CAIRO: “Our region is proving resilient to uncertainty and volatility in the credit and financial markets of the US and Europe as a result of the US sub-prime and mortgage market crisis, said Nasser Saidi, chief economist of the Dubai International Financial Center (DIFC). As the US economy teeters near a recession triggered by the …

CAIRO: Fears of inflationary pressure and soaring food prices have lowered the way Egyptians perceive “quality of life, according to seasonally adjusted data revealed by MasterCard advisors at a press conference on Sunday. Amid strong growth rates, “inflation remains a problem in Egypt, and consumers [wonder] whether or not benefits of growth rates are trickling …

CAIRO: Egyptian real estate developer Talaat Mustafa Group (TMG) recently posted LE 1.32 billion ($237.4 million) net income in 2007, displaying 70.9 percent in net profit margin. “The [firm’s] capital and revaluations gains reached LE 561.1 million and LE 512.1 million, respectively, (a combined value of LE 1.1 billion) in fiscal year 2007, boosting the …

CAIRO: Spain will give Egypt $375 million to finance nationwide infrastructure projects. In a bid to boost bilateral trade and investment, Egypt and Spain signed two strategic treaties on Wednesday during the official visit of King Juan Carlos of Spain. “The financial protocol will see Egypt receive ?250 million in the form of [three] loans …

CAIRO: With an ambition to create Egypt’s new downtown, real estate developer Sixth of October Investment and Development (SODIC) is gearing up to challenge market leaders including Gulf-based Emaar and Damac. “Being an Egyptian company, allows us to develop projects that better suit tastes of the [local] community. At SODIC, we [know] what Egyptians want …

CAIRO: El-Ezz Steel Rebars, Egypt’s giant steel producer, added this week an extra LE 370 per ton to bring wholesale steel prices to LE 4,170 per ton and consumer prices to LE 4,800 per ton. This is the company’s third price increase since the beginning of the year. The firm -which currently controls a solid …

CAIRO: Mobinil, Egypt’s largest mobile operator by subscribers, posted annual net revenues of LE 8,200 million for the year 2007, reflecting an annual growth of 29 percent over the same period last year, the company announced Wednesday. The company also reported that net income reached LE 1,824 million at year-end, showing a 20 percent increase …

CAIRO: The Nile Stock Exchange (NileX) – the Middle East’s first stock exchange for small and medium enterprises – recently chose two nominated advisors for prospective SMEs to register with: White House Securities and Fincorp Investment. To be eligible for listing on the baby bourse, SMEs have to be sponsored by a nominated advisor. The …

CAIRO: The government’s spree to unite domestic and international prices will soon affect fertilizers. The Ministry of Agriculture recently announced that prices of fertilizers would rise to international levels in preparation for lifting subsidies from the product entirely. “The government’s official price for fertilizers is between LE 35-LE 38 per bag. However, there is not …

CAIRO: With the weakening of the US dollar and the rise in oil prices, gold’s month-long impressive performance presents a perfect opportunity for investors. The price of gold has set further record highs this week, reaching $923.40 an ounce, with dealers expecting the metal to crack the upside target of $950 in coming weeks. Analysts …

CAIRO: Sony Ericsson is bullish on the Egyptian market where it sees ample opportunities for growth and revenues said Elie Otaki, Sony Ericsson’s marketing and communications manager for the Middle East and Northern Africa region. “The Egyptian [telecommunications] market is dynamic and strategic for our operations, he said in a press conference on Sunday announcing …

CAIRO: The market extended losses on Sunday, as global declines drove foreign and retail investors to a selling spree. The CASE 30 Index lost by 3 percent to close at 10,406.02 points on a turnover of LE 1.4 billion ($260.7 million), reflecting the negative mood globally seen in markets. Telecom Egypt (TE) dipped 4.2 percent …

CAIRO: Following the 75 basis point cut in the US Federal funds rate on Tuesday, local banks in Egypt slashed interest rates on US dollar deposits, reducing them to 2.5 percent, in some cases, on long-term deposits. “The Egyptian pound exchange rate against the US dollar moved slightly from LE 5.5416/USD to LE 5.5340/USD, due …

CAIRO: Egyptian shares recovered some of their value on Wednesday after three consecutive days of sharp declines triggered by fears of a global economic slowdown. The CASE 30 index was up 4.28 percent at the close of trading to reach 10,052.18 points after sinking 3.3 percent on Tuesday, 4.2 percent on Monday, and 3 percent …

CAIRO: What happens when one white goods heavyweight from the east joins hands with another from the west? The odds are; presence in every household around the globe. That is what the new Olympic Group-Electrolux alliance aspires to achieve. “Olympic Group [OG] is determined to be the global leader in the field of household appliances. …

CAIRO: On their paths to growth, Egypt and India face similar development challenges that revolve around eradicating poverty and illiteracy while sustaining their impressive GDP levels, said India’s ambassador to Egypt on Sunday. “Estimates show that in the last decade, India reduced poverty by 8 percent, which is a significant achievement, but it doesn’t mean …

CAIRO: The cold is moving in, but the chill in Egypt stems from one word: inflation. Egyptians took to the streets last weekend in Cairo, and in smaller provinces such as Tanta, protesting ongoing price hikes. “The current chaos that is happening in our markets is [unbearable], said Samir Radwan, executive director of the Egyptian …

CAIRO: After signing a free trade agreement in 2005 that was dubbed “a turning point in relations between two regional powers, it was only a matter of time before Turkey established its first private industrial park in Egypt. Turkish President Abdullah Gul inaugurated Wednesday “The Polaris industrial park, the first of its kind in Egypt, …

CAIRO: Price hikes, municipal corruption, public debt accumulation and the spread of counterfeit products in the market, were among 22 setbacks highlighted in the Central Auditing Agency’s (CAA) latest report, fueling controversy in the People’s Assembly. “No one [government officials] has responded to the practices of [oligopoly] or restriction of sale of some commodities to …

CAIRO: In presence of Prince Andrew, the Duke of York, Barclays Bank Egypt inaugurated yesterday 10 new branches and a contact center, as part of the bank’s vigorous expansion plan to cover more than 90 percent of the country by the end of this year. “Barclays is one of the UK’s success stories in the …

CAIRO: Ahli United Bank (AUB) Egypt became the country’s first bank to join the International Finance Corporation’s (IFC) global trade finance program as an issuing bank, the corporation announced Saturday. The global trade finance program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Through the …

CAIRO: There is an emerging consensus that while aid alone cannot create prosperity, it can address critical human needs and contribute to economic development. In line with this view, a World Economic Forum report released Sunday identifies new trends that can make aid more effective in the future. “Some have argued that increased aid would …

CAIRO: For the sixth consecutive session, the Case 30 index started off the week rising 1.9 percent, a new record high of 10,927.11 points on a turnover of LE 1,967.0 million ($358.1 million). Al Ezz Steel Rebars climbed 4.9 percent and closed at LE 73.12 on a turnover of LE 97.9 million. The big steel …

CAIRO: The 100 percent hike in the price of mazut (fuel oil) from LE 500 to LE 1,000 per ton caused a domino-effect in the market, elevating prices of building materials, sugar and paper. The government’s decision sparked turmoil in sectors that heavily rely on fuel oil for production. Brick kilns producers were among the …

CAIRO: After several years of robust growth, the world economy is now facing some serious challenges in sustaining its brisk pace. Meanwhile, developing countries as a group are increasingly running the show as their weight in the world economy grows, finds a United Nations recent global economic report. “There is a clear and present danger …

CAIRO: With several hundred housing blocks budding every year, Egypt’s property market is gaining momentum vis-à-vis regional and international markets, finds a recent global housing review. “We believe Egypt is attractive . where prices are low by regional standards, gross rental yields are among the highest in the world, taxes are low, and transaction costs …

CAIRO: It seems that January’s cold weather has failed to cool down searing prices in the steel sector, which have been rising to unprecedented highs since the New Year.Market heavyweight El-Ezz Steel Rebars abruptly increased steel prices an extra LE 250 per ton as of Jan. 1, which means that wholesale steel prices soared to …

CAIRO: Spurred by Egypt’s growing population, France Telecom Orange Group is eyeing the country for its future expansion plans. On Thursday, it opened the18th Orange Lab in Egypt’s Smart Village, with a view to vie for the country s second fixed-line license. “Egypt is a fast growing market with 75 million inhabitants. It is a …

CAIRO: With a mission to challenge the dominance of Al-Jazeera, BBC’s anticipated Arabic TV service is expected to launch early this year with an annual operating cost of £19 million, offering an Arabic multimedia package of TV, radio and online content. The service was announced in October 2005 and was scheduled to start broadcasting in …