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Financials and Investment News in Egypt

Egypt Aims to Save 150 Megawatts in Coming period
1/18/2013 - Minister of Electricity and Energy Ahmed Imam has said the ministry aims to save 150 megawatts of power in the coming period. Speaking to the Egyptian TV, Imam added that the ministry will replace sod...
Hatem Abdel-Latif Unveils Urgent Plans for Railways Sector
1/18/2013 - Transport Minister Hatem Abdel-Latif on 17/01/2013 unveiled urgent plans for developing the railway sector at an estimated budget of 470 million pounds. Speaking before the parliament's transport comm...
EU $6.5 Billion Grant Dependent on Egypt IMF Loan
1/18/2013 - President of the European Council Herman Van Rompuy, announced that EU's $6.5 billion loan to Egypt will only be granted once the International Monetary Fund (IMF) seals its loan agreement with Egypt,...
Loan Negotiations with Egypt at Advanced Stage
1/18/2013 - The International Monetary Fund (IMF) is holding advanced talks with Egypt and will launch similar loan negotiations with Tunisia, IMF Managing Director Christine Lagarde said at a press conference in...
Bilateral Relations between Egypt and Qatar
1/18/2013 - Prime Minister Hisham Qandeel received on 17/01/2013 Qatari Finance Minister Yousef Hussein Kamal to discuss fostering bilateral relations especially in the fields of economy, finance and investment. ...
Mohammed bin Naif Meets with Canadian Officials
1/19/2013 - Prince Mohammed bin Naif bin Abdulaziz, Minister of Interior, arrived within the framework of the tour paid by him, including the United States of America and the United Kingdom. Upon his arrival, Pri...
Kuwait Fund to Bankroll Development Projects in Egypt
1/19/2013 - Arab and foreign development foundations support all steps taken by the Egyptian government at the economic level. The Kuwaiti Fund for Arab Economic Development is one such foundations, said Internat...
Egypt Enjoys Promising Opportunities for Investment
1/19/2013 - Egyptian Ambassador to the United States Mohamed Tawfiq said that Egypt enjoys promising opportunities for growth and investment and is about to complete its democratic reform. During his meeting with...
Egypt's Orascom to Gain Control of Canadian Wind Mobile
1/19/2013 - Anthony Lacavera, founder of Canada's Wind Mobile, plans to step down as chief executive as part of a deal that will give Egypt's Orascom Telecom control of the carrier, a newcomer to a market long do...
'Islamic' Bonds to Generate $10 Billion in Revenue
1/20/2013 - The new Islamic Bonds (Sukuk) law is expected to generate $10 billion for the Egyptian government, Finance Minister El-Morsi Hegazy was quoted as saying on Sunday. The minister indicated that "studies...
EGP 635 mn for Improving Railways
1/20/2013 - Prime Minister Dr. Hisham Qandil has decided to provide EGP635 million as an urgent financing for developing railway services. He said stringent measures will be taken against negligence of workers ad...
40 Syrian Investors Transfer their Businesses to Egypt
1/20/2013 - Minister of Industry and Foreign Trade Hatem Saleh disclosed a full-fledged plan to set up a Syrian industrial zone in Egypt. This came after the minister met with 40 Syrian investors who decided to t...
$5.2 bn Qatari Investments to Set up Plants in Egypt
1/20/2013 - Egyptian and Qatari businessmen agreed in the meeting held in Doha, the United Arab Emirates to consider a number of investment and industrial projects contracts within the coming stage including a me...
Tax Revenues Hit EGP104 bn in six Months
1/20/2013 - The volume of tax revenues reached LE104 billion between July 2012 and January 2013 with a LE20 billion rise against the same period of 2011/2012, said Head of Egyptian Tax Authority Mamdouh Omar. Oma...
Egypt Court Confirms Annulment of Textile Co. Privatisation
1/21/2013 - Egypt's administrative court rejects the government's appeal against the suspension of the privatisation contract for Shebin El-Kom Textile Company. In effect, the court ruling permanently annuls the ...
Saudi Arabia Ready to Fund Proposed Egypt-Saudi Bridge
1/21/2013 - Egyptian President Mohamed Morsi flew into Riyadh's International King Abdul Aziz Airport to attend the third round of the Arab Economic Forum for Development. Approximately 20 Arab countries are part...
Analysts Look to IMF Loan Deal as Egypt Pound Slumps
1/21/2013 - The Egyptian pound continued its downward trend after hitting another record low in the wake of a Sunday currency auction held by the Central Bank of Egypt (CBE). The auction's cut-off price was LE6.5...
Al-Azhar Rejects Sukuk Bills
1/21/2013 - The Al-Azhar Senior Ulema Board has backed the decision of the Islamic Research Council rejecting the Sukuk bills. The scholars in their statement said that the bill does not go with Sharia, citing li...
Hisham Qandil, Investors’ Federation Discuss Increasing Investments
1/21/2013 - Prime Minister Dr. Hisham Qandil met on 20/1/2013 with a delegation of the Egyptian Federation of investors, headed by Mohamed Farid Khamis. The federation has a membership of 42 investors association...
Vodafone Egypt Might Withdraw Price Increase
1/22/2013 - Vodafone Egypt raised the prices of its prepaid mobile credit cards by 15 per cent, causing anger among some customers. Some retailers took advantage of the situation, raising prices of all prepaid mo...

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