577 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.
The Egyptian Exchange (EGX) has announced their acceptance of Banque du Caire’s application to list its shares in the EGX with a capital of EGP 2.25bn, distributed over 562.5m shares with a nominal value of EGP 4 per share in a statement on Wednesday. Tarek Amer, governor of the Central Bank of Egypt (CBE) has …
The Central Bank of Egypt has announced on Sunday that Egypt’s international reserves reached $26.363bn in January, marking an increase of almost $2.1bn from December 2016’s value of $24.265bn. Since 2011, Egypt’s foreign currency reserves have been constantly drained at unsustainable rates to prevent currency devaluation. By October 2016, foreign reserves had dropped to $19bn …
The value of MENA inbound and outbound M&A activities doubled in comparison to 2015
Substantial progress on the reform measures is required to address structural weaknesses, says UN
In the 1970s, the alliance between Egypt and Saudi Arabia was formed as a result to the countries’ mutual interests and threats. The ties between the two countries were stronger than ever, especially after Egypt had led the Arab participation in the international coalition against former Iraqi president Saddam Hussein in the early 1990s, after …
Order books for the bonds exceeded $13.5bn; Egypt to receive amount by early February
After several years marked by turbulence and uncertainty, Egypt’s economy encountered numerous challenges, from political unrest and declining tourism, to foreign currency and fuel shortages, which led the government to adopt an economic reform programme to improve Egypt’s public finances. Between September and November 2016, authorities introduced the value-added tax law (VAT), a free-floating currency, …
Egypt’s foreign debt had reached the $55.7bn mark in fiscal year (FY) 2015/2016
Since 2011, political and regional developments have taken a significant toll on the Egyptian economy. Underlying structural challenges and the prolonged political transition led to the build-up of macroeconomic imbalances. A significantly overvalued exchange rate undermined competitiveness and depleted reserves. Weak revenue, combined with poorly targeted subsidies and a growing public sector wage bill, resulted …
Foreign exchange and inflation rates exceeded the IMF’s preliminary predictions; IMF may have miscalculated the foundations of the Egyptian economy
Cairo hotels continued to show a strong performance despite the recent devaluation of the local currency. The continued surge in revenues per available rooms (RevPAR) is a result of the increasing Average Daily Rates (ADR), according to Colliers International’s MENA Hotel Forecasts December 2016 report. Consequently, hotel profitability rates are expected to further enhance. According …
Total real estate transactions in Dubai for 2016 registered at AED 259bn
The banking system was able to secure inflows of $7.5-8bn since the flotation of the Egyptian pound
In its report “Global Economic Prospects”, the World Bank stated that among oil-importing economies, growth in Egypt has slightly declined to 4.3 % in fiscal year (FY) 2016. This comes as a result of foreign currency shortages which feed manufacturing and a decline in tourism after the crash of a Russian aeroplane in the Sinai …
Egyptian companies to contribute to reconstruction process after expelling IS
Squeezed by economic and political turmoil following the 25 January Revolution that toppled former president Hosni Mubarak, Egyptians are now facing a new era of hardship and austerity. The government’s adopted economic reform programme, backed by the International Monetary Fund (IMF), included the flotation of the Egyptian pound, subsidy cuts, high interest rates, and the …
IMF support has played an important role in reducing external liquidity risks, medium-term default risks in Egypt, and several frontier markets that entered into new programmes in 2016, according to a Fitch Ratings press release on Friday. However, the press release indicates that each country’s compliance with IMF conditions will decide the potential improvement in …
Total sales for the FY 2016 registered EGP 1.45bn
New employees will be hired through employment competitions that will be advertised twice a year
On Wednesday during the opening of the National Project for Fish Farming in the Suez Canal area in Ismailia, President Abdel Fattah Al-Sisi called on Egyptians to endure the economic hardships resulting from governmental reforms for the next six months. During his speech, he reasserted the state’s commitment to its economic reforms, and promised citizens …
Reforming the public sector and reducing its wages are some of the key elements of the economic reform programme adopted by the Egyptian government, and blessed by the International Monetary Fund (IMF). Yet, according to a study by the Egyptian Center for Economic and Social Rights titled “Changes in the Public Sector Wage Policies …
On Wednesday, the chairperson of Libya’s National Oil Corporation (NOC) visited Cairo to meet with Minister of Petroleum Tarek El Molla to discuss mutual cooperation opportunities between the two countries in the oil and gas sector. The visit comes after the announcement of new gains in Libya’s oil production this week. Despite Egypt’s abundance …
Regulating the registration of movable collateral for the first time in Egypt reduces lending and financing risks, says Dalia Khorsid
Governmental incentives will be provided to the first 10 tanneries moving to Rubeiky city, says trade minister
There are significant growth opportunities for mobile banking in Egypt
The loan will be put towards funding social safety net programmes and promoting small- and medium-sized enterprises
Etisalat Egypt will sponsor the treatment of 1,200 Egyptian Hepatitis C patients in 2017
China, India, and Bangladesh projected to be fastest growing export markets in 2021-2030
When our fund is liquidated in 10 years, the profits will be shared with the Egyptians in a legacy foundation that could be invested in hospitals and education, says Harmon
Despite efforts to liberalise the natural gas sector dating back to the 1990s, the market is still currently far from liberalised, say experts
