Economy news

Stock market in six-year high

31 Jul 2014
Egypt’s stock market closed on a record high Thursday on the first session following Eid al-Fitr feast.    The six-year high closure was prompted by intensive buying from foreign investors, especially in the real estate...
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Egypt to buy 102,000 tons of diesel fuel in September

smuggling fuel
31 Jul 2014
The General Authority for Supply Commodities plans to purchase 102,000 tons of diesel fuel to be delivered in September.    GASC had previously sought to buy large amounts of fuel oil for delivery in the third quarter of 2014....
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Minister: Citizens will pay 25 piasters for kilo of subsidized sugar

26 Jul 2014
Citizens will bear only 25 piasters of the actual cost of the kilo of subsidized sugar, said the Minister of Supply and Internal Trade Khaled Hanafy in a seminar held by Al-Masry Al-Youm Friday.   He added the same applies for a kilo...
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International bidders compete for manufacture of 700 train cars

25 Jul 2014
Transport Minister Hany Dahy said Friday that international companies are vying to win a deal with the Egyptian side for the manufacture of 700 high-quality train cars.   The minister told Al-Masry Al-Youm that a Hungarian offer...
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Offshore platform to produce 150 million cubic feet of gas per day by 2016

23 Jul 2014
The Petroleum Ministry said on Tuesday that the Italian company Edison began a new project in Egypt to produce natural gas from an offshore platform in the Mediterranean in coordination with its joint venture Abu Qir Petroleum (AQP) at an...
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Official: Suez Canal revenues up by US$136 million

Second Army Commander Ahmed Wasfy in Suez Canal
22 Jul 2014
An official source at the Suez Canal Authority said Monday that the revenues of the Suez Canal during the first six months of this year saw an increase of US$136 million, compared to the same period last year.  "Total revenues...
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Reforming Egypt's black market - high hurdles, big rewards

Street vendor selling clothes in Cairo
21 Jul 2014
The economist behind a plan to unlock at least $380 billion (222 billion pounds) worth of assets from Egypt's black market says President Abdel Fattah al-Sisi must first restore another asset that has depreciated over the years: the...
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Sources: Mehleb instructed state bodies to reduce expenditures

Ibrahim Mehleb
20 Jul 2014
Prime Minister Ibrahim Mehleb has instructed all government bodies and ministries to reduce expenditures starting July as part of the Cabinet's austerity policies, a Cabinet official source told Al-Masry Al-Youm.   The source...
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European Bank allocates US$50 million to investment projects in Egypt

17 Jul 2014
Hildegard Gacek, director of the southern and eastern Mediterranean department of the European Bank for Reconstruction and Development, said the bank is looking forward to cooperate with the Egyptian government in a number of new projects...
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Government may raise fertilizer prices in October

17 Jul 2014
Official sources said the government is discussing today a dispute between the ministries of agriculture and trade over raising prices of the production and distribution of fertilizers. The sources explained that the Ministry of...
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