By Nada Badawi, Doaa Farid
The Central Bank of Egypt (CBE) sold $1.3bn from its foreign reserves in an "exceptional auction" it held on Wednesday, in an attempt to provide strategic imports, the bank said in an official statement on its website.
"In (...)
The UAE's green energy firm Masdar is the last of a chain of foreign investors that have expressed interest in potential long-term investment opportunities in Egypt's wind farms, the company reported.
The wind-farm project is estimated to cost (...)
Tourism Minister Hisham Zaazou appeared in a YouTube video on 22 August reaching out to the travel industry abroad to help assist governments to improve Egypt's tourism in the coming period, following the recent wave of violent clashes and civil (...)
Egypt is planning to purchase wheat imports of 5mn to 5.5mn tonnes in October, with the aim of diversifying its global wheat sources, Supplies Minister Mohamed Abu Shadi told state-run news agency MENA.
"The ministry, through the General Authority (...)
Egypt's economic growth is predicted to slow down as a result of the state's budget deficit, inflation, unemployment and high debt figures, the World Bank stated in its latest quarterly report on 27 August.
The country's economic growth registered (...)
Online pharmacy start-up, Agzakhana.com, closed venture capital Round-A investment with Vodafone Ventures Egypt, which acquired 22.22% of shares in the business, according to a Tuesday press release from the company.
Manager of Vodafone Xone Egypt (...)
Egypt's domestic liquidity rose to EGP 1.268tn at the end of May compared to EGP1.094tn at end of June last year, registering an increase of 15.9% during the 2012/2013 fiscal year, the Central Bank of Egypt reported.
The report attributed the (...)
Foreign currency reserves increased to $18.9bn at the end of July as a result of the influx of gulf aid, the Central Bank of Egypt stated on its official website.
"It is expected news, but whether these levels will increase in the near future (...)
The cabinet raised state employees' wages by 10% without imposing additional fees or taxes, state television reported.
The interim cabinet, headed by Prime Minister Hazem El Beblawi, said in an official statement that the 10% raise is part of a new (...)
Minister of Finance Ahmed Galal asserted that no taxes would be imposed in addition to the current tax law, and that combating tax evasion would not be made a tool for "settling scores" with businessmen, the State Information Service reported.
Galal (...)
The International Monetary Fund (IMF) is waiting for the "right time" to resume negotiations over the much-delayed $4.8bn loan package, said Managing Director Christine Lagarde.
Negotiations over the proposed loan have been further postponed after (...)
Credit Rating Agency, Moody's downgraded the Bank of Alexandria's local currency deposit rating one notch, from B2 to B3.
The rating agency has also affirmed the bank's Caa2 foreign currency deposit rating with a negative outlook. It stated in a (...)
The Central Bank of Egypt's Monetary Policy Committee lowered its main overnight interest rate by 50 basis points on 1 August, taking the overnight deposit rate to 9.25% and the overnight lending rate to 10.25%.
According to a statement on the (...)
The Daily News Egypt spoke to Jeremy Doutte, one of the co-founders and managing directors of online shopping retailer Jumia Egypt, which has been online for a year. Doutte, who has more than nine years of work experience spanning across various (...)
The Egyptian Stock Exchange announced the launch of a new website they say will perform faster and with greater accuracy.
Hesham Tork, head of the Stock Exchange's public relations, said the improvements made to their website include a more (...)
Non-petroleum exports have increased by 15% in the second quarter of 2012/2013 reaching $3.43m compared to the same period last year, according to a report published by the Central Bank of Egypt.
This March, net exports, which account for more than (...)
The construction sector is currently facing a range of obstacles, including increased prices of industrial fuel, higher taxes and high foreign exchange costs, according to a report published by Gleeds Construction Consultancy Egypt (GCCE).
The (...)
The stock exchange's four main indices registered profits of EGP 1.5bn on Sunday, despite violent clashes that dozens dead and hundreds injured on Saturday.
The benchmark EGX30 index, which encompasses the market's 30 blue-chips, dropped 0.66% to (...)
The Egyptian pound edged up against the US dollar to EGP 6.99 as a result of the recently delivered $5bn in Gulf aid packages, the Central Bank of Egypt said on its official website.
Following the military ouster of former president Mohamed Morsi, a (...)
The recently pledged $12bn in Gulf lifelines to Egypt will be earmarked towards increasing the state's fiscal budget and bolstering Egypt's net foreign currency reserves, said Finance Minister Ahmed Galal in a press conference on Thursday.
Galal (...)
Ibrahim El-Demeiry, who accepted the post of minister of transportation on Monday, faces massive challenges in the six months ahead, given the frequency of road and maritime accidents in Egypt.
The Arab world's most populous country has been the (...)
Microsoft and BlackBerry have both announced their decision to reduce their prices in an attempt to increase sales.
BlackBerry has cut the price of its Z10 phone to as low as $49 from $199 four months ago, while Microsoft has dropped the price of (...)
The EGX30 index fell 1.69% on Wednesday following Minister of Defence Abdul Fatah Al-Sisi's call for mass Friday demonstrations.
The benchmark index closed at 5,359.57 points, down from 5,451.72 on Monday, after Sisi asked for a popular mandate for (...)
The General Federation of Investors announced its decision to hold a series of meetings with the recently appointed cabinet ministers to discuss urgent solutions regarding investment obstacles and issues faced by investors in Egypt.
"We're still (...)
By Nada Badawi and Doaa Farid
A number of Egyptian tourism officials have denied reports attributed to the Emir of the Mecca province, Khaled bin Faisal Al-Saud, which announced 700,000 Egyptian pilgrims in the first ten days of Ramadan.
According (...)