Morning Round-Up – Qatar and Egypt, Suez Canal, Inflation

Qatar injects $2 billion into Egypt’s Central Bank after the Gulf state’s Emir, Hamad bin Khalifa al-Thani, visited Cairo.  Qatar has now become the second state, after Saudi Arabia, to lend to Egypt without an International Monetary Fund loan in place.  This loan didn’t come as a shock, and was in fact over due, since Qatar pledged about $10 billion last year to support Egypt’s economy with investments.

Qatar’s control over Egypt has been a source of great speculation with rumours circulating that claim the Muslim Brotherhood is planning to rent the Suez Canal to Qatar for ninety-nine years thus undermining Egypt’s sovereignty.

It seems for now the Suez Canal is in safe hands, however.  The waterway, a vital source of foreign currency, earned $433.1 million in July, up from $415.9 million a month earlier, but 3.6% down from a year earlier when revenues stood at $449.2 million.

Egypt’s natural gas exports rose by 8.9% in the first five months of this year, hitting US$964.4 million.  However domestic consumption of natural gas also increased 6.89% in the same period, while electricity consumption went up by 1.3%.  Egypt’s heightened demand for natural gas has forced the country to up imports of a different type of gas used for domestic consumption.

Egypt urban inflation eases to 6.4% in July, from 7.3% in June as commodities prices fall.

Dubai’s Shuaa Capital swings to Q2 loss as the investment firm continued its restructuring efforts and booked one-off costs.

Oman’s Al Izz Bank to float in Septembersetting in motion an initial public offering first announced in a press release a few weeks ago.

 



One Comment


  • Ali
    Posted August 19, 2012 at 12:59 am | Permalink

    Egypt for sale any body want to buy



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