Economy news

Egypt's non-oil exports rise 20% in Q2

A 16 wheeler moving wire rods from a production site. Recently, iron rods cost per ton has seen an increase which, given current situation, threatens a labor-dependent industry, let alone escalating fears of skyrocketing property and real estate prices
19 Aug 2010
Egypt's non-oil exports rose 20 percent to 29 billion Egyptian pounds in the second quarter of 2010 compared to a year earlier, the trade ministry said on Thursday. Egypt's exports have been growing as the global economy recovers...
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Cotton prices reach new high prior to end of season

Egypt is characterized by cotton-growing high-quality, but the cotton industry needs a lot of money
19 Aug 2010
Cotton prices have reached a new high, according to a number of cotton industry employees in Alexandria. The price of the Giza 86 variety  is selling at 128 cents and enjoyed increased popularity during the current export season. Giza...
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Govt official blames spate of power cuts on gas sales to Israel

18 Aug 2010
Independent local media on Wednesday quoted an unnamed government official who blamed Egyptian sales of natural gas to Israel for the recent spate of power cuts that has plagued the country. The official pointed out that the reduction of...
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The advantages of usufruct ownership of land

sewer Surrounding the building of Sadr hospital in Beni Suef
18 Aug 2010
A recent study has highlighted the benefits of offering land to investors on a usufruct basis. Under the usufruct system, land is offered to investors for periods ranging from 40 to 100 years in exchange for annual fees, while ownership of...
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Govt to import Argentinean wheat to offset Russian export ban

Wheat, the most important element in the global food crisis
17 Aug 2010
Trade and Industry Minister Rachid Mohamed Rachid has announced that the government may resume importing wheat from Argentina after several years of importing the commodity from other sources. The move, he explained, was meant to offset...
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Gold hits US$1220 per ounce on fears of slow global recovery

16 Aug 2010
Gold prices broke the US$1220-per-ounce mark on European markets on Monday, representing their highest level since early July. Concerns about sluggish global economic growth has bolstered the demand for gold as a safe investment, say...
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Man killed in Naga Hammadi bread line

Residents of El Kom El Ahmar village, Shebin El Qanater, pushing each other while waiting for subsidised bread to come out of distribution unit (a bakery).
16 Aug 2010
A young man was killed on Sunday in a fight over a loaf of bread in front of a bakery in the village of Salameya in the Upper Egyptian city of Naga Hammadi. The slain man's relatives gathered in front of the hospital to which he was...
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Suez Canal sees highest profit since world crisis

Suez canal which links between Red sea and Mediterranean
16 Aug 2010
On Friday the Suez Canal achieved its biggest daily income since the start of the world financial crisis in 2008, the Suez Canal Authority has announced. The authority attributed the boom to economic recovery and development works on the...
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EFG Hermes: 2010 trading in regional markets down by 40%

The Egyptian Exchange, Cairo Downtown Area
16 Aug 2010
A recently issued financial report shows that regional stock markets saw a nearly 50-percent decline in trading during the second quarter of 2010, compared to the same period in 2009. Regional markets were affected by the financial crisis...
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Cement company requests permission to import gas

16 Aug 2010
In an unprecedented move, the Egyptian Cement Company has officially demanded permission from the Ministry of Petroleum to import either natural gas, diesel fuel, or crude oil from Libya for its new plant in Matrouh. On 1 August the...
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