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Egyptian banks register profits despite economic uncertainties

and   /  September 4, 2013  /  Business  /  No Comments

Faisal Islamic Bank of Egypt announced net profits worth EGP 370.816m in the first half of 2013 compared to EGP 283.696m during the same period last year, marking a 31% increase.

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Central Bank of Egypt sells $1.3bn in its first exceptional auction

  /  September 4, 2013  /  Business  /  No Comments

CBE set to hold an exceptional dollar auction of $1.3bn on Wednesday for banks in attempt to cover clien’’s outstanding import needs

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Egypt’s renewable energy draws interest, but little progress

  /  September 2, 2013  /  Business  /  3 Comments

The wind-farm project is estimated to cost around $580m according to Al-Arabiya Satellite Channel. However, official Egyptian sources could not confirm the size of investments of the prospective project given that it is in its “early stages at the moment”.

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Zaazou reaches out to travel industry in a YouTube video

  /  September 1, 2013  /  Business  /  38 Comments

While placing emphasis on maintaining tourism partnerships abroad, Zaazou asked foreign travel agencies to push their governments to lift their negative travel advisories for Egypt since the national curfew is not imposed in many beach tourist sites.

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Around 5.5m tonnes of wheat to be imported in October

  /  August 31, 2013  /  Business  /  No Comments

On 30 August, the GASC stated on its official website that its Vice President Mamdouh Abdel Fattah is seeking wheat cargoes from the US, Canada, Australia, France, Germany, Russia, Romania and Ukraine.

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Agzakhana closes venture capital with Vodafone Ventures Egypt

  /  August 28, 2013  /  Technology  /  6 Comments

The company said “innovative healthcare applications and revenue streams” would be replicated across Vodafone’s operating markets as a result of the cooperation between the two parties.

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Second consecutive year of recession: World Bank

  /  August 28, 2013  /  Business  /  No Comments

The World Bank has assessed Egypt’s economic growth in the second quarter of the 2012/2013 fiscal year prior to interim prime minister Hazem El-Beblawi assuming office

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Domestic liquidity surges to EGP 1.268 trillion end of May

  /  August 26, 2013  /  Business  /  1 Comment

The report attributed the expansion in liquidity levels to a rise in the money supply, which grew by 20.9% to EGP 57.2bn, in addition to an increase in net local assets, which registered EGP 3.196bn.

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State employees’ wages increase by 10%

  /  August 5, 2013  /  Business, Economy  /  No Comments

The cabinet will raise basic wages of state employees by 10% in an attempt to “allow workers to afford basic life necessities”

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Foreign currency reserves surge to $18.9bn in July

  /  August 5, 2013  /  Business, Economy  /  3 Comments

The current foreign reserves, necessary to import staples, primarily wheat, registered $14.9bn this June compared to $16.04bn in May.

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Finance minister promises no new taxes

  /  August 4, 2013  /  Business, Economy  /  No Comments

Galal announced that no property taxes or income taxes would be modified “in order to not harm the economy.”

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Central bank reduces its interest rates by 50 basis points

  /  August 3, 2013  /  Business, Economy  /  1 Comment

According to a statement on the bank’s website, the discount and repurchasing rates and deposit operations are now lowered to 9.75%.

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Moody’s downgrades Bank of Alexandria’s rating to B3

  /  August 3, 2013  /  Business, Economy  /  No Comments

Moody’s stated the rating action was driven by the firm’s “view that Intesa’s capacity and potentially its willingness to support Bank of Alexandria has been reduced”.

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IMF waiting for the “right time” for loan negotiations

  /  August 3, 2013  /  Business, Economy  /  80 Comments

The global lender said all discussions are being held with the technical team from the Central Bank of Egypt and the Ministry of Finance

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Non-petroleum exports surge in Q2 of 2012/2013

  /  July 31, 2013  /  Business, Economy  /  No Comments

Exports registered EGP 16.3bn in the same period last year.

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Egypt’s Stock Exchange launches new website

  /  July 31, 2013  /  Business, Economy  /  No Comments

The website was in a testing phase on Wednesday and was scheduled for a full launch Wednesday evening.

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Managing Director of Jumia Egypt: Egyptians are always eager to try something new

  /  July 31, 2013  /  Business, interviews  /  1 Comment

“The good thing about starting online shopping in Egypt is that Egyptians are always eager to try something new, they’re curious”

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Economic instability affects construction sector: report

  /  July 30, 2013  /  Business  /  No Comments

Gleeds Construction Consultancy Egypt says devaluation of the local currency is likely to take its toll on the sector

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Stock exchange profits despite violence

  /  July 28, 2013  /  Business, Economy  /  No Comments

Ninety-three stocks rose in Sunday’s trading, while 31 dropped and 30 others remained unchanged.

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Finance minister directs Gulf aid to foreign reserves and state budget

  /  July 27, 2013  /  Business, Economy  /  45 Comments

Expert: Value of aid is “economically misleading” and unlikely to raise the foreign reserve level

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Gulf aid bolsters Egyptian pound against the US dollar

  /  July 27, 2013  /  Business, Economy  /  1 Comment

Egypt receives aid packages from Saudia Arabia, UAE, and Kuwait

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EGX30 plummets following defence minister’s speech

and   /  July 24, 2013  /  Business, Economy  /  No Comments

The benchmark index closed at 5,359.57 points, down from 5,451.72 on Monday, after Sisi asked for a popular mandate for the army to “confront violence and terrorism.”

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BlackBerry, Microsoft cut prices to boost sales

  /  July 24, 2013  /  Technology  /  No Comments

Both global companies face fierce competition with Apple, Google and Samsung on smartphones and tablets.

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Transportation minister takes on weighty legacy

and   /  July 24, 2013  /  Business, Economy  /  No Comments

Long history of transportation incidents to challenge new transport minister

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Egyptians challenge Saudi pilgrimage figures

  /  July 23, 2013  /  Business, Economy  /  No Comments

The kingdom has reduced entry visas during Ramadan, despite boasting of high numbers of Egyptian pilgrims

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General Federation of Investors discusses investment obstacles with new ministers

  /  July 23, 2013  /  Business, Economy  /  No Comments

The federation is set to meet the newly appointed ministers from the Ministry of Investment, Ministry of Industry and Foreign Trade, Ministry of Supply and Ministry of Housing, Utilities and Urban Development.

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UAE launches “Egypt in Our Heart” campaign

  /  July 22, 2013  /  Business, Economy  /  No Comments

The campaign is supported by Egyptian and Emirati Red Crescent societies and will develop Egypt’s infrastructure

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New supply minister resumes wheat imports

  /  July 21, 2013  /  Business, Economy  /  No Comments

The Egyptian government has so far imported 300,000 tonnes of wheat from Ukraine, Romania and Russia.

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Turkey suspends navigational lines with Egypt due to “financial constraints”

  /  July 21, 2013  /  Business, Economy  /  1 Comment

The shipping line, run and managed by the Sisa Shipping Company, connects the Iskenderun port in Turkey to Adabiya in Port Said, was suspended this week.

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UAE delegation visits Egypt in days to discuss aid terms

  /  July 21, 2013  /  Business, Economy  /  No Comments

An Egyptian delegation from the Ministry of Petroleum and Mineral Resources presented to an Emirati delegation that visited Egypt earlier this month a list of requests, set to include fuel products worth $500mn.

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