First Independent Mena Newspaper
The Central Bank of Egypt, (CBE) collected around $5.2 billion (EGP 100 billion from local banks in the weekly open market operations (OMO) as the North African country turns to local, regional and international banks for loans to address growing economic pressures. The CBE data indicate that the funds were raised at a fixed rate […]
Egypt is considering taking a loan estimated at around $2.5 billion from regional and international lenders to tackle growing economic pressures, reports say. The government, Bloomberg has revealed citing sources familiar with the matter, is negotiating with regional and international banks over the details of the financing. The talks, the unnamed sources told the US […]
A fire that broke out on Sunday in the middle of a mass in a church in a working-class district of Cairo has killed 41 people, leaving the Middle East’s largest Christian community of 10-15 million Egyptians in grief. “The air conditioner in a classroom on the second floor of the church building broke down […]
Danish shipping company Maersk is planning to inject around $500 million worth of investments into the Suez Canal Container Terminal in East Port Said, statement issued by the Suez Canal Authority (SCA) indicated Thursday. The money will go into the development of a new container dock with a length of 1,000 meters beside the current […]
The recently-launched Saudi-Egyptian Investment Company (SEIC) has reportedly added three other Egyptian listed company to its portfolio after acquiring fertilizer giant MOPCO. Abu Qir Fertizilers and Chemical Industries, Alexandria Container and Cargo Handling and E-Finance for Financial and Digital Investments are the companies, Zawya reports citing Egypt’s planning ministry’s website. SEIC also reportedly acquired 25 […]
A flight of Egypt’s national carrier EgyptAir landed Tuesday at Tripoli’s Mitiga International Airport for the first time since 2014. The flights, according to the airliner, will continue till October 11 to transport groups of tourists from Libya to the Egyptian Red Sea resort city of Sharm El-Sheikh. The flag carrier will operate a weekly […]
The recently launched Saudi-Egyptian Investment Company (SEIC) is set to acquire 25 per cent of stakes in Egyptian fertilizer giant Misr Fertilizers Production Company (MOPCO) for an unrevealed amount. The deal, Arab Finance reports citing a source who asked not be named, might have been executed Tuesday or it would be carried out this Wednesday […]
The Public Investment Fund (PIF) of Saudi Arabia launched the Saudi-Egyptian Investment Company (SEIC) that will invest in swathes of Egypt’s economy from infrastructure and real estate to pharmaceuticals. The fund in a statement said SEIC is interested in the country’s promising sectors including infrastructure, real estate development, healthcare, financial services, food and agriculture, manufacturing, […]
The Suez Canal Authority (SCA) is considering listing three companies on the Egyptian Exchange (EGX) by the end of the year, Chairman of the SCA Osama Rabie said. Rabie, in an interview with Al-Arabiya, said that studies are underway with the finance and investment ministries and that the chosen companies are those that achieve the […]
Egypt’s Finance Minister Mohamed Maait has denied reports that the Arab Republic is seeking a $15 billion-loan from the International Monetary Fund (IMF) to shore up its finances. Goldman Sachs Group Inc. in a July report indicated that Egypt may need to secure $15 billion from the IMF to meet its funding requirements over the […]