Economy

Manufacturers in Egypt turn to local sourcing as prices soar

Potato farmer Stelios Vathrokilis is seen by his field in Naxos, Greece August 3, 2015.
 
29 Apr 2017
In green fields near Egypt's Mediterranean coast, one multinational company is harvesting its first crop of potatoes produced from local seeds to make a leading brand of chips.   Like other big manufacturers in Egypt, the global...
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World stocks pause near record highs

28 Apr 2017
Concern about global trade and U.S. President Donald Trump's "America First" policies kept appetite for risky assets in check on Friday, setting world stocks on the path to a sluggish end to what will still be their fifth...
Yes

Finance Ministry to add 10% social allowance to workers' salaries from May

26 Apr 2017
The Finance Ministry approved the disbursement of a 10 percent social allowance for workers, during a meeting with the leaders of the Labor Union on Tuesday at its headquarters.  The Ministry of Finance representatives ...
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Egypt wheat reserves at 2.6 months, to buy 3.8 mln tons from local harvest

24 Apr 2017
Egypt has about 2.6 months' worth of wheat in its strategic reserves and expects to buy up about 3.8 million tonnes from local farmers, Minister of Supply Ali Moselhy told Reuters on Monday at an event in Beni Suef to mark the...
Yes

CEO of world's largest cement maker to resign after company admits paying Syrian groups

Chief Executive Eric Olsen of LafargeHolcim, the world's largest cement maker addresses a news conference to present the company's 2016 results in Zurich March 2, 2017 (Arnd Wiegmann / Reuters). 
24 Apr 2017
LafargeHolcim (LHN.S) Chief Executive Eric Olsen will leave the company in July after the world's largest cement maker admitted on Monday it had paid armed groups to keep a factory operating in war-ravaged Syria. An independent...
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30 projects worth $20 billion to be established in Suez Canal Economic Zone: official

 Egypt’s Suez Canal
24 Apr 2017
Egypt will establish 30 projects in the Suez Canal Economic Zone with investments totalling US$20 billion, said President of the Suez Canal Economic Zone Ahmed Darwish. The projects will be established on an area of ​​23 million...
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Egypt's Sharm el-Luli ranks 3rd in top 10 Middle East beaches

Egypt's Sharm el-Luli beach
23 Apr 2017
Sharm el-Luli beach  in the resort town of Marsa Alam in the Red Sea governorate came third in a TripAdvisor ranking for the top 10 beaches in the Middle East in 2017. TripAdvisor claims to be the largest travel site in the world...
Yes

Fees to be imposed on fish exports: Trade Minister

23 Apr 2017
The decision over whether to impose fees on fish exports is still under consideration; the value of this fee will be based on analysis conducted by the Ministry of Trade and Industry, according to Minister Tareq Qabil. The...
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EgyptAir to receive new Boeing aircraft in May

20 Apr 2017
EgyptAir will receive a third Boeing B737/800 NGs to join the company’s fleet at beginning of May. This addition will be the 22nd model of the same type in the fleet. The B737/800 NGs is almost six years old and is...
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Egypt ranks 3rd most attractive investment destination in Africa: report

20 Apr 2017
Egypt was ranked as the third most attractive investment destination in Africa by Quantum Global, an Africa-based investment management firm, according to a report published by their research arm earlier in April. The Africa...
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