The World Bank last Thursday approved a $20 million loan to finance the second phase of the Second Pollution Abatement Project (SPAP) for the Republic of Egypt. One of the main objectives of SPAP is to demonstrate applicability of market-based instrument for promoting industrial pollution abatement in hotspots located in the areas of Alexandria and …

CAIRO: In a bid to relieve people involved in major purchases and business transactions from lugging huge cases sagging with cash, the Central Bank of Egypt put into circulation on Sunday LE 200 banknote, marking the beginning of minting of higher denomination notes. After a major drop in the value of the pound vis-à-vis the …

CAIRO: Google, the world’s most popular search engine, has unveiled a new expansion of its product offerings in the Arabic language. In addition to popular services like the iconic search engine and its nearly limitless email server, Gmail, the company now offers users Google Earth in Arabic. On Google Earth, long available in English, users …

A 280 million euro financial protocol was recently signed between Egypt and France to back Phase-1 of Cairo Metro third line project, according to reports by the national newspaper Al Ahram. The phase extends for 4.3 kilometer length served by 5 underground stations. The loan is for repayment over 24 years including 6 years grace …

CAIRO: The Cairo Marriott Hotel recently celebrated the opening of three new villas that Cairo Marriott renovated at the SOS village for homeless children and orphans. The SOS village houses villas where groups of children stay with a female supervisor, whom they refer to as their mother. Cairo Marriott Hotel renovated villas number 7, 11, …

CAIRO: As part of its mission to streamline business start-up procedures in Egypt, the General Authority for Investment and Free Zone (Gafi) inaugurated a One-Stop Shop in Alexandria on Thursday. This brought around 20 government entities together under one roof and will allow domestic and foreign investors alike to register a company with relative ease. …

CAIRO: Is it worthwhile to think whether that percentage cut from your salary every month for social security will eventually amount to a decent retirement benefit? This might also be the same question that many of us ask ourselves when taking the step of getting life insurance of any kind. We keep flipping it around …

Al Watany Bank reported a 78 percent jump in net profit in the first quarter of 2007 to LE 44.1 million ($7.8 million), the stock exchange said in a statement on Thursday. The bank had reported a net profit of LE 24.8 million in the same period a year earlier. Al Watany said on March …

CAIRO: The two main Egyptian stock indexes hit one-year highs on Thursday as a buying frenzy continued to drive up prices in the housing and real estate sectors. The widely watched Case 30 index broke through the 7,500-point barrier for the first time since February 2006, giving a further psychological boost to the recent rally. …

CAIRO: Consumer inflation in Egypt fell to 11.7 percent in the year to April, from 12.8 percent in March, Economic Development Minister of State Osman Mohamed Osma said on Thursday, quoted by the state news agency Mena. The consumer price index rose 0.3 percent in April, he said. In April 2006, after an outbreak of …

The Ministry of Electricity and Energy carried out a program to produce dry gas generators for the first ever time in Egypt in cooperation with the Egyptian and international companies, according to reports by the State Information Service yesterday. This makes Egypt a hub for exporting dry gas generator to neighboring countries, especially considering their …

Consolidating its presence in the Middle East, Al Islami Foods, a leading provider of quality halal products, today announced a strategic expansion into Egypt s huge processed food market by launching “The Cart, a unique franchise model for the young entrepreneurs of the region, at the 5th Middle East and North Africa Franchising and Licensing …

CAIRO: Given the fact that agriculture alone constitutes around 50 percent of the country’s economic resources and the fact that soil of land is as valuable as money stashed away in a bank, the government has recently directed its attention towards encroachment on lands, which cuts down areas of cultivated land. Prime Minister Ahmed Nazif …

Vacation Discounters, Inc. announced today that it has launched a new Egypt Travel Guide website. http://www.egypt-travel-guide.com packed full of useful travel and destination information, Vacation Discounters’ website is a must for those interested in traveling or vacationing in Egypt. Egypt continues to be the favorite vacation destination for travelers around the world. With many exceptional …

CAIRO: EFG-Hermes, the region’s leading investment bank, is taking part in the 11th Annual Compensation and Benefits Forum, with Declan Ball, Head of Corporate Human Resources, representing the firm Held in Dubai, the Forum brings together leading regional and international specialists who share their knowledge and expertise regarding compensation and benefits programs, offering innovative solutions …

Egypt s Petroleum Minister Sameh Fahmy received on Tuesday visiting Chairman of the Palestinian Energy and Natural Resources Authority Omar Ketana. During their meeting promoting bilateral cooperation in the fields of oil and natural gas were discussed, along with ways of allowing the Palestinian side to benefit from Egypt s expertise in the natural gas …

Dubai-based family firm Al Ghurair Group plans to set up steel plants in Egypt at an estimated cost of up to $1.4-billion to tap the north African country s natural gas and iron ore resources, an Egyptian government official said on Tuesday. The group was interested in Egypt before, particularly in the iron and steel …

Change necessary for the capital market CAIRO: It is necessary to convey confidence in the present business environment to encourage further growth in the market, according to Beltone Director Aly El Tahry. El Tahry was speaking at the annual Global Trade Matters Conference on Egypt Emirates Trade and Investment held in Cairo Sunday. He commented …

Egyptian mobile phone operator Mobinil said on Sunday first-quarter net income rose 28 percent to LE 397 million ($69.9 million) from LE 311 million a year earlier. Earnings before interest, taxes, depreciation and amortisation (EBITDA) was LE 851 million, 21 percent up on LE 702 million in the January-March period of 2006, it said. Mobinil, …

Abu Dhabi Islamic Bank (ADIB) said its board of directors will meet on Wednesday to discuss acquiring Egypt s National Bank for Development (NBD). ADIB directors will also consider the establishment of an investment company, the bank said in a statement on the Abu Dhabi bourse Web site. It was not more specific. ADIB and …

CAIRO: Egyptian stock prices rose on Monday with continuing interest in the housing and real estate sector because of high prices at a government land auction. Ezz Steel, the most heavily traded stock, also gained 3.3 percent to last trade at LE 53.00 because of aggressive foreign buying and mobile phone operator Mobinil rose 1.3 …

CAIRO: In a lavish setting, Etisalat Egypt announced the launch of their services on May 1, downplaying the anticipated pricing war in favor of a promise of better services and quality. The company, which won the bid for the third mobile network license mid last year for LE 16.7 billion, announced the start of two …

Reuters CAIRO: Egypt s Cairo and Alexandria Stock Exchanges (Case) will introduce a commodities market in Cairo in 2008, a senior government official said on Friday. Case s chairman Maged Shawky had said earlier this year the bourse was in talks with experts from other exchanges to identify those that should be traded on a …

CAIRO: Emirati interest in investing in Egypt was the underlying theme to the annual Global Trade Matters (GTM) conference on Egypt Emirates Trade and Investment held in Cairo Sunday. “There is no trade without investment, no investment without trade, said GTM managing director Ashraf Mohamed Naguib. According to the Ministry of Investment, the amount of …

General Ahmed Fadel head of the Suez Canal Authority declared that revenues Canal transit fees of ships and tankers reached LE 2 billion in last March, according to reports by the State Information Service. The reports also noted that this is a record number of new revenue Canal transit over its history.

Stock indexes rose on Thursday, led by heavy foreign buying in Orascom Construction Industries (OCI) after the stock s global depository receipts (GDRs) rose a day earlier, traders said. A rebound in global equity markets had restored confidence in both retail and foreign investors, causing shares to rise, they added. The volatility that was seen …

Reuters LUSAKA: Egypt s El Sewedy Cables , one of the biggest cable manufacturers in the Middle East, plans to invest $1 billion across Africa during the next three years, CEO Ahmed El Sewedy said in an interview on Friday. El Sewedy told Reuters that the firm planned to increase its investments in Sudan, where …

CAIRO: Minister of Investment Mahmoud Mohieldin said on Monday that the Egyptian economy is expected to achieve a record growth rate that exceeds 7% this year joining the fastest emerging economies in Middle East and Africa. The minister said that the economy is set to grow above last year s rate of 6.8% due growth …

CAIRO: The UAE s Dana Gas has signed a deal with Kuwait International Oil and Environment Company (KIOEC) for joint exploratory oil and gas drilling in Egypt, Dana said in a statement on Wednesday. Drilling at the Komombo concession in southern Egypt, near Sudan, will begin in mid-2007. KIOEC will take a 50 percent stake …