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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  /  1 Comment

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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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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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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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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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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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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Mehleb meets Nassef Sawiris to settle tax dispute

  /  July 16, 2014  /  Business  /  No Comments

Investment Minister Ashraf Salman declined to comment on the reason behind Sawiris visiting the investment ministry or the form of the new settlement

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Qatar’s direct World Cup expenditure ‘small’, estimated at $16bn: Bank Merrill Lynch

  /  July 16, 2014  /  Business  /  1 Comment

By Evline Meshreky The direct effect for Qatar of losing the 2022 World Cup hosting rights would be small, concluded a report issued by the Bank of America Merrill Lynch on Monday. Broader infrastructure projects, read the rest…

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Almasria Universal Airlines considers operating flights to tourist areas at discounted prices: Chairman

  /  July 16, 2014  /  Business  /  1 Comment

Almasria Universal Airlines considers operating flights to Sharm El-Sheikh and Luxor during peak seasons holidays at reduced prices

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EGP 200 fee issued on marble, granite and EGP 50 fee on sand: Abdel Nour

  /  July 16, 2014  /  Business  /  No Comments

The Ministry of Industry and Trade issued an EGP 200 fee on each ton of marble and granite blocks, in addition to an EGP 50 fee on each ton of any kind of sand, according read the rest…

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BP invests $10bn in Egypt

  /  July 16, 2014  /  Business  /  No Comments

British oil company’s north Alexandria project will start production in 2017

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800% increase in capital of bourse’s traded companies: EGX Chairman

  /  July 16, 2014  /  Business  /  No Comments

Increase in public offering registered EGP 5.5bn during first half of 2014

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Government considering new cement licences to stimulate economy: Investment minister

  /  July 16, 2014  /  Business  /  No Comments

Minister of Investment seeks to transfer ownership of Egyptian Financial Supervisory Authority and General Authority For Investment to the president

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Tourism buses to offer public transportation services in Greater Cairo within weeks

  /  July 16, 2014  /  Business  /  No Comments

Ministry of Transportation says that Cairo governorate will be responsible for managing the buses

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Egypt closes deal with Gilead Sciences for Hepatitis C drug at 99% discount

  /  July 15, 2014  /  Business  /  1 Comment

Around 170,000 doses of Hepatitis C medicine will be available for Egyptian patients late September

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Abraaj Group to make EGP700m bid to acquire Amoun Pharmaceuticals

  /  July 15, 2014  /  Business  /  No Comments

The company also announced Sunday its intention to acquire 100% of shares of Bisco Misr Company.

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