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Business Egypt


  • CAIRO— Egypt is aiming for 5.5 percent economic growth in the next fiscal year, which ends in June 2017, an increase on its 5 percent target this year. In its budget proposal on Monday, the Finance Ministry said it plans to reduce the deficit to 9.5 percent of gross domestic product, compared to 10 percent this year. Egypt has been struggling to revive its economy since...

  • BEIRUT, Nov 18- The World Bank expects to make a $1 billion development policy loan available to Egypt in December if all goes to plan after completing negotiations in Cairo last weekend, a senior World Bank official said. The loan could be the first of three as part of a three-year program with Egypt, Hafez Ghanem, the World Bank's vice president for the Middle East...

  • BEIRUT, Nov 18- A new international bond and grant scheme to help countries dealing with the fallout of war and instability in the Middle East and North Africa should be in place by spring, a senior World Bank official said. In a Reuters interview, Hafez Ghanem, the World Bank's vice president for the Middle East and North Africa, said the type of investment targeted...

  • In Paris, tourism dims but won't go out Tuesday, 17 Nov 2015 | 1:56 PM ET
    Korean tourists pose for a selfie outside the Louvre musem on Nov. 15, 2015 in Paris.

    Despite the latest string of terror attacks, international travel and tourism will not decline as much as one might expect.

  • Russia offers $50M reward over Egypt plane crash Tuesday, 17 Nov 2015 | 5:36 AM ET
    Egyptian officials inspect the crash site of Russian Airliner in Suez, Egypt on November 01, 2015. A Russian Airbus-321 airliner with 224 people aboard crashed in Egypt's Sinai Peninsula on yesterday.

    The Kremlin said for the first time on Tuesday that a bomb did bring down a Russian passenger plane that crashed over the Sinai Peninsula.

  • *Considering buying land on Red Sea, Mediterranean coasts. CAIRO, Nov 16- Egyptian real estate developer SODIC has signed sales contracts worth 3.6 billion Egyptian pounds since the beginning of 2015, surpassing last year's full-year total, it said on Monday. Sherif said the company was considering buying land on the Red Sea coast in the first quarter of 2016, as...

  • The Fed would be crazy to raise rates now Monday, 16 Nov 2015 | 12:54 PM ET
    Janet Yellen

    Given everything going on in the world, it would be absolutely crazy for the Fed to raise rates now, says Ron Insana.

  • UK spy agencies to hire 1,900 to counter ISIS Sunday, 15 Nov 2015 | 10:34 PM ET

    David Cameron will announce plans to recruit 1,900 intelligence and security staff to counter threats from ISIS, the Financial Times reports.

  • *But move risks raising inflation in import-dependent Egypt. CAIRO, Nov 13- Egypt's revaluation of the pound this week has raised expectations of a major shift in how it manages a long-running currency crisis, with evidence growing that the central bank may be preparing for a more flexible exchange rate mechanism. Economists, especially those with longer...

  • CAIRO, Nov 11- Egypt's central bank strengthened the pound on Wednesday, injecting dollars into a banking system that has been suffering from an acute foreign exchange shortage for months. Egypt, which is heavily dependent on imports for food and energy, has been under pressure to devalue the currency as the black market for dollars has burgeoned, and has allowed...

  • Key Egypt industry slammed by air disaster Tuesday, 10 Nov 2015 | 2:13 PM ET
    Tourists play volleyball in a swimming pool at a hotel in the Egyptian resort of Sharm el-Sheikh on Nov. 7, 2015.

    An ongoing investigation into the causes of the crash is further complicating the Egyptian tourism picture in a country that relies heavily upon it.

  • Two signs the market may be near a top Tuesday, 10 Nov 2015 | 11:37 AM ET
    Man on mountain top

    These two asset classes are showing troubling signs of a bubble, says Ron Insana. That could mean a top is near for stocks, too.

  • How have airlines reacted to Russian plane crash? Monday, 9 Nov 2015 | 1:20 AM ET
    How have airlines reacted to Russian plane crash?

    Akbar Al Baker, CEO of Qatar Airways, says his airplanes will continue to fly over Egypt and the Sinai Peninsula, despite the Russian airplane crash.

  • Egypt crash is a game-changer: Emirates president Monday, 9 Nov 2015 | 1:15 AM ET
    Egypt crash is a game-changer: Emirates president

    Tim Clark, president of Emirates airline, says security across the industry has to be raised.

  • Investigators '90% sure' bomb downed Russian plane Sunday, 8 Nov 2015 | 9:11 PM ET

    Investigators working on the Russian plane crash in Egypt are "90 percent sure" the noise heard in a cockpit recording was a bomb explosion.

  • Russia crash a game-changer: Emirates Airline President

    Tim Clark, president of Emirates Airline, says the fatal crash of a Russian passenger plane in Egypt earlier this month is a game changer for the industry.

  • Russian jet probe focuses on noise in cockpit Saturday, 7 Nov 2015 | 2:15 PM ET
    Military investigators from Russia stand near the debris of a Russian airliner at the site of its crash at the Hassana area in Arish city, north Egypt, November 1, 2015.

    The investigators of a doomed Russian jet are focused on a sound heard in the last second of a cockpit voice recording, The NYT reports.

  • Implications of Russian plane crash reach far Friday, 6 Nov 2015 | 9:41 AM ET

    The tragedy is already having a profound impact on Egypt's tourism industry as well as diplomatic relations.

  • LONDON, Nov 6- Egypt anticipates a ramp-up in oil volumes through the SUMED pipeline once Iran re-enters the world market- a move that is welcomed by Cairo, the country's petroleum minister Tarek El Molla told Reuters on Friday. SUMED, which owns and operates Egypt's Mediterranean port of Sidi Kerir, is half owned by state-run oil company Egyptian General...

  • Did terror attack take down Russian jet? Friday, 6 Nov 2015 | 7:32 AM ET
    Did terror attack take down Russian jet?

    CNBC's Hadley Gamble reports the latest details on the crash of a Russian Airbus jetliner in Egypt last weekend.