Economy news

EGX30 jumps 2.07% on Wednesday pushes by Moody's report, gains LE6 billion

22 Oct 2014
The Egyptian stock exchange rose for a third session on Wednesday, pushed by Moody's report concerning the change of five Egyptian banks’ outlook from negative to stable.   The main benchmark EGX30 jumped 2.07 percent...
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Minister: Egypt Negotiates with BPI to set up power plant

22 Oct 2014
Electricity for Egypt Holding Company signed a memorandum of understanding with Benchmark Power International (BPI) to construct power plant in the governorate of Kafr al-Sheikh, said Electricity Minister Mohammad Shaker in a...
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Stock market halves documents required for registration

22 Oct 2014
Egypt’s Stock Market announced on Wednesday reducing the number of documents required for registering a company’s shares in the market from 24 to 12, noting that the changes apply to companies of all sizes.   In a...
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Middle Eastern equity issuance totals US$5.1 billion in the first nine months of 2014

A general view of the stormy sky in Cairo, Egypt, 13 December 2013.
22 Oct 2014
Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today released the quarterly investment banking analysis for the Middle East region. During the first nine months of 2014, Middle...
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Moody's changes outlook from 'negative' to 'stable' on deposit ratings of five Egyptian banks

Moody's
22 Oct 2014
Moody’s Investors Service on Wednesday changed  the outlook on the long term local currency deposit ratings of five Egyptian banks from negative to stable. "The banks are the National Bank of Egypt, Banque...
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Egypt turns to illegal buildings to tackle housing crisis

An aerial view of Cairo's traffic and houses is pictured through the window of an airplane, 11 September 2013.
22 Oct 2014
Egypt plans to offer cheap loans for completing apartments in unfinished buildings thrown up illegally across its cities, hoping to tackle a housing crisis that has helped to topple two presidents since 2011. Housing Minister Mustafa...
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EGX30 up 1.15 percent on Tuesday, gained LE4.2 billion

21 Oct 2014
Egypt's stock market maintained its upward movement driven by foreign and Arab institution buying activities.   The EGX30 Index gained 1.15 percent recording 8,633.15 points at a turnover of LE564 million.   Arab and foreign...
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Report: 14 MENA IPOs raise $3.95 bn in 2014's first nine months

21 Oct 2014
A total of 10 IPOs were issued in the Middle East and North Africa (MENA) during the first half of this year, and together raised $3.95 billion, according to a report by to Zawya M&A Monitor on Tuesday.   The month of...
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Minister: Egypt signs 36 oil exploration deals worth US$2 billion since November 2013

The Mstrd oil refinery in Cairo, 6 May 2008.
21 Oct 2014
Egyptian Petroleum Minister Sherif Ismaeil announced that the new oil agreements bring the total of new deals since November 2013 to 36, with an estimated investment value exceeding US$2 billion. On Tuesday, Ismaeil signed an agreement...
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Egyptian Exchange says to approve 10 listings by end-year

21 Oct 2014
The Egyptian Exchange expects to have approved the listings of 10 companies by the end of this year as confidence in the local economy grows, the exchange's chairman Mohamed Omran said.   The stock market was hit hard by the...
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