Standard Chartered Expands MENA Custody Network with Egypt Launch
Scott Dickinson, Regional Head of Financing and Securities Services AME, said: Standard Chartered's expanding custody footprint across the region underlines its commitment to supporting capital markets in key emerging economies. By improving investor access, raising service standards, and helping to attract long-term capital, the Bank continues to play a leading role in connecting global investment to opportunity across the MENA region Google News تابعونا على تابعونا على تطبيق نبض
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Egypt Independent
2 hours ago
- Egypt Independent
PM reports economic gains, foreign reserve growth
CAIRO, Aug 13 (MENA) – Prime Minister Mostafa Madbouly said that the economy is showing strong performance, with foreign reserves rising on the back of real economic activity. Inflation dropped to 13.1 percent in July from 14.4 percent in June, with the second-quarter average down nearly half from last year. During his weekly press conference following the Cabinet meeting, Madbouly said that inflation fell to 13.1 percent in July from 14.4 percent in June, continuing a clear downward trend. He added that the average for the second quarter of 2025 stood at 15.3 percent, nearly half the rate recorded a year earlier. Madbouly noted that exports grew by over 22 percent, with remittances and tourism revenues also rising, while Suez Canal income declined due to geopolitical tensions. The Prime Minister also praised the strong industrial activity, including the signing of a $1 billion investment to establish the region's largest tire factory in the Suez Canal Economic Zone, expected to produce more than 10 million tires annually within three years. Additionally, he cited daily progress in industry, expansion of private sector partnerships, and the cultivation of 500,000 feddans under the 1.5 million feddan agricultural project. On foreign policy, Madbouly reaffirmed Egypt's unchanging position on its Nile water rights after President Abdel Fattah El Sisi met with Uganda's president, adding that Cairo supports development projects across the Nile Basin but sees the Blue Nile as a critical source of life. He also described fruitful talks with Sudan's prime minister on trade, energy, and shared projects, as well as meetings in Jordan aimed at strengthening economic cooperation, particularly in the energy sector. Domestically, the Cabinet approved committees to implement the amended Old Rent Law and prepare housing allocation criteria for eligible tenants. Madbouly reviewed urban development projects, including the restoration of Cairo's historic district, the reopening of Azbakeya Park, and the completion of the 500-feddan Fustat Central Park by September. Addressing the energy sector, Madbouly stated that Egypt has maintained power stability despite a record demand of 39,500 MW and extended a gas import agreement to 2040 to reinforce its role as a regional energy hub. Finally, he stressed that such agreements do not influence Egypt's political stances, including its firm position on Gaza. (MENA)
Egypt Independent
2 hours ago
- Egypt Independent
Sisi: Uganda is Egypt's key partner in southern Nile Basin
CAIRO, Aug 12 (MENA) – President Abdel Fattah al-Sisi has stressed that Uganda is a key partner of Egypt in the southern Nile Basin region, expressing Cairo's aspiration that the African country can be among the primary beneficiaries of the Egyptian mechanisms designated to support development in Nile Basin countries. President Sisi's remarks came during his speech at the Egypt-Uganda Businessmen Forum, which was inaugurated Tuesday in the presence of Ugandan President Yoweri Museveni. Sisi also lauded the organization of the forum, which brings together leading business figures from both countries. He noted that the forum reflects the depth of the extended bonds of friendship between Egypt and Uganda, as well as their firm determination to expand partnerships across various fields of cooperation for the benefit of their peoples. Egypt looks forward to enhancing economic cooperation and increasing the volume of trade exchange, which reached about $133 million in 2024, and expected to double this figure, President Sisi said. He underscored the need for accelerating the formation of the Egyptian-Ugandan Joint Business Council, increasing the exchange of business delegations, and encouraging companies in both countries to boost their exports — particularly in sectors like agriculture, pharmaceuticals, building materials, electrical appliances, and other products that meet the needs of markets. The president noted that the forum is a practical step toward translating the strength of bilateral political relations into concrete projects that benefit Egyptian and Ugandan peoples, based on a win-win approach. Sisi said the private sector and entrepreneurs in both countries should be the driving force of partnership in economy, trade, and investment, while the role of governments is to provide the legal and political frameworks that enable these partnerships to thrive. President Sisi reaffirmed that Egypt, as always, extends its hand to Uganda — as a partner, brother, and friend — within a framework of mutual respect and shared interests. (MENA)
bnok24
4 hours ago
- bnok24
EFG Holding Preserves Growth Momentum, Demonstrating Resilient Performance in the Second Quarter Results of 2025
EFG Holding, a financial institution with a universal bank in Egypt and the leading investment bank in the Middle East and North Africa (MENA), announced today its results for the second quarter of 2025. The Group's revenues recorded a 21% Y-o-Y increase to reach EGP 6.1 billion, driven by strong results across all business lines, particularly EFG Finance, its non-bank financial institutions (NBFI) platform, and Bank NXT, its commercial bank The Group's total operating expenses (including provisions & ECL) increased 22% Y-o-Y to EGP 4.1 billion, on higher provisions & ECL, predominantly in EFG Finance, and higher other G&A expenses. Meanwhile, employee expenses were flat Y-o-Y With the increase in revenues surpassing the increase in expenses, EFG Holding's net operating profit and net profit before taxes increased 19% Y-o-Y and 21% Y-o-Y, respectively. Consequently, net profit after tax and minority interest inched up 2% Y-o-Y to reach EGP 802 million in 2Q25 Karim Awad, Group CEO of EFG Holding, commented, 'Our second quarter results demonstrate the continued resilience and strength with which EFG Holding operates, supported by its diversified platform and strong geographic footprint. EFG Holding's first half of 2025 has been defined by meaningful milestones and strong momentum. Foremost among these is Valu's listing on the Egyptian Exchange (EGX) in June, complemented by Amazon's decision to exercise its Option Agreement with EFG Holding to acquire a direct stake in Valu. The period's financial results highlight the standout performance of EFG Finance, driven by Valu and Bank NXT. Our Asset Management platform continues to expand, with assets under management growing, while the Investment Banking division closed transactions totaling more than USD 1 billion in the quarter EFG Hermes, the investment bank, maintained its resilient performance for the second quarter of the year, with Holding & Treasury Activities, Brokerage, and the Buy Side revenues collectively rising 131% Y-o-Y. Although the Investment Banking business continues to demonstrate solid performance this quarter, Y-o-Y revenues appear lower due to an exceptionally high base in the comparative period. Excluding this high base effect, the underlying performance of the advisory business remains robust and promising. Thus, EFG Hermes' operating revenues came flat Y-o-Y at EGP 2.7 billion. Holding & Treasury Activities recorded a strong rebound, generating EGP 397 million in revenues versus a loss of EGP 503 million in 2Q24. Brokerage revenues rose 25% Y-o-Y, driven by higher revenues generated particularly by Egypt, followed by Kuwait and the UAE markets. EFG Hermes operating expenses (including provisions & ECL) inched up 3% Y-o-Y to EGP 2.2 billion, on higher other G&A expenses, higher provisions & ECL, and despite lower employee expenses. EFG Hermes reported net profit after tax and minority interest of EGP 268 million, down 11% Y-o-Y, on lower profitability generated by the Investment Banking division EFG Finance, the Group's Non-Bank Financial Institutions (NBFI) platform, continued to deliver strong results in 2Q25, with its revenues surging 66% Y-o-Y to EGP 1.8 billion, supported by broad-based growth across all lines of business. Valu led the performance with a 71% Y-o-Y increase in revenues, driven by substantial securitization gains and higher net fees & commissions amid a rise in loan issuances, followed by Tanmeyah and Corp-Solutions, which continued its upward trajectory with Leasing's portfolio reaching EGP 17.7 billion in 1H25, increasing 102% Y-o-Y, fueled by targeted efforts to onboard large creditworthy clients. Valu issued EGP 4.7 billion worth of new loans in 2Q25, up 60% Y-o-Y. EFG Finance's operating expenses rose 82% Y-o-Y to EGP 1.2 billion, mainly due to inflation-driven G&A costs, higher provisions, increased employee expenses and one-time expenses related to Valu's listing. EFG Finance's net operating profit and net profit before taxes rose 39% Y-o-Y and 37% Y-o-Y, respectively, in 2Q25. However, net profit after tax and minority interest declined 15% Y-o-Y to EGP 230 million, due to higher minority interest charges following the distribution of Valu shares to EFG Holding's shareholders and the decline in EFG Holding's ownership from 95% to 67% Bank NXT, the commercial bank, delivered a strong performance, delivering 30% Y-o-Y revenue growth to reach EGP 1.6 billion in 2Q25. This was primarily driven by higher net interest income, in addition to an increase in interest-earning assets. Operating expenses, including provisions & ECL, rose 23% Y-o-Y to EGP 694 million in 2Q25, primarily due to higher salaries, as well as higher other G&A expenses, which were offset by a 27% decline in provisions and ECL. The Bank's net profit after tax and minority interest added 39% Y-o-Y to reach EGP 304 million in 2Q25, as revenue growth outpaced the growth in expenses 'Amid ongoing geopolitical volatility and persistent macroeconomic headwinds, market dynamics across the MENA region remained varied, both in terms of liquidity and overall performance. Nonetheless, the Brokerage business delivered notable growth in total executions, driven primarily by robust activity in Kuwait and the UAE. Bank NXT continued to broaden its portfolio, diligently cultivating a strong base that will underpin future growth and generate lasting value. Anchored by a solid foundation, the firm is well-positioned to adeptly navigate changing market conditions and confidently capitalize on emerging opportunities for the benefit of clients and shareholders alike,' concluded Awad Google News تابعونا على تابعونا على تطبيق نبض
