Latest Egypt News
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Egypt’s Dollar Black Market Premium Falls Amid Pound Decline
Egypt 's unofficial currency market is falling as the pound goes through what JPMorgan Asset Management called "non-chaotic maximum devaluation." The U.S. currency is selling for 7.47 Egyptian pounds in the Arab country's so-called black market, a 7 percent premium to the official price, according to the average of three quotes from Cairo money exchangers compiled by ...
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Egypt students protest keosene smell in beans
Dozens of students at Al-Azhar University in Egypt said that they smelled kerosene in beans served for dinner in the school's dormitories The students protested Monday after dinner, Ahram Online reported. An official from the university said initial tests didn't indicate any contamination and that the smell may have come from the gas stove on which the beans were cooked. The ...
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Local NGO Offers Legal Support for Female Victims of Violence
An Egyptian non-governmental organization has filed 50 lawsuits in support of female victims of violence. The Cairo Center for Development and Human Rights said in a statement on Monday that the lawsuits included 42 under domestic violence, seven under sexual harassment and only one under discrimination in the workplace. A court has so far ruled in favor of the workplace-related lawsuit while ...
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Prosecutor Puts Hamdeen Sabahis Daughter On Travel Ban List
Egypt's general prosecutor has decided to put the daughter of former presidential candidate and opposition leader Hamdeen Sabahi on a travel ban list. Salma Sabahi, who has been accused of internet marketing fraud, was released on EGP 30,000 bail last week, but arrested again when more legal complaints against her arrived. Sabahi has pleaded not guilty to all the charges filed against ...
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Egypt tourist arrivals rise not back to pre-revolt levels
Egypt rose in the first four months of 2012, the cabinet said on Tuesday, but analysts say the sector is still suffering from the aftermath of the country's 2011 uprising. The revolt that ...
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Cross River State Rural Access and Mobility Project in Nigeria
Cross River State has an enviable history in Nigeria, yet until 2008, most rural roads were in poor, impassable conditions. They had a negative impact on the local economy, especially agricultural activities, with poor rural roads resulting in exorbitant vehicle operating costs and unquantifiable travel times. The situation was worse still in far-flung villages where logs of fallen trees often ...
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AfDB Project Integrates Nomadic Peoples into Mainstream Education in Nigeria
Spanning at least 20 different countries across the African continent, nomadic peoples constitute about six per cent of the total African population, or some 50 million people. This large population, categorized into three major groups, as pastoralists, migrant fishing folks and farmers, has a common wandering lifestyle. Shrinking grazing lands, constant blocking of grazing paths, increasing ...
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Money Market Funds achieve return of 10.53 during Q113 Hermes
), the leading investment bank in the Arab world, is named "Best MENA Asset Manager of the Year" with a total of five wins on the 2012 Zawya MENA Funds Ranking Awards, including three first place finishes for Egypt-based funds and one for a Qatari fund. The recognition underscores the division's continued ability to innovate and outperform the market despite challenging ...
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NGOs Warn of Short-Term Resolutions in Sinai
Egyptian human rights organizations issued a statement on Monday, warning the authorities against "taking the usual route of short-term security resolutions in addressing the crisis of the kidnapped security officers in Sinai." The non-governmental organizations (NGOs) called on the government to address the roots of this crisis through responding to the demands of putting an end to ...
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IMF again raises Egypt inflation forecast to 3-year high
The International Monetary Fund Inflation in Egypt is expected to climb to 10.9 percent this year, the highest level since 2010, the International Monetary Fund said on Tuesday, more than it expected in April."Inflation is expected to rise in Egypt, Jordan, Morocco, and Tunisia, reflecting recent and planned subsidy cuts and, in some cases, pressure from monetization of fiscal deficits and ...
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Barclays Bank Egypt FY2012 profit after tax up 301
- Barclays Bank Egypt announced its financial results for the year ended 31 December 2012 where profit after tax grew to reach EGP 368m, 301% ahead of same period in 2011. Despite the challenging economic and political situation, profits increased, driven by robust performance across all lines and segments. "The largest contributor to our improved profitability is growth of 31% on net ...
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Number of German tourists in Egypt exceed 2010 rates
- The numbers of German tourists visiting Egypt in March and April of this year was higher than the same period in 2010, Minister of Tourism Hisham Zaazou stated on Monday. A total of 226,000 German tourists visited the country in the last two months, a two percent rise on the figures for March and April 2010, which was considered a year of flourishing tourism, said the minister. In 2010, an ...
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Egypts anti-Morsi rebels gather millions of signatures
An Egyptian activist covers her face with the petition for "Tamarod," Arabic for "rebel," a campaign calling for 15 million signatures expressing "no confidence" in Egyptian President Mohammed Morsi and calling for early presidential elections, during a protest in Tahrir Square in Cairo on May ...
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Nation to Hold Press Conference On Kidnapped Soldiers
The Egyptian presidency will hold a press conference on Monday to comment on the kidnapped security officers in the Sinai Peninsula, reported a satellite channel. The conference will notify the public of the latest developments and the steps which are being taken by the authorities to release the kidnapped soldiers. President Mohamed Mursi has vowed to consider all options to free the hostages ...
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Chevron in advanced talks to sell downstream assets
Chevron is conducting a separate sale process for its assets in both countries, banking sources have said, speaking on condition of anonymity as the matter is not ...
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We need to cut inflation rates to protect low-income brackets President
President Mohamed Morsi asserted the importance of reducing inflation rates to protect low-income brackets. The remark came during the president's meeting with Central Bank of Egypt (CBE) Governor Hisham Ramez at the presidential palace, the presidency said in a press release on Sunday 19/5/2013. The meeting reviewed Egypt's current economic situation, especially the foreign ...
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Dr. Tedros Holds Talks With Deputy Foreign Minister of Egypt
Dr. Tedros Adhanom on Friday received Egypt's Deputy Foreign Minister for African Affairs, Ambassador Ali el -Hefni, in his offices. The discussions were focused on ways of strengthening the historic bilateral relations between the two nations. Ambassador el-Hefni on the occasion expressed Egypt's desire to work closely with Ethiopia on all matters of mutual interest. He said Egypt ...
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Embassy helps 2000 Egyptians find job in Saudi Arabia
(MENAFN - Arab News) Egypt has gone to great lengths to rectify the legal status of its nationals in Saudi Arabia, said Hossam Issa, an Egyptian diplomat. The Egyptian Labor Bureau has contacted employers with job opportunities who can transfer sponsorships. It has already succeeded in providing 2,000 alternative jobs to Egyptian citizens in various fields. These job opportunities are posted on ...
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Egypt bourse to revive same-day trading by weeks end
- The Egyptian Stock Exchange will reinstate the practice of buying and selling single stocks within the same daily trade session by the end of the week, bourse officials announced on Sunday. The ability to buy and sell a particular stock in the same trade session was halted in February 2011 after the popular uprising that swept autocratic president Hosni Mubarak from power. In April, Reuters, ...
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IMF raises Egypt 2013 CPI fcast to 10.9 pct highest since 2010
DUBAI, May 21 (Reuters) - Inflation in Egypt is expected to climb to 10.9 percent this year, the highest level since 2010, the International Monetary Fund said on Tuesday, more than it expected in April. "Inflation is expected to rise in Egypt, Jordan, Morocco, and Tunisia, reflecting recent and planned subsidy cuts and, in some cases, pressure from monetization of fiscal deficits ...
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Three million new Egyptian households connected to internet in 2012
Egypt's official statistics agency CAPMAS has said one third of Egyptian households had internet access in 2012, up three million over the previous year, Ahram has reported. Last year, 18.2 million households owned at least one mobile phone, compared with 17.9 million in 2011, the agency said. Following ten years of gradually increasing internet penetration, national internet use spiked ...
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El Sewedy Electrometer eyeing US market
Egypt-based maker of consumer and commercial electrical power metering solutions, El Sewedy Electrometer is eyeing the US market after successfully establishing itself in Africa, Asia, Europe and Latin America, Financial Times has reported. "The US market is huge and they are taking the smart metering as a policy and a strategy," said the firm's chief executive, Khaled Fouad ...
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Egyptian army ready to release kidnapped soldiers in Sinai source
The Egyptian army sent more troops to Sinai Peninsula on Monday, getting ready for a possible military operation to release the seven kidnapped soldiers, a military source told Xinhua.On Thursday, a group of militants abducted seven military recruits in North Sinai's Green Valley, some 20 km away from the governorate's capital of Arish."More soldiers entered Sinai today under ...
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Echoes of Egypts revolution far from Cairo
When the 25 January revolution happened in Egypt in 2011, the capital Cairo became the focus of world attention. Millions of Egyptians gathered in Tahrir Square to call for bread, freedom and social justice. But millions more watched events from afar. Sixty per cent of the country's population live outside the big urban centres of Cairo, Alexandria and Port Said. In the latest in her series ...
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Egypt Sends Show of Force to Sinai After Kidnappings
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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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