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New Limits Set for Withdrawals and Deposits in Banks

Published

1 year ago

March 29, 2020

Usually, in ordinary times, banks would allow a certain limit for daily deposits as well as withdrawals in bank branches. People weren’t necessarily confined to a certain amount and things had always gone smoothly and easily.

In light of the whole Coronavirus outbreak and the stress that has been going on, we are lucky that banks haven’t shut down completely altogether. At first, we were warned about the unsanitization of ATM machines and were told to be careful.

Even after the quarantine and having to stay home for a specific amount of days, each bank had changed their working hours to accommodate with the curfew we have been given. For instance, EG bank’s new working hours 9:30AM to 1:30AM.

The Central Bank of Egypt had announced earlier this morning that temporary daily limits will be imposed on people in terms of withdrawals and cash deposits. For the time being, people will only be capable of depositing or withdrawing an amount of $636, and as for companies, they can only deposit/withdraw $3,184.

As for ATM machines, the daily limit has been set to $318. The reason behind this new system is to ensure the protection of their people as well as to avoid crowd gatherings and social distancing. Once paychecks will be out, they fear that people would crowd the place. This new deal has been approved by the World Health Organization.

The bank has specifically asked Egyptian dealers to only rely on bank transfers as well as electronic payment methods such as phone wallets, bank cards, and more. We advise people to remain safe as they are trying to facilitate the process for people as much as possible.

Related Topics:2020 Banks Deposits Egypt Featured Limit march Withdrawals

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Investments exceeding EGP 4 billion along 4 years:

Published

2 weeks ago

April 6, 2021

Akram Moftah

Investments exceeding EGP 4 billion along 4 years:
Living Yards Developments Egypt Partners with EFS Misr
to manage its facilities in the New Administrative Capital

– Marzouk: “Living Yards designated EFS Misr to manage and maintain 1,230 residential & administrative units within its projects; the total investment of such projects exceeds EGP 4 billion.”
– Mansour: “We are proud to have been chosen by Living Yards, and we promise to deliver world-class services; capitalizing on our 90+ projects experience in Egypt & the Middle East.”

Living Yards Developments Egypt has recently celebrated the signing of a memorandum of understanding with EFS Misr Facilities Service, at Living Yards’ headquarters in New Cairo, and in the presence of both corporate teams. This up-and-coming partnership culminates Living Yards’ latest remarkable successes in its New Capital real estate projects; being the first real estate developer to invest in this great national venture.

In this regard, Mr. Ayman Marzouk, Chairman and CEO of Living Yards gave a statement: “Out of keenness to provide our customers with top-class comfort, luxury & safety, and next to our deep-seated belief in specialization, Living Yards has assigned a facility service company to manage about 1,230 residential & administrative units in three of our major projects so far. The total investments in living yards projects exceeded EGP 4 billion. We have selected EFS Misr in particular on grounds of their reputable expertise in various projects over nearly two decades.”

On behalf of EFS Misr, Mr. Rami Mansour, Chairman & CEO made a comment: “We are proud collaborate with Living Yards, and cherish their confidence in our capabilities. We are also grateful for the opportunity to partake in such a mega urban development national project. We promise to deliver world-class services; capitalizing on our 90+ projects experience in Egypt & the Middle East. Our portfolio comprises of managing facilities in Master Communities, Healthcare, Oil and Gas, Banking, Industrial, Public Sector, Integrated workplaces, Education, Retail and Mixed -use properties. We look forward to further Collaboration with Living Yards in the future.”

About Living Yards Development:
Living Yards Developments is owned by two mega economic establishments; AM Group and Egyptian Swiss Group. With more than 30 years of expertise in the fields of manufacturing & trading, 3000 employees and annual turnover of more than 4 billion EGP, the two groups guarantee a very strong financial and technical support to the company. Living Yards Developments is entering the market with a new inspiring vision. Introducing a unique concept to the real estate market. ‘Practical Luxury’ is the mix of value for money with lavishness and diversity with luxury. A new trend setter in the market where compromises don’t exist. Living Yards is a grand addition to the world of real estate that subscribes to the mantra of thinking the unthinkable, with the sole purpose of satisfying the unmet needs of our customers, through applying a novel methodology in delivering all of its projects.
For further info, please visit: https://www.livingyardsegypt.com/

About EFS Misr:
Back in 2015, EFS Group in Dubai made a strategic decision to enter the Facility management local market in Egypt with the creation of an independent subsidiary, named EFS Misr. EFS Misr endeavors to deliver quality facility management and value-added in managing facilities in Master Communities, Healthcare, Oil and Gas, Banking, Industrial, Public Sector, Integrated workplaces, Education, Retail and Mixed -use properties.

For further info, please visit: http://www.efsmi.com/

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Egypt Jumps Ten Places in ‘Global Knowledge Index’ in Only One Year

Published

4 months ago

December 13, 2020

Yara K

Egypt has jumped 10 places in just a year in the 2020 Global Knowledge Index (GKI), according to three infographics released by the Egyptian Cabinet’s Information and Decision Support Center.

The index, which gets issued every year by the United Nations Development Programme and the Mohammed bin Rashid Al Maktoum Knowledge Foundation, shows that Egypt has moved from the 82nd place to the 72nd in only one year.

The rankings are based on a survey done on the knowledge performance of 138 countries in 7 areas and 199 indicators. Egypt has shown great advancement in all areas, it moves 23 ranks up in the area of Technical and Vocational Education and Training and 11 ranks up in Pre-University Education.

The index also highlighted Egypt’s points of strength in education sector, which included higher enrollment in universities and a significant decline in out-of-school children. There’s also an increase in the number of students enrolling in vocational and technical schools.

Switzerland, the United States, and Finland came on top of the 2020 index.

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Egypt Set to Build Its First Train Factory in Port Said

Published

5 months ago

December 6, 2020

Yara K

Egypt’s Ministry of Planning and Economic Development has announced that Egypt is planning on building its very first train factory in Port Said.

The factory will build EMUs, DMUs and monorail trains in East Port Said industrial zone.

The Ministry made the announcement on the 16th of September in a meeting attended between the minister of planning and economic development, Dr Hala El-Said, transport minister Major General Kamel El-Wazir and chairman of the Suez Canal Economic Zone Authority, Mr Yahia Zaki.

The meeting went over the project’s implementation plan and the possible outputs of the factory.

Egyptian Railways Services and Maintenance Company (Ermas) will most probably run the new plant in cooperation with the private sector including a number of international companies, such as the Suez Canal Economic Zone, and Egypt’s Sovereign Fund.

According to El-Waziri, the factory is seen as part of a localizing initiative that aims at producing railway equipment locally, in order to meet the rising demand both domestically and in Africa and on the Arabian peninsula.

The factory will help boost the Egyptian economy, in addition to generating hard currency and providing job opportunities.