Latest in Tag: development Highlight
Latest in Tag: development
Morsy’s visit to China yields fruitful outcome
Seven co-operation agreements, $70m grant, are the major achievements of the visit
Morsy secures Chinese deals
Prospects of improving Egypt’s economic situation, as Morsy visits China
Global wheat prices expected to soar
By Basma Tharwat The drought that recently hit the United States and Russia, the largest wheat exporters in the world, triggered fears of a global price rise of the strategic commodity. One of the world’s largest wheat importers, Egypt is expected to suffer greatly as a result. Noamany Nasr Noamany, Vice President of the General …
Debate over IMF loan persists
By Islam Serour Fears of negative consequences attached to the IMF loan is fuelling debate among Egypt’s business and economic community. Some worry the loan could worsen national debt if the Egyptian pound were to be devalued, while others debate whether the government should focus more on the country’s domestic fiscal position rather than relying …
Calls to fix energy pricesfor factories
The Exports Council for Construction Materials (ECCM) will hold an urgent meeting this Sunday to request Prime Minister Hesham Qandil fix energy prices for factories. The ECCM plans to ask for a detailed five year plan to fix energy prices for industries. Waleed Gamal Eldeen, Presidentof the ECCM, said the energy prices instability is causing …
New initiative to maximise benefits of international trade agreements
By Inaam El Adawy The Federation of the Chambers of Commerce (FEDCOC) has adopted an initiative to review the trade agreements signed with Egypt in previous years. The initiative is aimed at seeking methods to derive optimal benefit from the agreements. “We are currently studying the free trade agreements between Egypt and other states, to …
IMF loan, reforms ‘both vital for Egypt’
IMF to yield positive results, shall Morsy enact reforms, say analysts
Minister of Tourism executes administrative shake-up
Tourism minister carrying out decisive administrative changes at four authorities
Embaba Airport housing project to be completed by year’s end
By Mohamed Darwish The Greater Cairo Housing Authority (GCHA) has finished constructing 82 percent (2800 out of 3400 apartments) of the Embaba Airport housing project, in preparation for delivery to owners in December. General Hesham Abu Senna, Director of the GCHA, said the area has been provided with electrical power from the national grid and …
National Holding Company invests EGP 1.3 billion in Arab Countries
By Islam Serour The National Holding Company reported Saturday the contract values for its two affiliated companies, El-Nasr Company for Contractors and the Egyptian Contractors Company, amounted to EGP 1.363 billion in Arab countries, during the 2011-2012 fiscal year. According to the Holding company’s report, El-Nasr’s contracts in Sudan are valued at EGP 288.961 million. …
Petroleum Ministry raises diesel quota for electricity stations
Fears of supply shortages arise as Petroleum minister decides to channel more diesel to power stations
New fiscal measures to address state budget deficit
By Islam Zayed and Mohamed Abdel Monsef The Government has prepared a new bundle of legislation aimed at increasing national revenue and alleviating budget strain. The legislation is scheduled to be enacted by year’s end. The Ministry of Finance (MOF) will enact further legislation to collect overdue taxes. The new bill resembles the tax payment …
Merkel gives Greece grounds for Euro hope
Germany’s Chancellor gives Greece eurozone hope, after talk with its prime minister
Government begins debt swap negotiations with European countries worth $1b
By Islam Zayed A high-ranking source at the Ministry of Finance (MOF) revealed that the government is working on several projects regarding relief of public debt, reduction of budget’s deficit and reforming the Egyptian economy, all in parallel. The Foreign Relations Department at the Ministry of Planning and International Cooperation (MPIC) continues to negotiate the …
Negotiations to streamline Qatari investment obstacles underway
By Ehab El-Dobaby and Mohamed Ayyad Within the coming days, a number of officials and executive directors of Qatari companies operating in Egypt will engage in negotiations with the Egyptian government. The negotiations will hopefully streamline several conflicts pertaining to the investment contracts that were signed by these companies before the 25 January revolution. During …
Housing Authority completes the development of 153 villages in Upper Egypt
By Mohamed Darwish The Central Authority for Housing (CAH) concluded the development of 153 villages at the beginning of the month, costing EGP 2.5 billion. The development rate in 373 villages reached 45%, costing EGP 3.5 billion in the Sohag, Assuit, Qena, Luxor and Menya governorates. General Mahmoud El-Maghawry, Director of the CAH, said that …
Currency exchange rates see relative stability after Eid El-Fitr break
By Waleed Abdel Azim The exchange rates of different currencies have stabilised during the Eid holiday and demand has not increased for any of the major currencies. The US dollar recorded a rate of 6.08, the Euro recorded a rate of 7.55 and the GB pound recorded a rate of 9.85 to the Egyptian pound. …
The EGPC issues new bid round for 20 blocks
By Islam Serour The Egyptian General Petroleum Corporation(EGPC) announced a new bid round for 20 blocks in the areas of the Eastern and Western Deserts exploration. Total investments according Hani Dahy, Chairman of the EGPC, is estimated to amount to $8.5 billion in the 2012-2013 fiscal year. Adel Saeed, the EGPC’s Vice Chairman for Agreements, …
B2B Marketing signs the country’s largest real-estate developers
Increase of real estate prices shows market gradual improvement, says Chairman of B2B
Aerospace industry needs young Middle Eastern talent
By Jeffrey Johnson Over the past decade, the Middle East has consistently been in the aviation industry’s spotlight as countries in the region invested heavily in passenger airplanes for their airlines, some of which are amongst the largest and fastest growing in the world, and state-of-the art equipment for their defence forces. In recent times, …
Ministries to launch an Intelligent Transportation System collaboratively
By Mohamed Radwan The Ministries of Communications and Transportation plan to restructure the transportation system in Egypt by launching an Intelligent Transportation System (ITS) in a number of Egyptian governorates. Preliminary cost estimates put the project at EGP 1 billion to be implemented over two phases. A Ministry of Communications official said that the Ministry …
MVNO to be decided next week
By Islam Serour Engineer Hany Mahmoud, Minister of Communication and Information Technology, stated in a press conference Thursday at the Smart village in Cairo, that the ministry will decide on the Mobile Virtual Network Operator (MVNO) offer after meeting with the board of the National Telecom Regulatory Authority (NTRA) scheduled for next week. He indicated …
Minister of industry and Foreign Trade meets with Industries Union board
By Islam Serour Newly appointed Minister of Industry and foreign trade, Hatim Saleh, met with Industries Union (IU) board members, headed by Dr Galal el-Zorba, for the first time yesterday. The purpose of yesterday’s meeting was to outline the main problems the industrial sector is facing, and for the heads of different sectors of the …
Sinai attacks prompt government to invest in development of peninsula
By Ibrahim El-Masry Measures will be taken within days to increase investment in the Sinai peninsula and to better connect the region with the rest of the country according to Dr Mohamed Mahsoub, Minister of State for Legal and Parliamentary Councils. He added that a Sinai development law will be discussed to nominante Arish …
FJP: PM should implement Sinai development plan
By Moustafa Salah The Freedom and Justice Party (FJP) has called on Prime Minister Hesham Qandil to begin implementing the plan to develop the Sinai before the end of the year. The party emphasised the need to develop the Sinai in the wake of the latest terrorist attack on soldiers guarding the border with Israel. …
Communications Ministry aims to extend high-speed internet to 75% of families by year’s end
By Mohamed Fawzi Several experts from the communications sector confirmed its stability, adding that its strategy moving forward will not see a dramatic change. They stressed, however, that the Ministry of Communications’ policies and strategies should not depend on the performance of individuals, but on studies and analyses regarding the sector’s circumstances, needs and requirements. …
An open, free Internet drives development
The Internet stands at a crossroads. Built from the bottom up, powered by the people, it has become a powerful economic engine and a positive social force
EU funds city sanitation and beautification project
By Mohamed El-Atroush The Chairman of the Federation of Egyptian Chambers of Commerce (FECC), Ahmed El-Wakeel, revealed that the Alexandria Chamber of Commerce obtained financing for the first stage of a project to remove trash and to beautify the city. The European Union (EU) is providing the financing for the project, which will cost EGP 40 …
Housing and Development Bank to invest EGP $900m in Helwan project
By Nasser Youssef The Housing and Development Bank (HDB) plans on building  a moderately-priced, middle-class housing project in Helwan over 27 acres recently acquired from the government. An official at the bank stated that the project comprises of 2000 residential units to be completed within the coming two to three years. The estimated cost of …
Developers adapt to changes by diversifying marketing policies
Real Estate companies changing market policies, mostly using a sales-marketing focused approach