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UAE Telco Du agrees terms on $720m loan financing

Reuters – UAE telecom firm du has agreed terms on a $720m loan which will be used to replace two existing debt facilities and lower the company’s funding costs, two banking sources said on Sunday. The five-year loan will be provided by Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Saudi Arabia’s Samba …

Daily News Egypt

Citadel Capital says completes $530m investments

Reuters – Egyptian private equity firm Citadel Capital said on Sunday it had completed an EGP 3.7bn ($530m) programme of buying additional stakes in its subsidiaries. The purchases are part of Citadel’s transformation into an investment company that will hold majority stakes in subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement, the …

Daily News Egypt

MidEast Stocks: CIB’s strong earnings lift Egypt; Aldar drags down Abu Dhabi

Reuters – Egypt’s bourse rose on Wednesday as the country’s biggest listed bank posted strong fourth-quarter earnings, while markets in the United Arab Emirates weakened after a disappointing earnings report from Abu Dhabi property developer Aldar. Egypt’s index added 1.0% to 7,571 points after Commercial International Bank (CIB) posted a 29% rise in quarterly net …

Daily News Egypt

Kuwait’s takaful firms struggle in crowded market

Reuters – Kuwait’s first Islamic insurer was born 14 years ago, but its takaful firms are still struggling in a crowded market that faces cut-throat competition. This has led to stagnant growth and persistent losses for takaful firms operating in Kuwait, one of the world’s richest countries on a per capita basis, raising doubts about …

Daily News Egypt

Ezz Steel Q3 trims net loss

Reuters – Ezz Steel, Egypt’s biggest steel maker, trimmed its net loss by 74% in the third quarter of FY 2013 to 28.64 million Egyptian pounds from 110.05 million a year earlier, company results showed on Monday. Street unrest, political turmoil and an economic slump since a popular uprising toppled autocrat Hosni Mubarak in 2011 …

Daily News Egypt

Kuwait-Airbus deal on track despite probe

Reuters – A parliamentary investigation into a Kuwait Airways plan to buy and lease aircraft from Airbus will not affect the deal, the state carrier’s chairwoman told a local newspaper in comments published on Sunday. Kuwait’s parliament voted on Wednesday to investigate all contracts signed by state-owned Kuwait Airways, which is attempting its biggest overhaul …

Daily News Egypt

Egypt shares slips from 4-Yr high; UAE mixed in downbeat Gulf trend

Reuters- Egypt’s benchmark index slipped 0.4%, easing off Sunday’s four-year high, as investors booked profits in mid- and small-cap stocks. Egyptian Resorts dropped 5.2% and Palm Hill Developments Company fell 2.2% on Monday. Investors remain positive on the market despite uncertainty over a cabinet reshuffle. Prime Minister Hazem el-Beblawi has said the reshuffle will include …

Daily News Egypt

Egyptian Pound strengthens fractionally, unchanged on black market

Reuters – The Egyptian pound strengthened fractionally at a central bank currency sale on Monday and remained unchanged on the black market. The central bank sold $38.6m to banks with a cut-off price of 6.9516 pounds to the dollar, compared with 6.9517 at its last auction on Thursday. The bank had offered to sell up …

Daily News Egypt

Egypt’s growth to miss forecasts

Reuters – Egypt’s economy will only grow by 2.0% in the fiscal year ending June 2014, well below the government target of 3.5%, according to a Reuters poll of economists who lowered their forecasts once again. Chances for an economic rebound were hurt by violence and political turmoil after Islamist President Mohamed Morsi was ousted …

Daily News Egypt