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Petroleum ministry proposes petrochemical projects worth $540m to UAE

Egypt has proposed three petrochemical projects to the UAE for a total investment of $540m, according to a senior official at the Ministry of Petroleum. The projects included establishing a factory to produce bio-ethanol from molasses, the output of which would reach 100,000 tonnes of molasses annually, with investment in the project totalling $250m. The …

Mohamed Adel

Government plans ‘donor countries’ conference before year’s end

The Ministry of Planning has announced intentions to hold a conference for “donor countries” to Egypt before the end of the year and following the completion of parliamentary elections. Nihal Al-Megharbel, adviser to the Minister of Planning Ashraf El-Araby, made the remarks Monday on the sidelines of a conference to sign agreements for funding slum …

Abdel Qader Ramadan

BREAKING: Saudi closed Libya embassy, evacuates diplomats

AFP – Saudi Arabia closed its embassy in Tripoli on Monday and evacuated all its diplomats over “security” concerns in Libya, the SPA state news agency reported. The Saudi ambassador to Libya Mohammed Mahmud al-Ali told SPA the kingdom’s consulate in Libya was also closed “due to the current circumstances and the security situation.” He said all diplomats in …

Daily News Egypt

First MERS infection detected in Egypt: state TV

AFP – Egypt recorded its first MERS infection after a person who arrived from Saudi Arabia tested positive for the virus, state media reported on Saturday. MERS infections have killed 92 people in Saudi Arabia, where the coronavirus was first detected in humans in 2012. State television reported the patient was in a Cairo hospital …

Daily News Egypt

ICD boosting activity in Africa to widen Islamic finance appeal

Reuters – The private sector arm of the Jeddah-based Islamic Development Bank plans to increase its activities in Africa, part of plans to widen the appeal of Islamic finance across the region, its chief executive said. Established in 1999, the Islamic Corporation for the Development of the Private Sector (ICD) supports the economic development of …

Daily News Egypt

UAE’s Air Arabia bets on Ras Al Khaimah hub

The Sharjah-based budget carrier, which currently operates out of three hubs in the Gulf and North Africa region, signed an agreement with the RAK government in February declaring it the official carrier for the emirate and RAK airport as its new hub.

Daily News Egypt

Saudi end to girls’ sports ‘welcome’: HRW

AFP- Human Rights Watch welcomed Saturday a recommendation by Saudi Arabia’s consultative Shura Council to lift the ban on sports in girls’ state schools. On Tuesday, the council recommended that the longstanding ban, relaxed in private schools last year, be ended altogether, state media in the ultra-conservative Muslim kingdom reported. It is now up to …

Daily News Egypt

Saudi Arabia’s NCB plans capital hike before IPO

Reuters – National Commercial Bank, Saudi Arabia’s biggest bank by assets, plans to boost its capital by SAR 5bn ($1.3bn) through conversion of its retained earnings into capital, it said in an emailed statement on Tuesday. The announcement comes one month after the Saudi government said it planned to float 15% of the state-owned bank …

Daily News Egypt

Saudi Arabia’s Algosaibi calls may creditor meeting: bankers

Reuters – Saudi Arabian conglomerate Ahmad Hamad Algosaibi& Brothers has called a meeting of creditor banks in Dubai on 7 May to discuss a proposed settlement of billions of dollars of unpaid debt, commercial bankers said on Monday. The 2009 collapse of Algosaibi’s Bahrain unit, The International Banking Corp, and Awal Bank, owned by Maan …

Daily News Egypt