Egypt Business & Economics
$15 billion worth of Israeli natural gas to be sold to Egypt
Egypt’s trade deficit narrows by 25% in 2017
Egyptian stock market rises on first session of week
Egypt's mufti says bitcoin forbidden in Islam
Egypt’s grand mufti says bitcoin ‘forbidden’ by Islam
Billionaire Saudi prince to invest about US$800 million in Egypt
Billionaire Saudi prince to invest about $800 million in Egypt
Egypt picks 4 european banks to manage international bond sale
2018-03-12 18:19:28 Cairo: Egypt selected four European banks to manage its first euro-denominated bond sale, taking advantage of lower borrowing costs in Europe as it looks to secure funding to plug the budget deficit. The government picked BNP Paribas, Deutsche Bank, Standard Chartered and Intesa Sanpaolo for the issuance worth between 1 billion and 1.5 billion euros (Dh4.5 billion to Dh6.8 billion) that’s slated to be held before the start of the fiscal year that begins July 1, Khaled Abd Al Rahman, assistant finance minister for capital market operations, said by phone   Read More ...
Mubadala signs new deal with Eni for Egypt concession
2018-03-12 12:14:55 Abu Dhabi: Mubadala Petroleum and Italy’s Eni signed an agreement to purchase a 10 per cent stake in the Egyptian Shorouk Concession encompassing the giant Zohr gasfield located in the Mediterranean Sea. Currently, Eni is the chief operator with a 60 per cent interest, and other partners in the concession are BP, with 10 per cent interest, and Rosneft, with 30 per cent interest   Read More ...
Does Boise need a new performing arts center? Or should it just expand the Egyptian? | Idaho Statesman
2018-03-06 18:02:19 Does Boise need a new performing arts theater? Esther Simplot thinks so. The widow of billionaire J.R. Simplot is helping fund a study that could assess whether there is enough need in the community for a midsize theater that could be used by Opera Idaho and other organizations. The study is scheduled to be finished by June. Q: Why does Simplot think Boise needs a new venue? A: Mostly because Opera Idaho, which she supports, is cramped when it performs at the Egyptian Theater but overextended when it performs at the Morrison Center at Boise State University   Read More ...
Egyptian Exchange to launch derivatives soon
2018-03-05 18:16:22 Dubai: Egyptian Exchange is looking to launch derivatives trading and will decide to go in for futures or options depending on market requirement, Mohamed Farid, chairman of the Egyptian Exchange told Gulf News. “We are preparing for derivatives trading. It has been approved by the parliament. We are preparing the technological set-up,” Farid told Gulf News on the sidelines of the EFG Hermes conference   Read More ...
Egypt net foreign reserves rise to $42.524b after Eurobond sale
2018-03-04 18:10:13 Cairo: Egypt’s foreign reserves rose to $42.524 billion (Dh156 billion) at the end of February from $38.209 billion at the end of January, the central bank said on Sunday, helped by a recent Eurobond sale. Cairo’s foreign reserves have been climbing since the country secured a $12 billion three-year International Monetary Fund loan programme in 2016 as part of efforts to woo foreign investors and revive its ailing economy   Read More ...
Egypt’s Banque Misr targets 10b pound stake sales to boost growth
2018-02-28 18:17:10 Cairo: Banque Misr wants to raise 10 billion Egyptian pounds (Dh2 billion, $568 million) through the sale of stakes in four companies and two banks, including Cairo Amman Bank, to boost liquidity, its Vice Chairman, Atef El Maghraby, said in an interview. Talks to sell Banque Misr’s 10.78 per cent stake in Cairo Amman are preliminary, and the deal is expected to be finalised this year, Al Maghraby said in an interview   Read More ...
Egypt investors now bold enough to look for dollars themselves
2018-02-27 06:24:23 Cairo: Foreign holders of Egypt’s local debt have been using the open currency market more frequently to get dollars. Not only is it a sign they’re more comfortable getting cash out of the country, but it also means the days of a stagnant Egyptian pound may be numbered. Bondholders traded hundreds of millions of dollars on the interbank market in the first five weeks of 2018, according to people familiar with the matter   Read More ...
ADM, Cargill to launch soybean joint venture in Egypt
2018-02-26 11:42:15 (Reuters) - Grain traders Archer Daniels Midland Co and Cargill [CARG.UL] on Monday announced a joint venture that will supply soybean meal and oil for customers in Egypt. The venture, to be launched in mid-2018, will operate a soy crush facility in Borg Al-Arab in Northern Egypt. Cargill is expanding the facility to a daily crush capacity of 6,000 metric tons from 3,000, the companies said   Read More ...
BRIEF-ADM, Cargill To Launch Soybean Joint Venture In Egypt
2018-02-26 11:42:05 Feb 26 (Reuters) - Archer Daniels Midland Co: * ADM, CARGILL TO LAUNCH SOYBEAN JOINT VENTURE IN EGYPT * ARCHER DANIELS MIDLAND - CO, CARGILL AGREED TO LAUNCH JV TO PROVIDE SOYBEAN MEAL AND OIL FOR CUSTOMERS IN EGYPT * ARCHER DANIELS MIDLAND - JV WILL BE MANAGED AS STANDALONE ENTITY CONSISTING OF EQUAL OWNERSHIP BY CO, CARGILL * ARCHER   Read More ...
Winners rise among Cairo stocks as Egypt starts to cut rates
2018-02-21 06:47:06 Dubai Cairo-traded stocks ranging from real-estate to consumer-focused companies, industrials and banks are set to outperform local and emerging-market peers as interest rates drop, analysts and investors predict. After the Egyptian central bank cut its key rate from a record level last week, investors are likely to scour the stock market to replace returns from high-yielding deposits. Companies will benefit from access to cheaper credit in the Arab world’s most-populous country   Read More ...
Israel announces 'historic' gas contract with Egypt
2018-02-19 19:41:25 Jerusalem (AFP) - Israel has struck an "historic" contract for sales of billions of dollars' worth of natural gas to Egypt, Prime Minister Benjamin Netanyahu announced Monday. "This will bring billions of dollars to state coffers," he said in a statement announcing the deal with Egypt, which in 1979 became the first Arab state to sign a peace treaty with Israel   Read More ...
Israel announces 'historic' gas contract with Egypt
2018-02-19 17:39:26 Jerusalem - Prime Minister Benjamin Netanyahu on Monday announced an "historic" contract for sales of billions of dollars' worth of Israeli natural gas to Egypt. "This will bring billions of dollars to state coffers," he said in a statement announcing the accord with Egypt, which in 1979 became the first Arab country to sign a peace treaty with Israel. The Israeli energy group Delek said the value of the contract was $15bn   Read More ...
Egyptian firm to buy $15 billion in Israeli natural gas
2018-02-19 16:13:28 TEL AVIV (Reuters) - An Egyptian company will buy $15 billion of Israeli natural gas in two 10-year agreements announced on Monday, marking a major export deal that Israel hopes will strengthen diplomatic ties. The partners in Israel’s Tamar and Leviathan offshore gas fields said they have signed with private Egyptian firm Dolphinus Holdings to supply a total of around 64 billion cubic meters of gas over a decade - with half coming from each field and the proceeds split equally between them   Read More ...
Delek, Noble sign accords for $15b in sales of Israeli natural gas to Egypt
2018-02-19 15:22:58 The partners in Israel’s Tamar and Leviathan natural gas fields, including a unit of US Noble Energy Inc and Delek Drilling LP, have signed $15 billion in deals to export natural gas to Egypt over 10 years. In a filing to the Tel Aviv Stock Exchange on Monday, Delek Drilling LP, a partner in the Tamar and Leviathan fields offshore Israel, said Noble Energy Mediterranean and its partners in the fields have signed accords with Egypt’s Dolphinus Holdings Ltd   Read More ...
$15 billion worth of Israeli natural gas to be sold to Egypt
2018-02-19 14:14:53 The operators of Israel’s Tamar and Leviathan natural gas fields have signed decade-long contracts to sell $15 billion worth of natural gas to Egypt, according to a statement from Delek Drilling on Monday.Gas operators 'Delek Drilling' and 'Noble Energy' announced on Monday that it has signed two agreements with Egyptian Company 'Dolphin Energy' worth an estimated $15 billion. Delek and Noble will supply Egypt with seven billion cubic meters of gas annually   Read More ...
Egypt cuts interest rates as slowing inflation eases worries
2018-02-16 18:17:53 Cairo Egypt cut interest rates for the first time since floating the currency at the end of 2016, starting a widely-anticipated easing cycle after record-high borrowing costs helped curb inflation and attract $20 billion into local-currency assets. The monetary policy committee led by Governor Tarek Amer lowered the overnight deposit rate by 100 basis points to 17.75 per cent. A cut was predicted by six out of nine economists in a Bloomberg survey   Read More ...
Egypt issues $4b in Eurobonds
2018-02-15 12:19:23 Cairo: Egypt has raised $4 billion (Dh14.68) in a dollar-denominated Eurobond sale that closed late on Tuesday, the finance ministry said, part of a drive to plug its budget deficit and boost dollar holdings as it pursues an IMF-backed reform programme. The bonds were issued in five, 10- and 30-year tenors at 5.58 per cent, 6.59 per cent and 7.9 per cent, respectively — prices on par with Eurobonds it sold last May   Read More ...
With $4 billion bond sale done, Egypt prepares euro note offer
2018-02-14 18:17:11 Cairo Egypt will begin approaching investment banks in a few days for a planned sale of euro-denominated bonds after successfully raising $4 billion from international bond markets to finance the budget deficit and bolster foreign reserves, Finance Minister Amr Al Garhy said. The sale will “ideally” take place in April, and Egypt will be seeking European banks to manage the issuance, the minister said in a phone interview   Read More ...
Egypt’s central bank seen cutting rates as inflation eases
2018-02-13 18:19:48 CAIRO Egypt’s central bank is likely to start a gradual easing of monetary policy in its meeting on Thursday, a Reuters poll showed on Tuesday, as inflation hit its lowest level since the country floated its currency. The Egyptian pound lost half of its value and prices shot up after Egypt floated the currency in November 2016 to secure a $12 billion International Monetary Fund deal to revive its economy   Read More ...
Shuaa plans Egypt expansion as economy recovers
2018-02-13 18:19:26 CAIRO Shuaa Capital is assessing potential acquisitions in Egypt’s financial services industry as the Dubai-based firm seeks to become one of the country’s five largest brokerages as soon as this year. Shuaa, whose brokerage is ranked 18th in Egypt by market share, has applied for investment banking and asset management licenses, Chairman Jassim Al Seddiqi said in an interview in Cairo on Monday   Read More ...
ENOC Group plans investments in Egypt
2018-02-12 18:31:28 Abu Dhabi: Emirates National Oil Company (ENOC) Group, which is fully owned by the government of Dubai is exploring investment opportunities in Egypt to expand its operations in the region. In a statement on Monday, Saif Humaid Al Falasi, Group CEO, ENOC said hydrocarbon production represents six per cent of Egypt’s GDP and the country is planning to significantly invest in petrochemicals sector over the next five years   Read More ...
Energy group DEA to invest $500m in Egypt oilfields
2018-02-11 18:09:27 Cairo: Energy group DEA plans to invest nearly $500 million (Dh1.8 billion) in developing its oilfields in Egypt over the next three years, its chief executive office said. “We intend to pump around $500 million over the next three years in Egypt to develop the West Delta, Desouk and the Gulf of Suez fields,” Maria Moraeus Hanssen told journalists in Cairo on Saturday evening   Read More ...
Egypt wants more market stability before Eurobond issue — minister
2018-02-10 18:08:58 DUBAI Egypt is considering plans for a Eurobond issue but wants to see more stability in global financial markets before it goes ahead, Egyptian finance minister Amr Al Garhy said on Saturday. “We want to find the right time and we hope to do this in the next few days,” Al Garhy told Reuters on the sidelines of a financial conference in Dubai, when asked if this week’s swings in global markets could affect the planned issue   Read More ...
Stock market falls 1.42 percent
2018-02-09 15:07:48 (4 Feb 2018) LEADIN: The Egyptian stock market has fallen on the first session of the week. STORYLINE: The EGX 30, the main benchmark index for the Egyptian stock exchange, opened on 15,088 points this morning. It closed on 14,874 points, a fall of 1.42 percent. "The decline in the international markets is what affected the indexes of the Egyptian stock market," says dealer Nagla Farag. You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork.   Read More ...
Egypt’s inflation falls to 17.1% in January
2018-02-08 18:18:52 CAIRO: Egypt’s annual urban consumer price inflation dropped to 17.1 per cent in January from 21.9 per cent in December, the official statistics agency said on Thursday. Inflation reached a record high in July of around 35 per cent on the back of energy subsidy cuts, but gradually declined since as inflationary pressure caused by Egypt floating its currency eased. The Egyptian pound lost half of its value and prices shot up after Egypt floated the currency in November 2016 to secure a $12 billion (Dh44 billion) International Monetary Fund (IMF) deal to revive its economy   Read More ...
EGX30 fluctuates at end of trading week
2018-02-06 15:09:59 (1 Feb 2018) LEADIN: Cairo's EGX30 has experienced fluctuations at the end of the trading week. STORYLINE: On the last session of the trading week, the EGX30, the main benchmark index for the Egyptian stock market, opened on 15,042 points. By 0900 GMT it had dropped to 15,028 but then it rose to 15,103 points by 1100 GMT, a rise of 0.41 per cent. According to dealer Nagla Farag, who was speaking before the market rose, the activity is due to "purchasing by foreign financial institutions while Egyptian individuals and Arabs are gaining profit. She describes the teading volume as "weak"   Read More ...
Egypt to offer 11 concession areas in gas exploration bid round
2018-02-06 12:24:28 Cairo: Egypt’s state gas board EGAS will hold an international bid round for exploration in 11 concession areas by the end of June, local newspaper Al Shorouk said on Tuesday, quoting an EGAS official. The official, who was not named, said that the concessions would include eight sea areas and three land areas. EGAS said in January it would hold an international bid round by the end of June in the east Mediterranean and the Nile Delta but did not specify how many concessions would be offered   Read More ...
Egypt, Algeria and Morocco get Facebook’s online marketplace
2018-02-05 18:18:14 Dubai Facebook announced the launch of its marketplace feature in Egypt, Algeria and Morocco, enabling people to use the platform to discover, buy and sell items. They are among the first countries in Mena to be able to buy and sell items through the platform. Available in Arabic on mobile and desktop, the feature is expected to be rolled out to iOS and Android users over the next few weeks in these countries   Read More ...
Egypt gas production to exceed 6bcf this year
2018-02-04 18:09:04 Cairo: Egypt’s natural gas production rose by 1.6 billion cubic feet (bcf) per day in 2017, reaching 5.5bcf per day currently, Petroleum Minister Tarek Al Molla said on Sunday. Production, which has increased thanks to newly discovered fields, will exceed 6bcf per day before the end of this calendar year, Molla said at a news conference. Egypt has been seeking to speed up gas production from recently discovered fields, with an eye to halting imports by 2019   Read More ...
Al Khaleej inks $1b Egypt sugar refinery deal
2018-02-04 18:08:37 Dubai: Dubai’s Al Khaleej Sugar Refinery has agreed to build a major agro-industrial complex to produce beet sugar under a deal signed with the Egyptian government, the world’s largest port-based sugar refinery said on Sunday. The project, named Canal Sugar, will be located only about 200km from its market, Jamal Al Ghurair, managing director of the refinery, told an industry conference in Dubai   Read More ...
Tabreed seeks assets from Gulf to Egypt: CEO
2018-02-02 06:28:41 Dubai: National Central Cooling Co. plans to acquire assets in markets like Saudi Arabia and Egypt starting this year as the Abu Dhabi-based company seeks to expand. “We’re always keen on acquisitions, and Saudi Arabia is also a potential market we’re looking at,” Chief Executive Officer Jasem Hussain Thabet said in a Bloomberg TV interview. “We’d potentially be looking at markets in North Africa and India   Read More ...
Egypt to pour new housing into seemingly sated market
2018-01-28 18:09:39 Cairo: Egypt’s government plans to pour tens of thousands of new housing units onto the market in each of the next few years, but it’s not clear how easily the country can absorb them. The authorities say they want to reduce crowding in Egypt’s congested cities and provide homes for the poor but many analysts say the new residences are priced way beyond the means of most Egyptians and a good share of them will remain unsold   Read More ...
Egypt’s trade deficit narrows by 25% in 2017
2018-01-26 15:08:46 CAIRO Egypt’s trade deficit narrowed by 25 per cent in 2017 from the year before due to a decline in imports and raise in exports, the trade ministry said on Friday. Non-oil exports rose to about $22.4 billion in 2017 from about $20.4 billion the previous year, a 10 per cent increase, Trade Minister Tarek Kabil said in a statement. Imports declined to about $56   Read More ...
IMF says Egypt economic outlook 'favourable'
2018-01-24 15:40:05 Cairo - The International Monetary Fund declared Egypt's economic outlook "favourable" on Tuesday after completing its second review of the country's reform programme. The IMF had approved in November 2016 a $12bn loan to Egypt, which has been shaken by political and economic turmoil since longtime president Hosni Mubarak was toppled in the 2011 revolt. In order to obtain the IMF's approval for the three-year loan, Cairo has implemented a set of drastic reforms including the adoption of a value-added tax, energy subsidy cuts and floating the pound   Read More ...
IMF raises Egypt’s GDP outlook, says on right track in latest review
2018-01-23 18:20:31 CAIRO The International Monetary Fund commended Egypt’s commitment to economic reforms in a report on Tuesday, but warned against potential risks including a premature loosening of monetary policy and worsening security conditions. In its second review of a $12 billion reform programme it signed with Egypt in late 2016, the IMF raised its forecast for Egypt’s GDP growth for the 2017/18 fiscal year ending in June to 4   Read More ...
Egyptian banks’ foreign currency trades soar
2018-01-23 12:24:23 Cairo: Foreign-currency trading on Egypt’s interbank system has climbed to $14.5 billion (Dh53.25 billion) since the November 2016 decision to float the currency, central bank Governor Tarek Amer told Bloomberg. Bank trading in dollars — almost non-existent before the float — touched $9 billion in September. The 60 per cent rise since then reflects growing confidence in the economy after reforms aimed at ending a foreign-currency shortage that had crippled business activity   Read More ...
Egypt to issue dollar-denominated Eurobond in first half of Feb
2018-01-19 06:44:12 CAIRO Egypt will issue a dollar-denominated Eurobond in the first half of February, Finance Minister Amr Al Garhy said on Wednesday. The Eurobond, which will raise $3 billion to $4 billion, was initially slated for the end of January. Egypt sold $7 billion in five-, 10- and 30-year bonds last year as it begins its return to international markets after turmoil following the ouster of president Hosni Mubarak in 2011   Read More ...
India, Egypt to enhance bilateral trade
2018-01-17 11:09:36 India and Egypt have discussed measures to enhance bilateral trade and supply of agricultural products. India’s Ambassador Sanjay Bhattacharyya met with Ali El-Sayed Moselhi, Egyptian Minister of Supply and Internal Trade, on Tuesday and discussed means of enhancing the bilateral trade and finding new opportunities for collaboration. The meeting was also attended by P K Das, Director-Marketing (The State Trading Corporation of India Ltd) and SP Kar, Executive Director (Food Corporation of India)   Read More ...
SUEZ Paves the Way for a Circular Economy
2018-01-11 12:07:36 A new press release states, “WHISHWORKS, a global IT services and consulting company specialising in systems integration and Big Data analytics, is pleased to announce the successful implementation and deployment of MuleSoft Anypoint Platform at SUEZ recycling and recovery UK (SUEZ). With the deployment of Anypoint Platform, SUEZ is able to accelerate its business transformation journey to become a key player in the circular economy – where value is created by recovering and reusing post-consumer materials   Read More ...
Egypt’s finance minister expects inflation rate below 20% next month
2018-01-10 18:18:04 Cairo: Egypt’s inflation is expected to fall below 20 per cent next month and to 10 to 12 per cent during 2018, Finance Minister Amr El Garhy said on Wednesday. Annual urban consumer price inflation fell to 21.9 per cent in December from 26 per cent in November, the official statistics agency, CAPMAS, said earlier on Wednesday. “It’s a better than good indication and puts us on a good path,” said Garhy   Read More ...