First Independent Mena Newspaper
Egypt’s central bank has lately taken some exceptional steps to help the Egyptian pound and restrain the black market in foreign currencies. Despite the central bank’s effort, the currency black market is thriving around the country, which suggests that the limits of the economic recovery since the fall of ex-President Morsi in July last year […]
As elections draw close this year, Egypt aims at attracting foreign currency into the country after investments almost dried up following the revolution which overthrew Hosni Mubarak in 2011. This cause, aimed at easing social discontent and creating jobs, is supported by state-linked investors and Dubai retailer Majid Al Futtaim. The company is the holder […]
The military backed interim government will be embarking on its second economic stimulus package with an amount of 30 billion Egyptian pounds after allocating 29,6 billion in the first operation. Finance Minister Ahmed Galal said the package will be financed by state funds and aid received from the Gulf States. Egypt’s economy has been on […]
The Central Bank has announced that foreign exchange reserves have reached new levels since the interim government took over in July. This report marks the third consecutive time that the reserves have been depleting. Analysts have claimed that the trend will continue till the end of the year. The country’s reserves dropped from $18,6 billion […]
A Turkish delegation headed by its Energy Minister Taner Yildiz met with Iraq’s Deputy Prime Minister for Energy, Hussain al-Shahristani, in the Iraqi capital to foster bilateral relations which were affected by a deal between Ankarra and the regional autonomous Iraqi Kurdish region. Baghdad has always maintained that all oil deals should be approved by […]
The 3rd edition of the Africa-Arab summit which assembled most of the heads of states of the different countries from the two continents has ended in Kuwait. The summit gear’s towards building solid economic relations between them. The highlight of this year edition is the signing of the Kuwait Declaration. The host of the summit, […]
The Governor of the Egyptian Central Bank, Hesham Ramez, confirmed that Qatar has agreed on the conversion of its $2 billion that it has deposited in the Central Bank during the era of President Morsi into bonds. The transactions are expected to take less than a week according to media reports. The Qatari government had […]
A statement released by United Kingdom’s foreign ministry has stated that the government, in partnership with several international financial institutions, will be holding a Deauville Partnership Investment conference in September. The conference is aimed at promoting investments, trade and supporting new investors in transitional countries marred by the Arab Spring. The European Bank for Reconstruction […]
Saudi authorities have caught 18 people having direct link to Iranian intelligence services, exacerbating secret war and tensions between the Sunni Arab monarchies and Shiite Persian Iran accused of seeking to destabilize the Gulf countries by inciting their indigenous Shiite communities to stage demonstrations during the Arab Spring. According to Saudi Interior ministry, the spy […]
The 10th conference of the Organization of Arab Petroleum Exporting Countries (OAPEC) will be held Libya in 2014 to discuss several issues related to world oil market, the challenges facing Arab crude producing countries and ways to support Libya’s post-revolution development and reconstruction. The conference, to look also into sustainable development of energy sources throughout […]