Egypt news

Contracts worth a total of $788.7 million were signed in Q3-17
17 minutes ago Orascom Construction seals $1.54bn deals in 9M
Cairo – Mubasher: Orascom Construction has signed a total of $1.54 billion contracts across the Middle East and North Africa (MENA) region and the U.S. during the first nine months of 2017, board member Osama Bishai said. Following the addition of …
Minister of trade and industry Tarek Kabil
26 minutes ago Egypt, Cyprus trade hits EUR 42m in 7M - Minister
Cairo – Mubasher: Trade volume between Egypt and Cyprus reached EUR 42.3 million during the first seven months of 2017 from EUR 29 million in the prior-year period, Egypt’s trade minister Tarek Kabil said. Egypt’s exports of commodities to Cyprus …
Oil prices increase amid optimism of controlling the market
1 hour ago Oil prices rise amid optimism stronger OPEC control
Mubasher: Oil prices jumped during Tuesday’s trades ahead of initial data regarding US oil stockpiles, as investors welcomed the resolutions by the Organization of Petroleum Exporting Countries (OPEC) to impose further market control. By 10:43 am …
South Korea's GKC to ink $225m power plant deal Wednesday
2 hours ago South Korea's GKC to install $225m power plant in Beheira
Cairo – Mubasher: South Korea's Global Knowledge Company (GKC) will sign an agreement on Wednesday to develop a $225 million waste-to-energy power plant in Beheira, CEO of GKC MENA Ihab Tahoon told Al-Mal News. The first phase of the deal will …
Orascom Construction Q3 profits down 19%
2 hours ago Orascom Construction profits up 6% in 9M
Cairo – Mubasher: Orascom Construction on Tuesday reported a 19% year-on-year drop in consolidated profits for the third quarter of 2017 due to lower revenues. Net profit amounted to $23.5 million in the three months ended September 2017, compared …
Egypt, Cyprus eye gas pipeline construction December
3 hours ago Egypt, Cyprus eye gas pipeline construction December
Cairo – Mubasher: Egypt and Cyprus agreed to start talks in December over establishing a natural gas pipeline to transfer gas from Cypriot fields to Cairo, according to China’s Xinhua. Negotiations between both parties will include using an …
Prime Minister Sherif Ismail
3 hours ago Egypt’s informal economy hits EGP 1.8tr – Prime Minister
Cairo – Mubasher: Egypt’s informal economy stood at EGP 1.8 trillion, Prime Minister Sherif Ismail said in a statement. Egypt is likely to add handcrafts industries to the formal economy which will boost the country’s gross domestic product (GDP), …
he CIB rose 1.05% to EGP 74.3, with a turnover of EGP 3.7 million
3 hours ago CIB boosts EGX higher early Tuesday
Cairo – Mubasher: The Egyptian Exchange (EGX) opened Tuesday’s trading session in the green zone, bolstered by local and Arab buying. By 10:18 am Cairo time, the benchmark EGX30 index edged up 0.63% or 85.88 points to the level of 13,766.18 points …
Oil prices declined in line with the anticipation for the OPEC meeting
4 hours ago Kuwait crude oil rises 70 cents – KPC
Mubasher: The price of Kuwait’s crude oil increased by 70 cents to settle at $59.14 per barrel (pb) on Monday compared to $58.44 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
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12:29 AM Eni, BP interested in Iraq’s Majnoon field
Mubasher: The UK’s BP and Italy’s Eni have expressed their interest in developing the giant Majnoon oil field in Iraq, Reuters reported on Monday. Other oil companies are also keen on developing the field, which Royal Dutch Shell plans to leave …
Gold declined by more than $21 on Monday
12:26 AM Gold prices down 1.6% as USD rises
Mubasher: Gold prices dropped 1.6%, as the US dollar rose supported by the uncertainty regarding negotiations for forming a new government in Germany. The price of gold futures for December delivery lost more than $21.2 and reached $1,275.3 per …
Nymex futures reached $56.09 per barrel
12:22 AM Oil prices down Monday
Mubasher: Oil prices fell on Monday, amid a growing anticipation of the Organization of the Petroleum Exporting Countries (OPEC) summit, which will take place on 30 November. Nymex futures for December delivery fell 0.8% to the level of $56.09 per …
US Federal Reserve Chair Janet Yellen
20 November 11:20 PM Yellen to resign from Federal Reserve in February
Mubasher: US Federal Reserve Chair Janet Yellen announced on Monday that she will resign from the Board of Governors once Jerome Powell is confirmed and sworn in to replace her after her term expires next February. Although Yellen’s term would end …
Saudi crude imports registered 6.55 million barrel per day in September
20 November 07:03 PM Saudi oil imports down to 79M low - JODI
Riyadh - Mubasher: The Joint Organisations Data Initiative (JODI) revealed that Saudi oil imports declined to 6.55 million barrel per day, compared to 6.71 million barrels per day in August. Data showed that in September Saudi crude imports …
Michelin eyes 40% stake sale in Anhui Warrior
20 November 06:50 PM Michelin eyes 40% stake sale in Anhui Warrior
Mubasher: France's Compagnie Generale des Etablissements Michelin on Monday announced plans to sell about 40% of its stake in Chinese joint venture Anhui Warrior. The French tire company added that it will sell 30% of the shares to Shanghai Huayi …
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20 November 06:22 PM EgyptAir to lease 15 Airbus A320neo planes
Cairo - Mubasher: EgyptAir recently announced that it will lease 15 A320neo Airbus aircrafts, according to the company’s chairman and CEO Safwat Musallam. The deal comes after the Egyptian airlines reached a long-term agreement with AerCap …
The company will raise its capital to EGP 120 million through a rights issue
20 November 06:05 PM MubasherTrade maintains Buy on Kafr El-Zayat
Cairo - Mubasher: MubasherTrade Research has reiterated the Buy/Moderate Risk rating for Kafr El-Zayat Pesticides, according to a recent report. The research firm also adjusted its price target for the stock from EGP 79.33 per share to EGP 52.89 …
ABK-Egypt’s assets increased by 35% year-on-year to total EGP 20.2 billion
20 November 05:58 PM ABK-Egypt records EGP 240m profits in 9M
Cairo – Mubasher: Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) registered a profit of EGP 240 million, before calculating taxes, in the first nine months of 2017, the CEO and managing director of ABK-Egypt, Khaled El Salawy, said. ABK-Egypt’s assets …
Toshiba to sell $5.4bn shares to avoid delisting
20 November 05:51 PM Toshiba to sell $5.4bn shares to avoid delisting
Mubasher: Toshiba on Monday announced that the company is planning to sell new shares valued at $5.4 billion to foreign investors so as to meet the company’s needs and avoid delisting. The Japanese company seeks to sell 2.28 billion shares valued …
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20 November 05:34 PM Pharos raises Elsewedy’s FV to EGP 155/shr
Cairo - Mubasher: Pharos Research has reiterated the ‘overweight’ recommendation on Elsewedy Electric, according to a recent report. The firm also upgraded Elsewedy Electric’s fair value (FV) to EGP 155 per share from EGP 111.5, on the back of the …
Residents are predicted to spend up to $2.9 billion on super expensive cars
20 November 05:18 PM Luxury cars top UAE residents’ buying in 2017
Mubasher: GCC citizens have often made headlines with excessive spending, especially on luxury items. Most people often dream of having big fortunes and wonder what they would do if they won a lottery or got rich suddenly. For some in the GCC …
EGX30 lost 0.45% and closed the session at 13,680.5 points
20 November 04:59 PM EGX30 closes at 1M low Monday
Cairo - Mubasher: The Egyptian Exchange (EGX) ended Monday’s trading session in the red, as the benchmark index EGX30 changed the upward direction seen earlier in the session. The EGX30 fell by 0.45% or 61.61 points to 13,680.5 points at close, …
Qatar’s trade surplus with Japan hits 2017 high in October
20 November 02:24 PM Qatar’s trade surplus with Japan hits 2017 high in October
Mubasher: The trade surplus between Qatar and Japan increased 22.5% year-on-year in October, according to the monthly bulletin issued by the Japanese Ministry of Finance. The trade surplus reached its highest in October 2017 at JPY 97.57 billion …
FDIs in Africa to hit $60bn in FY17/18
20 November 01:59 PM FDIs in Africa to hit $60bn in FY17/18 - Minister
By: Abdullah Bedier Cairo – Mubasher: Foreign direct investments (FDIs) in Africa are expected to stand at $60 billion during the current fiscal year, Egypt’s investment minister Sahar Nasr said. These expectations will be achieved, in line with …
Emaar Misr chose ASGC as the main contractor for two of its projects
20 November 01:40 PM ASGC to expand in Egypt with 2 projects
Dubai - Mubasher: UAE-based ASGC on Monday announced the expansion of its overseas portfolio with two new projects in Cairo, Egypt. The awards were made by Emaar Misr, a subsidiary of Dubai-based Emaar Properties. Emaar Misr chose ASGC as the main …