$5.6bn in trade between US, Egypt; $2.4bn US investments in Egypt: Kabil
Minister of trade and industry meets with AmCham delegation heading to US
Mohamed Samir
640 Articles
Mohamed Samir is an economic and political journalist, and analyst specialising in geopolitical conflicts in the Middle East, Africa and the Eastern Mediterranean. Over the past decade, he covered Egypt's and the MENA region's financial, business, and geopolitical updates. He is currently the Executive Editor of the Daily News Egypt.
Latest by 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 …
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%. …
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 …
Egypt successfully raises $4bn in eurobond issuance; closes 3 times oversubscribed
The three-tranche offering is distributed across $1.25bn in five-year notes, with a yield of 5.58%, $1.25bn in 10-year notes with a yield of 6.59%, and $1.5bn in 30-year notes with a yield of 7.91%
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 …
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 …
 Petroleum Ministry introduces new octane 95 petrol with additives for improved performance
A special octane 95 petrol will be introduced in Egypt for the first time. It will be customised by different petroleum products producers, and each will carry different trade marks, starting with Exxon Mobil and Total, Minister of Petroleum Tarek El-Molla announced at a press conference on Monday. The new petrol category will be priced …
EGYPS kick-starts with high hopes of energy renaissanceÂ
Improving governance, establishing E&P information gate, improving gasoline quality are ministry’s priorities, says El-Molla
Subsidy reform is challenging for developing countries: El-Molla
Egypt suffered from its long-term subsidy strategy
Foreign partner investments to reach $10bn in FY 2017/2018: El-Molla
The ministry pays its dues to foreign partners regularly
Eastern Mediterranean gas hub: source for regional harmony or dissensionÂ
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 …
Egypt will await greater market stability before eurobond issue: El-Garhy
Egypt will wait for further stability in the global financial markets before deciding on a eurobond issue, Egyptian Finance Minister Amr El-Garhy said at the third Annual Arab Fiscal Forum in Dubai on Saturday. “We want to find the right time and we hope to do this in the next few days,” El-Garhy told Reuters. …
No justification for energy subsidies in Arab world: Lagarde
Priority areas, such as health, education, social protection, marginalised by low spending
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 …
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 …
Global stock markets crisis will not affect Egypt’s bonds issuance: CBE
An official source at the Central Bank of Egypt (CBE) said that the crisis in the global stock markets, ongoing since the end of last week, will not affect government plans to issue new international bonds worth between $4bn and $5bn, and will not affect the bond’s return rate. The state-run Middle East News Agency …
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 …
2017 saw leaps in natural gas production: Tarek El-Molla
Petroleum Ministry aims to highlight Egypt’s success stories at EGYPS conference
Major agro-industrial sugar complex worth $1bn to be established in Egypt
Project to start production mid-2020Â
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 …
Southern Transitional Council fighters capture Aden, confining government to palace
Suicide attack by Al-Qaeda kills 14 soldiers at checkpoint in Shabwa
$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 …
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 …
Poor infrastructure curbs Africa’s inclusive growth: African Economic Outlook
Continent’s infrastructure needs estimated at $130–170bn annually
Egypt to receive final $500m tranche of AfDB loanÂ
Egypt signed on Sunday an agreement to receive the third and final $500m portion of its $1.5bn African Development Bank (AfDB) loan. The agreement was signed between Minister of Investment and International Cooperation Sahar Nasr and Malinne Blomberg, the AfDB’s country manager for Egypt. The AfDB loan aims to finance Egypt’s comprehensive structural reform programme. …
Saudi billionaire Alwaleed bin Talal freed
Bin Talal will continue living in Saudi Arabia, he says
Egypt completes seismic survey for 4,200 km in the Red Sea region: Ganope chairperson
Exploration bidding in those offshore areas will increase Egypt’s reserves, said El-Molla
IMF increases Egypt growth forecast to 4.8% in FY2017/18Â
Adressing high levels of perceived corruption key to achieving greater economic efficiency
Results of Egypt’s reform programme becoming visible, 4.8% growth forecast for FY2017/18: IMF
The Egyptian economy is on a recovery track, as a result of the reform programme’s decisive policy actions, with a forecasted growth rate of 4.8% in fiscal year (FY) 2017/18, up from 4.2% in FY 2016/17, said IMF Mission Chief for Egypt Subir Lall at a press conference on Tuesday. “Inflation steadily declined to around …