FINANCE & ECONOMY

17 Apr 2014

Egypt limits air conditioning in mosques to save energy

Government calls on 80,000 state-controlled mosques to limit air conditioning use to prayer times.

The ministry of religious endowments has called on mosques to refrain from using air conditioning, except at prayer times, before 15 May, Al-Ahram reported.

The move is part"...

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17 Apr 2014

Egypt: IMF - Ready to Support Egypt

Minister of Finance Hani Qadri said on Tuesday 15/4/2014 that the government works on rebuilding confidence in the Egyptian economy through the creation of institutional infrastructure that soundly manage the country's economy.

Qadri added, in a meeting with International"...

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17 Apr 2014

Egypt's market up as investor confidence returns: analysts

Wednesday's trading session saw Egypt's main index reach 8080 points on listed stock turnover exceeding LE800 million.

Egypt’s main market index rose in Wednesday’s trading session as its biggest caps achieved gains and investor confidence returned, say analysts.

"...

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17 Apr 2014

Nile dam study fails to stem the tide of Egyptian indignation towards Ethiopia

The opening sentence of Egypt's new constitution describes the country as the river Nile's gift to Egyptians. It is a grand claim, but one that helps explain Egypt's indignation at"...

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17 Apr 2014

Hamas grateful for Egypt's allowing passage of Qatari construction material

Egypt has maintained a severely restricted access on the Rafah border crossing since the ouster of Islamist president Mohamed Morsi last July.

Gaza's Hamas Prime Minister Ismail Haneya thanked the Egyptian authorities on Wednesday for facilitating the entry of a Qatari grant in the form of construction materials to rebuild the Gaza district, MENA reported.

...

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17 Apr 2014

EGP 70bn required for completion of water and wastewater infrastructure: HCWW chairman

The Holding Company for Water and Wastewater (HCWW) requires a total of EGP 70bn to complete sanitation infrastructure across Egypt, said the HCWW Chairman Mamdouh Raslan on Monday during a workshop organised by the company in cooperation with the Water and Wastewater Management Programme of GIZ company. The workshop was attended by 20 NGOs and civil society...

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17 Apr 2014

Political upheaval obscures growth potential: Markaz

Kuwait Financial Centre Markaz recently published a report on the Egypt Asset Management Industry. In this research report, Markaz analyses the current state of Egypt asset management industry in terms of market structure, market participants, fund performance, regulatory developments and industry challenges. In-depth fund performance analysis based on geographical...

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17 Apr 2014

Israel and Egypt: A Natural [Gas] Match

Israel’s newfound natural gas wealth is moving the country from energy importer to potential exporter, altering the energy balance of the region in the process. Even more interesting is that Israel’s most promising export market just slipped from energy exporter to importer—that"...

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17 Apr 2014

With Sisi likely to take over, how will Egypt's 'military economy' look like?

Momentum is continuing to build towards Egypt’s 26 May elections, which are widely expected to see Abdel Fattah Al-Sisi stroll into the presidential office. After a long period of speculation, the recently promoted Field Marshall finally announced"...

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17 Apr 2014

Egypt tourism revenue down by 43% in 1st quarter

Egypt’s tourism revenue dropped 43 per cent in the first quarter of 2014 to $1.3 billion, Adela Ragab, the country’s economic adviser to the minister of tourism, told Reuters on Wednesday.

The tourism sector has been damaged by the political instability. The sector saw a 41 per cent drop in revenue last year to $5.9 billion compared to the...

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