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26 Nov 2017

Egyptians see $4bn go up in smoke every year

Egyptians spend more than six billion Egyptian pounds every month on smoking, the equivalent of $4 billion a year, Thenewkhalij.org reported on Friday. The statistics were revealed by the head of Al-Sharqiyyah Cigarette Company, which has a 70 per cent share of the cigarette market in Egypt.

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26 Nov 2017

Ethiopia to go ahead with multi-billion dollar Nile dam

Ethiopia said on Saturday no amount of misunderstanding would compel it to halt construction of the $4.8 billion mega hydro dam project on River Nile.

Seleshi Bekele, the Ethiopian minister of water, electricity and"...

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26 Nov 2017

UAE Egyptians in state of absolute shock

The gruesome killing of over 300 Egyptians, who were attending Friday prayers at Rawada mosque, 40 km west of the North Sinai capital of El Arish, shocked the world, dismayed expats in the UAE and sparked more people to loathe terrorism for it has nothing to do with Islam, a religion of love"...

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26 Nov 2017

Eastern Company revenues to increase by EGP 350m in FY 2017/18 on cigarette price hike

Eastern Company revenues are expected to rise by around EGP 350m in the current fiscal year (FY) after applying the new tax on its products, according to Daily News Egypt’s analysis of data provided by the company.

The"...

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26 Nov 2017

Egypt shares likely to keep rally alive as foreign investors build new positions

Egypt’s shares are likely to keep a rally alive this week, with foreign investors building new positions in blue-chip stocks after a sell-off streak in the past few weeks to book gains.

Analysts surveyed by"...

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26 Nov 2017

Egypt agrees with the Chinese CGCOC to develop south Sinai industrial zone

South Sinai governor Khaled Fouda signed a memorandum of understanding on Friday with the National Military Production Authority, the General Authority for Industrial Development and the Chinese group CGCOC to cooperate in the development of the industrial zone in Abu Zenima in South Sinai.

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26 Nov 2017

Ethiopia calls for dialogue with Egypt on mega dam

The Ethiopian government on Saturday called for transparent dialogue with the Egyptian government and public on a 6,450-megawatt hydro dam Ethiopia is constructing. Egypt, a Nile river downstream country, has feared that the dam will cut into its water supply, potentially crippling its agricultural sector that is already struggling with water shortage. Speaking to Xinhua, Sileshi Bekele, Ethiopian Minister of Water, Irrigation and Electricity (MoWIE), said there is little understanding in Egypt on the benefits of the dam Ethiopia is building......

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26 Nov 2017

ABK bank to partake in 200mn pounds loan for Egypt’s General Petroleum Company

Kuwait-based Al Ahli Bank of Kuwait (AKB) agreed to participate in a loan to Egypt’s General Petroleum Company (GPC) specializing in oil exploration and drilling operations, with an amount of 200 million Egyptian Pounds

The"...

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26 Nov 2017

New banking law in Egypt is under review by IMF, World Bank: Amer

Egypt’s new banking law is currently under review by the International Monetary Fund and the World Bank and one of the major law firms in England, according to Central Bank of Egypt governor Tarek Amer.

He added"...

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26 Nov 2017

Egypt achieves industrial growth rate of 7 % during Q1 FY 2017

Egypt’s industrial growth rate has reached 7 percent by the end of the first quarter of the current financial year according to the Minister of Industry and Trade Tarek Qabil.

The minister added that the industrial"...

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