Leading News Source For Middle East
Egypt’s Ministry of Transport is close to signing a contract with Siemens for the construction of the country’s second high-speed train, Arab Finance reports. The project, to connect 6th of October city to Aswan with a length of 925 kilometers Read more
The Egyptian government is considering the privatization of state companies every month to attract private investors, Planning Minister Hala al-Said told Reuters. “We’re trying to select the right companies that can attract good institutional and good private sector (investors), and Read more
The International Islamic Trade Finance Corporation (ITFC) approved a financing of $2.6 billion to fund developmental projects in Egypt, Arab Finance reports citing a statement by the Egyptian Ministry of Trade and Industry. “The ITFC is one of the most Read more
British bank Standard Chartered will start operating in Egypt from September after it has received preliminary approval from the Central Bank of Egypt (CBE). Gamal Negm, the deputy Governor of the CBE, reportedly revealed that Standard Chartered will open its Read more
Egypt and South Korea have signed a memorandum of understanding (MoU) for cooperation between the two countries in the fields of antiquities and museums online on the sideline of the visit of the leader of the Asian country, Arab Finance Read more
Egyptian President Abdelfattah al-Sisi has ordered raising the minimum wage by 12.5% to EGP 2,700 (around $171) instead of EGP 2,400, Arab Finance reports. The Egyptian leader also reportedly has allocated EGP 8 billion from next year’s budget to raise Read more
Egypt’s first Special-purpose acquisition companies (SPAC) will start operating next month, 90 days after the government gave the go-ahead. “At the end of this month or early next month, we will have the first blank check company,” Mohamed Omran, Chief Read more
South Korea will grant Egypt $1 billion, the Asian country’s envoy to the Arab country has announced, ahead of Moon Jae-in’s visit this week. Hong Jin-wook, Arab Finance notes, informed Al Mal News about the financial facility without providing further Read more
United Kingdom and Egypt Saturday vowed to cooperate on climate change as the current and incoming presidencies of the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP), reports say. “We affirm our joint commitment to Read more
IHC Food Holding, a subsidiary of International Holding Company (IHC), has acquired 75 per cent of Abu Dhabi Vegetable Oil Company (ADVOC), IHC has announced, Zawya reports. The conglomerate did not provide details on the operation but indicated that the Read more