Mohamed Samir

586 Articles

Mohamed Samir is an economic and political journalist, and analyst specialising in the Middle East. Over the past decade, he covered Egypt’s and the MENA region’s financial, business, and geopolitical updates. He is currently the Deputy Executive Editor of the Daily News Egypt.

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Latest by Mohamed Samir


Egypt looks to raise local wheat price by EGP 15-20 per ardeb

Egypt plans to raise the price of wheat bought from local farmers by EGP 15-20 per ardeb (0.15 tonnes) or around EGP 100 per tonne, in the next season, an Egyptian government official told Reuters on Tuesday. The official added that the price of wheat in the next season will be calculated based on average …

Mohamed Samir

Sudanese ambassador to return to Cairo on Monday

Sudan will resend its ambassador back to Egypt on Monday, two months after withdrawing him for consultations, Sudanese Foreign Minister Ibrahim Ghandour said on Saturday, according to Reuters. Earlier in January, Abdel-Mahmoud Abdel-Halim, Khartoum’s ambassador to Cairo, was withdrawn for consultations, amid tensions following Sudan’s decision to lease the Red Sea island Suakin to Turkey. …

Mohamed Samir

Assets recovery committee Egypt reconciles with Ahmed Ezz for EGP1.7bn

The assets recovery committee, chaired by Prosecutor General Nabil Sadek, decided to reconcile with Egyptian steel tycoon Ahmed Ezz on Wednesday, according to an official statement issued by the General Prosecution office. The committee decided to settle with Ezz in return for a payment of EGP 1.7bn, including EGP 600m already recovered from abroad. Ezz …

Mohamed Samir

$15bn deals signed to export Israeli natural gas to Egypt

Two 10-years agreements, worth $15bn, to export Israeli natural gas to Egypt were signed on Monday. The agreements between Delek Drilling and Noble Energy—the operators of Israel’s largest natural gas fields Tamar and Leviathan—and the Egyptian company Dolphinus Holdings, will supply Egypt with 7bn cubic metres of gas annually, according to the press statement issued …

Mohamed Samir

CBE lowers interest rates 1% for the first time since floatation

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to lower the overnight deposit rate, the overnight lending rate, and the rate of the Central Bank of Egypt’s (CBE) main operation by 100 basis points to 17.75%, 18.75%, and 18.25% respectively. The discount rate was also reduced by 100 basis points to 18.25%. …

Mohamed Samir

Egypt signs agreement with Schlumberger to conduct Gulf of Suez seismic survey

Egypt’s Ministry of Petroleum signed an agreement with international oil services company Schlumberger on Wednesday to conduct a seismic survey in the Gulf of Suez, according to a statement issued by the ministry. Earlier on Monday, during the first day of the Egyptian Petroleum Show 2018, Egyptian Minister of Petroleum Tarek El-Molla announced that the …

Mohamed Samir

Egypt’s petroleum minister meets Algerian counterpart to improve bilateral cooperation

Minister of Petroleum Tarek El-Molla met with his Algerian counterpart Mustapha Guitouni to discuss possible projects through cooperation between the two countries. El-Molla explained that the two countries have an extensive history of cooperation, especially in terms of exporting Algerian petroleum products to fulfil Egyptian needs. These exports include liquefied petroleum gas exports as part …

Mohamed Samir

South Africa’s ruling party disowns Zuma, demands his immediate resignation

South Africa’s ruling party the African National Congress (ANC) decided to disown the current South African President Jacob Zuma and demand his immediate resignation on Tuesday, following the party’s marathon meeting. According to the Associated Press (AP), the national executive committee of the ANC—the party once led by Nelson Mandela—demanded that Zuma must leave his …

Mohamed Samir

Eastern Mediterranean gas hub: source for regional harmony or dissension 

The Eastern Mediterranean region has become a hotspot of international energy discussions in the last decade, following a series of large-scale gas discoveries off the coasts of Egypt, Cyprus, and Israel. To utilise such potential, with confirmed reserves of about 2,000bn cubic metres (bcm) of gas, plenty of export and regional cooperation scenarios are being …

Mohamed Samir

34% increase in fuel subsidies costs in H1 FY 2017/18: El-Molla

The costs of fuel subsidies grew by 34% in the first half (H1) of the fiscal year (FY) 2017/18, to reach EGP 51bn, increasing from EGP 38bn,  Minister of Petroleum Tarek El-Molla told Reuters on Wednesday.   El-Molla added that despite the witnessed increase in subsidies costs, the subsidies bill is still EGP 4bn below …

Mohamed Samir

EGP 1.627bn allocated to restart urgent, stalled projects

Minister of Planning, Follow-up, and Administrative Reform Hala Al-Saeed approved the allocation of EGP 1.627bn on Wednesday for required investments to implement stalled and urgent projects across different governorates. In a press statement, Al-Saeed announced that this comes withing the framework of the state’s assistance for stalled projects, so they can contribute to the economy …

Mohamed Samir

Al-Sisi arrives in Abu Dhabi to discuss Gulf issues, regional developments

Egyptian President Abdel Fattah Al-Sisi arrived in the capital of the United Arab of Emirates (UAE),  Abu Dhabi, on Tuesday. Al-Sisi’s two-day visit agenda will include discussing recent regional developments, Gulf issues, the two countries’ bilateral relations, and regional and international issues of mutual concern, following a three-day visit to the Sultanate of Oman. Al-Sisi …

Mohamed Samir

Ahmed Bahgat to complete final reconciliation with government

Ahmed Bahgat, chairperson of the board of directors of Bahgat Group, announced the completion of procedures for reconciliation with both the Egyptian government and banks in the country within the next few weeks, according to a Wednesday press statement from his representatives. The statement indicates that the current negotiations with the government will lead to …

Mohamed Samir

$10m loan to finance MSMEs from SANAD in partnership with Banque du Caire

The SANAD Fund for MSMEs (SANAD) announced, in a press statement on Monday, that it will finance a $10m senior loan to Egypt’s Banque du Caire to support the expansion of the bank’s lending operations for micro, small, and medium enterprises (MSMEs). Banque du Caire, which is Egypt’s sixth largest bank, with its status as …

Mohamed Samir

Sharm, Hurghada hotels maintain touristic hotspot status; 84%, 72% forecasted growth respectively: Colliers

Sharm El-Sheikh and Hurghada hotels continued to grow from their low performance in the first quarter of 2017, and maintained their status as touristic hotspots with a forecasted growth of 84% and 72% respectively in revenues per available rooms (RevPAR), according to Colliers International’s The MENA Hotel Forecast January 2018 report. The witnessed rebound is …

Mohamed Samir