Morsy in Brussels seeking EU aid
The EU is Morsy’s second destination after China as he seeks foreign funding
Islam Serour
52 Articles
Latest by Islam Serour
Ministry of Finance issues EGP 18.5bn ingovernment securities
Egyptian government resorting domestic borrowing, as a part of its two-sided strategy
Arab African International Bank launches new line of lending products
The Arab African International Bank presents new lending solutions that suit customers from different income brackets
Egyptian Steel signs $ 210 million deal with Danieli
Egyptian Steel signed Wednesday a $ 210 million agreement with Daneili SpA (DANR), an Italian company specialised in supplying plants and equipment to the steel industry, to supply production lines for Egyptians Steel’s new plant in Ain el-Soukhna. Prime Minister Hesham Qandil witnessed the agreement signing ceremony between Ahmed Abou Hashema, Chairman of Egyptian Steel, …
Vodafone offers post-paid customers a new billing experience
Affirming its leadership in meeting customers’ needs, Vodafone Egypt, a top mobile operator, offers its post-paid customers a new billing experience that guarantees utmost customer satisfaction. Vodafone Egypt reports that the new bill will contain detailed information of post-paid customers’ internet monthly usage, costs of local, international and roaming calls, monthly subscriptions and additional services. …
CAPMAS: Tourism up by 8.3 percent
The Central Agency for Public Mobilisation and Statistics (CAPMAS) released yesterday the latest figures on tourism during July showing an 8.3 percent increase in the number of tourists from around the globe from the same month last year. According to the latest CAPMAS tourism figures, up to one million tourists visited Egypt during July, compared …
Morsy drops farmers’ debts
Addressing his audience of fellaheen (farmers), President Mohamed Morsy echoed former President Gamal Abdel Nasser, saying “I’m one of you in terms of roots and upbringing.” In his speech on Tuesday commemorating farmers’ day, Morsy praised Egypt’s fellaheen, stating that “Egypt’s farmers were the first to rebel against tyranny 4,000 years ago.” Presidential spokesman, Yasser …
Tax Authroity new head vowes to boost tax revenues
Egypt’s Tax Authority (TA) hopes to increase tax revenues to EGP 230 billion, according to newly appointed chairman Mamdouh Omar. The TA plans to promote new leadership to ensure justice within the body, Omar told a meeting with heads of regional bureaus and managers of different departments on Monday. According to commentators, taxation in Egypt …
OCI Fertilisers demerger to come
Orascom for Construction Industries (OCI) announced yesterday that the General Authority of Investment and Free Zones (GAIF) approved OCI’s proposed valuation split methodology for the demerger of its construction group from its fertilisers group. GAIF approved on Saturday to split OCI’s standalone assets and liabilities on book value basis as at 31 December 2011, an …
US supports Egypt’s technology infrastructure
The US business delegation, currently in Cairo for a four day visit, completed two US grant agreements to boost Egypt’s information and communication technologies infrastructure, Carl Kress, US Trade and Development Administration (USTDA) Regional Director for the Middle East and North Africa, announced yesterday. Developing information and communication technology infrastructure will help boost Egypt’s economic …
CBE reports EGP 11.3billion balance of payment deficit
The Central Bank of Egypt (CBE) announced Monday that Egypt’s balance of payment totalled USD eight billion during the 2011/2012 fiscal year, compared to a surplus of $571.2 million in the previous fiscal year. The decline was attributed to reduced tourism profits and the current political atmosphere in Egypt and the region. CBE reported that …
US business delegation promisese support for Egyptian economy
A United States business delegation has pledged to support Egypt in its transition to democracy through bolstering investment to create more jobs and promote economic growth. “We hope that this delegation returns home with a very simple message: Egypt is open for business,” Thomas Nides, head of the US business delegation and the deputy of …
Saudi delegation to visit Egypt for investment talks
A Saudi business-delegation is scheduled to visit Cairo this Monday, with the legal impediments to Saudi investment leading the visit’s agenda. Reportedly, Dr Tawfik Al-Rabea, Saudi Minister of Industry and Trade, will head the delegation that encompasses up to 35 Saudi businessmen, in addition to the Saudi Ambassador to Egypt, Ahmed Al-Katan. The Egyptian delegation …
OCI net income declines in H1, positive indicators of a strong comeback
Orascom for Construction Industries’ (OCI) results showed a net decrease as at 30 June, although they project a positive outlook. This year’s first half results show that the company’s net income dropped by 42.6 percent to EGP 1.3 billion versus EGP 2.2 billion in the first half of 2011. However, this year’s quarter-to-quarter results show …
US business delegation arrives in Cairo
A United States business delegation arrived in Cairo yesterday for a four day visit to discuss economic cooperation to bolster the ailing economy through developing the private sector. The US chamber of Commerce and the US-Egypt Business Council (USEBC) will lead, in collaboration with the American Chamber of Commerce in Egypt (AmCham Egypt), a business …
Islamic Sukuk forecast to exponentially increase
The demand for Islamic Sukuk is expected to reach to $900 billion by 2017, according to Ernst & Young’s Global Islamic Banking of Excellence (GIBE) estimates. Ernst & Young’s GIBE reports that the forecasted exponential increase in demand for Sukuk stems from the growth of Islamic banking industry, and the increasing demand for financial tools …
Egypt placed 107 in global competitiveness rating
The World Economic Forum (WEF) issued its annual global competitive report, showing that Egypt’s competitive rating slipping 13 places to 107th place. The Egyptian market, in the view of many economic experts, lacks discipline and transparency. The price of goods and services’ do not represent actual patterns of supply and demand, in addition to other …
El-Arabi meets with EBRD’s Hildegard Gacek to discuss economic co-operation
Ashraf el-Arabi, minister of development and international cooperation discussed economic support to Egypt with Hildegard Gacek, managing director of the European Bank for Reconstruction and Development (EBRD) for the southern and eastern Mediterranean region on Wednesday. It was reported that the Egyptian government seeks to attract the EBRD to carry out operations in Egypt beside …
EFSA restructuring complete
The Egyptian Financial Supervisory Authority (EFSA) has finalised the procedures of bringing the Mortgage Finance Authority, the Egyptian Stocks Exchange (ESE) and the Private Insurance Funds under one supervisory body, state-owned news agency MENA has reported. As a result of the merger, all non-banking financial operations including mortgage financial affairs, leasing, factoring, securitisation, insurance activities …
German tourist bookings expected to burgeon
Minister of Tourism Hisham Zaazou met German travel agents to promote Egypt as a tourist destination at a workshop in Al-Gouna resort on Saturday. Zaazou told attendees that tourism is one of the country’s top priorities and a vital source of foreign currency and employment opportunities. Up to 25 German tourism companies participated in the …
EFSA enact new regulations for changing stocks’ closing price
Chairman of the Egyptian Financial Supervisory Authority (EFSA), Ashraf El-Sharqawy, approved new regulations for changing stocks’ closing price, suggested by Egypt’s Stock Exchange (ESE) board of directors, in order to stem closing price manipulations that delay trading operations. The new regulations stipulate that in order to change a stocks’ closing price, the number of shares …
Government to enforce Competition Protection Act
The government plans to re-enforce article 10 of the Competition Protection and Monopoly Prevention Act (CPMPA), according to Minister of Industry and Foreign Trade Hatem Saleh. The Citizens Against Price Rise Association (CAPRA) recommended reviving article 10 of CPMPA, which stipulates that the prime minister has the right to set the price of one commodity …