June 22nd, 2018 | 0 commentsMaridive and Oil Services on Thursday reported a 23.3% year-on-year rise in net consolidated profit for the first quarter of 2018, recording $6.9 million from $5.66 million. Revenues surged to $54.75 million during the three-month period ended last March, versus $46.72 million in the prior-year period, the company said in a filing to the...
June 22nd, 2018 | 0 commentsThe Central Bank of Egypt (CBE) plans to launch a fund to finance small- and medium-sized enterprises (SMEs). This comes in light of expectations that the EGP 200 billion allocated to finance projects of this initiative will run out within few months, a reliable source at the CBE said. The source added that nearly $100 billion have been s...
June 22nd, 2018 | 0 commentsThe Italian multinational oil and gas Eni aims to invest $3 billion in Egypt over the coming period, CEO Claudio Descalzi said. He added that the company’s investments in the fields of Nooros and Zohr stood at $8.4 billion now, according to a statement by the Egyptian petroleum ministry. The Italian energy firm has allocated 70% of its ov...
June 22nd, 2018 | 0 commentsThe Egyptian Exchange (EGX) is likely to see a sideways-to-rising performance amid new market-boosting catalysts, including the International Monetary Fund’s (IMF) report regarding the latest review on the Egyptian economic reform programme. The indices of the EGX are expected to move upwardly on Thursday’s trading session, head of capita...
June 22nd, 2018 | 0 commentsEgypt’s President Abdel-Fattah El-Sisi received in Cairo Thursday White House senior advisor Jared Kushner and adviser Jason Greenblatt to discuss mutual cooperation, counterterrorism efforts and developments in the Middle East peace process. The meeting was attended by Egypt’s Foreign Minister Sameh Shoukry and Egypt’s acting chief of in...
June 22nd, 2018 | 0 commentsEgypt’s new cabinet, sworn in by President Abdel-Fattah Al-Sisi on 14 June and led by Mustafa Madbouli, will submit a policy statement to parliament next week. Constitutional expert Salah Fawzi expects the policy statement to be delivered on 23 or 24 June. MPs will then vote on it in accordance with Article 146 of the constitution which s...
June 22nd, 2018 | 0 commentsThe Egyptian Exchange (EGX) started Thursday’s trading session on a mixed note. By 10:10 am Ciro time, the benchmark EGX30 index rose 184 points, or 1.1%, to 16,327 points. The EGX70 index dipped 0.02% to 801.4 points, while the EGX100 index edged up 0.31% to 2,043.9 points. The equal-weighted EGX50 index added 0.59% to 2,758.4 points. Ar...
June 22nd, 2018 | 0 commentsThe Egyptian government is planning to pump EGP 100 billion worth of investments in fiscal year 2018/2019, including EGP 3 billion to upgrade industrial zones. The government's investments in FY17/18 budget amounted to EGP 70 billion, whereas last year's fiscal budget saw around EGP 55 billion in investments, deputy finance minister Ahmed...
June 22nd, 2018 | 0 commentsTrade exchange between Egypt and Germany rose by 5% in 2017 to reach EUR 5.8 billion, compared to EUR 5.56 billion in 2016. German investments in Egypt amount to $641 million now over 1,080 projects in the fields of industry, services, agriculture, construction, communication, information technology (IT), and financing, Egyptian trade min...
June 22nd, 2018 | 0 commentsPrivate investments in Egypt grew by 54% year-on-year in the first half of fiscal year 2017/2018, recording EGP184.4 billion from EGP 119.9 billion. Total implemented investments rose by 48% in the July-December period of FY17/18, compared to EGP 231 billion in H1-16/17, the Egyptian investment ministry highlighted in a statement on Thurs...
