RIYADH: Saudi-based United Electronics Co, known as extra, to inject one billion Egyptian pounds ($64 million) as an initial investment for a fully owned subsidiary in Egypt, marking its first expansion outside the Gulf Cooperation Council, Arab News quoted the company, as saying, in a bourse filing. The expansion in Egypt will be financed entirely from the … Read more
RIYADH: Egypt has ordered a state-owned company to work with a Chinese firm to build affordable electric vehicles priced at 315,000 Egyptian pounds ($20,000), Arab News reported. The Egyptian authorities have approached three potential companies to partner with the state-owned automobile company El Nasr Automotive Manufacturing on the project. It aims at investing 2 billion Egyptian pounds, Bloomberg reported, … Read more
CAIRO: Egypt’s largest steel producer Al Ezz Dekheila purchased 18 per cent of Egyptian Steel Company’s total equity in a deal worth 2.5 billion Egyptian pounds ($160 million), Arab News reported. The purchase has been made from the founding partner Ahmed Abou Hashima and his company Egyptian Steel, according to an EGX filing. The fair value of … Read more
CAIRO: The Central Bank of Egypt will issue 9.5 billion Egyptian pounds ($604.3 million) in treasury bonds to finance the country’s budget deficit, Arab News reported. The T-bonds will be issued in coordination with the Finance Ministry. In a statement posted on its website, the central bank said the value of the first offering is 8 billion … Read more
