عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt's EFG Hermes Stock up 3.5%

Central Bank of Egypt's headquarters is seen amid the coronavirus disease (COVID-19) pandemic in downtown Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany
Central Bank of Egypt's headquarters is seen amid the coronavirus disease (COVID-19) pandemic in downtown Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany
TT
TT

Egypt's EFG Hermes Stock up 3.5%

Central Bank of Egypt's headquarters is seen amid the coronavirus disease (COVID-19) pandemic in downtown Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany
Central Bank of Egypt's headquarters is seen amid the coronavirus disease (COVID-19) pandemic in downtown Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany

Shares in Egypt's largest investment bank EFG Hermes rose 3.5% on the country's stock exchange on Thursday, a day after the cabinet approved its acquisition of 51% of state-owned Arab Investment Bank.

The Sovereign Fund of Egypt also acquired a 25% stake in AIB, while the current owner, state-owned National Investment Bank (NIB), retained 24%, Reuters quoted Egypt's cabinet as saying on Wednesday.

It was Egypt's first bank privatization in more than a decade.

Most Viewed

 
 
Business

China Affirms Integration of Belt and Road Initiative with Saudi Vision 2030

 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)
 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)
TT
TT

China Affirms Integration of Belt and Road Initiative with Saudi Vision 2030

 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)
 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)

A recent report from Fujian Daily has highlighted the growing partnership between China and Saudi Arabia, emphasizing the alignment of the Belt and Road Initiative (BRI) with Saudi Vision 2030. This collaboration reflects the two nations’ shared commitment to fostering global progress and creating a unified future for humanity.
The report underscored the strengthening ties between the two countries in education and industry. For example, 22 Saudi students have graduated from Xiamen University in Fujian, with many pursuing careers in the chemical industry. Some have returned to Fujian, further enhancing the relationship between the nations.
During President Xi Jinping’s visit to Saudi Arabia in December 2022, a significant agreement was signed between Sinopec and Saudi Aramco to develop the second phase of the Gulei refining and petrochemical integration project. This initiative exemplifies the deepening energy sector cooperation.
In February 2024, construction began on a joint ethylene project with an investment of 44.8 billion yuan ($6.14 billion), marking the first direct partnership between a Chinese regional company and a global firm in petrochemicals. Expected to complete by 2026, the project highlights the strategic importance of industrial collaboration.
The report also spotlighted the historical ties between China and Arab countries through the Silk Road, with Fujian serving as a key hub. Today, initiatives such as the Maritime Silk Road revive this legacy. In May 2024, a multimodal transport channel linking Nanchang, Xiamen, and Saudi Arabia was launched to facilitate exports from the Gulei project to global markets.
Additionally, the second phase of the Gulei complex was launched in November 2024, with a total investment of 71.1 billion yuan ($9.74 billion), making it the largest industrial project in Fujian’s history. The project aims to enhance resource security and boost the petrochemical supply chain.
The report concluded that the ongoing partnership, supported by technological advancements and shared ambitions, underscores a new era of strategic collaboration, with the integration of BRI and Vision 2030 symbolizing a bright future for both nations.