Egypt news

Minister of Planning Ashraf El-Araby.
28 May 04:11 PM Egypt eyes economic growth at 4.4% in FY15/16
Cairo – Mubasher: Egypt's economy is forecast to grow at 4.4% during 2015/16 compared with a 4.2% growth a year earlier, said Minister of Planning Ashraf El-Araby. Egypt faces serious economic challenges, namely the losses incurred by tourism …
(Photo Credit: Arabianeye - Reuters)
28 May 03:53 PM Egypt's wheat purchases cross 4m tons - Minister
Cairo – Mubasher: The Egyptian government has bought 4.328 million tons of wheat from local farmers since the beginning of supply season, said Minister of Supply Khaled Hanafy in a press release. Thus, the supplied amount jumped 110% from four …
Cement prices saw no change (Photo Credit: Arabianeye - Reuters)
28 May 02:10 PM Egypt cement prices steady in May, says minister
Cairo – Mubasher: Egypt's Cement companies and factories, except two companies, stabilized their maximum limit of Cement prices during May, said Minister of Supply, Khaled Hanafy. Meanwhile, Medcom Aswan Cement increased the price by EGP 120 to …
Photo Credit: Arabianeye - Reuters
27 May 05:22 PM US stocks on positive note at open
Mubasher: US stocks opened Friday in the green zone amid a rise of dollar as investors await Federal Reserve chief Janet Yellen speech on the fate of interest rates at a June policy meeting and beyond. By 2:10 GMT, Dow Jones opened 0.11% higher. …
Photo Credit: Arabianeye - Reuters
27 May 04:31 PM US economic growth revised upwards in Q1
Mubasher: US economic growth improved in the first quarter of the current fiscal year 2016, according to US Bureau of Economic Analysis. Gross domestic product rose by 0.8%, up from the prior estimate of 0.5%, according to US Bureau of Economic …
Prices settled down $50 a barrel - (Photo Credit: Arabianeye - Reuters)
27 May 03:06 PM Oil prices slip as supply worries reemerge
Mubasher: Oil prices fell on Friday amid fears of supply glut. By 12:00 GMT, Brent crude fell by 0.8% to $49.4 a barrel. US crude oil declined by 0.6% to $48.9 per barrel. 
Photo Credit: Arabianeye - Reuters
27 May 01:22 PM Gold prices fall amid fears of US rate rise
Mubasher: Gold prices declined on Friday amid rising fears that US Federal Reserve may increase interest rates. By 10:10 GMT, London Stock Exchange saw a slide in Spot gold price by 0.3% to $1221.45 per ounce. Gold futures also fell by 0.2% to …
Photo Credit: Arabianeye - Reuters
27 May 12:13 PM Asian stocks end on mixed note
Mubasher: Asian stock markets gave a mixed performance in Friday’s trading session, as Japanese stocks finished higher, while China stocks were lower at close. Japan's Nikkei Index rose by 0.4% to 16,834.84 points, while the broader Topix ended …
Photo Credit: Arabianeye - Reuters)
27 May 11:38 AM European indices fall in early trading
Mubasher: The European indices started Friday’s trading session in the red zone, amid a decline wave in global markets.   By 8:20 GMT, FTS Eurofirst 300 was 0.25% lower. The British FTSE100 index fell 0.13%. France’s CAC slipped 0.3%. Germany’s …
Photo Credit: Arabianeye - Reuters
27 May 03:31 AM Japanese indices open in green
Mubasher: Japanese indices initiated Friday’s trading session on a positive note. The Nikkei index rose by 0.35% to 1,6830.50 points. The broader Topix was 0.36% higher to 1347.68 points.   On Thursday, Japanese indices ended the session in the …
EGX trading managers (Photo Credit: Arabianeye - Reuters)
26 May 10:33 PM Foreign purchases bolster EGX over a week
Cairo – Mubasher: The Egyptian Exchange gave a positive performance over the last week backed by foreign investors' buying momentum. The main index EGX30 ended the week 0.42% higher to the mark of 7,531 points. Likewise, the small and mid-cap …
The agreement to finance 5 water desalination plants  - Photo Credit: Reuters
26 May 06:12 PM Egypt, Kuwait Fund to ink $96m deal to build desalination plants
Cairo – Mubasher: The Egyptian government agreed to move forward with a credit facility loan worth KWD 29 million ($96.2 million) from Kuwait Fund for Arab Economic Development, a press release indicated. The loan agreement aims to finance the …
(Photo Credit: Arabianeye-Reuters)
26 May 05:19 PM Egypt gets $2.5bn donation from KSA
  Cairo – Mubasher: The Egyptian Cabinet on Thursday approved the Saudi donation to Egypt amounting to $2.5 billion (EGP 22.3 billion). The deal is mean to support the Egyptian Economic Programme, the Cabinet said in a statement. It added that the …
The company's losses 237.7% wider  -(Photo Credit: Arabianeye - Reuters)
26 May 04:11 PM Sinai Cement losses deepen in Q1
Mubasher: Sinai Cement’s consolidated losses widened by 237.7% in the first quarter of 2016, said the company in a bourse filing. The company lost EGP 37.29 million ($4.2 million) in Q1-16 compared with EGP 11.04 million losses ($1.2 million) in …
The market witnessed a turnover of EGP 522.5 million (Photo Credit: Arabianeye-Reuters)
26 May 04:08 PM EGX slips on Egyptian selling on Thursday
Cairo-Mubasher: The Egyptian Stock Exchange (EGX) saw a positive performance on Thursday, pressured by local investors’ sales. The benchmark EGX30 fell 0.16% to reach 7,531.2 points. The EGX70 and EGX100 indices declined 0.42% and 0.27% to 373.7 …
Photo Credit: Arabianeye-Reuters
26 May 01:52 PM Misr Beni Suef’s Q1 profits increase 75.3%
Cairo-Mubasher: Misr Beni Suef Cement posted a 75.3% growth in profits the first quarter’s profits in the fiscal year 2016 as compared to the previous fiscal year, according to an issued statement. The EGX-listed company saw net earnings worth EGP …
Photo Credit: Arabianeye-Reuters
26 May 01:10 PM October Pharma’s Q1 profits soar 102%
Cairo-Mubasher: October Pharma reported a surge of 102% in profits of the first quarter this year as compared to the previous fiscal year, according to a statement issued Thursday. The company’s net profits increased to EGP 9 million ($1.01 …
Luxor Temple in Egypt (Photo Credit: Arabianeye-Reuters)
26 May 12:41 PM Egypt tourism sector may lose $5bn on airplane crash
  Cairo – Mubasher: Receipts in Egypt’s tourism sector are expected to decline by $5 billion, to around 2% of gross domestic product (GDP) in 2016 compared to last year’s figures, said a new report by Capital Economics released Thursday. In a note …
The company’s net profits reached EGP 39.03 million (Photo Credit: Company website)
26 May 11:55 AM Acrow Misr posts higher profits in Q1
Cairo-Mubasher: Acrow Misr for Scaffolding and Formwork achieved a growth of 8.9% in standalone profits of the first quarter as compared to the same period in 2015, the company said in a statement issued Thursday. The company’s net profits reached …
One of North Africa's projects (Photo Credit: Company Website)
26 May 11:29 AM North Africa approves capital reduction
Cairo-Mubasher: The shareholders of North Africa Company for Real Estate Investment gave the go ahead to reduce the company’s capital through cancelling treasury shares, according to a bourse statement. The shareholders also approved amendments to …
Net profits after taxes grew to EGP 12.12 million (Photo Credit: Arabianeye-Reuters)
26 May 11:21 AM EFIC’s Q1 profits soar 97%
Cairo-Mubasher: Egyptian Financial and Industrial’s (EFIC) standalone profits increased 97% in the first quarter of 2016 as compared to the same period in 2015, according to a bourse statement. Net profits after taxes grew to EGP 12.12 million …
Photo Credit: Arabianeye-Reuters
26 May 10:46 AM European markets in green zone at open
Mubasher: The European stock markets started Thursday’s session in the green zone. FTSEurofirst 300 index of European companies inched up 0.07% by 08:05 GMT, while STOXX Europe 600 Index edged down by 0.03%. UK’s Financial times index gained …
Cleopatra Hospital (Photo Credit: Company website)
26 May 10:32 AM Cleopatra Hospital’s IPO oversubscribed 6.73 times
Cairo-Mubasher: The initial public offering (IPO) of Cleopatra Hospital was oversubscribed by 6.73 times, the Egyptian Exchange (EGX) said in a bourse statement. Cleopatra Hospital has set the IPO price at EGP 9 per share, it added. The …
(Photo Credit: Arabianeye-Reuters)
26 May 10:15 AM CBE issues EGP 9.5bn T-bills Thursday
  Cairo – Mubasher: The Central Bank of Egypt (CBE) on Thursday issued treasury bills worth EGP 9.5 billion in coordination with the Ministry of Finance (MoF) to finance the budget deficit. The value of the first offering which will last for 182 …
(Photo Credit: Arabianeye-Reuters)
26 May 10:09 AM Analysts expect EGX indices to extend sideways movement
  Cairo – Mubasher: It is expected that the sideways performance will continue to dominate Egyptian Stock Exchange (EGX) indices on Thursday, analysts have said, noting that the EGX30 index is likely to move between the levels of 7,280 points and …