Latest news with #Cairo
Zawya
2 hours ago
- Business
- Zawya
EGX Chairman expects to launch a Treasury Bills Index this year
The Egyptian Exchange (EGX) is expected to launch a Treasury Bills Index this year, Ahmed El Sheikh, the chairman of the bourse told Zawya in an interview. El Sheikh's statement came on the sidelines of the annual conference of the Arab Federation of Capital Markets that was held in Tunisia in the middle of this month, in which several African and Arab stock exchanges participated. "Within a short period, we hope to issue a Treasury Bills Index... this year, God willing," El Sheikh said. El Sheikh had announced in a previous interview with Zawya last February the Exchange's intention to develop three indices, the Treasury Bills Index, a Low Volatility Stocks Index, and an index that combines sustainability and Shariah-compliant standards. In his interview with Zawya in Tunisia, El Sheikh said that work is underway on the other two indices and that they might be launched this year as well after the Treasury Bills one. Behind the headline While the EGX is seeking to attract government offerings to support private sector initial public offerings (IPOs), it is also working with the Financial Regulatory Authority (FRA) to curb the delisting of companies from the market. "We saw two companies delisting from the Exchange as a result of an investor acquiring them through the (offering) program... in coordination with FRA and relevant entities in Egypt, we are trying to ensure that whoever buys a (listed) company or acquires a public share (in it), should buy up to 90% and leave a minimum percentage of free float on the stock exchange," El Sheikh said. According to the listing rules on the EGX, free float shares must not be below 10% for both the main market and the small- and medium-sized enterprises market. In 2023, a government entity sold a majority stake in the Paints and Chemical Industries Company (Pachin) to the UAE-based National Paints company as part of the government's IPO program. Pachin was subsequently delisted from the stock exchange. In the same year, government institutions, including Banque Misr, the country's second-largest state-owned bank, divested from Al Ezz Dekheila Steel Co. - Alexandria, a subsidiary of Ezz Steel Group. Al Ezz Dekheila Steel Co. delisted from the stock exchange after that. Click here for the Arabic article.
News24
11 hours ago
- Business
- News24
Al Ahly unveil former Pirates mentor Jose Riveiro as their new coach
Al Ahly have confirmed Jose Riveiro as their new coach. Riveiro left Orlando Pirates before the end of the domestic season in South Africa. The Egyptian giants took to social media to announce their new appointment. For more soccer news, visit our dedicated section. Al Ahly has confirmed that former Orlando Pirates mentor Jose Riveiro will be their new head coach. The Egyptian giants broke the news on social media on Thursday evening, after Pirates shocked the South African football fraternity when they announced that Riveiro would be leaving the club before his contract expired at the end of June. 𝑨 𝒏𝒆𝒘 𝒄𝒉𝒂𝒑𝒕𝒆𝒓 𝒃𝒆𝒈𝒊𝒏𝒔 😍 — Al Ahly SC 🇬🇧 (@AlAhlyEnglish) May 29, 2025 'Jose approached us a few weeks ago with a request to be released from his contract ahead of schedule, having signed with a new club,' Pirates' chairman Irvin Khoza said after granting Riveiro his wish. 'Given the timing, amidst a series of crucial fixtures, we believed it was best to delay this announcement until after the Nedbank Cup final. His contribution since joining the club has been immense. We learned a lot from him, and he learned a lot from us. 'While we would have preferred to formally honour him with a proper send-off, we fully respect his decision to depart before the end of his tenure.' Riveiro was grateful to Pirates for granting his wish. 'I want to express my sincere appreciation to Orlando Pirates for allowing me the opportunity to leave before the end of my contract. As someone who has never found goodbyes easy, this moment is particularly emotional for me,' Riveiro said following his departure from the club. 'I am deeply grateful to everyone at the club - from management and technical staff to the players and the many individuals behind the scenes who work tirelessly to support the team. 'To the players, thank you for believing in the journey we shared and for giving everything on the pitch. And to the supporters.'
Trade Arabia
14 hours ago
- Business
- Trade Arabia
Majid Al Futtaim, Ennismore announce plans for Egypt's first 25hours Hotel
Majid Al Futtaim, a leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, has announced a new strategic partnership with Ennismore, the fastest-growing lifestyle hospitality company. The collaboration will launch Egypt's first 25hours Hotel at Junction, Majid Al Futtaim's upcoming business and lifestyle destination in West Cairo. The new addition marks the debut of the 25hours brand in the Egyptian market, reinforcing Junction's position as a dynamic hub for hospitality, business, and culture. Bringing a playful, design-led approach to hospitality, 25hours will inject fresh creative energy into West Cairo. Known for its eclectic interiors, strong sense of place, and immersive storytelling, the brand's arrival signals a bold reimagining of how hotels contribute to urban culture. Gaurav Bhushan, Chief Executive Officer for Ennismore, said: 'Ennismore is honoured to be partnering with Majid Al Futtaim to bring 25hours to Egypt for the first time, especially within a lifestyle destination like Junction. Each 25hours Hotel is inspired by the rich culture and history of its location, and we look forward to creating a strong sense of storytelling through design and community spaces through our restaurants and bars for our guests.' 'At Majid Al Futtaim, we believe in creating destinations that truly reflect the needs and aspirations of today's customers. The arrival of 25hours at Junction marks an exciting moment in our refounding journey and continues our longstanding legacy of introducing bold, innovative concepts to the communities we serve.' said Ahmed El Shamy, Chief Executive Officer, Majid Al Futtaim Properties. 'This partnership also marks a significant step in our vision to create destinations that are both commercially vibrant and culturally meaningful, while further reinforcing our long-term commitment to building integrated, future-ready environments that drive economic growth and foster innovation.' Situated in the heart of Junction, the hotel will feature approximately 250 keys, comprising both hotel rooms and 25hours Heimat branded residences. Designed to reflect the 25hours ethos, the property will offer guests a more immersive connection to the brand's distinctive lifestyle experience. Guests and residents will have access to three distinctive dining venues, coworking areas, spa and wellness facilities, and flexible spaces for meetings and events. Innovatively transcending conventional residential norms, 25hours Heimat offers an unparalleled living experience, complete with a range of unconventional amenities accessed through an on-site concierge and Accor's Ownership Benefits Programme. Founded in Germany and now part of Ennismore, a global collective of lifestyle brands, 25hours continues to grow and expand, boasting a reputation for creative, experience-driven stays that are rooted in the identity of each location. Bringing together premium business and lifestyle offerings, Junction spans more than 129,000 sq m across two interconnected plots. The development includes 13 cutting-edge office buildings, curated retail and F&B experiences, and sustainable infrastructure designed to meet LEED Gold certification standards. With 97,000 sqm of flexible, state-of-the-art workspace, Junction is purpose-built for modern business and future-ready enterprises. First introduced in April 2025, Junction is a key part of Majid Al Futtaim's development strategy in Egypt. The destination is designed to foster productivity, creativity, and community through its modern infrastructure, walkable layout, and curated public spaces.
Zawya
17 hours ago
- Business
- Zawya
Accor expands Egypt portfolio with new Mövenpick signing in West Cairo
Developed by Crest Development's Living Lines, the new 220-key Mövenpick Cairo West, adds to Accor's 38-hotel Egypt portfolio, and cements the group's commitment to Egypt's urban expansion and Vision 2030 Cairo, Egypt - Accor, a world-leading hospitality group, today announced the signing of Mövenpick Cairo West, a 220-key hotel set to rise in the heart of West Cairo. The signing marks the Group's continued expansion in Egypt and further strengthens Mövenpick's well-established presence in the country. Scheduled to open in 2028, the project - developed by Crest Development through its real estate subsidiary Living Lines - will form part of a larger mixed-use masterplan in the rapidly growing Sheikh Zayed city area, catering to the rising demand for high-quality accommodations across Greater Cairo. Strategically positioned to serve both 6th of October City and Sheikh Zayed City, Mövenpick Cairo West places guests at the doorstep of key business districts, leading educational and healthcare institutions, as well as renowned attractions such as the Grand Egyptian Museum and the Giza Pyramids, each just a 20–30-minute drive away. The property will feature 220 thoughtfully designed guest rooms and suites, two restaurants, one bar, a 500 sqm ballroom, four meeting rooms, and a full suite of wellness and leisure amenities including a spa, fitness center, and two swimming pools. 'Our partnership with Crest Development will welcome an exciting addition to Accor's growing portfolio in Egypt,' said Paul Stevens, Chief Operating Officer, Premium, Midscale & Economy Division, Middle East, Africa & Türkiye, at Accor. 'This signing reflects a shared ambition to deliver premium hospitality experiences in high-potential locations, fully aligned with Egypt Vision 2030 and the country's urban expansion priorities. Mövenpick Cairo West will meet the rising demand for premium stays while exemplifying sustainable design and authentic local experiences.' This signing reinforces Accor's leadership in Egypt and drives the strategy to expand across high-potential markets including Saudi Arabia, the UAE, Qatar and Kuwait as the broader region witnesses a surge in travel. 'We are proud to collaborate with Accor on this landmark development,' said Ibrahim Zidan, Founder and Chairman of Crest Development. 'With Living Lines leading the real estate vision, this partnership combines our ambition for innovative, sustainable urban development with Accor's global expertise in hospitality. Mövenpick Cairo West is set to become a cornerstone destination for both domestic and international travelers.' Mövenpick is a brand rooted in Swiss heritage and driven by a contemporary spirit of connection. Born as a restaurant concept that revolutionized European dining with warmth and generosity, Mövenpick has evolved into one of the world's most recognized hospitality brands, with 16 properties operating across Egypt in Cairo, Aswan, Sharm El Sheikh, El Quseir, Gouna, and along the Nile. With a strong legacy in food, family, and heartfelt service, today's Mövenpick experience centers on creating meaningful reconnections - through thoughtful design, shared rituals, and moments of celebration. From Chocolate Hour to creative family programming and immersive dining concepts, the brand offers guests a touch of everyday indulgence and a vibrant sense of belonging. The addition of Mövenpick Cairo West supports Accor's strategic ambition to grow with Egypt's urban evolution while reinforcing its position in key suburban business and lifestyle hubs. Accor operates a robust portfolio of 38 hotels in Egypt across six brands (12,900 keys) and a strong pipeline of 20 additional properties (6,700 keys). Notable operating hotels in the area include Novotel Cairo 6th October and Mövenpick Cairo Media City, with the highly anticipated Sofitel Legend Pyramids Giza Hotel also in the pipeline. ABOUT ACCOR Accor is a world leading hospitality group offering experiences across more than 110 countries, with 5,600 properties, 10,000 food & beverage venues, wellness facilities or flexible workspaces. The Group has one of the industry's most diverse hospitality ecosystems, encompassing more than 45 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. Accor is focused on driving positive action through business ethics, responsible tourism, environmental sustainability, community engagement, diversity, and inclusivity. Founded in 1967, Accor SA is headquartered in France and publicly listed on Euronext Paris (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information, please visit or follow us on X, Facebook, LinkedIn, Instagram and TikTok. Founded in 2020, Crest Development began as a pioneer agricultural innovation and sustainability. Today, the company is expanding into real estate through its sub-entity Living Lines, leading the development of mixed-use projects that align with Egypt's vision for modern, future-ready urban centres.
Zawya
17 hours ago
- Business
- Zawya
Al Baraka Bank Egypt wins 'Most Impactful Islamic Financial Institution of 2025' award from the IsDB Group
Cairo – Al Baraka Bank Egypt has been awarded the prestigious title of 'Most Impactful Islamic Financial Institution of 2025' by the Islamic Development Bank (IsDB) Group. This notable recognition highlights the bank's pivotal role in supporting economic and social development. The award was received by Mr. Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt, from Dr. Khaled Khalafallah, Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), during the Private Sector Forum Awards Ceremony (PSF 2025), held as part of the annual meetings of the Islamic Development Bank Group in the Algerian capital. This accolade reflects Al Baraka Bank Egypt's distinguished position as a leading institution in providing Sharia-compliant banking products and services that cater to the needs of a wide range of clients, from individuals to corporations. Notably, the bank has successfully expanded its correspondent banking network to cover over 130 countries worldwide, significantly enhancing its capabilities in sustainably supporting foreign trade finance. The award also underscores the bank's remarkable growth in both direct and indirect financing portfolios targeted at small and medium-sized enterprises (SMEs), driven by its dedication to delivering fast, innovative financial solutions. Among its flagship programs are 'Ezdehar' and Medical Financing, with the total value of the SME financing portfolio surpassing USD 220 million in just three years. This achievement marks a significant milestone in the bank's journey toward empowering SMEs, reflecting its firm commitment to offering specialized financial solutions built on a deep understanding of this vital sector. Through these efforts, the bank has provided optimal support to over 930 small and medium-sized projects across key sectors that contribute to national economic development. Al Baraka Bank Egypt believes that empowering entrepreneurs is a cornerstone of economic progress and an investment in a more prosperous and sustainable future. The bank continues to develop innovative financing programs that unleash the potential of the SME sector and open new avenues for growth and expansion. Beyond new programs, the bank's support for SMEs is rooted in a comprehensive, long-standing strategy that focuses on providing flexible financing solutions tailored to meet the diverse needs of this dynamic segment.
