First Independent Mena Newspaper
Egypt was pinning great hopes on the International Monetary Fund (IMF) promised loan to boost its economy, stabilize the country and attract investors and tourists anew. The country is in dire need of this loan also to inject cash in the state’s reserves as foreign currency reserve can barely cover 3 months of imports and […]
Kanosak Capital Venture Corporation has announced that it has acquired 90 percent interest in ‘’la Société Mauritanienne d’Exploration’’ (“SEM”) from Wafa Mining and Petroleum S.A., a Mauritanian company. In exchange for the acquisition, Kanosak, a Canada-based capital pool company, issued 100,000 common shares and paid US$100,000 in cash. Additional contingent consideration of common shares and […]
Egypt might be taking a new approach towards small and medium-sized enterprises (SMEs) in the economic sector after a report was submitted to the National Bank of Egypt (NBE). The report which was overseen by the deputy head of the small and medium-sized enterprises division, Saad Mohyeldeen, has proposed 10 suggestions. The most significant among […]
The Egyptian pound weakened to a new record low against the US dollar on Thursday, extending its losses to 6.4 percent since the central bank introduced a new system of foreign currency auctions to curb a decline in foreign reserves. This came hours after Qatar announced that it is willing to pump in more money […]
A U-turn has been done by the government after criticisms by Islamic religious leaders concerning a draft law which will permit the government to issue sukuk. Making the announcement, the finance minister Al-Mursi Al-Sayed Hegazy said the revision of the draft law will be done after meeting with top officials of Egypt’s prestigious Al-Azhar university […]
Representatives of International Monetary Fund (IMF) and the Egyptian government discussed the important $4.8 billion loan as the Egyptian pound continues on its dive with the foreign reserves depleting. Before the visit, the IMF said they will discuss recent economic developments and “possible IMF support for Egypt in facing these challenges”. It’s Middle East and […]
During the inauguration ceremony of the National Initiative for Economic Launch, the Egyptian Prime minister said that there are expectations that some prospective investments can “help reduce the budget deficit” before the end of the year because these investments can go up to LE20 billion. These remarks came after saying that the transfer of funds […]
Tunisia will be introducing its financial transactions to Sukuk for the first time next year alongside Egypt according to CIMB Group Holdings and OCBC Al-Amin Bank with the global sukuk sales tipped to surpass 2012 record of $46 billion in 2013. Sukuk has been attracting countries after the global economic crises took centre stage. Countries […]
The government is preparing to sell almost 60% of its bond in the next quarter. The decision is a U-turn on its strategy to cut long-term debt sales by 49% in expectations of the delayed IMF loan. The Finance Ministry will seek to sell 26billion pounds ($4.2 billion) in bonds maturing in 3years to 10years, […]
With rumors surrounding the market claiming that some Egyptians have withdrawn their funds from banks out of concern they would be frozen by the authorities, Egypt’s central bank has taken steps to safeguard deposits in local and foreign currencies in Egyptian banks in response to the rumors. In a press release to address the situation, […]