Economy news

Pressure on Qatar to extend maturity of $2.5 bn in bonds owed ​​by Egypt

Qatari Crown Prince Sheikh Tamim bin Hamad al-Thani attends the start of the first contact group meeting on Libya in Doha 13 April 2011.
01 Oct 2014
A Finance Ministry source said Gulf states are putting pressure on Qatar to extend the maturity of bonds worth US$2.5 billion owed ​​by Egypt in November, pointing out that in case this pressure fails, the repayment would be taken from the...
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Petroleum Authority signs LE10 bn loan to repay foreign companies

01 Oct 2014
Five banks on Wednesday granted the Petroleum Authority the biggest loan in the history of the Egyptian banking system worth LE10 billion to repay its debts to foreign companies and meet consumer needs. The Petroleum Authority had...
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Egypt borrows a record LE216 billion from local market in 1st quarter

01 Oct 2014
Egypt’s domestic debt sales have grown by an annual 8.2 percent to a record LE216.3 billion (US$30.3 billion) in the first quarter of the 2014/2015 fiscal year, compared to LE200 billion for the same period the previous year,...
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Stock market earns LE700 million

30 Sep 2014
The Egyptian stock market gained LE700 million, supported by purchases of Egyptian investors, and the market capitalization of the listed stocks closed at LE526.214 billion. The main EGX 30 index rose by 0.32 percent to 9,811 points, the...
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Egypt aims to boost electronics industry to LE70 billion by 2020

30 Sep 2014
Minister of Communications and Information Technology Atef Helmy said on Monday that Egypt aims to boost its electronics industry from LE14 billion to around LE70 billion by 2020.   "Egypt's aim is to reach growth rates of...
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UAE's Dana Gas wins gas exploration deals in Egypt

Natural gas field in the Mediterranean
29 Sep 2014
United Arab Emirates energy firm Dana Gas said on Monday that it had been awarded exploration deals for two onshore gas blocks in Egypt.   The company will operate the North El Salhiya onshore concession area, known as Block 1 and...
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New factory could allow Egypt to start exporting petrochemicals to Europe

The Mstrd oil refinery in Cairo, 6 May 2008.
29 Sep 2014
A new state-owned ethylene factory due to start production in Alexandria next year could save Egypt about $500 million on annual imports and allow it to begin exporting petrochemicals to Western Europe and Africa, its chairman said....
Yes

Stock market falls on Sunday

28 Sep 2014
The main EGX 30 index of the Egyptian Stock Exchange fell by 0.97 percent at the end of Sunday’s trading, driven by sales of foreign investors, to close at 9,603 points.  Market capitalization lost LE1.5 billion to close at...
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CAPMAS: Incoming tourists to Egypt decline by 25.4 percent in 2014

28 Sep 2014
Central Agency for Public Mobilization and Statistics (CAPMAS) has released a report showing a decline in number of incoming tourists to Egypt during the first half of 2014 by 25.4 percent.   The number reached 4.4 million tourists,...
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Egypt records $1.5 billion surplus in balance of payments in 2013/2014

26 Sep 2014
Egypt's balance of payments recorded an overall surplus of some US$1.5 billion in 2013/2014, against $237 million a year earlier, according to a statement by The Central Bank of Egypt (CBE).   CBE said that the country’s...
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