Finance News
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Personal savings dominate Suez Canal certificates’ purchases: Baseera
42% of certificate-buyers used money kept at home, 38% used bank savings, 13% used Egypt Post savings.
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Egypt's BOP records $1.5 bn surplus in FY 2013/14
Egypt's balance of payments in surplus despite low tourism as remittances and Arab aid increase.
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Payfort launches pay@store service in Egypt
Payfort has announced the launch of its pay@store service in Egypt.
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Fawry announces launch of traffic fine payment service
The service will initially be launched in the Cairo and Giza governorates and gradually be rolled out nationwide.
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MIGA offer $1bn guarantees for cross-border investments in MENA
We are ready to attract investors in power, infrastructure, transport, and agribusiness sectors, says CEO.
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Egypt's Raya approves seizing HSBC stake in Fawry
HSBC bank stake in Fawry reached 280 thousand shares with EGP18.62 per share and with EGP5.213 million total value of the deal.
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Saxo Bank considers adding EGX to global markets by end of 2015
Masry believes that the Egyptian Exchange has a promising future in light of the political stability that lies ahead.
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No plans to privatize Egypt stock market: Chairman
There are currently no plans to privatize Egypt’s stock market either in the near or distant future, according to the head of the bourse.
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New council must determine economic roadmap: CIB managing director
The council must be independent and serve an advisory purpose, Hisham Ezz Al-Arab says.
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Egypt's economy to grow 6% in the new 3 years, says finance minister
Egypt has struggled to curb its swelling budget deficit whilst meeting soaring energy demands, resulting in electricity cuts around the country.
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Barclays Egypt to open new branches, expects profits to grow
Bank projects profits to grow by 15% this year as it plans expansion in upscale Cairo suburbs.
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Dubai lender Mashreq sets sights on Egypt and Turkey, says CEO
Mashreq is looking to join an increasing number of Gulf lenders snapping up banking stakes in other countries to diversify in the face of competition
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Egypt targets 11 pct budget deficit in fiscal 2014/15: finance min
Egypt's gross domestic product (GDP) grew 3.5 percent in the fourth quarter of fiscal 2013/14.
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Egypt raises $8.5B for Suez Canal expansion
Egypt's Central Bank has raised $8.5 billion for the construction of an expansion of the Suez Canal by selling investment certificates.
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Egypt's Qalaa says H1 net loss widens 11 percent
The company said its net loss for the first six months of the year had widened to 410.6 million Egyptian pounds.
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Egypt needs at least $28 billion in private sector investments: Minister
Private investments to drive growth rate to 3.5% this fiscal year as the state streamlines budget, says Investment Minister.
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E-Finance to launch EGP70m new HQ in Smart Village by May
The company's capital reached EGP120 million since its inception and it has increased to EGP180 million.
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Egypt to invite IMF to assess economic reforms
Ministry of Finance says government will invite IMF before Egypt’s economic summit in February 2015.
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Egypt's GDP growth reaches 3.5 pct in Q4 of 2013/14 fiscal year -fin min
The government is now walking a fine line between trying to cut its deficit whilst luring investors and restoring growth.
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Over LE7 billion frozen in Egyptian assets worldwide, says report
There about $750 million frozen in Switzerland and LE85 million frozen in the UK, while the amount remaining in other countries remains undeclared.