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Egyptian cigarette monopoly Eastern Company opened its factory in Jordan on Tuesday, in a joint 10 million dinar investment with Jordan’s Al Taj company, the state news agency MENA said. "The factory’s output will target the Jordanian market in addition to neighboring markets including Egypt’s," MENA quoted Eastern’s chairman Nabil Abdel Aziz as …
CAIRO: Egypt’s benchmark index ended higher for a fourth day in five, led by Palm Hills Developments, with traders expecting the market to remain relatively steady over the next few days. The index rose 0.5 percent to 6,057 points "The market will hover around the area we’re in," said Osama Mourad of Arab …
Egypt’s index inched up, with Talaat Mostafa and Telecom Egypt driving the market, but traders said buyers remain cautious and volumes low ahead of local corporate results. "It is the beginning of earning season in the US and things are looking good and that will affect what will happen here," said Hashem Ghoneim …
Fourty companies are vying to build the final phase of Egypt’s new $550 million museum which will showcase the largest collection of Pharaonic treasures in the world, the project’s supervisor said on Monday. These firms submitted pre-bid documents for the main construction phase of the Grand Egyptian Museum, which will span 117 acres …
GB Auto will build a LE 75 million ($13 million) automotive warehousing and logistics facility near Cairo it hopes will generate 60 million a year in savings and fees, it said on Tuesday. Egypt’s biggest listed vehicle assembler will build the facility in Sadat City, 90 km northwest of Cairo, on 700,000 square …
LONDON: Oil reversed early losses on Tuesday to rise above $75 a barrel as optimism about the economic recovery offset a report predicting oil demand growth will slow next year, leaving the market well supplied. The International Energy Agency (IEA) said global oil demand growth is expected to be more than 400,000 barrels per day …
DUBAI: Qatari Diar Finance, a part of the property arm of the state sovereign wealth fund, plans to launch a government-backed dual tranche bond this week, the first international issue from Qatar this year. Early yield guidance for the dual tranche benchmark issue is +200 basis points (bps) over 5-year US Treasuries for the five …
CAIRO: Egypt’s main index fell for a first day in three as blue chips Orascom Telecom (OT) and Commercial International Bank (CIB) weighed. OT dropped 3.4 percent and CIB slipped 1.9 percent. Traders expect the market to move sideways as investors hold off ahead of company results. "Earnings season is almost here, a wait-and-see attitude …
LONDON: US crude oil futures fell to around $76 per barrel on Monday, consolidating after a week of gains and ahead of quarterly US company earnings and key macro-economic data. S&P 500 earnings are expected to have risen more than 25 percent in the second quarter but the outlook for consumer demand is …
CAIRO: The Egyptian pound strengthened marginally against the dollar after the government released relatively stable inflation figures for June. Annual urban inflation climbed to 10.7 percent from 10.5 percent in May, down from 13.2 percent at the end of December, the state statistics agency said over the weekend. "Inflation figures are getting better. …
RIYADH: HSBC’s Saudi affiliate SABB bank missed forecasts and two other banks in the kingdom reported sharp falls due to high provisions to counter exposure to troubled Saudi firms and a slowdown in lending. The second quarter results for SABB, Arab National Bank(ANB), and Saudi Investment Bank (SAIB) on Monday reflect a challenging period for …
ABU DHABI: Abu Dhabi’s Mubadala Aerospace will start making Airbus parts at its new facility by fourth-quarter, sees a deal with Sikorsky imminent, and expects to conclude up to five financing deals this year. The business, part of government-owned investment company Mubadala, will receive handover of the first phase of Strata, a composites aerostructures manufacturing …
Egypt’s Industrial Development Authority said it will announce early next month what it will do with two cement licenses which it has withdrawn because of start-up delays and financing shortfalls. "In August, we’ll be ready to announce," Amr Assal, head of the authority, said in a phone call on Sunday, adding that the …
Egypt plans to build a $1 billion tunnel under the Suez Canal at Port Said and will begin seeking finance as soon as the designs are completed, Al-Akhbar newspaper on Monday quoted the investment minister as saying. The tunnel, to be built 19 km (12 miles) south of the Canal’s northern entrance, will …
Egypt said on Sunday it will give the government of South Sudan $300 million for water and electricity projects as it seeks to build good will among countries along the Nile, the source of almost all of its water. Egypt and Sudan are on a collision course with a number of African states who in …
Egypt’s Alexandria Cotton Exporters’ Association (Alcotexa) committed to sell 992 tons of cotton in the week that ended on July 10, an Alcotexa official told Reuters on Sunday. The sales comprised 250 tons of Giza 70, 221 tons of Giza 88 and 521 tons of Giza 86, the official said. The deal brings …
Egypt plans to build a 100 MW solar power plant between 2012 and 2017, after its first solar plant starts this year, the Electricity Ministry said on Friday. Egypt aims to generate 20 percent of its power from renewable sources by 2020. Solar projects have lagged behind wind, but the country’s first solar …
CAIRO: Egypt’s main index rose but is outperformed by the secondary index, which climbed on positive sentiment over Saturday’s appointment of a new bourse chief, traders said. The main index rose 1.4 percent to 6,108 points, while the secondary index climbed 4.5 percent to 561 points, its biggest rise since April 5, 2009. …
SINGAPORE: Oil rose 0.6 percent on Friday, heading for its biggest weekly gain since May, after data showed robust US demand growth and falling inventories, while positive economic indicators lifted sentiment across markets. Asian stocks rallied for a second day and the euro held near two-month highs, following a fall in US jobless claims to …
CAIRO: Egypt’s currency inched close to a support level of 5.70 as foreigners buy dollars, dealers said. "We saw volume coming from foreign names selling Egyptian pounds, especially in the last 15 minutes of trade," said one dealer at an Egyptian bank. The pound weakened to as low as 5.6965 to the dollar. Dealers believe …
CAIRO: The average yield on Egyptian 364-day treasury bills dipped to 10.836 percent at an auction on Thursday from 10.932 percent at the last auction on June 17. The central bank said it accepted bids for bills worth LE 3 billion ($527 million), the same amount it was seeking. It accepted bids at rates between …
Egypt’s benchmark index, EGX30, rose 1.4 percent, boosted by Ezz Steel after an unnamed investor bought 2.66 million shares of the country’s biggest steelmaker. Volume was low, as Egyptian shares tracked gains in international markets. "It is driven by the West," said Karim Hosny of Pharos Securities. "The market will be slow with the summer …
LONDON: Oil rose to around $75 per barrel on Thursday, supported by a rally in stock markets and an industry report showing a sharp fall in crude oil inventories in the United States, the world’s biggest oil consumer. The euro surged to a two-month high and Asian stocks climbed to their highest in more than …
DUBAI: Kuwait Projects Company (KIPCO), is considering a benchmark-sized bond issue with a 10-year tenor, lead arrangers said on Wednesday, making it the first offering from a Kuwaiti corporate this year. KIPCO is Kuwait’s largest investment company and its core investments are in financial services, with stakes in Burgan Bank and Bahrain based United Gulf …
DUBAI: Dubai’s Nakheel will complete paying out the cash portion of overdue debt to contractors by the end of July, a source told Reuters, in a sign the deeply indebted developer is clearing a logjam of obligations. The July end-date puts a timeline for the first time on the long-awaited payout and should offer some …
CAIRO: Egypt’s benchmark index slid, led by Ezz Steel, after rebounding on Tuesday from nine sessions of declines. "People are depressed from the stock market, there has been no positive news coming from local companies for many months now," said Pyramids Capital’s Hashem Ghoneim. The index slipped 1.3 percent to 5,945 points. It …
RIYADH: Unnamed Saudi investors seek to buy a stake worth 10 to 15 percent in British Oil Company BP dealing with a massive US oil spill, a Saudi newspaper said in an unsourced report on Wednesday. A delegation of Saudi investors will be heading to London for direct talks with BP, said Al-Eqtisadiyah, the main …
DUBAI: Qatar-owned telecoms provider Qatar Telecom will seek acquisitions in the Middle East and Asia despite mounting debt, the company’s chief executive said in a newspaper report on Wednesday. Chief executive Nasser Marafih told the Financial Times that the company, which has already expanded into 17 countries in the Middle East, North Africa and Asia, …
SINGAPORE: Crude prices fell below $72 on Wednesday on a slightly stronger US dollar, reversing earlier gains of as much as 0.6 percent boosted by forecasts of a second weekly fall in US inventories. Prices tracked volatile equities in the past two days, paring gains on Tuesday after a report from the Institute for Supply …
Egypt’s net foreign reserves inched up to $35.22 billion in June, from $35.1 billion a month earlier, the Central Bank of Egypt said on its website on Wednesday. In June 2009, foreign reserves, were $31.31 billion.
