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Egyptian Customs seizes more than 64m smuggled cigarette packs

CAIRO: The Egyptian customs has seized more than 64 million packs of smuggled cigarettes, including over two million counterfeit in the month of May. The customs authorities at Port Said confiscated about 56 million packs before they could enter the country, the interior ministry said. At the same port, 5.9 million packs that were being shipped from the United Arab ... Read More »

Russia, Egypt trade reaches $5.5b last year, up 80% against 2013

MOSCOW: Trade exchange between Cairo and Moscow reached $5.5 billion in 2014, an 80 percent increase compared to 2013, as a result of the increase in Egypt’s agriculture exports to Russia, said Russia’s Industry Minister Denis Manturov. President Abdel Fatah al-Sisi and Egyptian Minister of Industry Mounir Fakhry Abdel Nour met with Manturov, Russia’s ambassador to Cairo, and the Russian ... Read More »

Egyptian customs seizes 1,364 smuggling goods worth LE630m during last 8 months

CAIRO: Customs Department says it succeeded in thwarting 1,364 attempts to smuggle goods worth LE630 million from July 2014 until the end of February 2015, according to a report it sent to Finance Minister Hany Qadry Dimian. Magdy Abdel Aziz, head of the Customs Department, said narcotics valued at LE153 million were seized, including 2,000 kilos of heroin, hashish and ... Read More »

Egypt’s central bank sells $500m in interbank in April

CAIRO: Egypt’s central bank said on Monday it sold $500 million in the interbank market to meet outstanding demand for “strategic staple food commodities” with the approach of the holy month of Ramadan, which begins in mid-June. The bank sold $281 million in the interbank market last month and $420 million in March to meet similar demand for dollars. Read More »

Egypt’s Emaar offers stakeholders 600m shares in Cairo bourse

CAIRO: Egypt’s Emaar Misr said that its board had recommended to shareholders that the developer offer 600 million shares on the Cairo bourse to raise 2.8 billion Egyptian pounds (Dh1.35 billion, $366.97 million). The subsidiary of Emaar Properties, Dubai’s largest real estate developer, said in a statement to the stock exchange it would price the shares at 4.70 Egyptian pounds ... Read More »

Egypt procures 1.6m tonnes wheat so far

BEIRUT: The Egyptian supplies minister has revealed that the government has bought about 1.6 million tonnes of local wheat so far since the current season began in mid-April. Speaking to Reuters on the sidelines of a conference in the Lebanese capital Beirut, Khaled Hanafi said: “Until now, we’ve received about 1.6 million tonnes and this size changes every day. I ... Read More »

Egypt’s 5 banks gives $521m loan to support power sector

CAIRO: Five banks have reached a final agreement on their shares in a US$521 million loan to support Egypt’s electricity sector, chairman of the loan arranger Banque Misr told Amwal Al Ghad on Sunday. Mohamed Eletreby – Chairman of Banque Misr – said the banks contributing to the state-owned Egyptian Electricity Holding Company ( EEHC )’s syndicated loan will sign ... Read More »

Canada, Egypt trade volume reaches $1.1bn in 2014: Canadian Chamber

OTTAWA: Trade volume between Egypt and Canada reached $1.1bn in 2014, Fayez Ezzeldin, Chairman of the Canadian Chamber of Commerce in Egypt and the Middle East said. Ezzeldin further specified that 80% of Egypt’s exports to Canada were gold, amounting to $780m. In 2013, two-way trade between both countries stood at $1bn, whereas in 2011 it stood at a slightly ... Read More »

Egypt Customs confiscates 16.5kg tobacco hidden in car’s tires

CAIRO: Egypt customs seized 16.5 kilograms of tobacco that was hidden in car’s tires and smugglers fined NIS9,000 – the amount of the customs taxes they were attempting to evade paying. During the Passover holiday, attempt to smuggle goods into Eilat continued as usual, including an attempt to bring in nargilah (hookah) tobacco from Egypt to two Acco residents. Following ... Read More »

Russia, Norway, Egypt join China-led new Asian bank

OSLO: Russia, Norway and Egypt have been admitted as founder members to the Chinese-initiated Asian Infrastructure and Investment Bank, the Finance Ministry of China has announced. Russia announced March 30 that it had applied for the membership of the bank, which is expected to start operations at the end of 2015. China’s Finance Ministry said in a statement on its ... Read More »

Customs arrests Libyan smuggling $1.9m at Sallum border

CAIRO: Egyptian Customs arrested a Libyan national at Sallum border crossing, near Egypt’s Western border with Libya, who was trying to smuggle $1.9 million outside Egypt. Heading to Libya, the arrested man was driving a truck when security services at the border stopped him and found $1.9 million in his possession. He said he was transferring the money to another ... Read More »

CBE bans exchange of $100 bills to counter smuggling

CAIRO: The Central Bank of Egypt (CBE) has decided to ban the exchange of US$100 bills for banking clients and has called on bans to collect the bills from the black market in order to keep them from being smuggled abroad, according to an informed bank source, who added that local banks approved the decision. The source also said that ... Read More »

Egypt security forces discovers longest smuggling tunnel to Gaza

ROME: Egyptian security forces said they uncovered a tunnel nearly 2 miles long running under its border with Gaza, the longest one found since a recent Egyptian crackdown on smuggling. The independent Palestinian news agency Ma’an reported that the tunnel ran under the yards of three homes in Gaza and was dug some 10 feet underground. A young man walks ... Read More »

Saudi Arabia, Egypt sign deal to fight against customs’ violations

RIYADH: Egyptian Chairman of Customs Authority, Abdel Aziz, said in a press conference that Saudi Arabia and Egypt signed an agreement to fight against Customs’ violation. The agreement, which was signed on Egypt’s behalf by the Customs Authority affiliated to the Ministry of Finance, is applicable for three years. It is expected the agreement will facilitate the growing commerce cycle ... Read More »

Egyptian officer killed in Gaza smuggling tunnel

CAIRO: Egyptian officer said that a senior Egyptian officer killed and other was injured in cross border Egypt-Gaza smuggling tunnel. The officials say the tunnel was discovered in the Egyptian town of Rafah in northern Sinai. One of its entrances was close to the town’s intelligence headquarters while the other was apparently on Gaza’s side of the border, in the ... Read More »

Egypt, Kuwait agree for establishing $6.8b petrochemical projects

KUWAIT CITY: Egypt has agreed preliminary deals with Kuwaiti companies for the establishment of petrochemical projects worth $6.8 billion, the government said on Sunday. Prime Minister Ibrahim Mahlab signed memorandums of understanding with Kuwaiti companies involving projects due to start in three to five years, it said in a statement. A shortage in gas supplies has slowed petrochemicals projects in ... Read More »

Egyptian forces unearth 1,200-meter long smuggling tunnel

JERUSALEM: Egyptian security forces uncovered an 1,200-meter smuggled tunnel, with large quantities of explosives and mortar shells and equipped with lights, telephone lines and ventilation systems, from northern Sinai into Gaza. Access to the tunnel on the Egyptian side was through the bedroom of a home belonging to a known smuggler. Egyptian forces reportedly planned to demolish the house along ... Read More »

Al-Sisi puts three conditions before China to work on development projects in Egypt

TOKYO: President of Egypt Abdel Fattah Al-Sisi visited China in order to pursue talks on infrastructure projects in Egypt. Al-Sisi emphasized on the pursuit of Egypt for investments in infrastructure, energy, railways and ports development.   Egyptian-Chinese Business Council (ECBC) member Sherif Al-Gably, reported that a range of Chinese and Egyptian companies participated in the meeting; “Al-Sisi put the most important ... Read More »

Two suspects arrested for hitting their fishing vessel with Egyptian containership

CAIRO: Two men, one captain and one first officer were arrested by Egyptian Authorities after their fishing vessel collided with Egyptian containership which took the lives of 15 so far. According to the prosecutor, the fishing boat capsized after the collision which took place on Monday. GulfShip News cites sources claiming that the box ship involved are the Kuwait-flagged 6,900-teu ... Read More »

Kuwaiti ship, Egyptian fishing boat collision in Red Sea claims 13

KUWAIT CITY: A Kuwaiti container ship collided with an Egyptian fishing vessel in Red Sea, killing 13 Egyptians. However the orders have been given for the investigation of the incident by Egypt. A statement from the prosecutor’s office said initial enquiries showed the fishing boat capsized after it and the Kuwaiti ship hit each other after the latter has passed ... Read More »