Edition:
United Kingdom

Patrick Werr

Currency black market re-emerges in Egypt as coronavirus spreads

24 Mar 2020

CAIRO A small black market in the Egyptian pound has re-emerged in the last few days as the coronavirus takes a toll on the country's main sources of foreign currency, three bankers and businessmen said on Monday.

Currency black market re-emerges in Egypt as coronavirus spreads

23 Mar 2020

CAIRO, March 23 A small black market in the Egyptian pound has re-emerged in the last few days as the coronavirus takes a toll on the country's main sources of foreign currency, bankers and businessmen said on Monday.

Coronavirus poses new threat to Egypt's economy

18 Mar 2020

CAIRO The coronavirus outbreak is posing an increasing threat to Egypt's economy, with pressure on tourism, trade and gas exports coming on top of a longstanding failure to drum up private investment.

CORRECTED-Egypt plans to sell $500 mln Banque du Caire stake via IPO in April- chairman

04 Mar 2020

CAIRO, March 3 Egypt aims to sell a minority stake in state-owned Banque du Caire in an initial public offering (IPO) starting mid-April in a sale worth about $500 million, provided investor interest holds up in the face of the coronavirus, its chairman said.

Egypt hails new 'furniture city' but many craftsmen unconvinced

24 Feb 2020

DAMIETTA, Egypt Egypt has built a multi-billion-pound "furniture city" near the mouth of the Nile, a pilot for a series of industry mega-hubs it wants to throw up across the nation, but it could face a struggle to populate it.

Vodafone to sell stake in Egyptian unit to Saudi Telecom for $2.4 billion

29 Jan 2020

CAIRO/DUBAI Saudi Telecom Co (STC) , the kingdom's biggest telecom operator, has struck a preliminary deal to buy Vodafone Group's 55% stake in Vodafone Egypt for $2.4 billion, as it seeks growth in the Arab world's most populous nation.

Egypt's economic outlook improves in 2020-Reuters Poll

23 Jan 2020

CAIRO Egypt's economy is likely to grow 5.8% in the current fiscal year ending on June 30, and 5.9% in 2020/21, according to a Reuters poll - an improvement on the previous poll three months ago.

Suez Canal Economic Zone to set up investment arm

13 Jan 2020

CAIRO Egypt wants to create an investment arm to channel funds to projects along the Suez Canal to take advantage of proximity to one of the world's busiest shipping lanes, the chairman of The Suez Canal Economic Zone (SCZone) said.

Egypt's sovereign fund to revamp historic area under citadel

18 Dec 2019

CAIRO, Dec 18 Egypt approved a plan on Wednesday to turn over an abandoned historic area under Cairo's towering 12th-century Islamic citadel to its new sovereign wealth to develop for tourism and culture, a cabinet statement said.

Egypt's new sovereign fund cherry-picks assets to lure investors - CEO

11 Dec 2019

* Operating concession of Siemens-built power plants to be sold

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