First Independent Mena Newspaper
In the context of the Arab Spring, the use of the term “Islamism” is very common. The new political elites throughout the North Africa, commonly referred to as the “Islamists”, often talk of replacing the old and more or less authoritarian secular regimes in the Middle East. Journalists also use the term quite excessively and […]
Egypt’s Orascom Construction Industries (OCI) said shareholders had approved its offer to acquire its ordinary shares listed in Cairo in exchange for cash or OCI shares listed in Amsterdam. Shortly after the report, the company’s shares rose 1.7% to 267.86 Egyptian pounds at the close in the capital, the strongest since January 22nd. The stock […]
Moody, a Credit-ratings agency has downgraded Egypt’s government bond ratings by one notch from B2 to B3, citing the intensification of civil unrest and sliding foreign exchange reserves. It also added that it is maintaining the rating on review for further possible downgrade. According to the agency, the reason behind the decision “is the country’s […]
Hamid Chabat, the Secretary General of the Istiqlal Party, has been threatening for months now to withdraw from the coalition government, led by Abdelilah Benkiran’s Party for Justice and Development (PJD), if his repeated calls for a cabinet reshuffle were not heeded. Likewise, he has not missed any opportunity to lash out at the head […]
International Finance Corporation (IFC), a member of the World Bank Group, has announced $6 million investment in Fawry, Egypt’s leading electronic payment provider, in an effort to promote financial services and encourage economic development across the country. IFC’s investment will help Fawry embark on expanding its network of payment terminals across the country to make […]
The Federation of Egyptian Chambers of Commerce asserted that business is back to Normal in Port Said after the deadly riots that shook the city last week. The Riots in which 40 people were killed erupted following the death sentences pronounced against 21 defendants sued for the killing of at least 72 Ahly football team […]
Criticism has started coming from Egyptian big companies which complain that they are being neglected by the government. They blame the government for undermining their role and for harming the economy at large. A new cast of Islamists has emerged at the lead of business despite promises of a “Renaissance Project” by the government. Nassef […]
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 […]
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 […]
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 […]