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Business Egypt

  • Egyptian President Abdel Fattah al-Sisi.

    Egyptian air force planes on Friday carried out strikes directed at camps near Derna in Libya.

  • Gunman attacked a group of Coptic Christians in Egypt

    The grand imam of Egypt's centre of Islamic learning, Ahmed al-Tayeb, called on Egyptians to "unite in the face of this brutal terrorism."

  • Aftermath of attack on buses and truck carrying Coptic Christians in Minya Province, Egypt, May 26, 2017.

    Gunmen killed 23 Coptic Christians and wounded 25 others as they were driving to a monastery in Minya province, south of Cairo, Egyptian authorities said.

  • DUBAI, May 25- Shares of Qatar's largest property developer plunged 10 percent on Thursday after its shareholders gave preliminary approval to take the company private, while a dip in crude oil took the Saudi equity index lower in its final hour of trade. Ezdan Holding Group, with majority ownership by the ruling al Thani family, said shareholders who are against...

  • Saudi soldiers march during Abdullah's Sword military drill in Hafar Al-Batin, near the border with Kuwait.

    An "Arab NATO" alliance hyped ahead of President Trump's Saudi visit probably wouldn't have worked and could have inflamed sectarianism.

  • *Dubai's DFM, DXBE hit by Q2 revenue worries. DUBAI, May 23- Egypt's stock market on Tuesday recovered some of the previous day's heavy losses while Gulf bourses were weaker as investors booked profits ahead of the holy month of Ramadan, when trading volumes and liquidity often decrease. Importers may benefit from lower input costs if the rate hike strengthens the...

  • *Real estate shares hit hardest in Egypt. DUBAI, May 22- Egypt's stock market tumbled in heavy trade on Monday after the central bank unexpectedly raised key interest rates overnight, while Qatar outperformed in an otherwise quiet Gulf. The motive for the hike was to combat Cairo's hyperinflation and it came at the recommendation of the International Monetary...

  • U.S. President Donald Trump (C) and other leaders react to a wall of computer screens coming online as they tour the Global Center for Combatting Extremist Ideology in Riyadh, Saudi Arabia May 21, 2017.

    In a 140-characters-or-less world, it’s a moment destined to become a meme: Trump laying hands on a glowing orb.

  • The size of the deal eclipsed the total of privately negotiated U.S. wheat shipments to Egypt for all of the 2016/ 17 crop year. Egypt bought 115,000 tonnes of U.S. wheat for the 2017/ 18 crop year at prices ranging from $207.25 to $207.90 a tonne, including freight, in the most recent deal. Total wheat shipments to Egypt are expected to grow to 12 million tonnes in the...

  • Nicholas Burns, professor of diplomacy and international relations at the Harvard Kennedy School of Government.

    Not only in the Mideast, President Trump needs to rebuild self-inflicted strained relations in Europe, Nicholas Burns tells CNBC.

  • *Egypt's SODIC jumps on expansion plans, strong Q1 results. DUBAI, May 17- Egypt's stock market outperformed its Gulf peers on Wednesday on the back of strong first-quarter earnings and positive news from a real estate developer, while Saudi Arabia saw increased activity as traders took positions ahead of Ramadan. Egypt's index rose 1.0 percent as real estate...

  • Monetary policy is the only anchor in the South African economy: Citi

    Luis Costa, head of CEEMEA FX and rates strategy at Citi, speaks about disinflation and monetary policy in South Africa as well as the investment case for Egypt.

  • CAIRO, May 16- Egypt has paid off $750 million of its debt to international oil companies and will make a second payment of the same amount at the start of next month, Central Bank Governor Tarek Amer said on Tuesday. Egypt has struggled to pay arrears to foreign oil and gas companies operating in the country, with outstanding debt at $3.5 billion before the latest...

  • *Dubai's Amlak, DXB Entertainments slide in wake of earnings. *IMF agreement may mean tighter monetary policy for Egypt. DUBAI, May 14- Most Gulf stock markets edged down on Sunday with Saudi Arabia dampened by a much wider first-quarter loss at PetroRabigh, while agreement between the International Monetary Fund and Cairo did little to help Egypt's bourse.

  • CAIRO, May 12- The International Monetary Fund said on Friday it had reached a staff-level agreement with Egypt on a second loan installment that would make available about $1.25 billion. The IMF approved a $12- billion, three-year loan program to Egypt in November and paid out $2.75 billion of the first $4 billion tranche of the loan. An IMF team was in Cairo this...

  • CAIRO, May 12- The International Monetary Fund said on Friday it had reached a staff-level agreement with Egypt on a second loan instalment that would make available about $1.25 billion. The IMF approved a $12- billion, three-year loan programme to Egypt in November and paid out $2.75 billion of the first $4 billion tranche of the loan. An IMF team was in Cairo this...

  • LONDON/ DUBAI, May 11- Turkmenistan is likely to join an OPEC- led cut in oil supply aimed at supporting prices, sources in OPEC and the industry said, potentially enlarging the output reduction slightly. Oil prices have since gained support but global inventories remain high, pulling crude back towards $50 a barrel and putting pressure on OPEC to extend or...

  • CAIRO, May 11- Egypt will announce the results of its gold mining exploration tender next week, Minister of Petroleum Tarek El Molla said on Thursday. Egypt, which is hoping that gold production can be a future source of growth for its struggling economy, began accepting bids in January for five concessions in its first tender for new gold exploration since 2009.

  • *Egypt up, real estate shares strong. DUBAI, May 9- Shares of companies that beat quarterly earnings estimates outperformed on Tuesday with electronics and bookstore retailer Jarir helping lift the mood on the Saudi Arabian exchange. "This implies an annualised dividend of 8.8 riyals per share and yield of 6.6 percent, which is amongst the highest in the sector...

  • DUBAI, May 7- Shares of Dubai builder Drake& Scull slumped to a 14- month low in heavy trade on Sunday as investors reacted to the company's revised capital restructuring plan, while last week's fall in oil prices knocked down oil-sensitive shares. "The new news from the meeting is the 722 million dirhams additional write off from potentially unrecoverable...