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Egyptian reform programme irreversible, process will continue: EGX chairperson

Mohamed Farid, chairperson of the Egyptian Exchange (EGX) and the Federation of Euro-Asian Stock Exchanges (FEAS), said that Egypt’s economic reform programme put the country in a position allowing it to create its success story, adding, “tremendous improvements were made.” Farid noted, at CFA Institute’s Middle East Investment Conference on Monday, that the Egyptian reform programme is …

Hagar Omran

Government seeks to increase petroleum production, reduce subsidies to cover costs of providing petroleum products

Minister of Petroleum and Mineral Resources Tarek El-Molla said that the government is seeking to recover the costs of providing petroleum products in the local market. This will take place through increasing the production rates of raw petroleum, as well as continuing to reduce subsidies on petroleum products. According to El-Molla, petrol consumption declined by …

Ahmed Ismail

Syria withdraws reports of missile attack on Shayrat airbase

Hours after the Syrian Arab News Agency reported that a missile attack on Shayrat airbase took place, the Syrian military said on Tuesday that a false alarm activated the base’s areal defences. The Syrian military rejected the reports of an attack, which described it as another “aggression” and reported that the Syrian Air Defence Force …

Daily News Egypt

Ismailia Film Festival honours late film critic Ali Abu Shadi

The Ismailia Film Festival for Documentaries and Shorts held on Monday a seminar to honour renowned film critic Ali Abu Shadi as part of its 20th edition. The festival’s director and film critic, Issam Zakaria, said that Abu Shadi played a great role in establishing and supporting the Ismailia Film Festival. Abu Shadi died in …

Daily News Egypt

12.5% ICT sector contribution to GDP

The growth rate of the Information and Communications Technology sector in FY 2016/2017 is among the highest rates among macroeconomic sectors. The contribution of the ICT sector to GDP was high, at 12.5%, in FY 2016/2017, increasing from 8.3% in FY 2015/2016. The gross domestic product (GDP) of the ICT sector increased from EGP 57bn …

Daily News Egypt

Parliament’s communications committee approves cybercrimes bill

The Egyptian Parliament’s communications and IT committee approved on Monday a 45-article cybercrime bill in preparation for its discussion in a plenary session. Head of the committee, Nidal El-Said, said that the committee approved all the articles of the law, including articles 30 and 37, which were deferred. He added that the committee is now …

Daily News Egypt

Sameh Shoukry heads to Burundi to discuss Nile water

Egypt’s Minister of Foreign Affairs Sameh Shoukry headed to the Burundian capital Bujumbura on Tuesday to discuss bilateral relations with officials and ways to strengthen them, as well as to discuss a number of issues of common concern. The visit comes within the framework of Egypt’s special interest in supporting and strengthening its relations with …

Daily News Egypt

Petroleum Ministry to sign gas transport deal with EU next week

Minister of Petroleum and Mineral Resources Tarek El-Molla said that an agreement in the energy sector is set to be signed with the European Union next week. During his opening speech at the ninth Mediterranean Offshore Conference and Exhibition (MOC 2018) held in Alexandria, El-Molla said the agreement aims to boost cooperation in the natural …

Ahmed Ismail

Remembering prominent Czech director Milos Forman

Oscar-winning Czech-born film director Milos Forman, known for One Flew Over the Cuckoo’s Nest and Amadeus, died early this week, aged 86. Born in the Czech town of Caslav in 1932, Forman moved to the US after the communist government’s crackdown on the 1968 uprising known as the Prague Spring took place and he was eventually …

Daily News Egypt

FIA hands Ferrari €50,000 fine for F1 accident in Bahrain

The Fédération Internationale de l’Automobile (FIA) fined Ferrari €50,000 after the recent Formula One race in Bahrain where a Ferrari driver, Kimi Raikkonen, was released from his pit box too soon, knocking over a mechanic on the left-rear of the car. A clip of the accident circulated widely on social media. The mechanic, Francesco Cigarini, …

Daily News Egypt

Abdel Rahman Sultan appointed CEO of Fiat Chrysler Automobiles-Egypt

Fiat Chrysler Automobiles (FCA) appointed Abdel Rahman Sultan as CEO at its office in Egypt, succeeding Francesco Monaco, who was recently selected to head the FCA’s office in Morocco. Sultan has 19 years of experience in the local automotive industry, where he held various positions at international car companies. Most recently, he held the position …

Daily News Egypt

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