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British oil and gas exploration and production company Dana Petroleum said the Bamboo well off the coast of Egypt did not find oil, sending its shares down, although it made two oil discoveries onshore Egypt. The FTSE 250 company said the Bamboo well in the Nile Delta, operated by GDF Suez and seen by analysts …
The Egyptian unit of global mobile network operator Vodafone approved a LE 12.50 ($2.26) per share dividend on Wednesday, major shareholder Telecom Egypt said. Egypt’s landline monopoly has a 45 percent stake in the Vodafone unit, which means it will receive 1.35 billion pounds from the dividend, it said in a statement. The two firms …
Egypt aims to attract about $8 billion in foreign direct investment (FDI) and boost economic growth to 5.8 percent in the fiscal year that begins July 2010, the Economic Development Ministry said on Wednesday. Figures published by the ministry in a report on its website projected foreign direct investment would reach $5.5 billion …
Egypt’s Finance Ministry has agreed to pay a state-owned sugar company LE 1 billion to cover the cost of sugar subsidies in the year to June 30, the state news agency said on Tuesday. Half of the amount was paid earlier this month to Egyptian Sugar and Integrated Industries. The agency quoted Finance Minister Youssef …
DUBAI: Earnings at troubled Dubai mortgage firms Amlak and Tamweel improved in the first quarter, the companies said on Tuesday, potentially clearing the way to mergers or takeovers. Trading in Dubai’s two biggest mortgage firms has been suspended since 2008 when the government announced plans to merge and restructure the two Islamic lenders after the …
Egypt’s main index EGX 30 dropped the most in nearly a month on Tuesday, led by developer Talaat Moustafa, while most Middle East markets fell as investors booked profits after a two-day rally. An Egyptian court ruled on Tuesday to nullify the sale of government land to Egypt’s biggest listed property developer, for its mixed-use …
LONDON: Kuwait is making progress in talks on technical service agreements with international energy companies and discussions on one or more could be finished this year, a senior oil official said on Tuesday. Kuwait, among the world’s largest oil exporters and an OPEC member, is looking to expand oil production capacity to 4 million barrels …
LONDON: Crude oil fell below $78 per barrel on Tuesday as shares retreated and on expectations that a slow rise in China’s currency would have a more limited impact on global demand than initially anticipated. China’s yuan rose on Tuesday after the central bank set the currency’s daily mid-point at its highest against the dollar …
DUBAI: United Arab Emirates telecoms services provider raised AED1 billion ($272.3 million) as planned, the company said on Tuesday, to fund a growth plan and compete with market leader Etisalat Du, owned partly by the ruler of Dubai’s investment company Dubai Holding, and Abu Dhabi investment vehicle Mubadala Development Co., said in April it would …
Tests carried out by Egypt’s Health Ministry showed a Russian wheat shipment held in Alexandria was not fit for consumption and would be re-exported, the official news agency MENA reported on Tuesday. Quarantine officials in Egypt, the world’s biggest wheat importer, stepped up wheat inspections last year after a dispute …
Property developer Talaat Moustafa plunged 6 percent, leading the benchmark index lower, after a court ruled to scrap a government authority contract to sell it land for its Medinaty project. The stock market later suspended trade on Talaat Moustafa. The developer said its contract with the New Urban Communities Authority nonetheless remains sound and will …
Telecom Egypt will pay a LE 0.55 dividend for 2009, after earlier distributing LE 0.75, the company said on Sunday, putting on hold any immediate plans to expand in mobile. The mostly state-owned landline monopoly said on June 1 it had ended talks to increase its 45 percent stake in Vodafone’s Egyptian mobile unit. It …
Egypt’s state-owned Food Industries Holding Company (FIHC) received offers from German and Japanese company’s to build a LE 1.2 billion sugar refinery, a newspaper reported on Monday. FIHC said it would own a 40 percent stake in the refinery, while the private company will own the remaining 60 percent, Al-Mal newspaper said. Construction will begin …
Egypt’s Maridive and Oil Services said on Monday it won contracts to build two vessels in a Chinese shipyard and had cancelled two jobs in India. The oil services firm, the biggest in the Middle East by fleet size, said in a statement it had cancelled contracts to build two vessels in India’s ABG Shipyard, …
Egypt’s main index gained for a fourth straight session but its rise was muted by late selling on a host of leading stocks including Orascom Telecom (OT) and Commercial International Bank (CIB). Heavyweight OT lost 0.2 percent, after opening strongly. CIB ended down 1 percent after trading as much as 1.1 percent higher. "I expect …
TEHRAN: Iran will issue bonds worth €2 billion ($2.48 billion) to help finance development of its petrochemical industry, the Oil Ministry website SHANA reported on Monday. "In order to finance the development of Iran’s petrochemical units … Iran will issue 2 billion euro bonds in cooperation with the Melli Bank," Shana reported, without giving further …
SINGAPORE: Crude prices rose 2.2 percent on Monday to the highest since early May after China vowed to allow a flexible yuan exchange rate, raising expectations of higher petroleum imports by the world’s second-largest oil user. US crude for July delivery climbed as much as $1.69 to $78.87, the highest since May 6, and was …
KUWAIT: Kuwait’s consumer prices dipped 0.3 percent month-on-month in February partly on falling food prices in a reversal of course after two months of increases, the Gulf country’s data showed on Sunday. Consumer price growth in the Arab Gulf is expected to pick up again this year as economies in the world’s top oil exporting …
ABU DHABI: Abu Dhabi National Energy Co (TAQA) has no plans to issue a bond this year, after reported meetings with investors since early June in the United States, Asia and Europe, a company executive said on Sunday. TAQA, majority owned by the government of Abu Dhabi, held a series of presentations throughout June to …
ABU DHABI: Jordan’s central bank does not plan to change the composition of its $11 billion foreign exchange reserves and it needs to be vigilant due to advancing inflation, Governor Umayya Toukan said on Sunday. Jordanian officials have been insisting for the last two years they had no plans to change the composition of the …
CAIRO: Egyptian shares climbed in the third straight session, helping the country’s main index gain 1.6 percent on the back of positive domestic sentiment as global markets stabilized. Global markets rallied on Friday as world stocks gained for a ninth straight day on improved appetite after fears about sovereign debt in Europe ebbed. "We have …
CAIRO: Egypt’s Alexandria Cotton Exporters’ Association (Alcotexa) committed to sell 150 tons of cotton in the week that ended on June 19, an Alcotexa official told Reuters on Sunday. The sales comprised 125 tons of Giza 88 and 25 tons of Giza 86, the official said. The deal brings Alcotexa’s export commitments for the 2009/10 …
CAIRO: Egypt’s Palm Hills Developments has pushed back a plan to sell LE 500 million ($88 million) in bonds until early 2011, Al-Borsa quoted its chief financial officer (CFO) on Sunday as saying. The company had said in January that its board of directors approved the sale of up to LE 1 billion in bonds …
CAIRO: Egypt expects to pump LE 1.8 billion ($317 million) next fiscal year into state-run Chemical Industries Holding Company, which controls several listed firms, the state news agency MENA said on Friday. The investments include LE 695 million for the country’s cigarette monopoly Eastern Company and LE 246 million in National Cement Company, the report …
BEIRUT: Egypt’s economic growth for the calendar year of 2010 will reach 6 percent, the country’s trade and industry minister said on Thursday. Rachid Mohamed Rachid also said the economy of the largest Arab country would grow to 5.4 percent in fiscal year 2009/2010, in line with estimates by other Egyptian officials. "Fiscal …
CAIRO: Egypt’s economic growth is seen edging up over the next two years as the most populous Arab country continues to outperform many other regional states, a Reuters poll showed on Wednesday. A survey of 11 economists predicted gross domestic product (GDP) in the North African country would grow 5.2 percent in the fiscal year …
Growth in Arab economies will accelerate to at least 4 percent on average this year on higher oil prices, while the impact of the euro zone debt crisis will be small if any, the Arab Monetary Fund chief said on Thursday. "Economic growth will not be less than 4 percent this year, in some Arab …
The Egyptian pound, which has weakened steadily since May, stabilized at 5.6780, supported by a modest euro rally in the past week against the US dollar. Europe is Egypt’s biggest trading partner. "The euro is strengthening a little bit and if this momentum is kept, it will reflect on the Egyptian pound against the US …
Egypt-based private equity firm Citadel Capital said a company in which it is an investor was in advanced talks to secure $2.35 billion in financing for a refinery project in the Cairo area, the bourse reported on Thursday. Egyptian Refining Company, in which Citadel said it had a stake of more than 8 percent, "has …
DUBAI: Dubai World’s creditor banks may have lost 54 percent to 56 percent of the value of their loans to the troubled state-owned conglomerate, based on the repayment terms offered in Dubai World’s restructuring proposal. In a research note to clients, J.P. Morgan analyst Zafar Nazim said the steep discount from face value was due …
