141 Articles
Visitors to the Gezira Art Center in Zamalek in February and March may have admired an unusual exhibition of jewelry — intricately twisted wires binding semi-precious stones — and wondered about the artist responsible for the work. They might not have guessed that the creator of the sparkling coils of gold, silver and copper only …
Infrastructure is the key to development and improved quality of life in Egypt and Africa as a whole, according to Lars Thunell, CEO and executive vice president of the International Finance Corporation (IFC). The IFC, self-described as “the largest global development institution focused on the private sector” and known externally as the private financing arm …
CAIRO: A law regulating public-private partnerships (PPPs) has received initial approval from the People’s Assembly (PA), ushering the legislation toward further consideration and bringing it one step closer to ratification. The legislation would permit the private sector to construct and operate infrastructure projects. While the government would provide periodic funding, private sector companies would bear …
CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid announced the mutual determination to establish a free trade agreement (FTA) between Egypt and the countries of South America’s Mercosur bloc: Brazil, Argentina, Uruguay and Paraguay. The minister said during a press conference, “We expect to reach an agreement and sign the free trade agreement at …
CAIRO: The International Monetary Fund (IMF) released its latest evaluation of the Egyptian economy, the Country Report for 2010. While praising Egypt’s “resilience to the economic crisis, the report cautioned against allowing election pressures to weaken the agenda of economic reform. Impending parliamentary election this November and a presidential election in September 2011 are at …
CAIRO: After several days of meetings, the US-Egypt Business Leaders Forum, along with Minister of Trade Rachid Mohamed Rachid and US Ambassador to Egypt Margaret Scobey, signed an agreement to support a new entrepreneurship program to benefit both Egypt and the US. Taher Helmy, co-chairman of the Business Leaders Forum and partner in the Helmy, …
A statement made by an Ahly fan about his dedication to his team sums up the sentiment of millions of Egyptians for whom football represents far more than a game, “Football is the only successful thing in my life. His declaration was preserved in acclaimed documentary, “A Place Called Home and has been ruefully echoed; …
CAIRO: The Egyptian pound grows increasingly attractive as a currency for investment as it maintains a stable rate of approximately LE 5.5 to the US dollar. In a Reuters poll, 11 economists predicted that the rate would stay at 5.51 through the end of June and increase to 5.53 in July, settling at 5.52 by …
CAIRO: At the start of the month, Ezz Steel raised steel prices for the month by LE 820, which brings the cost of each ton to LE 4,100, on the back of higher raw material costs and much to the discontent of the public. Although the record 25 percent price hike drove up the company’s …
CAIRO: COMESA’s third annual investor conference will bring together representatives from traditional investors in the US, EU and GCC as well as newer Asian investors, all anxious to capitalize on Africa’s potential. Egypt will host the conference in Sharm El-Sheikh from April 12-13 under the auspices of the Ministry of Investment. COMESA, the largest economic …
CAIRO: If Egypt’s latest period of significant economic reform and growth began in 2004, India’s began 10 years earlier, said Kaushik Basu, advisor to India’s Minister of Finance. The global economic crisis of 2008 slowed India’s growth, but as he pointed out, emerging markets were markedly less affected than developed economies. "The financial crisis …
Omar Fathy wants to ruin your diet. The CEO of Divine Worx, the company behind the popular Makani sushi chain as well as Burger Joint, Zo and El Sit Hosneya, laughs that pampering people is one of his favorite aspects of being in the food industry. “I like to feed people, to pamper them. If …
It seems an unfortunate truth that producing a film version of a novel automatically generates a certain aura of importance around the original source material. The aura may be nothing more than the glow of profit; the transformation of the lowly paperback, relatively cheap to produce, into an investment carrying expectations of high returns. Although …
I am still feeling deliciously gooey after yesterday’s deep tissue massage at Manuela Thai Spa but I will do my best to remain coherent. Mauela’s greatest strength lies in the talented hands of its masseurs. I should note that my experience was limited to only one treatment, a deep tissue massage, while a friend received …
CAIRO: The second annual Egypt Insurance Conference organized by Euromoney echoed with the refrain, “Egypt’s insurance industry has made huge progress, yet much remains to be done.” But spouting figures on the growth rates of Egyptian insurance penetration offers little insight into how Egypt compares to other countries. Chris Parsons, professor of insurance at Sir …
Omar Fathy wants to ruin your diet. The CEO of Divine Worx, the company behind the popular Makany sushi chain as well as Burger Joint, Zo and El Sit Hosneya, laughs that pampering people is one of his favorite aspects of being in the food industry. “I like to feed people, to pamper them. If …
It seems an unfortunate truth that producing a film version of a novel automatically generates a certain aura of importance around the original source material. The aura may be nothing more than the glow of profit; the transformation of the lowly paperback, relatively cheap to produce, into an investment carrying expectations of high returns. Although …
CAIRO: The future of Egypt’s insurance industry comes into focus today at the second annual Euromoney Egypt Insurance Conference. Organized by the Insurance Federation of Egypt and Euromoney, the conference titled “Enabling Egypt’s Citizens to Secure their Future: Developing the Insurance Sector” will discuss the conditions and prospects for insurance in Egypt. The conference organizers …
CAIRO: Emerging markets will be the main drivers of economic growth for the next five years, according to Robert Parker, vice president of asset management for Credit Suisse. “Not that the developed world will go back to recession… We shouldn’t write off the developed economy, but the next few years will clearly be painful. Unit …
CAIRO: The future of Egypt’s insurance industry comes into focus today at the second annual Euromoney Egypt Insurance Conference. Organized by the Insurance Federation of Egypt and Euromoney, the conference titled “Enabling Egypt’s Citizens to Secure their Future: Developing the Insurance Sector will discuss the conditions and prospects for insurance in Egypt. The conference organizers …
CAIRO: Minister of Finance Youssef Boutros Ghali said Egypt’s budget deficit for fiscal year 2009/10 will come in at 8.5 percent of GDP, predicting that the figure will fall to 7.9 percent for the coming financial year beginning in July. Speaking during a press conference at the Journalists’ Syndicate, Ghali said the total budget deficit …
In his exposition of globalization, “The Lexus and the Olive Tree, journalist Tom Friedman describes two forces driving human activity; “the drive for sustenance, prosperity and modernity versus “everything that roots us, anchors us, identifies us. He symbolizes the first with the Lexus, based on his experience of a Lexus factory in Japan, and the …
Last week the Central Bank of Egypt (CBE) issued preliminary approval for Egyptian banks to partner with telecoms in conducting mobile money transfers. Khaled Hegazy, director of external affairs for Vodafone Egypt, clarified the implications of the approval. “Mobile money transfers do not require that clients have a bank account. The service would allow someone …
CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid and United States Trade Representative (USTR) Ron Kirk said both nations plan to “double the US-Egyptian trade volume in the next four years. Acknowledging that trade volumes sank under the recent economic duress, from $8.4 billion in 2008 to $7.2 billion in 2009, Kirk highlighted the …
CAIRO: The Central Bank of Egypt’s (CBE) Monetary Policy Committee left overnight interest rates unchanged at their meeting on Thursday. Rates have hovered at 9.75 percent lending and 8.25 percent deposit since September after the committee issued six rate cuts in 2009 to stimulate economic growth. With the luxury of stable and relatively low inflation, …
The road between Bab Zuweila and Bab El-Fotouh, two of the entrances to medieval Cairo, is considered by UNESCO to be among the richest caches of Muslim architecture in the world. Known as the qasaba, it stretches up to the citadel of Saladin and Mohamed Ali Mosque, but within the city walls, the horde of …
CAIRO: Financial services group Credit Suisse voiced unequivocal support for Egypt as not only a strong choice for international investment, but as one of the best choices in the region, according to a recent report. The report cited Egypt’s healthy stock market, domestically-driven demand and government economic reforms among its many attractions. However, the turbulence …
CAIRO: As an entrepreneur, there are a few people you’d be lucky to meet early on. If you’re lucky, you would even get their advice on how well the business is doing and how to move forward. Egyptian telecom tycoon Naguib Sawiris undoubtedly tops this list. Orascom Telecom CEO Sawiris sits as chairman of the …
CAIRO: The National Telecommunication Regulatory Agency’s (NTRA) enforcement of the ban on internet-based telephone services such as Skype, has gone into effect, according to all three Egyptian mobile network operators. “The ban is on Skype on mobile internet, not on fixed, and this is due to the fact it is against the law since it …
CAIRO: Endeavor’s first international selection panel chose three Egyptian companies best positioned to benefit from the mentorship and network access offered by the NGO, which supports entrepreneurs. The beneficiaries include restaurateur Omar Fathy’s Divine Worx; catering company El Matbakh, run by Tarek Khaddaj and Heba Jammal; and videogame designers Timeline Interactive, represented by CEO Ahmed …