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Dubai to challenge London with Islamic financing platform

Reuters – Dubai will compete with London for a share of Islamic banks’ liquidity management business by offering a new platform for murabaha trading. Many Islamic banks around the world manage their short-term funds with murabaha, in which one bank acquires merchandise and another agrees to buy it at a mark-up. Traditionally, banks from the …

Daily News Egypt

Egypt bourse rebounds

Reuters – Egypt’s index, which had lost 8% of its value in the previous three sessions, rebounded on Tuesday to close 1.5% higher. The dip was a result of profit-taking by investors who had built up positions in anticipation of former army chief Abdel Fattah Al-Sisi’s run for president. Sisi, who investors hope will stabilise …

Daily News Egypt

Hunt is on for new emerging tigers: MINT, PPICS and CIVETS

AFP – For more than 10 years the rise of big emerging markets has re-shaped the global economy but these are now slowing with maturity, and the hunt is on to identify which upstarts will be tomorrow’s tigers. The big five, which recently helped the world through financial crisis but are now experiencing marked growing …

Daily News Egypt

Russia’s Lukoil begins output from giant Iraq oilfield

Reuters – Russia’s Lukoil began commercial production from one of the world’s largest untapped oilfields in Iraq on Saturday, as the country raises output to record levels. Production from the giant West Qurna-2 is eventually expected to reach 1.2m barrels per day (bpd), from an initial 120,000 bpd. The field is one of several that …

Daily News Egypt

Egypt’s Naeem Holding to cross-list on Abu Dhabi exchange

Reuters – Naeem Holding for Investments has received approval from the United Arab Emirate’s financial regulator to list on the Abu Dhabi exchange, the firm said, a further sign of closer economic ties between Egypt and the Gulf. “Coordination is ongoing with the Abu Dhabi market and the necessary measures for receiving the approval of …

Daily News Egypt

Dubai lender Amlak’s Bourse suspension to be lifted

Reuters – The shares of indebted mortgage lender Amlak will resume trading on the Dubai bourse in the second half of this year, the United Arab Emirates’ economy minister said on Monday. Trading in shares of Amlak, which is in the process of restructuring debt that sources put at nearly $2bn, was suspended in November …

Daily News Egypt

After popular protests, Oman starts to pursue graft

Reuters – Young Omanis who took to the streets in 2011 to demand jobs and better economic prospects failed to trigger the mass protests that transformed other parts of the Arab world in their own Gulf state. But they may have had an impact all the same, as authorities are making a start on a …

Daily News Egypt

Dubai Investments to lift foreign ownership cap to 35%

Reuters – Dubai Investments, a diversified manufacturer and investor in property, plans to increase the limit on foreign ownership of its shares to 35% of its total capital, the company said on Sunday. Foreign investors now hold 13.7% of Dubai Investments’ shares out of the total 20% allowed, bourse data shows. The firm’s shareholders, including …

Daily News Egypt

Managing editor Rana Allam

Al-Sisi’s austerity request

“Egypt’s youth is its hope; they need to give and not expect to take anything now.” “Egypt needs a lot from us. Egypt’s youth should not be thinking about when will they be able to get married or when will they ‘live’, they need to build the country first.” “Our economic situation is extremely difficult, …

Rana Allam

Africa’s economy grows, but many stomachs are empty

By Kingsley Ighobor Each year, governments, journalists, development experts and others look forward to the United Nations Development Programme’s Human Development Report. The report includes a ranking of countries based on life expectancy, literacy, quality of life and so on. Once it is released, governments and citizens of countries with high rankings immediately trumpet their …

Daily News Egypt

South Africa’s youth employment bill

In May of 2012, a violent clash erupted between protesters and the opposition. Although this sounds like a fairly common news report from Egypt these days, the incident in fact took place in South Africa. The Democratic Alliance (DA), the main opposition to the ruling African National Congress (ANC), took to the streets to march …

Iris Boutros

So how is the economy?

Last week we talked about the challenges facing the new Egyptian government. We spoke of the newly appointed prime minister’s objectives. Mr Mehleb has proclaimed that his main aims are to wipe out militant violence and improve the economy. Well, security we all know about and can see its status by watching the news; but how …

Dr Mohamed Fouad

‘Let them eat cake’, part 2

When Gouda Abdel Khalek was Minister of Supply in March of 2012 he made a very “novel” suggestion— not the good kind of novel. At the time, Egypt’s food subsidy programme supplies were woefully insufficient to feed the millions of Egyptians benefitting (in theory) from the assistance. With some governorates having no rice for distribution …

Iris Boutros

Hopes pinned on private sector as Libya economy slumps

AFP – Small businesses are prospering in Libya’s major cities even as the economy at large is being throttled because of security problems and industrial action which has shrunk lifeline oil revenues. Its financial woes combined with lawlessness has so far discouraged the return of multinationals, three years after the outbreak of an armed revolt …

Daily News Egypt