Egypt news

50% of the total value will be collected in US dollar - (Photo Credit: Reuters)
2 hours ago Egypt's 4G license deadline, terms unchanged – Source
By Ahmed Allam Cairo – Mubasher: The Egyptian government is forecast to receive mobile operators' final decision over the fourth-generation mobile license (4G) next August, said a first-hand source who asked not to be named. The terms and …
The Ministry of Finance - (Photo Credit: Mubasher)
3 hours ago Egypt's T-bill yields higher at regular auction
Cairo – Mubasher: Yields on Egypt's 91-day and 273-day treasury bills saw a rise at a regular auction on Sunday, said the Ministry of Finance. The yield of 91-day bills moved up to 14.272% from 14.149% a week earlier and the yield on the …
Faisal Islamic Bank  (Photo Credit: Reuters Arabia)
24 July 04:29 PM Faisal Islamic Bank profits grow 3.9% by end of June 2016
Cairo – Mubasher: Faisal Islamic Bank of Egypt reported an increase of 3.9% in net profits by the end of June 2016. The Islamic lender saw net profits of EGP 58.68 million by the end of June 2016, compared with EGP 56.45 million by the end of the …
Egyptian Exchange
24 July 04:15 PM EGX ends in green zone on Arab investors buying spree
Cairo– Mubasher: The Egyptian Exchange (EGX) indices rose collectively on Sunday supported by the buying activity of the Arab investors. The benchmark index EGX30 added 0.36% or 26.85 points to close at 7,463.72 points. The stocks of the heavy …
Piraeus Bank Egypt - (Photo Credit: Reuters Arabia)
24 July 03:58 PM EGX executes ‘block trading’ deal on Piraeus Bank Egypt
Cairo – Mubasher: The Egyptian Exchange (EGX) said a buy transaction worth $166.996 was carried out on the shares of Piraeus Bank Egypt (unlisted firm), under the ‘block trading’ system. The transaction was executed on 113,603 shares in Piraeus …
Eastern Tobacco premises (Photo Credit: company website)
24 July 02:56 PM Eastern Tobacco says cigarette prices unchanged
Cairo – Mubasher: Egypt’s cigarette maker Eastern Company (Eastern Tobacco) said the selling prices of both the local and exported cigarette didn’t change. The company also confirmed that it is working at its full production capacity. Earlier, …
Egyptian public manufacturing sector  - (Photo Credit: Reuters Arabia)
24 July 02:40 PM Public manufacturing sector idle capacity increases 17.6% in FY14/15 - CAPMAS
Cairo – Mubasher: The idle capacity of the Egyptian public manufacturing sector rose 17.6% on a yearly basis in FY14/15, said the Central Agency for Public Mobilization and Statistics (CAPMAS). The value of the sector’s idle capacity amounted to …
Dalia Khorshid Investment Minister
24 July 02:32 PM Ministry of Finance appoints NI Capital to promote IPOs
Cairo – Mubasher: Egypt’s Ministry of Finance said it appointed NI Capital for asset management, part of the National Investment Bank (NIB) to promote and cover the ministry’s initial public offering (IPO) program. The ministry’s IPO program comes …
Egyptian Exchange
24 July 02:18 PM State Council to approve amendments of the capital market law
Cairo – Mubasher: Egypt’s State Council is expected to approve the amendments of the capital market law soon, a source close to the matter told Mubasher. The amendments aim to control the transactions of forthcoming August to avoid any risks that …
Real Estate projects (Photo Credit : Reuters Arabia)
24 July 12:49 PM Egypt says implemented investments up 5.2% in Q3
Cairo – Mubasher: The value of the implemented projects in the third quarter of the fiscal year 2015/16 increased by 5.2%, according to the Egyptian Ministry of Planning. The total value of the implemented projects in the third quarter of FY15/16 …
Abraj Misr
24 July 12:46 PM Abraj Misr pays EGP 600m of The Gate project’s land price
Cairo – Mubasher: Egyptian real estate company Abraj Misr paid EGP 600 million out of EGP 800 million that represent the price of the land of its project “The Gate” in Heliopolis, said Mohamed ELShanety CEO of Multiples Group that acts as the …
EGX headquarters - (Photo Credit: Mubasher)
24 July 11:36 AM Cairo bourse opens in green zone
Cairo – Mubasher: The Egyptian Exchange initiated Sunday's trading session on a positive note. By 10:30am Cairo time, the main index EGX30 added 9 points, or 0.12%, to reach 7,445 points. The small and mid-cap EGX70 opened 0.33% higher to 359 …
Heliopolis Housing project
24 July 11:15 AM Heliopolis Housing put off Merryland casino’s evacuation
Cairo – Mubasher: Heliopolis Housing Co. said it delayed the evacuation of Merryland casino until it secures the required security approvals. Earlier, the company set 22 June 2016 for evacuating Maryland. Notably, North Cairo’s Court of Appeal …
EGP 28.8 million earned in FY15/16 - (Photo Credit: Company's Website)
24 July 11:01 AM Misr Chemical Industries annual profits down 20%
Cairo – Mubasher: Misr Chemical Industries announced Sunday its financial results for the fiscal year ended on 30 June 2016, according to a bourse filing. The company's profits decreased by 20% year-over-year to EGP 28.8 million ($3.23 million) …
Orange Egypt for Telecommunications
24 July 10:53 AM Orange Egypt narrows losses by 53.8% in Q2
Cairo – Mubasher: Orange Egypt for Telecommunications said its unaudited consolidated financial results for the second quarter of 2016 reflected a decline of 53.8% in its losses. The Telecom company suffered losses of EGP 21.05 million in the …
EGX trading floor - (Photo Credit: Mubasher)
24 July 09:44 AM EGX seen moving between 7,300 – 7,700 pts – Analysts
Cairo – Mubasher: The Egyptian Exchange's benchmark index (EGX30) is expected to move between the support mark of 7,300 points and the resistance level of 7,700 points, said analysts. On last Thursday, investors' selling tendency, namely …
worrying sentiments to become deeper after Munich attack - (Photo Credit: Reuters)
24 July 06:55 AM Global stocks seen bearish after Munich attack – analysts
Mubasher: A selling tendency is expected to reign global stock markets next week after Munich attack, said analysts. Investors are likely to start the trading week with caution, sharing a worrying sentiment due to a pattern of escalating violence …
GCC markets to see a selling wave (Photo Credit: Reuters)
24 July 06:23 AM GCC markets likely to see selling wave – analysts
Mubasher: GCC stock markets are expected to initiate the trading week with a selling wave amid lack of positive data, weaker oil prices, and varied financial results, analysts told Mubasher. Investors and fund managers are likely to begin a …
The Ministry of Finance - (Photo Credit: Mubasher)
24 July 03:12 AM Egypt's c.bank to auction EGP 10bn in T-bills Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) would issue EGP 10 billion in treasury bills on Sunday to fund budget deficit in coordination with the Ministry of Finance (MoF), according to the bank's press release. The EGP10 billion will be …
The Central Bank of Egypt - (Photo Credit: Reuters)
24 July 02:49 AM CBE to sell $120m at regular FX auction Tuesday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will sell $120 million to Egypt-based banks next Tuesday at a regular FX auction Last Tuesday, the bank sold $119.4 million and kept the Egyptian pound's value unchanged at 8.78 per dollar amid …
Photo credit: Arabianeye - Reuters
23 July 04:20 PM Dubai’s property market attracts AED 57bn investments in 6M
Dubai – Mubasher: Dubai’s property market saw investments worth AED 57 billion in the first six months of 2016, injected by 26,000 investors from 149 foreign countries, according to a statement citing the transactions report released on Saturday …
The German DAX went up 0.11% (Photo Credit: Arabianeye-Reuters)
22 July 07:47 PM European stocks mixed at close
Mubasher: European stock markets saw a volatile performance on Friday. Britain’s FTSE 100 index gained 0.46% or 30.59 points to reach 6,730.48 points. The German DAX went up 0.11% 4.85 points to reach 4,381.10 points, while the French CAC slipped …
The New York Stock Exchange (Photo Credit: Arabianeye-Reuters)
22 July 05:47 PM US stocks open higher
Mubasher: US stocks saw a positive performance in Friday’s early trades. The Dow Jones industrial average rose 0.2% by 2:15pm GMT, while the broader Standard & Poor's 500 gained 0.18%. The NASDAQ Composite index went up 0.1%.
Debt issuance stood at $32.9 billion in H1-16 (Photo Credit: Arabianeye-Reuters)
22 July 04:38 PM Middle East M&A transactions total $18.7bn
Mubasher: The value of announced mergers & acquisitions (M&A) transactions with any “Middle Eastern involvement” fell 29% year-on-year to $18.7 billion during the first six months of 2016, according to a report by Thomson Reuters. Middle Eastern …
Germany’s PM recorded 55.3  (Photo Credit: Arabianeye-Reuters)
22 July 04:30 PM Eurozone business growth slows in July
Mubasher: Eurozone business growth was at its weakest rate since the begining of 2015 in July, according to a statement released by Markit Economics. Markit's flash composite Purchasing Managers' Index (PMI) fell to 52.9 in July from 53.1 in June, …