52 Articles
Foreign ministers of Egypt and Cyprus have said the prospect of cooperating to exploit offshore hydrocarbons reservoirs is vast. However a “dispute between Egypt and Israel might ensue”, petroleum agreements expert and member of the Association for International Petroleum Negotiators at Zaki Hashem& Partners, EssamTaha, told Daily News Egypt. Egypt’s Foreign Minister, Mohamed KamalAmr, said …
The meeting highlighted talks of potential strategies for economic reform and boosting European investments in Egypt
The Ministry of Finance will introduce a new computerised financial surveillance system to rationalise government spending. “The Ministry of Finance has been working on a comprehensive project to computerise the financial operations related to the general state budget,” Minister of Finance Momtaz El-Saeed said on Wednesday. The Ministry of Finance called on government to address …
Price per tonne fell to less than EGP 460 during August, and remained between the range of EGP 450 to EGP 500
The Vimpelcom move is reportedly part of a strategy that targets more mature markets in Russia and Italy
Four years ago, bad debts portfolio represented 30 per cent of the total credit portfolio
IDA has high hopes for parks and new holding company
The forum will be attended by top-ranking government officials including ministers of foreign trade and industy, agriculture, energy and electricity, investment and transportation
Prime Minister Hesham Qandil arrived yesterday in Algeria for a three-day visit amidst speculative press reports over the visit’s agenda. State-owned Middle East News Agency (MENA) reported the objective of Qandil’s visit to Algeria is to hold talks with the Algerian government over solidifying economic relations and boosting mutual investment. “During his visit to Algeria …
The board members proposed the company rebrand itself as ‘Global Telecom Holding,’ as a part of the Vimpelcom acquisition and demerger deal, Orascom announced Sunday.
Monescope Egypt, a monthly tracker of monetary developments attached to Belton Financial, reports that M2 grew 8.9 per cent in August, compared to 8.1 per cent in July.
The Ministry of Finance’s head of the Public Debt Unit, Samy Khallaf, declared that a preliminary agreement has been reached with 10 international investment banks to carry out the procedures of issuing the first Egyptian Islamic Sukuk in international markets. The value of the projected Sukuk, Khallafa dded, would range from $750 million to $1 …
Minister of Finance Momtaz Al-Saeed, announced the establishment of a MENA Transition Fund with an initial capital of $250 million, in a press release.
President Mohamed Morsy targeted five companies yesterday, stating that they owe the government more than EGP 100 billion. Morsy’s lengthy speech commemorating the 39th anniversary of the October war against Israel was turned into a report of sorts on companies’ performance and compliance with contractual agreements with the government. Morsy stated before tens of thousands …
Islamic political parties push for the Sukuk law
The Egyptian Stock Exchange (EGX) will implement a new closing price mechanism on Thursday. Egypt’s financial watchdog, the Egyptian Financial Supervisory Authority (EFSA), approved the new regulations for changing stocks’ closing prices, as suggested by EGX board of directors, on 28 August in an effort to impose more discipline over trading operations. The new regulations …
Members of prominent Islamist parties are set to meet with Minister of Investment Ossama Saleh next Monday to discuss the possibility of introducing Islamic debt guidelines. “This meeting is mainly to coordinate between political parties and the government to come up with a coherent legal framework in order to issue sukuk [Islamic bonds] in Egypt,” …
Emirates Heights, a touristic real estate developer, hosted a roundtable with representatives from the Egyptian press to clarify the company’s position, after a series of protests against the company were triggered weeks ago, against the backdrop of late delivery of residential units in addition to a 30 per cent increase in units prices. Chairman of …
The Kuwaiti government, represented by the Kuwait Fund for Arab Economic Development (KFAED), has a signed a deal to loan 17 million Kuwaiti Dinars ( $60 million) to aid the expansion and development of the Egyptian natural gas distribution grid. In the presence of Prime Minister Hesham Qandil, the Minister of Planning and International Cooperation …
Under the auspices of Prime Minister Hisham Qandil, Cairo-based Beltone Financial Holding launched a three-day conference on the future of investment in Egypt, titled New Dawn. The conference aims to provide a platform for discussion presenting delegates from regional and global sovereign funds, investors, and institutions the opportunity to meet the government’s top officials, political …
Within the coming few days a presidential decree is to be issued to amend Sinai Development Act number 14 for the year 2012, which Prime Minister Hisham Qandil’s cabinet approved in its last meeting, state-run Al-Ahram reported Saturday. According to Al-Ahram’s report, the presidential amendment stipulates the establishment of a National Authority for the Development …
The Ministry of Finance has reported it will issue an additional EGP one billion in Floating Rate Notes (FRNs) by the beginning of October. FRNs are bonds with a variable interest rate that changes every six months and is tied to a certain money-market index. According to experts, FRNs provide protection to investors against drops …
Several Turkish companies expressed interested in investing in Egypt’s electricity sector, Turkish Ambassador to Egypt, Huseyin Avni Botsali, said according to MENA. Bostali led the talks of the Turkish business delegation in a meeting with the Egyptian Minister of Electricity Mahmoud Balbaa. The meeting focused on the implementation of the memorandum of understanding signed between …
Minister of Industry and Foreign Trade Hatem Saleh approved the establishment of a mining holding company at the opening ceremony of the National Vision for Mining Wealth Conference held Tuesday. According to government officials, the move toward establishing a holding company for mining is proposed to boost investment in Egypt’s mining sector and expand mining …
The Sixth of October for Development and Investment Company (SODIC), Egypt’s third largest real estate developer, reported to the Egyptian Stock Exchange that no lawsuits were filed against them by the Lebanese multinational real estate developer Solidere. According to AhramOnline’s report on Tuesday; Beltone, a Cairo-based investment bank, stated that Solidere announced Sunday its plans …
Driven by the current financial shortfall, the Egyptian government has begun discussions regarding prospective public-private partnerships (PPP). According to officials, PPP are intended to catalyse infrastructure development, of which the country is in desperate need. The Ministry of Finance launched the MENA Project Finance and PPP two day conference yesterday, under the patronage of Prime …
Members of the Organisation of Petroleum Exporting Countries have confirmed a $30million loan for Egypt aimed at food security and poverty alleviation. The international development funding arm of OPEC, the Fund for International Development (OFID), approved 12 loans and grants to 29 developing countries, worth $201 million, for the purpose of improving socio-economic conditions. OFID’s …
Under the slogan “Future Tax System and its Impact on the Economy and Investment,” the Egyptian Society for Taxation (EST) sponsored a conference yesterday, discussing new reforms which would enhance the Egyptian taxation system. The conference was headed by Ahmed Sawqqi, chairman of the EST, and attended by Mamdouh Omar, the newly appointed chairman of …
The Turkish government has agreed to inject US two billion into Egypt’s ailing economy following the visit of an Egyptian delegation to Istanbul for the purpose of strengthening Turkish-Egyptian economic ties. The government’s quest to bridge the state budget deficit and promote economic growth was recently manifested by a request to increase the proposed International …
Half of real estate tax revenues will be directed to bridging the budget defici