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2011 News
December
Egypt: Pensions to Increase Ahead of IMF Visit, Says Premier
Daily News Egypt
December 28, 2011
By Safaa Abdoun
Egypt’s Prime Minister said Wednesday the government will increase pensions and beneficiaries at a monthly cost of LE 100 to LE 120 million, a week before an expected visit by the International Monetary Fund.
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Egypt: Beltone Chairman in Talks to Sell Stake
December 29, 2011
Reuters
Egyptian investment bank Beltone Financial said its chairman was in talks to sell his stake in the bank, while investment firm Arabiyya Lel Estithmaraat said it was seeking to buy the stakes of several Beltone shareholders.
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Abu Dhabi's Burooj in on Cairo Project
The National
Kevin Brass
December 29, 2011
Palm Hills Developments has hired Orascom Construction Industries to build a US$93 million (Dh341.56m) residential complex outside Cairo, its first project in a partnership with Abu Dhabi's Burooj Properties.
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Military to Lend $1 Billion to Bolster Egypt’s Currency
By DAVID D. KIRKPATRICK
December 29, 2011
New York Times
Egypt’s military rulers are lending $1 billion to the central bank to prop up the country’s flagging currency, offering evidence of both the precarious state of the economy and the military’s singular status within it.
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IMF Says Expects January Talks with Egypt
December 29, 2011
By Marwa Awad
Reuters
The International Monetary Fund (IMF) said it planned to meet with Egyptian authorities to discuss the country's economic problems but added that any funding would have to be based on benchmarks that had broad political support.
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Saudi Arabia Kingdom’s Real GDP Growth Seen at 2.3% for 2012
December 29, 2011
ARAB NEWS
The overall Saudi budget balance remained in surplus driven by elevated oil prices and production. The rally in oil prices coupled with the increase in oil production brought revenues up by 49.7 percent to reach SR1.11 trillion in 2011, propelling the fiscal balance higher into a surplus of SR306 billion (or 14.0 percent of GDP) compared to a surplus of SR88 billion in 2010.
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Egypt Hosts "Cityscape Next Move" the Leading Exhibition and Conference in the Real Estate Sector
December 20, 2011
1900 participants among the largest financial and real estate institutions in the Middle East and Worldwide. Cityscape expects the Egyptian real estate investments to reach $ 26.8 billion. One of Cityscape's main social responsibility priorities is developing low end housing.
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Picking Up – Egypt Attracting International Attention and Investment
December 20, 2011
Global Arab Network
Continuing to attract international attention and investment, Egypt’s real estate sector is performing well in what has been a turbulent year for the country’s economy. Unsurprisingly, given the country’s massive population, recent reports have emphasised the potential of Egypt’s property market, particularly in the residential, leisure and office segments, in the wake of the country’s political revolution. A deal inked by Qatari Diar, one of the region’s larger real estate companies, worth around half a billion dollars serves as a clear testimonial to investor confidence in its long-term future, Global Arab Network reports according to OBG.
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Egypt: Calm Voting Soothes Markets
November 29, 2011
After a week of dire predictions and market turmoil, Egypt’s equity markets saw their biggest single day rise in almost two years.
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Sodic of Egypt Has Third-Quarter Loss of 38 Million Pounds
December 4, 2011
Bloomberg
Six of October Development & Investment Co., an Egyptian luxury real-estate developer, said it had a third-quarter net loss of 38 million Egyptian pounds ($6.33 million) due to an impairment on the golf course at its Allegria residential project.
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Egypt Has Most Billionaires in Africa: Forbes Report
Inaugural list of Africa's 40 richest people features 7 Egyptians, the majority of them members of the Sawiris and Mansour families, Al Ahram Weekly, December 4, 2011
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Investing in the Arab Spring: Egypt
December 1, 2011
Financial News
The elation of the Egyptian revolution in Tahrir Square has faded since the start of the year – with faith in the military-led transitional government shaken by the mishandling of protests.
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