CAIRO: For Muslims across the country, the holy month of Ramadan is a time of fasting and faith. For advertisers, it is prime time for cash as an audience of more than 70 million breaks the fast in front of TV sets. This audience is also ready to spend money on food products. Known to …

CAIRO: As Egypt’s first private-sector credit bureau joins forces with banks and commercial lenders to collect information about the country’s credit status, the bureau is also making an attempt to lure telecommunication companies into the system. As the name suggests, i-Score evaluates a person’s credit worthiness and maps out potential risk posed by lending money …

CAIRO: Emaar Egypt is currently looking into acquiring a new land plot in the Ain Sokhna Red Sea resort, making it the single largest foreign direct investor in Egypt’s evergreen real estate sector. Emaar is very bullish on the Egyptian real-estate market, which [embraces] one of Emaar s largest investments outside of Dubai, Sameh Muhtadi, …

CAIRO: While Egypt and the United Kingdom have always enjoyed strong bilateral trade relations – namely in the oil and gas sector – both sides are working to diversify their investment portfolios and cooperate in sectors such as food processing, textiles and even furniture. The UK’s relationship with Egypt dates back to the 1800s, and …

CAIRO: The financial advisor for the sale of Banque Du Caire will be announced by the end of this month, said Mohamed Barakat, head of Banque Misr. He also announced the formation of a committee to follow up on the sale of the bank’s shares. The committee has recently short-listed five financial institutions out of …

CAIRO: Shares in Orascom Telecom and cement firms lifted the Egyptian bourse last week, with the Case30 Index gaining 1.33 percent to close at around 8,284 points. Orascom Telecom (OT) inched up 1.1 percent to close at LE 69.52 per share with a turnover of LE 14.14 million. The company announced it was planning a …

CAIRO: When asked if there is light at the end of the tunnel, His Royal Highness (HRH) Prince El Hassan bin Talal of Jordan replied, “Where is the tunnel? “According to World Bank figures, per capita income in the Middle East and North Africa Region has declined by 25 percent. The oil boom is a …

CAIRO: Mainly triggered by a growing economy and a recent depreciation in the value of the dollar, Egypt s inflation rate rose 8.5 percent in the year to August, up from 8 percent in July, above government as well as market expectations. “According to state figures, inflation declined three months in a row beginning last …

CAIRO: Recent findings reveal that 55 percent of Egyptians have started to rely on visual and electronic sources of news, as opposed to print media. The United States Agency for International Development (Usaid) has developed a project that attempts to revive domestic print media and make it more accessible to readers. Peering into the future …

CAIRO: Sustaining higher growth rates, tackling unemployment, and combating poverty are just some of the issues Egypt needs to tackle before it can successfully foray Into the Second Wave. “The economy looks very strong, and the process of reform over the past four years [has been] very well handled, said Richard Ensor, managing director of …

CAIRO: “Do not forget the poor, was the message at the heart of Minister of Trade Rachid Mohamed Rachid’s keynote address on the last day of the Euromoney Egypt Conference Wednesday. At the end of two days of talks about a successful year for the economy and the challenges facing Egypt’s continued development, Rachid’s speech …

CAIRO: Hot on the heels of mergers and acquisitions (M&A), Egypt’s banking environment has moved from a below par sector with around 60 weak banks to a thriving one with 35 stronger banks. Less than three years ago, Egypt had quite a weak banking sector with [numerous] banks [overburdened] with non-performing loans, said Adrien Phares, …

CAIRO: With an increasing number of development projects – both in residential and retail sectors – skeptical views claim the current real estate boom is only a bubble and fear that it may soon burst. “The real estate market is booming like it has never boomed before, and a lot of people are questioning whether …

CAIRO: For the average citizen to feel confident and optimistic about Egypt’s economic progress, it will require empowering those who lack proper skills and training in the labor market, said Minister of Investment Mahmoud Mohieldin in his opening speech at the Euromoney Egypt Conference Tuesday. Government officials boast about Egypt s unprecedented growth rates – …

CAIRO: With foreign direct investments (FDI) surging to $11.1 billion during the fiscal year 2006/07 – up 81.7 percent from the previous year – the country must be doing something right in terms of investment. Investment has improved a great deal over the past five years due to a number of reasons, said Simon Kitchen, …

CAIRO: Starting from a low base, Egypt’s securities market has picked up speed and performed well in light of the country’s positive economic indicators and liberalization process. “Egypt is becoming more hospitable to investment in general. We’ve seen foreign direct investments growing dramatically reflecting investors’ interest in the country whether in terms of portfolio investment …

CAIRO: From creating business-enabling environments and developing infrastructure to building educational skills, beating regional competition as well as combating unemployment and poverty, the government has miles to go before it can rest. “It’s a long road, but they’ve made a very good start, said Angus Blair, head of the research unit at Beltone Financial. He …

CAIRO: With less than 10 percent of the Egyptian population being banked, there are plenty of opportunities for domestic and foreign banking institutions to penetrate the market and increase access to finance. “This offers an opportunity in the market. Egypt has long been a cash economy . and now foreign banks are attracted to Egypt …

CAIRO: By addressing the next stage of economic reform, the Euromoney Egypt Conference 2007 aims to propel Egypt into the second wave of growth. “The challenge is going to be more difficult in the future in terms of subsidies, education, and economic development available for the rich as well as the poor, and privatization of …

CAIRO: With a multi-branched marina stretching along both Sidi Abdel Rahman Bay and the Mediterranean Sea, the name Marassi – Arabic for docks – is indeed befitting of Emaar Egypt’s newly launched residential venture on the North Coast. Spread over seven km of open beachfront with the total area of 6,25 million sq. meters (1.5 …

CAIRO: Qualified Industrial Zones (QIZ) exports of textiles and ready-made garments to the US jumped to $306 million from the period between January and May 2007, up from $223 million during the same period last year. According to state figures, the recent surge was due to a rise in ready-made garments to $273 million up …

CAIRO: The United States embassy in Cairo said yesterday that it was not involved in any negotiations with Egypt and Israel to reduce the Israeli component in the Qualified Industrial Zones (QIZ) agreement. Al-Ahram newspaper had reported that the US Ambassador to Cairo said negotiations were currently underway to reduce the Israeli input from 11.7 …

CAIRO: The Ministry of Finance is currently looking into amending tax laws, whereby real estate and sales tax get collected as value-added tax starting sometime this year. “Currently, the real estate tax law is not active, giving room for tax evasion and allowing some people to escape from paying taxes, explained Ahmed Shawqi, managing director …

CAIRO: A public opinion poll conducted by the Information Decision Support Center – affiliated with the Cabinet – recorded that 75.2 percent of Egyptians say corruption exists in the country with a prevalence of 66 percent. “The public listed different forms of corruption, reads the survey. “74.9 percent of samples ranked bribes, freebies, and tips …

CAIRO: Raya Holding posted a remarkable increase in second quarter net profit as major shareholders rejected Orascom Telecom’s offer to acquire 100 percent of the company’s shares traded on the bourse. Raya’s independent financial adviser evaluated its shares at between LE 19.72 and 22.14, way above OT’s initial offer to acquire Raya’s shares at LE …

CAIRO: In a leap towards bringing unconventional learning tools into classrooms, Intel Corporation signed yesterday a Memorandum of Understanding with Edu Systems International (ESI) to enhance utilization of localized e-content and multimedia technology in education. Committed to corporate social responsibility, Intel Egypt – in cooperation with ESI – will customize and localize its “skoool Interactive …

CAIRO: The Cairo and Alexandria Stock Exchanges (Case) and the Capital Market Authority are currently looking into imposing harsher penalties on listed companies that violate rules of trading and disclosure of information to the Case. The Case recently doubled fines for infractions of trading to LE 10,000. They have also resorted to terminating transactions that …

CAIRO: Foreign Direct Investment (FDI) has soared to $9.45 billion and is expected to amount to $10 billion by the end of this year, Minister of Investment Mahmoud Mohieddin said yesterday. “During the past three years, the country managed to pull in FDI worth $20 billion, stated the minister. “The total size of private investments …

CAIRO: India’s Ambassador to Egypt A. Gopinathan announced during the celebration of India’s 60th Independence Day on August 12 that several Indian investors plan to expand their operations in Egypt. “Indian-Egyptian Fertilizers Company – the largest Indian company in the field – will invest around $500 million in Egypt within the next three years, he …

CAIRO: Amid escalating prices, the government vowed to monitor markets in a bid to protect consumers, specifically those living on a fixed budget. To balance supply and demand and avoid the seasonal price hikes during the holy month of Ramadan – a time when the demand on food commodities skyrockets – the government unveiled plans …