Annelle Sheline

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Latest by Annelle Sheline


Banks eye increasing value of land

Recent investments by banks in real estate highlight the increasing value of land as a commodity. The African Development Bank announced on January 15 that it had granted Egypt $70 million for agricultural development, specifically the Rural Revenue and Economic Situation Improvement Project (RIEEP). Further reinforcing the value of land, National Bank of Egypt (NBE) …

Annelle Sheline

Medicine exports on the rise but industry needs more investments

CAIRO: Exports of Egyptian-made medicine reached LE 3.5 billion in 2009, over three times the expected figure of LE 1 billion, according to Health Minister Hatem El-Gabaly. The industry hopes to export $1 billion by 2015, and although the minister’s announcement that 76 pharmaceutical plants are under construction, pushing the total number to 180, achieving …

Annelle Sheline

Egypt to construct wind energy farm with UAE

CAIRO: Naeem Holding maintained a ‘buy’ status on El Sewedy status, reported Arab Finance, which expects to see wind segments contribute 5 percent of the company’s total revenues (LE 758.8 million) by next year. Following Friday’s announcement by Electricity Minister Hassan Younes to construct a 200 MW capacity wind farm in cooperation with the UAE’s …

Annelle Sheline

Trade ministry rejects cement price increase

CAIRO: The government rejected an attempt by the cement industry to raise prices based on sustained high demand, according to news reports. Suez Cement, a subsidiary of Italian company Italcementi, and one of Egypt’s largest cement producers, planned to charge LE 22 more per ton, raising its price from LE 433 to LE 455. Amreyeh …

Annelle Sheline

High food imports will weigh on Egypt's economy: World Bank

CAIRO: Although Egypt’s GDP growth rate is expected to rise to 5.2 percent in 2010 and 6 percent by 2011, high food imports represent a significant burden on the economy, according to a recent World Bank report. The Global Economic Prospects 2010 report evaluates the economic climate post-financial crisis on the national, regional and global …

Annelle Sheline

NGO looks for worthy endeavor in promising entrepreneurs

CAIRO: In an effort to fill the funding gap that many startups face after having raised their initial “pre-seed money of about $25,000 to $100,000, Endeavor Egypt met with promising entrepreneurs to choose which ones it will offer support. Endeavor, a non-profit NGO encouraging entrepreneurial activity, held a panel to select promising Egyptian businesses to …

Annelle Sheline

Suez Canal holds transit fees steady for second year

ISMAILIA: Citing continued pressure from the global financial crisis, Suez Canal Authority (SCA) Chairman Ahmed Aly Fadel said Tuesday that the authority will not raise transit fees. At a conference Tuesday, Fadel said circular No.1/2007 would stay in force, keeping the Suez Canal transit dues for 2010 at the same levels for the second consecutive …

Annelle Sheline

Egypt may stall property tax law

CAIRO: President Mubarak said Sunday that the property tax law is not finalized yet, and that he is “thinking of ways to render the implementation gradual. Finance Minister Youssef Boutros Ghali, clarified, stating that the law would not undergo amendments, and that the current considerations pertain merely to its rate of implementation. “There is no …

Annelle Sheline

Citadel plans $400 mln for East Africa

CAIRO: Citadel Capital plans to invest up to $400 million in East Africa, the private equity firm said in a statement Sunday. The firm said it will be eyeing investment opportunities of around $200-400 million in Kenya, Uganda and Tanzania over the coming two years. Already in the pipeline is a 42 megawatt power plant …

Annelle Sheline

France Telecom is 'defending its rights,' says official

CAIRO: While a court ruling Tuesday halted France Telecom’s tender offer for Mobinil, a company official said that a Feb. 13 meeting will decide the “merits of their offer. France Telecom’s Vice President for Africa, Asia and the Middle East, Hesham Al-Alaily told Daily News Egypt, “Yesterday’s court injunction suspends our tender offer. There is …

Annelle Sheline

Dan Gilmore talks media in Cairo

Dan Gilmore – journalist, director of the Center for Citizen Media and new media expert – signed Arabic language copies of his book, “We the Media at Diwan Bookstore in Zamalek on Wednesday. True to his ethic, he held a conversation with interested listeners and responded to questions from the group, mainly AUC students. Gilmore’s …

Annelle Sheline

Experts highlight benefits of factoring in Egypt

CAIRO: The International Factoring Promotion Conference addressed Egyptian exporters’ opportunity to benefit from the protection offered by factoring, or paying a third party to facilitate smooth trade. Organized by Factors Chain International (FCI) and sponsored by the Ministry of Trade and Industry, the conference took place in Cairo on Wednesday. A business that combines both …

Annelle Sheline

Egypt to grow wheat in Uganda

CAIRO: Uganda has agreed to allow Egypt to cultivate wheat on Ugandan soil. Egyptian Prime Minister Ahmed Nazif and Ugandan Prime Minister Apollo Nsibambi announced that an Egyptian committee to inspect Ugandan farmland will be sent to the East African nation, following several previous delegations. Egypt, the world’s largest importer of wheat at approximately 7 …

Annelle Sheline

Egypt's core inflation up, annual inflation steady

CAIRO: Although the annual headline inflation rate has remained at 13.3 percent for the third consecutive month, Egypt’s core annual inflation rose from 6.59 percent to 6.85 percent from November to December 2009. Core inflation is computed by evaluating the weighted price movements of consumer goods and services considered representative of those most regularly purchased …

Annelle Sheline

Egypt ups third stimulus package to LE 11.2 bln

CAIRO: Prime Minister Ahmed Nazif announced this week a third stimulus package to the People’s Assembly, amounting to LE 11.2 billion (over $2 billion). In October, the government said that a third wave of stimulus would follow the LE 15 billion issued in October 2008, and the LE 8 billion included in the June 2009 …

Annelle Sheline

Egypt to simplify bond issuance by private companies

CAIRO: Minister of Investment Mahmoud Mohieldin has simplified the procedures for private companies to issue bonds, medium and long-term bonds in particular. Amending Capital Markets Law no. 95 of 1992 is meant to benefit private companies with easier access to capital. The minister’s decision follows an announcement last week from telecom operator Mobinil, that it …

Annelle Sheline

OT looking to stall court ruling on Mobinil share price

CAIRO: Following Orascom Telecom’s (OT) failed appeal to the Egyptian Financial Services Authority (EFSA) in favor of France Telecom’s (FT) offer to purchase 100 percent of Mobinil’s shares at LE 245 per share, OT intends to “file a case before the Administrative Court (Investment Division) to challenge [the decision by EFSA]. On Dec. 10, 2009, …

Annelle Sheline

Labor dilemma in Egypt's garment sector presages larger problems

CAIRO: For years Egypt has exported laborers, primarily to its wealthy neighbors in the Gulf. Remittances from Egyptians working abroad are one of the three primary sources of revenue on which the country relies, of commensurate importance as income from the Suez Canal and tourism. Although Egyptians still work abroad, the recent period of economic …

Annelle Sheline

Egypt launches industry-focused SME fund

The Industrial Modernization Center (IMC) and the Arab African International Bank (AAIB) announced the creation of a LE 500 million fund for small and medium enterprises (SMEs). Minister of Investment Mahmoud Mohieldin and Minister of Trade and Industry Rachid Mohamed Rachid attended the inauguration of the fund, as well as Adham Nadim, chairman of the …

Annelle Sheline

CIB tailors services for wealthiest clients

Egypt’s Commercial International bank announced earlier this month a new service for its wealthiest clients: CIB Wealth, an “integrated financial package offered to customers with LE 500,000 or more in their CIB account. The new service purports to not only cater to the specific needs of the country’s wealthiest individuals, but offers preferential services and …

Annelle Sheline

Egypt launches new campaign to lure tourists

CAIRO: The Ministry of Tourism presented this week a new advertising campaign to lure tourists to Egypt. The previous campaign, “The Gift of the Sun, launched in 2006 to mixed reviews. Some criticized the fact that the campaign did not emphasize Egypt’s universally known antiquities, focusing instead on the appeal of its climate and the …

Annelle Sheline

Orascom appeals Algerian tax claim

CAIRO: Orascom Telecom (OT) has filed an appeal with Algerian tax authorities for the $596 million allegedly owed by its Algerian subsidiary, Orascom Telecom Algeria or “Djezzy . Algeria claims that during the 2005-2007 period, the mobile operator failed to keep correct tax records and must now pay back taxes; OT denies the claim, stating …

Annelle Sheline

Egypt's central bank holds interest rates steady

CAIRO: Egypt’s central bank last week held corridor interest rates at the same level for the second consecutive time, at 9.75 percent lending and 8.25 percent deposit. After vigilant defense from economic stagnation caused six rate cuts since February, the Monetary Policy Committee’s (MPC) last reduction came in September, which brought the benchmark rate to …

Annelle Sheline

Egypt focuses on spurring trade, promoting industry in 2009

CAIRO: The key events of the year demonstrate the ongoing balancing act between the Egyptian government’s attempts at economic reform and its obligation to provide for low-income citizens. Although Egypt’s financial sector was spared the toxic assets endemic in more developed markets, 2009 saw large dips in trade and industrial production as global demand slowed. …

Annelle Sheline

Egypt, Russia to negotiate FTA in early 2010

CAIRO: Egypt and Russia are looking to establish a free trade agreement (FTA) and may cooperate on the construction to Egypt’s first nuclear power plant, officials said Wednesday. They also discussed ways to increase Russian wheat imports to Egypt. Egypt’s Minister of Trade and Industry Rachid Mohamed Rachid and his Russian counterpart Victor Khristenko said …

Annelle Sheline

YEAREND SPECIAL: Damascus: A little bit Cairo, a lot of Shaami

As a foreigner numbed by Cairo’s constant pace, clatter and change, I had forgotten some of my romanticized images of the changeless East. Souks filled with ancient trinkets, shopkeepers proffering cups of tea as they wheedle a higher price, winding alleys and Turkish baths. Edward Said may roll over in his grave, but all of …

Annelle Sheline

YEAREND SPECIAL: Movers and shakers: Egypt's stock market in 2009

Some economic pundits have recommended that global stock market data from the end of 2008 should not be included in analysis, but treated as an outlier with little bearing on more significant market trends. However, recovery since those dismal months indicates the relative strength of a market. Judged by this rubric, the Egyptian stock market …

Annelle Sheline

YEAREND SPECIAL: Egypt's GDP steady, inflation falls and FDI on target

While last year ended with a note of “cautious pessimism for Egypt’s prospects, 2009 demonstrated that the country can rely on its own domestic market to drive growth and that its expanding economy and population appeal to investors even in tough financial conditions. This year was not as bad as we expected, though the question …

Annelle Sheline

Egypt obtains $5 billion for electricity

CAIRO: Minister of Electricity and Energy Hassan Younes announced the procurement of $5 billion in funds to “boost energy output in Egypt. The funds come from “international and regional financers , according to the MENA state news agency, although the minister did not identify the funders. Over the next 17years, Egypt hopes to attract total …

Annelle Sheline