Economy news

Finance minister: Egypt considering $1.5 billion foreign bond as it repairs economy

24 Oct 2014
Egypt could tap international bond markets to raise up to $1.5 billion next year to shore up its finances and is open to agreeing an International Monetary Fund loan package if needed, Finance Minister Hany Kadry Dimian said on Thursday....
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EGX30 ends Thursday on red down 0.17%, gains LE9.35 billion in a week

23 Oct 2014
The Egyptian stock exchange closed on a negative note with the benchmark index EGX30 slightly decreasing by 0.17 percent to record 8,797.29 points on a turnover of LE680 million.   While, the EGX30 was up 2.37 percent this week, the...
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CAPMAS: Egypt's industrial production index up 4.6% in August

23 Oct 2014
Egypt's Industrial Production index (without crude oil and petroleum products) increased 4.6 percent in August 2014, compared to July 2014, due to high operating rates after end of Ramadan month and Eid al-Fitr, according to Central...
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Govt considers Vodafone share sale to 'sovereign' body

Vodafone branch
23 Oct 2014
The Ministry of Electricity is considering a suggestion to sell state-owned Telecom Egypt’s 45-percent share in Vodafone Egypt to a “sovereign” governmental body, a source at the Ministry of Communication and...
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Mehleb: US$12 billion in international arbitration cases against Egypt, our position is 'weak'

Ibrahim Mehleb
23 Oct 2014
Prime Minister Ibrahim Mehleb said Wednesday that the total number of international arbitration cases filed against the government amounted to US$12 billion, in which Egypt's  position  is "weak". Mehleb confirmed...
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Doma steps down as CEO of OTMT, Sawiris takes charge

Telecom Italia says Egyptian billionaire Naguib Sawiris, pictured in Milan in 2009, has made an offer to invest in the debt-laden Italian company, which has been hit hard by the eurozone debt crisis.
23 Oct 2014
Orascom Telecom Media and Technology Holding announced Thursday that Ahmed Abou Doma has stepped down as a member of the Board of Directors and as Chief Executive Officer of the company for personal reasons and that Naguib Sawiris will...
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BG in talks to import gas to Egypt from Cyprus

Natural gas field in the Mediterranean
23 Oct 2014
BG Egypt, a subsidiary of global energy company BG held talks on Tuesday to import natural gas from Cyprus, the company said on Wednesday. The talks in Nicosia between BG Egypt and Cyprus Hydrocarbons (CHC) revolve around using BG's...
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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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