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28 Dec 2016

Egypt pays $70 million of $200 million commitment to Africa50 Fund

Egypt has paid around $70 million out of a $200 million contribution it pledged to the African Development Bank-led Africa50 Infrastructure Fund’s equity capital, a government source said Monday.

"......

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28 Dec 2016

Occupancy rates in Hurghada, Sharm not affected by Western warnings

Tight security measures have been imposed at Red Sea tourist resorts and hotels as celebrations of the New Year and Coptic Christmas draw near.

Occupancy rates reached between 50-70 percent at hotels and 90 percent at Red Sea tourist resorts. However, the rate declined to 25 percent in Sharm el-Sheikh and reached no more than 20 percent at Luxor"......

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28 Dec 2016

Automotive sector values successes of 3rd annual Egypt Automotive Summit

Leaders and figures of the automotive sector believe that the Egypt Automotive Summit’s success was in part due to the participation of both the government and companies.

Daily"...

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28 Dec 2016

Egypt's purchase of 55,000 tonnes of sugar was non-tender deal

The purchase of 55,000 tonnes of sugar by Egypt's state commodity buyer GASC on Monday was a direct, non-tender deal, traders said on Tuesday.

GASC, the General Authority for Supply Commodities, said on Monday had bought the white sugar for delivery between Jan. 7 and Jan. 20.

Dealers"......

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28 Dec 2016

EAEU upholds proposal to start free trade zone talks with Iran, Egypt, India

Presidents of Russia, Kazakhstan, Kyrgyzstan and Armenia have approved proposals on the need to start talks on creation of the free trade zone between the Eurasian Economic Union (EAEU) and Iran, Egypt, India and Singapore, Chairman of the Board"...

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28 Dec 2016

Does Egypt’s economic targets line up with its economic reality?

Minister of Finance Amr El-Garhy had said on Sunday that the ministry has set three goals for the country’s budget in the fiscal year (FY) 2017/2018. According to him, the ministry plans to focus on sustainable development, by raising the GDP by 5%, reducing unemployment to 11%, and"...

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28 Dec 2016

Egypt's central bank announces $262M fund to upgrade tourist facilities

The governor of the Central Bank of Egypt (CBE) announced on Sunday the launching of an EGP 5 billion fund to help investors develop and upgrade tourist facilities including hotels, resorts and Nile boats nationwide, state news agency MENA reported.

The"......

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28 Dec 2016

Eni signs 2 concession agreements in Egypt

Eni, an Italian oil and gas company, signed on Tuesday two new concession agreements with the Egyptian ministry of petroleum for North El Hammad and North Ras El Esh, located in the shallow waters in Egyptian Mediterranean Sea.

The"...

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28 Dec 2016

Egypt and Djibouti to boost economic ties

Egypt and Djibouti have decided to increase economic cooperation. Egyptian President Abdul Fattah Al-Sisi and his Djiboutian counterpart Ismail Omar Guelleh stressed the importance of exerting more efforts to boost cooperation, especially in the fields of economy, activities of Egyptian companies in Djibouti, energy, construction and medicine.

In a press...

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28 Dec 2016

Egypt arrests Al-Jazeera producer on fake news charge

Egyptian authorities must release Al-Jazeera news producer Mahmoud Hussein immediately, the Committee to Protect Journalists said today. Officials initially questioned Hussein on December 20 when he arrived in Egypt on a family visit from Qatar, where he is based, according to reports. Hussein was arrested on December 23, Al-Jazeera Continue Reading

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