Egypt news

22 January 11:28 PM Oil goes down at Tuesday’s settlement on slower global growth

Mubasher: Oil futures settled down on Tuesday, as the IMF lowered its expectation regarding the growth of the global economy.

Oil and Energy

The CBE is ready to protect debt holders

22 January 11:10 PM EGP's exchange rate may see some volatility – CBE’s Governor

Cairo – Mubasher: The Egyptian Pound’s exchange rate may move, following the shutdown of the system allowing foreign investors to repatriate dollars, the Central Bank of Egypt’s (CBE) governor Tarek Amer stated. The CBE is ready to protect debt …

Macroeconomics

22 January 10:41 PM Gold settles higher on Tuesday

Mubasher: Gold settled up on Tuesday, as tensions rise between the US and China, threatening the possibility of reaching a trade agreement.

Goods and Metals

22 January 07:47 PM Eastern Company returns to Cairo Airport Duty-Free after 5-yr hiatus

Cairo – Mubasher: Eastern Company has closed a supply agreement with Cairo Airport Duty-Free after a five-year suspension.

Global Reports

The report was published ahead of MEDLAB 2019

22 January 07:43 PM MENA’s clinical laboratory services market hits $10bn – Report

Dubai - Mubasher: The clinical laboratory services market in the Middle East & North Africa Region (MENA) is estimated at $8-$10 billion with a major increase in doctor’s decisions based on laboratory test results, according to a report released …

Sector Reports

22 January 07:06 PM Halliburton swings into profit in Q4

Halliburton turned to profit in the fourth quarter of 2018, while its total revenue declined marginally.

Global Reports

22 January 07:05 PM Egypt to invest over EGP 70bn in energy projects

Cairo – Mubasher: The Egyptian government is planning to enhance the efficiency of its electricity grids including high-voltage converter plants.

Global Reports

22 January 07:03 PM Elsewedy to launch EGP 2bn projects in New Administrative Capital

Cairo – Mubasher: Elsewedy Electric Co. has announced that it was considering a number of infrastructure projects.

Global Reports

22 January 07:00 PM Al Baraka Bank–Egypt names new chairman

Mubasher: The board of Al Baraka Bank–Egypt has elected Ibrahim Al-Shamsi as a new chairman, to succeed Adnan Ahmad Youssef, who was appointed to the position in 2008.

Global Reports

22 January 06:09 PM Gas futures fall 9% on slower global growth fears

Gas future prices dropped by more than 9% on Tuesday, as worries mounted over a global economic slowdown.

Oil and Energy

22 January 05:43 PM UAE’s Dana Gas plans $5bn investments in Egypt - CEO

Abu Dhabi – Mubasher: Dana Gas is planning to increase its investments in Egypt by around $5 billion in the coming five years to bolster its gas exploration activities, its CEO said on Tuesday. Egypt’s prime minister Mostafa Madbouly has already …

Macroeconomics

22 January 05:34 PM Honeywell considers smart city investments with Egypt, Saudi Arabia

Honeywell Building Solutions is in talks with Egypt and Saudi Arabia over their ongoing smart city development plans, according to a management figure.

Global Markets brief

22 January 05:29 PM Gulf nations to bolster Pakistani economy with $30bn loans, investments

Prime Minister Imran Khan turned to Arab Gulf nations to shore up the economy.

Global Reports

Agility Public Warehousing signed a MoU to manage logistic services for Carbon Holdings’ industrial institutions in Egypt.

22 January 05:04 PM Kuwait’s Agility signs logistics deal with Egypt’s Carbon Holdings

Mubasher: Agility Public Warehousing, dually-listed on Boursa Kuwait and the Dubai Financial Market (DFM), signed a memorandum of understanding (MoU) to manage logistic services for Carbon Holdings’ industrial institutions in Egypt, including its …

Companies Investments

22 January 04:28 PM Moody’s affirms stable outlook for N.Africa, Levant sovereigns in 2019

Moody’s affirms stable outlook for N.Africa, Levant sovereigns in 2019

Global Economy

22 January 04:02 PM EGP mixed against FX currencies Tuesday

Cairo – Mubasher: The performance of the Egyptian pound was mixed on Tuesday against foreign currencies at national and private banks. Misr Iran Development Bank (MIDB) offered the highest US dollar rate at EGP 17.9 for buying and EGP 17.98 for …

Banking and Finance

22 January 03:53 PM Egypt eyes achieving EGP 100bn surplus in FY18/19

Cairo – Mubasher: Egypt is looking to achieve a primary surplus of EGP 100 billion at the end of fiscal year 2018/2019, the finance minister said on Tuesday. The Arab world's most populous country has not witnessed such a surplus in 20 to 30 …

Macroeconomics

22 January 02:49 PM India’s solid economic growth, regulatory reforms to boost insurance sector

India’s insurance and reinsurance sectors would grow strongly thanks to a robust economy and evolving regulations, Moody’s Investor Service said in a new report.

Global Reports

22 January 02:05 PM Global financial system risks remain modest despite uncertainty – Moody’s

As global financial markets are facing risks amid mounting volatility and market turbulence, the threat level to the overall financial system remains mild.

Global Reports