Business News

Egypt’s natural gas production drops 4.5%

Natural gas field in the Mediterranean
06 Jul 2015
Egypt’s average natural gas production has declined to 4.395 bcf/day y-t-d, down from 4.6 bcf/day in 2014, according to daily business newspaper Al-Borsa.    This slowdown is a result of foreign partners lagging in well...
Yes

Kuwait's Al Ahli Bank gets Kuwaiti regulator nod to buy Piraeus Bank Egypt

06 Jul 2015
Kuwait's Al Ahli Bank received approval from the Gulf state's central bank to buy Piraeus Bank's Egyptian unit, it said on Monday. Al Ahli Bank was still waiting for assent from Egypt's central bank for the deal, it said in...
Yes

UPDATE: Egypt's market tumbles as Emaar Misr sinks; Saudi drops

© AFP/File | Emirati men sit under a stock market screen at the Dubai Financial Market (DFM) in Dubai, on January 30, 2011
 
 
 
06 Jul 2015
 Egypt's stock market fell sharply early on Monday, sliding below major technical support, as leading property firm Emaar Misr sank after listing on Sunday. The Saudi market also dropped because of lower oil prices and the turmoil...
Yes

Europe shares set for steep falls after Greek 'No'

A ship passes a petro-industrial complex in Kawasaki near Tokyo December 18, 2014.
 
06 Jul 2015
European shares were set for steep falls on Monday, the euro stumbled and yields on weaker euro zone economies' bonds rose after Greece's overwhelming vote against conditions of a rescue package endangered its future in the...
Yes

Railway Authority losses LE5 bn

Railway Authority President
05 Jul 2015
The final 2014-2015 budget of the Railway Authority showed LE5 billion in losses, with LE7 billion in expenses against LE2.1 billion in revenues.   Officials attributed the losses to increasing prices of diesel fuel and rising...
Yes

EGAS official: Egypt raises gas price paid to Italy's Eni and Edison

Pipes are seen at Dominion's Cove Point liquefied natural gas (LNG) plant on Maryland's Chesapeake Bay in this picture taken February 5, 2014. Dominion D.N, an American energy company long focused on U.S. markets, hopes to begin an expansion worth billions of dollars at its Cove Point complex on Chesapeake Bay later this year. REUTERS/Tim Gardner
 


 
 

 
05 Jul 2015
Egypt has raised the prices it pays Eni and Edison for the natural gas they produce in the country, an official with state-owned gas company EGAS said on Sunday. The agreements mark the latest move by Egyptian authorities to improve terms...
Yes

Emaar Misr shares up for stock market trading

Mohamed Omran, Chairman of the Egyptian Stock Exchange
05 Jul 2015
The Egyptian Exchange began Sunday trading on the shares of Emaar Misr, days after the company offered 600 million shares worth LE2.3 billion in both public and institutional tranches. The offering represents approximately 13 percent of...
Yes

NUCA finalizes 2014-2015 plan

Housing Minister Mostafa Madbouly
04 Jul 2015
The New Urban Communities Authority (NUCA) has fully accomplished its 2014-2015 plan. The plan cost some 13 billion pounds, Housing Minister Moustafa Madbouli said on Saturday. It is the first time NUCA has fully implemented its plan,...
Yes

Egypt's market loses LE2.2 bn in week, EGX30 index down 1.1%

cairo stock 
03 Jul 2015
Egypt's stock market has witnessed losses of LE2.15 billion this week, as all indexes were down, Egyptian Exchange data showed.   The main EGX30 index, small and mid-cap EGX70 index and broader EGX100 index fell by 1.09 percent, 0...
Yes

UPDATE: Egypt's central bank lets pound weaken by 1.3 %





Reuters/Reuters - An employee counts money at a bank in Cairo September 4, 2014. REUTERS/Asmaa Waguih






 


 
02 Jul 2015
The central bank let the Egyptian pound depreciate for the first time in five months on Thursday, a move analysts said would please the international investors that Cairo is courting. The bank said it sold $38.8 million at a cutoff price...
Yes