Trade News
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Notorious conman reveals holes in Egyptian investment market
Imposing a tax on financial documents owned by the investment funds, even if they are not sold, places a burden on these funds, HC Securities Deputy Chairman says.
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IMF says Egypt’s measures against currency parallel market ‘welcome’
The pound stabilized against the dollar on the parallel market as it was changing hands at 7.62 EGP per dollar.
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Egypt: FM Meets Hungarian Economy Minister
The meeting took up means of promoting tourism, economic, trade and investment cooperation.
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Egypt, Sudan to Open Qastal Port 30 April
President Abdel Fattah Al-Sisi stressed the importance of cooperation with Africa.
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Hungary, Egypt sign tourism agreement
According to Varga the agreement would aid exchanges between businesses, experts and the two states in general.
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Kuwait deposits $2b in Central Bank of Egypt
Four Gulf countries pledged a total of $12.5 billion in fresh support for the Egyptian economy.
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IMF upgrades outlook for Egypt’s economic growth to 4% in 2015
This upgrade was the first positive step from the most reserved rating agency since the January 25 Revolution in 2011.
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Egypt’s AIIB membership approved
Final decision for approving Egypt’s membership was in hands of bank’s approved members.
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Orascom Development Holding records $37.01m net profits in 2014
The group had accumulated losses worth $171.3m in 2013.
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Egypt signs $600 mn deal with Chinese company to upgrade railway
Large percentage of Egypt's railway system is outdated.
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Egypt’s government starts annual purchase of local wheat
The world’s largest wheat importer needs around 9.5 million tonnes of wheat to produce subsidised bread, the main staple food for Egyptians.
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IFC plans up to $2 bln investment in Egyptian infrastructure, power
IFC plans to contribute between $300 million and $500 million per year over the next four years in different sectors, but mainly infrastructure and energy.
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Egypt-based Sawari Ventures to close $50 mln fund to new investors by year-end
The fund opened last month at an international investment conference in the Red Sea resort of Sharm el-Sheikh where Egypt signed deals worth $36 billion.
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Imports of Ramadan lanterns banned: Abdel Nour
Good step for protecting local industry, but merchants who already placed orders for lanterns from abroad will be harmed due to this abrupt decision, says a Cairo Chamber of Commerce board member.
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World Bank approves $400 mn for two Egyptian social schemes
Takaful (Solidarity) and Karama (Dignity) target impoverished families to help with youth education and the elderly respectively.
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Annual inflation jumps to 11.8% in March
CAPMAS attributed the rise to increase in food commodities’ and beverage products’ prices by 9.3%.
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Moody’s expects Egypt economy to grow 4.5% by June 2015: Finance Minister
Non-banking financial activities witnessed significant growth last year, 2015 indicators are promising, says Mehleb.
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U.S. considering major arms sales to Egypt, Pakistan
The deal includes 356 R-variant Hellfire II missiles and associated equipment, parts and training.
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Egypt's foreign reserves fall to $15.291 bln - c. bank
Reserves stood at about $36 billion before the 2011 revolt.
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Moody's upgrades Egypt's credit rating to B3
Egypt’s GDP grew 5.6 percent in the first half of the current fiscal year.