Business
US plan to sell oil reserves undermines OPEC supply management efforts
May 23, 2017
US plan to sell oil reserves undermines OPEC supply management efforts
US President Donald Trump’s proposal to sell half of the United States’ strategic oil reserve surprised energy markets on Tuesday…
In surprise move, CBE hikes key interest rates
May 22, 2017
In surprise move, CBE hikes key interest rates
The Central Bank of Egypt raised its key interest rates by 200 basis points on Sunday, citing stronger economic growth…
OPEC, hedge funds and the Sistine Chapel
May 22, 2017
OPEC, hedge funds and the Sistine Chapel
It was an unconventional venue for an unusual encounter: in the Vatican’s Sistine Chapel in the summer of 2016, OPEC’s…
Boeing Co signs defense, commercial deals with Saudi Arabia
May 21, 2017
Boeing Co signs defense, commercial deals with Saudi Arabia
Boeing Co (BA.N) said on Sunday it had signed a number of defense and commercial deals with Saudi Arabia including…
Softbank-Saudi tech fund becomes world’s biggest with $93 billion of capital
May 21, 2017
Softbank-Saudi tech fund becomes world’s biggest with $93 billion of capital
The world’s largest private equity fund, backed by Japan’s Softbank Group and Saudi Arabia’s main sovereign wealth fund, said on…
US dollar exchange rate stable during Sunday trading
May 21, 2017
US dollar exchange rate stable during Sunday trading
The US dollar exchange rate has been stable during Sunday trading. The purchasing rate at the National Bank of Egypt and Banque…
Saudi Arabia to increase investment in Egypt up to $51 bn
May 20, 2017
Saudi Arabia to increase investment in Egypt up to $51 bn
The Saudi-Egyptian Business Council plans to increase investments by both the Saudi government and private sectors in Egypt to reach…
Sumed, NBK sign agreement to boost petroleum products storage
May 20, 2017
Sumed, NBK sign agreement to boost petroleum products storage
Sumed company and the National Bank of Kuwait (NBK) signed an a agreement to provide $300 million to finance part…
China and Egypt cooperate to manufacture electricity generators
May 19, 2017
China and Egypt cooperate to manufacture electricity generators
The National Organization for Military Production in Egypt and China’s Dongfang Electric Corporation signed a protocol of cooperation in the…
Egypt says coordinating with World Bank to finance $200 mn program
May 19, 2017
Egypt says coordinating with World Bank to finance $200 mn program
Minister of Trade and Industry Tarek Qabil said that his ministry is currently coordinating with the World Bank to finance…