376 Articles
The cabinet of Mostafa Madbouly was sworn on before President Abdel Fattah Al-Sisi Thursday to serve as Egypt’s new government. The core economic group of Egypt’s cabinet consists of the Ministries of Finance, Public Sector Affairs, Investment, and Industry. Ministers of other economy-related portfolios, such as trade, tourism, and petroleum, were announced. Mohamed Moeit, was …
Brazil will win its sixth World Cup title, defeating Germany in the final on July 15, according to the The World Cup and Economics report issued by the Goldman Sachs Group on Tuesday. “When Lionel Messi observed that ‘in football…talent and elegance mean nothing without rigor and precision,’ he was clearly thinking as much about …
Survey respondents choose Germany, Brazil, Argentina as likely winners with 14%, 13%, 12% chance respectively
Throughout the past three years, Egypt has been through tough but necessary economic reforms, undertaken by the authorities and supported by the International Monetary Fund (IMF). The reforms aim to improve Egypt’s public finances, curb the budget deficit, and get the currency shortage under control, all while achieving sustainable growth. The economic reforms came after …
Egypt’s economy seems in good shape as annual economic growth accelerated in the January-March period to reach a multi-year high. Additionally, in May, foreign reserves hit a record monthly high and, in April, business conditions in the non-oil private sector were in positive territory for only the second time in over two years, according to …
Egypt’s non-oil private sector activity continued to shrink in May to reach 49.2 points, down from 50.1 points in April. Nonetheless, the Purchasing Managers’ Index (PMI) score for May remained well above the long-term average, according to the latest Emirates NBD Egypt Purchasing Managers’ Index survey, published on Tuesday. However, according to the survey, there …
Firm believes fuel prices will rise by 60% in July to keep subsidy reform programme on track
Al Ahly SC demanded Egypt’s minister of youth form a financial committee to assure that the donations granted by the Saudi sports administrator, Turki Al-Sheikh, have been spent to achieve their agreed upon purposes. On Thursday, then Al Ahly’s honorary president, Al-Sheikh, announced on his Facebook page that he will leave his position at the …
Oil prices plunged on Friday to their lowest levels in weeks, on the back of reports that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia are considering increasing production. Both West Texas Intermediate (WTI) and Brent crude fell by more than 3% to $67.50 and $76.44 respectively. Both Saudi Arabia and Russia are …
The Ministry of Petroleum and Mineral Resources intends to put forward two international bids for oil and gas exploration and production in 2018 in 27 concessions, said Petroleum Minister Tarek El-Molla on Monday. El-Molla explained that the Egyptian General Petroleum Corporation (EGPC) bid will include 11 concessions, five of which are in the Western Desert, …
Iranian Oil Minister Bijan Zanganeh said that the US President Donald Trump’s decision to quit a multinational nuclear deal would not affect Tehran’s oil exports if the European Union (EU) could salvage the pact, Reuters reported. The Iran nuclear deal was signed by Trump’s predecessor, Barack Obama, along with the United Kingdom, France, Germany, China, …
The International Monetary Fund (IMF) delegation has reached a staff-level agreement—subject to approval by the IMF’s Executive Board—on the second $2b tranche disbursement of the $12bn loan, bringing total disbursements under the programme to $8bn. The agreement came after the fund’s third review of Egypt’s economic reform programme during the delegation’s visit to Cairo from …
Sharm El-Sheikh and Hurghada hotels were named touristic hotspots by Colliers International, with a forecasted growth of 45% and 31% respectively in revenues per available rooms (RevPAR). The surge is a result of an improved security perception and a surge in international leisure demand, according to Colliers’ The MENA Hotel Forecast April 2018 report. On …
Qalaa Holdings announced on Tuesday a 22% year-over-year increase in revenues in fiscal year (FY) 2016/2017, to reach EGP 9.3bn, due to the favourable economic trends along with its energy subsidiaries’ strong growth. The consolidated financial results cite top-line performance achieved by TAQA Arabia and Tawazon, and increased competitiveness at ASCOM’s mining subsidiaries; FY 2016/2017 …
Targeted cumulative value of the listings is EGP 15-18bn
Cairo is main driver of growth in Egypt’s hotel supply
The communications industry is diverse and is responsible for many aspects essential for any modern day brand, from general media relations and media relations strategy planning to digital and social media. In recent years, the lines between different aspects of the industry have been blurred, and the way it works has been completely changed, following …
Minister of Finance Amr El-Garhy welcomed the Friday decision of Standard & Poor’s (S&P) to raise Egypt’s credit rating to B from B-, stressing that this step confirms that the state is on the right path and asserts confidence in the Egyptian economic reform programme. El-Garhy added that the decision will contribute to attracting more …
S&P Global Ratings on Friday raised Egypt’s sovereign credit rating to B from B-, backed the improvements in business fundamentals, while the economic outlook was revised to stable from positive. According to the report published by S&P, the revised credit rating reflects the competitive exchange rate, increase in natural gas production, and the witnessed increase …
Ministry of transport announced the increase in the prices of metro tickets on Thursday, based on the number of stations travelled. The new prices to be implemented starting Friday, and will start from EGP 3 for the first nine stations, and EGP 5 for nine to 16 stations, up to a maximum of EGP 7 …
Egypt’s economy appears to be in good shape approaching the end of this fiscal year (FY), backed by improvements in non-oil private sector business conditions in the purchasing managers index (PMI), upward trend of foreign reserves, decline in inflation rates, and doubling the Zohr gas field’s output capacity, according to FocusEconomics’ Consensus Forecast Middle East …
Three Americans who were imprisoned by North Korea are on their way back to the United States, President Donald Trump announced on Wednesday, following their release during US Secretary of State Mike Pompeo’s visit to Pyongyang. The three men left the country with Pompeo and are expected to arrive back in the US early Thursday. …
HSBC and Credit Suisse are reportedly arranging a syndicated loan of up $700m for the Egyptian Electricity Holding Company (EEHC), Reuters reported on Wednesday. According to the news agency’s sources, the loan, which may involve other banks, will be guaranteed by the Finance Ministry. It will have a grace period of five years, and is …
Businesses, especially tourism-related, remain vulnerable to terrorism risk
Currency appreciation in short term would be beneficial to maintaining country’s attractiveness to international investors
The Egyptian telecommunications firm Orascom Telecom and Media Technology (OTMT) is the main reason behind the rise of mobile phone usage in hermetically sealed North Korea in recent years. OTMT secured a 75% stake in Koryolink, a joint venture with North Korea’s Korea Post and Telecommunications Corporation in 2008. It is estimated that as many …
Egypt’s Prime Minister Sherif Ismail said that the “terrorism phenomenon” represents a threat to global security and there is a need to work to achieve mutual cooperation in the field of information exchange between the Mediterranean countries. He added that collaboration to bolster efforts in the fight against the financing of militant groups, as well …
The hunt for the perfect poultry restaurant never ceases. This time, our quest brought us to a tiny restaurant hidden deep in Maadi. Finding a hidden gem is the biggest part of the fun for many, and the Daily News Egypt team had some talks about a Korean restaurant in Maadi whose entire menu consists …
Cairo Administrative Court referred on Tuesday a lawsuit demanding the suspension of the approval of natural gas imports from Israel, for violating the Egyptian Constitution and Law No 196 of 2017 regulating the gas market to the State Council Commissioner Authority (SCCA). The lawsuit alleges that allowing natural gas imports from the “Zionist entity” endangers …
A bullish consensus on the Egyptian economy was expressed at the recent IMF and World Bank annual Spring Meetings in Washington DC about the prospects for emerging markets, according to Bank of America Merrill Lynch’s Emerging Insight report issued on Monday. The report cited Egypt’s meetings as confirming the bank’s view that the macro stabilisation …