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Financials and Investment News in Egypt

Arab Monetary Fund to Support Egyptian Budget
11/16/2011 - Minister of International Cooperation and Planning Fayza Aboul Naga said the Arab Monetary Fund would support the Egyptian budget in November with U.S. $200 million (1.2 billion EGP). Another support ...
Investor Proposes Massive Development Project
11/18/2011 - Egyptian Businessman Mohammad Kamal Abdel Hadi proposed a project aiming to irrigate 25 million acres of the Egyptian Western desert without any burdens on the public budget to the Egyptian government...
Creation of New Industrial Zones in Sinai
11/27/2011 - President of the General Authority for Mineral Resources Fikry Yousef said the authority aims to implement a new plan developed for the development of mineral wealth in Sinai by establishing industria...
Irrigation Minister Participate in Tripartite Committee Meetings
11/29/2011 - Irrigation and Water Resources Minister Hisham Qanil arrived in Addis Ababa on 28/11/2011 to take part in the tripartite technical committee tasked with assessing expected effects of the construction ...
Egyptian-Libyan Investments to Produce Compensatory Devices
11/30/2011 - Egyptian-Libyan association for investors chaired by Nasser Bayan and Federation of Libyan Industries agreed on establishing a plant with joint investments up to LE 50 million to produce compensatory ...
Central Bank of Egypt Raising Overnight Deposits Rate by 100 bps
11/30/2011 - Central Bank of Egypt raising overnight deposits rate by 100 bps (basis points) and overnight lending rate by 50 bps. This was identified as the CBE first change in rates since Sept. 17, 2009. The dep...
Revenues of Modifying Gas Contracts would Reach $1.1 Billion
11/30/2011 - After modifying Gas contracts with Jordan, France, Spain and the US, total annual revenues of those contracts would reach $1.1 billion. This excludes additional revenues to be achieved after modifying...
SAE Launching L.E. 350 Million Project in Ein Al Sukhna
12/4/2011 - Egyptian Financial and Industrial Co. SAE has launched a L.E. 350 million project in Ain Al Sukhna (obviously to produce phosphate fertilizers) with output allocated completely for export abroad. This...
US $70b in Remittances Sent from Gulf Countries
12/5/2011 - World Bank released a recent report for global migration and remittances indicated the total remittances entering developing countries this year will reach U.S. $351 billion and the total remittances ...
Egypt Projects with African Countries will be Established
12/5/2011 - The electricity sector is currently outlining a strategy for cooperation with other African countries to study their needs for establishing future energy projects. Establishing joint projects in other...
A $3.5 Billion Petrochemicals Complex Launched
12/7/2011 - A $3.5 billion petrochemicals complex was launched by a South Korean US consortium to be located at Sukhna Zone. That was reported in the media quoting Mr. Osama Saleh, Chairman of GAFI - General Auth...
Turkey Opens New Trade Routes to Bypass Syria
12/7/2011 - Turkey said it would begin exporting goods to Egypt via sea and overland through Iraq this week as it seeks to bypass existing trade routes through Syria following a breakdown in ties and rising viole...
HUAWEI Predicts Mobile Telephone Sales 8 Million
12/8/2011 - HUAWEI of China has predicted its sales of mobile telephone sets in Egypt in 2012 to reach 8 million claiming that it now controls almost 95% of the domestic USB market. This was announced by Mr. Alaa...
Egypt Urges Partnership Between Developed, Developing Countries
12/8/2011 - Egypt on 7/12/2011 called for boosting the development partnership between the world's developed and developing countries to achieve the Millennium Development Goals (MDGs). "Egypt stresses that the a...
Accounts of Credit Facilities Increased by 4.8%
12/8/2011 - The latest Central Bank of Egypt (CBE) statistical report issued Wednesday 7/12/2011 said that accounts of credit facilities granted by banks increased by 4.8% during July/September in fiscal year 201...
Egypt Core Inflation Down to 7.04 Per Cent in November
12/12/2011 - Egypt's core consumer price inflation declined to 7.04 per cent on an annual basis last month from 7.6 per cent in October, the Central Bank of Egypt (CBE) said on Sunday. Core inflation strips out su...
Two Contracts to Assuit Barrage and Hydroelectric Power Station
12/13/2011 - Ministry of Water Resources and Irrigation has awarded two contracts pertaining to Assuit barrage and hydroelectric power station valued at L.E. 4 billion. The project is backed by soft loans from KfW...
Egypt's Total Exports Reached L.E. 118.7 Billion in 2011
12/13/2011 - Egypt's total exports during the first eleven months of 2011 reached L.E. 118.7 billion, marking 20% increase above their level during the same period of 2010 put then at L.E. 99.4 billion. This was r...
Ganzouri Approves Investment-Boosting Steps
12/13/2011 - Prime Minister Kamal el-Ganzouri approved on Monday 12/12/2011 a number of measures to encourage and lure domestic, Arab and foreign investments. The measures include easing steps needed to establish ...
EU to Start Trade with Egypt, Jordan, Morocco, Tunisia
12/14/2011 - European Union governments agreed to start trade talks with Egypt, Jordan, Morocco and Tunisia, with the aim of lowering trade barriers and bolstering economic growth in the North African and Middle E...

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