Mohamed Samir

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Latest by Mohamed Samir


Qalaa revenues increase 22% y-o-y in FY 2016/17 to reach EGP 9.3bn

Qalaa Holdings announced on Tuesday a 22% year-over-year increase in revenues in fiscal year (FY) 2016/2017, to reach EGP 9.3bn, due to the favourable economic trends along with its energy subsidiaries’ strong growth. The consolidated financial results cite top-line performance achieved by TAQA Arabia and Tawazon, and increased competitiveness at ASCOM’s mining subsidiaries; FY 2016/2017 …

Mohamed Samir

S&P’s upgrade of credit rating confirms Egypt is on right path: El-Garhy

Minister of Finance Amr El-Garhy welcomed the Friday decision of Standard & Poor’s (S&P) to raise Egypt’s credit rating to B from B-, stressing that this step confirms that the state is on the right path and asserts confidence in the Egyptian economic reform programme. El-Garhy added that the decision will contribute to attracting more …

Mohamed Samir

Ministry of Transport increase prices of Metro tickets to EGP 3-7

Ministry of transport announced the increase in the prices of metro tickets on Thursday, based on the number of stations travelled. The new prices to be implemented starting Friday, and will start from EGP 3 for the first nine stations, and EGP 5 for nine to 16 stations, up to a maximum of EGP 7 …

Mohamed Samir

Egypt’s economic outlook improves backed by PMI improvement, inflation decline, Zohr gas field: FocusEconomics

Egypt’s economy appears to be in good shape approaching the end of this fiscal year (FY), backed by improvements in non-oil private sector business conditions in the purchasing managers index (PMI), upward trend of foreign reserves, decline in inflation rates, and doubling the Zohr gas field’s output capacity, according to FocusEconomics’ Consensus Forecast Middle East …

Mohamed Samir

Pompeo heads back to US with three released American hostages

Three Americans who were imprisoned by North Korea are on their way back to the United States, President Donald Trump announced on Wednesday, following their release during US Secretary of State Mike Pompeo’s visit to Pyongyang. The three men left the country with Pompeo and are expected to arrive back in the US early Thursday. …

Mohamed Samir

Credit Suisse, HSBC reportedly arranging $700m loan for EEHC

HSBC and Credit Suisse are reportedly arranging a syndicated loan of up $700m for the Egyptian Electricity Holding Company (EEHC), Reuters reported on Wednesday. According to the news agency’s sources, the loan, which may involve other banks, will be guaranteed by the Finance Ministry. It will have a grace period of five years, and is …

Mohamed Samir

End of Korean Peninsula tensions could ease Sawiris’ problems

The Egyptian telecommunications firm Orascom Telecom and Media Technology (OTMT) is the main reason behind the rise of mobile phone usage in hermetically sealed North Korea in recent years. OTMT secured a 75% stake in Koryolink, a joint venture with North Korea’s Korea Post and Telecommunications Corporation in 2008. It is estimated that as many …

Mohamed Samir

Counterterrorism cooperation in Mediterranean is essential: Ismail

Egypt’s Prime Minister Sherif Ismail said that the “terrorism phenomenon” represents a threat to global security and there is a need to work to achieve mutual cooperation in the field of information exchange between the Mediterranean countries. He added that collaboration to bolster efforts in the fight against the financing of militant groups, as well …

Mohamed Samir

Kokio: A different perspective of Korean cuisine

The hunt for the perfect poultry restaurant never ceases. This time, our quest brought us to a tiny restaurant hidden deep in Maadi. Finding a hidden gem is the biggest part of the fun for many, and the Daily News Egypt team had some talks about a Korean restaurant in Maadi whose entire menu consists …

Mohamed Samir

Israeli gas imports suspension lawsuit: Another stumbling block to Egypt’s energy hub aspirations

Cairo Administrative Court referred on Tuesday a lawsuit demanding the suspension of the approval of natural gas imports from Israel, for violating the Egyptian Constitution and Law No 196 of 2017 regulating the gas market to the State Council Commissioner Authority (SCCA). The lawsuit alleges that allowing natural gas imports from the “Zionist entity” endangers …

Mohamed Samir

Libyan oil pipeline attacked by alleged IS fighters

A Libyan crude oil pipeline owned by the Waha Oil Company, which feeds the port at Sidra. Libya’s largest oil terminal, was set on fire on Saturday. The attack lead to the loss of between 70,000 barrels per day (bpd) and 100,000 bpd, according to the state-owned National Oil Company (NOC). According to Reuters, Libyan …

Mohamed Samir

Yorktown to sell Egypt-based oil, gas company Merlon International

The New York-based private equity firm Yorktown Partners is reportedly planning to sell its Egypt-focused oil and gas company Merlon International, Reuters reported on Saturday. According to the reports, the firm aims to raise up to $400m, and the sale will be run by Citigroup, with expected bids planned to be concluded by July. Merlon …

Mohamed Samir

Runners defy harsh weather at Earth’s northernmost marathon

Over 60 athletes from over 20 nations, all vying for glory, took part in the 2018 edition of the annual North Pole Marathon which took place at Camp Barneo on Tuesday. The marathon, known as the “world’s coolest marathon,” took place at Camp Barneo, which is dubbed the North Pole Camp, and is located 49 …

Mohamed Samir

Egypt’s social spending strives to curb negative effects of reforms

Subsidies FY 2015/16 (billions of EGP) FY 2016/17 (billions of EGP) FY 2017/18 (billions of EGP) FY 2018/19 (billions of EGP) Food commodity subsidies 42.7 47.5 82.2 86.2 Cash subsidies (Social solidarity pensions and Takaful and Karama programmes) 8.8 12.9 17.5 17.5 Number of beneficiaries 0.7 1.7 2.85 3.2 Sources: Ministry of Finance and Ministry …

Mohamed Samir

Egypt targets 26% subsidy cuts for petroleum products, 47% for electricity

The Egyptian government aims to cut petroleum subsidies by about 26%, and electricity subsidies by 47% in the draft budget for fiscal year (FY) 2018/19, according to Reuters. The government document allegedly obtained by the news agency showed that the value of subsidies in the new budget amounted to EGP 89.075bn, down from about EGP …

Mohamed Samir

Trump will regret nuclear deal pullout: Rouhani

Iranian President Hassan Rouhani announced that the American President Donald Trump would regret it if he decided to withdraw from the 2015 nuclear deal signed between Tehran and six world powers, Reuters reported on Monday. Iran’s response will be stronger than what the US imagine, and they would see that within a week, Rouhani said …

Mohamed Samir