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Kuwait and Egypt's non-oil private sectors showed growth in February, with Kuwait's PMI at 51.6 and Egypt's at 50.1, indicating expansion. Despite positive trends, concerns arose over job cuts and cautious business confidence, particularly in Egypt, where firms faced challenges in hiring and retaining staff.
Fawry reported a remarkable 68% revenue increase to EGP 5.51 billion ($121.6 million) for 2024, with net profit soaring 125% to EGP 1.61 billion ($35.5 million), achieving a net profit margin of 29.2%. The growth was primarily driven by Banking Services, which contributed 46.9% to revenue, and a significant expansion in its Financial Services segment, which saw a 137.7% revenue increase. The company plans to launch "Fawry Business" to offer integrated digital solutions for various business sizes.
Islamic banking in Egypt has surged to EGP 1.14 trillion in 2024, marking a 68% increase from the previous year and accounting for 5% of the total banking market. Deposits in Islamic banks reached EGP 738 billion, reflecting a 65% growth, while the sukuk market saw issuances of EGP 100 billion, indicating rising interest in Sharia-compliant financial instruments.
Disrupt.com, a UAE-based venture builder, has committed $100 million to fund AI-first startups, focusing on sectors like AI, cybersecurity, and Web 3.0. This investment comes amid a declining funding market, with Disrupt.com aiming to support founders through hands-on collaboration and operational expertise. Current portfolio highlights include ZigChain and PureSquare, showcasing the firm's commitment to innovation in technology.
Over 5,600 projects worth EGP 27 billion have been completed in Upper Egypt, focusing on improving access to drinking water, sanitation, electricity, and urban development. The initiative, in partnership with the World Bank, has led to significant infrastructure advancements, particularly enhancing business environments in Sohag and Qena by over 20%.
Tasaheel has successfully completed an EGP 7 billion (USD 138M) Modaraba sukuk issuance, aimed at enhancing financial inclusion for underserved businesses in Egypt. The sukuk, which has a 5-year maturity and received an “A” credit rating, will support Tasaheel's growth and its commitment to sustainable financial solutions. This initiative reflects a significant advancement in Egypt's non-bank financial sector, attracting strong investor interest with a subscription coverage ratio of 1.2 times.
Fawry has invested $1.5 million in three Egyptian tech firms—Dirac Systems, Virtual CFO, and Code Zone—acquiring majority stakes to enhance its “Fawry Business” suite. This strategic move aims to strengthen its offerings in enterprise resource planning, financial management, and business automation, supporting the digital transformation and cashless economy in Egypt. The CEOs of the acquired companies view this partnership as a significant opportunity to scale their services and improve efficiency.
United Bank shares surged on their debut on the Egyptian stock exchange, following a 30% stake sale as part of an IMF-backed initiative to enhance the economy through state asset offerings. The shares initially rose by 10%, reaching 15.23 Egyptian pounds, before settling at a 6.5% increase by 10:07 a.m. in Cairo.
The International Monetary Fund's internal watchdog has criticized the organization's approach to granting large loans to distressed countries like Argentina and Egypt. An evaluation covering two decades of lending under the Exceptional Access Policy has led to a set of recommendations, with discussions scheduled for the executive board meeting on Thursday.
Egypt has successfully completed its initial public offering of 30% of United Bank, raising approximately 4.57 billion Egyptian pounds ($91.9 million). This move is part of a broader strategy supported by the International Monetary Fund to divest state assets and stimulate economic growth.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
kuwait and egypt non-oil sectors show growth amid cautious outlook
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09:56 04.03.2025
Fawry reports record revenue and profit growth in 2024 financial results
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Islamic banking in Egypt grows to 1.14 trillion EGP in 2024
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disrupt com commits 100 million to fund ai first startups globally
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14:37 02.03.2025
Over 5600 projects completed in Upper Egypt enhancing infrastructure and services
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Tasaheel raises 138 million dollars through sukuk to enhance financial inclusion
11:28 27.02.2025
Fawry invests 1.5 million dollars to enhance business solutions in Egypt
10:12 26.02.2025
united bank shares surge on egypt exchange after successful state ipo
09:12 10.12.2024
IMF Watchdog Critiques Handling of Large Loans to Troubled Nations
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Egypt Completes United Bank IPO as Asset Sale Strategy Progresses
09:47 04.12.2024
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