FINANCE & ECONOMY

06 Jul 2015

Egypt’s currency drops to new low against the dollar

Egypt's central bank says the Egyptian pound has fallen to a new low against the dollar, its second such drop since Thursday.

The central bank set a cutoff rate of 7.73 Egyptian pounds per dollar in an auction that sold $39.6 million on Sunday, compared to the previous rate of 7.63.

Before Thursday's auction, the pound had held at 7.53 since...

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06 Jul 2015

Prime Minister follows up development projects in South Sinai

Prime Minister Ibrahim Mahlab held a meeting on Saturday 04/07/2015 to follow up a number of development projects in South Sinai.


The meeting was attended by the ministers of trade and industry, water resources and irrigation and agriculture as well as the South Sinai"......

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06 Jul 2015

PHD, MNHD to co-develop East Cairo residential community

Palm Hills Development (PHD) and Madinet Nasr Housing & Development (MNHD) have signed an agreement to develop a residential community in East Cairo over 433, 643 sqm of land.


The"...

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06 Jul 2015

EGAS gasification ship offered pumping capacity of 500m-750m cubic feet

The Egyptian Natural Gas Holding Company (EGAS) has received offers from companies to supply a second gasification ship with daily gas-pumping capacities of 500m to 750m cubic feet.


A"...

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06 Jul 2015

NUCA implements Housing Ministry’s FY 2014/2015 plan

A Ministry of Housing plan, assigned to the New Urban Communities Authority (NUCA) for the fiscal year (FY) 2014/2015, has been completely implemented at a cost of EGP 13bn, Minister of Housing Mostafa Madbouly announced in a statement Saturday.


"...

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06 Jul 2015

IMF mission postpones visit to Egypt

The International Monetary Fund (IMF) mission’s visit to Egypt was postponed to the end of the summer, IMF Egypt’s mission Chief Chris Jarvis told MENA Sunday.


He added that the exact date of the visit was not scheduled yet.


"......

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06 Jul 2015

Egypt business activity expands in June

Business activity in Egypt's private sector excluding oil grew slightly in June, ending five months of contraction, though inflation and currency depreciation remain a concern, a survey showed.

The Emirates NBD Egypt Purchasing Managers' Index rose to 50.2 in June from 49.9 the previous month. A reading above 50 indicates expansion and below 50, contraction.
...

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06 Jul 2015

Egypt targets LE417 investments this fiscal year

The Egyptian government is targeting LE416.6 billion (US$55 billion) in investments for the fiscal year of 2015/16, compared to LE353.7 billion in FY14/15, according to a Planning Ministry report. Out of the total projected amount, the Planning Ministry sees LE236.5 billion coming from the private"...

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06 Jul 2015

Qalaa in deal to sell key stake in Egypt glass company

Qalaa Holdings (formerly known as Citadel Capital), one of Egypt's largest investment companies, said it has entered into a preliminary agreement with key investors of Misr Glass Manufacturing Company (MGM) to divest its shares in the company.


"...

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06 Jul 2015

CFOs will play critical role in the economic survival of the oil and gas industry, says ACCA

With oil prices slowly recovering from the dramatic fall last summer which forced global organisations to put multi-million dollar projects on ice, ACCA (the Association of Chartered Certified Accountants) has detailed the key areas in which chief financial officers (CFOs) working in the"...

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