Serrari Group

Canal Shipping Achieves 163% YoY Profit Surge in Nine Months

Canal Shipping Agencies (CSAG) has reported an impressive 163.2% increase in net profits for the first nine months of the fiscal year 2023/2024. The company’s profits reached EGP 570.868 million, compared to EGP 216.857 million during the same period last year, according to their latest audited financial statement. Revenues also saw a notable rise, increasing […]

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Egypt’s Engineering Exports Surge by 32.3% to $1.6 Billion in Early 2024

Egypt’s engineering exports have seen a significant increase of 32.3% in the first four months of 2024, reaching $1.673 billion, compared to $1.264 billion during the same period in 2023. This impressive growth highlights the sector’s vital role in the country’s economic landscape. April 2024 was particularly noteworthy, with engineering exports jumping by 50.3% to […]

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Egypt and Italy Assess Progress on $100 Million Debt Swap Program

Egypt’s Minister of International Cooperation, Rania Al-Mashat, and Michele Quaroni, the Italian Ambassador to Cairo, met to review the progress of the Egyptian-Italian debt swap program. Held at the Ministry’s headquarters in the New Administrative Capital, the meeting focused on the program’s third phase, valued at $100 million, which supports a range of development initiatives. […]

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Central Bank of Egypt Maintains Interest Rates Amid Economic Challenges

Egypt’s Central Bank (CBE) recently concluded its Monetary Policy Committee (MPC) meeting, opting to keep interest rates steady. This decision reflects a measured approach towards stabilizing the nation’s economy amidst ongoing uncertainties. During the meeting held on May 23rd, the CBE announced that both the overnight deposit rate and the overnight lending rate would remain […]

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TotalEnergies Commences $6 Billion Offshore Project in Angola

TotalEnergies and its partners have reached a final investment decision (FID) on the $6 billion Kaminho deepwater project in Angola’s Kwanza Basin, marking a significant advancement in the region’s oil industry. The project, located approximately 100km off the coast in 1,700-meter deep waters, involves developing the Cameia and Golfinho fields. The Kaminho project is a […]

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South Africa’s Inflation Eases for Second Straight Month in April

By: South Africa’s headline consumer inflation eased for the second consecutive month in April, providing some respite for the nation’s economy. Statistics South Africa reported on Wednesday that the inflation rate declined to 5.2% year-on-year, down slightly from 5.3% in March. On a monthly basis, inflation was recorded at 0.3% in April, a notable decrease […]

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Vodacom and Orange in Talks for African Infrastructure Deals

 South African telecom leader Vodacom and French telecom giant Orange are in discussions to establish infrastructure partnerships across Africa, aiming to reduce connectivity costs and enhance rural access. According to sources cited by Bloomberg, the potential agreements would involve sharing infrastructure in overlapping markets, including Egypt and Congo. This collaboration seeks to make network rollout […]

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Central Bank of Nigeria Pledges to Maintain Rate Hike to Tame Inflation

The Central Bank of Nigeria (CBN) has reiterated its commitment to addressing the nation’s rising inflation through continued interest rate hikes. Governor Olayemi Cardoso, in a recent interview with the Financial Times, assured that the Monetary Policy Committee (MPC) is dedicated to implementing necessary measures to stabilize the economy. Cardoso emphasized a strategic return to […]

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Nigeria Launches Mineral Resources Portal to Attract Global Investors

Nigeria has launched a new online portal aimed at providing detailed information about the country’s mineral resources to potential investors. The Nigeria Mineral Resources Decision Support System (NMDSS) is designed to streamline access to data on Nigeria’s geological and mineral wealth, making it easier for investors worldwide to make informed decisions. The mining minister, Dele […]

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