Latest in Tag: Economy Highlight
Latest in Tag: Economy
Turkey’s economic miracle offers MENA investors big markets to chase
By Tim Reid Turkey has hung out its ‘for sale’ sign at just the right time to grab the attention of Arab investors who are in the market for new destinations to deploy their record energy revenues. A new Turkish real-estate law came into effect in May making it easier for Arabs to buy property …
Potential new tax on mobile phone calls
Mobile tax, a new burden on the average citizen!?
Government promotes public-private partnerships
Driven by the current financial shortfall, the Egyptian government has begun discussions regarding prospective public-private partnerships (PPP). According to officials, PPP are intended to catalyse infrastructure development, of which the country is in desperate need. The Ministry of Finance launched the MENA Project Finance and PPP two day conference yesterday, under the patronage of Prime …
Aung San Suu Kyi visits the United States
Aung San Suu Kyi arrives to the US, with hopes of easing the import ban on her country
From the other side: No dignity for an investor in his home!
No dignity for an investor in his home!
OPEC’s development fund gives $30m to Egypt for food security and poverty alleviation
Members of the Organisation of Petroleum Exporting Countries have confirmed a $30million loan for Egypt aimed at food security and poverty alleviation. The international development funding arm of OPEC, the Fund for International Development (OFID), approved 12 loans and grants to 29 developing countries, worth $201 million, for the purpose of improving socio-economic conditions. OFID’s …
iPhone 5 not just a phone; it’s a stimulus too
Apple is expected to sell as many as 10 million of the devices in just the first days of the launch
US waivers 11 nations complying with Sanctions placed on Iran
Nations complying with Iranian sanctions are granted waivers to aid them in diminishing imports from Iran
Turkey bolsters Egypt’s coffers
The Turkish government has agreed to inject US two billion into Egypt’s ailing economy following the visit of an Egyptian delegation to Istanbul for the purpose of strengthening Turkish-Egyptian economic ties. The government’s quest to bridge the state budget deficit and promote economic growth was recently manifested by a request to increase the proposed International …
Real estate tax expected to raise EGP three billion
Half of real estate tax revenues will be directed to bridging the budget defici
Morsy in Brussels seeking EU aid
The EU is Morsy’s second destination after China as he seeks foreign funding
Review: columnists observe Morsy’s attitude, IMF loan, and Coptic community
Egyptian opinion writers have explored a variety of topics that relate to President Morsy’s surprising moves, starting from his first trip to Saudi, to his latest in Iran. Many columnists continue to dissect Egypt’s internal platform with regards to the growing fears of the Coptic community in the country. Others criticise the acceptance of the …
Rubbish is a source of wealth and we are not capitalising on it
Daily News Egypt speaks to Syada Greiss, former MP and chairperson of the Association of the Protection of the Environment
Protests and strikes against recession in Palestine
PM promises to reduce prices by cutting salaries of ministers and officials
Tax Authroity new head vowes to boost tax revenues
Egypt’s Tax Authority (TA) hopes to increase tax revenues to EGP 230 billion, according to newly appointed chairman Mamdouh Omar. The TA plans to promote new leadership to ensure justice within the body, Omar told a meeting with heads of regional bureaus and managers of different departments on Monday. According to commentators, taxation in Egypt …
OPIC to focus investments on franchise, renewable energy and SMEs
As part of the US delegation’s mission to Egypt, the Overseas Private Investment Corporation (OPIC), a US government financing institution, signed a $150 million deal with private equity group Abraaj Capital. The new commitment targets the enhancement and development of small and medium-sized enterprises (SMEs). Managed by Aureos Capital, Abraaj’s SMEs investment platform, the Riyada …
US supports Egypt’s technology infrastructure
The US business delegation, currently in Cairo for a four day visit, completed two US grant agreements to boost Egypt’s information and communication technologies infrastructure, Carl Kress, US Trade and Development Administration (USTDA) Regional Director for the Middle East and North Africa, announced yesterday. Developing information and communication technology infrastructure will help boost Egypt’s economic …
CBE reports EGP 11.3billion balance of payment deficit
The Central Bank of Egypt (CBE) announced Monday that Egypt’s balance of payment totalled USD eight billion during the 2011/2012 fiscal year, compared to a surplus of $571.2 million in the previous fiscal year. The decline was attributed to reduced tourism profits and the current political atmosphere in Egypt and the region. CBE reported that …
US business delegation promisese support for Egyptian economy
A United States business delegation has pledged to support Egypt in its transition to democracy through bolstering investment to create more jobs and promote economic growth. “We hope that this delegation returns home with a very simple message: Egypt is open for business,” Thomas Nides, head of the US business delegation and the deputy of …
Saudi delegation to visit Egypt for investment talks
A Saudi business-delegation is scheduled to visit Cairo this Monday, with the legal impediments to Saudi investment leading the visit’s agenda. Reportedly, Dr Tawfik Al-Rabea, Saudi Minister of Industry and Trade, will head the delegation that encompasses up to 35 Saudi businessmen, in addition to the Saudi Ambassador to Egypt, Ahmed Al-Katan. The Egyptian delegation …
US business delegation arrives in Cairo
A United States business delegation arrived in Cairo yesterday for a four day visit to discuss economic cooperation to bolster the ailing economy through developing the private sector. The US chamber of Commerce and the US-Egypt Business Council (USEBC) will lead, in collaboration with the American Chamber of Commerce in Egypt (AmCham Egypt), a business …
Islamic Sukuk forecast to exponentially increase
The demand for Islamic Sukuk is expected to reach to $900 billion by 2017, according to Ernst & Young’s Global Islamic Banking of Excellence (GIBE) estimates. Ernst & Young’s GIBE reports that the forecasted exponential increase in demand for Sukuk stems from the growth of Islamic banking industry, and the increasing demand for financial tools …
Bank of England set to refrain from more QE stimulus
More QE cash expected, but BoE is likely to wait until November
Do we really understand how to rebalance Egypt’s economy?
Richard Banks discusses how the use of language within the business world could help or hinder the development of Egypt’s economy
Egypt placed 107 in global competitiveness rating
The World Economic Forum (WEF) issued its annual global competitive report, showing that Egypt’s competitive rating slipping 13 places to 107th place. The Egyptian market, in the view of many economic experts, lacks discipline and transparency. The price of goods and services’ do not represent actual patterns of supply and demand, in addition to other …
Asian markets slip on weak US manufacturing
Hong Kong (AFP) – Asian markets slipped further on Wednesday following losses in Europe and on Wall Street after a third straight monthly contraction in US manufacturing activity. The disappointing US data followed poor numbers on factory activity from Asia and Europe but dealers looked forward to a European Central Bank meeting, optimistic there would …
Food Industries Holding Invests EGP 100m on expansions
By Mahmoud Salah El-Din Tarek Shaalan, Head of the food products companies sector at the Holding Company for Food Industries, said EGP 100 million have been allocated for investment in the year 2012-2013 to develop branches of the companies and open new ones. The development plan includes developing 45 branches of Nile, Ahram and Alexandria …
El-Arabi meets with EBRD’s Hildegard Gacek to discuss economic co-operation
Ashraf el-Arabi, minister of development and international cooperation discussed economic support to Egypt with Hildegard Gacek, managing director of the European Bank for Reconstruction and Development (EBRD) for the southern and eastern Mediterranean region on Wednesday. It was reported that the Egyptian government seeks to attract the EBRD to carry out operations in Egypt beside …
Struggling Egyptian fishermen violate regional waters
Egyptian fishermen continue escaping life conditions through water
ECB hints at new bond-buying scheme
Details of a new bond buying plan by the European Central Bank (ECB) fueled a surge in some Spanish and Italian debts and increased mediated talks between European leaders. German Chancellor Angela Merkel met with the President of the European Union (EU) Herman van Rompuy in Berlin on Tuesday, while French President François Hollande travelled …