Latest Egypt News
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Egypt Central Bank to auction $800 million forex again
Street vendor distributing bread in Egypt Egypt's central bank said on Tuesday it would offer $800 million to banks at an exceptional auction of foreign currency on Wednesday to cover the country's strategic import needs.The auction will be the central bank's second exceptional sale of foreign exchange. In April, it sold $600 million to pay for wheat, meat, cooking oil and other ...
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SODIC Q113 net dips to LE 6 m due to reduced deliveries
) has released its consolidated financial results for the first quarter ending 31st of March 2013. SODIC reported a net consolidated profit of EGP 6 mln (Q1 2012 net profit of EGP 35 mln) on consolidated revenues of EGP 130 mln (Q1 2012 revenues of EGP 312 million) . The drop in revenues y-o-y is attributable to the reduced deliveries during the quarter. The relatively low deliveries during ...
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Petroleum Minister New body for achieving energy development
Minister of Petroleum and Mineral Wealth Sherif Hadara asserted on Monday 20/5/2013 that the ministry has no definite figures on future energy consumption and there is not either a comprehensive energy plan for what should be achieved over the coming years. However, the minister said that a new energy body will be formed to work out this plan and draw the features of development in Egypt over ...
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7 kidnapped soldiers freed in Egypt
The seven soldiers were kidnapped last Thursday in the Sinai Peninsula They are now free and heading back to the capital, Cairo, a military spokesman says Military intelligence services and Sinai residents cooperated to secure their release, he ...
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Egyptian President Announces Release of Officers Kidnapped in Sinai
CAIRO ...
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ExcerptsEgyptian depression most severe since 1930s 17 May 2013
Excerpts:Egyptian depression most severe since 1930s 17 May 2013 +++SOURCE: Egypt Daily News 17 ...
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More hotels join Hilton Worldwide
Hilton Worldwide Middle East and Africa announced the launch of its popular Great Getaway promotion campaign for the MEA region, offering astute travellers the opportunity to secure up to 25% discount on hotel stays, simply by booking five days in ...
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Mobinil Ericsson to bring next generation internet technology to Egypt
Growing consumer demand for mobile connectivity in Egypt has resulted in a new agreement between Mobinil and Ericsson whereby Ericsson will modernize Mobinil's ...
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Released Soldiers Return Home
Egyptian Army Soldiers (file photo). Seven released Egyptian security officers, who were kidnapped by Islamist militants in Sinai on Thursday, arrived to Almaza Cairo Airport on Wednesday after being released, reported the state-owned news channel. President Mohamed Mursi, Prime Minister Hisham Kandil and Defence Minister Abdel Fattah Sisi received the released security personnel at the ...
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Egypts Minister of Electricity and Energy supports the 2nd Annual Egypt Power and Electricity Summit
As the Egyptian government is working on developing its economy and infrastructure, it has become crucial for the country to improve its electricity sector and provide uninterrupted electric power supply to its population and industries. To further strengthen its development plans, the Ministry of Electricity and Energy has implemented the national 5-year plan for electricity expansion ...
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Orascom Telecom says not party in VimpelCom Algeria talks over Djezzy
) announced that it didn't informed about stoppage of negotiations between Russian VimpelCom, owner of Orascom, and the Algerian Government about OT's unit in Algeria Djezzy. OT added, in a release sent to EGX that, it is not party in these ...
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7 kidnapped Egyptian servicemen released
Seven Egyptian security personnel arrived in Cairo Wednesday morning after being released by kidnappers in the Sinai Peninsula, Egyptian officials said. Egyptian President Mohamed Morsi, Defense Minister ...
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Egypt Boosts FX Sale for Commodities as SP Warns on Inflation
Egypt 's central bank will offer a record $800 million at a currency auction to local lenders today to finance imports of staple foods and medicines after Standard & Poor's warned of accelerating inflation. The regulator, which normally offers $40 million at each auction, is holding a second so-called exceptional sale specifically targeting basic commodities. It sold $600 ...
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Egypt Security Officers Kidnappers Must be Pursued and Captured
Cairo - Supreme Guide of Egypt's Muslim Brotherhood, Mohamed Badie, extended his greetings to President Mohamed Mursi, the Armed Forces and the Bedouins of Sinai on Wednesday for their efforts in releasing the seven kidnapped security officers. Badie stressed through his Twitter account the necessity to hold the perpetrators of this abduction accountable. "Congratulations to the ...
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Sinai kidnappers free Egyptian policemen
Egypt has reopened the Gaza border crossing after Sinai militants released three Egyptian policemen and four soldiers kidnapped five days ...
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Gaza-Egypt crossing at Rafah reopens witnesses
In this Monday, Aug. 6, 2012 file photograph, the Rafah border terminal between Egypt and Gaza, and the only gateway for Gaza's people, is closed and guarded by Egyptian border guards in Rafah, Egypt. (AP Photo/Ahmed Gomaa, ...
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Damac emerges from Egypt tussle poorer but clean
with Egypt’s government, but at a significant cost, according to figures published by an Egyptian newspaper. Under the terms of the deal, Damac will pay an additional $20.77m to reclaim the right to construct its "Park Avenue" mall and commercial project on the Cairo-Alexandria road, while it will forfeit its stake in local developer, ‘Hyde Park Properties for Development ...
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Egyptian security men abducted in Sinai freed
Six Egyptian policemen and a border guard abducted on the Sinai peninsula last week have been released, the Egyptian army has said in a statement. "The seven kidnapped soldiers are now on their way to Cairo after they were released thanks to the work of military intelligence, and in cooperation with the noble tribal leaders of Sinai," said army spokesman Colonel Ahmed Ali in a ...
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International Association of Judges Rallies Behind Nations Judiciary
At an international conference focusing on the independence of Egypt's Judiciary on Monday, the president of the International Association of Judges announced a new committee to investigate the feud between the judiciary and the government in Egypt. Gerhard Reissner explained that the association plans to present a comprehensive report on the matter to the United Nations, after hearing ...
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Army Determined to Apprehend Sinai Soldiers Kidnappers
Egyptian Army Soldiers (file photo). Egypt's Armed Forces said on Tuesday it did not and will not hesitate in taking any steps to release the kidnapped soldiers in Sinai. The response to this operation will be swift and harsh, the Armed Forces added. "We will not have pity or mercy on terrorists or those who help them." On their Facebook page, the Armed Forces reported that ...
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Army Raids Sinai Homes in Search of Hostages
Egyptian Army Soldiers (file photo). Security sources in northern Sinai said that army and police forces began raiding homes in al-Sheikh Zuwayed and Rafah on Tuesday in search of the seven security members who were abducted on Thursday. The sources told Aswat Masriya that the raids included about 20 homes in the deserted area of southern Rafah. Forces fired gunshots at subjects who were ...
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Gunman Killed in Airstrike in Sinai
Egyptian Army Soldiers (file photo). A gunman was killed in an air strike on a village in northern Sinai during a security operation on Tuesday, reported a state-owned news channel. The armed forces and the police are currently carrying a security operation to liberate the seven security officers who were kidnapped on Thursday by Islamist militants. The security forces also captured three ...
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Authorities Deny Killing Gunman in Sinai
Egyptian security sources denied killing a gunman in an airstrike in northern Sinai, saying that the security forces mistakenly fired on a funeral during a sweep search for the security personnel who were kidnapped on Thursday. A state-owned news channel has reported earlier that a gunman was killed during the military operation conducted to free the seven kidnapped security officers. The ...
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Egypts EFG Hermes says Q1 net profit jumps 27 pct
CAIRO | Wed May 22, 2013 4:40am EDT CAIRO May 22 (Reuters) - EFG Hermes, Egypt's biggest investment bank, saw net profit jump 27 percent in the first quarter from the same period a year earlier, the bank said on Wednesday. Net profit for the period increased to 98 million Egyptian pounds ($14 million) from 77.0 million pounds in the first quarter of 2012, the bank said in a ...
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Egyptian Authorities Reopen Rafah Crossing
Gaza, May 22 (BNA) - Egyptian authorities reopened on Wednesday the Rafah border crossing between Egypt and the Palestinian territories, south of the Gaza Strip, in both directions after the success of the Egyptian army in releasing its seven soldiers who were kidnapped last Thursday in north Sinai. Rafah crossing was closed for five consecutive days due to protest against the kidnapping of the ...
Egypt Digest
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Egypt's oil industry is growing rapidly
Egypt has, in recent years, made immense gains in terms of economic performance. The country has long been the economic powerhouse of North Africa and Africa in general (second only to South Africa and Nigeria) and has taken great steps to reverse the highly-centralized economy inherited from President Gamel Abdel Nasser.
The oil and gas sector has long been one of the major strengths in the Egyptian economy, along with other natural resources such as minerals, gold and natural gas. Read more
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