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Zawya
9 hours ago
- Zawya
QNB Egypt results support group's strong financial position
QNB Egypt achieved a consolidated net profit growth of EGP15.1bn, a year-on-year increase of 10% and the bank's standalone net profit was EGP14.8bn in the first half (H1) of 2025; demonstrating the QNB Group's strong financial position and the success of its strategy, supporting the sustainable growth its business in the region. QNB Egypt achieved a strong financial performance during H1, reflecting its ability to build on the ongoing success achieved through its international branches and subsidiaries present in more than 28 countries and three continents around the world. "Our continued success is built on solid foundations supported by the strategic diversification of our services across different geographies. This enhances our ability to adapt and grab promising opportunities, in line with QNB Group's strategic goal to grow its market share in international markets," said Heba al-Tamimi, senior executive vice-president, QNB Group Communications. She said its business model has demonstrated strength and resilience against challenges, enhancing the group's financial stability and consistent performance, with a focus on achieving sustainable growth and delivering a long term value to its customers and shareholders. Mohamed Bendier, QNB Egypt chief executive officer, said the financial performance indicators demonstrate a significant leap in growth rates across all business sectors, enabling QNB Egypt to maintain a strong financial position and outstanding performance. "These results are a direct reflection of the strong performance of QNB Group, confirming our leadership in the Egyptian banking sector and contributing to achieving a larger market share," he said. The total loans and advances portfolio increased by EGP42bn, reaching EGP407bn, marking an 11% growth compared to December 2024. Customer deposits reached EGP700bn as at the end of June 2025, an increase of EGP20bn and a 3% growth compared to December 2024, driven by growth across all business lines. Total consolidated assets increased to EGP844bn as at the end of June 2025, an increase of EGP24bn compared to December 2024, a 3% growth. The bank also maintained a capital adequacy ratio of 24.3%, thanks to the implementation of optimal credit policies. The non-performing loan ratio reached 5.23% as at the end of June 2025, while the provision coverage ratio for substandard loans reached 107%. These positive results confirm the efficiency and flexibility of QNB Egypt's executive policies and procedures, which have enabled it to develop its operations and enhance its competitiveness and market share in Egypt through its branch network, which now amounts to 236 branches following the recent opening of its new branch in New Alamein City. The bank's strong financial performance was also reflected in the 11 international awards received this year from prestigious global financial institutions, further affirming its commitment to banking innovation across various sectors and supporting financial inclusion and sustainable economic development. QNB Group currently ranks as the most valuable bank brand in the Middle East and Africa. Through its wide network of subsidiaries and associate companies, the Group provides a comprehensive range of advanced products and services. The total number of employees exceeds 30,000, operating from approximately 900 locations, with an ATM network of more than 4,800 machines. © Gulf Times Newspaper 2025 Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Zawya
Tunisia seeks to build trade and investment relations with China beyond Traditional markets
Tunis - Chinese companies have increasingly reinforced their presence in Tunisia in recent months, both by supplying advanced technology products and investing in several key sectors such as mining. Observers view this trend as part of Tunisia's broader effort to diversify partnerships and move beyond traditional markets. A significant recent development was the visit by a delegation from the Chinese state-owned group Wuhan Yangluo Port Services Co.,Ltd, led by CEO Xu Baowei. The delegation met with government officials, including Minister of Trade and Export Development Samir Abid, in a bid to explore new avenues for trade and investment cooperation. TAP outlines in this report the key stages in the evolution of Sino-Tunisian relations, including the first-time deployment of Chinese-made buses, as well as progress in major projects such as the Bizerte Bridge and the Olympic Stadium of El Menzah. Chinese Delegation Visit and New Horizons The high-level Chinese delegation from Wuhan Yangluo Port Services Co.,Ltd arrived in Tunis to explore commercial cooperation and investment opportunities. According to the Ministry of Trade, the visit, scheduled to run until July 29, 2025, follows the broad outlines of discussions held during the 4th China-Africa Economic and Trade Expo in Changsha in June 2025, where Abid led the Tunisian delegation. Abid underscored the importance of this visit as a chance to expand trade volumes and establish mutually beneficial partnerships. Xu Baowei, for his part, highlighted the group's interest in exploring diverse investment opportunities and promoting high-potential Tunisian products, such as olive oil and dates, in the Chinese market. The Chinese group expressed willingness to support Tunisian companies logistically, financially, and procedurally to ensure better access to the Chinese market. The delegation also met with the Export Promotion Centre (CEPEX) and around 25 Tunisian companies with high export potential. Untapped but Promising Opportunities In 2024, trade between Tunisia and China reached TND 9.2 billion, marking an 8% growth from 2023. CEPEX estimates that Tunisia has over USD 214 million worth of untapped export potential in the Chinese market, including nearly USD 20 million for olive oil, USD 15 million for seafood, and USD 2.5 million for dates. The National Institute of Statistics reports consistent growth in trade between the two nations, despite challenges related to geography and shipping costs. The Institute also pointed to opportunities for enhanced technology transfer and investment, especially given Tunisia's membership in the African Continental Free Trade Area (AfCFTA). To navigate China's stringent trade regulations, Tunisia is intensifying its promotional efforts, aligning its exports with Chinese standards for quality and cultural authenticity. State Visit and Strategic Shifts President Kais Saied's five-day state visit to China (May 28- June 1, 2024) at the invitation of President Xi Jinping was a pivotal moment in bilateral relations. It was crowned by several cooperation agreements, including those on economic and technical cooperation, green development, and investment task forces. During the Asian Infrastructure Investment Bank (AIIB) annual meeting in Beijing (June 24-26, 2025), plans were confirmed for a technical mission to visit Tunisia to assess development project opportunities. Discussions also focused on financial cooperation under the theme: "Connectivity for Development, Cooperation for Prosperity." China's ambassador to Tunisia Wan Li stated in March 2025 that high-level visits had helped implement important bilateral agreements, such as the new cancer treatment centre at the Gabes University Hospital. China was also the guest of honour at the 39th Tunis International Book Fair (April 25-May 4, 2025), testifying to deep cultural ties. Trade and Investment at the Core Tunisians recently began using 300 new Chinese buses ordered by Transport Company Transtu at a cost of TND 152 million. The fleet includes 140 standard and 160 articulated buses, helping meet the needs of roughly 3 million residents in Greater Tunis. Huawei, a key ICT player in Tunisia since 1999, recently visited FIPA- Tunisia to discuss expansion plans. Meanwhile, Chinese firm Sinoma acquired a Brazilian stake in a cement plant in Djebel Oust (Zaghouan) in a TND 418 million deal. Other major Chinese investments include: Shandong Haiwang Chemicals' proposed USD 95 million bromine derivatives plant. Asia Potash's interest in phosphate and fertilizer production in partnership with Tunisia. Taikang Electronics' plan to establish a new automotive components plant following site visits and meetings with Tunisian authorities. From Bridges to Stadiums On June 17, 2025, the Chinese company overseeing the main phase of the new Bizerte Bridge pledged to complete all deep foundations by year-end. The initial project cost was estimated at TND 761 million. In the sports sector, Minister of Youth and Sports Sadok Mourali met with Chinese experts on June 3, 2025 to finalise technical aspects of the Olympic Stadium reconstruction in El Menzah. Ambassador Wan Li confirmed that funding agreements had been reached. Tunisia is also aiming to boost Chinese tourism, finding expression in its participation in the International Tourism Fair in Shanghai (May 27-29, 2025), where officials promoted cultural and sustainable tourism as well as hotel investments. Despite a continuing trade imbalance in favour of Chinese imports, Tunisia is actively working to reverse this trend by expanding exports and capitalising on its strategic geographic location as a bridge between Africa, Europe, and Asia. These efforts align with Tunisia's presidential vision, initiated on July 25, 2021, to foster relations with eastern countries, notably China, Russia, Indonesia, and Egypt. © Tap 2025 Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Zawya
China, US in battle for Congo minerals as bid to end war gains momentum
The Democratic Republic of Congo is a wealthy but needy country. And so, when the US offered to boost the country's security in exchange for minerals, some in Kinshasa viewed it as a smaller bill to pay. So far, the US has led the Congo and Rwanda to sign a peace deal and has backed Qatar-led mediation talks between Kinshasa and the M23 rebels. Yet, beyond the search for peace is an ongoing battle for supremacy and control of minerals. In the face of global geopolitical changes, China has flung the transparency card and increasing its investments in the Democratic Republic of Congo. On July 14, Beijing published a White Paper on community development and the responsibility of Chinese mining companies in the DRC, signalling attachment to corporate social responsibility. The document covers 15 mining companies belonging to eight Chinese conglomerates located in the provinces of Haut-Katanga and Lualaba in the DRC. These firms are all involved in the exploitation of copper and cobalt mines as well as the production, smelting and sale of mining products. The White Paper on Community Development and the Responsibility of Chinese Mining Companies in the Democratic Republic of Congo was presented by the Association of Chinese Mining Companies in the DRC. Over the years, Chinese investment has exceeded the $10 billion mark. For China, the leading destination for Congolese mining exports, it is important to demonstrate the transparency of Chinese companies in the Congo at a time when the US is clearly showing its interest in Congolese mines. Data from the Central Bank of Congo shows that DRC exports up to 57.3 percent of its mining products. This figure is growing. In 2019, the Congo exported only 33 percent of its mining products to China. Chen Zhimin, president of the Association of Chinese Mining Companies in the DRC, said the firms have built 1,250 kilometres of roads for DRC, built power stations with a total installed capacity of 480 megawatts, built 21 hospitals that treat 800,000 patients a year, built 54 schools that accommodate 32,000 students, and reclaimed 6,700 hectares of land that reduce CO₂ emissions by 420,000 tonnes per year. He added that a total of $380 million has been invested in community development, $120 million has been invested in livelihood projects, 470 wells have been dug to solve the drinking water problem for 230,000 people, and 18,742 technicians have been trained. These details were provided at a time American companies are preparing to come or return to the Congo to invest in the mining sector and thus challenge Chinese hegemony in the DRC. Recently, American company KoBold Metals signed an agreement with the DRC for the exploitation of lithium. This agreement will be implemented in three key areas: The company is committed to investing in the Congo in the digitisation of geological data, mining using advanced technologies, including artificial intelligence, and the development of a lithium mining project located in Manono in the province of Tanganyika, in the southeast of the DRC. Benjamin Katabuka said that KoBold Metals' goal is to hire more Congolese people, train them, pay them and participate in the construction of infrastructure for the well-being of the population. The DRC and KoBold Metals are committed to 'cooperating to provide free public access to historical geoscientific data through the National Geological Service of Congo (SGNC) for the benefit of all,' said to a dispatch.'KoBold Metals will launch a large-scale mining exploration programme in the DRC, using the world's most advanced technologies to find critical mineral deposits that will be developed into world-class mines,' the partnership agreement states.'The economic partnership between the United States of America and the Democratic Republic of the Congo promises sustainable growth, innovation and tangible benefits for Congolese communities,' said Lucy Tamlyn, US Ambassador to the DRC. During the publishing of the White paper the China Mining Association made commitments to the people of the DRC and the international community: Firstly, mining companies pledged to create a 'transparent mining industry' with all their efforts, by continuously deepening technological investments and management innovations, and improving the transparency and credibility of the global supply chain. Thirdly, they are committed to working together to develop a 'responsibility standard' and to study and formulate the 'Guide to Social Responsibility in the Mining Industry in the Democratic Republic of Congo.' This, Beijing said, will not be imposed on the country but will be based on local realities, and 'national conditions of the Democratic Republic of Congo and in line with international development trends,' in order to raise the level of responsibility of the entire industry to a higher level. China and the US have an established diet for minerals and a competition could benefit the DRC, if well managed. Yet, a few years ago, this increasingly visible competition led to heated exchanges and statements between the Chinese ambassador to the DRC and Mike Hammer, the US ambassador to the DRC until 2022. Today, the debate between American and Chinese preferences is taking place among the Congolese. Against the backdrop of war in eastern DRC, punctuated by peace negotiations led by the United States and a forthcoming agreement between the DRC and the United States on mining in Congo, the public here believes that that Washington is helping Congo more than Beijing in this time of crisis. This criticism prompted a response from Zhao Bin, China's ambassador to the DRC: 'The DRC and Rwanda have signed a peace agreement in Washington. This de-escalation is a good thing in itself. However, discordant voices are being raised in public opinion, with some going so far as to say that China is ignoring the DRC while the United States of America is supporting the DRC.'Is this really the case? Our support for the DRC is unwavering. Our position has never been volatile or changed overnight,' said China's ambassador to the DRC, before adding: 'We have neither used the DRC as a bargaining chip for our own ends nor introduced any discriminatory measures against it. China adheres to its own diplomatic principles, such as non-interference in the internal affairs of the DRC, but it has always provided concrete and effective assistance to the DRC in its own way.'Zhao recalled that, as President of the Security Council, China succeeded in getting Resolution 2773 in favour of the DRC unanimously adopted. Although the debate rages on, for the DRC, the issue will be one of diversifying its partners. This is why, in September 2024, the DRC signed a military cooperation agreement with China aimed at strengthening the capabilities of the DRC Armed Forces. In 2024, the DRC and China renegotiated the 2008 'contract of the century' which had given Chinese firms extensive copper and cobalt mines in exchange for infrastructure development. Officials in the DRC said the renegotiated deal would yield some $4 billion in additional benefits for the Congolese per year. Previously, the Chinese had agreed to a $6 billion funding for infrastructure in areas they operate but was heavily criticised after Beijing fell behind the pledge and claims of lack of transparency ensued. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc.
