Business News Wrap-up

Egypt 2018/19 budget assumes rate of LE 17.25 to dollar

Egypt’s 2018-2019 budget will assume an exchange rate of LE 17.25 per U.S. dollar and an oil price of 67 dollars a barrel, Prime Minister Sherif Ismail told reporters on Thursday.

Saudi Prince Alwaleed cedes cash distributions from Kingdom Holding

Saudi Prince Alwaleed bin Talal, chairman of Kingdom Holding, has given up full entitlement of his share of proposed annual cash distributions, the company said in a bourse filing on Thursday.

BPE Investments becomes top gainer of 1st trading session in EGX

BPE Holding for Financial Investments was the top gainer of its first trading session in the Egyptian Exchange (EGX) at 9.95 percent.

EGX rallies on Sisi's initial election winning

The Egyptian Exchange (EGX) ended the last session in March with a collective height, amid foreign purchases after the announcement of the initial indicators of the Egyptian presidential election.

Mubasher Trade expects CBE to cut interest rates by 100-200 bps

Mubasher Trade expected the Central Bank of Egypt's Monetary Policy Committee (MPC) meeting to cut the interest rates by 100 to 200 basis points, according to a report issued on Thursday.

Finance Ministry to issue LE 438.7B in T-bonds during Q4

The Finance Ministry plans to issue treasury bonds worth LE 438.750 billion during the fourth quarter (April-June) of the current fiscal year 2017/2018.

Euromoney to hold annual conference in September in Egypt

The global Euromoney Conferences said it would organize its coming conference in Cairo to shed light on the Egyptian economic developments and the available investment potentials.

Dollar exchange rate stable at Egypt's major banks

The US dollar exchange rate was relatively stable at Egypt's major banks on Thursday.

The dollar rate reached LE 17.55 for buying and LE 17.65 for selling at the National Bank of Egypt.

BLOM Bank targets to increase market share in Egypt

Chairman of BLOM Bank Saad Azhari said that the bank’s Egyptian unit allocates 10 percent of the consolidated profit and business volume of the group, emphasizing the importance of the Egyptian market to the group.

100 organizations oversubscribe BPE Investments’ offering

The private offering on BPE Holding for Financial Investments’ shares was oversubscribed by 100 local and international organizations, and high-net worth individuals from several Arab countries, including Kuwait and the UAE, Co-founder of the company Alaa Sabaa said.

BLOM Bank to raise issued, paid capital to LE2B

BLOM Bank Egypt’ extraordinary general assembly agreed to use LE 300 million of the profits to increase the issued and paid capital by 17.6 percent to record LE 2 billion, the bank announced in a press release.