If you think the only responsibility for a business is to make profits, think again. Experts at the World Economic Forum on the Middle East in Sharm El-Sheikh highlighted Arab businesses’ civic duty – alongside governments and civil society – to invest in their communities. “A number of years ago, the only responsibility for business …

As oil prices continue breaking records on an almost daily basis, leaders at the World Economic Forum on the Middle East debated whether the region’s oil-cushioned tycoons have invested enough in their own communities, namely in non-oil producing countries. In particular, they questioned if leaders in the Middle East are translating the gains of the …

Education has been singled out as crucial to making Arab countries competitive in the global economy, and one of the ways government plans to change the face of teaching in Egypt is by integrating information technology in the learning process. “Education is the foundation on which everything else grows, said Prime Minister Ahmed Nazif recently. …

CAIRO: While the ripple effect of the US sub-prime crisis has reached the global economy, recent economic milestones indicate that Egypt is cushioned against the impacts of recession. “Egypt has seen a resurgence of confidence in the private sector which is required to help find economic growth. That has been seen in the growth of …

As oil prices continue to shoot to new records breaking a heady $127 a barrel last week before edging back slightly, Egypt – a country not cushioned by oil wealth – is left wrestling with soaring energy and food bills. Crude oil prices account for over half the cost of gasoline at the pump, weighing …

This year’s theme is ‘Learning from the Future.’ I think that one of the most important lessons I have learned is that tomorrow will not be ours to shape unless we start building tomorrow, today, said King Abdullah Ibn Al Hussein of Jordan in his opening address at the World Economic Forum on the Middle …

CAIRO: The Egyptian economy grew at an annualized rate of 7.5 percent in the first quarter of 2008, compared to 7.4 percent in the same period last year and 8.1 percent in the last quarter of 2007, the Cabinet said in a press statement. The Cabinet said the current rate of growth in gross domestic …

Had you wanted to register a new company or commercial project in Egypt a few years ago, you would have gone through a bureaucratic nonstop paper chase from one government entity to another that took up to a year. Register a company today, and you will experience a straightforward process that can be completed in …

CAIRO: The Egyptian economy grew at an annualized rate of 7.5 percent in the first quarter of 2008, compared to 7.4 percent in the same period last year and 8.1 percent in the last quarter of 2007, the Cabinet said in a press statement. The Cabinet said the current rate of growth in gross domestic …

CAIRO: With the aim of putting the past behind and shedding light on the region’s future, the World Economic Forum (WEF) on the Middle East will open Sunday in Sharm El-Sheikh, where hundreds of global policymakers and business leaders gather to explore forces that will shape the region in the coming years. “This year’s meeting …

CAIRO: Egypt s bourse slid Wednesday for the seventh straight session led by construction and banking stocks, which were still reeling from the government move to cut tax breaks on energy-intensive firms and hike energy prices. “The government’s decision to cut tax breaks [for energy-intensive firms in free zones] has helped drag down the market …

CAIRO: Egypt’s new property tax law proposal sparked controversy Monday among members of the Shoura Council. Those who support it say the proposal adheres to social solidarity, while the opposing side says it will put a strain on a majority of Egyptians. “The purpose of the proposed law is to take the tax from affluent …

CAIRO: The Central Bank of Egypt raised Friday its key overnight interest rates for the third time this year to combat rising inflation, particularly after the government’s decision last week to hike prices of gasoline and cigarettes, among other things. The bank’s monetary policy committee (MPC) lifted its overnight deposit rate by 50 basis points …

CAIRO: CAPMAS announced Thursday that urban inflation in Egypt rose to a new three-year high of 16.4 percent in the year to April, up from 14.4 percent in the year to March. Abu Bakr El-Guindi, head of the state statistics agency, told reporters in a news conference that inflation was driven mainly by higher food …

CAIRO: While government officials see that raising vehicle license fees is a way of achieving social solidarity, car owners see an extra burden on their budget. Opposition figures, meanwhile, see that the newly-passed measure stains several segments of society and overlooks luxury citizens. Car retailers, however, remain unsure about the consequences of the decision on …

CAIRO: Under the theme “Learning from the Future, the World Economic Forum (WEF) on the Middle East will open May 18 in Sharm El-Sheikh, bringing 13 heads of state as well as key political and business leaders together under one roof, organizers announced yesterday. Among those expected to attend the well-celebrated event are US President …

CAIRO: As domestic steel prices continue to rise, Egypt’s General Federation of Cooperatives revealed Sunday plans to import steel rebars at prices lower than those of domestic market. “Our Construction and Development Committee received complaints that small contractors are going bust as a result of ongoing steel hikes. Therefore, the committee had to resort to …

CAIRO: Following an upward trend led by Orascom Construction Industries (OCI) on Tuesday, the stock market dipped 0.01 percent on Wednesday on a strong turnover of LE 3.53 billion. Due to holidays, the Cairo and Alexandria Stock Exchange (CASE), like most business, was only open for two days. The stock market opened the week on …

CAIRO: It is not market rivalry that is making some of the world’s largest fast-food chains operating in Egypt jittery; it is fear of more bleak inflationary pressures amid escalating food prices that have already soared urban consumer inflation to its highest rate in over three years. “One of the biggest problems we face these …

CAIRO: While its coffee aroma seems to be waning in its homegrown market on the heels of the US mortgage meltdown, Starbucks is robust on Egyptian market operations. “As a new market for Starbucks, Egypt’s [sales] figures are better than those of other countries, said Omar Abdelhay, operations manager at Starbucks Egypt. “Our expansion strategy …

CAIRO: After closing at record highs for two days in a row, Egypt’s stock market reversed track by mid-week on profit taking prior to local holidays. The market snapped its two-day losing streak on Thursday, lifted by banking stocks. The CASE30 Index rose to record highs on Sunday, gaining 1.56 percent at 11,754.53 points, on …

CAIRO: Amid the ongoing wave of wage strikes and undercurrents of social unrest in response to spiraling food prices, the Minister of Investment suggested that corporate social responsibility (CSR) strategies could expedite the trickle down effect of the government’s economic reform measures. “Policies that seek to achieve more growth as well as better wages present …

CAIRO: The government will raise prices of natural gas and electricity for energy-intensive industries starting July, instead of September, to help ease pressure on the budget, the Ministry of Trade and Industry said in a press statement. The Ministry announced Monday it would hike the price of natural gas to $2.22 per million British Thermal …

CAIRO: To compete more effectively on the global market place, Egyptian products must adhere to quality, British Ambassador to Egypt Dominic Asquith told an assembly of business experts in Cairo. The buzzword, he said, is public-private partnership (PPP) schemes that bring government entities, businesspeople, and multinational donor organizations to work together to raise the quality …

CAIRO: On news that the government plans to lease four railway lines to private investors by the end of this year, Minister of Transport Mohamed Mansour confirmed that the government has no plans whatsoever to privatize the national railway system. “The government does not intend to privatize the national railway transport system by any means, …

CAIRO: Dubai-based mortgage lender Amlak Finance said Tuesday its mortgage disbursements in Egypt exceeded LE 130 million in the first quarter of this year. “Amlak Egypt has gained significant market share and continues to fortify its position in the local market, said Ahmed Haggag, CEO of Amlak Finance and Real Estate Investment, a wholly owned …

CAIRO: Qatar’s giant real estate developer Qatari Diar announced Monday it began excavation work on its $1 billion complex overlooking the Nile in Cairo, due to be inaugurated in 2011. The complex – dubbed Cornishe El Nil – is a twin tower mega project, which includes the internationally renowned brand St. Regis Hotel, upscale residential …

CAIRO: Arab Company for Hotels and Tourism Investments – a subsidiary of Talaat Moustafa Group (TMG) Holding – plans to construct Luxor’s first Four Seasons Hotel after winning the land in an auction, the company said in a statement. TMG stated it submitted the highest bid for a usufruct license on Al Sultana Malak land …

CAIRO: Aiming to streamline Egypt’s business start-up procedures, the International Finance Corporation (IFC) announced Wednesday it would roll out its successful One-Stop Shop project nationwide. The IFC – the private sector arm of the World Bank Group – signed Wednesday a memorandum of understanding with Egypt’s Industrial Development Agency (IDA) that seeks to streamline and …