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 […]
Egypt
Retrial of Mubarak May Spell More Trouble for Egypt
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 […]
Egypt Intercepts Smuggled Gaza-Bound Missiles
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 […]
Underground Egyptian Cell Nabbed in UAE
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 pulls debt sale plug
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 […]
Egypt: Supermarkets gaining investors attraction than banks
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 Gets Turkish-made ANKA Drones
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 […]
Egypt: decline in Hermes profits
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 […]
Egypt Recalls Ambassador from Israel after Hamas Commander Assassination
Egypt has recalled its newly appointed ambassador to Israel, Atef Mohamed Salem, after the commander of Hamas military wing, Ahmed Al-Jaabari. was killed in an Israeli raid on Gaza strip. The announcement was made Wednesday evening by a presidential spokesman in a televised statement. The spokesman said that President Mohamed Morsi has also summoned the […]
EU Approves about €5 billion worth of Economic, Political Assistance to Egypt
The European Union has agreed to extend Egypt nearly €5 billion economic and political assistance to help the country cope with the transition phase it is going through. The decision was made on Wednesday during the EU-Egypt Task Force, the largest-ever meeting between the European Union and Egypt. The economic and political assistance package will […]