Egypt Business & Economics
Egyptian stock market rises on first session of week
Mideast Money: Surge in foreign fund inflows sets stage for Egyptian b
Egypt's mufti says bitcoin forbidden in Islam
Egypt inflation soars to near 33 percent amid subsidy cuts
Coming to you from a Cairo village: Egypt’s first minicar
Saudi billionaire to invest $800 mln in Egypt tourism
Egypt's foreign debt jumps 40% to US$67 billion: Central bank
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 ...
Egypt's inflation drops as economic reforms take effect
2018-01-10 15:45:59 CAIRO (AP) — Egypt says inflation has dropped to 21.9 percent in December, down from nearly 26 percent the month before. The figures were published by the Central Agency for Public Mobilization and Statistics on Wednesday. Dubai-based Arqaam Capital says the decline reflects the "strong positive base effect" following the November 2016 currency float, part of broader economic reforms taken to meet demands by the International Monetary Fund for a $12 billion bailout loan   Read More ...
Egypt's inflation drops as economic reforms take effect
2018-01-10 15:39:08 CAIRO (AP) — Egypt says inflation has dropped to 21.9 percent in December, down from nearly 26 percent the month before. The figures were published by the Central Agency for Public Mobilization and Statistics on Wednesday. Dubai-based Arqaam Capital says the decline reflects the "strong positive base effect" following the November 2016 currency float, part of broader economic reforms taken to meet demands by the International Monetary Fund for a $12 billion bailout loan   Read More ...
Egypt becomes world's 3rd largest fiberglass producer with China's help
2018-01-10 04:31:13 Egypt has become the world's third largest producer of fiberglass next to the United States and China due to the investment of China's giant fiberglass corporation Jushi in the North African country, said the Egyptian minister of trade and industry on Tuesday. "Egypt annually produces about 200,000 tons of fiberglass and specifies 99 percent of them for export," Egypt's Trade and Industry Minister Tarek Kabil said in a statement   Read More ...
Surge in foreign fund inflows sets stage for Egyptian boom
2018-01-07 18:09:48 CAIRO, DUBAI Encouraged by Egypt’s economic reforms, a major gas find, streamlined business rules and a devalued currency, investors are increasingly optimistic about prospects for the country after years of political turmoil. Foreign holdings of Treasury bills hit a record high in December, foreign inflows into the stock market last year were the highest since 2010 and direct investment by foreign firms and private equity funds is on the rise again   Read More ...
Egyptian stock market rises on first session of week
2018-01-07 13:03:37 (31 Dec 2017) LEAD IN: The Egyptian stock market is rising on the first session of the week. STORY-LINE: The EGX30, the main benchmark index for the Egyptian stock exchange, opened on 15,016 points. It has climbed to 15,056 points, a rise of 0.26 percent (as at 1117 GMT). Dealer Amir Yousef says the increase is due to "purchasing by Arabs while foreign financial institutions and Egyptian individuals are selling". 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 ...
Mideast Money: Surge in foreign fund inflows sets stage for Egyptian b
2018-01-07 08:05:17 CAIRO/DUBAI (Reuters) - Encouraged by Egypt’s economic reforms, a major gas find, streamlined business rules and a devalued currency, investors are increasingly optimistic about prospects for the North African country after years of political turmoil. Foreign holdings of Treasury bills hit a record high in December, foreign inflows into the stock market last year were the highest since 2010 and direct investment by foreign firms and private equity funds is on the rise again   Read More ...
‘Bitcoin banned by Islam’: Egypt’s Grand Mufti issues fatwa against cryptocurrency
2018-01-06 16:05:02 Published time: 3 Jan, 2018 14:48 The Egyptian Grand Mufti has issued an official fatwa, banning bitcoin which soared in value over the $20,000 mark in December. Trade in cryptocurrency is similar to gambling, which is forbidden in Islam, he said. The mufti compared cryptocurrency’s trade exchange to gambling, which is banned in Islam “due to its direct responsibility in financial ruin for individuals   Read More ...
Egypt's mufti says bitcoin forbidden in Islam
2018-01-04 22:30:45 CAIRO (AFP) - Egypt's grand mufti has said that bitcoin is forbidden in Islam, warning the digital currency could be used for criminal purposes. Bitcoin, launched in 2009 and based on a peer-to-peer payment system, poses "high risks to individuals and states," Shawqi Allam said in a published ruling. It could provide "stable and secure financial resources for terrorists and criminal groups," said Allam, who acts as the country's official interpreter of Islamic law   Read More ...
Egypt's mufti says bitcoin forbidden in Islam
2018-01-04 19:05:31 Cairo - Egypt's grand mufti has said that bitcoin is forbidden in Islam, warning the digital currency could be used for criminal purposes. Bitcoin, launched in 2009 and based on a peer-to-peer payment system, poses "high risks to individuals and states," Shawqi Allam said in a published ruling. It could provide "stable and secure financial resources for terrorists and criminal groups," said Allam, who acts as the country's official interpreter of Islamic law   Read More ...
Strong start to trading week in Cairo
2018-01-03 18:10:01 (24 Dec 2017) LEAD IN: Cairo markets start the week strongly. STORY-LINE: In the first session of the trading week, EGX 30 the main benchmark index, opened on 14,668 points and by 11:15 GMT it reached 14,805 points - a gain of 0.93 percent. Arabs and foreign financial institutions are gaining profit while Egyptian individuals purchasing. Dealer Nagla Farag spoke of a weak increase at 0900 GMT, but then the markets rallied to nearly a one percent gain. 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 grand mufti says bitcoin ‘forbidden’ by Islam
2018-01-02 22:19:17 Egypt’s top Muslim cleric on Monday called for a ban on bitcoin, saying the digital currency is “forbidden” by Islam. Comparing the digital currency to gambling, which is banned in Islam, Shawki Allam issued a fatwa banning bitcoin “due to its direct responsibility in financial ruin for individuals,” according to Egypt’s Al-Ahram daily. Speculators and investors have flocked to the digital currency in recent months as its price has skyrocketed   Read More ...
Teenager runs start-up for maintenance workers
2018-01-02 13:05:42 (28 Dec 2017) LEAD IN: A 14-year-old entrepreneur is offering maintenance services to Egypt's foreign community. Nour Abdel Aziz founded FIXIT Egypt, a company that helps customers find skilled trades people for a range of jobs around their homes. STORY-LINE: Meet baby-faced businessman Nour Abdel Aziz. He's launched a website for maintenance work at the tender age of 14. Nour's was inspired to start FIXIT Egypt when his parents were remodelling their home in summer 2017 and struggled to find the right trades people to do the job. So he began compiling a database of all the workers he met during that time   Read More ...
With new gas deals, Egypt closes in on energy hub goal
2017-12-30 18:09:18 CAIRO Egypt is set to inaugurate a new wharf for natural gas and petroleum product tankers on the Gulf of Suez in the coming days, another step in its plan to become a regional energy hub. The new 2.5km wharf is being built by SUMED, which for decades has operated two pipelines from the Red Sea to the Mediterranean. The wharf will have three berths to receive natural gas and petroleum products carriers   Read More ...
Egypt’s central bank keeps interest rates unchanged
2017-12-29 18:14:03 CAIRO: Egypt’s central bank kept its key interest rates unchanged on Thursday as inflation remained in double digits a year after the country floated its currency and sent prices shooting higher. The overnight deposit rate remained at 18.75 per cent and the overnight lending rate at 19.75 per cent, the bank said in a statement. “The baseline inflation outlook remains consistent with achieving the CBE’s inflation target of 13 per cent (±3 per cent) in 2018 Q4 and single digits thereafter,” the bank said   Read More ...
Egypt picks five banks to manage its $4b eurobond sale
2017-12-29 18:12:40 CAIRO: Egypt selected five banks to manage a eurobond sale of about $4 billion, the finance minister said, as the nation taps cheaper funding sources to bridge its budget gap. The government selected HSBC Holdings Plc, Citigroup Inc., JPMorgan Chase & Co., Morgan Stanley and the National Bank of Abu Dhabi for the sale scheduled around January, Amr El Garhy said in a phone interview on Thursday   Read More ...
Egypt bourse puts net 2017 foreign inflows at $414m
2017-12-26 18:11:21 Cairo: Net foreign contributions to the Egyptian stock market reached 7.4 billion Egyptian pounds ($414 million, Dh1.5 billion) this year, the bourse said on Tuesday. Foreign contributions since the country floated its currency in November 2016 totalled 13 billion pounds. Egyptian equities took off after the float, further boosted by a $12-billion loan agreement with the International Monetary Fund, tied to economic reforms including easing capital controls and slashing subsidies   Read More ...
Egypt’s central bank seen keeping rates unchanged
2017-12-26 15:34:57 CAIRO Egypt’s central bank will keep key interest rates on hold in its monetary policy meeting on Thursday, a Reuters poll showed on Tuesday, as inflation eased but remained in double digits. Six out of 10 economists polled by Reuters said the bank on Thursday will keep the deposit rate at 18.75 per cent and the lending rate at 19.75 per cent   Read More ...
Egypt will choose 4-5 banks to arrange next Eurobonds issuance
2017-12-26 12:15:49 Cairo: Egypt will choose four to five international banks to arrange its next dollar-denominated Eurobond issuance, Finance Minister Amr Al Garhy told Reuters on Tuesday. “Egypt will conduct a short roadshow to promote the Eurobonds issuance in January,” he said. The dollar-denominated Eurobonds would be worth $3 billion (Dh11 billion) to $4 billion. “About 22 banks, including all the prominent ones, have applied to arrange the latest Eurobond issuance,” the minister said   Read More ...
EFG Hermes expects to start factoring services in Q1 2018 — CEO
2017-12-24 18:10:54 CAIRO: Egyptian investment bank EFG Hermes expects to begin offering factoring services in the first quarter of 2018 as part of a push into non-banking services, the group’s CEO Karim Awad told reporters on Sunday. Factoring is a financial transaction in which a company sells its debt to a third party at a discount for immediate financing so that it can begin operations   Read More ...
IMF says Egypt should be ready to act if inflation heats up
2017-12-21 18:16:48 Cairo: The International Monetary Fund (IMF) lauded Egypt’s economic reform efforts but urged the central bank to be ready to take action if slowing inflation heats up. The fund sounded its note of caution as its executive board signed off on the latest review of Egypt’s reform programme. The seal of approval opened the door to another $2 billion (Dh7.34 billion) tranche of the three-year, $12 billion loan the IMF extended to the government after it floated the pound in November 2016 and ordered a first round of energy subsidy cuts   Read More ...
Pioneers Holding to list 40% of Rooya stake on Egypt bourse
2017-12-17 18:11:31 CAIRO Pioneers Holding, one of Egypt’s largest financial services firms, will list 40 per cent of its Rooya Real Estate shares on the Egyptian stock market in the first half of 2018, CEO Walid Zaki told Reuters on Sunday. Egypt’s Pioneers Holding Company for Financial Investments bought 60 per cent of Rooya Real Estate Investment Company’s shares for 1.226 billion Egyptian pounds ($68   Read More ...
Egypt seeks proposals for dollar bond issues — banking sources
2017-12-17 12:09:19 DUBAI: Egypt has asked banks for proposals to arrange US dollar-denominated Eurobonds, banking sources said. The request was made last week, the sources said, but provided no further details. The finance ministry was not immediately available for comment, but Finance Minister Amr Al Garhy said in October that Egypt would issue a dollar-denominated Eurobond between January and February 2018, to be followed by a euro-denominated debt sale later in the year   Read More ...
Egypt sees pilot production at Eni’s Zohr gasfield in days
2017-12-10 18:10:50 Cairo: Pilot production at Egypt’s Eni SpA-operated Zohr natural gasfield will begin “in the coming few days,” the oil ministry said, as the country nears its goal of commercial output from the biggest gas discovery in the Mediterranean Sea by the end of this year. Gas is being pumped from the national distribution system to test pipelines in preparation for output from the offshore field, Oil Minister Tarek El Molla said Sunday in an emailed statement   Read More ...
Egypt says 4 bln dollars of debt paid to African Export-Import Bank
2017-12-05 18:17:09 Cairo: Egypt has paid back a total $4 billion (Dh14.7 billion) to the African Export-Import Bank, the central bank said on Tuesday. The central bank said on Monday it had paid back $2 billion of a $3.2 billion loan and would repay the remaining $1.2 billion by the end of December, state news agency Mena reported. Newspaper El Borsa reported on Tuesday that the central bank said it had also paid back $2 billion under a repurchase agreement   Read More ...
Cairo stocks rising as markets open
2017-12-02 17:05:48 (26 Nov 2017) LEADIN: Cairo stocks are rising once again as markets open for the week. STORYLINE: EGX 30, the main benchmark index, opened at 14,106 points and by 1135 GMT it reached 14,230 points - a gain of 0.88 percent. Foreign and local investors are selling to gain profits while Arabs are buying, according to 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 central bank scraps forex restrictions for importers
2017-11-28 18:16:35 Cairo: Egypt’s central bank removed caps on deposits and withdrawals of foreign currency for importers on Tuesday, lifting one of the last currency controls in place since a 2011 uprising. The move is another sign bank liquidity is improving as a result of Egypt’s $12 billion (Dh44.1 billion) three-year International Monetary Fund (IMF) programme and a currency flotation that halved the pound’s value and helped crush the black market for dollars   Read More ...
EGX30 rises on final session of the week
2017-11-28 13:06:50 (23 Nov 2017) EGYPT MARKETS SOURCE: ASSOCIATED PRESS RESTRICTIONS: AP CLIENTS ONLY LENGTH: 0:52 ASSOCIATED PRESS - AP CLIENTS ONLY Cairo - 23 November 2017 1. Wide interior of the Egyptian stock market 2. Various of screen showing trading 3. Various of traders working 4. SOUNDBITE (Arabic) Hannan Ramses, dealer: "In the last session of the trading week, there is an increase in the EGX30, the main benchmark index. It has risen by more than 217 points, to settle around 14,800 (she means 14,080) points. This is due to purchasing by foreign financial institutions while Arabs and Egyptian individuals are selling   Read More ...
Average yields on Egypt’s 3- and 7-year T-bonds rise
2017-11-27 18:19:52 CAIRO — The average yield on Egypt’s three- and seven-year treasury bonds rose at an auction on Monday, central bank data showed. The average yield on three-year bonds was 16.286 compared with 15.874 per cent at the last auction on Nov. 13. The average seven-year bond yield increased to 16.192 from 15.955 per cent. Appetite for Egypt’s domestic debt has risen since November 2016, when the central bank floated the pound currency   Read More ...
Shuaa Capital initiates Egypt operations following regulators nod
2017-11-26 12:11:40 Dubai: Shuaa Capital, the integrated financial services firm, said its securities brokerage arm has officially commenced operations in the Egyptian market, following the green light from the Egyptian Financial Supervisory Authority (EFSA). This official presence out of Cairo, is a natural extension to Shuaa’s broader brokerage network, allowing retail and high-net-worth clients from across the region easier access to Egyptian capital markets, the company said in an emailed statement   Read More ...
Egypt’s GDP growth at 5.2% during first quarter of 2017-18 — planning minister
2017-11-24 00:27:40 CAIRO Egypt’s gross domestic product growth in the first quarter of the 2017/2018 financial year climbed to 5.2 per cent from 3.4 per cent the previous year, the planning minister said on Wednesday. The country expects an economic growth rate of between 5 and 5.25 per cent in the current fiscal year ending in June 2018, Finance Minister Amr Al Garhy has said previously   Read More ...
NPCC signs deal with Petrojet of Egypt
2017-11-22 18:52:31 Dubai: The National Petroleum Construction Company (NPCC), part of Senaat Abu Dhabi, signed a memorandum of understanding (MoU) with Petrojet of Egypt to partner and cooperate for identification and execution of new projects in Egypt and wider region. The MoU was signed by Aqeel A. Madhi, managing director and CEO of NPCC and Salah Esmail, chairman and managing director of Petrojet, in the presence of senior members of the management team, at Adipec in Abu Dhabi   Read More ...
The master of all is the master of all | Ahmed Abdel Kawi | TEDxMaadi
2017-11-20 18:09:25 Ahmad is 32, studied economics at Cairo University and a great multitasker who currently masters 4 things at once! He manages to work, teach, play judo and get more and more education at the same time. He excelled in each single field specially sports as he won the silver medal in the Veterans World Judo champions in 2016.He refused to listen to those who told him “The master of all is the master of none”, furthermore,he proved them all wrong! Ahmad is 32, studied economics at Cairo University and a great multitasker who currently masters 4 things at once! This talk was given at a TEDx event using the TED conference format but independently organized by a local community   Read More ...
Russian billionaire’s bank bets on Egypt as Mideast risk rises
2017-11-19 12:11:33 Moscow: Renaissance Capital, the investment bank owned by Russian billionaire Mikhail Prokhorov, is taking a long-term bet on Egypt even as tensions in the region are on the rise. “A lot of the global investment banks are de-risking their portfolios, they’re scaling back in Africa and none of them are entering Egypt,” James Friel, the global head of investment banking at RenCap, said in a Moscow interview   Read More ...
Egyptian stocks favoured among Mena equities
2017-11-17 06:53:38 London Schroders changed its stance a few months on Egypt with an overweight expected double digit returns, as steps taken by the International Monetary Fund will act as an anchor for more reforms in the country. The Egyptian equities benchmark index, which has gained 12 per cent so far in the year, has been one of the better performing regional equities after the country took several measures from devaluing its currency to removing subsidy, precursor to the loan that was given by International Monetary Fund   Read More ...
Eni’s giant gas field prompts Egypt to end imports in 2018
2017-11-15 18:20:13 Cairo: Egypt will stop importing liquefied natural gas in 2018 and may eventually export gas after it starts producing this year at the giant Eni SpA-operated Zohr field off the country’s Mediterranean coast, Oil Minister Tarek Al Molla said. Zohr’s output will mostly supply the domestic market, and the nation’s two existing gas-liquefaction facilities are large enough to process any available surplus into LNG for international sale in 2019, Al Molla said Tuesday in an interview in Abu Dhabi   Read More ...
Bombardier’s C-Series plane takes flight with $1.1 billion order
2017-11-15 00:19:54 Aerospace firm Bombardier has announced a deal to sell up to 24 of its CS300 aircraft to EgyptAir. The letter of intent, signed Tuesday, offers the Egyptian airline the draft sale of 12 CS300s with purchase rights for a further 12. The whole deal, if exercised, would cost EgyptAir $2.2 billion. Both parties hope to finalize the contract for the first 12 planes by the end of the year   Read More ...
African fintech firms 'complement' the banking sector, don't disrupt it: Exec at Egypt’s largest private bank
2017-11-15 00:19:41 Financial technology firms in Africa are "complementing" the banking sector rather than disrupting it, an executive at Egypt's biggest private-sector bank has said. Hisham Ezz Al-Arab, chairman of Commercial International Bank (CIB), said Tuesday that the lender was "ready" for a growing wave of fintechs that are shaking up the financial services with new technologies. But Al-Arab went a step further to say that he thought fintech firms were not disruptive to the financial services   Read More ...