Momentum in NUCA’s auctions to continue: Beltone Research
HDB stands as key beneficiary on continued flow of low-cost deposits
Mohamed Samir
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Latest by Mohamed Samir
Relative stability in Egypt’s net international reserves at $42.6bn in March: Beltone
Egypt’s net international reserves continued their relatively stable status, increasing slightly by $87m to reach $42.61bn in March, up from $42.52bn a month earlier, and maintaining imports coverage at eight months worth of imports, according to a research note from Beltone Research. The note specified that such a slight increase is the result of the …
Average of 30-40 bps cut in banks’ net interest margin expected following CBE cuts: Beltone
Lengthening durations of assets while shortening those of liabilities are key defense mechanisms
Riyadh, Kuwait hotels secure touristic hotspot status; 20%, 8% forecasted growth respectively: Colliers
Hotels in Riyadh and Kuwait are expected to grow and transform their status to become touristic hotspots with forecasted growths of 20% and 8% respectively in revenue per available room (RevPAR), according to Colliers International’s The MENA Hotel Forecast March 2018 report. The forecasted growth in Riyadh’s case is a result of strong corporate and …
Egypt targets 4% deficit by 2022: El-Garhy
Egypt’s Minister of Finance Amr El-Garhy said that his ministry aims to reduce the budget deficit to 4% by 2022, while continuing the economic reform programme, according to state-owned Middle East News Agency. El-Garhy’s statement came on the sidelines of the launch event of the “system of tax returns, discount, and collection, with the activation …
Egypt’s non-oil business sector contracts slightly in March
Improvements in new export orders for third consecutive month, backed by weaker currency
Egypt’s tourism expected to recover, backed by growth in tourist arrivals: OBG
Improvements in security, currency flotation were main drivers behind rebound
EGP 942bn investments in government’s development plan for FY 2018/19
The government’s economic and social development plan for fiscal year (FY) 2018/19 includes total investments of EGP 942bn. The new plan marks a 46% increase compared to FY 2017/18. The plan was revealed by Prime Minister Sherif Ismail during a cabinet meeting on Thursday. Ismail explained that it is the largest investment plan in Egyptian …
Sarah Francis’ Dead Dog wins CineGouna award at Beirut Cinema Platform
CineGouna Platform presented award to Dead Dog by Sarah Francis at Beirut Cinema Platform (BCP). The award will guarantee the film’s automatic selection as part of CineGouna Springboard. “El Gouna Film Festival aims to support Arab filmmakers and Arab cinema through the CineGouna platform; therefore, we are excited to be supporting Beirut Cinema Platform through …
Egypt’s current account deficit dropped 64% to $3.4bn in H1 FY 2017/18
Improvement was backed by 5% GDP growth in 2017—highest on record since 2010
Kim Jong Un concludes surprise visit to China ahead of planned summit with Trump
US president expressed optimism that North Korean leader will act in his people’s best interests
Amid moderate voter turnout, Al-Sisi heads toward second term victory
Egyptians continued to cast their ballots in the 2018 presidential election which kicked off on Monday. Citizens across the country voted amid tight security. Over 11,000 polling stations nationwide will again open from 9:00 am to 9:00 pm Wednesday. Voting started to a slower turnout on Tuesday, as authorities urged people to turn out and …
No significant decline expected in T-bonds demand after interest rate cuts: EFG Hermes
EFG Hermes has ruled out any significant decline in foreign investors’ appetite for Egyptian treasury bonds (T-bonds) if the Central Bank of Egypt (CBE) continues its policy of cutting interest rates. EFG Hermes Managing Director and Head of Research Ahmed Shams El Din announced that the total sales of Egyptian treasury bills (T-bills) to foreigners …
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ECA acquits cement companies of unjustified price increase claims
Average operating profit margin in 2017 dropped to 6%, down from 19% in 2013
African Continental Free Trade Area is major step towards African unity: Kabil
Agreement would result in largest free-trade area in terms of participating countries since WTO formation
Egyptian court bans ride-hailing apps Uber, Careem
Egypt’s Administrative Court issued a verdict on Tuesday to bar ride-hailing services Uber and Careem from operating in the country, saying they violate Egyptian law. The court verdict will go into effect immediately, but it can be appealed before Egypt’s Higher Administrative Court. Careem, on their official Facebook page, said that the company has not …
Ration cards will not be withdrawn from those with income over EGP 2,500: IDSC
The cabinet’s think tank, the Information and Decision Support Centre (IDSC), denied the validity of reports on several websites and social network news pages that the government intends to withdraw ration cards from citizens whose income reaches EGP 2,500 or more. The IDSC explained, in a report clarifying the facts issued on Tuesday, that it …
Coffee, one of Egypt’s oldest consumed beverages, strives to cope with inflation
Coffee consumption has a long history in Egypt. It started with the brotherhood of Sufi Islamic mystics, who used it during prayers before it was culturally accepted. At first, religious scholars were divided between coffee supporters and opponents, the drink which came to Egypt from Yemen in the 16th century AD. In the early 18th …
Moody’s ranks Egypt’s 1st movable collateral registry as credit positive for banks
Moody’s Investors Service announced on Sunday that Egypt’s first movable collateral registry, which was launched by the Financial Regulatory Authority last Sunday, is credit positive for Egyptian banks. The newly launched collateral registry will inform banks’ credit decisions and improve their ability to secure movable collateral, such as a borrowers’ machinery, inventory, patents, and crops, …
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Abla: Where parts are greater than the sum
When you ask for directions to Kerdasa, buried deep in the outskirts of Giza, the answer can fill two pages of a notebook. “You drive along one side of the Nile Corniche, go over a bridge, turn right, go up and up along a single-track road” and after several kilometres think, “where is this place?” …
Developing Egypt’s natural gas network essential for economic activity
Projects to develop and improve the efficiency of Egypt’s national natural gas network are currently underway as gas transmission is essential for various economic and domestic activities across Egypt, said Minister of Petroleum Tarek El-Molla El-Molla explained that these developments are necessary to meet the increase in consumption and to accommodate the changes occurring in …
Cyprus faces unprecedented Turkish intransigence, arrogance: Cypriot presidential commissioner
Cyprus’s presidential commissioner, Photis Photiou, said that Cyprus faces the intransigence of Turkey and its unprecedented arrogance, in addition to flagrant violations of international laws relating to Cyprus’s sovereign rights in its exclusive economic zone. Photiou’s remarks came during a press conference on Sunday, where he explained that his country will continue efforts to find …
Trade war would bring disasters to global economy: Chinese commerce minister
China does not want and is not starting a trade war with the United States, Chinese Minister of Commerce Zhong Shan said on Sunday. “There is no winner in a trade war. What a trade war brings to China and the United States and world economy is nothing but disasters,” Zhong said during a press …
Delek Drilling and Noble Energy negotiate for usage rights of the East Mediterranean Gas Pipeline
Delek Drilling and Noble Energy, the operators of Israel’s largest natural gas fields Tamar and Leviathan, are currently negotiating to receive the usage rights of the East Mediterranean Gas Pipeline to export natural gas to Egypt, Reuters reported on Wednesday. Both companies did not reveal further details. In February, the two companies announced two 10-year …
Egypt receives final $1bn tranche of World Bank loan
Egypt has received the third and final $1bn tranche of the $3bn World Bank loan on Wednesday, according to Minister of Investment and International Cooperation Sahar Nasr. Nasr added that Egypt has received another $150m from the Group of Seven (G7), in addition to receiving $250m from Germany and $170m from France, to fund the …
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Sawiris family dominates Forbes’ ‘World’s Richest Arabs 2018’ list
Nassef Sawiris tops the list, while Naguib Sawiris came in the sixth spot
Egypt looks to raise local wheat price by EGP 15-20 per ardeb
Egypt plans to raise the price of wheat bought from local farmers by EGP 15-20 per ardeb (0.15 tonnes) or around EGP 100 per tonne, in the next season, an Egyptian government official told Reuters on Tuesday. The official added that the price of wheat in the next season will be calculated based on average …
Dive into EFG Hermes survey naming Egypt best-performing market in region
2018 forecasted to be breakout year for FEMs, says Karim Awad
Egyptian oil, gas companies integral part of Egyptian-Jordanian joint cooperation
Jordanian Egyptian Fajr will establish north Jordan gas pipeline to supply Jordanian power stations in 2020
Sudanese ambassador to return to Cairo on Monday
Sudan will resend its ambassador back to Egypt on Monday, two months after withdrawing him for consultations, Sudanese Foreign Minister Ibrahim Ghandour said on Saturday, according to Reuters. Earlier in January, Abdel-Mahmoud Abdel-Halim, Khartoum’s ambassador to Cairo, was withdrawn for consultations, amid tensions following Sudan’s decision to lease the Red Sea island Suakin to Turkey. …