Latest News from Daily News Egypt
Daily News Egypt
2 hours ago
- Business
- Daily News Egypt
CI Capital reports EGP 381m in net profit for Q1 2025, financing portfolio grows to EGP 23.7bn
CI Capital Holding has announced its financial results for the first quarter (Q1) of 2025, reporting revenues of EGP 2.4bn and net profit after tax and minority interest (NPATM) of EGP 381m. The Group's total on-balance sheet financing portfolio reached EGP 23.7bn, reflecting a 15% year-on-year increase, underscoring continued growth despite ongoing macroeconomic headwinds. Mahmoud Attalla, Executive Vice Chairperson and Managing Director, praised the Group's performance, stating: 'CI Capital has once again demonstrated resilience and agility, delivering solid results amid a challenging environment. The 15% growth in our financing portfolio reflects the strength and diversification of our business model and our leadership in the Egyptian market.' Group CEO Hesham Gohar said that, excluding the impact of foreign exchange, normalized net profit after tax and minority interest rose by 54% year-on-year, while revenues grew by 35% on the same basis. He emphasized that the Group continued to deliver consistent performance across its business lines in a volatile market. NBFS Platform Driving Growth CI Capital's non-banking financial services (NBFS) platform remains the primary engine of growth. Corplease, the Group's leasing subsidiary, maintained its market leadership with a 33% share, reporting a 275% year-on-year increase in new lease bookings totaling EGP 3.9bn. Its outstanding portfolio reached EGP 17bn, up 14% year-on-year, and net profit after tax stood at EGP 223m for the quarter. CI Mortgage Finance recorded an 85% year-on-year increase in its outstanding portfolio, reaching EGP 2.5bn, and disbursed EGP 795m in new loans, marking a 192% increase compared to the same period last year. Revenues rose by 95% to EGP 194m, while net profit after tax reached EGP 29m, up 141% year-on-year. Meanwhile, Reefy Microfinance Enterprise Services continued its expansion, disbursing EGP 957m in new loans and growing its branch network to 189 branches across 21 governorates, serving 135,000 customers. Reefy closed the quarter with a total portfolio of approximately EGP 3.4bn. Investment Banking and Asset Management CI Capital's investment bank also posted a strong quarter, generating EGP 387m in revenues. Its brokerage arm contributed EGP 249m, while asset management revenues rose 10% year-on-year to EGP 88m. Total assets under management (AUMs) reached a record EGP 82.1bn, an 18% year-on-year increase. CI Capital's advisory division played a pivotal role in the investment bank's performance, successfully executing eight major transactions across equity capital markets (ECM), debt capital markets (DCM), and mergers and acquisitions (M&A), with a combined value of EGP 22.4bn in Q1 2025. Gohar concluded by reaffirming the Group's strategic direction: 'With a resilient and diversified portfolio and strong market positioning, CI Capital is well-equipped to navigate economic cycles. We remain committed to delivering innovative financial solutions, expanding our offerings, and reinforcing our regional footprint.'
Daily News Egypt
13 hours ago
- Entertainment
- Daily News Egypt
Indian embassy in Cairo launches 'Yoga at Iconic Place' contest for 2025 IDY
The Embassy of India in Cairo has launched a 'Yoga at Iconic Place' contest, inviting participants to submit photographs of themselves performing yoga poses at prominent landmarks across Egypt, to mark the 11th International Day of Yoga in 2025. This initiative aims to promote the spirit of yoga and highlight the cultural harmony between India and Egypt by encouraging participants to perform yoga in front of Egypt's most iconic landmarks. Participants are invited to send a clear and recent photograph of themselves performing a correct yoga posture (Asana) on a yoga mat at any well-known or culturally significant location in Egypt, such as the Pyramids of Giza, Cairo Citadel, Bibliotheca Alexandrina, or Karnak Temple. The embassy stated that the yoga pose 'should reflect discipline, balance, and serenity – core values of Yoga.' The submission window for the contest is open from 25 May to 10 June 2025. Participants may submit their photo via the official Google Form link: Entries will be evaluated based on creativity, the correctness of the yoga posture, aesthetic appeal, and the prominence of the iconic location featured in the background. Winners of the contest will be announced and felicitated during the grand International Day of Yoga celebrations on 21 June 2025. They will receive attractive cash prizes in recognition of their efforts. The contest is open to all yoga practitioners residing in Egypt, regardless of age or nationality. The embassy described it as 'a wonderful opportunity to combine wellness, photography, and cultural appreciation in a meaningful way.' The Indian Embassy in Cairo stated it 'warmly welcomes participants of all ages to take part in this contest. Join us in spreading the message of 'Yoga for One Earth, One Health' from the heart of Egypt's timeless landmarks.'
Daily News Egypt
13 hours ago
- Politics
- Daily News Egypt
Pakistan PM condemns fatal Balochistan attack; official killed
Pakistan Prime Minister Muhammad Shehbaz Sharif on Friday strongly condemned a terrorist attack in Sorab, Balochistan, which targeted innocent citizens, administration officers, and a bank, resulting in the death of Additional Deputy Commissioner Hidayatullah Buledi. The Prime Minister paid tribute to Buledi 'for embracing martyrdom while defending his area from terrorists.' Sharif expressed sympathy with the bereaved family members of the slain official and prayed for them to be granted patience. 'Sympathies of the whole nation were with the family of martyred Hidayatullah Buledi,' he remarked, adding that the martyred Additional Deputy Commissioner 'set an example of bravery while fighting against the terrorists.' Sharif described the incident as a 'cowardly attack' and stated, 'The attack by cowardly terrorists on the citizens and their properties was openly and evidently reflective of their animosity towards people and the progress of Balochistan.' He noted, 'The cowardly terrorists targeted innocent and unarmed citizens including children and women.' 'The war against terrorists will continue till their complete elimination from the country,' the Prime Minister asserted. He further stated, 'The armed forces of Pakistan were busy day and night to exterminate the proxies who were spreading terrorism in Pakistan under the patronage of India.' Sharif added that 'the whole nation stood shoulder to shoulder with the armed forces for completely wiping out elements who were involved in terrorism with abetment of India.' The Prime Minister's statement also included the word 'Drones.' He directed that the persons involved in the incident 'should be identified and should be given exemplary punishment.'
Daily News Egypt
2 days ago
- Sport
- Daily News Egypt
China Hosts World's First Humanoid Robot Fighting Competition
HANGZHOU, China – The world's first international fighting tournament among humanoid robots has taken place in the Chinese city of Hangzhou, Zhejiang Province. The China Media Group (CMG) organized the competition, as reported by CGTN, a partner of TV BRICS. The tournament was divided into two parts: a demonstration segment and a competitive segment. In the first part, robots showcased their combat skills through single and group performances. In the second part, operators controlled the robots in real time using a special system. Each bout consisted of three rounds, each lasting two minutes. Punches were evaluated according to a point system: one point was awarded for an accurate punch with the hand, and three points for a kick with the foot. A participant lost five points for a knockdown, and if a robot did not get up within eight seconds, it was immediately disqualified. The robot controlled by operator Lu Xin emerged as the winner. In the final round, Lu Xin's robot knocked out its opponent in all three rounds. According to an equipment tester, professional athletes were involved in the preparation of the robots. Sensors were fitted to the athletes to record their movements. This data then formed the basis of training algorithms using artificial intelligence, which enabled the robots to practice various punches, from hooks to uppercuts.
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Russia Discusses Prospects for Geo-economic Development of Arctic
MOSCOW – Russia discussed the prospects for the geo-economic development of the Arctic at an international scientific conference in Moscow, where experts focused on strengthening the country's strategic position in the region and the growing global demand for local resources. The conference was organised by Russia Department of Labour and Social Policy of the Institute of Public Service and Administration of the Russian Presidential Academy of National Economy and Public Administration (RANEPA). Anna Otke, a Member of Russia's Federation Council, opened the series of expert discussions. In her report, 'Geo-economic vector of the Chukotka Autonomous Okrug,' she presented a detailed analysis of socio-economic dynamics, TV BRICS reported. 'Chukotka demonstrates impressive economic results: growth of gross regional product by 14 per cent in 2024, investment inflow of almost 890 billion rubles (US$11,1 billion – Ed.), creation of more than 5,000 new jobs with a population of only 49,000 people. This is a vivid example of how the Arctic regions are becoming drivers of development of the whole country,' Otke said. The region is also focused on economic diversification through the development of infrastructure, tourism, and the logistics of the Northern Sea Route, the official added. Vladislav Maslennikov, Director of the Department of Pan-European Cooperation of the Ministry of Foreign Affairs of the Russian Federation, shared insights on international interaction in the northern latitudes. He outlined diplomatic tools Russia employs to build constructive dialogue with its Arctic partners. Special attention at the conference was paid to cultural diplomacy. Roza Akhmadieva, Rector of the Kazan State Institute of Culture, spoke about the importance of youth initiatives of the BRICS countries. She emphasised the contribution of students to the preservation of folk crafts and their successful representation of Russia on international platforms. Akhmadieva also mentioned the active work of the BRICS Youth Council as an important instrument of humanitarian dialogue. Sergey Bondarenko, Head of the International Projects Support Department of the Moscow Mayor's Office, informed participants about the international urban agenda. He recalled the BRICS International Municipal Forum held in Moscow in August 2024, which gathered a record number of mayors and delegations. According to Bondarenko, the forum became a platform for strengthening ties between megacities, including Moscow and St. Petersburg, and received support at the highest level.
