Net foreign assets in Egypt’s banking sector rose for a second month running, reaching USD10.2 billion in February, up 17.2% from January’s USD8.7 billion surplus. A narrower deficit at commercial banks helped lift the sector’s external position, with its net foreign asset deficit shrinking to USD1.9 billion in February from USD3.3 billion a month earlier.

Egypt has received a USD1.2 billion disbursement from the IMF as the fourth tranche of its Extended Fund Facility (EFF) program, the Egyptian Cabinet announced.

The Egyptian government paid USD800 million in arrears to foreign oil companies by the end of March, bringing the total amount of overdue payments to oil companies to USD6.3 billion since June.

High-level Egyptian trade delegation will travel to Canada in mid-April as part of efforts to boost Canadian investment and trade with Egypt, Egyptian-Canadian Business Council head said.

Eight OPEC+ countries agreed to raise oil production more than three times originally planned, according to a statement from the group, which includes oil producing giants Saudi Arabia and Russia.

BINV’s consolidated bottom line post minority recorded EGP1.5 billion (+2.87x y/y) in FY24.

BINV’s Board approved of a cash dividend distribution of EGP1.25/share amounting to EGP272.95 million, implying a payout ratio of 28.7% and a dividend yield of 5.4% to be ratified by the AGM.

Bedaya Mortgage Finance, a subsidiary of HRHO, has closed a EGP1.6 billion securitized bond issuance.

United Bank's AGM approved the distribution of cash dividends of EGP825 million to shareholders, which is EGP0.75/share, implying a dividend yield of 5.3%, to be distributed within three months. 

According to AMIC, auto sales rose 4.3% MoM in February to 10.6k units, up slightly from 10.1k units in January. The figure marks a modest rebound from last month’s 22.0% drop. 

ABUK appointed Hany Dahy as the company's Chairman and Managing Director.