Latest in Tag: FJP Highlight
Latest in Tag: FJP
Government internal debts remains in safe area
Minister of Finance Youssef Boutros Ghali said the government internal debt as a percentage of Gross National Product is still in a safe area. In a statement released Monday, the minister emphasized that budget deficit was under control and could be eliminated, but this would increase the burden on low-income families. He explained that the …
Government official: IT exports to hit $1 billion by 2010
SECC looks to export its services to Gulf market CAIRO: Egyptian information technology (IT) sector exports are on track to reach $1 billion (LE 5.71 billion) by 2010, Gamal Aly, chairman of the government s Software Engineering Competence Center (SECC) said. Aly s comments came upon his return from the annual Dubai Gitex Expo, a …
Sodic board approves Palm Hills acquisition
Combined land assets to exceed 12 million sq m upon shareholder approval CAIRO: Sixth of October Development and Investment Company (Sodic) board members approved Monday the acquisition of 100 percent of Palm Hills Development Company (PHD) through a share swap in a deal estimated at LE 1.9 billion. Pending shareholder approval, Sodic will issue 25.4 …
Ministry of Housing to announce winners of family housing project in Jan.
Ministry of Housing and New Urban Communities plans to announce within days the results of a competition over implementation of the family housing scheme. Ministry Advisor Sahar Tohamy said Sunday that 26 private sector investors have joined in competition to implement the scheme in several new areas. Winners in the bid will be identified by …
German economic locomotive helped by Egypt trade
Economic relations with Egypt have profited the German economy with benefits to both countries in their push for increased trade, Dominik Mutter, head of the German embassy’s economic section said Thursday. “Of course, we would like to have growth rates like Egypt , Mutter said, referring to the 6% at which the Egyptian economy is …
Blom Bank Egypt expands into brokerage activities
Blom Bank Egypt has concluded its acquisition of the Investia brokerage firm in Egypt and re-launched the company as Blom Securities, according the Saad Al-Azhari, the bank’s chairman. He said that the bank’s takeover of a large brokerage firm in Egypt was part of its strategy to expand in the financial market after acquisition of …
Suez Canal expects more Chinese vessels
Movement of shipments between China and Europe through the Egyptian Suez Canal is expected to grow significantly, according to Galal Al-Deeb, chairman’s advisor at the Suez Canal Authority. “A tripartite agreement between Egypt, China and Italy will allow shipments passing through the Suez Canal and Egyptian ports to land on the Southern Italian port of …
Egypt targets $500 mln of Irish investments in electronic content business
The Ministry of Communication and Information Technology is close to finalizing talks with a number of Irish investors over investments of US$500 million in the Egyptian electronic content business. The Minister of Communication & Information Technology, Tarek Kamel, said on Tuesday that the move is a byproduct of the initiatives for integration between the communication …
Egypt seeks gradual implementation of EU-demanded reforms
MFTI: 2010 target for free trade with EU unlikely to be met but vision will prevail. CAIRO: Government and business leaders met with the European Commission s Enterprise Policy Unit Wednesday to discuss Egypt s implementation of the Euro-Mediterranean Charter for Enterprise, a program paving the way for tariff-free trade between the two sides by …
Egyptian investors to promote manufacturing activities in Arab countries
The Investors Association at the 6th of October City has devised a plan to promote manufacturing investments during the first half of 2007. The plan mainly targets Arab investors in Libya, Algeria and Tunisia and other countries in the region. Head of the association Mohammad Al-Menoufi said that the first promotion round would start in …
Pharmaceutical Giant Inaugurates First Plant in Middle East
AstraZeneca CEO believes Egypt has made great strides in industry A $32-million factory was officially opened Monday in 6th of October city by international pharmaceutical behemoth AstraZeneca, the first plant built by the company in the Middle East. The plant boasts three production lines over 7000 square meters with an output of 250 million tablets …
Egypt targets LE 50 bln of investments in transport industry
Egypt expects investment inflows in the transport sector to be around LE 50 billion over the next five years, according to Minister of Transports Mohammad Mansour. The investments are also expected to diversify in marine transports, railways, roads and bridges, river transport, and underground systems. Mansour said to an audience at the Cairo Investment Forum …
EU, Egypt sign LE 660 mln agreement to reform the health insurance system
Prime Minister Ahmed Nazif and Ambassador of the Delegation of the European Commission in Egypt Klaus Ebermann will sign on Thursday, Dec. 14 an LE 660 million agreement to support the Egyptian government s reform of the health insurance system. This agreement aims to ultimately provide a universal coverage of primary health care to all …
Israeli firm in 2bn dollar deal with Egypt-Israel gas consortium
Israel s private Dorad Energy firm has signed a $ 2 billion deal for Egyptian natural gas with an Egyptian-Israeli consortium, its spokesman told AFP Monday. The deal was signed last week by Dorad and East Mediterranean Gas (EMG), a joint venture between Egyptian General Petroleum Corp. and Israel s private Merhav energy firm. Under …
MCIT to release International calling licenses in January
Etisalat Chairman: company has already reached preliminary agreement with government for one of two licenses to be offered CAIRO: Two International Gateway Licenses will either be sold to current telecommunications operators or through an auction in January, Minister of Communication and Information Technology (MCIT) Tarek Kamel told reporters Tuesday on the sidelines of the Cairo …
Pan-Arab business group calls for expedition of political, economic reform
Shafik Gabr: timing may now be right to push forward with 2002 Arab League Peace Initiative CAIRO: Entering its fourth year, the Arab Business Council (ABC) is finally beginning to earn respect. Although made up of top business leaders from across the region, the organization has struggled since its inception to get the attention of …
Privatization revenues hit LE 12.5 bln in five months
Revenues from privatization surged to LE 12.5 billion over the five months from July to November 2006, compared to LE 15 billion over the past fiscal year 2005-2006, which ended in June 2006, said Egyptian Prime Minister Ahmad Nazif on Sunday. During the two-day Cairo Investment Forum, held under the auspices of President Hosni Mubarak, …
Up in smoke as tobacco company privatization reaches impasse
Cleopatras and Marlboros might be at the opposite ends of the cigarette price range but one thing they and all other cigarettes available on the market have in common is that they are produced by the same company, the Eastern Company S.A.E. which maintains a near-monopoly in the local market, most experts agree. Although the …
Kuwait mulls several oil and gas projects in Egypt
CAIRO: Kuwait is considering setting up a petrochemicals project and Kuwaiti refining plants in Egypt, according to the Kuwait News Agency. Sheikh Ali Al Jarah Al Sabah, the minister of energy, said during his meeting in Cairo that the next phase will witness more petroleum cooperation between Kuwait and Egypt. He pointed out that the …
Orascom Telecom says it has 50 million subscribers
CAIRO: Orascom Telecom said on Thursday its subscriber base has grown to 50 million, up from 46.5 million in September and 30 million a year ago. Orascom Chariman Naguib Sawiris said in a statement that the company had set 50 million as its target for this year and had achieved it. I look forward to …
Egypt says earning $5.5/mln BTU for LNG
CAIRO: Egypt has earned an average of $5.5 per million British thermal units (BTUs) for the liquefied natural gas (LNG) it has exported since exports began in early 2005, Oil Minister Sameh Fahmy was quoted as saying on Friday. The minimum price for Egyptian gas is $0.75 per million BTUs but that price would apply …
Government to present fresh business opportunities in Cairo Forum
CAIRO: The government will present early next week a number of business opportunities to Arab and international investors at the Cairo Investment Forum. Over 1000 participants are expected to attend this year s event. A senior official at the General Authority for Investment and Free Zones said the Ministry of Investment will present opportunities in …
Experts alarmed by inflation rate
Minister hints November rate will be higher CAIRO: Despite the continued positive macro-economic reports of the Ministry of Economic Development (MED), a double-digit inflation rate on the rise is causing alarm among economists and government officials alike. Annual inflation reached 11.8 percent in October, up 2.2 percent from the previous month, according to the government …
Sabre Travel Network opens a new office in Egypt
CAIRO: Sabre Travel Network Middle East has opened a new office in Cairo, further augmenting its investment and expansion plans across the Middle East. “The opening of our latest office is a demonstration of Sabre’s significant and sustained investment in the region and signifies the growth potential we see in Egypt, where so far this …
Business Recap
Shafiq: time not suitable for Egypt Air IPO CAIRO: The decision to float a 20 percent stake of Egypt Air Holding on the Cairo and Alexandria Stock Exchange is not likely to be made soon, Minister of Civil Aviation Ahmed Shafiq said Wednesday. Although the company has recorded profits in each of the past three …
Siemens wins Electromechanical Works Deal at the Egyptian Museum
CAIRO: Siemens Industrial Solutions & Services in Egypt has won a deal on the electromechanical works for the Egyptian Museum that will cost about $55 million. Wael Abu Bakr, business development officer at Siemens in Egypt, said the amount represented as much as 10 percent of the total cost for the museum’s construction estimated at …
Insurance Federation investigates anti-terrorism insurance policy
CAIRO: The Insurance Federation of Egypt is investigating a proposal for an insurance policy against risks of terrorism, which may be presented to regulators for approval. Elhamy Al-Kady, the Secretary General of the Federation, said Thursday that the business group was investigating the new policy and the terms of issuance. He pointed out that the …
Amideast symposium addresses key flaws in Egypt's education sector
CAIRO: Participants at the Egyptian Education and Training for the Global Economy symposium held in Cairo on Wednesday agreed that there is an urgent need for change in Egypt’s education sector. The symposium, part of Amideast’s 50-year anniversary in Egypt celebrations, examined the role of foreign universities, information technology and exchange and job creation opportunities. …
Government agrees with Gulf consortium on Borg El Arab-Aswan highway
CAIRO: Minister of Transportation Mohamed Mansour announced Wednesday the government had reached an agreement to initiate work on an $8 billion (LE 46 billion) Borg El Arab-Aswan highway with the Gulf consortium established in August to invest in Egyptian transportation infrastructure projects. Mansour said a joint company will be set up to explore the project, …
PM inaugurates EFG-Hermes UAE head office
Regional investment bank lauded for its expansion DUBAI: Prime Minister Ahmed Nazif inaugurated the UAE Head Office of regional investment bank EFG-Hermes at the Dubai International Financial Center (DIFC) earlier this week during a visit to the UAE. Ahmed Nazif met EFG-Hermes Chairman and CEO Yasser El-Mallawany and lauded the company for the success of …