The foundation stated that it decided to offer Hassan and the NGO support in Egypt after a travel ban prevented her from attending the official award ceremony in Stockholm on 25 November 2016. The women rights advocate has faced other sanctions, including assets being frozen after being interrogated in the NGO’s foreign funding case launched in 2011 and re-opened in March last year. Several civil society workers have faced similar sanctions and trials. Adding that although she believes the presence of independent civil society in Egypt is under threat, Hassan said she had faith in the new generation to pursue the cause. Many human rights defenders attended Saturday’s ceremony, in addition to politicians and foreign parliamentary members.
Armed forces affiliated to the second field army on Sunday morning managed to kill five militants in an operation that took place in North Sinai. The killed militants included a leading figure of ”Sinai Province,” the army spokesperson said in a statement. Meanwhile, the southern part of Al-Arish in North Sinai witnessed an IED explosion, targeting an armoured police vehicle in the region of “Al Hasna” near central Sinai. Since 2013, state security forces, represented by both the army and the police, have been engaged in violent clashes with Sinai Province, known previously as Ansar Beit Al-Maqdis. In 2014, the group declared its affiliation to IS and has launched deadly attacks on army and police checkpoints.
El Oteifi stressed that the specialised body announced earlier by the president to support SMEs is a great necessity for the growth of these projects. She stressed that the EBI exerts great efforts to train projects owners and qualify them for the obtainment of financing. It was established in 2009 with a decision by the CBE to help support owners of SMEs obtain financing. How are SMEs owners trained by the unit? Moreover, the Egyptian Credit Bureau, I-Score, must have a department specialised in SMEs to help banks in the processes of inquiring.
An official at the Egyptian Starch and Glucose Company said that the company decided to sell Tora store’s land, as it is not linked to the factory of the company. He explained that Helwan Agriculture Road separates the store’s land from the Tora factory, so it can be sold as it’s not part of the factory’s land. The company’s sales increased during 2016 to EGP 642m compared to EGP 430.6m in 2015, a growth of 49%. The growth of sales was incapable of supporting the net profit due to the inflated expenses, whether financing expenses or expenses needed for operations. The company’s profits declined in the fourth quarter of 2016 by a 99% ratio, a net profit value of EGP 110,000, compared to a profit value of EGP 13.2m in the fourth quarter of 2015.
Eman Sadek, the director of investor relations at RECAP Financial Investments—the real estate arm of Naeem Holding—said that the due diligence examination for a partnership with Wadi Degla Developments is set to be completed this year. She added that the due diligence examination will determine the appropriate form of this strategic alliance. The partnership aims to employ the assets, cash, and expertise of the two companies to expand in real estate projects. Wadi Degla Developments is specialised in developing real estate projects, and it owns land in Cairo, Ain Sokhna, Hurghada, and the North Coast. The company operates in the real estate field, as well as the formation and management of securities portfolios.
The Egyptian stock exchange (EGX) will list MM Group for Industry and International Trade on Sunday, marking the first initial public offering (IPO) in 2017. According to the fair value of MM Group’s shares, the estimated total net profit this year would reach EGP 258.46m, with a price of EGP 0.65 per share. The purchase price is set at the offering price and the account to be opened in the Arab African Bank (AAB). It also expected to achieve a growth of 25% during this year, to reach EGP 5.8bn, with expectations to reach EGP 6.89bn in 2018. The sales of Samsung represent 60% of the company’s revenues, equivalent to EGP 2.79bn, with expectations to reach EGP 3.767bn this year, recording 65% of the company’s estimated sales in 2017.
The cabinet has approved the postponement of the capital gains tax for three years that star in May. He pointed out that the increase of trading volume with the market’s decline, and the decrease of trading with an improvement in the market predicts a strong decline. He expected this week to witness profit collection starting on Monday with the level of 12,000 points in light of the sideways movement of the market. Shehata explained that breaking the sideways trend of the market depends on new awaited offerings. However, it managed to reduce its losses and ended last week’s session at the level of EGP 77.03.
The Arab Bank has increased the number of its branches in Egypt to 41 after the inauguration of its most recent branch in Giza. Sherif Elwy, chairperson of the Arab Bank in Egypt, said that the opening of the new branch is part of the bank’s strategy to enhance its local spread and its commitment to being the closest and best choice to all of its clients. This local spread represents one of the many channels to communicate with the bank’s clients. Other ways include ATMs, online banking through “Arabi Online,” and smart phone application “Arabi Mobile.”According to Dina Zekry, head of the banking services department for individuals at the bank, the new branch offers an integrated group of banking services to clients, which depends on modern technologies, whether for opening accounts regardless of their type or on the level of the bundle of electronic banking services. The Arab Bank has been working in Egypt since 1944, and is also present in 27 other countries through 600 branches.
QNB ALAHLI and global payments technology company Visa are launching mVisa, a seamless and secure mobile solution for instant cashless payments, in Egypt. QNB ALAHLI is the first bank to offer the mVisa service in Egypt. QNB ALAHLI business customers can now register for a unique Merchant ID. It will be launched commercially very soon for all QNB ALAHLI cardholders, merchants, and companies. Following mVisa’s successful adoption in three markets, and now Egypt, Visa announced earlier this year that it would be rolling out mVisa in six additional markets.
The United Bank launched last week a self-inquiry credit service through its website and 200 ATMs, becoming the first bank in the Egyptian market to launch this smart digital system. He noted that the service is characterised for the speed of obtaining required information instantly and the ability to keep them. The credit report issued by the bank, whether through the internet or ATMs, contain a credit score that reflects the information recorded by Egyptian credit bureau I-Score. According to El Kady, bank customers can obtain this service on the condition that the client or company have an account on the internet banking portal available on the bank’s website or use a bank card. El Kady noted that the bank has taken great steps towards updating the computer’s main system using the latest application by Misys, the Fusion Banking Equation.
Banks working in the Egyptian market achieved net profits of EGP 53.066bn during the period until December 2016, according to the Central Bank of Egypt (CBE). The CBE revealed in its report that the five largest banks working in Egypt have acquired about 42.66% of the total profits, recording EGP 22.641bn. It added that the 10 largest banks’ net profits reached EGP 33.866bn, equivalent to 63.81% of total profits. The net yield achieved by the banks operating in Egypt until the end of December 2016 reached EGP 100.388bn. The share of the 10 largest banks reached EGP 68.614bn, equivalent to 68.34%, while the five largest banks recorded net yields of EGP 50.156bn, equivalent to 49.96% of the banks’ total yields.
The meeting included Tarek Asaad, co-founder of Algebra Ventures, to discuss financing the member companies of the division through Algebra’s fund. Hassan said that the division is focusing on all members, especially startups that need finances or support, whether cash support or moral support, represented in consulting, marketing, and methods to reach the target markets. Algebra Ventures specialises in pumping investments to technological startups, which enjoy high added value. The company is preparing to start pumping investments into the Egyptian companies during 2017. This comes in light of the instructions of Minister of Communications and Information Technology Yasser El-Qadi to support startups and entrepreneurs and resolve their problems, following the success of the companies that took part in the Las Vegas exhibition.
Metropolitan Egypt for Consulting has contracted with Infinity Energy Systems to collect financing worth EGP 10m to establish a solar energy plant in Aswan, according to Khaled Nagaty, chairperson of Metropolitan. Infinity has recently completed the establishment of a new company to build a 50MW solar power plant with a capital of EGP 16m. According to Nagaty, the collection of financing needed for clients was discussed and agreed on with Infinity, making Metropolitan Egypt the financing consultant for similar companies. Solving financing troubles is one of the main problems these companies are facing. According to Yasser Kamal, credit supervisor at Metropolitan Egypt, the company aims to finance Infinity from foreign investment funds specialised in financing solar and renewable energy projects.
On Saturday, Egyptian and Emirati armed forces continued the joint military exercise “Zayed 2”, in which both countries’ ground, aerial, and naval forces participated. The joint military exercise is part of the Egyptian army’s annual training plan, according to a statement by the army spokesperson. Additionally, both sides’ air force participated in an air show during the military drill, the statement added. The joint military exercise between Egypt and the UAE started on 12 March, when forces from the Egyptian infantry, navy, and air force went to Bahrain and the UAE to participate in a joint military exercise between the three countries. “Rapid intervention and special operations forces will participate effectively in the joint military exercise, which will include a number of military activities and experts’ exchange of information regarding naval and aerial fighting,” the statement read.
Egyptian Foreign Affairs Minister Sameh Shoukry returns to Cairo after concluding meetings of the coalition against Islamic State (IS) in Washington. During his visit, Shoukry attended the coalition meetings and met with US security figures and prominent intellectuals on the sidelines of the coalition. He also attended United Nations (UN) Security Council meetings. The coalition, which was the core of Shoukry’s visit, aimed at finding new solutions and ideas for fighting IS. During the coalition meetings, Shoukry explained Egypt’s views on terrorism and confirmed the necessity of adopting a comprehensive intellectual, organisational, and security approach to deal with the various dimensions of terrorism.