United Kingdom

Patrick Werr

Egypt's non-oil FDI dips to lowest since 2014

04 Jul 2019

CAIRO, July 4 Foreign direct investment (FDI) in Egypt's non-oil economy fell in the first three months of 2019 to its lowest for at least five years, underscoring the struggle to kindle confidence as a rigorous IMF programme draws to a close.

UPDATE 1-VEON settles Egypt tax liability, paving way to buy Global Telecom shares

26 Jun 2019

CAIRO, June 26 Telecoms operator VEON Ltd has settled a tax dispute with Egypt, the finance ministry said on Wednesday, clearing the way for its potential purchase of the 42.3% stake in its Egyptian subsidiary Global Telecom Holding it does not own.

Egypt's Tourah Cement stops production due to oversupply

17 Jun 2019

CAIRO, June 17 Egyptian cement maker Tourah Cement, a subsidiary of Germany's HeidelbergCement , says it has suspended production because of financial distress caused by oversupply in the Egyptian market and is considering liquidation.

Tourism, energy inflows boost Egypt's pound as most EM currencies struggle

23 May 2019

CAIRO, May 23 The Egyptian pound hit a two-year high on Thursday, bucking a downtrend among emerging market currencies with help from inflows in the tourism and energy sectors.

Gulf pledges offer scant reprieve for Sudan's economy

07 May 2019

CAIRO As wrangling over Sudan's political future drags on, its economy risks sinking further into disarray, with pledges of assistance from the Gulf expected to provide only short-term relief, say economists.

Egypt to turn to private sector to restore historic buildings

23 Apr 2019

CAIRO Egypt's government is drawing up a plan to turn over as many as 150 crumbling historic buildings to the private sector to refurbish and lease out for profit, the Minister of Public Enterprise said on Tuesday.

Exclusive: U.S. open to new path towards removing Sudan from terrorism list - official

16 Apr 2019

CAIRO The United States will consider new ways to remove Sudan from its list of state sponsors of terrorism if it sees a fundamental change in its government and a commitment not to support terrorism, a State Department official said.

Egypt to slash fuel subsidies as it nears end of IMF programme

06 Apr 2019

CAIRO Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo's three-year, $12 billion (9 billion pounds) loan programme with the lender.

Sudan's gum arabic dealers shrug off strife to tap fizzy drink market

26 Feb 2019

KHARTOUM Sudan has faced multiple armed conflicts, economic slumps and nationwide protests, but one of its little known exports has proved resilient through all the turmoil: gum arabic, an essential ingredient in fizzy drinks.

Sudan's economic decline provides fuel for anger against Bashir

20 Feb 2019

KHARTOUM As Samir Gasim reels off the problems facing his Khartoum confectionery and packaging factories, already running well below capacity, the power cuts and generators kick in.

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