau Al Haram for Hotel Operations for the regeneration of a brownfield site into a Hyatt Regency-branded hotel in west Cairo.

Elsewedy Technical Academy Inks MoU to Boost Vocational Education

Elsewedy Technical Academy (STA) has announced the signing of a memorandum of understanding (MoU) with the Egyptian German Technical Academy (EGT Academy) to support technical and vocational education and training (TVET) in Egypt and MENA region.

Majid Al Futtaim, valU to Jointly Present ‘Buy-Now-Pay-Later’ Services

UAE-based retail conglomerate Majid Al Futtaim has partnered with EFG Hermes’ fintech arm valU to provide shoppers with monthly installment plans of up to five years through the latter's e-commerce platform.

Dubai Property Prices Drop 0.9%, Rents Fall 6.9% in Q3 2020

The Central Bank of the UAE (CBUAE) has reported that residential prices in Dubai dropped 0.9% YoY in Q3 2020, referring to inexorable pressure from the ongoing Coronavirus crisis.

MetLife to Offer Insurance Solutions Through ADIB

MetLife has announced its partnership with Abu Dhabi Islamic Bank - Egypt (ADIB) to provide comprehensive life insurance solutions through ADIB’s diverse distribution channels and network of at least 69 branches across the country.

Dubai’s Resale Home Deals Hit 7-Yr High: Property Finder

The latest data by Property Finder Group shows Dubai's resale home deals have hit the highest record in almost seven years, with 2,179 transactions sealed in just one month.

Moody’s Keeps Egypt Credit Rating at B2 Thanks to Economic Strength

Moody’s Investors Service has kept Egypt’s credit profile at “B2 stable,” with a stable outlook underpinned by the country's economic strength.

Egyptian Expats’ Remittances Rise 19.6% From July to September: CBE

The Central Bank of Egypt (CBE) has uncovered that remittances sent home by Egyptian expats inched up by 19.6% YoY, or USD 1.3 bn (EGP 20.4 bn), during the first quarter of FY 2020/21.

NBK Sees COVID-19 Scars on Egyptian Economy Worn Off

The National Bank of Kuwait (NBK) has recently found that the Egyptian economy’s performance promises hopeful prospects, as the worst repercussions of the novel COVID-19 crisis wears off.

Businesses to Return to Pre-Corona Profit Levels Before 2023: HSBC

Results of a recent HSBC poll show that almost nine in 10 (89%) Egyptian businesses forecast revenue growth in 2021, whereas 83% foresee their bottom lines to bounce back to pre-Coronavirus levels by the end of 2022.

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