Egypt’s stocks hit the highest level in at least eight years on Tuesday following cash flow from foreigner investors, who were clearly attracted to the prices of heavyweight shares, an analyst told Ahram Online.

BM&FBOVESPA and the Egyptian Exchange (EGX) announced on this Thursday (3) in Cartagena during a meeting of the World Federation of Exchanges (WFE), the signing of a Memorandum of Understanding that includes mutual cooperation and the exchange of information across both Exchanges’ business areas.

Orange Egypt, the country's second-largest mobile operator, is the first mobile company in Egypt to acquire the new fourth-generation (4G) internet services licence after signing a $484-million agreement with the national telecom regulator, read a company press release on Friday.

Egypt’s stocks hit the highest level in sixteen months a day after an Egyptian central bank official announced the receipt of a $2 billion deposit from Saudi Arabia.