Emaar Properties opens new Address Beach Resort Marassi

Emaar Misr, the Egyptian arm of Dubai-based real estate development company Emaar Properties, has inaugurated the new “Address Beach Resort Marassi”, in Marassi located in Egypt’s North Coast. The new development marks Egypt’s second hotel and resort under the renowned “Address Hotels and Resorts” brand. Known for its exceptional levels of service, “Address” has become […]

ADIB Egypt reports 125.4% YoY climb in Q1 consolidated profits

 Abu Dhabi Islamic Bank Egypt (ADIB) reported a 125.4% year-on-year (YoY) increase in consolidated profits after tax and non-controlling interests for the first quarter (Q1) of 2023, according to the bank’s financial statements filed to the Egyptian Exchange (EGX) on May 14th. The bank recorded a consolidated net profit after tax of EGP 1.005 billion […]

UAE’s Khazna to enter Egyptian market with Benya through $250mln investment

Khazna Data Centers, headquartered in the UAE, unveiled its plan to enter the Egyptian market with Benya Group through an investment worth $250 million to build a state-of-the-art data centre which will be Egypt’s first hyper-scale data centre. The project will be built at the Maadi Technology Park, the first specialised investment zone in Egypt, […]

Benya Group, UAE’s Khazna to build $250mln hyperscale data center in Egypt

The digital solutions provider Benya Group has signed a memorandum of understanding (MoU) with the UAE-based wholesale data center provider Khazna Data Centers to build a 25-megawatt (MW) hyperscale data center at Maadi Technology Park with $250 million in investments, the General Authority for Investment and Free Zones (GAFI) stated on May 5th. As the […]

Presidents of UAE, Egypt review bilateral relations, regional developments

CAIRO: President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President Abdel Fattah El Sisi held discussions today aimed at further strengthening bilateral ties between the two nations. During a meeting at the Ittihadiya Presidential Palace in Cairo, the two leaders addressed a number of issues of interest and exchanged views on the […]

AD Ports to develop and operate Safaga Port in Egypt

AD Ports Group, the leading facilitator of global trade, logistics, and industry, today announced the signing of a concession agreement to develop and operate a multi-purpose port in Safaga in Egypt, in addition to signing of two 15-year agreements, a Memorandum of Understanding (MoU) and three Head of Terms (HoT) concerning ports located in Egypt’s […]

Egypt mulls cooperation with AD Ports to develop logistics areas, ports

Abu Dhabi Ports Group (AD Ports Group) is looking forward to boosting cooperation with Egypt, particularly in the development of logistics areas and ports, according to a statement by the Presidency’s Spokesman on March 5th. This came during a meeting between Egyptian President Abdel Fattah El-Sisi and CEO of AD Ports Group Mohamed Al Shamisi. […]

Fawry, BOTIM cooperate to enable international money transfers for Egyptian expats in UAE

The leading Egypt-based e-payment company Fawry has signed a memorandum of understanding (MoU) with the Emirati calling app BOTIM to offer residents in the UAE and Gulf Cooperation Council (GCC) countries money transfer and invoice payment services via BOTIM app, according to an emailed press release on February 27th. As per the MoU, users in […]

UAE’s ADIB buys additional stake of 2.4% in Egyptian unit

UAE-based Abu Dhabi Islamic Bank has purchased an additional stake of 2.4% in Abu Dhabi Islamic Bank Egypt (ADIB) for EGP 155.328 million, equivalent to an average price of EGP 16.18 per share, according to a shareholding disclosure issued on January 2nd. Accordingly, the Emirati bank’s ownership in ADIB Egypt increased to 52.607% from 50.207%. ADIB Egypt […]

Abu Dhabi’s National Marine Dredging wins $272mln contract in Egypt

Abu Dhabi-based contractor National Marine Dredging Co. (NMDC) has won a contract worth AED 1 billion ($272 million) for dredging works in Egypt’s Suez Canal. The project is expected to be completed in 2023, the company said in a bourse filing on the Abu Dhabi Securities Exchange (ADX) on Monday. NMDC’s operations include ports and […]