Business

EGX rebounds on Arab, foreign purchases, benchmark up 1.8%

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CAIRO: The Egyptian Exchange (EGX) posted a strong rebound at the close of Wednesday’s session, recovering a two-day slip over fears of a third devaluation of the pound this year. Egypt stocks lost ground on Monday and Tuesday following Investment Minister Ashraf Salman statements that “the Egyptian pound’s depreciation is not a choice.” Pushed by an investor buying spree among ...

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Trade deficit, currency crisis push Egypt’s net reserves further down

File Photo: Saudi Arabia said it will deposit $2 billion in Egypt’s Central Bank.( Photo Reuters)

Egypt’s reserves remain critical despite recent financial support from oil-rich Gulf countries Egypt’s net foreign reserves fell by $438 million in August to $18.096 billion, the Central Bank of Egypt stated on Tuesday. As of the end of July 2015, net reserves had stood at $18.5 billion, with a drop of $2.4 billion in June, which was exacerbated by a ...

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Egypt’s renewable energy project was almost triple oversubscribed: Official

Power-generating windmill turbines of The Zafarana project in Al-Ain Sukhna, Egypt, 13 September 2014 (Photo: Hala Safwat)

Head of the finance ministry’s PPP unit tells reporters at Euromoney Egypt Conference the renewable energy project was oversubscribed, almost tripling the needed investments Egypt’s renewable energy project that sets a feed-in tariff to investors, was almost triple oversubscribed, head of the finance ministry’s Public Private Partnership (PPP) unit, Atter Hanourra, told the press on the sidelines of the Euromoney ...

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Egypt signs deal with China Construction to build, finance, part of new capital

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Egypt signed an agreement with a Chinese company on building and financing part of a planned new administrative capital east of Cairo, the investment minister told Reuters on Monday. The memorandum of understanding calls for China State Construction Engineering Corporation, also known as China Construction, to “study building and financing” the administrative part of the new capital, which will include ...

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Is Egypt’s pound depreciation inevitable?

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CAIRO: Further depreciation of the Egyptian pound is seen as very likely in the coming period, to follow with China’s unexpected yuan depreciation last month. “China decided to devalue its currency by almost 2 percent. The move will make Chinese imports much cheaper and we believe that such a decision will take its toll on the Egyptian trade balance,” Mohamed ...

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EGX ends in red on local, foreign profit taking

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CAIRO: The Egyptian Exchange (EGX) pulled back at the close of Sunday’s session, hurt by profit taking from local and foreign traders. Egypt’s benchmark index EGX30 fell 0.3 percent to 7,274 points, down from 7,296 points on Thursday. Similarly, the small and mid-cap index EGX70 decreased 0.93 percent to end at 391.17 points, compared to 394.85 points in its last ...

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Indian companies to invest in Egypt’s renewable energy sector

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Indian companies wish to increase their participation and investments in Egypt’s energy sector, especially in renewable energy, according to Subba Ramesh, Second Secretary of the Indian Embassy in Egypt. Ramesh told Daily News Egypt that Indian companies are participating in the forum entitled ‘The Future of Energy in Egypt’, taking place between 31 August and 1 September in Cairo, to ...

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Eni’s natural gas discovery in Egypt a gift from heaven: Expert

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Real industrial development now possible for Egypt after Eni’s discovery of 30 trillion cubic feet of natural gas, energy expert tells Ahram Online Eni’s massive natural gas discovery in Egypt will provide enough much-needed power to achieve real industrial development, prominent energy expert Mohamed El-Ansary told Ahram Online. Italy’s Eni has discovered gas reserves of up to 30 trillion cubic ...

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Egypt’s Sisi to discuss free trade, industrial zone, nuclear energy with Putin in Russia visit

Egyptian President Abdel-Fattah El-Sisi, right, shakes hands with visiting Russian President Vladimir Putin during their meeting in Cairo, Egypt, on Tuesday, Feb. 10, 2015 (Photo: AP)

Egypt is seeking to join the Eurasian free trade zone with hopes of boosting trade with its 13th largest trade partner, to establish a Russian industrial zone in Egypt and to seal nuclear plant deal Egyptian President Abdel-Fattah El-Sisi will head to Russia on Tuesday for a three day visit to discuss a number of economic projects as well as ...

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Mahlab inaugurates photovoltaic cells plant north of Cairo

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CAIRO: Prime Minister Ibrahim Mahlab inaugurated Saturday a new plant to produce photovoltaic cells with a 50-megawatt production capacity per year, Youm7 reported. With a total cost estimated at 24 million EGP ($3.1m), the new plant was built over an area of 20,000 square kilometers in the headquarters of the Arab Organization for Industrialization (AOI,) northeast of Cairo, according to ...

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