Mohamed Samir

631 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


Amid moderate voter turnout, Al-Sisi heads toward second term victory

Egyptians continued to cast their ballots in the 2018 presidential election which kicked off on Monday. Citizens across the country voted amid tight security. Over 11,000 polling stations nationwide will again open from 9:00 am to 9:00 pm Wednesday. Voting started to a slower turnout on Tuesday, as authorities urged people to turn out and …

Mohamed Samir

Egyptian court bans ride-hailing apps Uber, Careem

Egypt’s Administrative Court issued a verdict on Tuesday to bar ride-hailing services Uber and Careem from operating in the country, saying they violate Egyptian law. The court verdict will go into effect immediately, but it can be appealed before Egypt’s Higher Administrative Court. Careem, on their official Facebook page, said that the company has not …

Mohamed Samir

Moody’s AFP

Moody’s ranks Egypt’s 1st movable collateral registry as credit positive for banks

Moody’s Investors Service announced on Sunday that Egypt’s first movable collateral registry, which was launched by the Financial Regulatory Authority last Sunday, is credit positive for Egyptian banks. The newly launched collateral registry will inform banks’ credit decisions and improve their ability to secure movable collateral, such as a borrowers’ machinery, inventory, patents, and crops, …

Mohamed Samir

Developing Egypt’s natural gas network essential for economic activity

Projects to develop and improve the efficiency of Egypt’s national natural gas network are currently underway as gas transmission is essential for various economic and domestic activities across Egypt, said Minister of Petroleum Tarek El-Molla El-Molla explained that these developments are necessary to meet the increase in consumption and to accommodate the changes occurring in …

Mohamed Samir

Cyprus faces unprecedented Turkish intransigence, arrogance: Cypriot presidential commissioner

Cyprus’s presidential commissioner, Photis Photiou, said that Cyprus faces the intransigence of Turkey and its unprecedented arrogance, in addition to flagrant violations of international laws relating to Cyprus’s sovereign rights in its exclusive economic zone. Photiou’s remarks came during a press conference on Sunday, where he explained that his country will continue efforts to find …

Mohamed Samir

Egypt receives final $1bn tranche of World Bank loan

Egypt has received the third and final $1bn tranche of the $3bn World Bank loan on Wednesday, according to Minister of Investment and International Cooperation Sahar Nasr. Nasr added that Egypt has received another $150m from the Group of Seven (G7), in addition to receiving $250m from Germany and $170m from France, to fund the …

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