Economy news

Egypt stock market loses $2.1 billion on Wednesday as oil prices sink further

© Getty/AFP/File | US benchmark West Texas Intermediate for January delivery sank $1.16 in afternoon trade to $54.77
 
 
 
17 Dec 2014
The market continued its fall on Wednesday amid the plunge in oil prices, losing more than US$3.8 billion during the two sessions in a row.   The EGX30 index on Wednesday's session dropping 4.59 percent on to reach 8,124.68...
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Minister: Egypt working with Russia on nuclear power plant, car factory

Egypt's Investment Minister Ashraf Salman (Photo: Reuters)
17 Dec 2014
Representatives from the Egyptian and Russian governments have begun to work out proposals for multiple joint projects in Egypt, according to Investment Minister Ashraf Salman.   In a joint press conference with the Minister of...
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Minister: Egypt-China trade exchange to reach $11.5 bn by 2015

Mounir Fakhry Abdel Nour
17 Dec 2014
Commercial exchange between Egypt and China is expected to stand at US$11.5 billion by the end of 2014, with Beijing becoming Cairo’s top trade partner, the Ministry of Trade and Industry said Tuesday.   Minister Mounir Fakhry...
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UAE's Abraaj asks to raise bid for Bisco Misr to 84.66 pounds per share

17 Dec 2014
The UAE's Abraaj Investment Management asked Egypt's financial regulator on Wednesday to approve a revised offer of 84.66 Egyptian pounds per share for Egyptian snackmaker Bisco Misr, topping a rival bid by Kellogg. If approved,...
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CBE : Egyptian banks' credit reach to LE2.4 trillion during July/Sept 2014/15

16 Dec 2014
Egyptian Banks' credit balances moved up by LE13.4 billion to reach LE2.4 trillion during July/September 2014/2015, the Central Bank of Egypt’s (CBE) monthly report showed.   The private business sector accounted for 62.8...
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Petrochemical company gets first Egyptian ISO 50001 certification

16 Dec 2014
Sidi Krir Petrochemicals Company (SIDPEC) has become the first Egyptian firm to obtain the ISO 50001 certification for industrial energy consumption management, a statement by the Egyptian Organization for Standardization and Quality (ESO...
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Egypt stock market loses $1.7 billion amid oil plunge

16 Dec 2014
Egypt stock market lost LE12.5 billion (US$1.7 billion) on Tuesday's session, with the EGX30 Index in closing 3.58 percent down to a record 8,515.66 points. "Egyptian stock exchange followed the Arab market’s negative...
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UAE's Abraaj sells 21 pct stake in Integrated Diagnostics Holdings

16 Dec 2014
 Private equity firm Abraaj Group said on Tuesday it had sold a 21 percent stake in Integrated Diagnostics Holdings (IDH) (IPO-INDI.CA: Quote), a healthcare diagnostics service provider, to emerging markets private equity firm...
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Declined oil prices positively impact manufacturing materials

16 Dec 2014
Mohamed al-Suwaidy, chairman of the Federation of Egyptian Industries, said on Monday that the decline in oil prices will reduce the cost of raw materials and, consequently, the cost of production, which would drive producers to reconsider...
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EGX30 up1.34% on Monday amid signs of recovery

15 Dec 2014
Egyptian stock exchange reversed its southern direction in Monday’s session with the EGX30 Index gaining 1.34 percent  to record 8,832.28 points on a total turnover of LE636million. "The significant decline which occurred...
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