Sarwa Capital’s consolidated net income up 13% to EGP 280m in 9M 2019
Company’s total portfolio records EGP 6.4bn, average equity recorded 21.4%
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Sarwa Capital’s net income increases by 130% to EGP 120m in 1Q19
Total Portfolio of EGP 6.2bn, Return on Average Equity of 29%
Germany's 'money for nothing' experiment raises basic income questions
Madinet Nasr Housing and Development achieves 165% in y-o-y net income in Q2 2018
Madinet Nasr Housing and Development (MNHD), a leading urban developer in Egypt, achieved a significant increase of consolidated net profit year-over-year (y-o-y) by 165% to reach EGP 274.5m in the second quarter (Q2) of 2018, up from EGP 103.5m in Q2 2017, the company announced on Saturday. MNHD’s revenues witnessed a 61.2% increase y-o-y to …
State still subsidises water, new tariff hikes do not include limited income citizens: HCWW chairperson
Mamdouh Raslan, chairperson of the Holding Company for Water & Wastewater (HCWW), told Daily News Egypt that the new water tariff will reduce debts, construct new projects, and implement renovation plans. Egyptian authorities decided to lift the prices of drinking water by up to 46.5%, the official gazette said on Saturday, to be implemented starting …
Minister of finance agrees to drop EGP 2.1m income tax owed by 150 clients
Minister of Finance Amr El-Garhy approved the decisions of the Egyptian Tax Authority’s higher committee for tax remission to drop 150 financiers’ dues of EGP 2.117m, according to a statement from the Ministry of Finance on Wednesday. The minister said that these decisions come in order to ease the burden of financiers and establish bridges …
Ration cards will not be withdrawn from those with income over EGP 2,500: IDSC
The cabinet’s think tank, the Information and Decision Support Centre (IDSC), denied the validity of reports on several websites and social network news pages that the government intends to withdraw ration cards from citizens whose income reaches EGP 2,500 or more. The IDSC explained, in a report clarifying the facts issued on Tuesday, that it …
Orascom Construction reports 21.7% net income increase in Q1
OC’s BESIX Group contributes greatly to Orascom’s net income
59.4% of Egyptians pay 25% of income to rent homes
70% of Egyptian households live without secure tenure, says Shawkat
EGP 1bn expected income of stamp tax: Ministry of Finance
The tax is to be submitted within the current week to the cabinet for approval
Surveys to determine who receives subsidy cards must include living conditions, income: expert
One is every three families would be willing to give up their subsidy card, according to a survey conducted by Egyptian Centre for Opinion Research (Baseera) on Saturday. According to Baseera, eight in every 10 Egyptian families has a subsidy card. Lower Egypt has the highest number of subsidy cards, at 89%. Upper Egypt follows …
Egyptian families’ incomes unfulfilling: cost of living more expensive than ever
The current circumstances have made it hard for experts to predict how much money is enough for a small family to live a fair life in Egypt. With the high inflation rate on the rise due to value-added taxation, the majority of Egyptians are unsatisfied with their income which, unlike almost every product or service, …
EIPR launches new campaign on social, economic justice in public spending
Absence of budget transparency directly leads to absence of social justice, says NGO
Government develops popular neighbourhoods to maximise income: Mehleb
First phase of plan includes Darb Al-Ahmar, Gamaleya and Sayeda Zeinab, says cabinet spokesperson
Egyptian families spend minimum of EGP 2,000 on food in Ramadan
Ministry of Supply offers food exhibitions to sell products at low prices
Presidential decrees see economic landscape’s alteration
Some controversial decisions are still awaiting final cabinet approval to be sent to presidency for ratification
Tourism income expected to grow 47% by end of current FY: Ministry official
Tourism revenue rose by $5.5bn in three quarters of FY 2014/2015, compared to $3.1bn during the same period of previous year
Officials reflect on possibility of 12 million tourists targeted by year-end
Egypt targets 20% growth in tourist numbers next winter, 15% next summer
Tourism revenues rise to $4.5bn in 1H current FY: Official
Ministry of Tourism aims to increase sector’s income to $10bn by end of fiscal year 2014/2015, compared to $5.1bn last year
20.7% decrease in tourist arrivals during May: CAPMAS
Foreign tourists arrivals not expected to increase during the current year, Chairman of the Egyptian Tourism Federation Elhamy El-Zayat
Government to apply temporary wealth tax on companies
The Egyptian government expands scope of exceptional tax on wealth to cover companies and corporations rather than just individuals
Government sets ceiling for transportation, state allowances
Amendments made to maximum income law, published in official gazette
Egypt to lift home ownership rates
The shortage of affordable residential units has created a surge of illegal construction, with a February report saying that some 500,000 units have been built without government consent over the past three years
Precision needed in distributing teachers’ bonuses: Finance minister
A brochure distributed by the minister details steps needed when deciding bonus recipients
Foreign reserves drop to $17bn
International foreign reserves fall for the fourth consecutive month
Social solidarity minister exempts public banks and oil companies from maximum income law
Boraie says decision was made to retain ability of sectors to compete with private sector
Egypt lost 3,000 of its millionaires under Morsi government: Credit Suisse
A significant drop in the number of Egyptian millionaires echoing the decline of Egyptian wealth level
Nearly 5 million workers will benefit from minimum income: Ministry of Finance
Ministry said it is taking “executive measures” to apply minimum income
New medical incentives law to cost government EGP 6bn
Law would see 420% to 600% increase in monthly salaries for government employed medical professionals
Maximum income for public banks opposed by sector
Bankers express concern that public bank maximum wage law will push talent away to private sector