Latest in Tag: Business Highlight
Latest in Tag: Business
Addressing bureaucracy, administrative corruption necessary for economic reform: Experts
Bureaucracy, complicated investment legislation, and administration corruption are the main stumbling blocks to economic reform, several heads of banks said during the People and Banks Conference last Wednesday. Participants in the conference discussed how to work to restore investor confidence in the Egyptian market in order to transform it into a magnet for Arab and …
Credit Agricole studying demand for real estate funds: Bank official
The head of the Credit Agricole Treasury said that the bank will cover any government proposals for international bonds in a commentary on the government’s intention to put up bonds worth $750m in the near future.
Non-cash transactions in Egypt up to 7%; consultations underway with CBE for electronic services: Bankers
The size of non-cash transactions in Egypt has reached approximately 7%, the head of business at MasterCard Egypt said during the People and Banks conference on Thursday. He added that non-cash transactions have reached “90% in France and Belgium, 80% in America, 60% in Korea and Japan, 30% in the UAE, 20% in Saudi Arabia, …
EFSA requests further clarification in Hermes bid
Hermes appoints financial advisor to assess share value in Sawiris purchase offer, financial oversight body asks for clarifications
Industry ministry to finalise law encouraging production, protection of domestic products
The ministry affirms that government procurement not subject to WTO rules, which reject protection of local products
Cabinet reshuffle possible: Al-Sisi campaign source
Mehleb’s work strengthened the likelihood he would be retained at expense of former prime ministerial candidate Sirie El-Din, according to Al-Sisi campaign source
Egypt third-most-preferred country for German companies
German think tank 2b AHEAD states that Egypt is North Africa’s economic haven, despite all political turmoil
Instability, lack of legal certainty the main problems for British investors: Franck
Egypt’s exports to the UK went up by 21% in 2013, says former UK Trade and Investment Director
Egypt, UAE choose army-linked company to build wheat silos
The project targets addressing problems in the strategic wheat sector.
Tourism Federation launches investment fund worth $ 1bn
Company managing the fund receives Kuwaiti offers to contribute to its capital
Egypt business activity shrinks in May: PMI
Reuters – Business activity in Egypt shrank for the third month in a row in May, a poll showed on Tuesday, in a sign the economy remains fragile as former army chief Abdel Fattah Al-Sisi is set to become the country’s next president. Egypt’s economy has been hit by more than three years of political and …
Domestic liquidity increases to EGP 1.44tn: CBE
Increase of net domestic and foreign assets in banking system contribute to a 11% increase in domestic liquidity, according to central bank report
Bank loan assets increase by EGP 7bn in March: CBE
Bank balances in March rose to EGP 559.444bn as compared to EGP 553.464bn in February and EGP 546.228bn in December of last year.
Informal system is a ‘structural defect’ of Egypt’s economy: Al-Diwani
Prohibitive laws and procedures push Egyptians to work in the informal sector, says executive director of Center for Economic Studies
IPOs will support public sector businesses: Minister of Industry
Abdel Nour said that the investment climate has improved significantly over the past three months.
Egypt planning to store wheat for Arab countries: Supply minister
The minister estimated that savings to be achieved from the new bread subsidy system in the canal governorates will amount to 30% of the total subsidies provided.
Apache investing $1.4bn in Western Desert concession area: Khalda president
DNE interviews Taher Abd Al-Rehim, president of Khalda Petroleum, the joint venture between Egyptian General Petroleum Company (EGPC) and the US company Apache
Capital gains taxes a positive step, will not weaken competition: Former EGX vice chairman
Government considering imposing taxes on stock market to increase revenues
Cash support a ‘lie’, will not improve the lives of the poor: AUC professor
Government to grant monetary support for the poor to compensate for energy price increase
Government will be unable to meet fuel subsidy bill proposed in budget: Former petroleum minister
Arab countries offered a petroleum grant last year valuing EGP 80bn, which aided greatly in providing petroleum products needed for the domestic market in light of an inability to provide necessary liquidity for imports, according to Kamal.
Removal of diesel subsidies for tourism sector to begin in November: Tourism minister
Government hopes to remove diesel subsidies in early November in two stages; hotels and tourist transportation companies to receive diesel at actual price of EGP 5.35
Barclays Bank Egypt achieves EGP 132m net profit for Q1 2014
The bank achieved a rate of return on equity of 19% in comparison with the same period in 2013, in addition to an increase in the rate of return on assets which rose from 2.5% to 3.1%.
CIB named ‘Bank of the Year’
HSBC dropped 13 places on the efficiency indicator as its profits declined, whereas Barclays took third place.
Petroleum grants from Arab countries strengthen Egypt’s credit rating
Drops in Egypt’s credit rating following the 25 January Revolution negatively impacted the Egyptian General Petroleum Corporation
Flat6Labs Demo Day shines spotlight on Egyptian entrepreneurship
Entrepreneurship “accelerator” sees its largest class of graduates to date
Al-Sisi seeks to develop fishing industry, increase rate of aquaculture
The programme also includes the development of legislation to remove all obstacles and open horizons to stimulate the production, distribution and export of fish.
Al-Sisi reveals plan to develop metallurgical industries
By Mohamed Ayyad Presidential candidate Abdel Fattah Al-Sisi announced his intentions to develop the metallurgical industries, saying that he seeks to shift from the export of raw minerals to the process of manufacturing minerals in Egypt and exporting them. The electoral platform said that this will achieve added value for the national economy and raise …
Al-Sisi’s electoral platform proposes new administrative, investment maps
Plan includes establishment of 26 tourist cities, 8 international airports and 3 new seaports
Porsche invests €450,000 in Egypt
SMG to open new Porsche dealership in 6th of October City, Abu Rawash Managing director of Engineering Automotive Corporation (SMG) Ibrahim Ghattas said Porsche will invest €450,000 in the construction of dealerships in Egypt. SMG is currently displaying the company’s new production line, “Porsche Macan”. The Macan Turbo is equipped with a 3.6-litre V6 biturbo …
Big Rental sells gas, butane-powered electric generators during energy shortage
This means that citizens who use gas lines connected to their place of residence to run on electric generators can face legal repercussions under criminal law.