Latest Egypt News
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Egypts inflation rate to grow to 10.9 in 2013 IMF
(MENAFN) The International Monetary Fund (IMF) announced that it projects Egypt's inflation rate in 2013 to rise to 10.9 percent, up from an April forecast of 8.2 percent, reported Gulf News.Nevertheless, the rate is expected to reach 11.6 percent next year, down from April's forecast of 13.7 percent, as price pressures may be slightly lower than earlier estimates.The North African ...
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Egypt revising plan tied to $4.8b loan
(MENAFN - Khaleej Times)Egypt is reviewing its economic program as it seeks to complete long-delayed talks with the International Monetary Fund on a 4.8 billion loan, a senior IMF official said.Egypt's leaders are identifying "measures they are able to move forward with now," Masood Ahmed, head of the IMF's Middle East and Central Asia department, said in an interview in ...
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Tourist arrivals to Egypt up 11.8 in Jan-Apr
(MENAFN) The Egyptian cabinet announced that the country received around 4 million tourists between January and April, a rise of 11.8 percent from a year before, reported Arabian Business.In the period, tourism revenue jumped by 16.2 percent, reaching around USD3.4 billion.The country's tourism sector, which contributed with more than 10 percent to gross domestic product (GDP) before the ...
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Muslim Brotherhood Not Qualified to Run Egypt Says Former Member
Hossam Abdel Moniem, a former leading member of the Muslim Brotherhood, said that the leaders of the Egypt's ruling group are not qualified to rule the country, given that the members were once prevented from taking any executive position during the era of the Hosni Mubarak ...
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Egypt leader claims victory in captives release
This image made from video broadcast on Egyptian State Television shows members of the Egyptian security forces after their release by kidnappers, in Cairo, Egypt, Wednesday, May 22, 2013. Six Egyptian policemen and a border guard kidnapped by suspected militants in the volatile Sinai Peninsula last week were freed by their captors Wednesday after successful mediation, the country's ...
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Egyptian soldiers kidnapped in Sinai released after talks
CAIRO - Seven soldiers kidnapped last week by suspected Islamist militants in the restive Sinai were freed after a six-hour negotiation between local tribesmen and the kidnappers, the Egyptian government announcement Wednesday. The soldiers, who’d been held since Thursday, were taken to an air force base in Cairo, where they were greeted by Egyptian President Mohammed Morsi, who kissed ...
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Egypt to boost fuel supply to ease power shortages
CAIRO: The Egyptian government said on Wednesday it would supply more gas and diesel to power stations to deal with electricity shortages that have worsened in recent months after the cash-strapped country failed to import enough fuel. The government has set aside $200 million to finance the additional petroleum products and is in the process of approving an additional $525 million, the cabinet ...
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Egypt law cuts tax rates for low income earners
CAIRO--Egypt's president signed a new tax law Tuesday that cuts the amount paid by poorer Egyptians in the latest move aimed at reforming the country's ...
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Egyptian detainees meet families
Abu Dhabi, 22 May 2013 (WAM) - Seven of the Egyptian citizens detained in the UAE over a case related to security today met their family members who live in the UAE, Egyptian Ambassador Tamer Mansour said. Mansour said the families of other detainees were in Egypt. He praised the step taken by the UAE which, he said, has a great respect for Egypt and its people. "This step was ...
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Abducted Egyptian security personnel freed
Egyptian police who were seized in Sinai by kidnappers are seen upon their arrival at Almaza military Airbase in Cairo on May 22, 2013 following their release, as President Mohammed Morsi vowed to bring the perpetrators to justice and appealed to residents of the lawless peninsula to disarm. The conscripts, seized at gunpoint last week as they were returning from a leave of absence, arrived in ...
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EGX announces cancellation of 175.680 local deposit receipts of ODH
: EGX administration announced that it has received a release from Misr for Clearing, Depository and Central Registry (depositary bank) stating that: 1- Cancelling of 175.680 of Orascom Development Holding - ...
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Egyptian firm Maridive signs $150 mln Islamic loan
DUBAI, May 22 (Reuters) - Egyptian marine services firm Maridive and Oil Services has obtained a $150 million syndicated loan using an ijara (Islamic leasing) structure, the first of its kind in Egypt, the legal advisor on the deal said on Wednesday. The Maridive loan is considered one of the largest in the country's challenging banking sector, according to law firm Crowell & ...
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Trend hunter Egyptian biker brotherhoods take to the open road
Every Friday, Maadi's residents wake up to the cacophony of motorcycles scudding down the leafy streets of this affluent Cairo suburb. Friday is the day of protests against the government after a week of toil by those fortunate to have jobs in the sinking economy.But some youths, at least, appear to be doing all right.Mohamed Sami, astride an E80,000 ($12,000) bike, professes his love for ...
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Egypt court sentences four men to hang for killing priest
CAIRO (Reuters) - An Egyptian court sentenced four men on Wednesday to death by hanging for the 2011 killing of a Coptic Christian priest in his apartment in the southern city of Assiut, state news agency MENA ...
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Egypt kidnapped security personnel freed in Sinai
"The seven security personnel have been released by their kidnappers in Sinai," military spokesman Ahmed Aly said in a statement carried by the official MENA ...
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AfDB Launches New Information Highways
Following the launch in March 2013 of Open Data Platforms in 30 African countries, the African Development Bank (AfDB) has launched additional data platforms in the following 10 African countries: Burkina Faso, Burundi, Central African Republic, Chad, Gabon, Mali, Madagascar, Niger, Somalia, Sudan. This brings to forty (40) the number of African countries already connected to the Open Data ...
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Egypt-Gaza Crossing Reopens after Liberation of Hostages
Cairo, May 22 (Prensa Latina) The border crossing at Rafah city, linking Egypt and Gaza, reopened today after five days of being shut down by soldiers due to the kidnapping of seven guards. The crisis involving seven members of the Egyptian security corps, kidnapped six days ago in the Sinai Peninsula, ended today in an anti-climax, their liberation achieved through the mediation of Bedouins. ...
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Egyptian developer SODICs net profit drops 83 pct
First quarter profit at Egyptian property developer SODIC fell 83 percent on the back of fewer deliveries of flats and houses to buyers, but the company said that business would speed up later in the year as new residential projects come on ...
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Egypt plans wheat-imports drop as ministers seek local supplies
- Egypt, the biggest wheat importer, plans to cut the state's inbound shipments of the cereal and boost local purchases to feed the Arab world's most populous nation as it tries to recover from its deepest economic slump in two decades. The government intends to buy 3 million metric tons on the international market in the 2013-14 fiscal year that starts July 1, compared with 3.4 ...
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EFG Hermes profit rises by 27.3 Y-o-Y to LE 98 m in 1Q13
), the leading investment bank in the Arab world, released today its consolidated financial results for the first quarter of 2013, reporting net income after taxes and before minority interest of EGP 98 million on total consolidated operating revenues of EGP 494 million. Group revenues rose 14% Y-o-Y in 1Q13, driven by 17% growth in Investment Bank revenues to EGP 194 million, reflecting rising ...
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Egypt keeps currency price steady at special auction
(Adds analyst comments, black market rate, background) CAIRO, May 22 (Reuters) - Egypt's central bank kept the price of the country's currency steady against the dollar at a special $800 million foreign exchange auction on Wednesday, called to help importers pay for wheat, meat, cooking oil and other essential imports. It did not say how much currency it actually sold. Egypt ...
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In Brotherhoods Egypt blasphemy charges against Christians surge ahead
A blasphemy trial against a Christian teacher in this Egyptian city renowned for its Pharaonic monuments is among a wave of cases that have Egyptian Christians worried they can be jailed for insulting Islam on the flimsiest of ...
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Brotherhood Guide Congratulates Egyptians for Release of Soldiers
Supreme Guide of Egypt's Muslim Brotherhood, Mohamed Badie, extended his greetings to President Mohamed Mursi, the Armed Forces and the Bedouins of Sinai on Wednesday for their efforts in releasing the seven kidnapped security officers. Badie stressed through his Twitter account the necessity to hold the perpetrators of this abduction accountable. "Congratulations to the families of ...
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Iraq spurns Egyptian Bank’s guarantee for oil payment Paper
- Iraq rejects guarantee from Egyptian bank for payment Egypt owes country for sale of 4m bbl of oil a month, Al-Borsa reports, citing unidentified officials in Cairo-based General Petroleum Authority. Iraq asking for $1.2b guarantee from an intl bank because of deterioration in Egypt's credit ...
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Egyptian leader appeals for unity
Egyptian President Mohamed Morsi appealed on Wednesday to the opposition for unity, in the face of criticism he is failing the revolution that brought him to power almost a year ...
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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