Egypt news

A  global centre for logistic services will be set up in the city to provide approximately 75,000 employment opportunities
20 August 05:30 PM South Sinai to set up the EGP 50bn economic Sharm city – Governor
Cairo – Mubasher: The governor of South Sinai, Khaled Fouda, on Sunday said that the governorate is planning to establish the economic Sharm city with investments worth EGP 50 billion. A global centre for logistic services will be set up in the …
Upper Egypt Mills posted a 40.58% hike in profits for FY16/17
20 August 04:39 PM Upper Egypt Mills profits rise 41% in FY16/17
Cairo – Mubasher: Upper Egypt Flour Mills on Sunday posted a 40.58% hike in profits for fiscal year 2016/2017, compared to the prior fiscal year. The company achieved profits of EGP 155.34 million in FY16/17 from EGP 110.5 million in FY15/16, …
EGX closed Sunday’s trading session down, pressured by Arab selling
20 August 04:20 PM EGX indices close Sunday in red
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Sunday’s trading session down, pressured by Arab selling. The benchmark EGX30 index declined 0.71% or 93.15 points to the level of 13,026.29 points. The EGX70 index descended 2.09% to 682.49 …
The project will be funded by increasing the company’s capital by EGP 430.5 million
20 August 04:00 PM AMOC discusses $50m upgrade for production units
Cairo – Mubasher: Alexandria Mineral Oils Company (AMOC) said on Sunday that it would convene with AXENS to put down the final modifications for its middle distillates dewaxing units (MDDUs), with an estimated cost of $50 million, by mid-September …
Elsewedy is aiming to expand across all the segments
20 August 03:39 PM Elsewedy Electric to penetrate new markets - Report
Cairo – Mubasher: Elsewedy Electric is planning to enter new markets in Europe and Latin America to compensate for the decreased demand for wires and cables in the GCC states, according to a report by Pharos Research. The Egyptian firm is aiming …
EFSA rejected the FV study of Reacap Financial Investments as it does not fully comply to the standards of buildings' assessment and financial evaluation
20 August 02:56 PM EFSA rejects Reacap FV study
Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) rejected the fair value (FV) evaluation of Reacap Financial Investments prepared by Fincorp Investment Holding as it does not fully comply to the standards of buildings' …
Arafa for Investment and Consultancies' subsidiary and Italy’s Gherardi to set up a joint company in Dubai
20 August 01:59 PM Arafa, Gherardi to set up joint firm in Dubai
Cairo – Mubasher: Arafa for Investment and Consultancies on Sunday announced setting up a joint company between its subsidiary Al Arafa for Investment in Garments Manufacturing and Italy’s Gherardi with a capital of AED 100,000. The Egyptian …
SODIC used subscription proceeds of EGP 804 million to increase its share capital until the end of FY16/17
20 August 01:03 PM SODIC uses subscription proceeds of EGP 804m by end-June
Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) on Sunday said it used subscription proceeds of EGP 804 million to increase its share capital until the end of the fiscal year ended 30 June 2017. The remaining proceeds of …
AMOC approved to increase the company’s issued share capital to EGP 1.29 billion.
20 August 12:28 PM AMOC to hike capital through bonus shares distribution
Cairo – Mubasher: The board of directors of Alexandria Mineral Oils Co (AMOC) on Thursday approved to increase the company’s issued share capital to EGP 1.29 billion. The board agreed to increase the issued share capital through issuing 430.5 …
EGX indices opens Sunday up amid local buying
20 August 11:50 AM EGX30 up, EGX70 adds 1.3% early Sunday
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices opened Sunday up amid local buying. By 10:25 am Cairo time, the benchmark EGX30 index edged up 0.08% or 11.2 points to the level of 13,122 points. The EGX70 index rose 1.35% to 706.5 points, …
The Central Bank of Egypt
19 August 09:35 PM CBE to issue EGP 14bn treasury bills Sunday
Cairo - Mubasher: The Central Bank of Egypt (CBE) will issue on Sunday treasury bills worth EGP 14 billion, in coordination with the Ministry of Finance (MoF) to support the country’s budget deficit. The treasury bills will be issued through two …
The ratings agency also maintained the negative outlook
19 August 09:32 PM Moody's downgrades Tunisia’s credit rating
Mubasher: Moody's Investors Service has downgraded the long-term issuer rating of the government of Tunisia to B1 from Ba3 and maintained the negative outlook, according to a recent report. The ratings agency has also downgraded the foreign …
Fitch also maintained the positive outlook
19 August 09:28 PM Fitch upgrades Greece's credit rating
Mubasher: Fitch Ratings has upgraded Greece's long-term foreign-currency issuer default ratings to 'B-' from 'CCC', and maintained its positive outlook, according to a recent report. The ratings agency attributed the rating upgrade to a reduced …
The partnership will enable both entities to expand their presence in Saudi and Gulf markets
19 August 08:35 PM DGCX to launch Sharia compliant spot gold contract
Dubai - Mubasher: The Dubai Gold and Commodities Exchange (DGCX) has reached an agreement with Ayedh Dejem Group to launch the first Sharia compliant Spot Gold contract in the Middle East, to be traded on an international exchange. According to an …
Egypt's external liquidity position has significantly improved, the rise in reserves was mainly driven by debt-creating inflows
19 August 04:11 PM Moody's affirms Egypt's B3 rating; maintains stable outlook
Cairo - Mubasher: Moody's Investors Service has affirmed the government of Egypt's long-term issuer and senior unsecured bond ratings at B3, and maintained the stable outlook, according to a report issued on Friday. The rating affirmation is based …
Kuwaiti crude oil registered $47.69 per barrel on Friday
19 August 03:45 PM Kuwait oil prices rise 76 cents
Mubasher: The price of Kuwaiti oil went up by 76 cents yesterday, according to the Kuwait Petroleum Corporation (KPC). Kuwaiti crude oil registered $47.69 per barrel (pb) on Friday, compared to $46.93 pb on Thursday, as reported by Kuwait News …
EGX30 ended the week below the level of 13,120 points
18 August 07:30 PM EGX down 2.6% in week, market cap loses EGP18bn
Cairo - Mubasher: The Egyptian Exchange (EGX) saw a negative performance during the week that ended Thursday 17 August, pressured by the selling activities of Egyptian and foreign investors alike. The benchmark index EGX30 continued its downwards …
Kuwaiti crude oil registered $46.93 per barrel on Thursday
18 August 05:07 PM Kuwait oil down $0.72
Kuwait - Mubsher: The price of the Kuwaiti oil declined by 72 cents on Thursday, according to the Kuwait Petroleum Corporation (KPC). The Kuwait News Agency (KUNA) reported that Kuwaiti crude oil registered $46.93 per barrel (pb) yesterday, …
The Central Bank of Egypt (CBE) denied which was published recently about its start to start trading with the Bitcoin during August
17 August 09:22 PM Egypt banking sector not to deal with Bitcoin – CBE
Cairo – Mubasher: The Central Bank of Egypt (CBE) denied which was published recently about its start to start trading with the Bitcoin during August. No instructions were issued to the Egyptian banking sector to start trading with the Bitcoin, …
Renaissance Capital on Thursday revealed a report that focused on the potential foreign direct investments (FDI) in Egypt
17 August 09:08 PM FDI inflows sources to Egypt come from various states– RenCap
Cairo – Mubasher: Renaissance Capital on Thursday revealed a report that focused on the potential foreign direct investments (FDI) in Egypt. “[The] oil and gas could be the main beneficiary, with commercial real estate, modern retail and consumer …
The new decision divides industrial facilities as per three levels, namely: medium, small and micro enterprises, the ministry’s statement released Thursday showed
17 August 08:01 PM Kabil issues decision to define small, medium, micro firms
Cairo – Mubasher: Egypt’s minister of trade and industry Tarek Kabil has issued a decision to identify small, medium, and micro companies as per Law no. 15 of 2017, which aims to facilitate the procedures for providing licences to industrial …
The plant will produce reinforcing steel at a production capacity of 1.2 million tonnes
17 August 06:55 PM Italy’s Danieli to build steel plant in SCZone - Mameesh
Cairo – Mubasher: The Suez Canal Authority (SCA) on Thursday signed a memorandum of understanding (MoU) with Danieli, an Italian metal manufacturing company, to build an iron and steel plant in the Suez Canal Economic Zone (SCZone). The plant will …
The total number of firms rose to 1,605 in July 2017
17 August 06:22 PM Investments in 1,605 firms reach EGP 2.4bn in July – Ministry
Cairo – Mubasher: The number of companies which were established as well as those which saw expansions surged 56% year-on-year in July 2017, with total investments reaching EGP 2.4 billion, Egypt’s Ministry of Investment and International …
EBRD signed a FAA with GCF to invest $1 billion in a renewable energy project in Egypt
17 August 05:29 PM EBRD, GCF to invest $1bn in renewable energy project in Egypt
Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) on Thursday signed a funded activity agreement (FAA) with the Green Climate Fund (GCF) to invest $1 billion in a renewable energy project in Egypt. This investment will …
EGX indices closed Thursday on mixed note amid Egyptian and foreign selling
17 August 05:21 PM EGX closes Thursday mixed amid MPC meeting anticipation
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices closed Thursday on a mixed note, amid Egyptian and foreign selling, and the anticipation of the EGX's’s Monetary Policy Committee (MPC) meeting regarding the interest rate. The benchmark …