Economy features

As remittances grow, government clambers for more

London protests against military trials
03 Feb 2013
As money sent home from Egyptians abroad reaches a record level, President Mohamed Morsy and his government have pinpointed this source of income as one of the key tools in their diminishing arsenal against the country’s financial...
Yes

In a difficult economy, tech startups offer hope

Usama Ghazali examines some of the Nubian products that will be sold online at Yadeweya, his online store for Egyptian-produced handicrafts. 
31 Jan 2013
In an economic environment that is both short on capital and optimism, a small but hardy group of startup enterprises is finding its way in a transitional Egypt. Facing regulatory obstacles and difficulty finding investors, tech industry...
Yes

As new Central Bank governor, Ramez has big shoes to fill

Building of headquarters of Central Bank of Egypt in Downtown
30 Jan 2013
President Mohamed Morsy’s decision to appoint Hesham Ramez as the new Central Bank of Egypt chief in January was unsurprising to many. Rumors of Farouk Oqda’s possible resignation had been swirling for months, despite the fact...
Yes

Curfew, unrest is bad news for Canal cities’ business

Container ship Edith Maersk crosses the Suez Canal at East Port Said, 120 km (75 miles) northeast of Cairo, 5 October 2012.
29 Jan 2013
Businesses remained open on Monday night in Suez, Ismailia, and Port Said, in defiance of curfew from 9 pm to 6 am imposed on the Suez Canal region’s major cities, according to business leaders in the region. “The people of...
Yes

As Egypt's economy suffers, Gulf money moves into banking sector

General picture taken at the opening of a meeting of the Gulf Cooperation Council (GCC) Foreign ministers focused on the unrest in Bahrain, Oman and Yemen, March 7, 2011, Abu Dhabi. The six Gulf Arab states appealed to the UN Security Council to protect civilians in Libya as violence raged in the North African country, the United Arab Emirates' Foreign Minister said.
27 Jan 2013
As Egypt's banking sector struggles under the weight of a credit crunch, Arab banks are seeing the crisis as an opportunity to acquire and invest in some of the country's largest financial institutions. With the completion of the...
Yes

Two years on, Mubarak money abroad remains unattainable

Egyptian ousted president Hosni Mubarak lies on a stretcher as he is wheeled into a courtroom, Cairo, September 7, 2011. Mubarak's trial resumed off camera with witnesses giving testimony to try to determine who gave the orders for killing of hundreds of protesters in the revolt that ousted Egypt's veteran president.
25 Jan 2013
Nearly two years after demonstrators first started trickling into Tahrir Square, chanting against corrupt government practices and calling for former President Hosni Mubarak to step down, officials say not one cent of allegedly stolen...
Yes

Inside oil and gas industry, serious disgruntlement

23 Jan 2013
International oil and gas companies see great potential in Egypt, but say they are frustrated with the current state of concession agreements, which in some cases provide “perverse incentives” and discourage investment, among...
Yes

Sawiris’ OCI looks to move outside Egypt, and its stocks may follow

20 Jan 2013
Orascom and a group of American investors, among them Microsoft giant Bill Gates, have set into motion a transaction set to transition Orascom Construction Industries into a Dutch company to be known as OCI N.V. The transaction will...
Yes

Government struggles to get a sukuk law on the books

18 Jan 2013
Officials went to the drawing board with a controversial law on  sukuk , or Islamic-sanctioned bonds, that was set to go before the Shura Council last week.   The Cabinet approved a new draft law on Islamic bonds, along with...
Yes

UK delegation assures return of Mubarak assets, denies inaction

A flag bearing the Olympic rings flutters in front of Big Ben, the clock tower at Britain's parliament in London on July 23. Big Ben, the famed bell belonging to Britain's parliament, will chime non-stop for three minutes on Friday as part of a national event to mark the start of the London Olympics.
15 Jan 2013
A delegation of high-level UK officials are in Cairo this week to discuss the return of assets obtained illegally by figures associated with the former Mubarak regime. The UK's delegation is led by Jeremy Browne MP, Minister of State...
Yes

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