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Egypt foreign reserves up at $17.414bn in March: Central Bank

Reuters – Egypt’s foreign reserves rose to $17.414bn in March from $17.307bn in February, the Central Bank said on Monday. Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak but were lifted last year when Gulf Arab states gave billions of dollars in aid to the army after it deposed elected Islamist …

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

Qatar calls for dialogue in Egypt

Relations between Egypt and the Gulf state have been strained over Doha’s backing for Islamist president Mohamed Morsi, who was ousted by the army in July following nationwide protests.

Daily News Egypt

Egypt gains marginally after $40bn housing deal; Gulf mixed

Reuters – Egypt’s shares rose slightly on Monday after a deal between the country’s army and a Dubai builder for an affordable housing project worth EGP 280bn ($40.2bn). Cairo’s benchmark index advanced 0.5%, recovering early-session losses and boosting 2014 gains to 17.6%. Under a deal with Cairo’s army-backed government, Dubai’s Arabtec will build one million …

Daily News Egypt

Dodgy data obscures reality of Gulf’s economic boom

Reuters – Saudi Arabia’s economy chugged along at modest annual growth rates of around 2.5% in the first three quarters of 2013. Then in the fourth quarter it soared, with gross domestic product jumping 10% from a year earlier. That is the picture delivered by data from the government’s statistics office. But it is not …

Daily News Egypt

Gulf ties could aid Islamic finance in Italy

Reuters – Bankers and academics in Italy are stepping up efforts to develop Islamic finance in the country, a campaign which could benefit from growing economic links between Gulf countries and the euro zone’s third largest economy. Islamic finance has so far made only marginal progress in continental Europe, mainly in France and Germany. But …

Daily News Egypt

Egypt’s mafia fund

By Farah Halime A private equity fund launched by Gamal Mubarak managed to reel in millions of dollars of investment from Egypt’s elite, revealing the depths to which political and business connections ran as he began rising in stature in the late 1990s. According to a document obtained by Rebel Economy, Gamal Mubarak’s $54m Horus I Fund, …

Daily News Egypt

Buoyed by Gulf aid, Egypt current account hits surplus

Reuters – Egypt’s current account recorded a surplus in the first quarter of the financial year, boosted by billions of dollars in aid from Gulf Arab states after the army ousted Islamist President Mohamed Morsi in July. The current account ran a surplus of $757 million between July and September, driven by a massive increase in official transfers, according to …

Daily News Egypt

Red herrings

A few weeks ago, in his regular New York Times column, Thomas Friedman applauded the “radical evolutions” taking place across the Arab Gulf, dubbing them “The Other Arab Awakening“. Friedman makes the sweeping claim that, “in the wake of the Arab Spring, [Gulf leaders] are deeply concerned with their legitimacy, which they are discovering can …

Rasheed Hammouda