798 Articles
Circle Oil Plc, an oil and gas exploration, development and production company, said in a note that its strategy is to locate and secure additional licenses in prospective hydrocarbon provinces and through targeted investment programs, monetize the value in those assets for the benefit of shareholders. Circle may use its own expertise to appraise reserves …
Bookshop chain Diwan Bookstores launched its online store on Souq.com, a leading e-commerce marketplace in the Arab world, through an alliance between the two parties, according to a statement. Diwan is looking to benefit from the online marketing opportunities and extend its reach beyond its traditional customer base. Within weeks of its integration online, the …
Egypt’s net foreign reserves rose to $35.53 billion in August, from $35.28 billion a month earlier, the Central Bank of Egypt said on its website on Tuesday. Net foreign reserves were $32.91 billion in August 2009, Reuters reported. Year-on-year growth in fell to 7.9 percent in August 2010 compared to 11.5 percent in July 2010. …
Regional low-cost carrier Air Arabia will start direct services to the Egyptian city of Alexandria from the airline’s second hub in Mohamed V Airport, Casablanca, Morocco. Egypt represents the 12th destination on Air Arabia’s growing network from Morocco. The airline will start its flights to Alexandria on October 4, according to a press statement. The …
Technology firm Raya Holding will distribute bonus shares in the ratio of 1:0.09 on September 15 for shareholders as of September 14. This will increase the company’s paid up capital to LE 310.8 million from the current LE 284.9 million, Al-Alam Al-Youm reported. Raya made a net profit of LE 20.4 million ($3.6 million) in …
Revenue from Egypt’s Suez Canal rose 7.3 percent to $436 million in August, the chairman of the Suez Canal Authority said in a statement on Wednesday, Reuters reported. Revenue in July was $406.2 million. Al-Masry Al-Youm reported Wednesday that a Russian ship explored a new marine route to reach China instead of passing through the …
Monthly growth in Egypt’s Net International Reserve (NIR) position has remained relatively stable in July 2010, inching up by 0.16 percent to $35.27 billion compared with $35.22 billion in June 2010, when it saw a 0.34 percent month-on-month growth, Central Bank of Egypt data showed. Annual growth in NIR slowed down in July 2010 to …
CAIRO: The Military Court acquitted Monday three workers of eight accused of leading a strike to protest poor safety conditions inside an army-affiliated factory. Another two workers were sentenced to one year in prison and ordered to pay an LE 1,000 fine for causing damages inside the facility. The verdict has been suspended for three …
A number of local banks plan to amend their credit policies in order meet the requirements to finance Egypt’s first nuclear project in Dabaa, reported Al-Masry Al-Youm. Hassan Abdallah, chief executive officer at the Arab African International Bank, said his bank is ready to fund the project if invited by the Egyptian government. Banque Du …
Barclays Bank Egypt posted a 38 percent rise in profits, registering LE 175 million compared to LE 126 million during the same period last year, the bank said in a statement. The bank said expenses fell 10 percent relative to last year, while the shrinkage in credit losses also decreased from LE 74 million …
CAIRO: The Military Court will give Monday a verdict on the charges against eight civilian workers who belong to an army factory. The eight workers had been detained after leading a strike to protest poor safety conditions inside an army-affiliated factory earlier this month. “On Sunday’s hearing, the defense team made their pleas calling for …
Private equity firm Citadel Capital said its shareholding in the national railway of Kenya and Uganda reached 51 percent after completing a restructuring deal, according to a statement. Through its subsidiary Ambience Ventures Ltd, Citadel now owns 51 percent of Rift Valley Railways International, which owns 100 percent of each of the Kenya and Uganda …
The annual Euromoney Egypt Conference will take place September 28-29 in Cairo, and will serve as a platform for policy and strategy announcements under the title “Investing to Compete: Competing to Invest.” The line-up of speakers from the Egyptian government, local and international investors will set the scene for the economic direction of Egypt over …
Fenex Kato for Investment Funds Management, which manages the shares of Piraeus Bank’s investment fund, was renamed Piraeus-Egypt for Securities Portfolio and Investment Funds Management, the bank said in a statement. Piraeus- Egypt for Securities Portfolio and Investment Funds Management Company also manages Piraeus Bank’s monetary fund in addition to individual and corporate various portfolios …
CAIRO: A military court on Wednesday adjourned the trial of eight workers to Aug. 28, while about 20 activists from different opposition groups and movements protested outside the High Court of Justice in downtown Cairo against trying the workers in a military court. On Aug. 3, eight Helwan Engineering Industries Company workers were arrested for …
Univar, a UK-based global chemical distributor, said Wednesday that its Egypt arm is now fully operational, according to a statement. The new entity includes office and warehouse space and will be headed by Ahmed Fakhr El-Deen. Univar has been distributing products into the region from the UK for more than 15 years. “Having a truly …
Egyptian developer Sixth of October Development and Investment Company (SODIC) made first half net profit of LE 51 million ($8.9 million), according to a company statement released Wednesday. SODIC said it is planning to launch a new project during the first quarter of 2011 that will be developed over a 500,000 square meter plot. The …
Marks & Spencer will open their first Egypt store within 12 months in the Dandy Mega Mall on the outskirts of Cairo in conjunction with its franchise partner Al Futtaim, the group said in a statement. Trading over 2,600 square meters, the new store will offer a selection of family fashion, beauty and home products. …
A statement by the US Grains Council says it is looking to open the Egyptian market to non-tannin grain sorghum. Last week the council tendered 60 metric tons (2,400 bushels) of the grain for commercial feed trials to be conducted this November in Egypt, an official said in the statement. According to a report on …
Bisco Misr reported a 23.5 percent fall in net income for the second quarter of 2010 to reach LE 4.1 million. Sales grew by 23.5 percent from the previous year to LE 67.8 million while gross profit remained unchanged at LE 17.5 million. A growth in sales was attributed to a 12.5 percent annual increase …
The Arab Petroleum Investments Corporation (APICORP), a multilateral bank, reported a net income of $47 million for the first six months of 2010, a 95 percent rise over the same period last year, according to a statement. APICORP is owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), with …
CAIRO/KOUROU, French Guiana: An Ariane 5 rocket was launched from the Arianespace launch site in French Guiana Aug. 4 to place in orbit the Egyptian satellite NILESAT 201. The new satellite will transmit 300 additional television channels and bring HDTV and 3D television to the region, as well as carrying IPTV and broadband services, the …
Bill presentment and payment network Fawry added Telecom Egypt’s fixed line bills to its network, allowing Egyptians to pay their quarterly bills by checking their bill at any member bank ATM or retail POS point and pay instantly. “Fawry’s aim is to make bill payment and presentment in Egypt a simple and convenient process, and …
Orascom Housing Communities (OHC) announced Monday plans to launch the new phase of Haram City, the company’s flagship low-income housing project located in Sixth of October. The new phase will include over 4,500 additional housing units, with new designs featuring modern architecture and finishes, according to a company statement. The new units will go on …
Nielsen and McKinsey & Company formed a global joint venture last week called NM Incite, the firms said in a joint statement. The venture aims to help “leading companies harness the power of social media intelligence to drive superior business performance,” the statement read. NM Incite builds upon the social media and online brand metrics, …
Ezz Steel said it has increased steel prices by LE 50 per ton ($9 per ton) to reach LE 3,600 ($632 per ton), inclusive of the 8 percent sale tax. In its daily market report, Beltone Financial said, “The minor increase in Ezz rebar prices comes on the back of stability witnessed in the global …
There was great excitement as the inaugural Durban FilmMart (DFM) ended, with the announcement of the winner of the Hubert Bals Fund Award in the ‘Specialist Projects’ sidebar. The award of €5,000 towards script and project development, for “the most promising African project presented at the DFM,” was given to Jenna Cato Bass for her …
Elie Baroudi, managing director of Lecico Egypt, said that the company plans to launch the first phase if the new tile plant in Burj Al-Arab Al-Gedida city by the end of this year, Al-Mal reported. The first phase was initially scheduled to start in the second quarter of 2011. The company is completing the procedures …
State agencies are to increase supply of meat, poultry fish, oils, rice and beans in order to keep prices low during Ramadan, reported Al-Ahram newspaper. Other measures are being taken in order to relieve inflationary pressure including setting up outlets which provide goods at prices 20 percent lower than their market price, Beltone Finacial said …
The volume of foreign investments in oil and gas exploration in Egypt hit $16.2 billion in the last fiscal year, the petroleum minister said, according to the Global Arab Network. Minister of Petroleum Sameh Fahmy said 22 agreements were signed during the two years of global financial crisis with international companies working in the field …