197 Articles
The feeding industries are the most important pillar in large industries, such as the automotive industry, according to vice chairperson of the Chamber of Engineering Industries Abdel Moneim El-Kady. He believes that the automotive industry strategy, which is currently being studied by the parliament, will improve the feeding industries. The strategy approves the increase of …
Shell Lubricants Egypt is planning to establish branded shops, which provide Shell’s products and other cars services, in a step towards expanding in the Egyptian market. Haytham Yehia, marketing director at Shell, told Daily News Egypt that the step reflects the potential of the Egyptian market, adding that the company believes in the Egyptian market despite …
The negative impact of the Egyptian pound’s flotation on the automotive sector is not tangible yet, said chairperson of the board of directors at GB Ghabbour Auto, Raouf Ghabbour. He added that the decision reduced the value of Egyptians’ reserves in banks by almost 50%. He believes that the main problem is that Egypt’s economy …
The executive director of the third round of the Egypt Automotive Summit, Mohamed Aboul-Fotouh, announced several topics which participants will be discussing. Topics on the agenda at the summit include facilitating the export of spare parts, competition with foreign companies, local feeding industry experiments, and the role of banks in financing feeder industry experiments. “We …
Executive vice president and CEO of the International Finance Corporation (IFC) Philippe Le Houérou will visit Egypt on Wednesday and Thursday for the first time. Houérou will meet Minister of International Cooperation Sahar Nasr and other governmental officials to discuss ways to increase cooperation between Egypt and the IFC. The meeting will discuss challenges and …
The General Authority for Investment and Free Zones (GAFI) announced that 1,276 companies were established in November with a total capital of EGP 1.9bn, creating 7,942 job opportunities. In GAFI’s monthly report on established companies, 652 companies were established according to Law No. 8 of 1997, with 51.1% of the total capital value. The report …
The next step needed to reform the banking sector is to implement the Basel III banking system, says head of research department at Prime Holding
Colliers International, a commercial real estate company, published on Thursday its three-month rolling forecast for November until January 2017. The report marked Cairo and Alexandria as tourism hot spots, explaining that Cairo witnessed a 13% increase in revenues per available rooms (RevPAR) because it is a stable corporate tourism destination. The report added that the …
At the beginning of the 20th century, when the world was plagued by famines and world wars, governments enlisted food subsidy programmes to feed their citizenry in these desperate times. Such programmes are still used by government’s all over the world in order to combat poverty and hunger. However, many countries across the world have …
Minister of International Cooperation Sahar Nasr and Minister of Trade and Industry Tarek Kabil signed an agreement with the United Nations Development Programme (UNDP) for a $3.5m donation to supports solar energy projects with the aim of increasing clean energy connected to Egypt’s national grid. The agreement represents the government’s concern for using Egypt’s solar …
The Ministry of Trade and Industry will provide 1m sqm of land for textile and clothing industries in Badr City in December as part of the government plan to develop 10 industrial areas dedicated to textile and clothing manufacture over the next five years, minister Tarek Kabil announced. According to a press release from …
Central Agency for Public Mobilization and Statistics (CAPMAS) will publish a new study every February to measure the government’s progress in implementing the Millennium Development Goals (MDGs) and Sustainable Development Goals (SDGs), president of the agency Abou Bakr El-Gendy announced. MDGs are part of the development agenda supported by United Nations. El-Gendy said these focus …
While experts agree that the government’s decision to increase customs duties on 364 types of imported products will not greatly affect the rate of inflation, their views differ when it comes to the timing and how this move will actually affect the state and its citizens. Abou Bakr Emam, the head of Prime Bank’s research …
Local ingredients in poultry feed comprise 45% of the feed, while the rest is imported
Maybe it’s broken and cannot be fixed. Maybe it costs more to maintain than to replace. Or maybe it’s just old and you have bought a newer model. Either way, what do you do with electrical and electronic goods once you decide to get rid of them? Here comes Dr. WEEE, a company specialised in …
The government will offer US dollar treasury bonds worth $2.5-3bn in mid-January, according to Minister of Finance Amr El-Garhy. He added that another offer of the same value will take place in the second half of 2017. The ministry had initially intended to offer these bonds this week but five investment banks advised a postponement …
One is every three families would be willing to give up their subsidy card, according to a survey conducted by Egyptian Centre for Opinion Research (Baseera) on Saturday. According to Baseera, eight in every 10 Egyptian families has a subsidy card. Lower Egypt has the highest number of subsidy cards, at 89%. Upper Egypt follows …
While price increases and inflation are inevitable for any country, in recent months Egypt has seen unprecedented price hikes which have severely impacted families’ cost of living. In the wake of the Egyptian pound flotation, subsidy cuts, and higher fuel prices, the average family’s monthly income does not stretch nearly as far as it used …
Jean-Marc Harion, the CEO of Orange Egypt, said the operator would obtain the licence to launch 4G technology within three months. He noted at a roundtable meeting held on Wednesday that neither Orange not any other company has yet received the 4G network licence. He said that providing a Long-Term Evolution (LTE) network is not …
On 11 November, the executive board of the International Monetary Fund (IMF) approved a $12bn three-year extended fund facility for Egypt, in support of the government’s economic reform programme. Ever since negotiations with the IMF started, the government has implemented a number of economic reforms, including passing the civil service and value-added tax laws, floating …
On Saturday, former vice president Mohamed ElBaradei took to social media, wondering how Egypt could still bring in investments when the government has ordered the imprisonment of the Press Syndicate’s president, labeling the incident as a scene in an absurd play. For the first time in Egypt’s history, a court verdict ordered the imprisonment of …
IMF loan will not encourage Egyptian economy, says former finance minister
The target for 20% of Egypt’s power requirements to be generated from renewable sources will remain unchanged following the flotation of the Egyptian pound, according to Mohamed El-Sobky, head of the New and Renewable Energy Authority (NREA). El-Sobky hopes the flotation will not affect investors’ desire to invest in Egypt. He added that the new …
New Egyptian Countryside Development (NECD) is willing to sign an agreement with Wageningen University to plan for the 1.5m acres reclamation project in order to prevent the random use of the acres, according to the head of the NECD Atter Hannoura. He added that the university, which is the only higher education institution in the …
Hong Kong, Shenzhen, Singapore, Jebel Ali, Hamburg, Rotterdam, Tangier, and Panama are waterways that brought about major changes for their countries. However, the oldest waterway, the Suez Canal, has maintained its position as one of the world’s most important waterways since its opening on 17 November 1869. These other waterways around the world have managed …
Ceramic production companies have deemed it necessary to raise their prices in the coming period following the flotation of the Egyptian pound and its devaluation, besides the increased cost of production inputs, including gas, electricity, and fuel. During the eighth International Ceramic and Sanitaryware Exhibition (ICS), held between 9 and 12 November, surveyed ceramic manufacturers …
In order to finance its budget deficit, the Egyptian government is negotiating with Indonesia to borrow $500m by the end of first quarter of 2017, according to a Ministry of Finance source who preferred to remain anonymous. The negotiations show that Egypt is no longer seeking financing from the Gulf countries, after receiving billions of …
The Supreme Council for Investment, headed by President Abdel Fattah Al-Sisi, held its first meeting on 2 November after announcing the first draft of the new Investment Law, in order to discuss attracting new investments. The council decided to lift taxes and offer free or discounted land in a bid to attract investors amid economic …
For a long time now, since the 25 January Revolution in 2011, the successive governments have come to office knowing that Egypt needs to implement reforms in order to attract new foreign investments to create job opportunities and increase its gross domestic product (GDP).
During August, the deficit in the trade balance recorded EGP 37.8bn, compared to EGP 38.9bn in August 2015, a decrease of 3.1%, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) monthly bulletin on foreign trade statistics. In a statement issued on Monday, CAPMAS noted that the deceleration happened because the value of …
