
Egyptian pound weakens against dollar on Thursday
Arab Finance: The exchange rate of the US dollar to Egyptian pound increased to EGP 50.6 for buying and EGP 50.7 for selling at the National Bank of Egypt (NBE)on Thursday at 3:22 PM.
Likewise, the USD traded at the same rate at both Banque Misr and the Commercial International Bank Egypt (CIB).
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Zawya
3 hours ago
- Zawya
Tunisia: FDI up 21% in 2024 (UNCTAD)
Tunis - Foreign Direct Investment (FDI) in Tunisia increased by 21% in 2024, compared to 2023, reaching $936 million, according to the latest World Investment Report published Thursday by the United Nations Conference on Trade and Development (UNCTAD). Along with Egypt, Tunisia contributed «significantly» to the rise in the value of new projects in North Africa, where investments grew by 12% to reach $76 billion, accounting for two-thirds of the continent's total investment spending. Tunisia contributed to this growth with investment announcements worth $13 billion, along with a considerable increase in the number of projects. According to UNCTAD, North Africa was the only region in the continent to record an increase in the value of new projects. It also attracted the highest amount of FDI on the continent, with a value of $51 billion, compared to $13 billion in 2023. Moreover, the report highlighted a significant rebound in FDI flows to Africa, which surged by 75% to reach $97 billion, representing 6% of global FDI flows, compared to 4% the previous year. This increase is largely attributed to an international financing agreement for urban development projects in Egypt, according to the same source. Excluding this boost, FDI in Africa still grew by 12%, reaching about $62 billion, which is 4% of global flows. Efforts to facilitate investment continued to play an important role in Africa, accounting for 36% of investor-friendly policy measures. Liberalisation also remained a key aspect of investment policy-making in both Africa and Asia, representing one-fifth of the measures adopted in 2024. The continent attracted a growing share of global megaprojects in 2024, including seven valued at over $4 billion each. Among the largest announcements was a megaproject in Tunisia's renewable energy sector, worth a total of $6 billion. At the sector level, construction and metal products saw the largest increases in investment in entirely new projects, while electricity and gas supply projects dropped by $51 billion. According to the report, European investors hold the largest stock of FDI in Africa, followed by the United States and China. Chinese investments, valued at $42 billion, are diversifying into sectors such as pharmaceuticals and agribusiness. © Tap 2022 Provided by SyndiGate Media Inc. (


Zawya
3 hours ago
- Zawya
Visa appoints Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa
Cairo – Visa (NYSE: V) today announced the appointment of Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA). In his new role, the established Visa leader will be responsible for leading operations across more than 86 innovative and fast-growing markets. Visa's CEMEA operations today serve more than 1,800 clients from 23 local offices across the region. Mr. Muhmood brings more than 30 years of banking and payments experience to the role. He most recently served as head of Value-Added Services for Visa's Europe region, based in London, and originally joined Visa in 2019 as Group Country Manager for Southeast Asia, based in Singapore. Prior to joining Visa, Mr. Muhmood held senior leadership positions with Ahli United Bank, ANZ and HSBC. Mr. Muhmood will be based in Dubai, and will take on the role effective immediately, reporting to Oliver Jenkyn, Group President, Global Markets, Visa. Mr. Muhmood succeeds Andrew Torre, who was recently appointed as President of Visa's Value-Added Services business, which has rapidly grown into a $9B global business and has delivered annualized revenue growth of 20% since 2021. 'We are delighted to appoint a leader with Tareq's deep experience at the intersection of financial services, technology and high growth markets to lead Visa's fastest growing region and continue our journey to advance the future of digital payments across CEMEA,' said Mr. Jenkyn. 'During the course of his career, Tareq has worked in 13 countries, and brings unique global perspective, world-class leadership and a proven track record partnering with Visa's largest clients across diverse, complex and rapidly accelerating markets.' 'It is a great honor to lead the CEMEA region, and to continue the tremendous progress that has been made in transforming the future of payments, commerce and money movement across so many dynamic markets,' said Mr. Muhmood. 'Having spent more than a third of my career in the region, I am excited by the incredible opportunity to further expand digital payments amongst more consumers, merchants and economies. I look forward to working closely with our outstanding team to enable shared growth with clients and partners across the region.' About Visa Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.


Zawya
4 hours ago
- Zawya
Egypt: EIUD's board greenlights EGP $296,045 capital raise
Arab Finance: The board members of Egyptians for Investment and Urban Development (EIUD) approved raising the issued and paid-up capital to EGP 165 million from EGP 150 million, according to a bourse disclosure. The company will increase its capital by EGP 15 million, distributed over 150 million shares, with a nominal value of EGP 0.10 per share. Accordingly, EIUD will distribute 1-for-10 bonus shares, financed from the retained earnings account for 2024, valued at EGP 17.531 million. Founded in 1998, the company is engaged in real estate development and construction projects. Its activities include investment in real estate, tourism, construction, land subdivision, tourist villages, hotels, restaurants and territorial division, real estate development.