USD rate still below EGP 50-mark at Egyptian banks
Arab Finance: The exchange rate of the US dollar to the Egyptian pound remained below the EGP 50 mark on Wednesday, hitting EGP 49.8 for buying and EGP 49.9 for selling at Banque Misr at 12:10 PM.
The dollar rate stood at EGP 49.8 for purchasing and EGP 49.9 for selling at the National Bank of Egypt (NBE) at 2:15 pm.
Likewise, the US dollar traded at EGP 49.8 for buying and EGP 49.9 for selling at the Commercial International Bank Egypt (CIB).
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
Egypt urged to establish real estate regulatory authority to boost market transparency, attract FDI
Egypt - Mohamed Fouad, real estate expert and member of the British Egyptian Business Association (BEBA), has urged the urgent establishment of an independent Real Estate Regulatory Authority (RERA) in Egypt. He emphasized that such a body, modeled on successful international experiences in countries like the UAE and India, is crucial for creating a structured and transparent legal framework for real estate transactions. Fouad explained that RERA plays a central regulatory and legislative role in mature markets. It safeguards the interests of buyers, investors, and developers by issuing licenses, enforcing compliance, ensuring transparency, and overseeing project implementation according to approved timelines and budgets. 'In markets witnessing rapid urban expansion and increasing investment flows—such as Egypt—an independent regulatory authority is no longer optional; it's a strategic necessity,' Fouad stated. He highlighted that the absence of a unified regulatory entity in Egypt has led to overlapping roles between institutions, resulting in delivery delays, contractual disputes, and inconsistent enforcement. A RERA-style authority, he said, would bring order to the sector by clearly defining the roles and responsibilities of key stakeholders: the government, developers, and buyers. Such a body would also bolster investor confidence, both local and international, by ensuring accountability and reducing risks. Regulatory oversight would include developer classification based on financial and technical criteria, stricter controls on marketing and advertising, and protection of buyers from fraudulent or stalled projects. Fouad cited Dubai's RERA as a global benchmark, noting how it has transformed the city into a trusted international hub for real estate investment. He also pointed to India's experience, where the implementation of RERA reduced legal disputes by over 60% in its early years. Without an independent authority, Fouad warned, the Egyptian real estate market remains exposed to mismanagement, undermining its attractiveness to foreign investors—particularly Egyptians living abroad who demand a clear, reliable legal framework. He proposed that the new Egyptian RERA be established under the Prime Minister's office or the Ministry of Housing, in cooperation with the Central Bank of Egypt and the Financial Regulatory Authority. It should have wide-ranging legal and supervisory powers, including dedicated departments for licensing, compliance, evaluation, and dispute resolution. Fouad also stressed the importance of launching a unified digital platform to centralize information on licensed real estate projects. This platform would provide real-time updates on implementation status, developer credentials, licensing and contract details, and facilitate electronic applications and transactions—supporting Egypt's broader digital transformation strategy. In conclusion, Fouad reiterated that the creation of a Real Estate Regulatory Authority in Egypt is a national imperative. It is key to achieving transparency, safeguarding stakeholders' rights, and turning the Egyptian real estate market into a sustainable, globally competitive investment destination capable of attracting foreign currency and exporting real estate. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
3 hours ago
- Zawya
Mideast Stocks: Most Gulf markets in red on US tariff uncertainty
Most stock markets in the Gulf ended lower on Sunday as U.S. President Donald Trump's comments accusing China of breaking a bilateral trade deal added to uncertainty over tariffs. Trump has also announced plans to double worldwide steel and aluminium tariffs to 50%. Later said he would speak to his Chinese counterpart to "hopefully" work out differences. A federal appeals court last week temporarily reinstated the most sweeping of Trump's tariffs, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them. Saudi Arabia's benchmark index dropped 1.5%, weighed down by a 2.2% slide in Al Rajhi Bank and a 0.9% decrease in Saudi National Bank. Elsewhere, oil company Saudi Aramco eased 0.7%. Aramco has published a new prospectus for its issuance programme of Islamic bonds or sukuk, signalling the state oil group may soon tap the debt markets again after it raised $5 billion from a three-part bond sale this week. In Qatar, the index gained 0.4%, ending a five-session losing streak, helped by a 1.1% rise in the Gulf's biggest lender Qatar National Bank. Outside the Gulf, Egypt's blue-chip index dropped 0.6%, hit by a 2.7% retreat in Commercial International Bank. (Reporting by Ateeq Shariff in Bengaluru. Editing by Jane Merriman)
Zawya
16 hours ago
- Zawya
Siemens Mobility and Egyptian National Railways put Zagazig Station into service
Cairo, Egypt – Siemens Mobility, in partnership with Egyptian National Railways (ENR), announces the inauguration of the new signaling Building at Zagazig Station, marking a major milestone in Egypt's nationwide railway modernization efforts. This event comes as part of the directive from H.E. President Abdel Fattah El-Sisi to accelerate the upgrade of railway signaling systems and enhance overall safety and efficiency across the country's rail network. The launch includes the main signaling building at Zagazig Station and the commissioning of three additional automatic signaling sections between Zagazig and Menia El Qamh, Zagazig and El Shabanat, and Zagazig and Hehia —covering a total of 36 kilometers. Also commissioned are 17 level crossings, 87 point machines, 144 signals, and 202 track circuits. These upgrades are part of the larger modernization of the Zagazig–Ismailia/Port Said line and the Abu Kabir branch, implemented by Siemens Mobility using advanced Electronic Interlocking Systems (EIS) certified to the highest international safety level, SIL-4. This modernization initiative aims to replace the outdated mechanical signaling with a cutting-edge electronic system, ensuring real-time train monitoring, increased daily train frequency, and enhanced operational safety. Additionally, the system introduces automated level crossing gates and integrated control mechanisms to reduce human error and prevent accidents, while allowing train drivers to communicate with central control from any signal in emergency situations. Commenting on the inauguration, Lieutenant General Eng. Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, stated: "Modernizing Egypt's railway signaling systems is critical for improving safety, increasing operational efficiency, and supporting the nation's development goals. The advancements at Zagazig Station represent a significant step in our efforts to transform the railway network with the help of global expertise and world-class technology." Tarek Aly, CEO of Siemens Mobility Egypt, commented: "The commissioning of the Zagazig Station signaling building marks another important step in our long-term partnership with the Ministry of Transport and Egyptian National Railways. At Siemens Mobility, we are proud to support Egypt's vision of a safer, more advanced, and digitally connected rail network. This milestone reflects our commitment to delivering sustainable infrastructure solutions that not only elevate operational performance but also contribute to the country's broader development goals." Siemens Mobility remains fully committed to supporting Egypt's transport vision through advanced engineering solutions and localized know-how. The full project spans 21 main buildings, 19 secondary towers, and 84 level crossings—demonstrating a comprehensive approach to enhancing Egypt's railway infrastructure. For further information or media inquiries, please contact: Riham Sherif, Country Head of Communications E-mail: Follow us on Twitter at: For further information about Siemens Mobility, please see:
