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EBRD provides $25m loan to Elsewedy unit

The European Bank for Reconstruction and Development (EBRD) said that it will provide a $25 million loan to the Egyptian copper rods manufacturer United Metals Company (UMC), a subsidiary of Elsewedy Electric. The EBRD loan will finance the working capital of UMC, including purchases of copper on international markets, according …

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A new IDB office in Cairo

The Minister of Investment and International Cooperation Dr. Sahar Nasr met with President of the Islamic Development Bank (IDB) Dr. Bandar Hajjar, on the sidelines of the IDB’s 42nd Annual Meeting held in Jeddah. Both sides discussed IDB’s support of MIIC’s efforts in improving Egypt’s investment climate and business environment, …

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UK inflation hits highest since 2013

  Last month British inflation recorded its highest level since September 2013, according to official data last Tuesday, underlining a strain on households prior to June 8 national elections. Consumer prices increased in April by 2.7 percent compared with a year earlier, the Office for National Statistics said, slightly above …

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Getting youth into the equation

By: Mona Alam el-Din There is no doubt that Egypt’s young population represent the core of sustainable development in Egypt and the wealth of our nation, being one third of the population, it is our challenge to integrate youth into society and cultivate their knowledge, education and perception towards unleashing …

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Oriental Weavers Q1 profits leap 174%

Oriental Weavers’ consolidated net profit for the first quarter of fiscal year 2017 jumped 174% to EGP 257.59 million, versus EGP 94.16 million for Q1-16. Sales increased in the first three months of FY17 to EGP 2.52 billion from EGP 1.45 billion in the same period last year, according to …

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Value of MENA food, beverage M&A reaches 8-yr high

The deal value of the MENA region’s food and beverage mergers and acquisitions (M&A) in 2016 reached $3.4 billion, up from $402 million in the previous year, according to Mergermarket. The value is considered the highest since 2009, while the outlook for 2017 seems promising with four deals worth $104 …

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Egypt Aluminum turns profitable in Q3

Egypt Aluminum turned to profits in the third quarter of fiscal year 2016. Net profits reached EGP 138.3 million in the first three months of 2017, compared to EGP 14 million in losses in the same period in 2016, according to a bourse filing. During the nine months ended March …

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