Asma's Feed
Dec 5, 2013

Gulf businessmen demand guarantees before investing in Egypt

CAIRO, Dec 5 (Reuters) – Gulf Arab governments are willing
to pour billions of dollars into Egypt to prop up an ally’s
economy, but businessmen from the wealthy region are far more
wary of a country where they have been burned before.

Saudi Arabia, Kuwait and the United Arab Emirates came to
Egypt’s aid after the army toppled Islamist President Mohamed
Mursi in July following mass protests against his rule.

Dec 4, 2013

Egypt says to pay $1.5 bln arrears to foreign oil firms

CAIRO, Dec 4 (Reuters) – Egypt promised on Wednesday to pay
$1.5 billion of the $6 billion it says it owes oil firms, hoping
the announcement made at an investment conference will revive
confidence in an economy battered by nearly three years of
political upheaval.

“There is approval to pay $1.5 billion,” Prime Minister
Hazem el-Beblawi told the gathering designed to lure investment
from Gulf Arab states and businessmen.

Nov 26, 2013

Egypt police clash with protestors

CAIRO (Reuters) – Egyptian police fired teargas and water cannon to disperse hundreds of protesters in Cairo on Tuesday after they defied a new law that restricts demonstrations.

Protesters gathered to commemorate the death of a liberal activist killed in clashes with police two years ago, challenging the new legislation passed on Sunday that bans protests without police approval.

Nov 26, 2013

Egyptian police fire water cannon on protesters

CAIRO (Reuters) – Egyptian police fired teargas and water cannon to disperse hundreds of protesters in Cairo on Tuesday after they defied a new law that restricts demonstrations.

Protesters gathered to commemorate the death of a liberal activist killed in clashes with police two years ago, challenging the new legislation passed on Sunday that bans protests without police approval.

Nov 11, 2013

Egypt plans extra stimulus by year-end, Suez Canal project

CAIRO, Nov 11 (Reuters) – The Egyptian government will
launch a new economic stimulus package by the end of the year,
the finance minister said on Monday, bringing forward spending
plans that will help revive the economy but put even more strain
on state coffers.

Pointing to efforts to attract new investment, the
military-backed government also said it would launch a tender to
draw up plans to develop a corridor around the Suez Canal,
reviving a mega-project tabled by deposed president Mohamed
Mursi.

Nov 10, 2013

Analysis – Egypt relies on Gulf aid for economy: Then what?

CAIRO (Reuters) – Egypt is engaged in a high stakes gamble, using billions of dollars from Gulf Arab allies to stimulate the economy and keep its politically charged streets calm in the hope that investors and tourists will return.

The biggest Arab country’s finances are in a precarious state with a massive deficit but the government, armed with billions of Gulf petrodollars, has rejected the conventional wisdom of IMF-prescribed austerity measures.

Nov 10, 2013

Egypt relies on Gulf aid for economy: Then what?

CAIRO, Nov 10 (Reuters) – Egypt is engaged in a high stakes
gamble, using billions of dollars from Gulf Arab allies to
stimulate the economy and keep its politically charged streets
calm in the hope that investors and tourists will return.

The biggest Arab country’s finances are in a precarious
state with a massive deficit but the government, armed with
billions of Gulf petrodollars, has rejected the conventional
wisdom of IMF-prescribed austerity measures.

Oct 30, 2013

Political instability hinders Egyptian stock exchange’s hunt for new firms

CAIRO (Reuters) – Egypt’s stock exchange is taking measures to attract new companies to replace the loss of some of its biggest listings over the past three years, but the country’s uncertain politics may foil a quick solution, its chairman said.

The exchange is revising listing regulations, developing new mechanisms for exchange traded funds (ETF) and rights issues and working to spur trade on its fixed-income market, Mohamed Omran said in an interview.

Oct 30, 2013

Egypt arrests Muslim Brotherhood leader-ministry source

CAIRO (Reuters) – Egyptian authorities have detained senior Muslim Brotherhood leader Essam El-Erian, an Interior Ministry source said on Wednesday, the latest arrest in a government crackdown against the Islamist movement.

Erian, the deputy leader of the Brotherhood’s Freedom and Justice party, was taken into custody from a residence in New Cairo where he had been in hiding.

Oct 28, 2013

Egypt financial regulator plans rules revamp to spur trade

CAIRO (Reuters) – Egypt’s financial regulator plans measures by early next year that would allow the launch of exchange-traded funds, spur bond trading and cut red tape to stimulate growth in an economy hammered by nearly three years of political turmoil.

Sherif Samy, the new chairman of the Egyptian Financial Supervisory Authority (EFSA), said smoothing the operations of the capital markets were one way to restore investor confidence.