News
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Egypt shuts two currency trading firms over black market dealing
One exchange bureau source said that the central bank has shut down a total of 21 currency trading companies this year.
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Egypt concludes agreement with UK company on airport security protection
Experts of the UK company will train new security personnel for the country’s airports.
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Sanmar selects Jacobs to build PVC plant in Egypt
Jacobs to provide detailed engineering and procurement assistance services to TCI Sanmar Chemical for expanding the PVC capacity.
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TV channels accumulate EGP 1.5bn in revenues during first half of Ramadan
MBC Masr tops the list with EGP 260m followed by Al-Nahar with EGP 243m.
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Egypt becomes world’s fourth-biggest weapons importer
Egypt spent almost $2.3 billion in 2015 on weapons,rising from $1 billion before 2013.
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NBE raises interest rate by 1% on savings accounts, 0.75% on deposits
Banque Misr may approve a limited increase of the interest rate on short-term savings funds.
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Social Solidarity Ministry, Majid Al Futtaim sign cooperation protocol
The protocol supports the goals and vision of both the ministry and the company to create great moments for everyone, according to the agreement.
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VAT no longer a salve for Egypt’s ailing economy
The advantage to the government is that a VAT encourages businesses to report on one another, making it harder for them to avoid paying taxes.
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For Egypt's entrepreneurs, going green makes business sense
Although funding remains a critical challenge, Egypt is host to a handful of incubators that support entrepreneurs as they build their companies.
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Egypt's EFG-Hermes to return $122 million to shareholders
EFG Hermes stepped up its growth strategy after selling a 40 percent stake in Lebanese lender Credit Libanais.
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Vodafone acquires 300,000 new customers in March 2016
Vodafone raised its total customer base from 38.9 million in February to 39.2 million at the end of March.
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Economists differ on interest rate decision amid Egypt's record core inflation
Rising prices of food, beverages and medical care most contributed to this high inflation, according to state statistics body CAPMAS.
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Hyundai outperforms Kia by occupying nine positions
The Verna topped the sales of Korean cars in Egypt during the first quarter of 2016, selling 3,446 cars worth EGP 318m.
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Egypt appoints anti-corruption chief
Parliament approved the appointment of Hisham Badawi as head of the Central Auditing Authority, Egypt's main anti-corruption agency.
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Egypt buys five million tons of domestic wheat, 25pct above target
The government will stop purchasing additional wheat from local farmers by next Wednesday
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Egypt Business environment not conducive for investment in renewable energy
Energy purchasing tariff is not appropriate, and small and medium projects should be priority, according to new and renewable energy companies.
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Egypt tourist numbers down 54 pct in April
Number of tourists who visited Egypt in April was 425,000, down from about 923,900 during the same month in 2015 due to decreased number of Russians.
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8.9% growth in Vodafone Egypt revenues as of 31 March
Increased demand for data transfer services contributed to increasing the company's business locally.
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Shell acquires 17% of Egyptian market
Shell begins to increase capacity of its factory to 100m liters per year, says Egypt needs to speed up licensing procedures to encourage investors.
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$53m decrease in value of gold listed in foreign exchange reserves in May
The CBE announced on Wednesday that its foreign exchange reserves increased by 510m in May, registering 17.520bn, compared to 17.010bn in April.