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Posted inEGYPT IN THE NEWS
Egypt in the News on 2 August 2017
Egypt’s new record FX reserves are the top story on Egypt in the international press thismorning along with Prime Minister Sherif Ismail’s accompanying reassurance that this is “good news” that means “the Egyptian economy has recovered.” Al Azhar’s Cairo Metro fatwa kiosks are taking on new life in the international news cycle this morning. The […]
Posted inOn Deadline
Government policies must be held to a specific set of standards to evaluate their efficiency
Columnists in the local press have put their brains in neutral for Sahel season — we have nothing of interest to discuss this morning, folks.
Posted inWorth reading
Industrial and Commercial Bank of China complicit in laundering operation
Chinese money laundering out of Spain was facilitated by the world’s biggest bank, claims part one of a Reuters report. Spanish authorities have been making arrests in the money laundering case allegedly involving the Chinese state-owned Industrial and Commercial Bank of China (ICBC), in a case they suspect involves up to EUR 1.2 bn in […]
Posted inDiplomacy + Foreign Trade
Diplomacy and Foreign Trade on 2 August 2017
An Emirati delegation that includes Emaar is set to tour the Alamein area next week to look at potential investment sites, Al Mal Reports. The visit comes after Investment Minister Sahar Nasr said that Mohamed Alabbar may be interested in investing in New Alamein and the new capital city. President Abdel Fattah El Sisi’s sign-off […]
Posted inEnergy
Zohr will start production by year’s end, Descalzi promises Ismail
Eni boss Claudio Descalzi was in town yesterday and checked in with Prime Minister Sherif Ismail, promising that the company’s Zohr supergiant field would ramp production by year’s end on schedule, Ahram Online reports.
Posted inEnergy
Jordan exported 560k cubic feet of LNG to Egypt in the past four months
Egypt bought 560K cubic feet of LNG from Jordan in the past four months as part of an agreement which would see Egypt import 140K cubic feet of gas per month for 10 months, according to Ahram Gate. Jordan exported about 670 mcf of LNG last year to Egypt, says the Oil Ministry.
Posted inBasic Materials + Commodities
Eastern Tobacco invests EUR 15 mn in new production lines
Eastern Tobacco has signed five agreements for new production lines at its plant worth around EUR 15 mn, Chairman Mohamed Haroun told Al Mal. The new lines are set to result in doubling the company’s output and will be received within seven months. Eastern Tobacco has also managed to increase its reserves of manufacturing inputs […]
Posted inBasic Materials + Commodities
Sugar manufacturers want to raise price the state pays for sugar beets
Sugar production companies and the Sugar Crops Research Institute want the government to pay farmers EGP 500 per tonne for sugar beets, up from EGP 400 per tonne, Al Borsa reports. Industry representatives will present the new pricing scheme to the Agriculture Ministry, which it hopes will champion the issue at cabinet before the upcoming […]
Posted inBasic Materials + Commodities
Supply Ministry expands list of goods available to smartcard holders
The Supply Ministry has decided to add milk, honey, frozen vegetables, tea, butter, and corn oil to the list of subsidized goods that citizens can purchase with their ration cards from government outlets, according to a ministry statement. The decision came in response to feedback from a ministry census among smartcard holders to determine which […]