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Financials and Investment News in Egypt

Egyptian GDRs in London up
11/2/2012 - The Egyptian global depository receipts (GDRs) traded on the London Stock Exchange rose at the close of Thursday's trading. The GDRs of Orascom Construction Industries and Orascom Telecom rose by 1.25...
Egyptian Cotton Production up
11/2/2012 - Egyptian cotton production increased between 2010 and 2011 to reach 635,000 tons against 378,000 in 2009/2010, according to the annual bulletin of the Central Agency for Public Mobilization and Statis...
Egypt, US Cooperate to Increase Egypt’s Exports
11/2/2012 - A group of Egyptian export organizations and the US Government recently jointly hosted a business-to-business tradeshow on October 22, 2012 at the Cairo International Conference Center, the US Embassy...
IMF Loan before 2013, Egyptian Pound is Safe
11/2/2012 - Egypt is likely to enact an agreement with the International Monetary Fund by the end of 2012 on a $4.8 plus loan deal, Egyptian Finance Minister Momtaz El-Said told Ahram Online in a telephone interv...
Momtaz El-Saeid: Negotiations with IMF are Progressing
11/3/2012 - Minister of Finance Momtaz El-Saeid said the current negotiations with the International Monetary Fund (IMF) mission which is currently visiting Cairo on extending to Egypt a loan worth USD 4.8 billio...
IMF will not Interfere in Subsidy or Privatization
11/3/2012 - Minister of Investment Osama Saleh said the mission of the International Monetary Fund (IMF), at their negotiations with Egypt, can not dictate anything on Egypt in terms of the privatization program ...
Bank Account "Egypt’s Renaissance" to Support Economy
11/4/2012 - Finance Minister Momtaz el-Said has urged citizens to donate to the bank account number 333/333, opened by President Morsi and named "Egypt's Renaissance," to buoy up the Egyptian economy. Egyptians k...
Development Project to be Carried out in Suez Canal Region
11/4/2012 - During a cabinet meeting on 3/11/2012 Prime Minister Dr. Hisham Qandil reviewed the future of development of the Suez Canal region and the results of the visit by a ministerial delegation to technolog...
Morsi Calls on Citizens to Support Economy
11/4/2012 - President Mohamed Morsi has called on citizens and Egypt-based expatriates to support the Egyptian economy with financial donations, the finance ministry announced Sunday. According to a ministry stat...
Momtaz al-Said: No Disagreements with IMF Mission
11/5/2012 - Finance Minister Momtaz al-Said, denied reports on disagreements between the International Monetary Fund's mission and the Egyptian government regarding the subsidies' policies and the rate of exchang...
Egypt Considers Sukuk to Redress Budget Deficit
11/5/2012 - Investment Minister Osama Saleh said on 4/11/2012 that the government considers issuing Islamic bonds (Sukuk) for the first time in Egypt to redress the budget deficit, adding a group was formed inclu...
Ahmed Zaki: EGP 166m for Infrastructure Projects
11/5/2012 - Some EGP166 million is allocated to finance infrastructure projects in various governorates, Minister of Local Development Ahmed Zaki Abdeen said on 4/11/2012. About EGP22 million will go to developme...
Centamin Confident Appeal will Resolve Egypt Issue
11/5/2012 - London-listed Centamin said it was confident a court case which questioned its right to mine gold in Egypt will be resolved through an appeal process. Centamin said it will be able to provide document...
Orascom Construction Expects Fertiliser Plant Back on Track Soon
11/6/2012 - Orascom Construction Industries, Egypt's largest listed company, expects natural gas to flow back to its fertliser plants in a week's period, company officials told Ahram Online. Two of OCI's fertilis...
Egypt to Sign Reduced IMF Loan by 2013
11/7/2012 - Egypt's negotiations with the International Monetary Fund (IMF) are set to conclude by 15 November and the loan signed by the beginning of January 2013, Egypt's Finance Minister Momtaz El-Said said. T...
Egyptian Gov’t Pays Attention to Transportation
11/7/2012 - Transport Minister Mohamed Rashad el-Matini said on 6/11/2012 that the government pays great attention to transportation. "Egypt is keen on connecting Arab countries together by land, sea and air," el...
Egypt, Sudan, Ethiopia Sign Agreement on Water Cooperation
11/7/2012 - Minister of Water Resources and Irrigation Mohamed Bahaaeldin lauded a cooperation agreement inked between Egypt, Sudan and Ethiopia. Speaking on 6/11/2012, Bahaaeldin termed the preliminary agreement...
LE 2.2 mn from Local Development Fund for Micro Projects
11/7/2012 - The Local Development Fund agreed on giving loans worth 2.2 million pounds to financially support 615 micro projects in 14 governorates across Egypt. Local Development Minister Ahmed Zaki Abdeen said ...
Ruling on Madinaty Land Postponed until January
11/7/2012 - An Egyptian court will rule on 16 January in a dispute over Talaat Moustafa Group's (TMG) flagship real estate project, a case being closely watched as an indicator of the investment environment. In 2...
Egypt Cabinet Approves Capital Gains Tax
11/7/2012 - The government of Prime Minister Hisham Qandil has approved implementation of a capital gains tax (CGT) on profits realised on the stock exchange, along with two new income tax brackets levied on indi...

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