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) …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

CAIRO: For the first time in Egypt’s history, local public debt has surpassed LE 680 billion, according to the Ministry of Finance. Local public debt registered at LE 570 billion in September 2008, or 54.9 percent of the gross domestic product – its percentage of GDP is now up to 58.5 percent, according to the …

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 …

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 …

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, …

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 …

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 …

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 …

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 …

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 …

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 …

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. …

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 …

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 …

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 …

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 …