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SCAF-instated CBE law modifications to be confirmed by Morsy

President Morsy will issue a declaration in a few days to amend 2 articles of the presidential decree number 64 for 2004 governing the Central Bank of Egypt, according to state-owned Al-Ahram. The cabinet has already approved the modification to the law that was issued by the Supreme Council of Armed Forces (SCAF) last year. …

Fady Salah

SODIC: no litigation against us

The Sixth of October for Development and Investment Company (SODIC), Egypt’s third largest real estate developer, reported to the Egyptian Stock Exchange that no lawsuits were filed against them by the Lebanese multinational real estate developer Solidere. According to AhramOnline’s report on Tuesday; Beltone, a Cairo-based investment bank, stated that Solidere announced Sunday its plans …

Islam Serour

El-Arabi meets with EBRD’s Hildegard Gacek to discuss economic co-operation

Ashraf el-Arabi, minister of development and international cooperation discussed economic support to Egypt with Hildegard Gacek, managing director of the European Bank for Reconstruction and Development (EBRD) for the southern and eastern Mediterranean region on Wednesday. It was reported that the Egyptian government seeks to attract the EBRD to carry out operations in Egypt beside …

Islam Serour

Government studies new law to regulate foreign capital

By Ibrahim El-Masry Minister of Planning and International Cooperation Ashraf Al-Arabi said the government is considering drafting a new law to regulate the flow of foreign capital to Egypt whether in investments or funding for non-governmental organisations (NGOs). Speaking during a public session of the Shura Council that tackled the issue of foreign grants and …

Daily News Egypt

EFSA enact new regulations for changing stocks’ closing price

Chairman of the Egyptian Financial Supervisory Authority (EFSA), Ashraf El-Sharqawy, approved new regulations for changing stocks’ closing price, suggested by Egypt’s Stock Exchange (ESE) board of directors, in order to stem closing price manipulations that delay trading operations. The new regulations stipulate that in order to change a stocks’ closing price, the number of shares …

Islam Serour

Housing and Development Bank to invest EGP $900m in Helwan project

By Nasser Youssef The Housing and Development Bank (HDB) plans on building  a moderately-priced, middle-class housing project in Helwan over 27 acres recently acquired from the government. An official at the bank stated that the project comprises of 2000 residential units to be completed within the coming two to three years. The estimated cost of …

Daily News Egypt

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