Latest news with #Cairo
Zawya
5 hours ago
- Business
- Zawya
Egypt: CBE returns bank withdrawal cap to $5065
The Central Bank of Egypt (CBE) issued an official letter to state-based lenders that the maximum daily cash withdrawal limit from branches has returned to its normal level of EGP 250,000, for both individuals and companies, effective on July 15th. The temporary decision is a part of exceptional measures due to the effects of the Ramses Central fire, which affected the operational systems of some banks. Accordingly, the CBE decided to return to its usual policies to control cash liquidity in the market after telecommunications and internet services resumed operations. On July 8th, the CBE raised the daily limit for cash withdrawals in local currency to EGP 500,000 amid network disruptions. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
7 hours ago
- Business
- Zawya
PALM successfully closes a 7-figure Pre-Seed round led by 4DX Ventures to revolutionize savings
With support from Plus VC and global angel investors, Egypt's first incentivized, goal-based saving platform leverages behavioral tech and embedded finance to help users turn life goals into financial outcomes Cairo/MENA: PALM, Egypt's first fintech startup offering incentivized goal-based saving, has announced today that the company has successfully closed its pre-seed funding round. The investment round was led by 4DX Ventures with participation from Plus VC and several international angel investors. PALM offers a seamless and personalized saving experience designed to help users achieve their various life goals, whether to fund basic needs such as education and healthcare, saving for marriage or afford their key purchases such as travel, home appliances and electronics. The platform combines traditional investment tools with modern behavioral nudges, rewarding users for consistency and progress. PALM curates optimal asset allocations across asset classes like fixed income, equities, and precious metals to help users reach their goals. By combining high investment returns with exclusive deals from a growing merchant network, PALM maximizes savings value and reduces out-of-pocket spending. By aligning financial tools with real-life milestones, PALM empowers users to turn their goals into achievable outcomes and delivering on its promise: 'All life goals, in your PALM'. PALM was co-founded by Mazen El Kerdany and Ahmed Ashour. Mazen is an investment executive with vast experience in asset management, having managed around USD 2 billion with a strong performance track record. He previously held senior roles at EFG Hermes, led strategy at Beltone Financial Holding, and at Post for Investment—the investment arm of Egypt Post. Ahmed is a technology and finance leader with global experience spanning Amazon, Goldman Sachs, and multiple Consumer and fintech startups across EMEA and the United States for more than 10 years. Together, they combine deep expertise in capital markets, digital product development, and financial inclusion to reimagine how Egyptians save, spend, and invest. Mazen El Kerdany, Co-founder and CEO of PALM, said: 'We're incredibly grateful to our investors for their trust and belief in PALM's vision. Their support empowers us to accelerate our mission of transforming how Egyptians save and achieve their life goals.' 'We launched PALM to help Egyptians take control of their financial future by turning gradual saving into a smarter, more rewarding habit. Egyptians collectively hold EGP 8 trillion in bank deposits, EGP 7 trillion in gold, and EGP 70 trillion in real estate. The challenge isn't the ability to save but the lack of accessible tools that deliver real returns, diversification, and align with personal goals. The old formula—earn, spend, save what is left—no longer works. Today, spending smarter and saving more requires financial planning and a proactive mindset. PALM enables that by embedding investment into the spending process—making it more mindful, goal-driven, and outcome-focused. By helping people build healthy savings habits, PALM not only empowers individuals, it supports broader national goals like financial inclusion, resilience and increased household participation in capital markets, as outlined in Egypt's Vision 2030.' With the new funding, PALM will focus on accelerating user acquisition, expanding its product use cases, and strengthening its network of strategic partners. The company is committed to making saving not only easier but also culturally relevant and rewarding for Egyptians. This next phase will also support product innovation and deeper market engagement as PALM works toward its long-term ambition of reaching millions across the Mediterranean. By doing so, PALM aims to become the go-to financial partner for life's milestones—empowering users to plan, save, and grow their wealth with confidence. Peter Orth, Co-founder of 4DX Ventures, added: 'We believe PALM has the potential to transform financial wellness across the continent. By making it easier to save, delivering real returns, and unlocking meaningful discounts on major expenses, PALM helps users build lasting wealth. This aligns with our mission to back ambitious teams driving long-term prosperity in Africa, and we're excited to partner with seasoned operators like Mazen and Ahmed to make that vision real.' Commenting on the fundraising announcement, Hasan Haider, Founder and Managing Partner, at Plus VC said: 'PALM is redefining money management by helping individuals plan and manage major life expenses with expert strategies and exclusive deals. They're addressing a critical gap in personal finance and are well-positioned to become a trusted financial companion for the next generation. With strong execution, deep product insight, and a clear vision, we're proud to back Mazen, Ahmed, and the PALM team on their journey, as they pioneer a smarter, more empowering approach to financial wellness.' Ahmed Ashour, Co-founder of PALM, stated: 'Currently, Egyptians have limited options when it comes to managed investments due to high fees and minimum investment tickets required for such services, we are changing how Egyptians save. We will offer Egyptians a modern saving experience that caters to their lifestyle needs, aligns with their interests, and helps them along their financial journeys regardless of their income levels or assets. Our vision is to embed saving as a cultural movement by offering innovative products that makes saving fun, personalized, hassle-free, and rewarding for everyone' With a clear vision for the future and with the new funds, PALM is poised to reshape how Egyptians, and eventually users across the Mediterranean, approach saving and financial planning. By combining technology, behavioral insight, and financial inclusion, PALM is not only helping individuals build wealth with confidence, but also contributing to a stronger, more resilient financial ecosystem.
Zawya
7 hours ago
- Business
- Zawya
Egypy: EGX ends Monday's session in green zone
Arab Finance: The Egyptian Exchange (EGX) closed Monday's trading session with a positive performance, with the EGX30 rising by 2.04% to 33,727.44 points. The Sharia-compliant index, EGX33 Shariah index, went up by 1.03% to 3,483.32 points. Both the EGX70 index as well as the EGX100 index also ended the session higher by 0.89% at 10,196 points and by 1.21% at 13,787.99 points, respectively. The turnover stood at EGP 4.594 billion through the exchange of 1.431 billion shares over 110,184 transactions, while market capitalization reached EGP 2.382 trillion. Retail investors took over 75.29% of the total trading, while the institutions represented the remaining 24.70%. Egyptian investors controlled 88.26% of trading transactions, whereas Arab and foreign traders accounted for 6.1% and 5.65%, respectively. Foreign investors were net sellers with EGP 12.500 million. The Egyptian and Arab traders were buyers with EGP 10.719 billion and EGP 1.780 million, respectively. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
8 hours ago
- Business
- Zawya
MBRF and UNDP to organise 4th edition of Youth Knowledge Forum in Egypt
The Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF) and the United Nations Development Programme (UNDP) will jointly organize the fourth edition of the 'Youth Knowledge Forum' (YKF) under the theme 'Knowledge Economy and Human Development' in the Arab Republic of Egypt. The event will be held in partnership with the Egyptian Ministry of Youth and Sports (MOYS) in Cairo from 20 to 21 July 2025. YKF will be organized as part of ongoing strategic collaborations aimed at fostering innovation and enhancing the role of youth in advancing knowledge-based development, while empowering them to become key drivers of sustainable development. YKF is a leading intellectual platform that convenes the youth and key decision-makers from various sectors to exchange vital insights and explore solutions to mitigate prevalent challenges. Its primary aim is to devise innovative solutions, which can help bolster the knowledge economy, support entrepreneurship, equip youth with future-ready skills, and reinforce regional and international cooperation among stakeholders invested in youth empowerment. The event builds on the dedicated efforts of MBRF and MOYS, which played a key role in the success of the forum's previous edition. It aims to expand on the achievements made and further enhance its impact. The initiative also reflects MOYS's continued commitment to empowering Egyptian youth with the tools and support they need to shape a bright and prosperous future. Dr. Ashraf Sobhy, Minister of Youth and Sports, stated that Egypt's role as the host of YKF's fourth edition reflects the country's commitment to supporting and empowering youth, positioning them as a key pillar in building the New Republic, under the leadership of H.E. President Abdel Fattah El-Sisi. He emphasized that YKF serves as a key dialogue platform for enhancing young people's knowledge and skills, while expanding their intellectual horizons in innovation, entrepreneurship, and the digital economy. He also praised the fruitful partnership between MBRF and UNDP, which underscores the depth of Arab and international cooperation in youth empowerment and human development. His Excellency Jamal bin Huwaireb, CEO of MBRF, highlighted that the fourth edition of YKF reflects MBRF's longstanding efforts to position the youth as key contributors to ensure a highly innovative and sustainable future. He further stated: 'Through this forum, we aim to foster a proactive culture aimed at enhancing the youths' ability to address future challenges. This can be achieved not only by providing them with the requisite tools, but also by inspiring them to generate solutions and drive social change through the localization and application of knowledge. We are pleased to forge this constructive collaboration with MOYS, further highlighting both entities shared commitment to driving the transition towards an inclusive knowledge economy, one that opens new avenues for Arab youth to become leaders of development and pillars of progress.' 'As the world rapidly transitions towards a knowledge-based economy, empowering youth and enhancing their knowledge and skills has become an essential priority. Egyptian youth possess the ambition and innovation required to become key partners in advancing the country's development. In close partnership with the Mohammed bin Rashid Al Maktoum Knowledge Foundation, through the Knowledge Project and UNDP's programmes in Egypt, we remain committed to supporting initiatives that strengthen youth capacities and expand their horizons,' said Mr. Ghimar Deeb, Acting Resident Representative of the United Nations Development Programme (UNDP) in Egypt. 'Through a range of initiatives, UNDP Egypt equips young people with critical skills in areas such as digital transformation, entrepreneurship, and the green economy, ensuring their active and meaningful contribution to sustainable development.' YKF's agenda will feature a rich lineup of impactful panel discussions and interactive dialogues on key topics related to public and development policies in the age of the knowledge economy. It will also explore ways to foster strategic cooperation and integration between governments and international institutions in this field, while addressing the growing challenges of misinformation in the digital age and the powerful role of digital media in raising awareness among Generation Alpha. In addition, the event will delve into entrepreneurship and obstacles faced by startups, showcasing inspiring success stories of young entrepreneurs from Egypt and the wider Arab world. Furthermore, discussions will be held on human capital development amid ongoing digital transformation, exploring key themes such as reforming educational systems, enhancing digital and entrepreneurial skills, integrating formal and informal learning, and shifting the focus from traditional education to lifelong learning. It will also highlight the growing impact of AI on the job market and the knowledge economy, while also addressing ethical AI practices in modern societies. Other topics will focus on the role of arts in development, the current state of entrepreneurship in Egypt and the region, entrepreneurs' success stories, and mechanisms to empower startups to become more sustainable and innovative. YKF will conclude with a youth open dialogue, providing a platform for them to share the challenges they face and their aspirations for the future. This will serve as a safe space for the youth to share their ideas, catalyzing the creation of a knowledge-based Arab society grounded in the energy and potential of its youth. It will further reinforce a culture of dialogue, openness and lifelong learning, reflecting both parties' commitment to strengthening knowledge cooperation among Arab nations, while presenting an effective model for youth empowerment as well as creating a positive impact across all sectors and shaping a prosperous and progressive future.
Al Bawaba
14 hours ago
- Health
- Al Bawaba
AUC Contributes to a Groundbreaking International Study About Novel Factors Accelerating Aging
A team from the American University in Cairo (AUC), led by Mohamed Salama, professor at the Institute of Global health and Human Ecology and senior fellow at the Global Brain Health Institute (GBHI) and Sara Moustafa, a postdoc in AUC's aging research group, contributed to a groundbreaking international study published in Nature Medicine that reveals that our environments—including pollution, social inequality, and weak democratic institutions—significantly accelerate how our lifespan ages. The research, involving 161,981 individuals across 40 countries, introduces a global exposome framework and shows that multiple exposures can predict bio-behavioral age gaps (BBAGs), a novel measure of accelerated aging. BBAGs are the difference between a person's actual age and the age-predicted from their health, cognition, education, functionality, and risk factors like cardiometabolic health or sensory study—led by a multinational team from Latin America, Africa, Europe, Asia, and North America—analyzed environmental, social, and political factors and their impact on brain aging using advanced artificial intelligence and epidemiological modeling. The results show that where you live—your exposome—can age you several years faster, increasing the risk for cognitive and functional AUC team contributed to this work building on the impactful work done at AUC focusing on aging and brain health. 'Diversity in research is not a luxury anymore,' said Salama. 'Including countries from Africa and the Middle East is essential to understand the global risks and challenges for brain health. Our team at AUC has been successful in contributing to international research in this field promising to better understand determinants of healthy aging in Egypt and adding to the global knowledge.' Agustin Ibanez, corresponding author of the study and researcher at the GBHI and Latin American Brain Health Institute noted that people need to stop thinking of brain health as a purely individual responsibility and consider a more ecological and neurosyndemic framework. 'Our biological age reflects the world we live in. Exposure to toxic air, political instability, and inequality, of course, affect society, but also shapes our health,' he said. The findings of this study present the first evidence that combined structural exposures beyond individual lifestyle are deeply embedded in our aging process. In an age of rising populism, environmental degradation, and global displacement, understanding how environments age the brains is a scientific, political, ethical, and health imperative.'This is not a metaphor: environmental and political conditions leave measurable fingerprints across 40 countries, revealing a clear gradient of accelerated aging from Africa to Latin America, Asia, and Europe,' said Hernan Hernandez, first author of the types of exposures were linked to faster aging: physical factors such as poor air quality; social factors, including economic inequality, gender inequality, and migration; sociopolitical factors, such as lack of political representation, limited party freedom, restricted voting rights, unfair elections, and weak democracies. Importantly, higher BBAGs were associated with real-world consequences: they predicted future declines in both cognitive abilities and daily functioning. People with larger age gaps were likelier to show significant losses in these areas over time.'Whether a person ages in a healthy or accelerated way is shaped not only by individual choices or biology, but also by their physical, social, and political environments—and these effects vary widely between countries,' said Sandra Beaz, co-corresponding author and Atlantic Fellow of the GBHI at Trinity study redefines healthy aging as an environmental, social, and political phenomenon. Public health strategies must expand beyond lifestyle prescriptions to address structural inequalities and governance Hernando Santamaria-Garcia, co-first author and a GBHI fellow, 'Governments, international organizations, and public health leaders must urgently act to reshape environments, from reducing air pollution to strengthening democratic institutions.' He added that these go beyond climate or governance issues to inform urgent health interventions. The study affirmed that to promote healthy aging and reduce dementia risk worldwide, we must intervene upstream, where inequality is produced, where politics shape lives, and where environments silently erode healthy aging.
