Economy news

Egypt's pound steady on official auction, slightly weaker on black market





Reuters/Reuters - An employee counts money at a bank in Cairo September 4, 2014. REUTERS/Asmaa Waguih






 


 
04 Mar 2015
Egypt's central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Wednesday, and the pound remained marginally weaker albeit relatively stable on the black market. The central bank said it offered...
Yes

Egypt's market gains LE730 mn on Wednesday, while all indexes down

cairo stock 
04 Mar 2015
Egypt's market Wednesday traded on the same levels For the third session in a row, with EGX30 Index  inched 0.15 percent down recording 9,461.06 points on a total turnover of LE419million, the Egyptian Exchange data showed ....
Yes

Amendments allow private sector partnerships as Arabtec contract nears signing

04 Mar 2015
Egypt's Cabinet approved Wednesday an amendment to the New Urban Communities Authority’s (NUCA) law. This change in the law would allow the Housing Ministry to have full authority over the lands and utilities it provides to...
Yes

Natural gas to be provided to 850,000 housing units this year

04 Mar 2015
Gamal Hegazy, vice-chairman of the Egyptian Natural Gas Holding Company (EGAS), said the government will provide natural gas to around 850,000 houses during the ongoing fiscal year, with a budget estimated at LE1.9 billion, provided...
Yes

Orascom Construction offers 11 pct of shares in $185 mln IPO

04 Mar 2015
Orascom Construction plans to offer 11 percent of its shares on the Cairo bourse to raise 1.41 billion Egyptian pounds (US$185 million). The company is being spun off from OCI NV, which will retain its fertiliser and chemicals operation....
Yes

CI Capital to promote 3 government projects during the economic conference

Investment Minister Ashraf Salman
04 Mar 2015
Mahmoud Attalla, vice chairman and CEO of CI Capital, the investment branch of the Commercial International Bank (CIB), said the group will promote three government projects during the economic conference scheduled to take place this month...
Yes

Suez Canal achieves profits of LE25 bn in 7 months

04 Mar 2015
The Suez Canal Authority has achieved revenues of LE25 billion (US$3,267,000,300) since the beginning of the current fiscal year starting in July.   Official statistics showed that 10,399 vessels, carrying loads of approximately 586,...
Yes

Egypt's market gains LE170 million on Tuesday, EGX30 inches up 0.2%

cairo stock 
03 Mar 2015
Egypt's market Tuesday traded on the same levels of yesterday’s session, with EGX30 Index inched 0.2 percent up recording 9,475.27 points on a weak turnover of LEP480 million, the Egyptian Exchange data showed . The small...
Yes

Egypt's Pioneers approves $393 mln share issue

03 Mar 2015
Pioneers Holding approved a capital increase of 3 billion Egyptian pounds ($393 million), the Egyptian financial services firm said on Tuesday. It plans to issue 170 million shares at 17.63 pounds per share, it said in a statement to the...
Yes

Minister denotes progress in investment dispute resolution

Investment Minister Ashraf Salman
03 Mar 2015
Investment Minister Ashraf Salman said that the government had made significant progress in resolving investment disputes, by ensuring that the draft law on investment, as well as other legislation, would help create a more encouraging...
Yes