Economics Archives | Egyptian Today

Sons of Mubarak arrested, stock sell off induced

Sons of the long-term Egyptian president Hosni Mubarak, Alaa and Gamal Mubarak are arested on charges of stock market manipulations back to 2012. Yasser El Mallawany, non-executive vice chairman, board member of EFG-Hermes and Hassan Heikal, former member of the same board were arrested on the same case. There are three more bankers and stock traders detained on the same charges.

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Egypt lost legal battle with Union Fenosa Gas

Union Fenosa Gas, the joint Eni and Spanish Naturgy company was forced to halt natural gas supplies to the Damietta facilities thus interrupting the cycle. It was back to the “Arab spring”, when Egypt’s own low gas supplies has forced the government to revert all available gas to internal market to avoid riots.

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Egypt’s ratings upgraded by Moody’s

As the Egypt reforms it’s economic in a favor of more market-oriented and less socially-responsible while rising the prices for fuel and power, cutting subsidies and introducing new taxes the state’s prospects for servicing the credits are upgraded. Meanwhile the foreign and internal debts of Egypt is rising as the country grows more and more dependent on the external financing. In a combination with lowering quality of life of the poor and young population of Egypt it may not yield the positive results.

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Apache Corporation to increase investment it Egypt’s oil concessions

Apache Corporation, an American oil and gas exploration company is a veteran of the Egyptian business. It has been in Egypt for 22 years. It holds biggest plots in the Western Desert – 5.6 millions in 25 concessions. During the year 2017, Apache received approval of the NW Razzak and South Alam El Shawish concession blocks. Combined, the two concessions added approximately 1.6 million net undeveloped acres in Egypt. It allowed the company to broaden the cooperation with Egypt and to set the bold goal to invest 1 billion USD annually.

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