Egypt’s Business digest Aug. 11: Egypt, India discuss cooperation in establishing Azhar’s technology center; USD exchange rate reaches 8.88 EGP
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Egypt, India discuss cooperation in establishing Azhar’s technology center

Minister of International Cooperation Sahar Nassr discussed with the Ambassador of India in Cairo Sanjay Bhattacharyya current cooperation in the project of establishing a technology center at Azhar University.

The project is part of a memorandum of Understanding signed in 2013, per which 500 people will be trained each year, while the Indian part will support the center with devices and experts.


Egypt’s Orascom Telecom Q1 net profit tumbles to 48.733 mln Egyptian pounds

(REUTERS): Egypt’s Orascom Telecom Media and Technology Holding said on Thursday its first quarter net profit had fallen to 48.73 million Egyptian pounds ($5.49 million) from 373.85 million in the same period of last year.

OTMT reported a net loss of 3.6 billion Egyptian pounds in 2015 versus a net profit of 263.98 million pounds a year.


USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Thursday 8.88 EGP for sale and 8.85 for purchase.



Egypt’s EFG-Hermes losses deepen to 67.55 mln Egyptian pounds in second quarter

(REUTERS): Egypt’s EFG-Hermes, the country’s largest investment bank, said on Thursday it made a net loss of 67.55 million Egyptian pounds ($7.61 million) in the second quarter compared to a net profit of 177.49 million pounds in the same period last year.

EFG-Hermes slid into losses in the first quarter after taking a non-cash impairment charge on the sale of its stake in Credit Libanais. Net losses in the first six months of the year amounted to 131.21 million Egyptian pounds. It did not provide an immediate explanation for the losses.



Telecom Egypt Q2 net profit up 175 pct y/y to 1.04 bln Egyptian pounds

(REUTERS): Telecom Egypt said on Thursday its second-quarter net profit had risen 175 percent from the same period the previous year to reach 1.04 billion Egyptian pounds ($117.12 million).

Egypt’s fixed line monopoly, which is majority owned by the government, announced consolidated revenues of 3.29 billion Egyptian pounds in the second quarter, an increase of 8.9 percent on the same period last year.


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