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High occupancy in Red Sea and South Sinai pre-Eid Al-Fitr: Hotels Chamber

  /  July 27, 2014  /  Business  /  1 Comment

Occupancies in the Red Sea increased to 70% and South Sinai to 50% before Eid Al-Fitr, expected to rise to 90% and 80% respectively

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Rise of interest rate to have limited effect on stock market: Experts

  /  July 26, 2014  /  Business  /  No Comments

Economic experts give different reasons for the limited impact of the interest rate hike on the stock market

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7 banks raise interest rates on deposits after Central Bank decision

  /  July 26, 2014  /  Business  /  1 Comment

A recent CBE decision saw an increase in the benchmark overnight deposit rate by 1% to 9.25%, and the overnight lending rate to 10.25%.

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National Bank of Egypt, Banque du Caire, and Banque Misr increase returns on savings certificates

  /  July 26, 2014  /  Business  /  1 Comment

A number of government banks raise returns on savings certificates to attract liquidity, fight inflation, and increase individual returns

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Egyptian banks show ‘impressive growth’ but fall short in Tier 1 capital: The Banker’s report

  /  July 26, 2014  /  Business  /  1 Comment

Tier 1 capital, a core measure of a bank’s financial strength, of National Bank of Egypt and CIB fell to reach the 404th and the 535th position respectively

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Delay in imports of gas for electricity threatens the industrial sector in Egypt

  /  July 23, 2014  /  Business  /  No Comments

EGAS stopped pumping gas to MOPCO, EFC, and EBIC factories; reduction of 80% of gas needs of cement plants

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Power stations boosting fuel consumption at expense of industrial sector: EGAS

  /  July 23, 2014  /  Business  /  2 Comments

Fuel station deficit worth 6m cubic metres of gas and equivalent daily

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Sanitary measures imposed on Egypt have negative impact on export: ERF

  /  July 23, 2014  /  Business  /  No Comments

Government should support firms to increase their quality and productivity in order to export

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Finance Ministry expects EGP11bn from special funds and accounts for FY 2014/2015: Ministry official

  /  July 23, 2014  /  Business  /  No Comments

Annual profit deduction of 10% compared to last year’s 20%, to strengthen involvement of governorates in development projects

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Sinai Cement begins preparations for coal usage

  /  July 23, 2014  /  Business  /  No Comments

Company will link with local contractors and suppliers to equip factory for coal using capabilities

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Returns on treasury bills rise, negative impact on economic growth expected

  /  July 21, 2014  /  Business  /  1 Comment

Prices jumped 1% for returns on treasury bills in the hours after central bank raised the interest rates by same amount

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Saudi company SCDC takes on tourist residential project in 6th of October City

  /  July 21, 2014  /  Business  /  No Comments

Dispute also settled with New Urban Communities Authority (NUCA) over land for the project by paying EGP192m

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Tourism ministry to launch campaign to encourage Europeans to visit Egypt

  /  July 21, 2014  /  Business  /  No Comments

Tourism authority official says lifting travel warning important step to restore tourism from Europe

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Maximum wages announced, regulations show no exemptions

  /  July 21, 2014  /  Business  /  2 Comments

Judicial positions, police forces, holding companies, authorities and economic bodies all included in maximum wage plan

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Cairo Nile Shuttle contracts fibreglass company to manufacture Nile taxis

  /  July 21, 2014  /  Business  /  No Comments

The River Transport Authority is considering the possibility of issuing an experimental operating license for river taxi activities in cooperation with other government bodies involved with Nile River navigation.

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EIPR criticises state budget as ‘unfair to the poor’

  /  July 21, 2014  /  Business  /  No Comments

Personal rights organisation expresses concerns about the status of the poor in light of approved FY 2014/2015 state budget

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Latest

Ganoub El-Wadi proposes international tender for oil and gas exploration

  /  July 21, 2014  /  Business  /  No Comments

Recent fuel price rise may provide incentive for investments in exploration in Egypt

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Petroleum ministry proposes petrochemical projects worth $540m to UAE

  /  July 21, 2014  /  Business  /  1 Comment

Egypt has proposed three petrochemical projects to the UAE for a total investment of $540m, according to a senior official at the Ministry of Petroleum. The projects included establishing a factory to produce bio-ethanol from read the rest…

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Latest

Cotton company asks EGAS to approve debt repayment schedule

  /  July 21, 2014  /  Business  /  2 Comments

Holding Company for Cotton Spinning and Weaving has debts exceeding EGP 1bn, aims to push growth rate to 70% during the current fiscal year

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Latest

Youm7 against the purchase of visits to websites

  /  July 20, 2014  /  Business  /  2 Comments

Egyptian newspaper negotiates with Promo Media to develop criteria for ranking news websites

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Al-Borsa website takes the lead in Egyptian economic publications: Alexa ranking

  /  July 20, 2014  /  Business  /  No Comments

Al-Borsa plans to become an economic news agency at the end of this year, and hopes to expand regionally by launching specialised sites for Arab markets throughout the rest of this year.

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Government will not offer new licences to steel factories: IDA

  /  July 20, 2014  /  Business  /  No Comments

The cabinet agreed to modify Bianco’s licence to allow the company to produce rebar and billet according to the energy available after paying fees for altering the licence as well as fees for violating the terms of their current licence.

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Nuclear plant tender to launch by year’s end; winning country to finance project: El-Osery

  /  July 20, 2014  /  Business  /  1 Comment

Project could cost up to $5bn and will be implemented over 5 years, nuclear expert

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Latest

IDA tenders more than 1,270 land plots for first time since 25 January

  /  July 19, 2014  /  Business  /  No Comments

IDA will accept the applications from 24 August to 25 September, organisation head says

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Interest rate hike to threaten government debt inflation if financial reform fails: DCode Chairman

  /  July 19, 2014  /  Business  /  No Comments

Central Bank of Egypt increased interest rates by 1% to contain high inflation expected after subsidy decrease and petroleum price increases

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Ration card commodities prices increased for quality improvement: Ministry of Supply spokesman

  /  July 19, 2014  /  Business  /  No Comments

New ration card system provides citizens 20 privately and government-produced products including meat and chicken items, ministry says

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5 year timeline for tourism companies to repay debts to social insurance fund: Tourism ministry official

  /  July 19, 2014  /  Business  /  1 Comment

Ministry of Social Solidarity has given tourism operators and hotel establishments a 6 month deadline to pay workers’ insurance debts; total debts to be paid in installments over 5-year period

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Latest

Ireland and Denmark lift travel advisory on Sharm El-Sheikh

  /  July 19, 2014  /  Business  /  2 Comments

Ireland follows in the footsteps of Denmark, Italy and Germany

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SODIC, CIB sign EGP300m loan for Westown project

  /  July 19, 2014  /  Business  /  No Comments

Project expected to yield around EGP1.3bn, company says

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UAE to consider providing $3bn in guarantees for debt to foreign partners: Official

  /  July 17, 2014  /  Business  /  1 Comment

A delegation from the Abu Dhabi Investment Authority (ADIA) will arrive in Cairo in the next few days to discuss investing in government debt worth EGP 15bn, a figure that may double in the future, read the rest…

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