Economy

US shale leaves thousands of wells unfinished

24 Mar 2017
US shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would...
Yes

Central Bank of Egypt governor denies resignation

Central Bank of Egypt (CBE) Governor Tarek Amer
24 Mar 2017
Tarek Amer, Central Bank of Egypt's governor, said in remarks to Al-Arabiya news website that he did not resign from his position. Amer added that there was no reason to resign, especially now after the bold step taken in November to...
Yes

Kuwait loans Egypt 30 mn dinars for mega electricity project

23 Mar 2017
The Official Gazette published on Thursday a presidential decree, No 38 for the year 2016, approving a loan from Kuwait to Egypt worth 30 million dinars for a mega electricity project.   Egypt's government and the Kuwait Fund for...
Yes

Libyan oil output rises to 700,000 barrels per day after port fighting ends: NOC

23 Mar 2017
Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard...
Yes

Egypt targeting US$9 billion in foreign financing in FY 2017/18

22 Mar 2017
Egypt is targeting US$9 billion in foreign financing in the 2017/18 fiscal year, Deputy Finance Minister Ahmed Kouchouk told Reuters on Wednesday. The financing will be divided between US$3 billion obtained from debt markets and US$5...
Yes

Cabinet gives initial approval to proposal to double Metro ticket price

Sadat Metro Station
22 Mar 2017
Minister of Transport Hisham Arafat presented a proposal to the Cabinet on Tuesday to double the value of the Cairo Metro ticket to LE2, government sources told Al-Masry Al-Youm. The Cabinet approved the increase in principle and asked the...
Yes

US dollar at LE18.10 in Egypt banks

A customer exchanges US dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt December 27, 2016 (Mohamed Abd El Ghany / Reuters).
22 Mar 2017
The US dollar exchange rate remained stable in banks on Wednesday, but still above LE18. The website of the National Bank of Egypt (NBE) shows it sold US dollars at LE18.10 this morning, which are the same rates as Banque Misr and Banque...
Yes

Egypt negotiates third tranche of World Bank loan

22 Mar 2017
The government began intensive negotiations with the World Bank mission, which is currently in Cairo, on the third tranche of the loan approved for Egypt by the Bank, totaling US$12 billion to support the government's economic reform...
Yes

Bill Gates again world's richest man; Trump slips to 544th

Microsoft founder Bill Gates arrives for a meeting with European Commission President Jean-Claude Juncker (Reuters).
21 Mar 2017
Microsoft co-founder Bill Gates once again topped the Forbes magazine list of the world's more than 2,000 billionaires, while US President Donald Trump slipped more than 200 spots, the magazine said Monday. Gates, whose wealth is...
Yes

China to contribute US$64 million to 'Egypt Sat 2' project

The Egyptian and Chinese presidents, Xi Jinping are expected to hold a summit meeting on Tuesday.
 
21 Mar 2017
Egypt and China signed on Monday letters of cooperation on Egypt's satellite project "Egypt Sat 2" which the Chinese government is contributing toward with US$64 million. Egypt and China are yet to conduct feasibility...
Yes