CAIRO: Hunched over in a dark galabeya, Haj Gamal may appear an unlikely vector of economic reform. He has spent his entire life farming wheat and sugar cane in a village outside Beni Suef, the same two staples that his parents grew before him. With little attention paid to the laws of supply and demand, …

CAIRO/NORTH COAST: Trendy dining has slowly crept into the summer routine that was mainly dominated by meals on-the-go and restaurants that are dodgy at best. The increasing influx of beachgoers to popular resorts and hangout spots on the North Coast made the idea of opening popular Cairo restaurants and cafes in this summer getaway appealing …

CAIRO: Starting from a low base, Egypt’s securities market has picked up speed and performed well in light of the country’s positive economic indicators and liberalization process. “Egypt is becoming more hospitable to investment in general. We’ve seen foreign direct investments growing dramatically reflecting investors’ interest in the country whether in terms of portfolio investment …

CAIRO: Since its establishment in Egypt in 2006, Ahli United Bank Egypt S.A.E. has been working on creating an infrastructure for a strong, customer-focused business. After purchasing the bank in August 2006, the management in Egypt spent the rest of the year and the first half of 2007 cleaning up its balance sheet and creating …

CAIRO: From creating business-enabling environments and developing infrastructure to building educational skills, beating regional competition as well as combating unemployment and poverty, the government has miles to go before it can rest. “It’s a long road, but they’ve made a very good start, said Angus Blair, head of the research unit at Beltone Financial. He …

CAIRO: In September 2006, Barclays devised a new strategy for its Egypt operations aimed at evolving from a niche bank into a multi-functional bank, with numerous branches and an array of services ready to cater to customer’s needs. After carefully studying Egypt’s macroeconomic indicators for the past two years, the vision has finally seen the …

CAIRO: Three years after its inception, the Ministry of Investment continues to drive economic growth, and is currently focusing its efforts on encouraging public-private partnerships (PPP) and developing the mortgage finance sector. Established in 2004, the ministry has contributed to the government’s economic reform program, handling several portfolios that have contributed to the nation’s gross …

CAIRO: In an effort to enhance economic ties between Egypt and Canada, Global Trade Matters – an economic forum on international trade agreements and protocols – convened business experts from both countries to discuss opportunities for increasing economic cooperation. In a panel discussion on Sunday, investors debated strategies to increase Egyptian exports in Canada and …

London: Mobile phone giant Nokia launched its new Ovi brand at a conference in London last week and announced the launch of a number of new handsets. The Finnish word for “door , Nokia will use Ovi to expand a wide range of internet services such as music, movie, and game downloads, its existent Global …

CAIRO: Twenty-eight information technology companies joined forces to establish the Information Technology Export Community (ITEC), a civil society with a goal to increase the companies’ capacity to export products, attract foreign investment and make use of Egypt workforce. Mohamed Reda, chairman of ITEC, told Daily News Egypt that the society has already submitted its documents …

CAIRO: With less than 10 percent of the Egyptian population being banked, there are plenty of opportunities for domestic and foreign banking institutions to penetrate the market and increase access to finance. “This offers an opportunity in the market. Egypt has long been a cash economy . and now foreign banks are attracted to Egypt …

CAIRO: By addressing the next stage of economic reform, the Euromoney Egypt Conference 2007 aims to propel Egypt into the second wave of growth. “The challenge is going to be more difficult in the future in terms of subsidies, education, and economic development available for the rich as well as the poor, and privatization of …

COPENHAGEN: Denmark said Wednesday it will increase its development aid to Africa by 500 million kroner (67 million euros) in 2008. The raise will bring Denmark s total aid to African countries next year to 14.4 billion kroner (1.9 billion euros). It is part of the government s plan for how we through development policy …

TOKYO: Japanese and South Korean firms have won a $1.8 billion contract to build a diesel oil refinery in Egypt to respond to rising car demand in the emerging economy, the Japanese company said Thursday. Japanese trading house Mitsui and Co. said it and South Korean construction firm GS Engineering & Construction Corp. will build …

CAIRO: Egyptians and international residents can now enjoy discounted rates at Hilton resorts across Egypt by booking online. The new online booking page offers rates in Egyptian pounds for any of Hilton’s 13 properties in Egypt, and is accessible directly through the Hilton.com website at: www.hilton.com/egypt. The newly launched online service saves guests time and …

CAIRO: Feeling less welcome in London, Paris or New York, growing numbers of Saudis and other Gulf Arabs prefer the warm reception and relaxed atmosphere of Cairo for their summer holiday. Everything has changed since Sept. 11, 2001, this is the high season, says Jean-Pierre Mainardi, manager of the Egyptian capital s Nile Hilton hotel …

NEW YORK: The world’s largest for-profit healthcare products conglomerate, Johnson & Johnson (J&J), is suing the American Red Cross (ARC) over its use of the lifesaving emblem – the red cross on a white background. On 8 August, J&J filed a civil complaint in the US District Court in New York charging the ARC with …

DUBAI: Acer Computer, a supplier of notebook and desktop computers in the Middle East, aims to gain widespread exposure for its security-focused range of mobility products, said the company in a statement to the press. With the extension of biometric technology, the laptop market is undergoing a transformation. Product design and competitive pricing no longer …

DAMASCUS: Syria s oil minister said on Monday fuel prices would soon rise, and he blamed the increase in part on an influx of refugees into the country from neighboring Iraq. The idea of gradually raising the price of petrol, heating oil and domestic gas is because of increased demand, more expensive petrol and smuggling, …

LUANDA: Opec Secretary General Abdullah El-Badri held talks with the oil cartel s newest member Angola on Monday focusing on oil prices and production, state media reported. The key issue for observers is at what level the Opec group, which regulates oil supply from its members to control prices, will fix the production quota for …

TEHRAN: Iran s government is boosting the petrol quota for motorists under its rationing scheme in a one-off move to enable people to travel over the summer months, state media reported on Tuesday. Drivers of private cars will be allowed to take an extra 100 liters from the pumps, on top of the 100 liters …

DUBAI: Amlak Finance PJSC, an Islamic home finance company, received approval from the Dubai Land Department to launch trust account services, expanding its services to major real estate developers, according to a statement released to the press. Director General of the Government of Dubai Land Department Sultan Butti Bin Mejren and CEO of Amlak Finance …

CAIRO: Talk of a new electricity law raised speculation about the new regulations for power generation and distribution as well as fears of higher electricity prices. After three years of planning, the implementation of the new electricity law is underway. The new law, approved this past July, will allow local and international private sector companies …

CAIRO: Minister of Social Solidarity Ali Al-Moselhi returns today from a week-long visit to Brazil where he was looking into their highly successful Zero Hunger (Fome Zero) program, with an eye to implementing a similar initiative in Egypt. The Egyptian delegation was received by the Brazilian Ministry of Social Development and Hunger Alleviation, which is …

CAIRO: Forty-eight companies requested applications to apply for 14 new licenses for cement factories, the Industrial Development Authority (IDA) announced. Minister of Trade and Industry Rachid Mohamed Rachid agreed to extend the deadline for submitting the necessary paperwork to Sept. 14 so that the interested companies could have time to submit their paperwork. To date, …

CAIRO: With a multi-branched marina stretching along both Sidi Abdel Rahman Bay and the Mediterranean Sea, the name Marassi – Arabic for docks – is indeed befitting of Emaar Egypt’s newly launched residential venture on the North Coast. Spread over seven km of open beachfront with the total area of 6,25 million sq. meters (1.5 …

CAIRO: Essam Serry is an entrepreneur. A British educated Egyptian with masters degrees in computer science and education, he returned to Egypt several years ago in order to pursue several business initiatives in his home country. Since then, he has opened his own import-export business, a food distribution company, and a development group that does …

DUBAI: Dubai-based Emaar Properties warned third quarter profits for one of its US-based subsidiaries would be below earlier forecasts due to the subprime mortgage crisis, a newspaper reported Wednesday. Third-quarter JLH (John Laing Homes) results are going to be lower than earlier estimates – not incurring losses, but profits won t be high, Emaar s …

CAIRO: Recent high-profile cases of Egyptian Christians claiming abuse at the hands of their Muslim countrymen have highlighted growing divisions between the two communities. It s not as it was. People go less to each other s houses, says writer and political analyst Sameh Fawzi, bemoaning the increasing separateness of Egypt s six to 10 …