Economy

Egypt offers Khaliji investors plots of lands seeking hard currency

17 Jan 2017
The Housing Ministry Tuesday offered land plots for Khaliji investors for sale against US dollarsover the upcoming three months, in partnership with the Egyptian private sector, according to Assistant Housing Minister Khaled Abbas, quoted...
Yes

Uber announces fare increase

17 Jan 2017
Uber company raised the starting fares of its rides from LE4 to LE5 for economy taxis, and from LE5 to LE6 for the premium service.     Careem's starting fare meanwhile is set at LE5.5.   The company issued a statement...
Yes

Moody's expects 4% economic growth for Egypt in 2017

Moody's logo
17 Jan 2017
Moody's Investor Service expects that Egypt's economy will grow by 4% in 2017, and the growth rate will increase 4.5% in the following year.  Moody's attributes this potential increase to private consumption and foreign...
Yes

Sterling Pound suffers on 'Brexit' fear, as Asian markets retreat

16 Jan 2017
The pound struggled at 32-year lows against the dollar in Asia on Monday after reports said British Prime Minister Theresa May was ready to take the country out of the European Union in a so-called "hard Brexit". Sterling's...
Yes

Egypt is planning new cuts to energy subsidies, says Finance Minister

A banner reads "Empty Tank" as tens of cars queue at petrol station, Cairo, January 16,2012 amid fears of an oil shortage.
16 Jan 2017
Egypt's Finance Minister Amr al-Garhy said on Sunday the government is studying the application of new cuts to fuel subsidies.   The pressure on the subsidies has been mounting because the increasing price of oil, globally, and...
Yes

Egypt says foreign investment in treasuries set to reach $10-11 bln in one year

15 Jan 2017
Egyptian Finance Minister Amr El Garhy said on Sunday he expected foreign investment in Egyptian treasury instruments to reach about $10-$11 billion in one year.   Egypt used to attract significant inflows into government bonds and...
Yes

Egypt's $12 bln IMF loan carries interest rate of 1.5-1.75 pct -fin min

15 Jan 2017
Egypt's $12 billion three-year loan programme from the International Monetary Fund carries an interest rate of 1.5 to 1.75 percent, Finance Minister Amr El Garhy said on Sunday.   He said at a news conference that each tranche of...
Yes

Egypt's GASC draws seven offers in wheat purchase tender

14 Jan 2017
Egypt's state buyer GASC received sales offers from seven suppliers in an international tender to purchase wheat on Saturday, traders said.   The lowest offer was $187.50 a tonne free on board for 60,000 tonnes of wheat sourced...
Yes

Egypt says foreigners will be able to repatriate profits soon -MENA

Central Bank of Egypt (CBE) Governor Tarek Amer
14 Jan 2017
Egypt's Central Bank Governor Tarek Amer said on Friday that foreign investors would be able to repatriate profits and capital "in the coming period" now that hard currency reserves were recovering, state news agency MENA...
Yes

Egypt eases strategic grains import regulations

Farmers check grain seeds as they harvest wheat crop in 6 October village in the Nile Delta province of Al-Baheira, northwest of Cairo May 22, 2014. REUTERS/Asmaa Waguih
 
14 Jan 2017
Egypt, the world's largest grain importer, is streamlining its import procedures and establishing a registry of companies that will inspect potential purchases abroad, the Trade Ministry said on Friday.   An intergovernmental feud...
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