Economy news

Cornerstone of Assiut smart village laid, with LE4 billion investments

16 Apr 2014
Telecommunications Minister Atef Helmy and Assiut Governor Ibrahim Hammad laid on Wednesday the cornerstone of the smart village project, which will be carried out in New Assiut city, to be the first investment technological zone in Upper...
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Capital market earns LE5 bn

Mohammed Omran, chairman of Egypt's stock exchange, delivers his speech during the inauguration ceremony of the stock exchange's new premises in the Smart Village on the outskirts of Cairo, April 12, 2012.
15 Apr 2014
In spite of the Galaa Square bombing, stock indices went up on Tuesday due to purchases by foreign and Egyptian investors, while Arab investors tended to sell.   Traders said foreigners continue to invest because they are confident...
Yes

Egypt reduces gas production for ten days

Natural gas field in the Mediterranean
15 Apr 2014
A source at the Egyptian Natural Gas Holding Company said that Egypt will reduce gas production by 220 million cubic feet per day from 17 to 27 April.   Production will be 4.69 billion cubic feet per day instead of...
Yes

Egypt pound weakens at central bank's dollar sale and on black market

14 Apr 2014
The Egyptian pound weakened at a central bank dollar sale and on the black market on Monday, after hitting a six-month low last week. The central bank said it sold dollars at a cut-off price of 6.9702 pounds, weaker than the rate of 6.9651...
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Minister: Egypt to raise electricity prices before election

Minister of Planning and International Cooperation Ashraf al-Araby
14 Apr 2014
Egypt plans to boost electricity prices for the richest 20 percent of its citizens before the presidential elections at the end of May, as the country has 'no time to waste' in starting reforms, the planning minister said. Ashraf...
Yes

Stock exchange loses LE2 bn

13 Apr 2014
Egyptian stock indices fell at the end of Sunday’s trading session after giving up all the morning gains due to increasing pressure to sell leading stocks.   The capital market lost more than LE2 billion to end at LE467,488...
Yes

Egypt to need more financial support: IMF

IMF logo
13 Apr 2014
Washington (AFP) - Egypt will need further international assistance to put its economy back on track despite receiving huge loans from Gulf Arab states, the IMF said Friday.   "Egypt will need financial support which could come...
Yes

World Bank: Political unrest impedes Egyptian economy growth in 2014 and 2015

12 Apr 2014
A report from the World Bank, issued in April, expected the economic growth rate in Egypt to rise slightly in 2014 and 2015.   The report was titled ‘The Middle East and North Africa: Taking Advantage of the Global Recovery, a...
Yes

CAPMAS: Inflation rises to 9.8% in March

10 Apr 2014
Urban Egypt’s annual inflation rate rose to 9.80 percent in March of 2014, compared to 9.76 percent in February of 2014, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported on Thursday.   The monthly...
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Government to allocate 60,000 acres for agricultural investment

Agriculture Ministry headquarter in Dokki
09 Apr 2014
Minister of Agriculture and Land Reclamation Ayman Abu Hadid has expressed cabinet’s intentions to provide lands for agriculture investment to produce wheat, corn, soybean, clover and potatoes on area of approximately 60,000 acres...
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