Latest in Tag: Business Highlight
Latest in Tag: Business
Ministry of Tourism considering payment of $7 development fee on behalf of tourism companies
This led the ministry to study the option of paying for the development fees instead of the companies.
Additional fuel imports to sustain power plants in summer worth $780m: EGPC chairman
Tarek El Molla elaborates on fuel imports, EGPC debts, subsidies and foreign investments
The Egyptian Tax Authority warns of pending administrative freeze on 13 petroleum companies; Ministry of Finance refuses to settle the debts
The Egyptian Tax Authority warned 13 public and private/public petroleum companies that they face an administrative freeze, and it has refused to accept their tax returns to date. This follows the Ministry of Finance having refused to settle the companiesâ tax debt, which is estimated at EGP 3bn owed to the Tax Authority, according to …
EGP 135bn spent on subsidies for current fiscal year
By the end of the current fiscal year the amount spent on subsidies will reach approximately EGP 135bn, compared to the EGP 129 billion spent the previous year, according to Al Al-Mula. Petroleum Minister Sherif Ismail predicted that subsidies for petroleum products for the coming fiscal year will reach about EGP 140bn in case prices …
Wepco assumes operational control of Badr 1 field
Badr El Din Petroleum Company is currently operating Badr 1 but will soon hand over control to the Western Desert Petroleum Company (Wepco). All production will be the property of the state as the contract with Shell expired, according to Al-Mula. The decision to entrust the field to Wepco has been made official and handover …
Egyptâs Arabian Cement Company shares to start trading on Sunday
Arabian Cementâs initial public share offer was 18.5 times oversubscribed, an official at CI Capital, who advised Arabian Cement Company on their IPO alongside EFG-Hermes
Al-Futtaim Group Egypt to launch new Honda City model in July at EGP 165,000 starting price
By Islam Atris Nile Trading and Engineering Company Al-Futtaim Group Egypt, Hondaâs agent in the country, will release the new design of the Honda City model in July at a starting price of EGP 165,000. Al-Futtaim will release the car during the second half of 2014, and will begin supplying the model to Hondaâs authorised …
Egyptâs Talaat Moustafa posts 15% increase in Q1 net profit
Reuters – Egyptian property developer Talaat Moustafa posted a first-quarter profit after tax of EGP 160.8m ($23m) on Wednesday, up 15% from a year earlier, it said in an emailed statement. Revenues fell to EGP 1.14bn from EGP 1.52bn, it said.
Israeli mobile operator Cellcom profit up more than forecast
Cellcom was forecast to earn ILS 86m shekels on revenue of ILS 1.18bn, according to a Reuters poll.
Egyptians prefer to live in Al-Tagammu, Maadi: Propertyfinder.eg
Al-Tagammu is the most attractive community for real estate buyers in Q1 2014, followed by Al Qatameya reveals propertyfinder.eg.
Ripplewood deal boosts optimistic expectations for Egyptian real estate market growth
SODIC is one of the largest real estate development companies listed on the Egyptian Stock Exchange, launching projects targeting strata that earn above-average income.
UAE, Saudi Arabia provide Egypt with $2.6bn in grants in Q1 2014
Egypt has made various offers to the UAE, Saudi Arabia and Kuwait regarding a number of projects, including the establishment of laboratories for refinement areas in Ain Sokhna, the North Coast, Alexandria and Upper Egypt.
Investment Law amendments nullify 20 lawsuits against government contracts, raising corruption fears
New legislation nullifies claims regarding the sale of the Bank of Alexandria, the National Bank for Development, Misr International, and Palm Hills
US government and Egyptâs civil society promote consumer rights
Over 300 Egyptians generated recommendations to strengthen the consumer protection law in Egypt at an event in Alexandria sponsored by the US Agency for International Development (USAID). Organised in coordination with the Egyptian Consumer Protection Agency (CPA) and three civil society groups, this event increased public awareness regarding consumer rights and regulations. âUSAID has been …
HP to invest over $1bn in open-source cloud computing
Reuters – Hewlett-Packard Co said it plans to invest more than $1bn over the next two years to develop and offer cloud-computing products and services. The company said it will make its OpenStack-based public cloud services available in 20 data centers over the next 18 months. OpenStack, a cloud computing project that HP co-founded, provides …
US changes visa rules to keep foreign talent
Under the changes, spouses of people with H-1B visas who have applied for permanent residency âgreen cardsâ can also apply for permission to work.
Gulf Arabs free fuel for Egypt reaches $6bn in value
The aid helps reduce the heavy costs of government fuel subsidies and the drain on foreign exchange reserves.
Chairman of the Chamber of Goods and Antiquities: $1.5bn loss in activity during 2013
The Ministry of Antiquities halted the completion of an exhaustive restoration of archaeological sanctuaries due to a lack of financing and a proliferation of street vendors over the past three years.
Sinai land allocations to promote diversity of services: TDA Chairman
Tourism Development Authority considering opening up 10m metres to investors in South Sinai
Egypt builds upon its outsourcing growth
The local cost advantage is an important factor: labour, land and power are all affordable by international standards. But while workersâ wages are relatively low, the skills base is strong. As well as native Arabic, English is widespread.
Egyptâs Arabian Cement to announce IPO price on 10 May
Reuters – Egyptâs Arabian Cement Company has set an indicative price range for its planned stock market listing at between EGP 8.45 and EGP 9.55 ($1.37), with trading to begin on or around 21 May, Chief Executive Jose Maria Magrina said on Monday. The deadline for buying orders will be on 8 May for private …
Egyptâs Al Nouran sugar project secures Islamic financing
Reuters – Egyptâs Al Nouran sugar production facility, an EGP 2.5bn ($357m) project, could begin operations in 2016 after securing a Sharia-compliant financing package, the project sponsors said on Monday. Al Nouran is expected to refine more than 500,000 tonnes of sugar annually, potentially reducing the countryâs reliance on imported sugar by up to 25%, …
UKâs BG Groupâs CEO quits, firm warns on production
Reuters – BG Groupâs chief executive resigned on Monday as the British oil and gas major said production would be at the lower end of its target range this year due to problems in Egypt. The board said it accepted the resignation for personal reasons of Chris Finlayson after just 16 months in the job. …
UAE Etisalat profit rises as revenue and subscribers grow
Q1 profit AED 2bn vs AED 1.8bn a year ago
Saudi Arabia imposes fines, jail terms for visa lapses
Punishment ranging from fines and jail terms to confiscation of assets and deportation may be imposed, escalating a year-long crackdown on visa irregularities that have been overlooked for decades.
Sawiris says ready to invest $1bn-$2bn in Telecom Italia: Paper
Sawiris had unsuccessfully attempted to buy a stake in Telecom Italia in 2012
IMF, World Bank push for price on carbon
Warning that time was running out for the planet to avoid worst-case climate change
Egyptâs Pioneers Holding 2013 profit rises 37%
Reuters – Egyptian investment firm Pioneers Holding posted a 37% increase in net profits for last year, it said in a bourse statement on Wednesday. Pioneers made EGP 358m ($51m) in 2013 compared with EGP 260.5m in the previous year, it said. The firm, which specialises in brokerage services, said earlier this year it planned …
Dubai tells global bankers to expect another boom
Reuters – Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It appeared to win the endorsement of many of the bankers. Over a dozen top Dubai officials and executives met about …
G20 final document unlikely to address Ukraine crisis
Reuters – The worldâs financial leaders are likely to discuss possible risks to Europeâs economy from the crisis in Ukraine, but there are no plans to mention it in the final document from their Washington meeting, two G20 officials said. Finance ministers and central bankers from the Group of 20 developed and emerging economies will …