Suez fears are not fulfilled

Meanwhile, oil prices fell back on Monday after the head of the oil generators’ group OPEC said he didn’t expect the turmoil in Egypt to affect the Suez Canal, inform Business Today. Oil prices have been pushed higher by fears that supplies might be disrupted when the protests resulted in the closure from the canal,…

EGB plans to increase its retail

The profit of the retail banking sector represents 27% of the Egyptian Gulf Bank’s (EGB) total profits last year, Daily News reports. The bank is targeting to raise the sector’s profit to 30% this year, said senior general manager of Retail Banking at the bank, Sherif Farouk. The volume of the bank’s retail banking portfolio…

Egypt economy is the second largest economy in Africa

The biggest news in the African Economy arena this week was how Egypt’s economy surpassed its South African counterpart to become the second largest economy in Africa after Nigeria, according to Business Directory. The news was announced by the International Monetary Fund (IMF) in its World Economic Outlook Report that was released in April. South…

Barclays tends to implement the expansion strategies

Barclays Egypt is awaiting the sale of its local unit to resume implementation of the expansion strategies in the Egyptian market, said Sherif Al-Behery, the bank’s director of Business Banking. The bank achieved a net profit of EGP 511m over the past five years. It was EGP 5m in October 2011 and EGP 606m as…

Egypt Economic Outlook

Egypt’s economic growth accelerated from an annual 3.0% in Q3 to 4.0% in Q4 of calendar year 2015. While the GDP reading and the Central Bank’s recent decision to devaluate the pound are positive developments, Egypt’s overall economic situation remains far from rosy. The acute shortage of U.S. dollars in the economy—caused by a decline…

TOP -5 banks acquire 59.6% of banking sector total assets

Five banks acquired 59.6% of the total assets’ size of the Egyptian banking sector, in which 40 banks operate, according to the Central Bank of Egypt (CBE). In its quarterly report, the CBE stated that banks operating in the local market held EGP 2.485tn in total assets as of the end of December, of which…

Egypt-Polish trade exchange to hit $1bn by 2017

The total volume of trade exchange between Egypt and Poland reached $500 million (1$=8.78EGP) in 2015, according to a board member of Egypt’s General Committee of Exports at Federation of Egyptian Chambers of Commerce. Abdel Hamid Amer stated that the committee targets boosting mutual trade exchange to around $1 billion by 2017 through executing the…

NBE’s net profit in the first half of FY 2015/2016

The National Bank of Egypt (NBE) has achieved a net profit of EGP 5.8bn during the first half of fiscal year (FY) 2015/2016. The bank’s total profits registered EGP 8.9bn, a growth rate of 83%, reports Daily News. In a press release on Wednesday, the NBE said these profits were supported by an increase in…

Stocks are pushing up the market

Egypt’s market edged up 0.98 percent to 7,646 points on Monday and daily stock turnover was EGP 548.3 million, Financial Services News informs. Arab investors were net buyers to the tune of EGP 54.8 million, while other foreign investors were net sellers to the tune of EGP30.5 million and Egyptians were net sellers to the tune…

Central Bank of Egypt still attracts investors

The day following the devaluation of the Egyptian pound in February, the Central Bank of Egypt (CBE) announced the launch of three-year pound-denominated investment certificates, inform Al Ahram Weekly. The certificates offered a 15 per cent yield, to be paid for in hard currency in a bid to attract investors. Banks issuing the certificates, the…

Fears of investors are broken

At the moment, many of wagers are made with leveraged product, which in fact more than doubles the stakes. This is considered by analysts a secure way of protecting against the possibility of a significant drop in US stock indexes, but it is also a favourite recipe for losing the invested money. Many investors are…

Budget of Egypt 2016/17: expenditure would rise but with revenue

The Ministry of Finance issued a statement at the end of April outlining the main targets for the coming fiscal year. The budget statement did not provide a detailed breakdown for 2016/17, but it noted that expenditure would rise by 13%, compared with the expected actual outcome in the current fiscal year, and that revenue would rise by…