CAIRO: The Egyptian stock market flashed the red alert at the start of this week, plummeting 5.65 percent in two days, signaling a downhill tumble that could last all summer, traders said. “The market looks really bad. It has turned bearish with the global market downturn, explained Karim Hosny, trader at Pharos Brokerage. “It plunged …

CAIRO: The Egyptian stock market slid to its lowest close in almost four months on the start of the week, dragged by banking stocks. It snapped its five-day losing streak on Wednesday, boosted by foreign buying on shares of Orascom Construction Industries (OCI). However, it reversed its one-day rebound on Thursday, pulled down by negative …

CAIRO: Around 93 percent of banks operating in Egypt and two mortgage finance companies have helped Egypt’s credit bureau collate personal financial data on their clients, the bureau’s managing director said recently. “Our target information providers include banks, financial institutions such as mortgage finance and insurance companies, as well as telecom operators, Mohamed Refaat said. …

CAIRO: In line with experts’ expectations, Egypt’s giant steel producer Al Ezz Steel Rebars increased Tuesday its July market prices by LE 570 per ton.According to local sources, the company revealed July 1 its new pricing scheme for the entire month. Consumer prices mounted from the previous LE 5,990 per ton to the current LE …

CAIRO: Bilateral trade between the US and Egypt is on the rise, with first quarter results surging 19 percent, said US Ambassador to Egypt Margaret Scobey on Monday. Scobey did not confirm her country’s stance on signing a free trade agreement with Egypt. “In 2007, bilateral trade between Egypt and the United States was more …

CAIRO: The Egyptian stock market slid to its lowest close in almost four months on the start of the week, as banking stocks were still reeling after the government cancelled the sale of Banque du Caire, traders said. The bourse extended losses for five straight sessions since last Tuesday, shedding around 4.7 percent until yesterday’s …

CAIRO: As the Central Bank of Egypt (CBE) announced Friday it raised key overnight interest rates for the fourth time this year by 50 basis points to curb soaring inflation, experts argue more measures need to be taken. The bank s Monetary Policy Committee (MPC) said on Friday it raised the overnight deposit rate at …

CAIRO: Want to register your company? Egypt will take you by the hand and help start up your project in two days. Not only that, you will also be provided with after-establishment services to ensure the investment is worthwhile – at least that is what the General Authority for Investment and Free Zone (GAFI) vows …

CAIRO: Five regional and international banking players have lined up Tuesday for the bidding on Banque Du Caire amid expectations the sale could generate up to $2 billion, officials said. According to Mohamed Barakat, chairman of the Technical Committee for the execution of the sale of Banque du Caire, the sale of the bank would …

CAIRO: News leaked Monday that Egypt’s Ministry of Transport plans to hike ticket fares for first-class railway vehicles and metro lines by 25 percent beginning July 1. According to local reports, starting July 1 the ministry will raise prices of railway tickets for first and second-class air-conditioned vehicles to reach LE 140 for first-class tickets …

CAIRO: After amending Egypt’s Capital Market Law early this month to impose harsher penalties on violations of trading rules or disclosure of information, parliament is mulling over equating insider trading infringements with money laundry crimes. The People’s Assembly approved June 3 amendments proposed by the Capital Market Authority (CMA) to law 95 of 1995, which …

CAIRO: After long and heated discussions, the People’s Assembly ratified Tuesday the property tax law with an exemption threshold of LE 500,000 and a levy at 10 percent of a property’s annual rental value. According to Minister of Finance Youssef Botrous Ghali, since the new law will only apply to the 2.1 percent of Egyptians …

CAIRO: Two months after launching Egypt’s mobile number portability (MNP) service, the number of subscribers who switched networks constitutes 0.02 percent of total mobile subscribers, said telecom experts. MobiNil has so far managed to grab the biggest share at some 16 million subscribers. Vodafone Egypt comes second at 14 million subscribers, while Etisalat Egypt has …

CAIRO: Egypt’s stock market will launch a commodities exchange April-May 2009 that will trade in several agricultural and industrial products, said Minister of Investment Mahmoud Moehieldin on Thursday. “In today’s world, investors are keen on trading in primary commodities . particularly in agricultural products due to spiraling costs of food products, he said. “Several stock …

CAIRO: Two companies have been listed on the Nile Stock Exchange (Nilex) and the third is pending approval, announced officials at the Egyptian Stock Exchange Thursday. The listing committee approved Thursday the listing of Masria Card, which has an issued capital of LE 10.8 million, and El-Badr Plastic, with an issued capital of LE 1.7 …

CAIRO: Whether it’s milk, fruit juices, yogurt, or cheese; odds are you consume at least one Juhayna product a day. Its line of products is set to increase as the company announced Wednesday plans to add two new subsidiaries at a combined capital of LE 450 million ($84 million). With more than 28 types of …

CAIRO: It was perhaps one of the most significant pieces of news to come out of the local financial sector since the global credit crunch last summer: Look out Dubai, the Cairo Financial Center is coming soon. At its current estimated investment costs – between $450 and $730 million (subject to construction costs) – Egypt’s …

CAIRO: After rising 3.6 percent since May 22, the bourse broke at the beginning the week its six-day winning streak on profit taking. Egypt’s benchmark CASE30 index extended losses for three straight sessions and then snapped off its losing streak on Wednesday, moving beyond 11,000 points, on rumors of a possible merger. Overall, this week …

CAIRO: If you are seeking over 80 percent chance of success in your enterprise, then franchising is the answer for you, according to experts at the MENA International Franchise Exhibition (MIFE) 2008 held on Wednesday. “Franchising is a very effective business tool that passes on expertise of giant business enterprises with renowned trademarks to small …

CAIRO: In the ongoing commotion over steel and cement prices, Hisham Talaat Moustafa, chairman of the General Section of Real Estate Investment (GSREI), lauded the government’s recent decisions taken to cool rapidly spiraling prices. “I believe the government introduced effective procedures to contain the [relentless] leaps in prices of construction material including the cement export …

CAIRO: While a recent survey finds that global consumer confidence has plunged to a new record low in the past six months, some experts argue that Egypt will shrug off any possible recession and that signs of economic growth have unleashed consumer optimism among the wealthier sectors of Egyptian society. “Egypt is much more broadly …

CAIRO: Egypt’s communications and information technology sector generated LE 28 billion in the last two years, mainly driven by investments in Egypt’s third mobile operator and 3G mobile licenses, said IT Minister Tarek Kamel on Thursday. “The sector is growing at unprecedented rates, he stated. “Revenues of operators are growing by some 30 percent per …

CAIRO: Egypt’s stock market snapped this month’s losing streaks, with the benchmark CASE30 index advancing 3.65 percent this week to end at 11,057 points, mainly lifted by investor confidence. The market started off the week trading on low volumes, with the CASE30 Index gaining 1.3 percent to close at 10,803.04 points on a turnover of …

CAIRO: In a bid to enlarge its family stake, Talaat Moustafa Group (TMG) Investment announced Wednesday it acquired the National Bank of Egypt’s shares in mother company TMG Holding in a deal worth LE 1.275 billion. By virtue of the transaction, TMG will acquire 133,604,071 shares in the company, which constitute around 50 percent of …

CAIRO: Will the ripple effects of the US sub-prime crisis touch Egypt’s nascent mortgage finance market? According to Ossama Saleh, chairman of the Mortgage Finance Authority (MFA), the answer is no. “In Egypt, the mortgage finance market is under the supervision of one regulator, which presents more discipline. From appraises, to brokers, to lenders, they …

CAIRO: As property prices have skyrocketed in Egypt – mainly driven by hikes in construction material – it is new homeowners that will pay the price, argue experts during the Euromoney Conference. “Prices have gone up but to an extent that is not abnormal for developers. We are prepared for it, and the easiest [way-out] …

CAIRO: The real estate market is the main driver behind Egypt’s higher growth and employment rates, said Investment Minister Mahmoud Mohieldin in his keynote address Monday at the Euromoney Egypt Housing and Real Estate Finance Conference. “The real estate market constitutes 8.6 percent of Egypt’s GDP; and if the market was bigger, growth rates would …

CAIRO: As all eyes continue to focus on Egypt’s evergreen real estate sector, the Euromoney Egypt Housing and Real Estate Finance Conference will open today in Cairo, bringing together some 700 high profile industry experts. “The main objective of tomorrow’s conference is to explain Egypt’s real estate market and mortgage finance market to local and …

SHARM EL-SHEIKH: Education was the talk of the town as the three-day World Economic Forum on the Middle East came to a close Tuesday in Sharm El-Sheikh, Klaus Schwab, founder and executive chairman of the WEF, asked leading political and business figures to reflect on whether the Middle East will learn from the future – …