Egypt
Security deals and destabilization: Russia’s expanding footprint in Africa
Russia is intensifying its diplomatic and strategic push into Africa as preparations begin for the third Russia–Africa summit, scheduled for 2026.
Egypt's United Bank to list on Cairo stock exchange on Oct. 24
1 min Mena Today
State-owned United Bank will list on the Egyptian stock exchange on Thursday, the bourse said on Wednesday, a further step towards a rare privatisation of an Egyptian lender.
United Bank's 1.1 billion shares will be listed at 5 Egyptian pounds © Mena Today
State-owned United Bank will list on the Egyptian stock exchange on Thursday, the bourse said on Wednesday, a further step towards a rare privatisation of an Egyptian lender.
The central bank announced last month it would sell shares in United Bank in an initial public offering by March.
United Bank's 1.1 billion shares will be listed at 5 Egyptian pounds ($0.103) each, valuing the bank at 5.5 billion Egyptian pounds, the exchange said.
Along with Arab African International Bank and Banque du Caire, United Bank was one of three state banks the government placed on a list in early 2023 for potential sale.
Egypt in 2021 sold a 51% stake in Arab Investment Bank, its first privatisation of a bank in more than a decade.
United Bank made a net profit of 1.74 billion Egyptian pounds in the financial year to end June on assets of 106 billion Egyptian pounds, the central bank said in September.
($1 = 48.6600 Egyptian pounds)
Reporting by Patrick Werr
Related
GCC
China urges GCC to speed up free trade agreement talks
China’s Foreign Minister Wang Yi has called on the Gulf Cooperation Council (GCC) to speed up negotiations on a long-discussed free trade agreement with China, citing growing global protectionism and unilateral actions that threaten the principles of free trade.
Palestine
A forgotten chapter in Middle Eastern history
The global narrative surrounding the Middle East often centers on one storyline, but rarely acknowledges another equally important and long-overlooked chapter. It is the untold story of nearly 850,000 Jews who were expelled or forced to flee from Arab and Muslim-majority countries in the mid-20th century.
Subscribe to our newsletter
