News
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Egypt to import $3.55 bn worth of LNG in 2015-16
Rising consumption and falling production has turned the country from an energy exporter to a net importer.
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Automotive market to finalise specifications for cars
First ten specifications will soon be implemented on imported cars.
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Low Russian tourism flow weakens hotel Easter occupancy: El-Zayat
Occupancies in Alexandria, Sharm El-Sheikh and Hurghada hotels range between 50%-60%, falls below sector expectations.
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Palm Hills, MNHD sign MoU establishing residential project
Project’s revenues will range between EGP 4.6bn to EGP 5.5bn.
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Government working on resolving the issues of hampered factories: Prime Minister Ibrahim Mehleb
Discussions are underway with The Savola Group to supply a new grocery chain: Minister of Supply.
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IFC plans up to $2 bln investment in Egyptian infrastructure, power
IFC plans to contribute between $300 million and $500 million per year over the next four years in different sectors, but mainly infrastructure and energy.
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Egypt-based Sawari Ventures to close $50 mln fund to new investors by year-end
The fund opened last month at an international investment conference in the Red Sea resort of Sharm el-Sheikh where Egypt signed deals worth $36 billion.
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Imports of Ramadan lanterns banned: Abdel Nour
Good step for protecting local industry, but merchants who already placed orders for lanterns from abroad will be harmed due to this abrupt decision, says a Cairo Chamber of Commerce board member.
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World Bank approves $400 mn for two Egyptian social schemes
Takaful (Solidarity) and Karama (Dignity) target impoverished families to help with youth education and the elderly respectively.
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Ethiopia, Egypt Sudan select consulting firms for dam on Nile
The firms will carry out two studies: Water Resources/hydropower stimulation modeling and Trans-boundary Environment and socio economic assessment.
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Egypt’s new administrative capital deal to be announced soon: minister
The cost of the project is estimated to be around $45 billion and is expected to take 5 to 7 years to complete.
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Annual inflation jumps to 11.8% in March
CAPMAS attributed the rise to increase in food commodities’ and beverage products’ prices by 9.3%.
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Egypt’s MIDOR signs $1.4 bn deal to expand refinery
The investment is part of a wider plan by the petroleum ministry to raise the domestic production of refined oil following an energy crunch that has lasted more than four years.
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Moody’s expects Egypt economy to grow 4.5% by June 2015: Finance Minister
Non-banking financial activities witnessed significant growth last year, 2015 indicators are promising, says Mehleb.
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Production at gold miner Centamin Egypt rises 46% in Q1
Production at Sukari, the company's only producing mine, located on Egypt’s south eastern coast, reached 377,261 ounces in 2014.
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U.S. considering major arms sales to Egypt, Pakistan
The deal includes 356 R-variant Hellfire II missiles and associated equipment, parts and training.
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Egypt's foreign reserves fall to $15.291 bln - c. bank
Reserves stood at about $36 billion before the 2011 revolt.
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Three local energy-related firms to list on Egypt stock exchange
The EGX has attracted six new companies in the first quarter of 2015.
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Moody's upgrades Egypt's credit rating to B3
Egypt’s GDP grew 5.6 percent in the first half of the current fiscal year.
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Egypt sees 3% more tourists in first quarter of 2015
Egypt’s tourism sector has seen a relative recovery in the past year, after being hit hard by protests and regime change in 2011 and again in 2013.