Economy features

Egypt says to issue $950 mln 1-year Treasury bill

08 Jan 2015
Egypt plans to issue a $950 million 1-year Treasury bill next week, the central bank said on Thursday. It said the auction deadline was Jan. 12 and the issue was open both to local banks and international financial institutions. The dollar...

Cairo stops subsidies to farmers of cotton, once Egypt's "white gold"

06 Jan 2015
Growers of Egypt's high quality cotton will no longer receive any state support and have been advised not to plant the crop unless they have contracts to sell it, a move some traders say is a final blow to the long-neglected industry....

EFG Hermes: Early signs for recovery of Egyptian economy confirmed

27 Nov 2014
EFG Hermes, one of the Middle East's largest investment banks, confirmed early signs for the recovery of the Egyptian economy in a report issued on 20 November entitled "Early signs of recovery confirmed: More hurdles need to be...

EFG-Hermes: Low oil prices to boost disinflation, subsidy reforms in Egypt‏

An offshore platform of Aramco's Karan non-associated gas field is seen in Saudi Arabia's territorial waters in this undated handout picture.
25 Nov 2014
EFG-Hermes expects a new era of depressed oil prices and a stuctural shift in global supply and demand balances, according to a report it released on Tuesday.   The new shift would assist central government budgets from countries like...

Egypt pound volatile on black market due to commercial demand, Qatar repayment concerns

One hundred dollar notes are seen in this photo illustration at a bank in Seoul 9 January 2013.
19 Nov 2014
The Egyptian pound was flat at a central bank dollar sale on Wednesday but was volatile on the black market as a surge in commercial demand for dollars added to concerns over Egypt's plans to repay a US$2.5 billion Qatari deposit,...

Egypt's cement firms overcome gas shortages by importing coal

05 Nov 2014
Several of Egypt's major cement producers have begun retrofitting their plants to run on energy from imported coal, beating high gas prices and energy shortages that have curbed industrial output this year. Egypt has been suffering...

Online marketers want business regulated

03 Nov 2014
A number of online marketers have demanded legislative regulation for their business, noting that Egypt remains among the Middle East’s biggest five, and the world’s biggest ten, markets.   Haldon Aren, managing director...

Minister of Finance: Moody's decision to change Egypt's outlook to stable good news, but not enough

A general view of the stormy sky in Cairo, Egypt, 13 December 2013.
21 Oct 2014
The Egyptian Minister of Finance Hany Qadry Dimian on Tuesday said he considered the rise in the country's credit rating by Moody's evidence of the governmental reform plan success but it is not enough to express the positive...

Steel protectionism stokes price hikes fears

18 Oct 2014
Steel traders have warned that imposing protectionism fees on their imports indicate a possible return to market hegemony for influential steel tycoon and ex-president Hosni Mubarak’s strongman Ahmed Ezz.   The traders said...

Israeli gas holds promise of better ties with neighbors

Natural gas field in the Mediterranean
14 Apr 2014
Israel's drive to export its new-found natural gas could help to rebuild strained ties with old regional allies Egypt and Turkey, but could deprive Europe of a precious alternative to Russian gas. Israel has in recent months already...