News
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Egypt's stock market hits lowest point in over a year
Emaar Misr and the Greek crisis drag Egypt's stock market with the benchmark index EGX 30 dropping by 4.23 percent at closing reaching 7870 points.
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Egypt signs energy import deals with Russia's Rosneft
The deals include the supply of benzine and bitumen, as well as 24 LNG cargoes for state gas company EGAS over two years.
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Ministry of Tourism sets cost of participating in 3 international exhibitions at €2,500
The three exhibitions will be held in Germany, Russia, and Spain, since 72% of the annual tourist flow to Egypt is from Europe.
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Egypt's central bank governor says pound depreciation not worrying
Ramz: There is nothing to worry about from the dollar's rise. This is a normal movement. It only moved 2.5 percent and this happens in many markets.
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Egypt's market loses LE11.9 billion on Monday, EGX30 falls 4.2%
The EGX market capital lost LE11.9 billion (US$1.5 billion), hitting LE484.19 billion, compared to LE496.1 billion on Sunday.
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Car sales decline in May
Overall car sales in first five months of 2015 increase compared to last year.This decline is the second this year, after sales in April.
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Egypt's market gains LE12.2 billion on Sunday, while EGX30 drops 1.2%
The EGX market capital hit LE496.1 billion due to Emaar Misr shares that started trading on Sunday.
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Egypt raises gas price paid to Italy's Eni and Edison
The official said that another deal had been signed with Edison for a price of $5.88 per million British thermal units, up from $2.65.
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5,000 land parcels offered in 10 new cities
The lands range between 209 and 276 metres, and booking starts from 26 July to 27 August.
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Egypt’s currency drops to new low against the dollar
The dollar was sold at banks at 7.83 EGP on Sunday, 0.10 EGP above the official rate. CBE imposed a daily ceiling for cash deposits in hard currency.
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Egypt debt to foreign oil companies at $3.5 billion
Egypt's oil ministry said in March that it aimed to fully repay its debts to energy companies mid 2016 about a year later than previously indicated.
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Total insurance instalments paid stands at EGP 5.7bn by April 2015
Total value of compensations paid in properties insurance has reached EGP 1.3bn, compared to EGP 1.06bn during the same period in 2014.
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Business activity expands in June for first time in five months
The PMI survey showed that the private sector grew in June, however, inflation and currency depreciation remain a concern.
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Egypt's market loses LE2.2 bn in a week
The main EGX30 index, small and mid-cap EGX70 index and broader EGX100 index fell by 1.09 percent, 0.99 percent and 0.81 percent, respectively.
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Egypt’s economy grows by 3% in Q3 of 2014/2015
Egypt’s new budget for FY 2015/2016 projects economic growth at about five percent, compared to a projected 4.2 percent during FY 2014/2015.
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Egypt: Sinai attacks scare investors
Egypt's stock market was heavily affected by the unrest in Sinai and Cairo. The gauge declined becoming the Middle East's worst performer.
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Egypt's central bank lets pound weaken by 1.3%
The depreciation led to a new rate that is sending the currency to its weakest level since auctions began in December 2012.
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IFC provides Egypt's PICO subsidiary with $50 mn loan
The loan is part of a $200 million financing package provided by the European Bank for Reconstruction and Development and HSBC, along with the IFC.
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Egypt passes new budget for fiscal year 2015-2016
The budget was delivered to the President after the cabinet had approved it in mid-June but the Presidents asked for ammendments.
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Egypt targets $54 bn investments in FY 2015/16
In March, Egypt hosted an economic development conference to lure investors garnering $33 billion in investment deals and $92 billion in MOUs.