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“Small and medium enterprises (SMEs) are a key pillar of modern economies,” said Walid Bakr, director and executive committee member of Riyada Enterprise Development (RED). While SMEs contribute about 25 percent to Egypt’s GDP, this figure is far below the global average, sitting at about twice that amount, Bakr told Daily News Egypt in an …
CAIRO: “We are very excited about the kick start of the internet ecosystem in Egypt,” Wael Fakharany, regional manager North Africa for Google, told Daily News Egypt. The number of internet users in Egypt has grown by 20 percent since 2004, which is the largest increase throughout the region, the company highlighted in a note. …
CAIRO: Egypt secured a $300 million loan last week from the European Investment Bank for an energy project geared toward helping the country meet growing electricity needs, according to recent media reports. The loan will be coupled by supplementary funding from the Egyptian government, the World Bank and the OPEC Fund for International Development, totaling …
CAIRO: Egypt recently allocated $1 billion to invest in broadband internet infrastructure, with the goal of boosting internet subscribers by 4 million come 2014, according to a Euromonitor International report issued in July. The report, “Egypt broadband investment to fuel internet usage,” explains that “improved access to computers, especially amongst higher earners, has caused the …
CAIRO: Abu Dhabi has embarked on an ambitious plan to seize the title as the Middle East’s regional economic and cultural hub by moving away from a resource dependent economy, Wayne Borg, Chief Operating Officer of twofour54, told Daily News Egypt in an exclusive one-on-one interview in Cairo. “Currently, 50 percent of the economy is …
CAIRO: “Egypt’s economy managed to pull through the global economic crisis with only minor bruises,” says the latest Oxford Business Group (OBG) annual country report on Egypt. The report says that Egypt’s banking sector remains “solid”, and that, generally, the economy has managed to avoid any “major” imbalances, with real GDP growth attaining 4.7 percent …
CAIRO: Nile Cargo purchased this week 100 custom-designed barges, which the company says meet strict environmental standards. The portfolio company of Nile Logistics, a subsidiary of private equity firm Citadel Capital, said the addition will “allow Nile Cargo to double its capacity.” Yasser Areeda, managing director of Nile Cargo, said, “The efficient and environmentally considered …
CAIRO: Afghanistan’s entire wheat crop may be at risk of devastation from a wheat rust disease called Ug-99, which originated in Uganda in 1999, said Egyptian and US officials at a press conference held Tuesday at the Ministry of Agriculture. The disease, which can devastate entire crops within days and has already spread through parts …
CAIRO: Wadi Holdings, a family-owned Lebanese agribusiness company, is gearing up for a two-year $100 million expansion plan in Egypt. Some of that money will come from a $25 million loan from the International Finance Corporation (IFC) — a member of the World Bank Group. “The expansion is expected to increase food production for the …
CAIRO: Egypt this week became the first Arab country to sign a free trade agreement (FTA) with Mercosur, the South American trading block which includes both Brazil and Argentina. The agreement — signed on Aug. 2 after six years of negotiations — will allow for preferential treatment of products between both Egypt and Mercosur member …
CAIRO: The economic crisis is projected to result in a $1.7 trillion loss for the global IT sector between 2009 and 2013, said Margret Adams, research director of IT services for International Data Corporation (IDC). In 2009 alone, $250 million of revenue was lost in the IT sector, she added, speaking on Aug. 2 at …
CAIRO: The International Data Corporation (IDC) will be hosting a forum on Aug. 2 in Cairo to demonstrate how IT buyers can make shrewd business decisions in the next 18 months in the context of the ongoing financial crisis. The “IDC IT Managers Forum 2010: The Smart IT Buyer” event is regarded as timely by …
CAIRO: An EGX 30 index reshuffle, where eight companies will be dropped and replaced by another eight, will come into effect starting August, a statement released Wednesday said. This represents the first major decision made by the bourse’s new chairman, Khaled Serry Siam, who recently took over the reigns on June 15. Siam was previously …
“We believe that e-payment will be the next big thing in Africa,” said Hossam Abou Moussa, investment principle at Actis, a private equity firm specializing in emerging markets. Actis announced Tuesday its 100 percent management buy-out of the Mediterranean Smart Cards Company (MSCC), which has provided smart card payment processing services to banks across Africa …
“The Egyptian banking sector’s performance in [the first and second quarters] mirrors the strong fundamentals and the vast liquidity of the sector, which has…allowed Egypt to safely navigate through the global turmoil,” Sherif Khalil, head of investor relations at Commercial International Bank (CIB), said. Still, he told Daily News Egypt, “the relative slowdown in economic …
CAIRO: Egypt ranked as the second recipient of foreign direct investment (FDI) among African nations in 2009, according to a UN report, following Angola in first place. Egypt received a total of $7 billion in FDI inflows, while Angola’s came in at $13 billion, said Astrit Sulstarova, an expert from the investment division at the …
CAIRO: “There is huge investment potential for venture capitalism in Egypt, with new money entering the region,” Ahmed Metwally, CEO of Timeline Interactive, said. “Until this year, there was no one else besides the Technology Development Fund (TDF) in Egypt helping budding enterprises,” he told Daily News Egypt in an interview. Timeline Interactive, originally led …
CAIRO: The Egyptian pound traded at its lowest level against the dollar in 16 months, Reuters reported Monday. The pound traded at 5.6972 against the dollar, which was its lowest mark since March 15, 2009. To maintain its stability, the Egyptian authorities kept the currency above a key level of support, traders told Reuters. “The …
CAIRO: Germany, Egypt’s third largest bilateral donor, is looking to increase private sector cooperation in the country’s development policy toward Egypt, an official said. Dirk Niebel, Germany’s minister for economic cooperation and development, called the new approach “a paradigm shift” in the country’s development policy. A meeting Wednesday hosted by the German-Arab Chamber of Industry …
CAIRO: Injaz wrapped up its fourth annual young entrepreneurs competition, with the three winning teams receiving support for their innovative ventures. The top three teams of the “Young Entrepreneurs of the Year Competition” were Inplast, Hamza and Kolena Egaby. Inplast, first place winner, will move on to the regional level competition. In total, 400 students …
CAIRO: Egypt can now brag that it is the most attractive destination for companies looking to outsource their operations abroad. Last week in Brussels, Egypt was named “Offshoring Destination of the Year” by the European Outsourcing Association (EOA), beating rivals like the Philippines, Colombia and Sri Lanka as well as regional competitors such as Morocco …
CAIRO: Aresco, a subsidiary of Citadel Capital’s platform company ASEC Holding, won a $130 million contract to construct a cement plant for Building Materials Industry Company (BMIC) in Upper Egypt. The plant, situated in the governate of Assiut, will produce 1.5 million tons of cement per year, and it is slated to be …
CAIRO: Little known US-based National Instruments (NI) will expand its Egypt operations by opening an office in Cairo by the end of the year, officials said at a conference last week. NI, a high-tech company that provides software and hardware solutions to scientists and engineers in research, development, production and test, and service industries, will …
CAIRO: Commercial International Bank (CIB) said Tuesday that it will double its issued and paid-up capital to LE 5.90 billion ($1.07 billion) financed from its reserves. Shareholders will receive one free share for every one held by the close of trade on July 14, the bank said in a statement. The move is in …
CAIRO: Mobinil’s purchase of LinkDotNet and Link Egypt grants the mobile operator a broad-reaching Internet Service Provider (ISP) that will allow it to compete on equal footing with competitors, analysts said. On Saturday, Mobinil shareholders approved the purchase of both internet companies from major shareholder Orascom Telecom in a deal worth $130 million. The …
CAIRO: Egypt’s tourism sector has picked up this fiscal year as the slowdown caused by the global economic crisis eased; however, ongoing trouble in European markets is making forecasts for next year less clear. Egypt’s tourism industry will not be deeply affected this year by the ongoing financial turmoil in Europe, Minister of Tourism Zoheir …
CAIRO: Yahoo has chosen IBM to operate its customer care center in Cairo’s Smart Village, officials said Wednesday. The center will be the contact point for Yahoo customers in Europe, the Middle East and North Africa, offering support in Arabic, French, German, Italian and Spanish. Soon support will be available in nine languages with the …
CAIRO: Procter & Gamble plans to invest over LE 780 million ($140 million) over the next three years in expanding its Egypt operations, officials said. Speaking at the groundbreaking ceremony of P&G’s new diaper manufacturing plant in Sixth of October City, Laurent Philippe, Central and Eastern Europe, Middle East and Africa group president, …
CAIRO: The use of payment cards in Egypt is rising as well as demand from consumers for access to them, Visa executives said Tuesday at a conference. The expansion of payment cards, however, is hindered by a lack of understanding and awareness about their benefits and unsubstantiated fears of them held by small …
CAIRO: When US President Barack Obama came to Cairo to give a speech in June 2009, he announced that the United States would reorient the country’s policy toward the Middle East region. Unlike his predecessor, Obama’s new policy ramped up support for the private sector as a driving force for economic, political and …