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Posted inEGYPT IN THE NEWS
Egypt in the News on 14 August 2019
The IMF poses a bigger threat to the Egyptian government than radical Islamists, David Rosenberg writes in Haaretz. The austerity measures conditioned on the fund’s USD 12 bn loan might have spurred economic growth and made a dent in the government’s budget deficit, but this has yet to trickle down to the broader population and […]
Posted inDiplomacy + Foreign Trade
Cyrill Nunn appointed new German Ambassador in Cairo
Cyrill Nunn has been named as the new German ambassador in Egypt, the German embassy said in a statement on Thursday. Nunn previously represented Berlin in Pakistan and Iraq before his latest appointment in Cairo.
Posted inDiplomacy + Foreign Trade
Egypt’s FM Shoukry, Iraqi counterpart Alhakim discuss strengthening relations
Foreign Minister Sameh Shoukry discussed increasing trade and investment between Cairo and Baghdad in a phone call with his Iraqi counterpart Mohamad Alhakim, the Iraqi Foreign Affairs Ministry said in a statement. This came a week following Shoukry’s visit to Baghdad for trilateral talks with Alhakim and the Jordanian foreign minister.
Posted inDiplomacy + Foreign Trade
Sudan’s FFC, SRF civilian coalitions discuss constitutional declaration in Cairo
Sudan’s civilian coalitions discuss constitutional declaration in Cairo: A meeting between the two major Sudanese civilian coalitions to discuss a dispute over the recent constitutional declaration took place in Cairo over the past two days, the Foreign Ministry said in a statement. The Forces of Freedom and Change (FFC) and the Sudan Revolutionary Front (SRF) […]
Posted inEnergy
Egypt looks to increase output of crude oil to 690k barrels per day by end of 2019
Egypt is aiming to increase its daily production of crude oil to 690k bbl by the end of 2019, up from the current average output of about 630k bbl/d, MENA reports. Oil Minister Tarek El Molla said that plans to increase oil production will focus on testing new geological structures and seeking new sources of […]
Posted inBasic Materials + Commodities
Indian tea exporters eyeing Egypt as alternative to Pakistani market
India’s tea exporters are eyeing Egypt and Iraq as possible alternatives to the Pakistani market, the biggest tea importer from India, after recent upheavals in Kashmir led Pakistan to cut trade relations with India, the Economic Times reported.
Posted inTourism
Orascom Development Egypt plans hotel expansions in El Gouna
Real estate developer Orascom Development Egypt is planning to add 200-250 hotel rooms in the Red Sea resort of El Gouna in 2020, Investor Relations Manager Sarah El Gawahergy told Al Mal. Orascom plans to inaugurate the Casa Cook Hotel in October and begin operations at the Arena Inn after renovations this summer.
Posted inAutomotive + Transportation
EgyptAir set to receive sixth and final Boeing Dreamliner
EgyptAir will receive the sixth and final Boeing 787-9 Dreamliner today as part of a USD 6 bn agreement signed in late 2017 to buy 45 new planes to upgrade its fleet, Al Shorouk reported. The agreement is believed to be the biggest ever made by the company.
Posted inLaw
Matouk Bassiouny & Hennawy advise Match Group on Harmonica acquisition
Matouk Bassiouny & Hennawy acted as co-counsel with Latham & Watkins LLP to Match Group on its acquisition of Egyptian matchmaking app Harmonica, according to an emailed statement. The transaction is set to close by the end of the year.