Latest news with #Naguib
Al-Ahram Weekly
19-03-2025
- Business
- Al-Ahram Weekly
Soaring prices push Egyptians to gift everyday goods this Ramadan, Eid, and Mother's Day - Economy
As Ramadan, Eid El-Fitr, and Mother's Day converge, Egyptian families prioritize home appliances and ready-made clothing over traditional gold jewellery gifts, with rising gold prices dampening sales and significantly shifting consumer trends. For many Egyptian families, buying gold jewellery for Mother's Day has long been a cherished tradition. However, this year, gold sales have not experienced the usual uptick. Instead, the focus has shifted to appliances and ready-made clothing. Ramadan, Eid El-Fitr, and Mother's Day are each a consumer peak season in their own right. Traditionally, these occasions drive consumer spending, but rising prices — especially gold — have dampened enthusiasm. Gold prices surged in the past two days, reflecting broader global uncertainty. Gold market struggles Nady Naguib, former secretary of the Gold Jewellery Division at the Cairo Chamber of Commerce, explained that the financial strain of Ramadan, combined with the upcoming Eid celebrations, deterred many from buying gold. This prevented any significant recovery in gold sales. Typically, gold jewellery sales rise by 30-35 percent during this period, but with prices continuing to climb, growth this year is limited to just 20 percent. Currently, sales are fluctuating between 10 and 15 percent, as many consumers prioritize essentials such as Eid clothing and traditional cookies (kahk) over luxury purchases. Families are closely watching gold prices and hoping for a drop, while some anticipate further increases to capitalize on existing holdings. Naguib predicts prices could rise again, particularly given the global political climate and the renewed Israeli airstrikes on Gaza, as gold often reacts to political and economic crises A surge in appliance sales, the top gift for Mother's Day While gold sales are sluggish, home appliance purchases are booming this Mother's Day. According to George Zakaria, head of the Home Electrical Appliances Division at the Giza Chamber of Commerce, demand has increased by 30-40 percent compared to regular days. This growth comes after a slow start to 2024, following a significant buying spree in 2023 driven by fears of price hikes. Appliance prices started to stabilize with the recent Ras El-Hekma investment deal bringing in foreign currency. Refrigerators, for instance, have seen price reductions of up to 40 percent. Air fryers are the most popular gift, priced between EGP 3,000 and EGP 5,000, followed by ovens at EGP 2,500 to EGP 4,000, and microwaves at EGP 3,000 to EGP 15,000. Smaller appliances are available with 10-20 percent discounts, while larger items like refrigerators and stoves see only limited price cuts. Blenders are priced between EGP 650 and EGP 2,500, depending on the brand. Dishwashers, however, remain the least popular due to their high costs Modest clothing Mohamed El-Daour, a member of the Ready-Made Garments Division at the Cairo Chamber of Commerce, noted that clothing sales have shown only a slight increase of 10 percent this year, hindered by weak purchasing power, seasonal weather conditions, and ongoing school terms. Unlike other sectors, the overlap of Mother's Day and Eid boosted sales of women's clothing, particularly headscarves and casual outfits. El-Daour explained that local production dominates Egypt's clothing market, accounting for 70 percent of sales. The Egyptian textile industry has shown substantial growth, offering high-quality products at prices nearly 40 percent lower than imported alternatives, making them the preferred choice for many consumers. Changing consumer priorities Mohamed Mounir, 35, explained that the convergence of Mother's Day and Eid, in addition to the financial strain of Ramadan and soaring prices, forced many families to rethink their shopping priorities. He decided to reduce his purchases of kahk and biscuits to buy a gift for his mother while prioritizing Eid clothes for his daughter. Shaimaa Abdel Aziz, 31, adopted similar strategies. She cut household expenses well before Ramadan early to afford gifts for Mother's Day and Eid clothing for her three children. Abdel Aziz managed her budget by preparing some items at home instead of buying them ready-made and focusing on her children's essential needs. According to her, careful planning and balance are key to managing finances effectively, helping ease financial pressures without feeling deprived. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
25-02-2025
- Business
- Zawya
Egypt: Qalaa Holdings launches herb drying plant, glass wool pipe production line
Egypt - Qalaa Holdings inaugurated a herb drying factory at Dina Farms, with EGP 400 million in investment for the first phase, according to an emailed press release. The EGX-listed firm also launched a glass wool pipe insulation production line at GlassRock Insulation Company, with an investment of EGP 27 million. Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir attended the inauguration with Qalaa Holdings' Chairman and Founder Ahmed Heikal and Qalaa Holdings' Co-Chief Operating Officer and Managing Director Amir Naguib. Heikal noted that these investments align with Qalaa Holdings' strategy to support energy and food security while boosting economic development. He added that the group focuses on developing local manufacturing capabilities and promoting high-value-added in line with Egypt Vision 2030. The company's export revenues amounted to $47.7 million in the first nine months of 2024, while the sales in foreign currency hit nearly $2.3 billion. Meanwhile, Qalaa Holdings aims to increase its foreign cash flows in the coming years. Heikal expected that the value of exports of insulation and herbal products would reach about $40 million. The herb drying facility is a fully integrated export-oriented factory that seeks to meet the growing demand for high-quality dried herbs in international markets. The expected export value of the new plant's products stands at approximately $20 million, which is expected to double in the next few years. On his part, Naguib said GlassRock's business has witnessed significant developments since its establishment 12 years ago with an investment of $70 million. He added that it is the only Egypt-based company that produces glass wool and exports its products to more than 45 countries worldwide. He indicated that the company's products contribute to reducing energy consumption by 40%. GlassRock has invested EGP 27 million in expanding its production line for glass wool pipe insulation, which contributes to saving $6 million from the state's annual budget. Naguib affirmed that the newly launched line backed GlassRock's product portfolio to meet the growing demands and save further $12 million annually by providing high-quality glass wool products to the local market. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
17-02-2025
- Business
- Zawya
We gear up for digital banking expansion: saib CEO
Egypt - Afdal Naguib, CEO and Managing Director of Bank saib, has said that the world is witnessing significant advancements in digital banking transactions. He noted that the Egyptian government and the Central Bank of Egypt (CBE) have played a major role in expanding financial inclusion and increasing reliance on technology, encouraging several banks to establish fully digital branches. However, these banks are still awaiting regulatory adjustments and procedural frameworks, such as Digital KYC and electronic signatures, to operate at full capacity and compete globally. He emphasised that saib's strategy for the coming period is to prepare for this shift, with a primary focus on completing the bank's technological infrastructure and aligning with global information security standards. Once these objectives are met, the bank will develop new digital banking products. Syndicated loans Naguib highlighted that bank saib maintains a strong presence in the syndicated loans market, as both an arranger and a participant in existing financing deals. The bank is committed to attracting top talent in this sector to sustain its growth. As of November 2024, saib's syndicated loan portfolio amounted to EGP 2.7bn and $380m, distributed across key sectors of the Egyptian economy. The bank aims to increase this div in 2025, particularly in financing projects that align with Egypt's economic strategy, including renewable energy and sustainable financing for national projects. Small and medium enterprises The bank successfully met the CBE's mandatory 25% SME lending requirement over a year ago and is now exploring new financing products and methods to support small businesses. Additionally, saib is actively participating in the securitisation portfolios of consumer finance companies, extending its role beyond lending to include banking and financial advisory services. Afdal Naguib Retail banking Retail banking is a top priority for saib, according to Naguib. He pointed out that the bank entered the retail banking sector in 2019, significantly later than its peers. However, despite this late entry, SAIB has achieved impressive growth rates and introduced a diverse portfolio of retail banking products. Over the past five years, the bank's retail portfolio has grown to EGP 17.844bn, while maintaining high credit quality standards. Naguib emphasised that saib is constantly developing innovative products that stand out in the market and revealed that the bank is preparing to launch a new loan product with a positive impact on the sector. Geographical expansion The bank has prioritised modernising and upgrading its branches while simultaneously opening new locations to increase its geographical presence. By November 2024, saib had expanded to 44 branches, with plans to add four more in 2025,while continuing to renovate and upgrade existing branches. Regarding ATMs, saib has significantly expanded its network from 40 machines to 154, ensuring broad geographic coverage and further expansion plans. Mortgage financing As part of its collaboration with the Social Housing Fund, SAIB has provided EGP 1.116bn in mortgage financing to 7,000 clients under CBE's mortgage finance initiatives. The bank's share in the 3% subsidised mortgage initiative for low- and middle-income groups stands at EGP 256m. Digital transformation Furthermore, saib is executing a comprehensive digital transformation strategy that focuses on developing existing digital banking services based on customer needs. This aligns with Egypt's vision for digital transformation and the transition toward a cashless society. The bank has expanded its internet and mobile banking services, launching phase two of these platforms in September 2020. Currently, over 60,000 customers use saib's mobile banking services. Additionally, in May 2022, the bank launched phase two of its online banking platform for businesses, which now serves more than 3,500 corporate clients. Instant payments network saib was among the first banks to join Egypt's Instant Payments Network in March 2022, allowing customers to execute real-time transfers 24/7. To further enhance its digital offerings, saib has completely upgraded its ATMs across branches and various governorates. The bank has also launched a new version of the SAIB Wallet mobile payment app and introduced 'Hala Cash' for electronic transactions. Additionally, the bank has enhanced its customer service centre and introduced saib PayBand, a wearable payment device linked to credit and debit cards. Moreover, Naguib confirmed that saib is currently upgrading its banking application to align with the latest advancements in financial technology. These developments are expected to improve service quality, expand the bank's product range, enhance customer satisfaction and trust, and reduce wait times at branches by facilitating faster transactions through digital channels. Sustainable finance Also, saib places great emphasis on sustainable finance, which plays a crucial role in ensuring long-term financial stability and fostering economic, environmental, and social sustainability. The bank has allocated EGP 894m to support sustainable finance initiatives. Corporate social responsibility The bank has updated its CSR policy to align with current developments and address societal needs. saib focuses on initiatives that improve living standards, healthcare, education, and economic empowerment, while also prioritising environmental protection. Moreover, saib actively supports healthcare and education initiatives, women's empowerment, and economic development projects. The bank has continued its 'El Azzouma' initiative for the sixth consecutive year in partnership with the Egyptian Food Bank, as well as a collaboration with Misr El Kheir Foundation to support the operation of five community schools in underprivileged villages under the 'Decent Life' initiative. Additionally, saib has been sponsoring kidney dialysis supplies at Qasr Al-Aini Hospital for a year and working with the Mervat Sultan Foundation on a comprehensive eye examination program for children across various governorates. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
16-02-2025
- Business
- Daily News Egypt
We gear up for digital banking expansion: saib CEO
Afdal Naguib, CEO and Managing Director of Bank saib, has said that the world is witnessing significant advancements in digital banking transactions. He noted that the Egyptian government and the Central Bank of Egypt (CBE) have played a major role in expanding financial inclusion and increasing reliance on technology, encouraging several banks to establish fully digital branches. However, these banks are still awaiting regulatory adjustments and procedural frameworks, such as Digital KYC and electronic signatures, to operate at full capacity and compete globally. He emphasised that saib's strategy for the coming period is to prepare for this shift, with a primary focus on completing the bank's technological infrastructure and aligning with global information security standards. Once these objectives are met, the bank will develop new digital banking products. Syndicated loans Naguib highlighted that bank saib maintains a strong presence in the syndicated loans market, as both an arranger and a participant in existing financing deals. The bank is committed to attracting top talent in this sector to sustain its growth. As of November 2024, saib's syndicated loan portfolio amounted to EGP 2.7bn and $380m, distributed across key sectors of the Egyptian economy. The bank aims to increase this figure in 2025, particularly in financing projects that align with Egypt's economic strategy, including renewable energy and sustainable financing for national projects. Small and medium enterprises The bank successfully met the CBE's mandatory 25% SME lending requirement over a year ago and is now exploring new financing products and methods to support small businesses. Additionally, saib is actively participating in the securitisation portfolios of consumer finance companies, extending its role beyond lending to include banking and financial advisory services. Afdal Naguib Retail banking Retail banking is a top priority for saib, according to Naguib. He pointed out that the bank entered the retail banking sector in 2019, significantly later than its peers. However, despite this late entry, SAIB has achieved impressive growth rates and introduced a diverse portfolio of retail banking products. Over the past five years, the bank's retail portfolio has grown to EGP 17.844bn, while maintaining high credit quality standards. Naguib emphasised that saib is constantly developing innovative products that stand out in the market and revealed that the bank is preparing to launch a new loan product with a positive impact on the sector. Geographical expansion The bank has prioritised modernising and upgrading its branches while simultaneously opening new locations to increase its geographical presence. By November 2024, saib had expanded to 44 branches, with plans to add four more in 2025,while continuing to renovate and upgrade existing branches. Regarding ATMs, saib has significantly expanded its network from 40 machines to 154, ensuring broad geographic coverage and further expansion plans. Mortgage financing As part of its collaboration with the Social Housing Fund, SAIB has provided EGP 1.116bn in mortgage financing to 7,000 clients under CBE's mortgage finance initiatives. The bank's share in the 3% subsidised mortgage initiative for low- and middle-income groups stands at EGP 256m. Digital transformation Furthermore, saib is executing a comprehensive digital transformation strategy that focuses on developing existing digital banking services based on customer needs. This aligns with Egypt's vision for digital transformation and the transition toward a cashless society. The bank has expanded its internet and mobile banking services, launching phase two of these platforms in September 2020. Currently, over 60,000 customers use saib's mobile banking services. Additionally, in May 2022, the bank launched phase two of its online banking platform for businesses, which now serves more than 3,500 corporate clients. Instant payments network saib was among the first banks to join Egypt's Instant Payments Network in March 2022, allowing customers to execute real-time transfers 24/7. To further enhance its digital offerings, saib has completely upgraded its ATMs across branches and various governorates. The bank has also launched a new version of the SAIB Wallet mobile payment app and introduced 'Hala Cash' for electronic transactions. Additionally, the bank has enhanced its customer service centre and introduced saib PayBand, a wearable payment device linked to credit and debit cards. Moreover, Naguib confirmed that saib is currently upgrading its banking application to align with the latest advancements in financial technology. These developments are expected to improve service quality, expand the bank's product range, enhance customer satisfaction and trust, and reduce wait times at branches by facilitating faster transactions through digital channels. Sustainable finance Also, saib places great emphasis on sustainable finance, which plays a crucial role in ensuring long-term financial stability and fostering economic, environmental, and social sustainability. The bank has allocated EGP 894m to support sustainable finance initiatives. Corporate social responsibility The bank has updated its CSR policy to align with current developments and address societal needs. saib focuses on initiatives that improve living standards, healthcare, education, and economic empowerment, while also prioritising environmental protection. Moreover, saib actively supports healthcare and education initiatives, women's empowerment, and economic development projects. The bank has continued its 'El Azzouma' initiative for the sixth consecutive year in partnership with the Egyptian Food Bank, as well as a collaboration with Misr El Kheir Foundation to support the operation of five community schools in underprivileged villages under the 'Decent Life' initiative. Additionally, saib has been sponsoring kidney dialysis supplies at Qasr Al-Aini Hospital for a year and working with the Mervat Sultan Foundation on a comprehensive eye examination program for children across various governorates.
