North africa news

IFC to pump $150m in Egypt’s agriculture sector – Minister
4 hours ago 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
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 …
Aiguo said that the industrial zone will incorporate industrial, commercial, and service facilities, in addition to schools and hospitals, the newspaper added
21 September 02:52 PM China in talks to build industrial zone in Egypt
Cairo – Mubahser: Chinese ambassador to Egypt Song Aiguo has said that China was negotiating with the Egyptian government the establishment of an integrated industrial zone in the New Administrative Capital, according to Almal newspaper. Aiguo …
Revenues increased to EGP 675.8 million in the first six month of 2017 from EGP 638.01 in the comparative period, EGAS stated
21 September 01:03 PM EGAS losses rise to EGP 53.5m in H1-17
Cairo – Mubasher: Egypt Gas Holding Company (EGAS) has reported an increase in its net losses by 12% year-on-year in the first half of 2017 on the back of higher costs. EGAS suffered an EGP 53.5 million loss in H1-17 versus EGP 47.9 million in the …
Google signed a $1.1 billion dollar agreement with HTC Corporation to purchase a stake of its operations
21 September 01:02 PM Google buys $1.1bn stake in HTC
Mubasher: Google signed a $1.1 billion dollar agreement with HTC Corporation to purchase a stake of its operations. Alphabet Inc., Google's owner on Thursday stated that some of HTC’s employees will join Google, as well as Google will receive a …
The Africa50 fund will invest $8 million in 400 MWp project, which will be developed at the Benban site north of Aswan, according to the fund’s statement
21 September 12:36 PM Africa50 invests $8m in Aswan
Cairo – Mubasher: Infrastructure fund Africa50 has announced signing a joint development agreement with Norway’s Scatec Solar ASA and Norfund to finance a 400-megawatt peak (MWp) for solar power plants in Aswan, Egypt. The Africa50 fund will …
The main index EGX30 surged 0.62% or 84.72 points reaching 13,695.33 points, after 1.4 billion shares were exchanged, generating EGP 3.4 billion
21 September 10:57 AM EGX indices end week up, market cap gains EGP 12.8bn
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices closed the week ended Wednesday 20 August in the green zone, amid a rise in Arab and Foreign purchases. The main index EGX30 surged 0.62% or 84.72 points reaching 13,695.33 points, after 1.4 …
TE’s stake in Vodafone currently makes up 40% of its consolidated profits.
20 September 08:27 PM Will Telecom Egypt need to exit Vodafone after launching 4th mobile licence? - Analysis
By: Heba El-Kordy Analysts have expressed varying opinions with regards to Telecom Egypt’s (TE) exit from its 45% stake in Vodafone and the extend of its profitability from the newly-launched fourth mobile licence. TE’s stake in Vodafone currently …
EGX closed Wednesday on a mixed note amid Arab selling
20 September 04:41 PM EGX closes Wednesday on mixed note
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday on a mixed note amid Arab selling. The benchmark EGX30 index slipped 0.25% or 34.67 points to the level of 13,695.33 points. The EGX70 index rose 1.88% to 762.71 points, while the …
Singaporean firm to set up EGP18bn industrial zone in Faiyum
20 September 02:22 PM Singaporean firm earmarks EGP 18bn for industrial zone in Faiyum
Cairo – Mubasher: A Singaporean holding company has allocated EGP 18 billion to establish an integrated industrial zone in the Kom Oshim area of Faiyum governorate, a source at Egypt’s Ministry of Trade and Industry told Almal News. On 19 …
He added that through BSO’s “low-latency and highly resilient connectivity service” traders can enjoy transparent and secure trading
20 September 01:52 PM DGCX enables trading from London via BSO
Dubai – Mubasher:  The Dubai Gold and Commodities Exchange (DGCX) announced that BSO Network Solutions enhanced its Market Data Connect service to enable direct trading and market data access between it and Interxion London. The service will give …
Minister of Trade and Industry Tarek Kabil
20 September 01:46 PM Egypt exports likely to rise 10% in 2017 - Minister
Cairo – Mubasher: Egypt’s exports are expected to grow by 10% this year to reach $22 billion, minister of trade and industry Tarek Kabil told Reuters. The minister added that China would be Egypt’s fastest growing investment partner over the …
Total sales of gas stood at 1.63 trillion square feet
20 September 01:27 PM EGAS to launch oil, gas exploration tender near Mediterranean
Cairo – Mubasher: Egyptian Natural Gas Holding Company’s (EGAS) CEO Osama El Bakly said that a new global tender will be launched for oil and gas exploration in Egypt’s western Mediterranean. This tender will be launched prior to completing the …
TE launches 4th mobile phone network "WE" in Egypt
20 September 12:15 PM TE officially launches 4th mobile phone network in Egypt
Cairo – Mubasher: Telecom Egypt (TE) on Wednesday announced launching the fourth mobile network “WE” in Egypt to be the first integrated telecommunication operator in Egypt. The firm inaugurated its first and latest customer service centre, as …
EGX indices rise collectively early Wednesday
20 September 12:12 PM EGX opens Wednesday in green amid foreign, Arab buying
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices rose collectively early Wednesday, bolstered by foreign and Arab buying. By 10:25 am Cairo time, the benchmark EGX30 index grew 0.26% or 36.17 points to the level of 13,766.17 points. The …
Alexandria Mills' profits reached EGP 59.6m FY16/17
20 September 11:34 AM Alexandria Mills' profits surge 63% in FY16/17
Cairo – Mubasher: Alexandria Flour Mills on Wednesday posted a 63% year-on-year rise in profits for fiscal year 2016/2017 due to an increase in its revenues. The EGX-listed firm achieved profits of EGP 59.6 million in the fiscal year ended June …
Kuwait’s crude oil decreased by 7 cents to reach $52.59 per barrel
20 September 11:27 AM Kuwait’s crude oil down 7 cents Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil decreased by 7 cents to reach $52.59 per barrel (pb) on Tuesday compared to $52.66 pb on Monday, according to a the latest data issued by the Kuwait Petroleum Corporation (KPC). The U.S. Energy Information …
EGX likely to carry on bullish performance in an attempt to settle at 13,700 pts
20 September 10:43 AM EGX to maintain bullish performance, break above 13,700 pts – Analysts
By: Heba El-Kordy Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to carry on its bullish performance in an attempt to settle at the level of 13,700 points on the back of the banking and financial services sectors, analysts told …
Egypt's economic growth is still below pre-revolution levels
19 September 08:22 PM Egypt benefits from reforms, weak gov’t finances pose major challenge – Moody’s
Cairo – Mubasher: Egypt’s current credit profile, rated “B3 stable” by Moody’s Investors Services, has a large, diversified economy and strong reform momentum, the ratings agency said in a report released late Tuesday. It added that this credit …
EGX closed Tuesday in green
19 September 04:21 PM EGX30 closes Tuesday above 13,700 pts, market cap gains 7.5bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday’s trading session in the green zone, bolstered by Arab buying. The benchmark EGX30 index rose 1.01% or 137.29 points to the level of 13,730 points. The EGX70 index levelled up 1.28% to …
Pharos Research upgraded FV of Orascom Development to EGP 27.82/shr
19 September 02:57 PM Pharos upgrades Orascom Development FV to EGP 27.82/shr; says ‘Overweight’
Cairo – Mubasher: Pharos Research has upgraded its “sum-of-the-parts” fair value (FV) of Orascom Development Egypt to EGP 27.82 per share from EGP 17.05 per share, with an "Overweight" recommendation, according to a recent report. This …
Egyptian banks provided $55.1 billion to satisfy customers’ needs
19 September 02:42 PM Local banks provided $55.1bn to customers since EGP flotation - CBE
Cairo – Mubasher: Egyptian banks have provided about $55.1 billion to satisfy customers’ needs since the liberalisation of the exchange rate, an official at the Central Bank of Egypt (CBE) told Reuters on Tuesday. The banks paid $40 billion in …
Ministry of Finance to postpone  issuance of Panda bonds in FY17/18
19 September 02:24 PM Egypt defers Panda bonds issuance in FY17/18
Cairo – Mubasher: The Ministry of Finance decided to postpone the issuance of Panda bonds, the Chinese Yuan-denominated bonds, in the current fiscal year, an official source told Alborsa News. The source attributed this deferral to the ministry’s …