798 Articles
CAIRO: Private equity in the Middle East and North Africa witnessed a decline in 2009, with fund managers raising only $1.06 billion, according to a recent report, but numbers are expected to rebound in 2010. Private equity firms in MENA raised $1.25 billion in the first quarter of 2010, an 18 percent increase …
Ezz Steel said Tuesday that it has acquired a LE 2.2 billion loan for the construction of a facility in Suez, which represents 70 percent of total required financing, local news reported. The loan from Banque Misr and National Bank of Egypt will be used to construct a facility to produce Direct Reduced …
ASEC Cement said Tuesday that it began production at the $252.7 million Takamol greenfield cement plant in Sudan, according to a statement. The plant’s remote location, on the left bank of the Nile some 320 km north of Khartoum, posed a challenge for the company. “Takamol is in a remote area on the …
Souq.com, an e-commerce marketplace and auction website in the Arab world, launched the e3050 Souq Store which will bring consumer electronics, gadgets and IT accessories to Souq Egypt shoppers. Sistrum, an electronics and IT provider in Egypt, will offer shoppers complete warranty and after-sales support for their online purchases on the Souq store, while Souq …
Raya has completed the revamp of the Ministry of Finance’s online portal to a platform based on Microsoft SharePoint Server. The ministry selected Raya to host the new portal in Raya Data Center. “The project was completed within a tight deadline based on Raya’s collaborative development methodology," Amina Ghanem, deputy minister for external …
CAIRO: ASEC Engineering and Management signed a three-year renewable contract to provide technical management services for Alsalam Cement Production Company’s (ACPC) cement plant near Atbara in Sudan, the company said in a statement. The Atbara plant, which produces clinker that is then ground with gypsum to make cement — has a production capacity …
The Suez Canal Authority (SCA) will extend feeder vessels, with a load capacity of 5,000 tons, a discount of up to 30 percent on the charges paid to the authority, which is valid for six months, Al-Mal reported, citing a new SCA regulation. The authority, however, has restricted the discount to vessels that …
Egypt’s exports to Tunisia increased by 104 percent in the first quarter of 2010 to reach $51.6 million, compared to $25.3 million during the same period last year, the trade ministry said. In a statement, the ministry said that a report from Egypt’s trade office in Tunisia showed that the volume of bilateral trade between …
The board of directors at Bank of Alexandria Sanpaolo will approve in the next meeting LE 350 million in financing for Six of October Development and Investment Company (SODIC) before signing final contracts, Al-Mal reported. SODIC announced earlier this year that it is looking to secure LE 1 billion to finance its main …
The Ministry of Finance plans to double tax revenue within five years to LE 408.27 billion in fiscal year 2014/15 from the targeted LE 197.3 million in fiscal year 10/11. This will be achieved through several measures among which are implementing the VAT (Value Added Tax) system instead of the current general sales …
The Egyptian government allocated LE 10.5 billion of its budget to subsidized bread for fiscal year 2010/11, according to the Ministry of Finance, reported Al-Masry Al-Youm. Of the total amount, LE 9.37 billion will cover the import of 5.9 million metric tons of wheat and 2.1 million metric tons of local wheat purchase. …
The Tourism Corporation of Gujarat and tourism department of Egypt will work together to develop the tourism sector in India, reported Business Standard. Vipul Mitra, tourism secretary in the government of Gujarat, met with officials from the Egypt International Tourism Board at a road show in Bangalore to promote tourism in Gujarat. Tourism …
CAIRO: Private equity firm Citadel Capital announced Sunday the start of commissioning at its 220,000-square-meter greenfield float glass factory, according to a statement. With a production capacity of 600 tons per day, the LE 1.1 billion facility is one of Egypt’s largest producers of float glass, the firm said. Sphinx Glass is 51 …
Asher Group, an Egyptian exporting and foreign trade company, said they are including Rwanda on the list of the countries in Africa where they will open stores, reported Business Week. When they open shop, it is hoped the Kigali distribution store will supply the growing clientele both in Rwanda and the region. The …
Drilling services company Diamond Offshore Drilling Inc said Friday that its subsidiary entered into a term contract ending June 30, 2011 for the Ocean Endeavor rig, reported Trading Matters.com. The agreement was signed with Burullus Gas Company SAE. Ocean Endeavor will now be immediately mobilized from the Gulf of Mexico to Egypt, the …
GB Auto’s assembly unit Itamco submitted a bid to set up an industrial services zone in Sadat City, the automaker said in a statement to the stock exchange. Meanwhile, investment firm CI Capital said that GB Auto would focus its efforts on the Hyundai passenger car segment, as well as represent other passenger …
The Central Bank of Egypt (CBE) reduced the cash cover requirement that importers have to provide to banks to finance their import transactions from 100 percent to 50 percent, effective immediately, Al-Mal newspaper reported. “This move should facilitate importing transactions and boost imports growth,” investment bank Beltone Financial said in its daily market …
CAIRO: The Overseas Private Investment Corporation (OPIC), a US trade promotion agency, will invest $100 million in Citadel Capital’s funds. OPIC’s board of directors approved up to $100 million to finance new investments by private equity firm Citadel’s Joint Investment Funds, according to a statement released Tuesday. Stephen Murphy, managing director of institutional …
The government plans to increase prices of natural gas for non-energy intensive industries to $2.25/mBTU in January 2011, after deciding to raise the price from $1.7/mBTU to $2.0/mBTU effective July 2010, reported Al-Shorouk, citing an anonymous source at the Ministry of Finance. The increase in the price of gas for these industries was scheduled for …
The M.A. Kharafi Group announced that EgyptAir launched a new flight from Alexandria to Marsa Alam International Airport, according to a statement, which the company said was a key to promoting domestic tourism. Several new direct international routes will commence to Port Ghalib from Amman, Kuwait, and Jeddah, the firm said. "EgyptAir is …
The Algerian government has imposed a monthly 0.5 percent tax on revenues of mobile operators in Algeria, reported Al-Borsa newspaper. In its daily market report, Beltone Financial said the new tax implies around $4.6 million to be reduced from Djezzy’s annual revenues of $1.82 billion, given that it would be applied in the …
Regional low-cost carrier Air Arabia will begin on July 12 service to Abu Dhabi, the UAE capital, from its third hub in Alexandria, Egypt, the airline said in a statement. Roundtrip flights to Air Arabia fifth destination from its Egyptian hub will operate four times per week between Burj Al Arab International Airport, …
The annual change in Egypt’s Producer Price Index (PPI) fell to 9.9 percent in May 2010, from 15.8 percent in April 2010, mainly due to a drop in the annual change in prices of items in the food and mining and quarrying categories, showed data released by the government statistics CAPMAS. The annual …
Beltone initiated coverage on Lecico with a target price of LE 20.95 and a ‘Buy’ recommendation, the Cairo-based investment firm said in a statement. Lecico is one of the world’s largest sanitary ware producers with a capacity of 6.75 million pieces, of which 60 percent is exported to Europe, Beltone said. Lecico is …
CAIRO: The Nadeem Center for the Rehabilitation of the Victims of Violence and Torture reported Sunday that an 18-year-old man was tortured by police officers who threw him out of a third-floor window. The Nadeem Center says that Mohamed Salah Mahmoud Ghareeb was taken to the Beni Abeed police station in the Delta governorate of …
The UAE’s national carrier Etihad Airways will launch services to Alexandria, Egypt in July, subject to government approval, the airline said in a statement. The service will operate four times a week from Etihad’s home base in Abu Dhabi to Nouzha airport in Alexandria. James Hogan, Etihad Airways Chief Executive, said: “Etihad is …
The United States has approved two petitions from Egypt to add products to the list of eligible items under the Generalized System of Preferences (GSP), according to a statement from the US embassy. US Ambassador to Egypt Margaret Scobey said Wednesday that for the second year in a row, President Barack Obama has …
The International Finance Corporation will invest $120 million in Egyptian Refining Company, which will be used to build a $3.7 billion hydro-cracking and coking refinery. The new refinery will allow Egypt to transform locally available fuel oil into lighter fuel products, such as ultra-low sulfur diesel, for the domestic market, according to an …
Low cost-carrier Air Arabia will begin services to Beirut, Lebanon, from its third hub in Alexandria starting July 1, according to a statement. Roundtrip flights to Air Arabia fourth destination from its Egyptian hub will operate four times per week between Burj Al Arab International Airport, Alexandria and Beirut-Rafic Hariri International Airport, Lebanon. …
Real estate developer SODIC reached an agreement with Mobica, Egypt’s largest manufacturer/retailer of office furniture, to develop its headquarters and a showroom in Westown, the company said. Mobica is acquiring the right to develop 11,338 square meters of built-up area over 6,542 square meters of land for LE 50 million. The transaction values Westown’s commercial …