Egypt to seek tenders for Gulf of Suez wind farm
Egypt will launch within days a tender competition to choose firms to build a 1,000 mega-watt wind farm in the Gulf of Suez, its electricity minister said. The…
Telecoms weigh on Egypt index, volumes low
CAIRO: Telecoms firms weighed on Egypt's main index, which edged down 0.6 percent after selling pressure late in the session. Traders said volumes are higher than during Sunday's session, but…
Contact to sell $83 mln in securitized notes
CAIRO: Egyptian car purchase financer Contact on July 7 is selling LE 470 million ($83 million) in bonds securitizing expected car payments, the chief underwriter said on Monday. The bond,…
Stevie Wonder cheers up Glastonbury after football failure
Motown legend Stevie Wonder made sure Glastonbury's 40th anniversary came to a joyful end on Sunday despite England's disheartening World Cup football defeat. The American soul pioneer treated the audience…
Comeback night at BET Awards
It was comeback night at the BET Awards. Kanye West opened Sunday's show in his first TV appearance since dissing Taylor Swift at last year's MTV Video Music Awards. T.I.…
Documentary probes chronic failures of US public schools
Record dropout rates, demoralized teachers, parents forced to enter a drawing to get their kids enrolled: Davis Guggenheim's portrait of US public schools is a sobering one. "Schools are not…
Dubai's Arabtec eyes contracts in new mkts, says CEO
DUBAI: Dubai construction heavyweight Arabtec is focusing on winning projects in new markets following the downturn in Dubai and does not require any additional funding, its chief executive said on…
Iran cbank says has sold gold to boost reserves
TEHRAN: Iran increased its foreign currency reserves by $9 billion by selling sold gold and through foreign exchange transactions, its central bank chief said on Monday, state broadcaster IRIB reported.…
Gulf banks need more provisioning, says AMF
BASEL, Switzerland: Some Gulf banks need more provisions to scrub themselves clean from problems from the credit crisis and their lending must become more prudent to avoid future bubbles, the…
Bahrain property seen subdued for some time, says report
MANAMA: Bahrain's property market is likely to remain subdued for some time due to lack of financing, while oversupply in both the residential and commercial sector will put further pressure…