First Independent Mena Newspaper
Egypt will be receiving the remaining $1billion within two months from Turkey after satisfying the conditions attached to the $2billion loan agreement concluded last year to support its budget deficit. Turkey’s Eximbank will be handling the transactions. The money is needed by Egypt to suppress its problems as the government continues to run out of […]
With its economy showing no sign of recovery and the inflation on the rise, Jones Lang LaSalle has stated that property prices have been escalating especially in two large well known Cairo satellite cities; New Cairo and 6th of October City. In its latest report, the two cities have witnessed an average price rise of […]
It was not a joyful day at the Egyptian Exchange just like any other day since the beginning of the week. Tuesday was among the worst as losses continue to increase with the Egyptian Exchange (EGX) 30 benchmark index dropping by 1.95% to reach 5,129 points at the end of the session compared to 5,231 […]
A total of 443,535,902 shares of the ‘’National Société Générale Bank’’ (NSGB) have been acquired by the Qatar National Bank (QNB) at a selling price of EGP 35.65 per share. The 100% acquisition of the shares cost the Qatari bank EGP 16.142bn. The NSGB is a subsidiary of the French Société Générale Bank in Egypt. […]
The European Union has made a contribution of approximately €20.8 million to the payment of February’s salaries and pensions of almost 82,000 Palestinian civil servants and pensioners in the West Bank and the Gaza Strip and called on all other donors to provide their promised financial support to the PA, a press release announced on […]
At a charity fashion show organized to raise funds for the National Centre for Cancer Care and Research in Doha, the Libyan ambassador to Qatar urged Qatari authorities to invest in Libya’s reconstruction. Ambassador Hafiz el-Bouri said Libya has “very big chances of investments presently” that could be capitalized upon. He is hoping that Qatar […]
Chaos is threatening the Libyan Investment Authority (LIA) as the head of the sovereign wealth fund, Mohsen Derregia, refuses to step down from his position despite the government’s decision to replace him because of poor performance. Prime Minister Ali Zeidan has named deputy central bank governor, Ali Mohammed Salem Hebri, as the temporary head of […]
Egypt’s Minister of Finance, Mursi Hijazi, revealed that the country is losing about 100 million pounds per day because of insecurity and political unrest and that workers’ repeated strikes have also contributed to the losses. According to the minister, “the losses are caused by various disruptions, such as sit-ins, protests, cutting off roads and breaking […]
Masraf Al Rayan’s desire to acquire an important share in a commercial bank in Libya has finally been approved by its extra ordinary general assembly. Al Rayan has for been yearning for increasing its capital in a Libyan bank to get what many reports describe as a strategic share. The extra ordinary assembly’s approval now […]
Governor Hisham Ramez of the central bank has said that the foreign cash reserve recession rate may decline by next month. The central earlier on this month announced that the reserves had reached US$13.6 billion, which would amount to a 16-year low, compared to $36 billion on the eve of the 2011 uprising that ousted […]