Economy
Egyptian pound stable at official auction and on black market
June 9, 2015
Egyptian pound stable at official auction and on black market
Egypt's central bank kept the pound's exchange rate steady at 7.53 to the dollar at a foreign exchange auction on…
Egyptian lender CIB to buy Citi’s Egypt retail business
June 9, 2015
Egyptian lender CIB to buy Citi’s Egypt retail business
Commercial International Bank (CIB) has agreed to buy Citigroup's consumer banking business in Egypt, the North African country's largest listed…
Egypt’s market loses LE400 million on Tuesday, EGX30 down 0.13%
June 9, 2015
Egypt’s market loses LE400 million on Tuesday, EGX30 down 0.13%
Egypt's stock market closed in the red zone for the fourth session in a row, as the benchmark EGX30 index…
Report : Gulf expat workers send home $100 billion
June 9, 2015
Report : Gulf expat workers send home $100 billion
Foreigners working in the energy-rich Arab states of the Gulf sent more than $100 billion in remittances to their home…
Egypt signs $4.6 bn construction deal with Arabia Group
June 9, 2015
Egypt signs $4.6 bn construction deal with Arabia Group
Egypt's housing ministry signed a construction deal worth about LE35 billion ($4.6 billion) with Egyptian real estate developer Arabia Group,…
Egypt’s El Sewedy Electric posts Q1 net profit of US$35 mn
June 9, 2015
Egypt’s El Sewedy Electric posts Q1 net profit of US$35 mn
Egypt's El Sewedy Electric achieved a first-quarter net profit of LE267.7 million (US$35 million) versus 126.5 million a year earlier,…
Ministry: Trade between Egypt, AMU reaches US$449.6 million during Q1 of 2015
June 9, 2015
Ministry: Trade between Egypt, AMU reaches US$449.6 million during Q1 of 2015
The trade between Egypt and the Arab Maghreb Union (AMU) reached US$449.6 million during the first quarter of 2015, Trade…
Egyptian central bank says met half foreign investors’ dollar backlog
June 9, 2015
Egyptian central bank says met half foreign investors’ dollar backlog
Egypt's central bank said on Tuesday it had covered 50 percent of a backlog of dollars owed to foreign investors.Difficulty…
Construction of liquid bulk terminal in Ain al-Sokhna starts
June 9, 2015
Construction of liquid bulk terminal in Ain al-Sokhna starts
Sonker Bunkering Company has declared the launching of the first construction phase of the liquid bulk terminal in Ain el-Sokhna,…
Cabinet to establish ‘property’ fund
June 9, 2015
Cabinet to establish ‘property’ fund
The Economic Ministerial Committee has agreed to a proposal by Planning Minister Ashraf Araby to establish a fund dubbed "Property" (Amlak),…