Business news from Egypt and the region
Egypt’s new government unveiled – members of the cabinet are being leaked out to local press. This is a solid round-up of Who’s Who? in the economic team from Ahram Online
In the same vein, Reuters analyses how Egypt’s new cabinet is no quick fix for a damaged economy
EGYPTIAN STOCKS: Investors took heart from news that the government of Mohamed Morsi is close to naming a new cabinet, which is expected to reflect the Muslim Brotherhood’s emphasis on short term stability and policy continuity.
The benchmark index, EGX 30 closed 1.5% higher, and at one point advanced the most in the world
Mobinil led the gains rising 10% to EGP146.85, while Orascom Construction Industries rose 3.2% at EGP269.90 and Telecom Egypt was 1.6% up at EGP12.78.
Here’s the EGX performance over the last six months, compared with the Bloomberg GCC 200 Index (index of the top 200 equities in the GCC region). Egypt’s actually outperformed the GCC indices many times.[caption id="attachment_183" align="aligncenter" width="614"] Bloomberg: EGX performance compared with Bloomberg GCC 200 index[/caption]
SAUDI ARABIA – The Saudi stock exchange will be closed for the Eid Al Fitr holiday that follows Ramadan from Thursday, August 16 to Friday, August 24. Trading will resume Saturday, August 25, the bourse said in a statement (Ar).
Qatar Electricity and Water Company (QEWC), which runs the Gulf state’s power and desalination plants, on Thursday posted a 22% year-on-year fall in second-quarter net profit to 348.1 million Qatari riyals ($95.63 million).
Abu Dhabi Islamic Bank reported a second-quarter net profit of 322.6 million UAE dirhams ($87.9 million), up 2.3% on the year. ADIB, which opened operations in the UK and Iraq during the second quarter, plans to start doing business in Qatar and Sudan this year.
Dubai developers show improving picture – nice round up from the Financial Times on the big property developers’ results