Latest Cairo News
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Money Market Funds achieve return of 10.53 during Q113 Hermes
), the leading investment bank in the Arab world, is named "Best MENA Asset Manager of the Year" with a total of five wins on the 2012 Zawya MENA Funds Ranking Awards, including three first place finishes for Egypt-based funds and one for a Qatari fund. The recognition underscores the division's continued ability to innovate and outperform the market despite challenging ...
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NGOs Warn of Short-Term Resolutions in Sinai
Egyptian human rights organizations issued a statement on Monday, warning the authorities against "taking the usual route of short-term security resolutions in addressing the crisis of the kidnapped security officers in Sinai." The non-governmental organizations (NGOs) called on the government to address the roots of this crisis through responding to the demands of putting an end to ...
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IMF again raises Egypt inflation forecast to 3-year high
The International Monetary Fund Inflation in Egypt is expected to climb to 10.9 percent this year, the highest level since 2010, the International Monetary Fund said on Tuesday, more than it expected in April."Inflation is expected to rise in Egypt, Jordan, Morocco, and Tunisia, reflecting recent and planned subsidy cuts and, in some cases, pressure from monetization of fiscal deficits and ...
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Barclays Bank Egypt FY2012 profit after tax up 301
- Barclays Bank Egypt announced its financial results for the year ended 31 December 2012 where profit after tax grew to reach EGP 368m, 301% ahead of same period in 2011. Despite the challenging economic and political situation, profits increased, driven by robust performance across all lines and segments. "The largest contributor to our improved profitability is growth of 31% on net ...
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Number of German tourists in Egypt exceed 2010 rates
- The numbers of German tourists visiting Egypt in March and April of this year was higher than the same period in 2010, Minister of Tourism Hisham Zaazou stated on Monday. A total of 226,000 German tourists visited the country in the last two months, a two percent rise on the figures for March and April 2010, which was considered a year of flourishing tourism, said the minister. In 2010, an ...
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Egyptian army in Sinai after suspected Islamists snatch soldiers
CAIRO - Egyptian President Mohammed Morsi ordered army reinforcements to the restive Sinai on Monday amid rising tensions there over the kidnapping of seven soldiers by suspected Islamist militants. In a break from past practices, Morsi said he would not negotiate with kidnappers, which some interpreted as an effort by the beleaguered president to appear tough in the face of his falling ...
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Egypts anti-Morsi rebels gather millions of signatures
An Egyptian activist covers her face with the petition for "Tamarod," Arabic for "rebel," a campaign calling for 15 million signatures expressing "no confidence" in Egyptian President Mohammed Morsi and calling for early presidential elections, during a protest in Tahrir Square in Cairo on May ...
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Nation to Hold Press Conference On Kidnapped Soldiers
The Egyptian presidency will hold a press conference on Monday to comment on the kidnapped security officers in the Sinai Peninsula, reported a satellite channel. The conference will notify the public of the latest developments and the steps which are being taken by the authorities to release the kidnapped soldiers. President Mohamed Mursi has vowed to consider all options to free the hostages ...
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Chevron in advanced talks to sell downstream assets
Chevron is conducting a separate sale process for its assets in both countries, banking sources have said, speaking on condition of anonymity as the matter is not ...
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We need to cut inflation rates to protect low-income brackets President
President Mohamed Morsi asserted the importance of reducing inflation rates to protect low-income brackets. The remark came during the president's meeting with Central Bank of Egypt (CBE) Governor Hisham Ramez at the presidential palace, the presidency said in a press release on Sunday 19/5/2013. The meeting reviewed Egypt's current economic situation, especially the foreign ...
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Dr. Tedros Holds Talks With Deputy Foreign Minister of Egypt
Dr. Tedros Adhanom on Friday received Egypt's Deputy Foreign Minister for African Affairs, Ambassador Ali el -Hefni, in his offices. The discussions were focused on ways of strengthening the historic bilateral relations between the two nations. Ambassador el-Hefni on the occasion expressed Egypt's desire to work closely with Ethiopia on all matters of mutual interest. He said Egypt ...
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Embassy helps 2000 Egyptians find job in Saudi Arabia
(MENAFN - Arab News) Egypt has gone to great lengths to rectify the legal status of its nationals in Saudi Arabia, said Hossam Issa, an Egyptian diplomat. The Egyptian Labor Bureau has contacted employers with job opportunities who can transfer sponsorships. It has already succeeded in providing 2,000 alternative jobs to Egyptian citizens in various fields. These job opportunities are posted on ...
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Egypt bourse to revive same-day trading by weeks end
- The Egyptian Stock Exchange will reinstate the practice of buying and selling single stocks within the same daily trade session by the end of the week, bourse officials announced on Sunday. The ability to buy and sell a particular stock in the same trade session was halted in February 2011 after the popular uprising that swept autocratic president Hosni Mubarak from power. In April, Reuters, ...
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Chevron nears sale of Egypt Pakistan downstream assets -sources
By Dinesh Nair DUBAI | Tue May 21, 2013 2:16am EDT DUBAI May 21 (Reuters) - Chevron Corp is in advanced talks to sell its downstream assets in Egypt and Pakistan, three sources said, with the planned disposals seen raising around $300 million for the U.S. oil major. Chevron, the second-largest U.S. oil company, is conducting a separate sale process for its assets in both countries, the ...
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IMF raises Egypt 2013 CPI fcast to 10.9 pct highest since 2010
DUBAI, May 21 (Reuters) - Inflation in Egypt is expected to climb to 10.9 percent this year, the highest level since 2010, the International Monetary Fund said on Tuesday, more than it expected in April. "Inflation is expected to rise in Egypt, Jordan, Morocco, and Tunisia, reflecting recent and planned subsidy cuts and, in some cases, pressure from monetization of fiscal deficits ...
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Three million new Egyptian households connected to internet in 2012
Egypt's official statistics agency CAPMAS has said one third of Egyptian households had internet access in 2012, up three million over the previous year, Ahram has reported. Last year, 18.2 million households owned at least one mobile phone, compared with 17.9 million in 2011, the agency said. Following ten years of gradually increasing internet penetration, national internet use spiked ...
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El Sewedy Electrometer eyeing US market
Egypt-based maker of consumer and commercial electrical power metering solutions, El Sewedy Electrometer is eyeing the US market after successfully establishing itself in Africa, Asia, Europe and Latin America, Financial Times has reported. "The US market is huge and they are taking the smart metering as a policy and a strategy," said the firm's chief executive, Khaled Fouad ...
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Echoes of Egypts revolution far from Cairo
When the 25 January revolution happened in Egypt in 2011, the capital Cairo became the focus of world attention. Millions of Egyptians gathered in Tahrir Square to call for bread, freedom and social justice. But millions more watched events from afar. Sixty per cent of the country's population live outside the big urban centres of Cairo, Alexandria and Port Said. In the latest in her series ...
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Egypt Sends Show of Force to Sinai After Kidnappings
CAIRO ...
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Oceaneering Bags Saipem Gig Offshore Egypt
Oceaneering International, Inc. announced that it has secured a contract from Saipem to supply umbilicals for the Burullus West Delta Deep Marine Phase IXa development located offshore Egypt. The order consists of ten subsea production control umbilicals totaling approximately 52.2 miles (84 kilometers) in length and two electrical power cables totaling approximately 55 kilometers (34.2 miles) ...
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Egypt KSA to sign joint power line deal
Egyptian electricity and energy minister Ahmed Imam is expected to sign an agreement with his Saudi counterpart for the construction of an electrical power line between the two countries, Daily News Egypt has reported. The total cost of the project is set to reach $1.6bn, with each side to bear the cost of construction on its own side of the border, which for Egypt is estimated at $600m. The ...
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Total buys Shells fuel network in Egypt
France's Total has acquired the fuel retail network of Royal Dutch Shell in Egypt, as the oil and gas major seeks to boost its distribution position in the country and across the region, Daily News Egypt has reported. Total currently owns 70 fuel stations in Egypt, which represents 4% of the market share. "Through this acquisition, we reaffirm our ambition to pursue our development in ...
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Report Egypt militants planned US Embassy attack
By Becky Bratu, Staff Writer, NBC News An al Qaeda-linked cell disrupted in Egypt was planning suicide attacks on the French and U.S. embassies, the state news agency MENA reported, according to Reuters.In light of this news and last week’s stabbing of a U.S. citizen on the embassy’s perimeter, the U.S. Embassy in Cairo alerted U.S. citizens to exercise "elevated ...
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Police say Egyptian teen shot classmate with machine gun
An Egyptian middle school student was arrested after bringing a machine gun to school Monday and shooting a fellow student in the arm, police said. The incident took place in the northern city of Qena, long known as the heart of the nation's illicit arms smuggling trade. Officials said the number of guns coming from neighboring Libya has increased dramatically since that country's ...
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Oceaneering Announces Burullus Phase IXa Contract
) announced that it has secured a contract from Saipem to supply umbilicals for the Burullus West Delta Deep Marine Phase IXa development located ...
Cairo Discussed
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Cairo leading new wave in literature
The publishing industry in Cairo is undergoing a profound change that may have implications for the day-to-day life of Egyptians for years to come, it is a kind of revolution in literature that may one day put Cairo on the map, nestled among those other publishing powerhouses, New York, London, and Chicago primarily, but also regional publishing centers like Johannesburg, Mumbai, and Sydney.
Cairo is already a literature producing city, but it is more commonly associated with Arabic texts, and these pieces of literature are further associated with sweeping assessments of society, societal change, politics and religion on a macrocosmic level. Traditionally, there has also never been much of a local market for literature in Cairo or wider Egypt, leading to an old saying that books are written in Cairo, but published in Beirut and then read in Baghdad. Read more
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