Economy news

Negotiations with OPEC to build power plants

22 Sep 2014
A senior official said the government agreed to negotiate with the OPEC Fund for International Development (OFID) to build power plants within the development plan that was devised by the Ministry of Planning. Speaking on condition of...
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Suez Canal revenues up 8 percent in July

21 Sep 2014
The Cabinet Information and Decision Support Center said Suez Canal revenues rose in July by 8.6 percent to US$482.2 million versus $443.9 million in June, and by 12.3 percent compared to July 2013, which amounted to $429.2 million. In its...
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Law firm: Egypt must cut red tape to win investors in second Suez canal

21 Sep 2014
Egypt must strip back bureaucracy to attract investment in its planned second Suez canal and bring in new laws making it easier for companies to get licences and land, a legal firm linked to the project said.   Egypt plans to build...
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Russia’s Gazprom to supply Egypt with liquified natural gas shipments

18 Sep 2014
Trade and Industry Ministry Mounir Fakhry Abdel Nour announced on Monday that the Russian Gazprom agreed to provide Egypt with seven liquified natural gas shipments. Neither quantity or time were revealed. “Egypt will receive the...
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Govt to form body for the development and use of new energy

17 Sep 2014
The Cabinet has on Wednesday passed a draft resolution to form a body for the development and use of new and renewable energy.   The new body, which would report directly to the minister of electricity and energy, would be responsible...
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Wheat reserves sufficient until mid February

17 Sep 2014
Egypt has contracted for the purchase of 180,000 tons of French wheat needed for the production of local subsidized bread.   The amount, obtained by the General Authority for Supply Commodities through  an international bid, the...
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Arab network for labor market information

16 Sep 2014
Minister of Manpower and Immigration Nahed Ashry and Ahmed Luqman, director general of the Arab Labor Organization, on Tuesday launched the Arabic Network for Labor Market Information on the sidelines of the Arab Labor Conference currently...
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Stock market earns LE3.5 bn

16 Sep 2014
Stock indices went up on Tuesday, supported by purchases of Egyptian and Arab investors and coinciding with the Euromoney conference in Cairo   The market capital earned LE3.5 billion pounds to close at LE521.6 billion compared to...
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Minister: Growth rate to reach 5-6 percent in three years

16 Sep 2014
The growth rate in the 2013-2014 fiscal year will reach two percent, said Finance Ministry Hani Qadri, describing it as low, but positive amid hard circumstances the nation has been through. During the Euromoney Conference, Qadri...
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Minister: Foreign investments could reach US$10 billion in 2014

16 Sep 2014
Investment Minister Ashraf Salman has declared expectations to attract foreign investments of US$10 billion this year. Salman said there is a relative increase in investors’ confidence in the Egyptian economy after the 30 June events...
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