Egypt news

Egypt news

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26 May 04:01 PM EGX30 closes below 9,000 mark; equities lose EGP 3.2bn
Cairo-Mubasher: The Egyptian Exchange (EGX) closed in the red on Tuesday, with the market capitalisation losing EGP 3.2 billion.The benchmark index EGX30 retreated by 0.83% or 75.44 points to close below the 9,000 level at 8,975.32 points.The …
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26 May 03:22 PM Egypt's Central Bank sells $37.8m in regular auction
Cairo-Mubasher: The Central Bank of Egypt (CBE) sold on Tuesday $37.8 million from the regular auction reaching $40 million.The average selling price reached EGP 7.53, the central bank said on its website.Earlier in May, the CBE said the regular …
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26 May 02:21 PM Utilities for Egypt’s new capital to cost EGP 5bn, says official
By: Mahmoud Salah El-DinCairo – Mubasher: The costs of delivering external utilities to Egypt’s new capital amount to EGP 5 billion, said Mazen Hassan, vice chairman for financial and administrative affairs at the New Urban Communities Authority …
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26 May 01:06 PM Mubasher relocates headquarters in Bahrain
Mubasher Financial Services, Bahraini joint stock company, launched its new headquarters in Bahrain on Tuesday, in the presence of Bahrain Bourse CEO Khalifa bin Ebrahim Al-Khalifa and Mubasher chairman Mohamed Al-Ballaa.The company moved its head …
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26 May 12:00 PM Arab Drug profits up 19% in 10 months
Cairo-Mubasher: Arab Drug Co. made EGP 4.6 million ($604,000) in net earnings including taxes during the 10-month period ended 30 April 2015, a rise of 19.5% compared with EGP 3.8 million ($499,000) a year earlier.The company's sales increased …
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26 May 11:43 AM Memphis widens losses to EGP 15.4m in 10 months
Cairo-Mubasher: Memphis Pharmaceutical posted EGP 15.4 million ($2 million) in losses for the 10-month period ended in April 2015, rising 1,238% compared with EGP 1.2 million ($156,000) a year earlier.The company had posted losses of EGP 11.65 …
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26 May 11:39 AM Orascom Development logs EGP 27m investment gains
Cairo-Mubasher: Orascom Development Holding AG said it has recorded CHF 3.3 million (EGP 26.6 million) in investment gains during the first quarter of 2015, compared with CHF 4.9 million (EGP 39.5 million) a year earlier.The company posted net …
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26 May 11:02 AM Fawaz Alhokair unit cleared by Madinet Nasr Housing to build mall
By Ahmed AllamCairo-Mubasher: The board of Madinet Nasr Housing approved in-principle the offer submitted by Egyptian Centers Co., a subsidiary of Saudi Arabia's Fawaz Alhokair, to build and operate a mall in Tijan project, said Madinet Nasr’s …
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26 May 10:21 AM Profit-taking likely to continue on EGX – Analysts
Cairo-Mubasher: The Egyptian Exchange's (EGX) benchmark index is expected to test the 8,800 to9,000 level and cash-ins are likely to continue Tuesday, said technical analysts.Mona Moustafa, a technical analyst at African Economic Group, said the …
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26 May 10:16 AM Dammam-based airlines firm to launch Nov
Saudi Gulf Airlines, based in Dammam, will start operating November 2015, General Authority for Civil Aviation said in a statement following a meeting with the airlines representatives.Saudi Gulf Airlines was given the commercial operation …
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26 May 10:11 AM Major events on EGX for Tuesday
Cairo-Mubasher: Investors are anticipating the following major events of some companies listed on the Egyptian bourse on Tuesday: Start of second phase of Ascom's capital top-up which will continue until 4 June Board meetings of Al Shams Housing …
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25 May 07:50 PM Solb Misr suffers EGP 1.5bn losses on high gas prices
By Mahmoud Salaheddin, Bedour El RaeeCairo-Mubasher: Solb Misr recorded EGP 1.5 billion in losses over two years on higher prices of gas and electricity and rise in worker salaries, said Chairman Gamal El-Garhy.He called on the government to …
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25 May 05:42 PM Building Energy plans $11bn Egypt investments
By Bedour El Raie and Mahmoud SalaheddinCairo – Mubasher: Global renewable energy firm Building Energy, which runs more than 20 projects across Africa, said it will invest $11 billion in Egypt, according to Cornelius Matthes, managing director for …
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25 May 03:58 PM Egypt equities slide on institutional sell-offs
Cairo – Mubasher: The Egyptian Exchange (EGX) retreated on Monday amid selling pressures from institutions.Market capitalisation declined to EGP 506.08 billion.The benchmark index EGX30 fell 0.78% or 71.16 points to close at 9,050.76 points. The …
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25 May 02:43 PM Gulf Capital signs financing deal with Carbon Holdings
Cairo – Mubasher: UAE’s alternative investment firm Gulf Capital signed a debt financing agreement on Monday with Egypt’s largest petrochemical holding company Carbon Holdings to support three of the latter's mega-industrial projects in Ain Sokhna …
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25 May 02:30 PM Spinning Holding plans to develop 25 affiliates – Chairman
By Mahmoud SalaheddinCairo-Mubasher: Cotton, Spinning & Textile Industries Holding plans to develop and solve the problems of 25 subsidiaries through a long-term strategy, said chairman Ahmed Moustafa."We seek to boost the production capacity …
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25 May 01:30 PM Oil prices fall on strong dollar
Oil prices declined on Monday’s trades, hurt by stronger US dollar on Monday, while investors are poised in anticipation of OPEC’s meeting on 5 June.Brent crude price for July delivery retreated to $65.30 a barrel at 10:26 (GMT).The US dollar …
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25 May 12:12 PM Egypt has $22.3bn oil, gas projects underway – Official
By Bedour El Raie and Mahmoud SalahuddinCairo – Mubasher: The total value of oil refinery and natural gas projects currently undertaken in Egypt amounts to $22.3 billion, said Sherif Sousa, undersecretary to the oil minister.These projects include …
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25 May 11:59 AM Nile City Investment turns to profit in 2014
Cairo – Mubasher: Nile City Investment on Monday posted its consolidated financial results for the fiscal year 2014, registering EGP 27 million ($3.5 million) in net profits against EGP 84.4 million ($11 million) in net losses a year earlier.The …
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25 May 11:56 AM NREC expects $600m profit from Grand Heights project
Written by: Ahmed AwaadKuwait-listed National Real Estate Company (NREC) expects to achieve profits of $500 million to $600 million from its “Grand Heights” real estate project in Egypt, said Chairman Faisal Al Essa.In 2014, NREC has delivered 85% …
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25 May 11:44 AM Europe, US markets closed 25 May
Stock Exchanges across Europe, UK, and US will close on Monday, 25 May, on the occasion of Whit Monday in Europe, Spring bank holiday in UK, and Memorial Day in US.  
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25 May 11:40 AM Egypt to see $45bn energy investments over 10 years – Minister
By Bedour El RaieCairo – Mubasher: Egypt’s conventional and renewable energy sector is expected to witness investments worth around $45 billion over the next 10 years, said investment minister Ashraf Salman.The government has set a 10-year …
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25 May 10:59 AM TAQA Arabia to build solar power plant in Egypt
By Bedour El RaieCairo – Mubasher: TAQA Arabia signed an agreement to set up a solar power plant with a capacity of 50 MW, over a 1 km area in the Upper Egyptian city of Aswan.The signing came during the Energy and Future of Investment in Egypt …
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25 May 10:58 AM El Ahram Printing EGM approves capital hike
Cairo – Mubasher: Shareholders of El Ahram Co. for Printing and Packing (EPPK) gave a nod to a capital increase of EGP 15.6 million, the company said in a bourse filing Monday.During their extraordinary general meeting, shareholders also approved …
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25 May 10:47 AM Palm Hills says rights issue covered 96.6%
Cairo – Mubasher: Cairo-listed property firm Palm Hills Development (PHD) said Monday that subscription to its rights issue has reached 96.61%.The company previously announced raising issued capital to EGP 4.34 billion, from EGP 2.69 billion. The …
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