FINANCE & ECONOMY

15 Aug 2016

Metropolitan Egypt negotiates with Egyptian Gulf Bank, Banque Misr to provide financing for Enmaa projects

Metropolitan Consulting Egypt is negotiating with the Egyptian Gulf Bank and Banque Misr to finance Enmaa for Development & Real Estate Investment to implement a number of projects, according to company head Khaled Nagaty.


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15 Aug 2016

Egypt’s Red Sea gem: Sharm El-Sheikh grappling with tourism decline

The number of tourists visiting Egypt declined significantly following the crash of the Russian aeroplane in Sinai in late October 2015, which had a heavy negative impact on the Red Sea resort city of Sharm El-Sheikh.

The city, once the country’s tourism gem on Sinai’s"...

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15 Aug 2016

Sisi: Egypt Will Not Hesitate On Tough Reforms

After negotiating a $12 billion dollar loan with the International Monetary Fund (IMF), Egyptian President Abdel Fattah al-Sisi declared that he will not hesitate to muscle through tough reforms of which the loan is predicated.


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15 Aug 2016

Egypt carries out $7.4b eight petchem projects

Egyptian petroleum sector owns eight largest petrochemicals projects with investments worth $7.4 billion and total capacities estimated at 4.5 million tons per year.


Oil Minister Tarek El-Molla said Saturday that those projects include the petrochemicals complex of Egyptian Ethylene and Derivatives Company (Ethydco)"......

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15 Aug 2016

Sisi says he will not balk at Egypt economic reforms

Egyptian President Abdel Fattah al-Sisi said on Aug. 13 he would not shy from tough economic reforms he said previous rulers had avoided fearing unrest.

Sisi’s comments come after an initial agreement with the International Monetary Fund (IMF) for $12 billion in financing that hinges on a reform package slashing state spending and the devaluation...

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15 Aug 2016

Egypt-based real estate firm Azmeel Group Develops Beit Al Watan project

Egypt-based real estate firm, Azmeel Group for Real Estate Development is developing the Beit Al Watan project in New Cairo, according its General Manager Ahmed Shahin.


Launched earlier this year, Beit Al Watan project is tailored to for Egyptian expatriates, where application would be made via a wire transfer"......

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15 Aug 2016

Trade minister showcases China's future projects in Egypt

Egyptian Trade Minister Tarek Qabil held an expanded meeting on Sunday to showcase projects that would be implemented in cooperation with China.


The meeting encompassed representatives of foreign affairs, international cooperation, transport, electricity, communications, military production, investments, housing,"......

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15 Aug 2016

Ceramics maker Lecico Egypt turns into $4.6 mln losses in Q2

Egyptian ceramics maker Lecico Egypt (LCSW.CA) reported Sunday that it turned into loss in the second quarter of the year.


Lecico recorded a second quarter net loss worth 40.4 million Egyptian pounds ($4.6 million) opposed to a net profit of 4.2 million pounds ($474,000) in the same period in 2015.


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15 Aug 2016

Egypt's New Avenue, Premiere Holding sign cooperation protocol to implement projects

Egyptian real estate marketing company New Avenue Real Estate and Premiere Holding for financial service have signed a cooperation protocol to implement and manage projects, New Avenue Chairman Ahmed El-Dessouky said Sunday.


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15 Aug 2016

Signs of thaw appear in Egypt-Turkey ties, yet reluctant and conditional

Recent remarks made by the Egyptian and Turkish foreign ministers indicated "reluctant and conditional" desires to normalize bilateral ties that have been tense since the military removal of former president Mohamed Morsi in 2013, said Egyptian political experts.

Turkish Foreign Minister Mevlut Cavusoglu said Wednesday that Egypt is facing a security...

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