First Independent Mena Newspaper
While French troops are treated and greeted in Mali as liberators rather than as foreign occupiers, Egypt’s Islamist president Mohamed Morsi has expressed opposition to France’s military action launched to dislodge the Jihadist fighters linked to Al Qaeda occupying the northern part of the impoverished West African country. “We do not accept at all the […]
Mansour group is planning to sell its supermarket chain, Metro, and discount grocery store Kheir Zaman. Majid Al Futtaim (MAF) has set its eyes on the supermarket in a deal estimated around $200 to $300 million. Egypt’s largest supermarket chain is Metro. It is present in 10 cities with more than 40 outlets. MAF gained […]
A recent report conducted by the Investors Union stated that approximately 1500 factories in Egypt have either closed or are operating at reduced capacity. Production has been falling since the economic crisis began and the number of factories to close will be increasing especially those importing raw materials to be used in local production. The […]
It seems that Egypt is heading for more trouble and showdown between the Muslim Brotherhood and the Liberals as the country braces for the re-trial of the toppled former Egyptian President Hosni Mubarak. This retrial is a real test of the independence of the judiciary system under the Muslim brotherhood-led government. Mubarak, who was sentenced […]
Egyptian security forces have captured lately six U.S. made anti-tank and surface-to-air missiles that were on their way to be smuggled into the occupied Palestinian Gaza Strip. The weapons, which were intercepted in the Sinai desert, are believed to have come from Libya and to have been manufactured by U.S. firms. But some experts cast […]
United Arab Emirates security services have said they disrupted lately an Egyptian Muslim Brotherhood network that “recruited Egyptian expatriates in the UAE” and “received instruction on means of changing leadership in Arab countries”. According to Al-Khaleej newspaper, the group, made of a dozen people including three doctors, held “secret meetings” across the oil-rich country, set […]
Egypt has decided to call off its first debt sale after a rating cut at Standard & Poor’s raised borrowing costs and as Fitch Ratings warned against delaying an International Monetary Fund loan beyond January. The local currency is continuing on its journey of unprecedented deprecation. The sale which was supposed to take place was […]
Reports have been claiming that Dubai’s Majid Al Futtaim# (MAF) was in talks with Egypt’s Mansour Group# to buy its supermarket business in a deal valued at $200 million to $300m and it has led to Arabian Gulf firms present in Egypt to develop a zeal for expansion despite low valuations. It’s also signaling a […]
Egypt has purchased ten Turkish-made ANKA drones after months of secret negotiations between the two countries before reaching deal, first of its kind after the fall of former President Hosni Mubarak in a popular uprising in 2011. With a 56-foot wingspan, the unmanned aerial vehicle (UAV) has the ability to fly 24 hours at a […]
One of the biggest investment bank in Egypt has reported an 18.8 % decline in its net profit for the first nine months which fell to 232.1 million Egyptian pounds ($38 million) from 286 million pounds. EFG Hermes made this announcement in report of its third quarter consolidated financial results. EFG Hermes said its net […]