Latest in Tag: Business Highlight
Latest in Tag: Business
QNB offers a tender to take over entire NSGB stake
This deal acts as an important step in QNB’s strategy to expand in foreign markets and is the largest acquisition in the history of the QNB group
New agreement to combat corruption
Justice Minister and UNDP sign co-operation agreement to list and tackle corrupt practices
Personal loans increase as inflation and price of goods rise
The value of personal loans made in November 2012 increased by EGP 900m from the month of October. The total value of loans in local currency was EGP 111.2bn for the month of November 2012, as opposed to EGP 110.2bn in October 2012. During the same period, loans made in foreign currency increased from EGP …
Canadian-Qatari business cooperation in Egypt
The agreement seeks to strengthen the economic ties between the three countries
Second container terminal in Ain Sokhna Port ready by end of month
EGP 5bn worth of investments will be used to construct the terminal
Rebel Economy Wrap
Breather rather than a new equilibrium
Steel prices surge, traders call to remove tariffs
The rise of prices is also reflected in all other products in the Egyptian market, especially imported ones
Egypt seeks to meet energy needs
EGPC is seeking to buy 968 thousand tonnes of diesel to be delivered between April and June
Egyptian and French Business leaders agree to strengthen economic ties
Both sides recognised the need to strengthen economic ties given the long history of cooperation between Cairo and Paris.
Exchange companies accuse CBE of raising dollar price
Head of exchange companies section at the ECC accuses the CBE of being the real reason behind the dollar shortage in the market
MOF reconsiders taxes
Ministry of Finance considers removing food tax increases while doubling tobacco excise
A reform package for the Islamic banking and finance sector proposed for the new year
The goal of the package is to create an environment conducive for Islamic banks to operate
Google: Digital GDP has reached EGP 15.6bn in 2011
In 2012 the number of Egyptians online reached 31 million, or 38 per cent of the population. 45 per cent of those were connected through portable devices.
Banks instate currency exchange regulations
Purchases of dollars typically limited and sales generally require approval of the bank’s administration
Sabbour: No foreign investment in the absence of stability and security
The President of the Egyptian Businessmen Association, Hussein Sabbour, relays to Daily News Egypt his concerns and diagnosis of Egypt’s economic crisis and sheds light on how Egypt can overcome the perils of status quo
Cellular operators raise price of prepaid cards
Sources within a number of companies have stated that a recent decline in net profit for mobiles operators have contributed to the need to restructure financial support systems provided to users
Investors Union: around 1500 factories are facing grave difficulties
A recent report conducted by the Investors Union stated that approximately 1500 factories in Egypt have either closed or are operating at reduced capacity
TNS: fuel prices and USD exchange rate will impact car purchases
The survey indicated that among high-income Egyptians who would potentially buy a car, 65% believe that the increase in fuel prices would factor into their choice of a car that is more fuel-efficient, while 18% felt that the rise in petrol prices would not affect their choice.
Pound expected to depreciate further in 2013
Throughout 2012 Egypt’s currency dropped 8.4% against the euro, which cost EGP 8.4 by the end of the year. Egypt’s currency dropped a total of 11% against the sterling in 2012.
Experts differ on practicality of prospective petrol quota
The “smart petrol card” programme seeks to provide taxi and microbus drivers with 30 litres of diesel per day.
Bill Gates among US investors to acquire $1bn stake in OCI
OCI NV launches exchange offer to absorb outstanding stocks and GDRs of parent company OCI SAE
Ghorab: Egypt has yet to tap into its wealth of natural resources
Former Minister of Petroleum, Abdallah Ghorab, talks to Daily News Egypt about the country’s energy problems and the crippling bureaucracy hampering development
Petroleum giants level criticism at current contractual agreements model
While its true that the Egyptian petroleum industry has endured the past two years of consistent political turmoil better than most industries in Egypt, and has been somewhat successful in sidestepping many of the economic impediments brought about by the lack of stability and security, it is by no means impervious to the structural disarray and the flimsiness of the current government.
Amin: “IMF may have required Islamic Sukuk”
Prominent economists gave their diagnosis of Egyptian economy and cast their predictions for 2013 at a media roundtable at the AUC
Egypt stock exchange hemorrhages
Train crash expected to push EGX30 down to 5,600 points
Delegation of American businessmen to visit Egypt in March
A report by the American Chamber of Commerce in the Middle East said that Egypt ranked fifth in terms of the number of its exports to the United States, at $2.44 bn, and third in American imports at $4.249bn.
EGX wont implement any high-risk financial instruments
Public Financial Supervisory Authority to not allow for stock options, derivatives, futures and other high risk financial instruments to be traded on Egypt’s stock exchange.
World Bank Egypt director: ‘WB contributed $5 billion to MENA in 2012’
The strategy of the World Bank in the region consists of strengthening governance, creating jobs especially for women and youth, accelerating sustainable growth and ensuring economic and social inclusion.
Egyptian postal service invests EGP 300m in Maadi Tech Park
Minister of Communications and Information Technology, Atef Helmi, stated that the initial stage of establishing the park was nearing its end as three new technologically equipped buildings constructed on 17,000 metres of land are expected to be leased and occupied by February 2014.
Egypt hosts AmCham’s MENA Regional Annual Conference
American Chambers of Commerce across MENA discuss regional development opportunities with investors and international organisations