CAIRO: From basic inkjet printers to sophisticated LaserJet printers; and from retail photo booth finishing to graphics and signage printers, Hewlett-Packard (HP) currently holds a 65-70 percent global market share. “At HP, we don’t [consider] ourselves in the printer business, but we are in the printing business. And maybe in more obsolete terms, we are …

CAIRO: Last Sunday’s auction for six licenses to build greenfield cement plants across the nation spurred dismay among various industry players, most of whom failed to win the bid. Several cement companies revealed their intentions to file lawsuits against the Industrial Development Authority (IDA) – the entity that ran the auctions – accusing it of …

CAIRO: Abraaj Capital, a private equity investment firm in the Middle East, North Africa and South Asia (Menasa) region, announced recently a record $1.2 billion second closing of its Infrastructure and Growth Capital Fund (IGCF), providing the fund with total commitments of $1.7 billion beginning last September. IGCF, capped at $2 billion upon final closing …

CAIRO: Bidding on eight licenses to build new cement factories in eight governorates across the nation started Sunday, with the highest bid reaching LE 251 million and the lowest at LE 22 million. Only six new licenses were granted to six bidders after two companies suddenly withdrew from the auction for allegedly not submitting their …

CAIRO: In a major step towards developing small and medium-sized enterprises (SMEs), Minister of Investment Mahmoud Mohieldin inaugurated Thursday Egypt’s highly anticipated SME bourse named the Nile Stock Exchange (Nile X). Enlisting is expected to begin within one week, and actual trading will take place in two months’ time. “With the SME stock exchange, these …

CAIRO: In a bid to expand private healthcare in Egypt, the International Finance Corporation (IFC) ¬- the private sector arm of the World Bank Group – signed Wednesday a cooperation agreement with Saudi Arabia’s Andalusia Group to provide a $15 million loan as well as another $10 million in equity. The agreement seeks to address …

CAIRO: Sorouh Real Estate unveiled the world’s largest poster that aims to raise funds for the Red Crescent, part of its commitment to corporate social responsibility. Within the next few months, Sorouh plans to collect one million faces to be placed on the poster. Anyone can upload their pictures at no cost by visiting the …

CAIRO: Research and investigation on steel companies charged with monopolistic and anti-competitive practices are still pending, says the Egyptian Competition Authority (ECA). “Contrary to what has been reported in [local press], our board of directors has not yet taken any decision regarding charges filed against steel companies, said Ibrahim Ahmed, head of information at the …

CAIRO: The International Finance Corporation’s (IFC) advisory services across the region soared, providing more than $17 million during fiscal year 2007, up from $14.7 million in FY06 and $5.7 million in FY05, according to its recently released annual report. As of the end of fiscal year 2007, PEP-MENA – IFC’s multi-donor facility for advisory services …

CAIRO: Egypt ranks as the top African nation in terms of foreign direct investment (FDI) flows, beating South Africa for the first time, according to the World Investment Report 2007 published by the United Nations Conference on Trade and Development (UNCTAD). “FDI into Africa doubled between 2004 and 2006 to a record $36 billion, spurred …

CAIRO: The Arab League will organize an Arab economic summit before the end of 2008 to discuss several topics including education, health, investment, trade and communications, said Amr Moussa, secretary general of the League of Arab States. “The Arab world has to establish its presence both politically and economically, he explained. “Arab states need to …

CAIRO: Rising from dilapidation and heavy financial losses, Omar Effendi – Egypt’s oldest department store – is setting itself up to become Egypt’s version of Marks & Spencer. Its new owner vows to turn it into the crown jewel of Egypt’s retail sector. The well-known name dates back to the early 20th century; and with …

CAIRO: Mobile advertising is exhibiting strong potential in the Middle East and North Africa (MENA) region, with 64 percent of respondents believing it will mirror the successes of internet advertising, finds a survey conducted by Acision, a leader in intuitive messaging, intelligent charging, and content enablement. The survey revealed that mobile advertising was already taking …

CAIRO: Members of Gezirah, Shams, Heliopolis, and Sporting Alexandria clubs are now offered three credit options provided by the Arab African International Bank (AAIB) through the end of the month. AAIB offers club members the opportunity to own a credit card with a limit of LE 5000 without proof of income. The bank also discounted …

CAIRO: After ranking as the world’s top reformer in the Doing Business Report 2008, Egypt still needs to simplify license registration, contract enforcement, tax procedures, as well as arbitration of economic and trade disputes, said the World Bank. “Egypt had a very broad sense of reforms, and hence scored top on the list of reformers, …

CAIRO: Members of Gezirah, Shams, Heliopolis, and Sporting Alexandria clubs are now offered three credit options provided by the Arab African International Bank (AAIB) through the end of the month. AAIB offers club members the opportunity to own a credit card with a limit of LE 5000 without proof of income. The bank also discounted …

CAIRO: Emaar Egypt is close to concluding a deal on two alternative land parcels in Ain Sokhna sea resort after withdrawing from acquisition of land offered by Egypt’s Holding Company for Tourism (HCT), a senior company official said on Thursday. He confirmed that the new deal was behind Emaar’s withdrawal from buying Al-Sokhna Hotel and …

CAIRO: As the daily fast of Ramadan ends, TV bursts into life in the corner of living rooms, shops, restaurants, and cafes, heaving with a mix of comedy, drama, and history. Besides fasting, praying, and feasting, Ramadan is also known to be the prime season for television serials, programs and commercials. The sights and sounds …

CAIRO: While Egypt’s performance in 2006/07 was impressive – with high growth levels – there continues to be an underlying need to tackle constraints on business development, says the International Monetary Fund (IMF). According to the IMF, the Egyptian economy continues to grow rapidly and unemployment rates are declining. Gross Domestic Product (GDP) growth in …

CAIRO: As the government moves forward with the privatization of Banque Du Caire – which is expected to fetch over $1.6 billion – several heavyweight businessmen have shown interest in bidding for Egypt’s third largest state-owned bank. Egypt’s most prominent businessman Nagiub Sawiris, chairman of Orascom Telecom, recently appeared on state-owned television expressing interest in …

CAIRO: Corruption is perceived as rampant in Egypt, as the country’s ranking declined from 70 to 105 out of 180 countries listed on the Corruption Perceptions Index 2007 (CPI) recently released by Transparency International, an anti-corruption watchdog. Egypt scored 2.9 on the index – way below last year’s 3.3 score. The Index examines perceptions of …

CAIRO: “It is good that Egypt made progress and went above last year’s tragic position, [but] we still have to advance and cross over the 100 barrier, said Ziad Bahaa El Din, chairman of Board of Trustees, commenting on Egypt ranking 126 globally on the ease of doing business. While the World Bank’s “Doing Business …

CAIRO: Electricity consumption rates hit an all time high this summer with a 35 percent increase in consumption for industries and 36.9 percent in domestic consumption despite recent increases in electricity bills. According to the Ministry of Electricity, consumption for intensive industries soared to 4.9 billion kilowatts per hour, which constitutes 16.2 percent of the …

CAIRO: Egypt is the world’s top reformer of regulations for the ease of doing business this year, outpacing other reformers worldwide and in the region with improvements in five out of ten areas, says the “Doing Business 2008 Report. According to this year’s report, the World Bank’s fifth annual series, “Egypt is the top reformer …

CAIRO: Under the theme “Committed to Improving the State of the World, the World Economic Forum (WEF) will come to Egypt in May 2008 for the second time, bringing an influential network of almost 2,000 global leaders to Sharm El-Sheikh. Marking the official start of preparations for the event, Minister of Trade and Industry Rachid …

CAIRO: Egypt’s Monetary Policy Committee (MPC) recently announced that it would keep its key overnight interest rates unchanged at 8.75 percent for deposits and 10.75 percent for lending. After decisions to cut the US Federal Reserve interest rates by 50 basis points to 4.75 percent, Egyptian financial institutions were at odds whether the Central Bank …

Transactions on the CASE 30 Index were most vibrant this week featuring mixed activities of buying and selling, despite the shortened trading session in the holy month of Ramadan. The week opened with a sharp rise in blue-chip, and the Index gained 2.3 percent Sunday to close at 8,470.44 points. Mobinil shares jumped 2.9 percent …