543 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) lost 12.3bn of its market capitalisation, ending Tuesday in red territory following a sharp downturn in its indices to reach EGP 902.731bn by session’s end
The forecasted price of Brent crude for 2018 remains at $70 per barrel, $4 lower than the current price, on the back of the OPEC and non-OPEC oil-producing countries’ agreement to increase production by 1m barrels per day, according to a Bank of America Merrill Lynch Global Research report issued on Monday. Egypt is highly …
MSCI’s decision to include Saudi Arabia in the MSCI Emerging Markets Index will be a game changer for Saudi capital markets, as the Saudi Stock Exchange (Tadawul) has already seen record international inflows this year in anticipation of the move, at around $3.5bn, Antoine Maurel, head of global markets MENAT at HSBC, told Daily News …
Bonuses will cost state EGP 24bn, says Moeit
Subsidy reform adjustment led to declining purchasing power, yet a brightening economic and employment outlook provides a better basis for acceptance of the new reforms
Aramco to supply Egypt with 0.5-1m barrels of crude oil per month
Reports linking acquisition to Al-Sheikh
The Egyptian authorities decided to go ahead with hikes to subsidised government-set fuel prices on Thursday, lifting gasoline and diesel prices by between 17-66% and raising the price of a litre of gasoline 92 to EGP 6.75, up from EGP 5. The price of gasoline 80 and diesel fuel both increased from EGP 3.65 to …
Egypt is targeting increasing the production capacity of its mega gas field Zohr to reach 1.75bn standard cubic feet per day (scf/day) by August, Petroleum Minister Tarek El-Molla said on Thursday. The giant Zohr gas field in offshore Egypt is the largest gas field ever discovered in the Mediterranean, with reserves estimated at 30tn cubic …
The cabinet of Mostafa Madbouly was sworn on before President Abdel Fattah Al-Sisi Thursday to serve as Egypt’s new government. The core economic group of Egypt’s cabinet consists of the Ministries of Finance, Public Sector Affairs, Investment, and Industry. Ministers of other economy-related portfolios, such as trade, tourism, and petroleum, were announced. Mohamed Moeit, was …
Brazil will win its sixth World Cup title, defeating Germany in the final on July 15, according to the The World Cup and Economics report issued by the Goldman Sachs Group on Tuesday. “When Lionel Messi observed that ‘in football…talent and elegance mean nothing without rigor and precision,’ he was clearly thinking as much about …
Survey respondents choose Germany, Brazil, Argentina as likely winners with 14%, 13%, 12% chance respectively
Throughout the past three years, Egypt has been through tough but necessary economic reforms, undertaken by the authorities and supported by the International Monetary Fund (IMF). The reforms aim to improve Egypt’s public finances, curb the budget deficit, and get the currency shortage under control, all while achieving sustainable growth. The economic reforms came after …
Egypt’s economy seems in good shape as annual economic growth accelerated in the January-March period to reach a multi-year high. Additionally, in May, foreign reserves hit a record monthly high and, in April, business conditions in the non-oil private sector were in positive territory for only the second time in over two years, according to …
Egypt’s non-oil private sector activity continued to shrink in May to reach 49.2 points, down from 50.1 points in April. Nonetheless, the Purchasing Managers’ Index (PMI) score for May remained well above the long-term average, according to the latest Emirates NBD Egypt Purchasing Managers’ Index survey, published on Tuesday. However, according to the survey, there …
Firm believes fuel prices will rise by 60% in July to keep subsidy reform programme on track
Al Ahly SC demanded Egypt’s minister of youth form a financial committee to assure that the donations granted by the Saudi sports administrator, Turki Al-Sheikh, have been spent to achieve their agreed upon purposes. On Thursday, then Al Ahly’s honorary president, Al-Sheikh, announced on his Facebook page that he will leave his position at the …
Oil prices plunged on Friday to their lowest levels in weeks, on the back of reports that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia are considering increasing production. Both West Texas Intermediate (WTI) and Brent crude fell by more than 3% to $67.50 and $76.44 respectively. Both Saudi Arabia and Russia are …
The Ministry of Petroleum and Mineral Resources intends to put forward two international bids for oil and gas exploration and production in 2018 in 27 concessions, said Petroleum Minister Tarek El-Molla on Monday. El-Molla explained that the Egyptian General Petroleum Corporation (EGPC) bid will include 11 concessions, five of which are in the Western Desert, …
Iranian Oil Minister Bijan Zanganeh said that the US President Donald Trump’s decision to quit a multinational nuclear deal would not affect Tehran’s oil exports if the European Union (EU) could salvage the pact, Reuters reported. The Iran nuclear deal was signed by Trump’s predecessor, Barack Obama, along with the United Kingdom, France, Germany, China, …
The International Monetary Fund (IMF) delegation has reached a staff-level agreement—subject to approval by the IMF’s Executive Board—on the second $2b tranche disbursement of the $12bn loan, bringing total disbursements under the programme to $8bn. The agreement came after the fund’s third review of Egypt’s economic reform programme during the delegation’s visit to Cairo from …
Sharm El-Sheikh and Hurghada hotels were named touristic hotspots by Colliers International, with a forecasted growth of 45% and 31% respectively in revenues per available rooms (RevPAR). The surge is a result of an improved security perception and a surge in international leisure demand, according to Colliers’ The MENA Hotel Forecast April 2018 report. On …
Qalaa Holdings announced on Tuesday a 22% year-over-year increase in revenues in fiscal year (FY) 2016/2017, to reach EGP 9.3bn, due to the favourable economic trends along with its energy subsidiaries’ strong growth. The consolidated financial results cite top-line performance achieved by TAQA Arabia and Tawazon, and increased competitiveness at ASCOM’s mining subsidiaries; FY 2016/2017 …
Targeted cumulative value of the listings is EGP 15-18bn
Cairo is main driver of growth in Egypt’s hotel supply
The communications industry is diverse and is responsible for many aspects essential for any modern day brand, from general media relations and media relations strategy planning to digital and social media. In recent years, the lines between different aspects of the industry have been blurred, and the way it works has been completely changed, following …
Minister of Finance Amr El-Garhy welcomed the Friday decision of Standard & Poor’s (S&P) to raise Egypt’s credit rating to B from B-, stressing that this step confirms that the state is on the right path and asserts confidence in the Egyptian economic reform programme. El-Garhy added that the decision will contribute to attracting more …
S&P Global Ratings on Friday raised Egypt’s sovereign credit rating to B from B-, backed the improvements in business fundamentals, while the economic outlook was revised to stable from positive. According to the report published by S&P, the revised credit rating reflects the competitive exchange rate, increase in natural gas production, and the witnessed increase …
Ministry of transport announced the increase in the prices of metro tickets on Thursday, based on the number of stations travelled. The new prices to be implemented starting Friday, and will start from EGP 3 for the first nine stations, and EGP 5 for nine to 16 stations, up to a maximum of EGP 7 …
Egypt’s economy appears to be in good shape approaching the end of this fiscal year (FY), backed by improvements in non-oil private sector business conditions in the purchasing managers index (PMI), upward trend of foreign reserves, decline in inflation rates, and doubling the Zohr gas field’s output capacity, according to FocusEconomics’ Consensus Forecast Middle East …
