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Emaar Egypt to file complaint against Case

CAIRO: Emaar Egypt plans to file a complaint with the main authorities in Egypt about the decision by the Cairo and Alexandria Stock Exchange (Case) to list the company s shares in the non-official rolls, according to Laila Shaker, spokeswoman of Emaar Egypt. The decision was based on claims that the company failed to submit …

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Government licenses two plants for porous iron production

CAIRO: The Ministry of Trade and Industry has reduced its strict measures on the establishment of new iron and steel factories to boost production capacity in the domestic market and crack down on rising prices. Rachid Mohamed Rachid, minister of Trade and Industry, approved on Thursday proposals for setting up two factories for directly reduced …

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Telecom industry critical of government's lack of clarity on int'l calls licensing

CAIRO: Egyptian telecom industry officials have strongly criticized the Ministry of Communication and Information Technology (MCIT) for the lack of clarity and transparency on offering licenses for international communications operations, which has been delayed for several months. Minister of Communication Tarek Kamel had announced on Sunday that the government would offer licenses for handling international …

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Higher unemployment weighs heavily on economic growth in Egypt

CAIRO: The official unemployment rate in Egypt rose to 10.9 percent in FY2005-2006 compared with 10.5 percent in FY2004-2005, according to recent reports from the Ministry of Finance. Economists say the figures weigh heavily on the opportunities for economic growth, as they represent a waste of human resources that otherwise would contribute to higher GDP …

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EISA to develop new rules on investment quotas of insurance funds

CAIRO: The Egyptian Insurance Supervisory Authority is close to developing new models and regulations for investment of local insurance funds. Sources told reporters on Tuesday that the bulk of insurers investment portfolios would focus on investments in securities. Most companies have concentrated their investments in bank deposits over the past few years, which has cut …

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Etisalat Egypt refutes allegations of postponing service indefinitely

CAIRO: Sources at Etisalat Egypt, the third mobile phone operation in Egypt, refuted allegations that the company had approached the National Telecom Regulatory Authority to postpone indefinitely its commencement of business in the Egyptian market. Press reports in Egypt this week had allegedly quoted the Managing Director of Etisalat Egypt, Saleh Al-Abdouli, as saying that …

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Demand for housing in Cairo is 603,000 units, says study

CAIRO: Demand for housing in Greater Cairo, which includes Cairo, Giza and Qalioubya governorates, is estimated at 603,700 units, according to the initial results of a study conducted jointly by the Ministry of Investment and the Ministry of Housing. The results of the study, discussed by both ministers on Wednesday, analyses demand for housing in …

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Ministry of Trade & Industry bans use of plastic alternatives to steel rebars

CAIRO: The Ministry of Trade and Industry has imposed a ban on the use of plastic alternatives for steel rebars in construction activities, as home builders ignored warns on the perils of using plastic reinforcement in construction. In a statement Wednesday, the Minister of Trade and Industry Rachid Mohamed Rachid said that the government abolished …

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Economic growth surged to 7.2 percent in FY2006-2007, Ghali

CAIRO: Minister of Finance Youssef Boutros Ghali said the new classification of Treasury accounts, introduced in November 2006, has saved as much as LE 3 billion of funds for the government budget, noting that tax revenues have surged by 17 percent over the recent three months. The minister said that tax revenues in 2006 soared …

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Kharafi Group takes on petrochemicals project in Egypt

CAIRO: An official source in Kuwait-based Kharafi Group in Cairo announced the group was scheduled to launch works to build its chemicals and petrochemicals complex in Fayoum within six months, wired Al-Qabas. A Kharafi executive disclosed the project totaled $675m in costs, furthering the group had obtained a final approval from the Egyptian Ministry of …

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State-owned insurers warn of growing losses in mandatory auto insurance

CAIRO: State-owned insurance companies have urged the Ministry of Investment and industry regulators to increase premiums on the mandatory automotive insurance and to put a cap on claims’ value. The insurers cited recent losses in the mandatory automotive insurance segment as a result of low premiums vis-à-vis the inherent risks. Nozhy Ghalium, managing director of …

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Rachid expects stock of US investments in Egypt to increase by 12.5 percent

CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid expects the US investment stock in Egypt to hit $18 billion by the end of 1H2007, growing 12.5 percent from the 2006 figure. During his meeting with members of the annual Door Knock Mission to the US on Thursday, Rachid said the stock of US investments …

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Insurance operators join in fierce price wars

CAIRO: The national insurance market has entered into a new phase of price wars between companies amid charges launched against regulators of neglecting the perilous impacts of price competition on the insurance activities. Elhamy El-Kady, general secretary of the Insurance Federation of Egypt, told reporters last week that the majority of companies have joined in …

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Balance of payment posts surplus of $2.9 billion, CBE

CAIRO: The national balance of payment surplus surged to $2.9 billion from July to December of FY2006-2007 compared with $2.6 billion a year earlier. The upsurge of balance of payment surplus contributed to rising foreign currency reserves at the Central Bank of Egypt over the same period. The CBE said in a statement Wednesday that …

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Steel export taxes urge Holding Company to extend proposal period on ARCOSTEEL

CAIRO: The Egyptian Holding Company for Metallurgical Industries has extended the period for accepting proposals on its 83.1 percent stake in the Arab Company for Special Steel (ARCOSTEEL) after the recent government decision to impose taxes on steel exports. A senior official at the holding company told reporters on Thursday that investors voiced intentions that …

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Jihan Holding accuses MoI of obstructing production in Alex complex

CAIRO: Chairman of Saudi Jihan Holding Group Ahmad Badib has blamed the Egyptian Ministry of Investment for delaying production from the polyester industrial complex that the Saudi group has established in cooperation with Egyptian investors in Alexandria at a total cost of $550 million. Jihan Group holds a 50 percent stake in the Egyptian Saudi …

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Cement merchants seal agreement with government to control price hikes

CAIRO: Cement Merchants League at the Egyptian Federation of Commerce Chambers has sealed an agreement with the Ministry of Trade and Industry to open up ten outlets for distribution of cement in Greater Cairo as an attempt to put an end to rising cement prices in the local market. Ezzeddin Awad, head of the Cement …

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Egyptian banks join race on core-banking solutions

CAIRO: Egyptian banks have joined-in a race to introduce technologies designed to improve management performance, causing parallel competition among technology companies providing core-banking solutions. In this context, the Informer Egypt Company has agreed with the Al Watany Bank of Egypt to supply technology solutions for the bank s Department of Credit to promote its retail …

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Third mobile phone operation to start business in March

CAIRO: The third mobile phone operator in Egypt Etisalat will start business in the domestic market by the end of March, according to Hassan Samy, sales officer at Etisalat Egypt. Samy said on Wednesday that the company has officially informed the National Telecom Regulatory Authority that it will operate under the brand name of Etisalat. …

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Five-year plan targets $210.5 billion of investments

CAIRO: The Minister of Economic Development Osman Mohammad Osman said the investment target of the government s new five-year plan (2007-2012) amounts to LE 1,200 billion of which the private sector contributes 60 percent of the total with LE 720 billion. His comments were made during a seminar convened Monday evening with the Minister of …

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Kuwaiti investment in Egypt hit $508 million

CAIRO: An editorial in the national daily Al-Ahram considered that Kuwaiti investments in Egypt reflected the special relationship between both countries, underlining in a report that massive influxes of Kuwaiti capital signaled Kuwaiti investors confidence in the Egyptian economy, reported Al-Rai Al-Aam. The Egyptian newspaper further observed that senior official authorities on both sides recognized …

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KG, Egypt Ministry of Transport seal agreement on Damietta Port

CAIRO: The Kuwait and Gulf Link Transport Co. (KGL) has reached an agreement with the Egyptian Ministry of Transport setting the end of this February as a deadline for receiving technical financial offers for a new maritime dock lining the soon-to-be-erected container station at Damietta port, reported Al-Qabas. The new container-handling station will emerge as …

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Egypt-Saudi Business Council calls for double taxation prevention

CAIRO: At a meeting held in Cairo on Tuesday, the Egyptian-Saudi Business Council called on both Egyptian and Saudi governments to sign a bilateral double taxation prevention agreement in a bid to stimulate and spur two-way trade and investment, Kuwait News Agency (Kuna) reported. The council also called for easy access by Egyptian businessmen to …

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Banks rev-up to lend $1.7 billion to Etisalat Egypt

A number of Egyptian banks will jostle their way to providing a loan to third mobile phone operator Etisalat Egypt valued at $1.75 billion. Bankers say that the National Bank of Egypt, CIB Egypt, and the National Societe Generale Bank will top the list of banks that will contribute to the loan. Mohammad Emran, chairman …

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Natural gas exports down 25 percent in November 2006

CAIRO: Egyptian exports of natural gas and its derivatives collapsed by nearly 25 percent to $233 million in November 2006 compared with $296 million a year earlier, according to a recent report by the Cabinet Information & Decision Support Center. Based on data from the Egyptian Ministry of Petroleum, the report notes rising local consumption …

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Shura approves government's request for $1 billion loans

CAIRO: The Financial and Economic Committee at the Shura Council (Upper house of Parliament) has approved a permission for the government to borrow $1 billion from the World Bank and the African Development Bank to finance the restructuring efforts at state-owned insurance companies and banks. Khallaf Abul Gaber, head of the Shura Council’s Financial Committee, …

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Turkey's Sabangi Group to launch JV for bus production in Egypt

CAIRO: The Turkish Sabangi Group in Turkey has announced it will build a new plant for the manufacture of buses in Egypt with joint investments from Egyptian partners. The chairman of the Turkish group said the investments for the first phase would amount to LE 150 million and the plant would be built on 80,000 …

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Net profits of insurance companies hit LE 2.7 billion

CAIRO: Net profits of the Egyptian insurance companies surged significantly to LE 2.73 billion during the fiscal year 2006, or up 46.6 percent from LE 1.86 billion a year earlier. Elhamy El-Kady, the General Secretary of the Insurance Federation of Egypt, attributed the upsurge in profits to exceptional revenues from the sale of insurance companies’ …

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Petrojet starts construction of Egypt-Israel gas pipeline in March

CAIRO: Egyptian Petrojet Company will start extending natural gas pipelines to Israel in March 2007 at a total cost of $20 million (LE 114.1 million) said a senior official at Petrojet on Tuesday. The official told reporters on condition of anonymity that Petrojet has already completed technical assessments on the principal pipeline for the East …

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Nine banks finance natural gas line to Sharm, Hurghada

CAIRO: The Arab International Bank has sealed a loan agreement with the Egyptian Natural Gas Holding Company to finance the company’s scheme to install two gas supply lines from Taba to Sharm El Sheikh and Shokair to Hurghada with a total value of LE 355 million and $90 million (LE 512 million).. Chairman of the …

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