FINANCE & ECONOMY

02 Feb 2017

Furor as Egypt officials use state funds for expensive cars

Egypt's social media, TV talk shows and newspapers are abuzz after reports emerged that the country's parliament's speaker and his two deputies are using state funds to buy cars worth hundreds of thousands of dollars.

The"...

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02 Feb 2017

Egypt's foreign currency inflows rise, investors still need reassurance

Feb 1 An inflow of $9 billion into Egyptian banks since the country's central bank floated its currency shows confidence in the economy is returning, but bankers and economists say investors need reassurance to attract higher volumes.

...

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02 Feb 2017

Egypt to raise sugar, cooking oil prices at subsidized outlets

Egypt will raise the price of sugar by 14 percent and cooking oil by 20 percent at government outlets starting on Wednesday, a Ministry of Supply official said on Tuesday.

Cooking"...

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02 Feb 2017

Egypt's Obour Land targets 12 pct net profit growth in 2017-ceo

Obour Land, one of Egypt's largest cheese producers, expects net profit to grow 12 percent in 2017 and aims to issue a cash dividend of at least 50 percent of those earnings this year, Chief Executive Officer Ashraf Sherif told"...

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02 Feb 2017

Mall of Egypt to be inaugurated in Q1 of 2017: Majid Al Futtaim

The company said in a press release on its website on Wednesday that the company’s development projects in Egypt are going according to plan, noting that it will continue to expand its investments in Egypt during this year.

The company announced on Tuesday that results of its business"...

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01 Feb 2017

Mastercard and INJAZ Egypt initiate the Mastercard Women's Entrepreneurship Program


Mastercard and INJAZ Egypt have officially initiated the Mastercard Women’s Entrepreneurship Program aiming at supporting young female entrepreneurs. The program, which conforms to declaring 2017 a 'year of the Egyptian women', empowers young Egyptian females to pursue their dreams, establish their financial independence and launch"......

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01 Feb 2017

Egypt’s Banks Attract $9 Billion in Inflows Since Pound Float

Egypt’s central bank said commercial lenders attracted $9 billion in inflows since the pound was floated three months ago.

“Trust in the system is growing,” Assistant Sub Governor Rami Aboul Naga"...

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01 Feb 2017

Siemens sets new record at Egypt mega project

Siemens has set a new worldwide benchmark for the execution of fast-track power projects by completing the first phase of a mega project in Egypt and adding 4.8 gigawatts of power generation capacity to the nation's grid.

Siemens was awarded its single biggest order ever for the expansion of the Egyptian power supply in June 2015.

Now,...

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01 Feb 2017

Egypt may consider yen, yuan bonds: Minister

Egypt may issue bonds in other international currencies after successfully selling $4 billion of Eurobonds last week, Finance Minister Amr El Garhy said.

He told a news conference that potential issuing currencies included the Japanese yen and China’s yuan but that it was too early to say when or how much Egypt might seek to borrow. Egypt sold $4...

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01 Feb 2017

Potain MDT 389s for Egypt

Egyptian construction company Hassan Allam Sons has taken delivery of four 12 tonne Potain MDT 389 L12 tower cranes, the first in the Middle East.

The MDT 389 has a maximum jib length of 75 metres and can lift 3.4 tonnes at the tip. It also comes with the Crane Control System (CCS) operating system. The cranes went straight to work helping build the...

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