Economy
Saudi Arabia, SoftBank aim to be world’s No. 1 tech investor with $100 billion fund
October 14, 2016
Saudi Arabia, SoftBank aim to be world’s No. 1 tech investor with $100 billion fund
Saudi Arabia and Japan's SoftBank Group (9984.T) will create a technology investment fund that could grow as large as $100…
Citizens mob vehicles selling subsidized foodstuffs at discounted prices
October 14, 2016
Citizens mob vehicles selling subsidized foodstuffs at discounted prices
Thousands of people in the city of Matariyya, in Daqahlia governorate, crowded around vehicles selling subsidized foodstuffs and gas cylinders…
Egypt’s stock market gains on $2 bln Saudi deposit
October 13, 2016
Egypt’s stock market gains on $2 bln Saudi deposit
Egypt's stock market jumped in early trade on Thursday after news that the central bank had last month received a…
Central Bank seeks to buy gold from treasury to bolster foreign reserves
October 13, 2016
Central Bank seeks to buy gold from treasury to bolster foreign reserves
An official source has confirmed that the Central Bank of Egypt (CBE) has called upon the Ministry of Finance to…
Suez Canal Authority seeks advance-payment deal with Global Maritime
October 12, 2016
Suez Canal Authority seeks advance-payment deal with Global Maritime
The Suez Canal Authority is exploring a possible deal with shipping company Global Maritime that would see the company paying…
Sugar hits LE11 per kilo, with supply only 60% of demand
October 12, 2016
Sugar hits LE11 per kilo, with supply only 60% of demand
The sugar crisis continued on Tuesday, with supplies only meeting 60 percent of demand, according to the industry sources, while…
Agreement with Aramco ongoing, delay of shipments normal: minister
October 12, 2016
Agreement with Aramco ongoing, delay of shipments normal: minister
Petroleum Ministry Spokesperson Hamdy Abdel Aziz has responded to rumours that Saudi Aramco is planning to halt supplies of petroleum…
Egypt’s debts to international oil companies rise to $3.58 bln at end-Sept: minister
October 12, 2016
Egypt’s debts to international oil companies rise to $3.58 bln at end-Sept: minister
Egypt's debts to international oil and gas companies rose to $3.58 billion by the end of September, the oil minister…
Strapped for dollars and flooded with rice, Egypt to import more anyway
October 12, 2016
Strapped for dollars and flooded with rice, Egypt to import more anyway
Egypt is looking to import large quantities of rice this month as farmers refuse to sell the government their crops…
Egyptian pound steady in regular dollar sale, weaker on black market
October 11, 2016
Egyptian pound steady in regular dollar sale, weaker on black market
Egypt's central bank kept the Egyptian pound steady against the dollar at Tuesday's weekly auction of foreign currency, but the…