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Posted inTHE MACRO PICTURE
Convergence of US and EU economies will decide if a major global recession is coming –El Erian
Convergence of US and EU economies will decide if a major global recession is coming, Allianz Chief Economic Adviser Mohamed El Erian tells BBC World Service’s Hardtalk. For Europe there is a 50% chance for a recession next year, but not for the US. The issue here is the divergence of the US economy being […]
Posted inEGYPT IN THE NEWS
16 Egyptian men were held hostage in Libya over financial dispute
Topping coverage of Egypt in the foreign press this morning is the abduction of 16 Egyptians in Eastern Libya by unknown gunmen. The Egyptian workers, from Kafr El Sheikh, were taken hostage five days ago amid a reported financial dispute between a Libyan contractor and an unnamed Egyptian businessman. The kidnapped workers were yesterday and […]
Posted inDiplomacy + Foreign Trade
Russia calls onto UAE businessmen to invest in its Egypt industrial zone
Russia calls onto UAE businessmen to invest in its Egypt industrial zone: Russian Economic Development Minister Maxim Oreshkin has called onto UAE businessmen to cooperate with his country by investing in a massive industrial zone it’s building in Egypt’s Suez Canal Economic Zone and other projects in the region, Russian news agency RIA Novosti reported, […]
Posted inEnergy
Egypt to issue global tender for transformer power station in Beni Suef
The Egyptian Electricity Transmission Company (EETC) will issue a global tender to build a 22/66 kV, 80 MVA transformer power station in Beni Suef, sources told Al Mal. Bids for the tenders are expected to be received by the end of December, and the station should be constructed within three months of signing the contract.
Posted inEnergy
TransGlobe announces capacity from well at Western Desert concession
TransGlobe Energy announced on Monday that its SGZ 6X exploration well in the Western Desert’s South Ghazalat concession has a combined capacity of 3,840 bpd of oil and 2.4 mcf/d of natural gas. The company’s tests on the well’s upper and lower formations were positive and have prompted it to begin a “development plan” for […]
Posted inEnergy
Finance in Motion to invest USD 20 bn in Benban through Green for Growth Fund
Germany-based impact investor Finance in Motion is planning to invest USD 20 mn in a renewable energy project in the Benban solar complex through its Green for Growth Fund, company senior investment and risk executive for the MENA region Mohamed Morsy said, according to Al Mal. The new financing will bring the fund’s total investments […]
Posted inInfrastructure
ITDA to offer five retail outlets and logistics centers next month
The Internal Trade Development Authority (ITDA) will launch tenders for five commercial centers and trade zones to investors next month, ITDA head Ibrahim El Ashmawy told Amwal Al Ghad. The tenders are part of the Supply Ministry’s logistics-focused internal trade strategy, which will see the establishment of several logistics zones for agricultural products.
Posted inHealth + Education
Health Ministry to begin implementing meds tracking system by year-end
The Health Ministry will begin implementing its digital tracking system to monitor the distribution and sales of meds by the end of the year, deputy head of the Federation of Egyptian Industries’ pharma division Riad Armanious said yesterday, according to Masrawy. The system, which is meant to help prevent locally manufactured products from being smuggled […]
Posted inHealth + Education
Five percent of Egyptians test positive for Hepatitis C
Five percent of the 10 mn Egyptians screened for Hepatitis C in the nationwide survey tested positive, Health Minister Hala Zayed said, according to Al Ahram. Around 60% of the screened citizens also suffer from obesity and another 5% have diabetes, according to the minister. The government had launched last October the first phase of […]