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15 Jan 2017

Egypt completes over 200,000 housing units

The Egyptian government has till date completed 200,000 housing units and delivered more than 55,000 apartments under its social housing project, said a report.

The mega project aims to establish one million housing units at a cost of E£150 billion ($8 billion), reported Amwal Al Ghad, citing a senior official.

"The social housing...

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15 Jan 2017

Egypt's GASC draws seven offers in wheat purchase tender

Egypt's state buyer GASC received sales offers from seven suppliers in an international tender to purchase wheat on Saturday, traders said.

The lowest offer was $187.50 a tonne free on board for 60,000 tonnes of wheat sourced from Russia, they said.

No purchase has yet been made and results are expected later on Saturday, traders said.

...

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15 Jan 2017

318 ships transit Suez Canal last week carrying 17.26m tonnes

Suez Canal traffic data showed that 318 ships transited the canal, with a total load of 17.26m tonnes, between 6-12 January.

An average of 45.43 ships transited the canal per day during that period, with an average load of 2.47m tonnes per day. The average load per ship was about 54,280 tonnes"...

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15 Jan 2017

Pensions disbursed through Egypt Post increase by 13.2%

The number of pensions disbursed through Egypt Post offices rose from 61 million accounts in the fiscal year (FY) 2014/2015 to 65.1 million accounts in FY 2015/2016. According to a source at Egypt Post, the value of these pensions registered EGP 55.7bn in FY 2015/2016, up from EGP 49.2bn— an increase of 13.2%.

The"...

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15 Jan 2017

Cairo Oil endorses $6.5mn-investments in FY 2017/18 budget

Egypt-based Cairo Oil Refining Company (CORC) allocated investments worth 123 million Egyptian pounds (around US$6.5 million) among its budget for financial year 2017/18 to upgrade its refineries.

During his speech"...

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15 Jan 2017

Foreigners will be able to repatriate profits soon: CBE's Amer

Egypt’s Central Bank Governor Tarek Amer said Thursday that foreign investors would be able to repatriate profits and capital “in the coming period” now that hard currency reserves were recovering, state news agency MENA reported.

Egypt’s"...

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15 Jan 2017

Sisi demands tight control on drug market

President Abdel Fattah al-Sisi, on Saturday, demanded Prime Minister Sherif Ismail to tighten control on the drug market to ensure that medicine prices are not “excessive”. Sisi on Saturday held a high-level meeting with Prime Minister Sherif Ismail, in the presence of the ministers of: Defense and Military Production, Foreign Affairs, Interior,...

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15 Jan 2017

The First Group’s the One at Jumeirah Village Circle Wins Prestigious Architectural Award

The One at Jumeirah Village Circle (JVC), one of the latest hotel developments from leading Dubai-based property firm The First Group, has been named Leisure and Hospitality Project of the Year at the prestigious Middle East Architect"...

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14 Jan 2017

Egypt hires banks for US dollar bond offering

The Arab Republic of Egypt has appointed BNP Paribas, Citigroup, JP Morgan and Natixis as joint lead managers for a series of investor meetings in the Middle East, US and Europe commencing January 17.

A multi-tranche 144A/Reg S senior unsecured US dollar benchmark offering with five and 10-year maturities under Egypt's GMTN programme may follow.

...

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14 Jan 2017

Will new law attract more foreign investment to Egypt?

The new draft law, released by the Ministry of Investment at the end of December 2016, included a number of incentives that decision-makers hope will help draw in more investments and create an attractive business climate.

According to the Ministry of Investment data,"......

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