Egypt Financial Market Update

Dubai Group sells stake in Egyptian firm
Dubai Group, a financial services company of Dubai Holding, said it has sold its 15% stake in Egyptian Fertilisers Company through its regional investment management company Dubai Capital Group. Dubai Capital Group sold the stake to Egyptian group Orascom Construction & Industries as part of a recent transaction between OCI and UAE private equity firm Abraaj Capital.
Egypt: Wednesday, May 14 - 2008 at 11:51

Mubarak proposes 30% pay rise
Egyptian President Hosni Mubarak yesterday called for a salary increase of about 30% for public-sector employees to help offset soaring prices, especially of food, reported Reuters. In a speech to the national trade unions federation, Mubarek said the government should initiate the increase immediately, rather than wait for the start of the financial year on July 1.
Egypt: Thursday, May 01 - 2008 at 10:29

Egypt and India close to free trade pact
India and Egypt have set up a group to finalise an economic cooperation agreement that will include free trade in goods and services, reported the Peninsula. India's Commerce Minister Kamal Nath said there is enormous potential for cooperation, not only bilaterally but also in third countries. Top Indian companies like Essar, Reliance and the Tata group are planning huge investments in Egypt worth an estimated $20bn in areas ranging from oil and gas to plastics and fertilisers.
Egypt: Wednesday, April 16 - 2008 at 12:52

Egypt may raise public sector pay
Egypt's Trade and Industry Minister Rachid Mohammad Rachid said the government is considering raising public sector salaries, reported Reuters. However, it is not planning to take any immediate steps to curb inflation, which soared to its highest rate in over three years in March as food prices jumped, he added
Egypt: Wednesday, April 16 - 2008 at 07:35

Goldman Sachs buys stake in Egyptian developer
US investment bank Goldman Sachs bought 5.5% of Egyptian real-estate company Palm Hills Development from its majority shareholder, El Mansour and El Maghraby Investment and Development Company S.A.E., together with an option to purchase a further 4.5% equity stake in the company, the Cairo-based firm said in a statement.
Egypt: Tuesday, March 18 - 2008 at 09:52

Egypt looks into new bond system
The Cairo and Alexandria Stock Exchanges are looking into a new system for trading bonds and have consulted Italian experts to expand the market and slash borrowing costs for the government, reported Reuters. In 2007, outstanding Egyptian government bonds reached $12.4bn.
Egypt: Monday, March 10 - 2008 at 13:32

EFG-Hermes' Horus 3 raises $555m
EFG-Hermes said it has raised $555m for the Horus III Fund, following the success of its predecessor the Horus II Fund, which raised $155m. Horus III Fund investors are comprised of a number of Egyptian and regional financial institutions, as well as high-net worth individuals.
Egypt: Monday, March 03 - 2008 at 14:13

Egypt forecasts 7% GDP growth
Egypt's Investment Minister Mahmoud Mohieldin has said the Egyptian economy is likely to grow at a rate of around 7% in the 2007/8 fiscal year despite rising inflation rates, reported Reuters. He said inflation is an 'international phenomenon', but Egypt's monetary and fiscal policies 'seem to be working' to keep the economy growing. Higher food prices pushed Egypt's consumer price index for urban areas up 10.5 percent in the 12 months to January 2008, from 6.9 percent in the year to December 2007.
Egypt: Tuesday, February 26 - 2008 at 11:36

UAE is largest foreign investor in Egypt
Sultan Ahmed bin Sulayem, Chairman of DP World, said the UAE has become the largest foreign investor in Egypt and Dubai-based companies have been playing a major role in the development of the country by investing in real estate, hospitality, telecommunications and maritime industry, reported Khaleej Times. Bin Sulayem, who is also a Chairman of Dubai World, sees potential of growth in Egypt and expressed his hope that Dubai World companies will explore investment opportunities in the country.
Egypt: Sunday, February 24 - 2008 at 09:55

Egypt trails cement price fixers
The trial of 20 Egyptian cement company executives on price-fixing charges began in Cairo but after a brief session the court adjourned until March 10, reported Reuters. The 20 executives, who did not appear in court, face charges of conspiring to fix prices in the local market in the first case of its kind under a three-year-old anti-monopoly law. The firms include Suez Cement, Misr Beni Suef, Misr Qena and Torah Cement. The government filed accusations of anti-competitive practices against them in October after a 14-month probe by its own investigators, saying they agreed on prices and how to share out the market for Portland cement in 2005 and 2006.
Egypt: Tuesday, February 19 - 2008 at 08:18