Economy news

Egypt repays Qatar’s deposit Friday

27 Nov 2014
Egypt will pay Qatar back a US$2.5 billion the oil-rich kingdom had deposited at the Central Bank of Egypt under the rule of its ally, deposed Egyptian president Mohamed Morsy.   The CBE refused to extend the deadline for settling the...
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Ericsson and Mobinil expand partnership to enhance network capabilities

27 Nov 2014
Swedish multinational provider of communications, Ericsson has been chosen by Mobinil to enhance the Egyptian telecommunication company’s network providing improved data services to its subscribers. Ericsson employees in Egypt and...
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Minister: Egypt housing project talks slowed by Arabtec board changes

27 Nov 2014
Negotiations to implement a $40 billion scheme for one million new homes in Egypt have been slowed by board changes at the Dubai-based contractor Arabtec Holding, Egypt's housing minister said on Thursday. But Mostafa Madbouly said he...
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IMF estimates Egypt's budget deficit to reach 11% of GDP in 2014/15

IMF logo
26 Nov 2014
The International Monetary Fund (IMF) estimates that Egypt's budget deficit will reach about 11 percent of GDP in 2014/15, as measures yielding about 2.5 percent of GDP have already been approved. "Policy measures on which work is...
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Abraaj raises Bisco Misr offer to 80.58 EGP per share

26 Nov 2014
UAE's Abraaj Investment Management said on Wednesday it would raise its price for Egyptian cake and biscuit maker Bisco Misr to 80.58 Egyptian pounds ($11.27) per share following a counter bid by Kellogg Co. Abraaj's initial offer...
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HSBC to refund Middle East, Africa customers for excessive fees

26 Nov 2014
HSBC will refund customers across five countries in the Middle East and North Africa for charging them excessive foreign currency fees on debit and credit card transactions, the lender confirmed to Reuters on Wednesday. The step was taken...
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Construction federation says 14,000 companies got out of service due to lack of work

Laborers work at a construction site on the outskirts of Cairo, 23 January 2011.
26 Nov 2014
Egyptian Federation for Construction and Building Contractors CEO Hassan abdel Aziz has highlighted importance of the sector to achieve economic and social peace, as it has financial and technical capabilities. In his speech at the opening...
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Kellogg tops Abraaj offer for Egypt's Bisco Misr

26 Nov 2014
Kellogg Co, the world's biggest breakfast cereal maker, has offered 908.5 million Egyptian pounds ($127 million) for Egyptian cake and biscuit maker Bisco Misr, setting up a likely bidding war with a UAE investment company. UAE-based...
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Orascom Development to sell 15 percent of OHD stake

Orascom
26 Nov 2014
Orascom Development Holding is evaluating the sale of 10–15 percent of its subsidiary, Orascom Hotels and Development (OHD), to reactivate its trading on the Egyptian Exchange (EGX) given the recovery of the Egyptian economy and the...
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Egypt central bank seen keeping rates on hold amid nascent recovery

26 Nov 2014
 Egypt's central bank is expected to keep interest rates on hold on Thursday as inflationary pressure continues to ease and policymakers seek to avoid stifling a nascent economic recovery in the most populous Arab nation. The...
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