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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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