Economy news

UAE to provide Egypt with loan to purchase petroleum products

General Petroleum Authority
27 Aug 2014
Tareq al-Mulla, executive chief of the Egyptian General Petroleum Corporation (EGPC), said the United Arab Emirates agreed to provide Egypt with a loan to meet the needs of petroleum products.   Emirates is not offering a grant to...
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Tax Authority Chairman: Late tax dues LE84.5 bn

27 Aug 2014
Tax Authority Chairman Mostafa Abdel Qader said the economic crisis that followed the 25 January revolution caused an increase in late tax dues of LE8.6 billion in the last three years, bringing the total dues to LE84.5 billion by the end...
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Stock market loses LE146 million

26 Aug 2014
Stock indices declined collectively on Tuesday, affected by local corporations selling to earn profits, while individual Egyptian, Arab and foreign investors preferred to buy. The main EGX30 index fell by 1.07 percent, the medium stocks...
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Ministers to inaugurate new land port between Egypt and Sudan on Wednesday

26 Aug 2014
Ministers from Egypt and Sudan are inaugurating on Wednesday the new Qostul-Ashkit land port between the two countries, which is expected to increase bilateral trade from LE5.5 billion to LE7 billion in one year. Gamal Hegazy, chairman of...
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Mamish: The Suez Canal could raise Egypt’s future world trade income by 22%

Container ship Edith Maersk crosses the Suez Canal at East Port Said, 120 km (75 miles) northeast of Cairo, 5 October 2012.
26 Aug 2014
Suez Canal Authority Chairman Mohab Mamish said Egypt must take advantage of increased trade with European markets when rising economic giants like China, India and the countries of Southeast Asia come to 'invade' the European...
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Official: Samsung plans to invest US$35 million in Egyptian market

A Whatsapp App logo is seen behind a Samsung Galaxy S4 phone that is logged on to Facebook in the central Bosnian town of Zenica, 20 February 2014. 
26 Aug 2014
The Korean company Samsung plans to pump new investments of up to US$35 million in its factory at Koam Abu Rady area  for refrigerators and washing machines industry in Beni Suef, head of the General Authority for Investment Hassan...
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Egypt to pay back US$500 mn to Qatar in October

26 Aug 2014
Central Bank of Egypt (CBE) Governor Hesham Ramez said Qatar has US$500 million in Egypt that will be paid back in October. In a phone call with Sada al-Balad TV, Ramez said that Egypt will pay for all the requirements without being...
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Suez Canal revenues in July US$482.2 million

25 Aug 2014
An official source at the Suez Canal Authority said on Monday that total revenues of the canal in July of this year amounted to US$482.2 million against US$429.2 million in July of last year, an increase of US$53 million. The source added...
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Trade balance deficit reaches LE17.3 billion

25 Aug 2014
The trade balance deficit declined to LE17.3 billion in May 2014, compared to LE24.3 billion during the same period last year, marking a decline of 28.6 percent. The Central Agency for Public Mobilization and Statistics (CAPMAS) indicated...
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Sisi: Unsubsidized metro ticket price would reach LE9

24 Aug 2014
President Abdel Fattah al-Sisi has said that public transportation will continue to be subsidized, including the metro, with ticket prices staying at LE1. "Removing the metro subsidy will raise the price up to LE9,"...
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