Finance News
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Egypt's EFG-Hermes plans Saudi Islamic fund as market opens up
EFG-Hermes Saudi Arabia's assets under management had risen to 1 billion riyals from 680 million at end-2014.
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Mechanisation of public wages to stimulate economy: Visa Egypt director
Around 6.5 public employees will be offered this service.
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Egypt's external debt down to $39.58 bn in Q3 in FY2014/15: CBE
Egypt's gross domestic debt amounted to LE1.9 trillion ($252.3 billion) at the end of December 2014.
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Emaar Misr’s $353m IPO in Egypt to run June 16-25
The shares will be priced at 4.49 Egyptian pounds each, meaning the offer is expected to raise 2.69 billion pounds.
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Egypt picks banks for first international bond issue in 5 years
BNP Paribas, Citigroup, JP Morgan, Morgan Stanley and Natixis will arrange the investor meeetings for Egypt.
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IMF disappointed with Egypt’s postponement of capital gain tax: Bloomberg
When the tax was implemented last month, it was blamed for a simultaneous drop in stock turnover and value.
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Kuwait’s Burgan Bank to consider expanding in UAE, Saudi, Egypt
The bank did not expect to make any acquisitions this year, but said that it would at some later date as a number of foreign banks in the Middle East pulled out.
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Egypt's market gains $3 bn in one week, EGX30 jumps 8.3% as govt suspends capital gains tax
The Egyptian Cabinet put the 10 percent tax on capital gains on hold for two years, but will keep a 10 percent tax on stock dividends.
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Emaar plans to float 13 per cent of Egypt unit
If completed, the flotation will underline the link between Egypt and the UAE, with the latter providing large amounts of financial, energy and political support to the Egyptian government.
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Egypt Gas loses EGP 17.3m in Q1 2015
The company witnessed a workers’ strike in April.
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National Bank Egypt the fastest growing : Business News index
NBE has most customer satisfaction, 255 companies take part in the evaluation, Emirates NBD is third best bank.
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Global banking is HSBC’s priority in Egypt: Blanchet
HSBC launched in April its second International Growth Fund, worth EGP 300m, to support SMEs.
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ABG Egypt unit income surges 21pc
Total financing and investments portfolio grew by 4pc to reach $2.6bn by the end of March this year.
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Egypt targets 5% growth in FY2015/16: Minister
The state budget will only feature LE55 billion in government investments while the rest will be financed from various sources.
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Egypt's CIB bank Q1 net profit up 38 pct year-on-year
CIB had in 2014 posted a 36 percent rise in net profit for the full year.
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European Union and Ministry of Finance launch Twinning Project
The project aims to enhance the accounting and auditing profession in Egypt
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Egypt is only Mena market to issue IPOs in Q1 2015: EY
Both of the IPOs that closed in Q1 2015 were companies based in Egypt, with Orascom Construction opting for a dual listing on the Egyptian Stock Exchange (SE) and Nasdaq Dubai.
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$15B provided for import needs in 4 months: CBE governor
CBE sold $800 million at regular FX auctions last week to cover pending backlog for the import of raw materials, production requirements and spare parts and food commodities.
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Egypt issues $1.302 bn in USD denominated t-bills at avg yield of 2.643 pct
The minimum yield was 2.6 percent and the maximum yield was 2.65 percent.
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Egypt's Amer Group posts jump in Q1 profit
Amer has diversified businesses in the primary and secondary homes market, as well as hotels, shopping malls and restaurants.