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Gulf-based E-commerce brands hunter, Opontia, has landed $20 million in seed round for the acquisition of new brands and the recruitment experts. The seed round was led by Raed Ventures, Global Founders Capital, Presight Capital and Kingsway Capital. The company Read more
Egypt is targeting between $6 billion and $9 billion in tourism revenues in 2021 as the country reports a rise in arrivals of Eastern European and Gulf holidaymakers, tourism minister Khaled El Anany has indicated, Bloomberg reports. Late last month, Read more
Egypt and Kenya Wednesday signed a defense cooperation agreement aiming at deepening partnership in matters of mutual benefit, the eastern African country said, Anadolu news agency reports. “During the bilateral defense talks, the parties signed a Technical Agreement on Defense Read more
Turkish Intelligence has arrested a senior official of the Islamic state group (ISIS) who is allegedly a bomb expert of the global terror group, Middle East Monitor (MEMO) reports. Egyptian-born Mustafa Abdulwahab Mahmud, believed close to the former leader of Read more
Egypt secured Sunday a credit line worth €145 million from the African Development Bank (AfDB) to improve its railway system in the wake of a string of deadly train accidents. The financing was signed between the Minister of International Cooperation Read more
Germany and Egypt have signed a cooperation agreement worth €57.7 million for the financing of six development projects to be implemented in the Arab Republic. The projects, per the agreement, cover several sectors namely energy efficiency, renewable energy, technical education Read more
Egypt’s sovereign Fund (TSFE) and the Arab Republic-based financial service company EFG Hermes Holding have acquired 76 percent of Arab Investment Bank (AIB). The acquisition deal, EFG Hermes have the majority share of 51 percent and will increase the paid-up Read more
Egypt Wednesday approved the raise of civil servant minimum wage from EGP 2,000 to EGP 2,400 (153 U.S. dollars) pending parliament approval. Under the same decision, the minimum salary of the highest-grade civil servant will also increase to EGP 8,400, Read more
Egypt Tuesday vowed to allocate $500 million for the reconstruction of Gaza, ravaged by the Israeli air power amid the ongoing new conflict. The presidential office said in a statement issued Tuesday that Egyptian construction companies will rebuild the damaged Read more
The Egyptian Transport ministry is in talks with four foreign firms to launch a new factory to manufacture metros and railway cars at Suez Canal Economic Zone (SCZone), reports say. The factory will be a joint venture between the four Read more