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17 Aug 2016

EGPC diesel reserves cover needs of domestic market for 5 days

The strategic diesel reserves in the Egyptian General Petroleum Corporation’s (EGPC) warehouses are enough to cover the domestic market’s needs for five days; furthermore, shipments will continue to arrive to Egyptian ports regularly, corporation chairperson Tarek El-Hadidi said.

He"...

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17 Aug 2016

Designs for new 33m sqm industrial city under preparation: Minister of Industry

Minister of Industry and Trade Tarek Kabil announced that a new manufacturing city is being designed, during a meeting Tuesday with Mohamed Farid Khamees, president of the Egyptian Federation of Investors Association, and other members.


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17 Aug 2016

Huawei increases product prices again by 4.5%

Huawei increased its smartphone product prices for the second month in a row last week, after the US dollar price increase against the Egyptian pound. According to the price list of August obtained by Daily News Egypt, the increase ratio varied between 4% and 4.5% last month.

According"...

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17 Aug 2016

Remittances from UAE to Egypt expected to remain robust

The World Bank has released figures showing that Egypt is the country that receives the highest amount of remittances in the MENA region. In 2015, the country received an estimated $19.7bn in remittances from around the world, of which $1.83bn"...

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17 Aug 2016

EFG-Hermes says AUMs fell to $2 billion in Q2

Egyptian investment bank, EFG-Hermes reported a 13.7 percent fall y-o-y in its assets under management (AUM) during the second quarter of the year, its chief executive announced Monday.

Karim Awad, CEO of EFG Hermes Holding, said the group's total AUMs had reached $2 billion by the end of second quarter of 2016.

EFG's total assets under management...

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17 Aug 2016

Ankara aims to improve commercial relations with Egypt

Customs and Trade Minister Bülent Tüfenkci said Ankara wants to improve commercial and economic relations with Egypt, with lifting sanctions being the first step.

Tüfenkci said Ankara wants to improve relations with neighboring and regional countries in accordance with the interests of the countries within the framework of good relations,...

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17 Aug 2016

Egypt eyes tough reforms for growth

Egypt hopes a $12-billion financing deal with the IMF will usher in an economic turnaround but real progress hinges on a tough reform package avoided for decades to stave off unrest.


The"...

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17 Aug 2016

Egypt: Assets of Morsi and Muslim Brotherhood figures frozen

Deposed Egyptian President Mohamed Morsi and his aides were among more than one hundred Muslim Brotherhood (MB) figures whose assets were frozen on Monday, state-run daily al-Ahram reported.


The"...

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17 Aug 2016

Egypt tightens agriculture quarantine regulations

Egypt has tightened its agriculture quarantine regulations, imposing a rule that will prevent grain shipments suspected of contamination from being offloaded until they receive test results, according to a letter sent to traders.

The rule comes just one month after the world’s biggest wheat buyer discontinued its controversial zero tolerance policy...

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17 Aug 2016

Egypt's food subsidy card system to be managed by military production ministry

Egypt's smart-card system for selling subsidised food will soon fall under the authority of the military production ministry instead of the ministries of supply and planning, Al-Ahram Arabic news website reported on Tuesday.


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