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Financials and Investment News in Egypt

Electricity Minister Stresses Importance of Arab Power Linkage
4/30/2013 - Electricity and Energy Minister Ahmed Imam underlined the importance of the integrated Arab power connection. Speaking at the start of the 29th meeting of the executive bureau of the Arab Electricity ...
Bonds for Financing Electricity Ventures
5/5/2013 - The Ministry of Electricity and Energy considers issuing bonds (sukuk) in cooperation with the national banks and putting them up for public subscription as part of public participation in power gener...
EFSA Chairman Warns of Forex Illegal Activity
5/7/2013 - Chairman of the Egyptian Fiancial Supervisory Authority (EFSA) Ashraf Al-Sharqawy warned on 6/5/2013 of individuals' drift, especially youth, after activities which achieve quick gains and are charact...
Economic Indicators Assert that Egypt Starts to Get out of Crisis
5/7/2013 - Minister of Finance Al Morsy El Sayed Hegazy affirmed on 6/5/2013 the need to accelerate a package of socio-economic reform measures stipulated by the new general budget bill with the aim of boosting ...
Egypt Stocks Hit 4-Week High on Cabinet Reshuffle
5/8/2013 - Egyptian stocks maintained their upward trajectory for the third consecutive day of trading, one day after a cabinet reshuffle that saw the replacement of nine government ministers. On 8-5-2013, the m...
Amr Darrag: Negotiations with IMF are Going Ahead
5/9/2013 - Minister of Planning and International cooperation Amr Darrag said negotiations are going on with the International Monetary Fund (IMF) on the $ 4,8 billion loan. He said he would continue negotiation...
EGX Continues upward Trend
5/9/2013 - The Egyptian Exchange (EGX) maintained on 8/5/2013 its upward trend with the market capital up by L.E.1.1 billion and the main index up by 0.58 per cent. The market capital reached L.E. 363.7 billion....
Egypt Expects to Collect $388.5 mn in Property Tax Revenues
5/9/2013 - Egypt’s government expects to collect around LE2.7 billion (roughly $388.5 million) in revenues from property taxes imposed on 15 million units and that have been counted by the tax authority’s commit...
Decline and Fall of Egypt's Credit Ratings
5/11/2013 - Standard and Poor's (S&P) credit downgrade, reducing Egypt's foreign and domestic long-term rating to 'CCC+' and foreign and local short-term rating to 'C' is the latest in a series of such actions ta...
No Plan to Amend Egyptian Economic Reform Program
5/12/2013 - Minister of Finance Fayyad Abdel Moneim ruled out any plan to amend the economic reform program, noting that the basic and sole condition set by the International Monetary Fund is reducing the State's...
Land Bridge between Egypt and Sudan to Operate soon
5/12/2013 - Agriculture Minister Ahmed el-Gizawy said the land bridge connecting Egypt and Sudan operates within the coming 15 days. This came after a meeting on 11/5/2013 with Egyptian Ambassador to Sudan; el-Gi...
Egypt Receives $3 bln Qatari Deposit at 3.5%
5/12/2013 - Egypt received a $3 billion deposit from Qatar, a central bank official said, shoring up finances hit by economic turmoil since a popular uprising that toppled the government two years ago.

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Downgrading Credit Rating not to Affect Sukuk Application
5/13/2013 - Finance Minister Fayyad Abdel Monem stressed that downgrading Egypt's credit rating would not affect the Sukuk (Islamic bonds) application. "Upgrading or downgrading credit rating only influences the ...
No Egyptian, Foreign Investors to Possess in Suez Corridor Projects
5/13/2013 - Housing Minister Tarek Wafiq confirmed that Suez Canal development authority had stressed in its establishment draft law that neither Egyptian nor foreign investors will have the right of possession i...
Egyptian Interior Ministry Should Secure Investment Zones
5/13/2013 - Minister of Investment Yehia Hamed underlined the need to provide security for various existing investment and industrial zones in different governorates, thereby increasing productivity and maximizin...
SC Approves Bill on Income Tax
5/14/2013 - The Shura Council (SC) on 13/5/2013 approved a final draft law on the income tax issued by the law no. 91 /2005. The final approval of the proposed amendments was postponed until Monday's session to a...
Yehia Hamed: No Privatization of any State Companies
5/14/2013 - During his meeting with Egypt Aluminium Company in Naga Hammadi, Qena, Investment Minister Yehia Hamed said that the government will not sell or privatize any of the public sector companies, whose num...
Egypt Market Slips on OCI Share Re-pricing
5/14/2013 - Egypt's benchmark EGX30 index edged down 0.3 percent after Dutch-listed OCI N.V reduced its tender offer to shareholders of Orascom Construction’s (OCI) Egyptian listed shares, disappointing investor...
The Shura Council has Defined Five Income Tax Brackets
5/15/2013 - Minister of Finance Fayyad Abdel Moneim said the ministry embarked on working out the amendments to the stamp tax bill's executive regulation in light of the amendments approved by the Shura Council. ...
$1.7 bn Investments of Phosphate Fertilizers Complex
5/15/2013 - Minister of Industry and Foreign Trade Hatem Saleh said studies are currently under way to establish a chemical and mineral complex for producing phosphate fertilizers with investments hitting some $ ...

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