Egypt news

MOF on Monday posted that yield on five-year T-bills declined 7%
20 minutes ago Egypt’s yield on gov’t T-bills drops 7% - MOF
Cairo – Mubasher: The Ministry of Finance (MOF) on Monday posted that yield on five-year treasury bills (T-bills) declined 7%, compared to the last issuance. The average yield of the five-year notes reached 15% from 16.15% and were oversubscribed …
EGX closed Monday’s session on a mixed noted
56 minutes ago Blue chips boost EGX30 above 13,600 pts; market cap gains EGP 2.3bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Monday’s session on a mixed noted amid Egyptian and Arab buying. The benchmark EGX30 index rose 0.49% or 67.23 points to the level of 13,674.42 points. The EGX70 index slipped 0.11% to 770.76 …
Brent futures rose by 1.4% to $57.67 per barrel
2 hours ago Brent surges to highest level since mid-2015
Mubasher: Brent crude oil expanded its gains during Monday trade, reaching its highest level in more than two years, with investors showing a positive sentiment regarding the output limitation agreement. Brent futures rose by 1.4% to the level of …
Egypt is working on the development of oil refineries with investment worth $12.6 billion
3 hours ago EGPC to develop Egypt’s oil refineries for $12.6bn
Cairo – Mubasher: Egypt is working on the development of oil refineries with investment worth $12.6 billion, an official at the Egyptian General Petroleum Corporation (EGPC) told Reuters on Monday. Developing Egypt’s oil refineries aims to …
Shell Egypt posted new partnership with FCA Egypt
3 hours ago Shell Egypt to be main Fiat Chrysler supplier in Egypt
Cairo – Mubasher: Shell Egypt on Monday announced a new partnership with Fiat Chrysler Automobiles (FCA) Egypt Ltd to be FCA’s single supplier in Egypt. This partnership will give Shell the opportunity to reinforce the usage of its motor oils in …
Egypt will renew its contract with Iraq over importing crude oil
4 hours ago Egypt to renew crude oil import from Iraq deal
Cairo – Mubasher: Egypt will renew its contract with Iraq over importing crude oil, CEO of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz El-Regal told Reuters. Last August, the EGPC said that it was aiming to start negotiations with …
France’s Vallourec, Egypt's Shell ink contract to supply 'Bapetco' project
01:11 PM France’s Vallourec to supply Bapetco project in Egypt
Cairo – Mubasher: The French company Vallourec has signed a contract with Badr Petroleum Company (Bapetco), a subsidiary of Shell, to supply approximately 60 to 70 gas wells of ‘Bapetco’ project in Egypt’s western desert with steel pipes. The …
Governor of the CBE Tarek Amer
12:38 PM Egypt pays $5.2m to Afreximbank prior to end-2017 - CBE
Cairo – Mubasher: Egypt will pay $5.2 billion for the African Export-Import Bank (Afreximbank) before the end of December 2017, the Governor of the Central Bank of Egypt (CBE) Tarek Amer told Almal News. Paying the required dues to the Afreximbank …
EGX opens Monday up amid Egyptian, Arab buying
12:05 PM Local, Arab buying push EGX up early Monday
Cairo – Mubasher: The Egyptian Exchange (EGX) rose early Monday, bolstered by Egyptian and Arab buying. By: 10:33 am Cairo time, the benchmark EGX30 index inched up 0.21% or 28.75 points to the level of 13,635.94 points. The EGX20 index added …
he Egyptian president Abdel Fattah El-Sisi
11:42 AM El-Sisi heads to UAE in two-day visit Monday
Cairo – Mubasher: The Egyptian president Abdel Fattah El-Sisi is heading to the UAE on Monday for a two-day official visit. El-Sisi is scheduled to meet with UAE leaders to discuss various regional and international issues of mutual interest, …
CBE will issue T-bills worth EGP 1.5bn on Monday
11:14 AM CBE issues T-bills worth EGP 1.5bn Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) on Monday will issue treasury bills (T-bills) worth EGP 1.5 billion in coordination with the Ministry of Finance to finance the country’s budget deficit. The first tranche will be offered through …
Gold has fallen by more than $70 per ounce in 2017
01:15 AM Gold down to $1,295 per ounce - Sabaek
Mubasher: Gold prices went down by $23 to reach $1,295 per ounce in last week's trading in New York New Mix market, according to Sabaek Al-Kuwait Company. Kuwait News Agency (KUNA) reported that the company added in its weekly report on Sunday …
Number of British firms are willing to invest in Egypt’s transport sector
24 September 05:55 PM Number of British firms ready to invest in Egypt’s transport sector – UK Ambassador
Cairo – Mubasher: The British Ambassador to Egypt John Casson said that a large number of British firms are willing to invest in Egypt’s transport sector, in addition to the UK’s readiness to transfer its British experience in development …
Egypt’s yield on 91-day T-bills drops to lowest level in 7M
24 September 05:48 PM Egypt’s yield on 91-day T-bills drops to lowest level in 7M - CBE
Cairo – Mubasher: The Central Bank of Egypt (CBE) on Sunday posted that yield on 91-day treasury bills (T-bills) declined to their lowest level in seven months or since 21 February 2017. The average yield of the 91-day notes reached 18.45% and was …
Pharos Research upgraded its FV ADIB Egypt to EGP 24, with an "Overweight" recommendation
24 September 04:16 PM Pharos Research upgrades ADIB Egypt FV to EGP 24; maintains “Overweight”
Cairo – Mubasher: Pharos Research has upgraded its fair value (FV) of Abu Dhabi Islamic Bank - Egypt (ADIB) to EGP 24, with an "Overweight" recommendation, according to a recent report. The FV upgrade came on the back of several positive …
EGX closed Sunday on mixed note amid Arab, foreign buying
24 September 04:09 PM CIB deepens EGX30 losses Sunday; EGX70 up 1.16%
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Sunday’s session on a mixed note amid Egyptian selling. The benchmark EGX30 index fell 0.64% or 88.14 points to the level of 13,607.19 points. The heavyweight Commercial International Bank – …
Delta for Construction and Rebuilding on Sunday signed an EGP 641 million joint loan agreement
24 September 04:08 PM Delta for Construction and Rebuilding wins EGP 641m joint loan
Cairo – Mubasher: Delta for Construction and Rebuilding on Sunday signed an EGP 641 million joint loan agreement with Banque Misr and the Arab African International Bank (AAIB). Delta for Construction and Rebuilding is a subsidiary of Egyptian …
AMOC’s general meeting in the presence of Egypt's petroleum minister Tarek El-Molla
24 September 03:33 PM AMOC provides EGP 8.5bn petroleum products for local market - Chairman
Cairo – Mubasher: Alexandria Mineral Oils Co’s (AMOC) chairman and managing director Amro Mustafa on Sunday said that his firm contributed in providing the Egyptian market with petroleum products, equivalent to EGP 8.5 billion. The EGX-listed …
4G services will be available through WE, Vodafone, Etisalat, and Orange
24 September 02:05 PM MCIT to officially launch 4G services in Egypt Thursday
Cairo – Mubasher: Egypt’s Ministry of Communication and Information Technology (MCIT) will officially launch the fourth generation (4G) of cellular services in the Egyptian market on Thursday, 28 September, sources told Youm7. Moreover, the MCIT …
SODIC inks MoU for land development in North Coast
24 September 12:41 PM SODIC inks MoU for land development in North Coast
Cairo – Mubasher: Sixth of October for Development and Investment Company (SODIC) on Sunday announcing signing a non-binding memorandum of understanding (MoU) to develop a 300-acre land in the North Coast with the land owner. Due diligence is …
EGX opened on a mixed note amid Arab selling early Sunday
24 September 12:02 PM EGX opens Sunday on mixed note; CIB drives EGX30 lower
Cairo – Mubasher: The Egyptian Exchange (EGX) opened Sunday’s session on a mixed note amid Arab investors’ selling. By 10:31 am Cairo time, the benchmark EGX30 slipped 0.06% or 8.23 points to the level of 13,687.10 points, pressured by blue chips. …
IFC to pump $150m in Egypt’s agriculture sector – Minister
23 September 03:23 PM IFC to pump $150m in Egypt’s agriculture sector – Minister
Cairo – Mubasher: The executive board of the International Finance Corporation (IFC), the subsidiary of the World Bank (WB) approved on Friday to invest $150 million in Egypt’s agricultural sector, the Minister of Investment and International …
ADFG to invest in Egypt’s educational sector – Minister
23 September 01:19 PM ADFG to invest in Egypt’s educational sector – Minister
Cairo – Mubasher: Abu Dhabi Financial Group (ADFG) is interested in investing in Egypt's educational sector during the coming period, Egypt’s Minister of Investment and International Cooperation Sahar Nasr said on Friday during meeting with the …
Egypt is targeting the production of 500,000 cars per annum
21 September 08:04 PM Egypt’s auto industry sees $3bn investments – Minister
Cairo – Mubasher: The total value of investments in Egypt’s automotive industry amounts to $3 billion, said trade and industry minister Tarek Kabil. The auto industry is one of the most important and strategic sectors in the national economy, he …
Meanwhile, minister of petroleum and mineral resources Tarek El-Molla said that the cost of Egypt’s petroleum product subsides has reached EGP 122.4 billion in 2017
21 September 07:27 PM Egypt sees 41 oil explorations in FY16/17 – EGPC
Cairo – Mubasher: Abed Ezz El Regal, CEO of the Egyptian General Petroleum Corporation (EGPC), said on Thursday that there were 41 new petroleum explorations in the fiscal year 2016/2017. The new explorations include 28 for crude oil and 13 for …