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Egypt’s Al Nouran sugar project secures Islamic financing

Reuters – Egypt’s Al Nouran sugar production facility, an EGP 2.5bn ($357m) project, could begin operations in 2016 after securing a Sharia-compliant financing package, the project sponsors said on Monday. Al Nouran is expected to refine more than 500,000 tonnes of sugar annually, potentially reducing the country’s reliance on imported sugar by up to 25%, …

Daily News Egypt

Dubai to sell 15-year benchmark sukuk Tuesday

Reuters – The government of Dubai plans to sell a benchmark-sized, US dollar-denominated sukuk with a lifespan of 15 years on Tuesday, a document from lead managers said. Initial price thoughts on the Islamic bond have been set between 5% and 5.125%, the document said. Benchmark size is traditionally understood to mean at least $500m. …

Daily News Egypt

Egypt’s Pioneers Holding 2013 profit rises 37%

Reuters – Egyptian investment firm Pioneers Holding posted a 37% increase in net profits for last year, it said in a bourse statement on Wednesday. Pioneers made EGP 358m ($51m) in 2013 compared with EGP 260.5m in the previous year, it said. The firm, which specialises in brokerage services, said earlier this year it planned …

Daily News Egypt

Egypt economic growth to remain slow: IMF

AFP – Growth in Egypt’s economy is expected to remain sluggish this year as political uncertainty keeps tourists and foreign investors away, the International Monetary Fund said Tuesday. The economy of the Arab world’s most populated country was forecast to grow by 2.7% this year after expanding by 2.1% in 2013, the IMF said in …

Daily News Egypt