news

Nile City Investment posts 4.7% higher profits in 9M
09 - Thu - Jan - 2020
Nile City Investment posts 4.7% higher profits in 9M
Nile City Investment’s profits increased by 4.7% year-on-year (YoY) during the first nine months of 2019, the company’s consolidated financial statements revealed.The company recorded a net profit of EGP 508.9 million in the January-September period, versus EGP 485.78 million in the same period in 2018,…
Egypt's annual core inflation falls to 6.8% in December
09 - Thu - Jan - 2020
Egypt's annual core inflation falls to 6.8% in December
Egypt's annual core inflation declined to 6.8% in December 2019, compared to 11.1% in the same period in 2018, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).The general consumer price index (CPI) in Egypt recorded 104.4 points in December, down 0.2% month-on-month…
Al Delta, Gemco sign EGP 300m contract for foundry project
09 - Thu - Jan - 2020
Al Delta, Gemco sign EGP 300m contract for foundry project
Al Delta Steel Company, a public business sector firm, has signed a contract with Gemco Cast Metal Technology, a Dutch company, to establish a cast iron and steel foundry with an annual production capacity of 10,000 tons.The project has an investment cost of more than…
World Bank expects Egyptian economy to grow 6% in FY20/21
09 - Thu - Jan - 2020
World Bank expects Egyptian economy to grow 6% in FY20/21
 The World Bank expects the Egyptian economy to achieve a growth rate of 6% during fiscal year (FY) 2020/2021, supported by structural reforms, improved business environment, higher consumption, and more investments by the private sector.Unlike most economies in the region, Egypt does not depend on…
Levant, North Africa sovereigns' 2020 outlook negative – Moody’s
09 - Thu - Jan - 2020
Levant, North Africa sovereigns' 2020 outlook negative – Moody’s
 Moody's Investors Service highlighted that the negative outlook previously placed for sovereigns in the Levant and North Africa region in 2020 is a result of political and social tensions due to a slowing pace of reform and limited scope for fiscal consolidation.Sovereign creditworthiness is likely to be constrained by…