Economy

Egypt buys 4.328 million tonnes of local wheat since April 15

28 May 2016
Egypt's government has bought 4.328 million tonnes of local wheat since the start of the season on April 15, the minister of supply said in a statement on Saturday. The agriculture ministry said in a statement last week that the...
Yes

GDP growth for H1 2015-2016 4.5 pct from 5.5 pct last year

Planning Minister Ashraf al-Araby
28 May 2016
Egypt's economy grew 4.5 percent in first half of 2015/2016 fiscal year, down from 5.5 percent growth in the previous year, the country's planning minister said on Saturday. Total GDP for first half of fiscal year 2015/2016 was 1.4...
Yes

G7 vows growth efforts as Japan's Abe warns of global crisis

27 May 2016
The Group of Seven industrial powers pledged on Friday to seek strong global growth, while papering over differences on currencies and stimulus policies and expressing concern over North Korea, Russia and maritime disputes involving China...
Yes

Saudi Aramco says discovers new fields, to continue energy investments

27 May 2016
Saudi Arabia's state oil giant Aramco discovered new oil and gas fields last year and the kingdom is committed to continuing investing in its energy sector to meet future demand, its new energy minister said. Khalid al-Falih, who was...
Yes

Orascom Construction reverses full year loss with Q1 $23 mln net profit

Laborers work at a construction site on the outskirts of Cairo, 23 January 2011.
27 May 2016
Orascom Construction posted a net profit of $23 million in the first quarter of 2016, up significantly from $5.8 million a year ago and returning to profit after recording disappointing full year losses last year. The group said on...
Yes

Cartel or talking shop? OPEC awaits Saudi ruling

26 May 2016
For those seeking guidance on Saudi Arabia's thinking regarding the future of OPEC, the last few weeks' agenda of the new Saudi energy minister, Khalid al-Falih, might offer a few clues. Since his appointment on May 7 as head of a...
Yes

Egypt investigator says French specialist vessel joining black box search

26 May 2016
Egypt's air accidents chief said on Thursday that a vessel provided by French company ALSEAMAR, which specializes in marine wreckage searches, will join within hours the hunt for the black boxes from crashed EgyptAir flight MS804....
Yes

Brent oil breaks above $50 for first time in seven months

26 May 2016
Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing. Oil prices have rallied in recent weeks as a...
Yes

Swiss to facilitate seizure, repatriation of dictators' funds

26 May 2016
Switzerland will implement a new law in July to help seize and repatriate illicit wealth parked in its banks by foreign dictators, the government said on Wednesday. The move is aimed at helping Switzerland and its wealth management...
Yes

Iran-Saudi row threatens any OPEC deal, puts role in question

25 May 2016
OPEC's thorniest dilemma of the past year - at least from a purely oil standpoint - is about to disappear. Less than six months after the lifting of Western sanctions, Iran is close to regaining normal oil export volumes, adding extra...
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