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IMF says yet to agree date with Egypt for programme review
Egypt and the International Monetary Fund have yet to agree on a date for the initial review under a $3 billion financial package signed in December, an IMF official said on Thursday, a sign the lender may be growing frustrated by Cairo's lack of reforms. ...
Egypt's exports to Greece jump over 200 percent YoY in January
The value of Egypt's exports to Greece increased to $228.5 million in January 2023, compared to $71 million in the same month last year. ...
Israel strikes Lebanon and Gaza after major rocket attack
The Israeli military has carried out air strikes on targets belonging to the Palestinian militant group Hamas in southern Lebanon and the Gaza Strip. ...
Ramadan and Passover raise tensions at Jerusalem holy site
As so often in the past, the latest scenes of violence at Jerusalem's most important holy site for Muslims and Jews are igniting widespread anger. ...
Egypt: Misr Cement increases cash dividends for 2022
The ordinary general meeting (OGM) of Misr Cement – Qena agreed to pay out a cash dividend of EGP 0.75 per share for 2022, instead of EGP 0.50 per share. ...
Egypt's net foreign assets drop by $1.3bln in February
Egypt's net foreign assets (NFAs) declined by 49.8 billion Egyptian pounds in February as pressure on the currency continued to build. ...
Parched Tunisia imposes water rationing
Tunisia announced tight restrictions on water usage, including rationing tap water, on Friday, as the drought-hit country braces for another baking summer. ...
Egypt to raise allocation for food subsidies by 20% in FY 2023/24 draft budget
The Egyptian government said on Wednesday that it will raise allocation for food subsidies by 20 percent and for petroleum products by 24 percent in its fiscal year 2023-2024 draft budget. ...
Jordan's AJIB agrees to buy Standard Chartered unit in kingdom
Arab Jordan Investment Bank has agreed to buy Standard Chartered's business in the kingdom after securing the approval of the Central Bank of Jordan. ...
Iraq halts Kurdish region oil exports through Turkey after winning arbitration
Iraq stopped 450,000 barrels per day of crude exports from the semi-autonomous Kurdistan region and northern Kirkuk fields on Saturday, an oil official told Reuters, after the country won a long-standing arbitration case against Turkey. ...
Egyptian firm Orascom Construction’s Q4 profit surges over 50% to $56m
Egypt’s Orascom Construction Co. saw a 50.4 percent year-on-year net profit increase in the fourth quarter of 2022, with a rise in construction operations helping the firm hit $55.8 million. ...
Erdogan tries to salvage economic credibility before Turkey's election
Former Turkish economy tsar Mehmet Simsek's refusal to return to politics has left President Tayyip Erdogan's ruling party scrambling to rebuild its economic credibility less than two months before landmark elections, insiders and analysts say. ...
World Bank and Egypt agree on $7bn framework
The World Bank's board has approved a new Country Partnership Framework for Egypt that provides the country with $7 billion in funds over the 2023 to 2027 fiscal years. ...
Iraq committed to complying with Opec+ output cuts, oil minister says
Iraq is committed to complying with its 220,000 barrels per day oil output cuts in line with the Opec+ policy to tighten global supply and support prices, the country's oil minister said. ...
Lebanon's Empty Schools Bode Long-term Damage From Crisis
On a recent school day, the Rene Mouawad High School in Beirut was empty, its classrooms dark, just like all of Lebanon's public schools have been for most of the past three months. Its striking teachers were protesting in front of the Education Ministry, not far away. ...
Egypt to announce new energy strategy in coming weeks
Egypt will set out its national low-carbon energy strategy in the coming weeks to adapt to technology advances and global geopolitical circumstances, said Tarek El Molla, the country's petroleum and mineral resources minister. ...
What do we know about the Silicon Valley and Signature Bank collapse?
The value of shares in some banks tumbled around the world after the collapse of two US banks. So how bad is this and what does it mean for you? ...
Egypt starts offering stakes in 2 Armed Forces-owned firms as part of privatization drive
Egypt will start procedures on Wednesday to list two of its national army companies, Wataniya and Safi, on its stock exchange in an attempt to further develop its private sector, according to an official cabinet statement. ...
SVB collapse: Mideast markets also feel the jitters
Most stock markets in the Middle East ended lower on Sunday, with the Egyptian bourse leading the declines, in response to Friday’s fall in global shares over fears of contagion following the collapse of Silicon Valley Bank. ...
Yemen: Qat-chewing Houthi negotiators at the UN aircraft
Houthi representatives from Yemen, who were set to attend UN-mediated prisoner exchange talks in Switzerland, chewed narcotic qat on an aircraft heading from Sanaa to Amman. The Houthis’ conduct annoyed the pilot, who issued a distress call to his employer, protesting about the delegation’s refusal to stop. The source said that the problem began in Sanaa at the weekend when the Houthis attempted to get on the UN aircraft while ingesting qat, but the pilot refused to let them board. The pilot called the business that had leased the aircraft to the UN when the Houthis insisted on boarding, while concealing their qat bags. The source added: “After the jet took off, the Houthis got out their qat bags and started chewing. “The pilot ordered them to cease chewing qat. Upon refusing, he sent a second distress signal to his firm.” The pilot refused to fly the Houthis to Switzerland and forced them to take another aircraft. The UN’s Yemen office now faces a fine of $200,000 for the misconduct of the Houthi delegation, sources said. The delayed aircraft arrived in Jordan, where the crew refused to continue the journey. The Houthi negotiating group boarded a Qatar Airlines flight from Jordan to Switzerland.”sourses added. Source: YemenOnline ...
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