First Independent Mena Newspaper
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With rumors surrounding the market claiming that some Egyptians have withdrawn their funds from banks out of concern they would be frozen by the authorities, Egypt’s central bank has taken steps to safeguard deposits in local and foreign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, […]
World rating agency Standard & Poors has downgraded its long-term foreign- and local-currency sovereign credit ratings of Egypt to ‘B-‘ from ‘B’. It has also switched its outlook is negative, citing recent political developments that weakened Egypt’s institutions and the increasingly polarized political discourse that could undermine the effectiveness of policy-making. According to S&P, a […]
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 […]
Iman Issa, an egyptian contemporary artist has won the Fundació Han Nefkens Macba Contemporary Art Award in barcelona. The award is a new category included in the event and according to Fundació Han Nefkens (FHN) and the Museu d’Art Contemporani de Barcelona, its inclusion is geared towards consolidating the career of artists with many years’ […]
The one persistent feature of Iranian foreign policy since the toppling of the Shah in 1979 was its rather grandiose optimism about its own ascendance to a hegemonic role in the Middle East. The ayatollah’s Islamic Republic never considered the revolution it had kidnapped to turn inward. Instead, the leaders of the Islamic Republic of […]
The shipment load of 1,600 kilograms of gold extracted from the Sukari Gold Mine has finally left the shores of Egypt for Netherlands after being stooped from leaving since last week. The gold upon arrival at Netherlands will be purified and sold in the global market. Speaking about the blockade, the managing director of Centamin, […]
The pyramid of Djoser, the oldest pyramid in Egypt, might soon fall according to archaeologists, professors and antiquities enthusiasts. The six-stepped layered structure stands 62 meters high and was built under the reign of Pharaoh Djoser in 2611 BCE, as his final resting place. The pyramid is recognized by UNESCO as a world heritage site […]
The Egyptian state oil firm has issued a tender to purchase around 500,000 tons of gasoil for delivery into Mediterranean ports between January and March next year according to a tender document. The tender is for 15 cargoes to be delivered in Alexandria, Egypt’s second largest city and El Dekheila. Bidding ends on the 18th […]
A musical and archaeological celebration was held at the house of Lord Howard Carter who is honored for discovering the intact tomb of King Tutankhamun marking the 90th anniversary of the discovery. Present at the ceremony were the Minister of Tourism Hisham Zaazou, Minister of Archaeology Dr Mohamed Ibrahim, Governor of Luxor Dr Ezzat Saad […]