Economy news

EGX30 up 1.15 percent on Tuesday, gained LE4.2 billion

21 Oct 2014
Egypt's stock market maintained its upward movement driven by foreign and Arab institution buying activities.   The EGX30 Index gained 1.15 percent recording 8,633.15 points at a turnover of LE564 million.   Arab and foreign...
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Report: 14 MENA IPOs raise $3.95 bn in 2014's first nine months

21 Oct 2014
A total of 10 IPOs were issued in the Middle East and North Africa (MENA) during the first half of this year, and together raised $3.95 billion, according to a report by to Zawya M&A Monitor on Tuesday.   The month of...
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Minister: Egypt signs 36 oil exploration deals worth US$2 billion since November 2013

The Mstrd oil refinery in Cairo, 6 May 2008.
21 Oct 2014
Egyptian Petroleum Minister Sherif Ismaeil announced that the new oil agreements bring the total of new deals since November 2013 to 36, with an estimated investment value exceeding US$2 billion. On Tuesday, Ismaeil signed an agreement...
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Egyptian Exchange says to approve 10 listings by end-year

21 Oct 2014
The Egyptian Exchange expects to have approved the listings of 10 companies by the end of this year as confidence in the local economy grows, the exchange's chairman Mohamed Omran said.   The stock market was hit hard by the...
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Egypt planning minister calls for legal review, 'economic revolution'

Minister of Planning and International Cooperation Ashraf al-Araby
21 Oct 2014
Egypt needs an "economic revolution" to recover from damage caused by political instability as it seeks to attract billions of dollars in foreign investment and repair its state finances, planning minister Ashraf al-Arabi said....
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Minister: Agreement on free trade between Egypt and EEC to be discussed in Astana

Russia's President Vladimir Putin (2nd R) and his Egyptian counterpart Abdel Fattah al-Sisi (R) attend a welcoming ceremony onboard guided missile cruiser Moskva at the Black Sea port of Sochi, 12 August 2014.
20 Oct 2014
Egypt’s Minister of Trade and Industry Fakhry Abdel Nour on Monday announced the possibility of signing an agreement on free trade between Egypt and the Eurasian Economic Union.   "During the meeting the parties discussed...
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EGX30 ends Monday on green, up 0.13% gaining LE1.1 billion

20 Oct 2014
The Egyptian stock exchange rebounded backed by buying activities that occurred in Monday’s session.   The benchmark index EGX30 rose a sight 0.13 percent to record 8,534.89 points on a total turnover of LE649 million,...
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Egyptian developer SODIC to invest US$336 mn in 2015, sees property boom

Laborers work at a construction site on the outskirts of Cairo, 23 January 2011.
20 Oct 2014
SODIC, one of Egypt's largest listed real estate developers, plans to invest LE2.4 billion (US$336 million) in 2015 and is hunting for new projects as the sector recovers from three years of turmoil, its managing director said.  ...
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Ministry: Egypt set three conditions for Israeli gas import

Israeli gas platforms, which produce newly discovered Israeli natural gas, are seen in the Mediterranean sea, west of the port city of Ashdod in this 25 February 2013 file photo.
20 Oct 2014
Egypt set three conditions to allow the import of Israeli gas: officials must receive permission from state and the gas must fulfill added value to Egyptian economy as well as to Egyptian companies, said Hamdy Abdel Aziz, official...
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Global Telecom sells its operations in Burundi and Central African Republic

20 Oct 2014
Egyptian Global Telecom Holding (GTH), the company previously known as Orascom, has sold its entire 100 percent stake in Telecel Globe Limited (TG), which owns 100 percent of each of U-COM in Burundi and Telecel CAR in Central African...
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