Seven banks have raised prices on returns, in a weak response to the Central Bank of Egypt's (CBE) decision to raise various rates on deposits and lending.
A recent CBE decision saw an increase in the benchmark overnight deposit rate by 1% to 9.25%, (...)
The Saudi Company for Developing Construction (SCDC) has signed a contract with the Egyptian government to establish a tourist residential project in 6th of October City, according to Ahmed Darwish, Secretary-General of the Saudi-Egyptian (...)
The government will not currently offer new licences for steel production, Chairman of the Industrial Development Authority (IDA) Ismail Gaber told the Daily News Egypt.
He added: "The government's most recent decision to settle with Bianco Group (...)
The Ministry of Industry and Trade issued an EGP 200 fee on each ton of marble and granite blocks, in addition to an EGP 50 fee on each ton of any kind of sand, according to statement made by Minister of Industry and Trade Mounir Fakhry Abdel Nour (...)
Chairman of the Industrial Development Authority (IDA) Ismail Jaber said that The Industrial Development Authority (IDA) is currently working to re-classify the list of energy intensive industries contained in the prime minister's resolutions, said (...)
A meeting held during a breakfast banquet on Sunday by President Abdel Fattah al-Sisi with a group of businessmen led to the formation of a committee comprised of both businessmen and government officials to manage the Long Live Egypt Fund, and to (...)
The Industrial Development Authority (IDA) has begun settlement proceedings for a factory owned by Bianco Group of Integrated Industries, after the cabinet decided to approve "the issuance of new licences for the company, allowing it to increase its (...)
What is Samsung's market share with respect to the Home Appliance market in Egypt? How do you intend to maximise market share?
Samsung is grabbing market share with a combination of technological innovation and stylish design. Part of our strategy (...)
Egyptian exports of non-petroleum products rose 1.6% year on year in June 2014 to $2bn, up from $1.98bn in exports in June 2013.
Exports began rising in May and continued their climb in June, marking the beginning of a recovery in exports. Exports (...)
The Industrial Development Authority (IDA) has filed a memorandum to the Minister of Industry and Foreign Trade Mounir Fakhry Abdelnour requesting the removal of rebar manufacture from the list of energy-intensive industries.
Removing it would (...)
Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour met with Ezz Steel, Beshay Steel, and Suez Steel – the three largest companies producing iron and steel in Egypt – on Sunday, in order to discuss the repercussions of the increase in (...)
Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour called on agricultural exporters to focus on Arab markets more than in the past, particularly the Gulf countries, in light of the difficult situation in Turkey, which was formerly a the (...)
The Ministry of Agriculture is aiming to achieve growth rates of up to 4.5% annually, creating approximately 1.6m jobs, increasing agricultural areas and reclaiming more land, according to Minister of Agriculture and Land Reclamation Adel (...)
The Ministry of Planning has announced intentions to hold a conference for "donor countries" to Egypt before the end of the year and following the completion of parliamentary elections.
Nihal Al-Megharbel, adviser to the Minister of Planning Ashraf (...)
James Moran, head of European Union Delegation to Egypt, welcomed the recent decision taken by the Egyptian government to reduce subsidies on petroleum products, saying that "Egypt has begun its way towards the implementation of a plan for economic (...)
The EU and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in Egypt signed agreements with 17 organisations Sunday, to finance projects developing informal and slum areas in Cairo and Giza.
The total amount provided will be € (...)
Local steel mills held a meeting Sunday with Industrial Development Authority (IDA) Chairman Ismail Gaber to discuss recent energy price increases and their effect on local producers, as well as means of compensating for the adjustment.
The (...)
The government has raised gas prices for cement factories to $8 per million British Thermal Units (BTUs) compared to $6 previously, while fuel oil increased from EGP 1,500 to EGP 2,250 per tonne.
An official source from a cement company who (...)
The Federation of Egyptian Industries has requested that the Egyptian government take urgent measures to protect local industry from "unfair competition with imported products and smuggling" due to recent price increases.
The federation said the (...)
A financial statement from the new general budget for the fiscal year (FY) 2014/2015 states that diesel fuel makes up 44.8% of the total value subsidies on all petroleum products.
It also noted that petrol accounts for 20.1%, butane 19.1%, and (...)
Economic experts have voiced scepticism over the government's ability to meet the finance ministry's revised GDP target for the 2014/2015 fiscal year (FY) of EGP 2.4tn, a 20% increase from EGP 2tn in FY 2013/2014.
In his statements over the weekend, (...)
The government has reduced export subsidies by EGP 500m in the budget for the 2014-2015 fiscal year (FY) to EGP 2.5bn, compared to EGP 3.1bn from the 2013-2014 FY, leading to a backlash from exporters.
The decrease has been enforced despite an (...)
The new budget for the 2014/2015 fiscal year (FY) includes allocations amounting to EGP 400m for infrastructure in industrial areas, according to Ismail Gaber, chairman of the Industrial Development Authority.
According to the financial statement (...)
Egyptians have begun stocking large quantities of foods in preparation for Ramadan despite high prices and calls by President Abdel Fattah Al-Sisi to reduce spending and embrace austerity.
A large number of Egyptians have purchased food products at (...)
Governor of the Central Bank Hisham Ramez announced Monday the opening of a new bank account under the number 037037, a reference to the date on which President Abdel Fattah Al-Sisi declared the ouster of former president Mohamed Morsi.
The account, (...)