Mohamed Samir

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Latest by Mohamed Samir


Madbouly’s new economic portfolio ministers: Who’s who?

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 …

Mohamed Samir

Brazil has highest probability of winning World Cup: Goldman Sachs

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 …

Mohamed Samir

Macroeconomic picture improves, yet progress needs to be made on unemployment, closing housing gap, financial inclusion: OBG Egypt director

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 …

Mohamed Samir

Egyptian economy in good shape as FY 2018 ends: FocusEconomics

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 …

Mohamed Samir

Egypt PMI back to contraction in May: Emirates NBD

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 …

Mohamed Samir

Oil prices plunge as reports of increased production by OPEC, Russia emerge

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 …

Mohamed Samir

Egypt to launch 2 exploration, production international bids: petroleum minister

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, …

Mohamed Samir

Iran to maintain oil exports if EU salvages nuclear deal

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, …

Mohamed Samir

IMF completes Egypt’s third review mission, agrees to disbursement of $2bn instalment

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 …

Mohamed Samir

Sharm El-Sheikh, Hurghada hotels named touristic hotspots; 45%, 31% forecasted growth respectively: Colliers

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 …

Mohamed Samir

Qalaa revenues increase 22% y-o-y in FY 2016/17 to reach EGP 9.3bn

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 …

Mohamed Samir

S&P’s upgrade of credit rating confirms Egypt is on right path: El-Garhy

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 …

Mohamed Samir

Ministry of Transport increase prices of Metro tickets to EGP 3-7

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 …

Mohamed Samir

Egypt’s economic outlook improves backed by PMI improvement, inflation decline, Zohr gas field: FocusEconomics

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 …

Mohamed Samir

Pompeo heads back to US with three released American hostages

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. …

Mohamed Samir

Credit Suisse, HSBC reportedly arranging $700m loan for EEHC

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 …

Mohamed Samir

End of Korean Peninsula tensions could ease Sawiris’ problems

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 …

Mohamed Samir

Counterterrorism cooperation in Mediterranean is essential: Ismail

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 …

Mohamed Samir

Kokio: A different perspective of Korean cuisine

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 …

Mohamed Samir

Israeli gas imports suspension lawsuit: Another stumbling block to Egypt’s energy hub aspirations

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 …

Mohamed Samir