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AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

News - Egypt News

Amwal Al Ghad English - 2018-01-13 07:26:53
Egypt's Court of Cassation overturned on Thursday a seven-year prison sentence for former Interior Minister Habib El-Adly on charges of illicit gains, ordering a retrial. El-Adly and 12 other defendants in the case were convicted by a lower court in April 2017 on charges of illicit gains of EGP 2 billion from the interior ministry in the period between 2000 to 2011. The Court of Cassation ordered the retrial of all defendants in the case. El-Adly served as minister of interior under former President Hosni Mubarak from 1997 until Mubarak was ousted in 2011. Following the April 2017 ruling, El-Adly disappeared until he was arrested in December by security forces. In May 2017, the former minister lost an initial appeal against the sentence in the case due to failure to appear in person in court. El-Adly's lawyer Fareed El-Deeb appealed against the criminal court's ruling before the Court of Cassation. The former minister is set to be released from his detention within hours upon the completion of legal procedures. The long-serving former minister faced several trials since the ouster President Mubarak in the January 2011 revolution, including for the killing of protesters and the cutting of telecommunications, but he was acquitted in all of the cases except for two. In 2013, El-Adly was sentenced to three years in prison in the case known in the media as “the conscripts' enslavement case." The Cassation Court upheld that ruling in February 2014. The current illicit gains trial is the last case pending against El-Adly. More»
Amwal Al Ghad English - 2018-01-11 06:46:55
Out of the Egyptian parliament's total 596 MPs, 490 have signed recommendation forms in favour of nominating President Abdel Fattah al-Sisi for another four-year term in office during this year's presidential elections. Article 142 of Egypt’s 2014 constitution states that a hopeful presidential candidate must secure the recommendation of at least 20 MPs, or 25,000 citizens from 15 governorates, with a minimum of 1,000 from each governorate. MPs signed the forms one day after the election timeline was announced at a press conference by the National Elections Authority (NEA). NEA chairman Lasheen Ibrahim said that recommendation forms would be sent to more than 350 public notaries across Egypt and to parliament so that citizens and MPs can use them to officially support the presidential candidate they favour. Ibrahim said that in accordance with the Article 142, “recommendation forms approved by NEA members were sent to public notaries so that citizens can use and document them before they are submitted to the NEA." Parliament speaker Ali Abdel-Aal told MPs that “the recommendation forms were sent by the NEA on Tuesday morning and MPs can use them in accordance with Article 108 of parliament’s internal by-laws.” “An MP cannot recommend more than one candidate or sign a recommendation form on behalf of a fellow MP,” said Abdel-Aal. MPs were quick to voice their support for Sisi's candidacy, even though the president has not officially announced his intention to run. It is expected that the number of MPs to support El-Sisi's candidacy will reach 500 by late Wednesday. MPs who recommended President Sisi include a number of high-profile figures, including parliament speaker Abdel-Aal, head of the majority Support Egypt Bloc Mohamed El-Sewedy, as well as head of the media, culture and antiquities committee Osama Heikal. A number of opposition MPs including Nasserist Kamal Ahmed and Wafdist Mohamed Khalifa have also joined the El-Sisi supporters, while a number of leftist MPs, including political analyst Samir Ghattas and head of the 25-30 bloc Haitham El-Hariri, have abstained from joining the pro-Sisi MPs. MP Ghattas told Ahram Online that he has no intention of recommending any candidate. Ghattas also dismissed rumours that some hopeful candidates such as former MP Mohamed Anwar El-Sadat have solicited his recommendation. El-Sadat, the head of the liberal Reform and Development Party and nephew of late president Anwar El-Sadat, sent parliament speaker Abdel-Aal a letter on Wednesday asking for permission to gather recommendation signatures from 20 MPs, the minimum required by the constitution. El-Sadat,  who served as the ex-chairman of parliament's committee on human rights was stripped of membership in February 2017, has announced several times that he intends to run for president, on condition that the NEA guarantees that all candidates are treated equally in terms of campaigning and media coverage. More»
Amwal Al Ghad English - 2018-01-10 07:02:32
The Egyptian parliament’s General Assembly gave preliminary approval on Tuesday to a law governing debt restructuring, preventive composition and bankruptcy, MP Haitham El-Hariri told Ahram Online. The law is expected to improve Egypt’s ranking in the World Bank’s Doing Business report, Investment and International Cooperation Minister Sahar Nasr told MPs on Tuesday. The legislation guarantees protection for financially struggling investors, allowing debtors to file for bankruptcy. Without a law to govern it, insolvency cases had previously been evaluated by the courts, with businessmen facing prison for not paying their debts. The new law would put in place a mediating system to avoid referring cases to criminal proceedings. The law also simplifies procedures and guarantees safe exit for companies that go bankrupt, with a possibility for integrating businesses back into the market through debt restructuring. It also protects creditors by guaranteeing they are paid their dues. The bankruptcy law complements the investment law, which was promulgated by the president in June to attract foreign investors and cut down on bureaucracy. The law was approved by the cabinet in January 2017 under former Investment Minister Dalia Khorshid, and awaits final approval by MPs before being ratified by the president. Egypt ranks number 115 in the Resolving Insolvency index in the Doing Business 2018 report, the lowest rank being 168. Egypt dropped six places in the World Bank Doing Business report 2018 to 128 out of 190, down from 122 in the 2017 report, according to the latest report issued in November. More»
Amwal Al Ghad English - 2018-01-10 06:51:57
A number of Christian clergymen and political commentators have welcomed the latest decision by Egypt's Ministry of Housing to allow Christians to practice religious rites at unlicensed churches pending their formal recognition as places of worship. A committee was formed in January 2017 by Prime Minister Sherif Ismail to review requests to formally recognise unlicensed churches. The committee was formed in accordance with law no 80/2016, which eases restrictions on the building of churches. The housing ministry's decision came upon a request from Archpriest Michael Antoun, the Coptic Orthodox Church’s representative in the committee, according to a statement by the ministry. Archpriest Antoun said that the Church has presented requests to formally recognise 2,600 churches and affiliated buildings in all Egyptian governorates by the end of September 2017. Antoun said that the 2016 law allows religious rites to be practiced at unlicensed churches pending the legalisation of their status. Karim Kamal, a Coptic political researcher and president of Copts for the Nation, described the ministry's decision as a positive step towards implementing the 2016 law on building churches. "The issue of unlicensed churches is not a problem from the state, governors, the ministry of interior or housing," says Kamal, arguing that this is evident from the efforts by the Armed Forces to restore churches that were torched in the wake of the 30 June revolution in 2013. "The real problem lies in the ultra-conservative Islamists in some villages in rural and Upper Egyptian governorates, who fuel tensions over small unlicensed churches to pressure security officials into closing these churches to prevent sectarian strife," Kamal said. Kamal also called on the state to enforce the rule of law and not to resort to mediating between parties to settle sectarian conflict. Youssef Talaat, the legal representative of the Anglican Church in the committee, affirmed there are currently no Anglican churches that have been shuttered. However, he expressed support for the Coptic Orthodox Church, which he says is the most affected by the closure of churches. Coptic Orthodox Christians make up 90 percent of all Christians in the country. Catholic Archpriest of Giza Antonios Aziz also praised the Ministry of Housing’s decision, saying that it prevents the recurrence of sectarian incidents over unlicensed churches. The ministry’s decision comes one month after a mob of Muslims stormed a building in Giza’s Atfih over a rumour that the premises would soon be officially recognised as a church. A number of Christians were injured in the incident. In October 2016, four churches were closed in Upper Egypt's Minya governorate following sectarian clashes over the premises being used as Christian places of worship without a licence. Christian officials and clergymen protested the decision to close the churches. Before the church building law was passed in 2016, Christians – who make up an estimated 10 percent of the country's nearly 100 million people – had long struggled to obtain permits to build churches, with the process at times taking years. More»
Amwal Al Ghad English - 2018-01-09 10:56:55
Egypt is likely to attract up to two million Russian tourists this year as Russian flights to Cairo will be resumed early February, a top official at Egypt’s tourism ministry said. The return of Russian tourism in Egypt will highly serve the tourism sector, the official highlighted. Russian President Vladimir Putin has authorised commercial flights between Egypt and Russia to resume following a two-year suspension, in a move expected to place further pressure on the British government to review their own stance on flights to Egypt. The Egyptian Minister of Aviation headed to Moscow to sign a protocol with Russian Transportation Minister in order to resume flights to Cairo. More»
Amwal Al Ghad English - 2018-01-09 07:15:41
Egyptian President Abdel Fattah al-Sisi said on Monday that the Egyptian state would not allow the nation to be hit by a water shortage, pointing to steps taken to protect water resources and ensure they are properly managed. Sisi made the comments as he announced the construction of Egypt's biggest water treatment and desalination project, costing almost LE70 billion. "We won't allow a water-shortage crisis to occur in Egypt. We have not only to keep our share of the Nile, but but also to use our share to the maximum," he said during a short statement. "Egypt is currently carrying out the biggest water treatment and desalination project, just in case of any circumstances concerning the sharing of water." The water treatment and desalination project was highlighted by Sisi at the inauguration of several national transportation and residential projects in Cairo's 10th of Ramadan Cty. "This is not for luxury but to resolve a possible situation," he said, adding that he did not want to elaborate more. Egypt has expressed concerns over Ethiopia's Grand Ethiopian Renaissance Dam (GERD) project, saying it will affect Egypt's share of Nile River water, a claim rejected by Ethiopia. Egypt, Ethiopia and Sudan have been involved in talks for the past three years concerning the dam and its effect on the downstream countries. The Nile River is the main source of fresh water in Egypt. Sisi said that the government started implementing the water treatment and desalination project three months ago. "This is our country, and water for agriculture and drinking must be secured for citizens from Aswan to Alexandria, so that no problem will occur later and we say that we are not ready for it," he added. More»
Amwal Al Ghad English - 2018-01-08 06:10:18
Former Egyptian Prime Minister Ahmed Shafiq announced on Sunday that he does not intend to run in the upcoming presidential elections, which are expected to be held in the spring of 2018. In a statement on his official Twitter account, Shafiq said "given the facts, I see that I would not be the best person to lead state affairs in the coming period, therefore I have decided not to run in the 2018 presidential elections." In late November, Shafiq said in a statement issued from the UAE, where he resided from 2012 to 2017, that he intends to run in the upcoming presidential elections. However, shortly following his return to Egypt in early December, the 76-year-old former air force general stated that he would make a decision whether he should run for president after assessing the situation on the ground. "I have decided following my return to my beloved home country to re-assess the general situation regarding what I announced during my stay in UAE, considering that my absence for more than five years may have distanced me from closely following the developments and achievements that have been reached despite the difficult circumstances caused by violence and terrorist acts," Shafiq said in Sunday's announcement. Shafiq served as aviation minister under former president Hosni Mubarak and briefly as prime minister during the 2011 uprising, before he was replaced in February 2012. He is the founder of the Patriotic Movement Party. Shafiq narrowly lost the June 2012 presidential elections to the Muslim Brotherhood’s Mohamed Morsi, who held the post for one year before being ousted in July 2013 following nationwide protests against his rule. Shortly after the 2012 election, Shafiq claimed that the vote was rigged and travelled to the UAE, citing "concerns for his own safety" under Brotherhood rule. More»
Amwal Al Ghad English - 2018-01-07 06:34:40
Egypt's President Abdel Fattah al-Sisi attended Christmas mass on Saturday evening– along with top officials including the ministers of interior and foreign affairs as well as army officials– at the partial opening of the new Nativity of Christ Cathedral in the new administrative capital. El-Sisi commissioned the building of the church, the largest in the country, in January 2017 following twin terrorist attacks that killed at least 27 Coptic Egyptians at St Peter and St Paul’s Church in Cairo. The president, who entered the cathedral along with Coptic Orthodox Pope Tawadros II, stressed that the partial opening of the cathedral is "a message of peace and love from Egypt, not only to Egypt and the region, but to the whole world." "Evil and destruction and killing will never defeat goodness, construction, peace, and love," he said. El Sisi, who offered felicitations to Egyptian Copts, said "we are one, and you are our families. No one can ever divide us," adding that no one will be able to hurt Egypt as long as Egyptians are united. The Coptic Orthodox Church had announced that it would provide buses for worshippers who would like to attend mass at the new cathedral in the new administrative capital, which is located 28 miles (45 kilometres) east of Cairo. The Nativity of Christ Cathedral will, upon completion, be the largest church in the Middle East, with a capacity to accommodate 8,200 worshippers. The new cathedral stands at the heart of a large complex built on 15 feddans, and includes a papal residence, a reception hall, meeting halls and offices. The cathedral also holds two 40-metre-wide vaults that cover the central and cross nave. At their intersection, a dome stands on four central arches. The two ends of the cross nave, and the western end of the central nave, terminate in large semi-domes, while the apse area is flanked on the outside by two 60-metre spires. The country’s new administrative capital, set to be completed in 2020, is part of the government’s plan to expand urban areas to deal with the country's rapid population growth and improve the nation's infrastructure. Coptic Orthodox Egyptians, who make up around 90 percent of all Christians in the country, celebrate Christmas on 7 January. A minority of non-Orthodox Christians observed the holiday on 25 December. Egyptian churches have been targeted repeatedly by Islamist terrorists in recent years. Egyptian police and army forces have been on high alert to secure the country's Christmas celebrations, with the Ministry of Interior deploying 230,000 security personnel to secure 2,626 churches nationwide. More»
Amwal Al Ghad English - 2018-01-07 06:27:16
At 7:30pm on Saturday, many Copts tuned in to TV channels to watch the soft inauguration of the New Nativity of Christ Cathedral at the New Administrative Capital. Coptic Orthodox Pope Tawdros II headed the Christmas mass at the cathedral, where President Abdel-Fattah El-Sisi made an appearance to express felicitations for Coptic Christian Egyptians, who celebrate Christmas on 7 January. “Of course I will watch for a short while before attending mass with my family and friends at the Mar Morcos Church [in Heliopolis]; of course it is a source of great joy for us to see a new large, beautiful cathedral being opened in Egypt,” said Darine, a 35-year-old banker. Darine said that she finds the opening of this cathedral to be very significant, especially since it comes “at these very troubling times of so many attacks – not just physical but also verbal assaults in the media – against the Coptic citizens of this country.” It shows, she added, that the state “at least feels it has a responsibility towards the Copts of this country; of course this does not make up for anything else, but I still think that it is very important that this cathedral is being opened now and that the president will be there himself.” Since he took office in June 2014, President Sisi, who has enjoyed significant support from Copts in the wake of the ouster of Islamist president Mohamed Morsi, has made a point of consistently attending Christmas mass. More»
Amwal Al Ghad English - 2018-01-06 10:05:06
A hot air balloon crashed on Friday near the southern Egyptian city of Luxor, killing a South African tourist on board, while several others injured, officials said. State media blamed the crash on poor weather conditions without elaborating. High winds and sandstorms hit regions across the country, clouding the skies at Cairo’s main airport and forcing the closure of a number of Red Sea ports. A South African man died and an Argentinian and two French tourists were being treated in hospital, a health ministry spokesman said. Health officials and state media had earlier said a woman died. A number of other tourists were also taken to Luxor International Hospital but released after a few hours, the ministry said. Luxor, a city surrounded by ancient tombs and other historic sites, is one of the main focuses of Egypt’s tourism industry - a key revenue-earner that the government has been trying to revive after years of political turmoil. The balloon had deviated from its allotted path and crashed with 20 tourists on board, the Civil Aviation Authority said in a statement. Twenty-one other balloon trips carrying more than 400 tourists had all landed safely on Friday, it added. Sandstorms lashed wide parts of the country, including Cairo, Sinai and coastal areas overlooking the Red sea, the national weather forecasting agency said. Luxor governor Mohamed Badr ordered the closure of all highways linking to other provinces due to poor visibility. Staff at Cairo International Airport said they were on high alert because of the strong winds and storms, though no trips were cancelled or rescheduled. Nineteen people, most of them Asian and European tourists, died near Luxor in 2013 when a hot air balloon caught fire and crashed after a mid-air gas explosion. More»