First Independent Mena Newspaper
Chinese power and fiber optic cable manufacturer Hengtong will set up a plant in Egypt to produce fiber cable as result of a deal between the Chinese company and the Suez Canal Economic Zone (SCZONE). Hengtong will invest $18 million for the project with a capacity of up to 2 million kilometers in the zone. […]
Libyan and Egyptian authorities have reached an agreement to ban the trade of pharmaceutical drugs, other than Egyptian-made, in Libya, ‘Libya Observer’ reports. The move came following a request by the Egyptian Customs Authority to the Libyan Finance ministry to allow only the entry of Egyptian-origin medicine through the Salloum border crossing with Libya. The […]
Egypt’s Premier Mostafa Madbouly announced Monday October 9 the government decision to suspend from next Saturday duties and customs on essential goods as part of the efforts to curb inflation, especially in food prices. Speaking at a press conference, Madbouly indicated that the government also agreed to reduce the prices of seven basic commodities by […]
New York-based investment banking company Morgan Stanley has moved Egypt’s sovereign credit to a “dislike stance” from a “neutral” rating and noted that the cash-strapped country will face what it termed “mounting risks” in the coming months, Bloomberg reports. The bank argued that the upcoming December elections exacerbate the situation. The planned polls in which […]
Egypt’s incumbent leader Fattah al Sisi announced Monday his plans to seek another term in office in the December presidential elections after assuming power in 2014. “I am heeding the call of Egyptians once again, and I am determined to run for president,” El-Sisi stated. “O God, if someone is more worthy of it than […]
A huge fire occurred early this Monday October 2 at a police facility in the Egyptian Suez Canal city of Ismailia, injuring at least 38 people before firefighters contained the blaze. Videos on social media showed the city’s security directorate engulfed in flames. It is unclear what caused the fire outbreak. State television said fire-fighters […]
The Central bank of Egypt (CBE) and that of the United Arab Emirates (CBUAE) signed Thursday September 28 a Bilateral Currency Swap Agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP). CBE Governor Hassan Abdullah and his UAE counterpart Khaled Mohamed Balama penned the deal that allows the exchange of local currencies between […]
Mauritania has extended for six months the Memorandum of understanding (MoU) with the Egyptian Arab Contractor company to build a tramway in capital Nouakchott, local media report. The extension was enacted by Minister of Equipment and Transport Mohamed Ali O. Sidi Mohamed, who said the move is meant to enable the company to finalize the […]
Egypt’s national carrier is set to resume cargo flights to the U.S.A. after eight years of suspension, Civil Aviation Commander Mohamed Abbas Helmy said Sunday September 24. Helmy’s remarks came at the end of a 7-day visit by a delegation from the US Transportation SecurityAdministration (TSA) to Cairo International Airport in which they inspected the […]
Rolling Plus Chemical Industries will set up in Egypt’s Suez Canal Economic Zone a factory to produce tires with a total investment of above $1 billion, as part of the North African country’s automotive strategy aiming at developing the local car industry in order for the country to become a regional manufacturing hub. Rolling Plus […]