NATIONAL BANK OF EGYPT ACQUISITION FOR 60% OF ELECTRONIC COMMERCE IN EGYPT

NATIONAL BANK OF EGYPT ACQUISITION FOR 60% OF ELECTRONIC COMMERCE IN EGYPT

by | Dec 30, 2021 | News Station

National Bank of Egypt Acquisition for 60% of electronic commerce in Egypt.
Mohamed Jamil, head of the retail sector and retail sales at the National Bank of Egypt, revealed that it accounts for about 60% of e-commerce in Egypt, indicating that it accounts for 47% of the total electronic payment machines “POS”.
He confirmed that the total machines in the Egyptian market amount to about 700 thousand, explaining that the National Bank has about 325,000 “POS” machines.
“The National Bank owns about 36% of credit cards in Egypt through about 16 million various cards” he said.
Jamil pointed out that the National Bank is launching new digital solutions to convert merchants’ smartphones into electronic payment points “POS” to facilitate financial transactions and reduce costs with a new experience.
He explained that the Central Bank’s initiative to distribute points of sale for digital transactions contributed to the recovery of online market purchases, in addition to the spread of electronic payment machines.
ADSERO AIDED THE SOVEREIGN FUND OF EGYPT, MOBICA, AND EFG HERMES IN THE EXECUTION OF THIS GROUNDBREAKING DEAL

ADSERO AIDED THE SOVEREIGN FUND OF EGYPT, MOBICA, AND EFG HERMES IN THE EXECUTION OF THIS GROUNDBREAKING DEAL

by | Dec 26, 2021 | News Station

Adsero aided The Sovereign Fund of Egypt, mobica, and EFG Hermes in the execution of this groundbreaking deal. As a result, sovereign investment and leading national investment arms have collaborated with GEMS Egypt, an international industry-leading education provider, to create premium education services.
Dr. Hala Al-Saeed, Minister of Planning and Economic Development and Chairman of the Board of Directors of the Sovereign Fund of Egypt, witnessed the laying of the foundation stone for the construction of two schools on the land of the Global Village, in partnership between the Sovereign Fund of Egypt and the Mobica Company, within the framework of the Fund’s plan to exploit movable assets, support education as well as generating good investment returns.
According to the agreed partnership model the Sovereign Fund of Egypt, in partnership with Mobica, will establish the company, provided that GEMS Egypt will manage the two schools for an administrative fee.
Mohamed Abdelgawad, Founding Partner and Head of Corporate and Commercial, and Ahmed Adib, Senior Associate, lead the Adsero team.
Adsero worked alongside Al Tamimi & Company to finalize the management agreement between the project company and GEMS Egypt.
Investment in modern technology-related Education is obviously consistent with the National Structural Reform Programme and encourages the improvement of human capabilities in the labour market.
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AL- TAMIMI & CO. ADVISES THE SELLING SHAREHOLDERS OF MERIT UNIVERSITY IN UPPER EGYPT

AL- TAMIMI & CO. ADVISES THE SELLING SHAREHOLDERS OF MERIT UNIVERSITY IN UPPER EGYPT

by | Dec 26, 2021 | News Station

Al-Tamimi & Co. advises the selling shareholders of Merit University in Upper Egypt
Al-Tamimi & Co. advises the selling shareholders and majority owners of Merit University in Upper Egypt on the acquisition of their stake in the university by Honoris United Universities, which is owned by the world’s leading investment firm Actis.
Al Tamimi’s team (Ehab Taha, Zainab Shohdy, and Hanya Ahmed Abdel Rahim) advised the selling shareholders on all aspects of the transaction and led the negotiations of the share purchase agreement and accompanying documents with their friends at Compass Capital.

in 2018 after the discovery of the giant Zohr gas field – the largest in the Mediterranean, and the current production of natural gas is between 6.5 to 7 billion feet cubic meters of natural gas per day.

EGYPT INVESTS MORE THAN 7 BILLION POUNDS FOR PRODUCTION OF GASOLINE IN ASSIUT

EGYPT INVESTS MORE THAN 7 BILLION POUNDS FOR PRODUCTION OF GASOLINE IN ASSIUT

by | Dec 23, 2021 | News Station

The Egyptian government has invested more than 7 billion pounds in establishing a complex for the production of high-octane fields in Assiut Governorate, in the south of the country, according to Egyptian Petroleum Minister Tariq El-Molla in a speech on Egyptian television on Wednesday.
The production capacity of the largest petroleum complex in Upper Egypt is 800,000 tons, and represents 13% of the country’s production of gasoline, and the complex will cover the entire needs of Upper Egypt’s petroleum.
The complex will contribute to reducing the country’s gasoline import rates by 15-20% from the current rates, and Egypt has 8 refineries for petroleum products.
The total investments of the petroleum sector in Egypt, whether locally or by foreign investors, in the projects that have been operated, underway and under study, amounted to about 1.2 trillion pounds during the past seven years, according to data from the Egyptian Ministry of Petroleum.
“The new projects have raised the volume of our gasoline production 55% to 6 million tons annually from 3.9 million tons in 2014,” according to Tarek El-Molla.
Egypt’s production of crude oil is currently about 575,000 barrels per day, and Egypt became a net exporter of natural gas and liquefied gas in 2018 after the discovery of the giant Zohr gas field – the largest in the Mediterranean, and the current production of natural gas is between 6.5 to 7 billion feet cubic meters of natural gas per day.
MISR LIFE INSURANCE COMPANY, IN PARTNERSHIP WITH THE NATIONAL BANK OF EGYPT, LAUNCHED THE “AL-AHLY HAYAT” INVESTMENT FUND, UNDER THE MANAGEMENT OF AFIM

MISR LIFE INSURANCE COMPANY, IN PARTNERSHIP WITH THE NATIONAL BANK OF EGYPT, LAUNCHED THE “AL-AHLY HAYAT” INVESTMENT FUND, UNDER THE MANAGEMENT OF AFIM

by | Dec 23, 2021 | News Station

Misr Life Insurance Company, in partnership with the National Bank of Egypt, launched the “Al-Ahly Hayat” investment fund, Under the management of the Al-Ahly Financial Investment Management Company to suit the needs, choices, and financial plans of customers to reach the largest base of customers from different groups of Egyptian society and spread the culture of insurance.
The launch of the “Al-Ahly Hayat” fund allows current clients of the NBE, and the potential ones to have several advantages and facilities that differ from any other savings alternatives.
Launching the “Al-Ahly Life” fund comes within the framework of the NBE’s efforts to activate financial inclusion and provide insurance services for all social groups.
The “Al-Ahly Hayat” fund, provides a fund for life insurance coverage, its premiums will be incurred by the fund for the benefit of the insured, without a minimum and a maximum of 250 thousand pounds, the fund’s policyholders are insured without a medical examination, whether they are individuals or workers in institutions and the age of the insured ranges from 18 to 65 years.