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Paying for giant Nile Dam itself, Ethiopia thwarts Egypt but takes risks

  /  April 23, 2014  /  Business  /  No Comments

Reuters Insight by Aaron Maasho Ethiopia’s bold decision to pay for a huge dam itself has overturned generations of Egyptian control over the Nile’s waters, and may help transform one of the world’s poorest countries into a read the rest…

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Revenues from price hike in natural gas will finance its delivery to homes: Cabinet

  /  April 23, 2014  /  Business  /  1 Comment

Government says the new decision took into account needs of low-income citizens

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US to deliver Apache helicopters to Egypt, relaxing hold on aid

  /  April 23, 2014  /  Business  /  1 Comment

The decision will help Egypt’s counter-terrorism operations in the Sinai Peninsula, the Pentagon said.

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Egypt to pay some $1bn owed oil firms within two months: Minister

  /  April 23, 2014  /  Business  /  1 Comment

Reuters - Egypt will pay about $1bn of the money it owes to foreign oil companies within the next two months, the state’s MENA news agency said, quoting Oil Minister Sherif Ismail. Egypt says it owes some $6.3bn to read the rest…

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Egypt issues law barring challenges to state deals

  /  April 23, 2014  /  Business  /  No Comments

Reuters- Egypt’s interim President Adly Mansour on Tuesday approved a law that would restrict the right to challenge state business and real estate deals to only the government, its involved institutes and business partners, a read the rest…

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Correction: SODIC registers EGP 477m net loss in 2013

  /  April 23, 2014  /  Business  /  No Comments

The Daily News Egypt reported yesterday that real estate company Sixth of October Development and Investment (SODIC) reported a net profit of 229m, however, 2013 actually ended with a net loss of EGP 447m. “The read the rest…

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Egypt, UNIDO in $2.9m cooperation for development of medical, aromatic plants: Industry minister

  /  April 22, 2014  /  Business  /  2 Comments

Cooperation will include founding and activation of “first quality organisation for the production, trading and manufacturing of medical and aromatic plants”, says minister

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Government preparing environmental standards for coal power: Minister of Industry

  /  April 22, 2014  /  Business  /  1 Comment

Coal the “fastest” solution to rescue cement factories that have closed due to a natural gas shortage, Mounir Fakhry Abdel Nour says

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Hurghada and first phase of Safaga ports to open in June: Ministry of Transportation

  /  April 22, 2014  /  Business  /  No Comments

95% of ongoing developmental projects in Hurghada port have been completed, RSPA head says

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Dubai’s Emaar properties posts 55% rise in Q1 profit

  /  April 22, 2014  /  Business  /  No Comments

Reuters – Dubai’s Emaar Properties reported a 55% rise in first-quarter net profit on Tuesday, as the region’s economic recovery brought consumers back to its malls and shopping units, and house buyers returned to the read the rest…

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Islamic finance body IIFM eyes first sukuk standard

  /  April 22, 2014  /  Business  /  No Comments

Reuters – The Bahrain-based International Islamic Financial Market (IIFM) will develop its first standard contract template for sukuk (Islamic bonds), and aims to double the number of its standards as early as next year, its read the rest…

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Dubai to sell 15-year benchmark sukuk Tuesday

  /  April 22, 2014  /  Business  /  No Comments

Reuters – The government of Dubai plans to sell a benchmark-sized, US dollar-denominated sukuk with a lifespan of 15 years on Tuesday, a document from lead managers said. Initial price thoughts on the Islamic bond read the rest…

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Mideast consortium agrees $500m National Petroleum Services buy

  /  April 22, 2014  /  Business  /  1 Comment

Reuters – A consortium of Gulf-based investors including Fajr Capital and Arab Petroleum Investment Corp (APICORP) have agreed on a deal to acquire Dubai-based oilfield services firm National Petroleum Services, Fajr said on Tuesday. The read the rest…

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ICD boosting activity in Africa to widen Islamic finance appeal

  /  April 22, 2014  /  Business  /  2 Comments

Reuters – The private sector arm of the Jeddah-based Islamic Development Bank plans to increase its activities in Africa, part of plans to widen the appeal of Islamic finance across the region, its chief executive read the rest…

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Ministries of Housing and Communication cooperate to establish smart villages in new cities

  /  April 22, 2014  /  Business  /  1 Comment

Project will stimulate housing sector, as it will result in rise in prices of surrounding lands, housing minister says

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Energy subsidies reform to take effect in July: PM

  /  April 21, 2014  /  Business, Energy  /  No Comments

Mehleb says interim government has yet to decide whether it will increase fuel and diesel prices

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Egypt to lift natural gas prices for homes, businesses

  /  April 21, 2014  /  Business  /  2 Comments

Price hike only affects users connected to gas grid, most citizens not connected to grid

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Philips Lighting installs second Community Light Centre

  /  April 21, 2014  /  Business  /  1 Comment

Philips Egypt’s CEO says the company is introducing the first generation of solar powered LED lighting solutions for Egypt and Africa

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Industry minister orders restructuring of 16 export councils

  /  April 21, 2014  /  Business, Economy  /  1 Comment

Abdel Nour says export councils in question had failed to achieve past targets

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Egypt estimates local wheat crop at 9 million tonnes

  /  April 21, 2014  /  Business  /  No Comments

Reuters – Egypt estimates its local wheat crop at 9 million tonnes, according to a state newspaper that cited a government report, lower than the 9.5 million tonnes the Agriculture Minister had predicted. Traders surveyed read the rest…

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Kuwait’s Zain says sued for $4.5bn over Iraq Telco buy

  /  April 21, 2014  /  Business  /  No Comments

Reuters – Zain is being sued for $4.5bn over its 2007 acquisition of an Iraqi telecom operator, the Kuwaiti firm said in a bourse statement on Sunday. Zain bought Iraqna for $1.2bn from Orascom Telecom read the rest…

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Saudi SABIC profit slips in Q1, CEO says must expand aAbroad

  /  April 21, 2014  /  Business, Economy  /  No Comments

A shortage of natural gas was limiting its domestic growth

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Turkey, Russia agree on boosting Blue Stream gas pipeline: Minister

  /  April 21, 2014  /  Business, Energy  /  No Comments

To 19 billion cubic metres (bcm) annually from 16 bcm

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EGP 70bn required for completion of water and wastewater infrastructure: HCWW chairman

  /  April 16, 2014  /  Business  /  2 Comments

Several projects aiming to improve Egypt’s water system are currently being implemented

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Minister of Communication announces EGP 5bn sector development plan

  /  April 16, 2014  /  Business  /  1 Comment

Atef Helmy says that the implementation of the plan will take seven years

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Political upheaval obscures growth potential: Markaz

  /  April 16, 2014  /  Business  /  2 Comments

Kuwait Financial Centre Markaz recently published a report on the Egypt Asset Management Industry. In this research report, Markaz analyses the current state of Egypt asset management industry in terms of market structure, market participants, read the rest…

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Ministries of Housing and Supply cooperate on development of services in new cities

  /  April 16, 2014  /  Business  /  1 Comment

New cities will be provided with markets, trade complexes, logistics areas and factory outlets, housing ministry says

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Armed forces finalise plans to build 1m youth residential units

  /  April 15, 2014  /  Business  /  1 Comment

Construction on the project, launched by former defence minister Abdel Fattah Al-Sisi, is expected to begin in December

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Government to adopt new economic stimulus package

  /  April 15, 2014  /  Business  /  4 Comments

Minister of Finance says package would focus on industry, housing and construction, communication and tourism sectors

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Morocco’s economic growth slows in first quarter as agricultural output falls

  /  April 15, 2014  /  Business  /  2 Comments

Reuters  – Morocco’s economic growth slowed sharply to 2.5% in the first quarter from a year earlier, and is likely to ease slightly again this quarter as agricultural output shrinks, the country’s planning agency said read the rest…

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