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Egypt

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  • CAIRO, Nov 28- Egypt has paid back $2.5 billion that Qatar deposited with it to help prop up the Egyptian central bank's hard currency reserves, a central bank official said on Friday night, as the Qatari foreign minister arrived in Cairo for Arab League talks. The payment brings the amount Egypt has returned to Qatar to $6 billion, leaving $500 million outstanding,...

  • LONDON/ SYDNEY/ CAIRO Nov 27- Automobiles are supposed to get you from Point A to Point B. They can also get you into trouble, even if you aren't driving or riding in one, because they possess potent social symbolism. During a by-election in Rochester that was won by the anti-immigration United Kingdom Independence Party, she tweeted a picture of a white cargo van in...

  • UPDATE 2-Kellogg and Abraaj battle for Egypt's Bisco Misr Wednesday, 26 Nov 2014 | 9:38 AM ET

    CAIRO, Nov 26- The battle for control of Egyptian cake and biscuit maker Bisco Misr intensified on Wednesday as Abraaj Investment Management raised its initial bid to trump a rival offer from Kellogg Co.. UAE- based Abraaj, the Middle East's largest private equity firm, raised its offer to 80.58 Egyptian pounds per share, exactly two percent above a bid of 79 pounds...

  • Abraaj raises Bisco Misr offer to 80.58 EGP per share Wednesday, 26 Nov 2014 | 7:45 AM ET

    CAIRO, Nov 26- UAE's Abraaj Investment Management said on Wednesday it would raise its price for Egyptian cake and biscuit maker Bisco Misr to 80.58 Egyptian pounds per share following a counter bid by Kellogg Co.. Abraaj's initial offer of 73 pounds per share earlier this month was topped earlier on Wednesday by Kellogg's offer of 79 pounds.

  • UPDATE 1-Kellogg tops Abraaj offer for Egypt's Bisco Misr Wednesday, 26 Nov 2014 | 3:58 AM ET

    CAIRO, Nov 26- Kellogg Co, the world's biggest breakfast cereal maker, has offered 908.5 million Egyptian pounds for Egyptian cake and biscuit maker Bisco Misr, setting up a likely bidding war with a UAE investment company. UAE- based Abraaj Investment Management offered 850 million pounds this month for the Egyptian firm, which earlier refused a takeover bid...

  • Egypt to host major economic conference in March Saturday, 22 Nov 2014 | 4:57 AM ET

    CAIRO— Egypt's prime minister says his government will host a three-day international economic conference in the Red Sea resort of Sharm el-Sheikh starting March 13 to support the country's economy. Ibrahim Mahlab said Saturday that Saudi Arabia and the United Arab Emirates are partners in organizing the gathering. The two Gulf countries are strong...

  • New Egypt comic artists push limits of expression Friday, 21 Nov 2014 | 2:05 AM ET

    CAIRO— A new feminist comic book, the Jewelry Box, has emerged in Egypt, the latest addition in a blossoming scene of alternative comics, as artists seek freer outlets of expression in a country where independent voices are finding it harder to speak. Cartoons and political satire go back over a hundred years in Egypt, and are a staple in newspapers that have often...

  • Milan, Nov 14- A controversial derivatives trade that has dogged Monte dei Paschi di Siena for years reduced its core capital by 411 million euros in a regulatory health-check of European banks, a document from the Italian lender showed. The derivatives trade, dubbed Alexandria, involved the purchase by Monte dei Paschi, Italy's third-largest lender and the...

  • CAIRO, Nov 8- Egypt, facing its worst power crisis in decades, on Saturday pledged greater energy cooperation with Greece and Cyprus, a diplomatic move that opened up the possibility of progress in talks to import natural gas from Cyprus. The meeting in Cairo between Anastasiades, Egyptian President Abdelfattah al-Sisi and Greek Prime Minister Antonis Samaras...

  • NASDAQ Dubai to promote Egyptian firms' dual listings Thursday, 6 Nov 2014 | 5:08 AM ET

    "This will reduce risk for investors," Salam told reporters, estimating that UAE investment in Egypt's stock market now totalled about 14 billion Egyptian pounds. He declined to comment on specifics, but Amsterdam- listed OCI, controlled by Egypt's billionaire Sawiris family, said on Thursday it planned to spin off its construction and engineering business and...

  • IBSHAR, Egypt, Nov 5- At Egypt's border with the Gaza Strip, families are emptying their homes- lugging mattresses and furniture onto waiting vans as soldiers look on from armoured cars. The operation's resulting no-mans-land- a security buffer 13.5 km-long and 500 metres deep- will provide greater visibility and, Egypt hopes, deter any future passage of arms from...

  • CAIRO, Oct 27- From mega-projects to tax reforms, Egyptian ministers presented detailed initiatives last week to revive an economy battered by three years of upheaval and decades of neglect. Quizzed about Egypt's political challenges, however, they had less to say. Marking themselves out from predecessors, the ministers spoke with candour about the enormity...

  • BG seeks revival of Egypt LNG business with BP deal Thursday, 23 Oct 2014 | 8:08 AM ET

    *BG hopes a deal could lift Egypt operations in 2015/ 16. MILAN/ LONDON, Oct 23- British energy company BG Group is in talks with BP to link their two gas developments off Egypt's coast, as part of BG's drive to breathe life into its gas-starved export plant, sources familiar with the matter said. BG is in advanced talks with Israel to import gas supplies into Egypt and...

  • MIDEAST STOCKS-Markets rally further on solid Q3 results Wednesday, 22 Oct 2014 | 10:17 AM ET

    *Qatar's Doha Bank disappoints investors. DUBAI, Oct 22- Most stock markets in the Middle East continued to recover from last week's sharp declines on Wednesday thanks to generally strong third-quarter earnings and a supportive global environment. Dubai's bourse rose 2.3 percent, largely on the back of lenders Emirates NBD and Dubai Islamic Bank, both of which...

  • *Qatar, Saudi Arabia supported by solid Q3 results. DUBAI, Oct 21- Solid corporate earnings and rebounding global equities lifted most stock markets in the Middle East on Tuesday, while Saudi Arabia led the rally after stabilising oil prices provided additional support to its petrochemical stocks. European shares, which have largely set the direction for...

  • CAIRO, Oct 20- SODIC, one of Egypt's largest listed real estate developers, plans to invest 2.4 billion Egyptian pounds in 2015 and is hunting for new projects as the sector recovers from three years of turmoil, its managing director said. Egypt's once-booming construction sector was hit hard by the 2011 revolt that ended Hosni Mubarak's 30- year rule but ushered...

  • CAIRO, Oct 20- Egypt needs an "economic revolution" to recover from damage caused by political instability as it seeks to attract billions of dollars in foreign investment and repair its state finances, planning minister Ashraf al-Arabi said. To compensate for those losses and eventually compete globally, Egypt must overhaul an economy which has been...

  • *Dubai's Arabtec surges after promising Egypt deal soon. DUBAI, Oct 19- Most exchanges in the Middle East rebounded on Sunday after global stock markets recovered on Friday from a big sell-off triggered by worries about the impact of weak earnings reports on growth and businesses. Those worries had sent Middle East bourses tumbling, with Dubai's index down 13.6...

  • CAIRO, Oct 18- Egypt signed contracts with six international firms on Saturday to carry out dredging of the new Suez Canal, the flagship project in President Abdel Fattah al-Sisi's program to revive an economy battered by years of political turmoil. The companies are National Marine Dredging Company of the United Arab Emirates; Royal Boskalis Westminster and...

  • CAIRO, Oct 18- The three main countries that share the Nile River's waters moved toward an agreement to study whether a planned $4 billion Ethiopian dam would disrupt flows to downstream countries, water ministers of Ethiopia, Sudan and Egypt said after talks on Friday. But while the countries continue talks, construction will proceed on the Renaissance Dam,...