Latest in Tag: FJP Highlight
Latest in Tag: FJP
Etisalat Egypt announces 300,000 active customers in three weeks
Etisalat announced yesterday that it has recorded over 300,000 subscribers in the first three weeks since its launch on May 1. Significant traffic is also being experienced for data services such as its ring back tone service, and its mobile television service. Today, approximately 75 percent of customers are accessing data services across Etisalat s …
Suez Canal traffic resumes after brief disruption
Traffic on the Suez Canal was moving freely again after a cargo ship, which drifted off course, blocked the vital waterway for several hours, a canal authority official said on Monday. Traffic resumed normally in both directions on Sunday evening after a four-hour interruption when a Hong Kong-flagged vessel drifted from its path, blocking the …
The Bi-Annual Four Seasons Sales and Marketing Europe, Middle East, and Africa (EMEA) Conference
Abu Dhabi says bought 8 pct of Egypt's EFG Hermes
State-owned Abu Dhabi Investment Authority said it had bought an 8 percent stake in EFG-Hermes and would take a seat on the board of the Egyptian investment bank. The authority invests the oil revenues of Abu Dhabi emirate, the largest member of the United Arab Emirates federation and owner of more than 90 percent of …
Egyptian economic growth hits 7%, but few benefits trickle down
CAIRO: Africa’s economic growth rate is projected to hit 6 percent this year, the highest level in over twenty years, the African Development Bank reported last week. Growth was strong in Egypt, says the bank, which is one of the continent’s strongest economies. Gains are projected to be large in South Africa, Algeria and Nigeria, …
Egyptian Company for Mortgage Refinancing to receive World Bank loan
CAIRO: Minister of Investment Mahmoud Mohieldin confirmed yesterday that the Egyptian Company for Mortgage Refinancing (EMRC), due to start its financing operations this year, will be receiving an LE 214 million loan from the World Bank. The EMRC, jointly established by the Central Bank and 24 private and public financial institutions, will, according to the …
Stocks driven up by strong real estate
Stocks rose on Sunday, driven by strong interest in Medinet Nasr Housing and Alexandria Real Estate Investment, brokers said. But two other housing and real estate stocks, Heliopolis Housing and Sixth of October Investment and Development (Sodic), fell back after early gains. Orascom Telecom and sister company Orascom Construction Industries made a smaller contribution to …
Shinzo Abe the Japanese Prime Minister
Germany's RWI eyes Egypt's oil, gas sector
Germany s RWI oil plans to increase investment in the Egyptian oil and gas sector, according to reports by international news agency UPI. Hand Andrea, the company s director, told reporters in Cairo Thursday that Egypt s Nile Delta and the Mediterranean areas were not fully explored. The comments were reported by Egypt s official …
Egypt may cut cement prices
Egypt may reduce its tariffs on steel and cement exports later in the year due to an anticipated softening in prices, according to Trade Minister Rachid Mohammed Rachid and cited by Reuters. The government introduced the taxes in February because of rising domestic prices and to stop foreign buyers taking advantage of Egyptian subsidies. There …
Case displays mixed results in vibrant week
CAIRO: Transactions on the Cairo and Alexandria Stock Exchange (Case) were particularly vibrant this week, tempting many investors to sell shares. This led to a fall in the Case 30 Index to 7410 points on Wednesday, recording the highest drop this week, but again rising to 7424 points on Thursday. In the abundance of strong …
MSN Live to expand in Egypt, Arabia
CAIRO: Internet penetration is skyrocketing all over the globe and the Arab world is no exception. In Egypt alone the number of internet users is set to at least double in the next four years. Internet service providers are understandably keen to break into emerging markets like Egypt, and between May 10-12 Microsoft s annual …
Sawiris plans Greece offer, rules out South Africa
Reuters DEAD SEA, Jordan: Egyptian billionaire and Orascom Telecom chairman Naguib Sawiris said he will offer within the next two weeks to buy the rest of Greece s second-largest telecom company, Tellas. Sawiris Weather Investments Spa is in talks with Greek utility Public Power Corp. (PPC) about buying its stake in Tellas, Sawiris told Reuters …
Economic reform helps attain 7 percent growth
Egypt s economic reform programs will help increase economic growth rates to 7 percent by the end of 2007, said Governor of the Central Bank of Egypt (CBE) Farouk El-Okda in his speech during the 2007 annual meetings of the Boards of Governors of the African Development Bank Group (African Development Bank and the African …
Orascom Telecom downgraded to "neutral"
HSBC downgraded Egypt s Orascom Telecom to neutral from overweight , saying the company had reported weak first-quarter results. The brokerage cut its price target on the telecommunications company to LE 84 from LE 95.6.
World Economic Forum on Middle East to address diversity
CAIRO: The three-day World Economic Forum (WEF) on the Middle East kicked off in the Dead Sea in Jordan on Friday, where Egyptian Minister of Trade and Industry Rachid Mohamed Rachid will be attending along with a number Egyptian businessmen and economists. According to the Arab Competitiveness Report released ahead of the conference last month, …
Local housing stocks pull market up
Local housing stocks bounced back on Thursday, more than offsetting the decline in market heavyweight Orascom Telecom, which closed at the lowest level since mid-December. Egyptian Resorts gained 1.7 percent to last trade at LE 10.01 ($1.76) after it announced it had sold about 68 hectares of development land for more than $42 million, at …
Egypt shuns US competitors, sends prices lower
KANSAS CITY: News that Egypt favored US competitors in its latest wheat purchase helped push hard red winter wheat futures lower at the Kansas City Board of Trade on Thursday amid a mix of other market factors. New-crop July wheat ended down 6-3/4 cents at $4.78-1/2, while the September was down 7-3/4 cents at $4.88-1/2. …
Growth in bilateral US-Egyptian trade
CAIRO: Above all else, US-Egyptian commercial and trade relations are on the rise, with bilateral trade hitting a record of $6.3 billion by the end of 2006, making the US Egypt’s largest bilateral trading partner. “US-Egyptian trade relations are higher than ever. . And we would like to make every effort to continue with the …
EFG-Hermes Foundation donates funds to Menya water project
CAIRO: The EFG-Hermes Foundation donated Thursday LE 650,000 to two projects in Menya governorate, a Habitat Project and a Water and Latrines Project, both to be led under the Better Life Association for Comprehensive Development (BLACD) NGO. The Nazlet Hussein (Habitat) Project aims to repair or construct 1,000 “up-to-code homes via loans of up to …
Food glorious food: Egypt to join world's top food fair
CAIRO: It might not be a fabrication, after all, that Egyptian cuisine is famous for its lip smacking mix of foods, pickles and juices as well as exclusive to a wide variety of cheese, as Tarek Tawfik, chairman of Food Commodity Council, presented the facts at a press conference to announce Egypt’s participation in Germany’s …
Czechs plan to double trade with Egypt
CAIRO: The Czech Republic is looking to double its volume of trade with Egypt in the foreseeable future according to the Czech Deputy Foreign Minister for Economical Affairs David Gladis who was in Cairo spear-heading a trade delegation to discuss potential deals in Egypt. Speaking at the Czech Embassy in Cairo Monday, Gladis said “we …
Egypt, Belarus to cooperate in space optics
CAIRO: Egypt proposed to cooperate with Belarus in the field of optics used to monitor satellites and for space purposes, said visiting Belarusian Deputy Foreign Minister Viktar A. Gaisenak. A group of Belarusian scientists will visit Egypt soon to study cooperation in the field and Belarus forwarded an invitation to Hany Helal, minister of higher …
Egypt's Business Plan Competition announces semi-final winners
CAIRO: The Business Plan Competition has announced on April 30, 2007 the 30 winning teams for its semi-final round. “We were enthusiastic about the submitted ideas. This rush of ideas is a powerful indicator of Egypt’s flourishing tech industry, said Ahmad Gomaa, CEO of Ideavelopers, which is the advisor to the Technology Development Fund and …
Mortgage finance to ease housing crunch, says Mohieldin
CAIRO: If you are a newlywed couple looking for your dream house; or if you are a middle/low-income family hoping to own an apartment; or if you are a tourist seeking to buy a second home in one of Egypt’s cities, your dream might just be a step away from becoming a reality. This was …
Nile Delta erosion untrue, Minister of Irrigation
Mahmoud Abu Zeid, minister of irrigation and water resources, confirmed that foreign statements voiced lately about danger on Egyptian Delta due to expected higher level of the Mediterranean Sea water plus erosion of the Delta land resulting from such climate changes, and also noted that 80 percent of the Nile water would dry, are all …
Euromoney opens with spotlight on housing
CAIRO: Assessing development of the Egyptian housing and real-estate finance market, the Euromoney Egypt Housing Finance Conference took place yesterday, amid high participation from politicians, business leaders, bankers and investors. Held under the patronage of the Ministry of Investment and the Mortgage Finance Authority, the conference raised issues aiming at promoting and regulating mortgage finance …
BG to spend $3bln on Egypt gas plans
BG Group, the biggest supplier of liquefied natural gas to the US, said it planned to spend more than $3 billion exploring for and producing natural gas in Egypt by the end of the decade, according to reports by Bloomberg. Ian Hewitt, BG Group’s director in Egypt, also urged the local government to pay more …
Shares mixed, OT offsets housing sector rise
Market shares ended mixed on Monday, with market mainstay Orascom Telecom shedding 2.2 percent ahead of its first-quarter results to offset another rise in the real estate sector. Shares in Orascom Telecom (OT), one of the biggest telecommunications firms in the Middle East, closed at LE 76 ($13.36) a share, a 6-week low. Traders said …