Tag: Egypt

  • Security source: NCHR’s statement relies on unreliable sources

    Security source: NCHR’s statement relies on unreliable sources

    A security source said that the statement of the National Council for Human Rights (NCHR) relied on information from unreliable sources. Such information aims at creating a state of confusion and tension in the Egyptian street, the source said. He added that all cases of detentions that occurred during last days were in accordance with the law. […]

  • Egypt’s ACA arrests two officials over taking EGP 800 million bribe

    Egypt’s ACA arrests two officials over taking EGP 800 million bribe

    The Administrative Control Authority (ACA) has arrested two officials at a major construction company over accepting a bribe estimated at EGP 800 million from five contractors, in return for facilitating the accreditation of payment certificates, paying financial dues and granting additional work for companies run by the five. The ACA also nabbed two lawyers working […]

  • Egyptian expats’ remittances hit $2.6bn in July

    Egyptian expats’ remittances hit $2.6bn in July

    Remittances from expatriate Egyptians rose by 13.6%, or $314 million, year-on-year during July, according to data released by the Central Bank of Egypt (CBE). Month-on-month, the total value of money transfers from Egyptians living abroad grew by $719.9 million, or 37.7%, to $2.6 billion in July from $1.9 billion in the prior month. -Mubasher

  • Egyptian companies provide EGP 2.2bn mortgage in 2018

    Egyptian companies provide EGP 2.2bn mortgage in 2018

    The value of mortgage provided by Egyptian companies surged 57% year-on-year in 2018, chairman Of the Egyptian Union For Real Estate Nagy Fahmy said in a statement. Egyptian companies provided EGP 2.2 billion in mortgage last year, compared to EGP 1.4 billion in 2017, Fahmy added The top official noted that the decline in the […]

  • Egypt’s non-oil business activity shrinks in September – PMI

    Egypt’s non-oil business activity shrinks in September – PMI

    Business conditions in the non-oil private sector in Egypt have worsened slightly in September due to lower output and sales. The seasonally adjusted Emirates NBD Egypt Purchasing Managers’ Index (PMI) inched up to register an above average level of 49.5 in September from 49.4 in August, according to a recent survey sponsored by Emirates NBD […]

  • CBE issues EGP 18.75bn T-bills on Thursday

    CBE issues EGP 18.75bn T-bills on Thursday

    The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Thursday on behalf of the Ministry of Finance (MoF). The first tranche of the T-bills stands at EGP 9 billion and will be offered through 91-day notes, while the second tranche will be offered through 266-day notes valued at […]

  • Maridive’s H1 consolidated financials turn negative

    Maridive’s H1 consolidated financials turn negative

    The consolidated financial statements of Maridive and Oil Services showed a turn to losses during the first half of 2019. The company incurred net losses of $4.5 million during the January-June period of 2019, versus net profits of $17.08 million in the year-ago period, including minority shareholders’ rights, according to a statement to the Egyptian […]

  • Acrow Misr’s profit slides to EGP 72m in H1; dividends proposed

    Acrow Misr’s profit slides to EGP 72m in H1; dividends proposed

    Acrow Misr for Scaffolding and Formwork reported a 42% year-on-year profit decline during the first half of 2019, the company’s consolidated financial results showed. Net profits plunged to EGP 72.25 million in the six-month period ended 30 June, compared to EGP 124.5 million in the corresponding period a year earlier, including minority shareholders’ rights, the […]

  • Planning minister names CEO of Egypt’s sovereign wealth fund

    Planning minister names CEO of Egypt’s sovereign wealth fund

    The Egyptian minister of planning Hala El-Saeed has named Ayman Soliman as the CEO of Egypt’s sovereign wealth fund for a three-year term starting from 3 October. A committee, comprising of the fund’s independent members, has selected Soliman who has a wide experience in managing more than 200 firms, including being the managing director and […]

  • Sisi approves $600,000 grant for Abu Rawash wastewater plant

    Sisi approves $600,000 grant for Abu Rawash wastewater plant

    The Egyptian president Abdel Fattah El-Sisi approved a grant deal worth $600,000 from Korea-Africa Economic Cooperation (KOAFEC) Trust Fund, the Middle East News Agency (MENA) reported. Under the agreement signed on 25 March, the grant will be used to set up a project for treating sewage sludge from Abu Rawash wastewater plant. It is noteworthy […]