Mohamed Samir

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Latest by Mohamed Samir


Hurghada, Muscat selected as touristic hotspots with 13%, 8% forecasted growth respectively: Colliers

Hotels in Egypt’s Hurghada and Oman’s Muscat were named touristic hotspots by Colliers International, with a forecasted growth of 13% and 8%, respectively, in revenue per available room (RevPAR), according to Colliers’ MENA Hotel Forecast June 2018 report. The witnessed growth in Hurghada hotels’ RevPAR was boosted by the continuation of a positive perception and …

Mohamed Samir

Inflation rises to 14.4% in June in line with expectations

Egypt’s annual inflation rate rose significantly in June to 14.4%, increasing from 11.4% in May, the Central Bank of Egypt (CBE) announced on Tuesday. The increase was due to a rise in food prices by 10% compared to an increase of 8.6% in May, in addition to the 55% hike in transportation sector on the …

Mohamed Samir

Egypt to establish farm in Zambia: Egyptian ambassador to Zambia

Zambia and Egypt are planning to sign a memorandum of understanding (MoU) for the development of a 2,381-feddan joint farm project, an Egyptian official said on Friday, according to China’s state-run Xinhua news agency. “This new giant farm will enable both parties to bring their cooperation to new horizons,” Egypt’s ambassador to Zambia, Ahmed Mostafa, …

Mohamed Samir

Al-Sisi meets UAE delegation, agrees on enhancing bilateral relations, exchanging innovative administrative experience

President Abdel Fattah Al-Sisi met a ministerial delegation from the United Arab Emirates (UAE) on Wednesday. The two sides agreed on enhancing bilateral relations, focusing on exchanging innovative experiences, to develop governmental institutions. The UAE delegation included Mohammed bin Abdullah Al Gergawi, minister of cabinet affairs and the future, Ohood bint Khalfan Al Roumi, minister …

Mohamed Samir

Madbouly’s new economic portfolio ministers: Who’s who?

The cabinet of Mostafa Madbouly was sworn on before President Abdel Fattah Al-Sisi Thursday to serve as Egypt’s new government. The core economic group of Egypt’s cabinet consists of the Ministries of Finance, Public Sector Affairs, Investment, and Industry. Ministers of other economy-related portfolios, such as trade, tourism, and petroleum, were announced. Mohamed Moeit, was …

Mohamed Samir

Brazil has highest probability of winning World Cup: Goldman Sachs

Brazil will win its sixth World Cup title, defeating Germany in the final on July 15, according to the The World Cup and Economics report issued by the Goldman Sachs Group on Tuesday. “When Lionel Messi observed that ‘in football…talent and elegance mean nothing without rigor and precision,’ he was clearly thinking as much about …

Mohamed Samir

Macroeconomic picture improves, yet progress needs to be made on unemployment, closing housing gap, financial inclusion: OBG Egypt director

Throughout the past three years, Egypt has been through tough but necessary economic reforms, undertaken by the authorities and supported by the International Monetary Fund (IMF). The reforms aim to improve Egypt’s public finances, curb the budget deficit, and get the currency shortage under control, all while achieving sustainable growth. The economic reforms came after …

Mohamed Samir

Egyptian economy in good shape as FY 2018 ends: FocusEconomics

Egypt’s economy seems in good shape as annual economic growth accelerated in the January-March period to reach a multi-year high. Additionally, in May, foreign reserves hit a record monthly high and, in April, business conditions in the non-oil private sector were in positive territory for only the second time in over two years, according to …

Mohamed Samir

Egypt PMI back to contraction in May: Emirates NBD

Egypt’s non-oil private sector activity continued to shrink in May to reach 49.2 points, down from 50.1 points in April. Nonetheless, the Purchasing Managers’ Index (PMI) score for May remained well above the long-term average, according to the latest Emirates NBD Egypt Purchasing Managers’ Index survey, published on Tuesday. However, according to the survey, there …

Mohamed Samir

Oil prices plunge as reports of increased production by OPEC, Russia emerge

Oil prices plunged on Friday to their lowest levels in weeks, on the back of reports that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia are considering increasing production. Both West Texas Intermediate (WTI) and Brent crude fell by more than 3% to $67.50 and $76.44 respectively. Both Saudi Arabia and Russia are …

Mohamed Samir

Egypt to launch 2 exploration, production international bids: petroleum minister

The Ministry of Petroleum and Mineral Resources intends to put forward two international bids for oil and gas exploration and production in 2018 in 27 concessions, said Petroleum Minister Tarek El-Molla on Monday. El-Molla explained that the Egyptian General Petroleum Corporation (EGPC) bid will include 11 concessions, five of which are in the Western Desert, …

Mohamed Samir

Iran to maintain oil exports if EU salvages nuclear deal

Iranian Oil Minister Bijan Zanganeh said that the US President Donald Trump’s decision to quit a multinational nuclear deal would not affect Tehran’s oil exports if the European Union (EU) could salvage the pact, Reuters reported. The Iran nuclear deal was signed by Trump’s predecessor, Barack Obama, along with the United Kingdom, France, Germany, China, …

Mohamed Samir

IMF completes Egypt’s third review mission, agrees to disbursement of $2bn instalment

The International Monetary Fund (IMF) delegation has reached a staff-level agreement—subject to approval by the IMF’s Executive Board—on the second $2b tranche disbursement of the $12bn loan, bringing total disbursements under the programme to $8bn. The agreement came after the fund’s third review of Egypt’s economic reform programme during the delegation’s visit to Cairo from …

Mohamed Samir

Sharm El-Sheikh, Hurghada hotels named touristic hotspots; 45%, 31% forecasted growth respectively: Colliers

Sharm El-Sheikh and Hurghada hotels were named touristic hotspots by Colliers International, with a forecasted growth of 45% and 31% respectively in revenues per available rooms (RevPAR). The surge is a result of an improved security perception and a surge in international leisure demand, according to Colliers’ The MENA Hotel Forecast April 2018 report. On …

Mohamed Samir