North africa news

The Egyptian Minister of Planning - (Photo Archive)
23 April 06:07 PM Egypt to raise education spending 10% next year
Cairo - Mubasher: The Egyptian minister of planning said that public investment in education has been increased by 10% in the budget for upcoming fiscal year 2017/2018. Hala El-Said said in a statement on Sunday that the Egyptian government is …
The Egyptian Minister of Investment and International Cooperation, Sahar Nasr - (Photo Archive)
23 April 05:48 PM Egypt spent $700m from the IFC portfolio
Cairo - Mubasher: The Egyptian minister of investment and international cooperation said that Egypt has used $700 million between 2015 and April 2017, as part of the cooperation portfolio with the International Finance Corporation (IFC). Sahar …
The Egyptian Exchange - (Photo Credit: Arabianeye-Reuters)
23 April 05:19 PM Potential interest rates raising shocks EGX - Experts
Cairo - Mubasher: Analysts are having different opinions regarding the steep decline seen by the indices of the Egyptian Exchange (EGX), as the reasons remain unclear. Experts are wondering about the reasons behind the recent excessive selling by …
The Egyptian Minister of Trade and Industry, Tarek Kabil - (Photo Credit: Arabianeye-Reuters)
23 April 05:17 PM Saudi investments in Egypt more than $6bn - Minister
Cairo - Mubasher: The Egyptian minister of trade and industry said that Saudi Arabia ranks first as the biggest Arab country investing in the Egyptian market, with investments exceeding $6 billion. Tarek Kabil said in a statement on Sunday that …
Photo Credit: Arabianeye-Reuters
23 April 04:28 PM Alexandria Mills profits double in Q3
Cairo - Mubasher: Alexandria Flour Mills reported an increase in profits by 100% year-on-year in the third quarter of fiscal year 2016/2017, as shown by the company’s financial indicators. Profits reached EGP 22.18 million in Q3-FY16/17 compared …
EGX30 lost 360.9 points, and closed at 12,544.92 points - (Photo Credit: Arabianeye-Reuters)
23 April 03:59 PM EGX30 down 2.8% at close
Cairo - Mubasher: The Egyptian Exchange (EGX) ended Sunday’s trading session in red on the back of the selling activity by Egyptian and Arab investors. The benchmark index EGX30 went down by 2.8% or 360.9 points, and closed at the level of …
Photo Credit: Arabianeye-Reuters
23 April 03:46 PM Cairo profits surge 92% in Q1
Cairo - Mubasher: The consolidated financial indicators of Cairo Poultry showed a 92% year-on-year increase in profits for the first quarter of 2017, according to a bourse filing. The company said in a statement to the Egyptian Exchange (EGX) on …
(Photo Credit: Arabianeye-Reuters)
23 April 03:43 PM IMF pressures Egypt to keep interest rates high – Pharos
Cairo – Mubasher: The International Monetary Fund (IMF) is pressuring Egypt to keep interest rates high in order to curb inflation caused by the local currency’s flotation and subsidy cuts, according to a report issued by Pharos Investments. It is …
(Photo Credit: Arabianeye-Reuters)
23 April 02:34 PM China achieves $24bn trade surplus in March
Mubasher: China’s trade surplus reached $23.92 billion in March, with a slight decrease compared to the preliminary reading of $23.93 billion, according to data released by the General Administration of Customs (GAC) on Sunday. Imports priced in …
(Photo Credit: Arabianeye-Reuters)
23 April 01:35 PM Egypt Free Shops posts higher profits in Q3
Cairo – Mubasher: Egypt Free Shops’ profits rose 33.8% year-on-year in the third quarter of fiscal year 2016/2017, according to the company’s standalone financial statements. Profits reached EGP 23.22 million in the three-month period ended 31 …
(Photo credit: Arabianeye - Reuters)
23 April 01:11 PM Real Estate Consortium Q1 profits up 381%
Cairo – Mubasher: Real Estate Egyptian Consortium’s profits for the first quarter of fiscal year 2017 rose 380.7% to EGP 19.9 million, compared to EGP 4.14 million for Q1-16. Revenues increased to EGP 8.5 million in Q1-17 from EGP 4.9 million in …
Saudi Egyptian Investment and Finance’s profits reached EGP 16.32 million in 2016 (Photo Credit: Arabianeye-Reuters)
23 April 12:52 PM Saudi Egyptian Investment & Finance posts lower Q1 profits
Cairo – Mubasher: Saudi Egyptian Investment and Finance reported a 10.1% year-on-year decrease in its profits during the first quarter of 2017, according to a bourse statement. Profits reached EGP 4.52 million in the three-month period ended 31 …
(Photo credit: Company's website)
23 April 12:36 PM Abu Qir Fertilizers board decides to raise capital
Cairo – Mubasher: Abu Qir Fertilizers’ board of directors has approved to increase the issued and paid-up capital from EGP 1.26 billion to EGP 1.89 billion through distributing 0.5-for-1 bonus shares. The board also agreed to raise the authorised …
(Photo Credit: Company website)
23 April 12:24 PM Abu Qir Fertilizers posts higher profits in Q3
Cairo – Mubasher: Abu Qir Fertilizers posted a 152.7% year-on-year rise in its profits during the third quarter of fiscal year 2016/2017, according to a bourse statement. Profits reached EGP 680 million in the three-month period ended 31 March …
Egypt's minister of investment and international cooperation, Sahar Nasr - (Photo credit: Arabianeye - Reuters)
23 April 12:18 PM EAEF plans to increase investments in Egypt
Cairo – Mubasher: The Egyptian-American Enterprise Fund (EAEF) is looking to raise its investments in Egypt, the fund's chairman James Harmon said. The EAEF is part of the $300 million US financial assistance to Egypt and aims to support …
The Central Bank of Egypt - (Photo Credit: Arabianeye-Reuters)
23 April 12:12 PM Foreign trade totalled $28bn since flotation - CBE
Cairo - Mubasher: The Assistant Sub Governor of the Central Bank of Egypt (CBE) said that foreign trade since the pound flotation on 3 November 2016 until 10 April 2017 reached around $28 billion. Tarek Fayed added in a statement that this amount …
(Photo credit: Arabianeye - Reuters)
23 April 12:05 PM Remco board approves capital cut
Cairo – Mubasher: Remco for Tourism Villages Construction’s board of directors has agreed to reduce the issued capital via writing off 1 million treasury stocks. Thus, the capital will be EGP 2.4 billion distributed across 246.7 million shares …
(Photo credit: Company's website)
23 April 11:49 AM GMC Group EGM delayed for lack of quorum
Cairo – Mubasher: GMC Group for Industrial, Commercial and Financial Investments said Sunday that it has postponed its extraordinary general meeting (EGM) due to a lack of quorum. The company will set an alternative date for the meeting, according …
The Egyptian Exchange (Photo credit: Mubasher)
23 April 11:47 AM EGX opens mixed; benchmark loses 0.41%
Cairo – Mubasher: The Egyptian Exchange (EGX) opened on a mixed note on Sunday, amid sales by Egyptian and Arab investors and foreign purchases. By 10:04 am Cairo time, the benchmark EGX30 index declined 0.41% or 53 points to the level of 12,852.6 …
(Photo Credit: Company website)
23 April 11:36 AM Maridive turns profitable in FY16
Cairo – Mubasher: Maridive and Oil Services on Sunday posted a consolidated net profit of $21.07 million for fiscal year 2016, against a consolidated net loss of $23.43 million for FY15. Standalone net profits increased in FY16 by 43.4% to $11.14 …
(Photo Archive)
23 April 11:14 AM EG Bank shareholders to discuss capital hike 9 May
Cairo – Mubasher: The ordinary general meeting (OGM) of the Egyptian Gulf Bank (EG Bank) will be held on 9 May to discuss raising the issued and paid-up capital by $27.718 million via a rights issue. The OGM will also look into amending articles …
(Photo Credit: Company website)
23 April 10:54 AM SODIC net sales hit EGP 1.2bn in Q1
Cairo – Mubasher: Sixth of October for Development and Investment’s (SODIC) net sales reached EGP 1.2 billion in the first quarter of fiscal year 2017, rising 64% year-on-year, a statement to the bourse said on Sunday. The company had earlier said …
(Photo credit: Arabianeye - Reuters)
23 April 10:48 AM Egypt Gas OGM approves EGP 2/shr dividends
Cairo – Mubasher: Egypt Gas Company’s ordinary general meeting (OGM) has agreed to distribute cash dividends of EGP 2 per share for fiscal year 2016. Total dividends amount to EGP 24 million divided into EGP 19.2 million for shareholders of …
The Central Bank of Egypt - (Photo credit: Arabianeye - Reuters)
23 April 10:35 AM CBE to issue bills worth EGP 12.25bn Sunday
Cairo-Mubasher: The Central Bank of Egypt (CBE) will issue EGP 12.25 billion in treasury bills on Sunday, on behalf of the Ministry of Finance (MoF). The issue will be used to finance the country’s budget deficit, the bank said in a statement. The …
The Egyptian Exchange (Photo credit: Mubasher)
23 April 10:00 AM Egypt bourse to move sideways – Analysts
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices are expected to move sideways this week until new catalysts emerge, analysts told Mubasher. Technical analyst Ayman Fouda expected the benchmark EGX30 index to face short-term resistances at …