FINANCE & ECONOMY

09 Feb 2016

National Bank of Egypt subsidiary says quits bid to buy CI Capital

National Bank of Egypt's investment banking arm, Al Ahly Capital (ACH) decides to drop its bid to buy CIB subsidiary CI Capital, it announced earlier in the day. This comes after failing to agree on a timeframe to complete feasibility studies.


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09 Feb 2016

Cuba and Egypt Reaffirm Ties of Friendship

The incoming Egyptian Parliament President Ali Abdel-Al received on Thursday in Cairo Cuban ambassador Laureano Rodriguez Castro during an activity ratifying friendship ties between both nations.


According"...

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09 Feb 2016

Egypt to build 150,000 affordable homes in FY2016-17: Minister

Egypt’s Ministry of Housing is set to increase the number of affordable homes to 400,000 by implementing additional 150,000 in the financial year 20016-2017.


Minister of Housing Moustafa Madbouli told Amwal Al Ghad that the units in the social housing project would be delivered with all needed utilities."......

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09 Feb 2016

Mohammed receives Egypt, Algeria PMs

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, in the presence of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, today received Egyptian Prime Minister Sherif Ismail, and his accompanying delegation,"...

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09 Feb 2016

SDX Energy Hits Oil Pay in Egypt

The Al Amir SE 23 (AASE-23) development well in North West Gemsa in Egypt has encountered oil-bearing reservoir sections in the Kareem Rahmi and Shagar formations and will be completed as a producer in the Shagar, according to SDX Energy Inc.


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08 Feb 2016

Communications Minister, IDC deputy head discuss cooperation

Minister of Communications and Information Technology Yasser el Qadi met on Friday 05/02/2016 with the deputy head and regional manager of the International Data Corporation (IDC) in the Middle East, Africa and Turkey, where they discussed means"...

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08 Feb 2016

Egypt's GASC says still negotiating direct contract for wheat

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Sunday it was still negotiating a contract for the direct import of wheat outside of the regular tender process.


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08 Feb 2016

Expectations of decline in profits of HOTAC by 30% by end of FY 2015/2016: Chairwoman

Chairwoman of the Holding Company for Tourism, Hotels, and Cinema (HOTAC) Mervat Hataba expected that profits of the Fiscal Year (FY) 2015/2016 will decline by 30% compared to target profits.


She"...

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08 Feb 2016

Real estate prices will increase with continuous pound devaluation: JLL

Real estate investment and management firm Jones Lang LaSalle (JLL) said in its latest report on Egypt that the market exhibited positive performance during the third quarter (Q3) of 2015, despite devaluation of the Egyptian pound.

The report said the retail and hospitality sectors"...

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