Economy
LuLu Hypermarket injects LE3bn in Egypt
December 20, 2015
LuLu Hypermarket injects LE3bn in Egypt
The Middle East's leading hypermarket and supermarket chain LuLu Group opened its 119th outlet in New Cairo with plans to…
FEI calls for 20% customs on imported sugar
December 19, 2015
FEI calls for 20% customs on imported sugar
The Federation of Egyptian Industries (FEI) has called on the Finance Ministry to impose a 20 percent custom duty on…
Private sector not affected by raising dollar interest rate: experts
December 19, 2015
Private sector not affected by raising dollar interest rate: experts
Financial experts have said that the private sector will not be affected by the US Federal Reserve Board's decision to…
Saudi deputy crown prince draws up new economic reforms
December 19, 2015
Saudi deputy crown prince draws up new economic reforms
Saudi Arabia's deputy crown prince has privately outlined plans to reshape the economy to withstand low oil prices, sources said,…
Isis Pharma changes name to avoid unwanted association
December 19, 2015
Isis Pharma changes name to avoid unwanted association
Isis Pharmaceuticals is changing its name to avoid any unwanted association with the Islamic State extremist group, the California company…
Jordan’s NEPCO says LNG import terminal back at full capacity
December 18, 2015
Jordan’s NEPCO says LNG import terminal back at full capacity
Jordan's National Electric Power Company (NEPCO) said its floating liquefied natural import terminal was back working at full capacity after…
Egypt’s central bank postpones interest rate decision to Dec. 24
December 18, 2015
Egypt’s central bank postpones interest rate decision to Dec. 24
The announcement came as a shock to the markets, which had been watching to see if Egypt would follow the…
Egypt’s central bank to hold rate steady at FX auction: traders
December 17, 2015
Egypt’s central bank to hold rate steady at FX auction: traders
Egypt's central bank will hold the exchange rate steady at LE7.7301 to the dollar on Thursday at its first foreign…
Fed raises interest rates, citing ongoing US recovery
December 17, 2015
Fed raises interest rates, citing ongoing US recovery
The Federal Reserve hiked interest rates for the first time in nearly a decade on Wednesday, signalling faith that the…
UPDATE: Egypt’s Orascom Telecom makes $128 mn bid for CI Capital
December 17, 2015
UPDATE: Egypt’s Orascom Telecom makes $128 mn bid for CI Capital
Commercial International Bank (CIB), Egypt's largest listed company, said on Thursday it had received a LE1 billion ($127.7 million) offer…