Local textile industry faces tough competition for slice of European market CAIRO: Egyptian textiles are on the right track in penetrating the European market, but must find a way past Chinese and Turkish competition, Christian Bartel, General Manager of Turkey-based textile consulting company Systain, told the press at the German Arab Chamber of Industry and …

CAIRO: Chairman of Gazprom s Management Committee Alexey Miller has expressed his company’s interest in exploration for oil and natural gas in Egypt, according to Egyptian Minister of Petroleum Sameh Fahmy. Fahmy explained that during his meeting with Miller on Monday they agreed on the need for mutual cooperation in the oil and gas industry, …

CAIRO: The Federation of Egyptian Industries (FEI) called on the government Sunday to rescind the recently ratified Consumer Protection Law, until significant amendments are made, to protect local producers from going out of business. FEI s lobbying comes a week after its Food Industries Division said that, if fully implemented, certain clauses in the law …

Contributions to the eGovernment program and the Egyptian Educational Initiative CAIRO: Sergio Giacoletto is executive vice president of Oracle Europe, Middle East & Africa (EMEA) and recently highlighted a number of milestones marking Oracle’s contribution to enabling Egyptian citizens and organizations to build a competitive and successful digital economy. “Oracle has been committed to delivering …

DUBAI: Egypt expects to earn at least LE 30 billion ($5.25 billion) in the next two fiscal years from the sale of state assets, about 50 percent more than in the last two years, the investment minister said on Monday. Egypt should conclude up to 30 privatization transactions by July 2007, including the sale of …

CAIRO: Global Trade Matters (GTM) is set to launch its 2006-7 Egypt sessions through a string of conferences which will revolve around improving multi-lateral and bi-lateral trade in the region, focusing on how to increase Egyptian exports and promote the country’s attractiveness towards Foreign Direct Investors from different parts of the world. In 2004 bi-lateral …

To offer over 10 million students Google applications for e-mail, calendar and instant messaging CAIRO: Google has announced that it is providing Egypt’s Ministry of Higher Education the ability to offer three million university students and the Ministry of Education s eight million preparatory students, Google applications for email, instant-messaging, and calendar. As part of …

LE 395 million annual budget likely insufficient to generate profit CAIRO: Minister of Finance (MOF) Youssef Boutros Ghali approved Saturday a 16 percent increase in the General Transportation Authority s (GTA) annual budget to LE 395 million to avoid raising ticket fares as a result of the recent increase in fuel prices. Ghali s decision …

CAIRO: The spike in Egyptian inflation, will last a few months and the rate could rise above the current 11.8 percent as the economy absorbs the impact of supply shocks, the finance minister said on Monday. Egyptian inflation rose to 11.8 percent in October from 9.6 percent in September. This is temporary phenomenon and will …

Mariann Boel: asymmetry in trade liberalization not a permanent EU policy CAIRO: European Union (EU) Agriculture and Rural Development Commissioner Mariann Boel urged Egypt and other Mediterranean Saturday to take more initiative to improve the quality of their export-oriented products in order to meet EU sanitary and phyto-sanitary (SPS) standards. Speaking at the sixth meeting …

Euro-Mediterranean free trade by 2010 may be unattainable CAIRO: European Union quotas placed on Egyptian agricultural exports are restrictive, do not reflect the country’s economic potential and ignore growing seasons, says an Egyptian business leader. The quotas also fail to take into account products that aren’t grown in the EU – all of which is …

NDP’s Khattab says his statements are provisional CAIRO: Minister of Investment Mahmoud Mohieddin said Thursday stakes in public pharmaceutical companies will not be offered to strategic investors, whether Egyptian or foreign, which is consistent with a 1996 government decision. “There is absolutely no chance [public] drug companies will be sold to a strategic investor, whether …

CAIRO: The Ministry of Trade and Industry (MTI) plans to seek assistance from the private sector and international experts to promote and upgrade six new industrial zones. Amr Talaat, a senior official at the MTI, said new industrial zones will be constructed in Al-Mahalla Al-Kubra and Kafr Al-Dawar, north of Egypt, to build up industrial …

CAIRO: State-owned insurance companies posted remarkable growth in net profits to LE 619.3 million in the fiscal year 2005-6 compared with LE 540.6 million a year earlier. Mahmoud Abdullah, chairman of the newly established insurance and reinsurance holding company, said that net profit at Misr Insurance amounted to LE 415.1 million, with total premiums of …

CAIRO: Alex Shalabi, Managing Director and CEO of Mobinil, ruled out that the largest mobile phone service provider in Egypt would offer additional stocks to investors in the Cairo & Alexandria Stock Exchange anytime soon. He said that Mobinil is not prepared to offer additional shares to the currently free floating shares which represent 20 …

CAIRO: Enel has agreed to sell its remaining 26.1 percent stake in Weather Investments to controlling shareholder Naguib Sawiris for ?1.962 billion ($2.59 billion), the Italian energy firm said on Thursday. Enel said the amount would be paid in two installments, adding it expected the transaction, to be signed over the next few days, to …

CAIRO: An Egyptian telecoms firm has offered to pay $24 million for a stake in a losing unit of state-owned Telkom Kenya as part of the firm’s restructuring process ahead of a planned privatization. Egypt Telephone Company, also called Quicktel, wants to acquire 70 percent of Gilgil Telecommunications Industries, a unit of Telkom Kenya that …

CAIRO: A group of investors from Saudi Arabia have submitted a proposal to finance and construct a new railway line connecting Aswan to the Sudanese city of Wady Halfa with total investments of $500 million, a senior official at the Egyptian Ministry of Transport said. The official added that Sudan’s Ministry of Transports had approved …

Economists criticize 1997 court decision declaring the practice unconstitutional CAIRO: Minister of Petroleum Sameh Fahmy proposed to the Shura Council’s Industrial Production and Energy Committee Tuesday lobbying the High Constitution Court to reverse its 1997 decision prohibiting multi-pricing of gasoline and natural gas. Fahmy argued that since demand for investment in Egypt has become stronger, …

With gas and oil running out, alternative energy has to figure into Egypt’s agenda CAIRO: Experts agree that oil and gas in Egypt are set to expire in approximately 30 years. Those same experts agree on little else regarding Egypt s energy woes and solutions, however. The Economic and Business History Research Center hosted a …

CAIRO: The government will explore possible avenues for granting foreign investors a special card to help ease investment in Egypt if they are asked said Investment Minister Mahmoud Mohieddin. This card, which has already been provided for Arab investors, might also be given to foreign investors if there is enough demand. “There are no plans …

Nazif promises government will not interfere in product pricing CAIRO: Despite the protests of local producers, Tuesday, Prime Minister Ahmed Nazif approved proposals of the Ministries of Agriculture (MOA) and Foreign Trade and Industry (MFTI) to allow duty-free imports of beef, fish and poultry until at least March 2007 to help curb market inflation. Nazif …

CAIRO: At last the completion of the legal merging of two of Egypt’s prominent banks National Societe Generale Bank (NSGB) and Misr International Bank (MIBank) is finalized. Together, they aim at becoming one of the countries largest private owned banks with their 100 branches and 220 ATMs all over Egypt. . The two banks will …

New approaches to service and convenience to draw business clientele CAIRO: Cairo, the ancient city that has inspired many a novelist here and abroad, is no longer just a tourist destination but is beginning to embrace its dual role as a hub for Middle Eastern and European business. As investment continues to pour into Egypt, …

New legislation to be introduced to current parliament session to remove some obstacles to investment ALEXANDRIA: Alexandria Businessmen s Association Chairman Mohamed Ragab called on the Ministries of Investment and Housing Tuesday to reconsider their joint Unified Construction Law proposal, due for submission to parliament s current session, to ensure it addresses the unnecessary complications …

CAIRO: Technology and communications’ services exports recorded approximately $500 million over the first ten months of 2006, according to Gamal Mohamed Ali, deputy chairman of the Information Technology Industry Development Agency. Speaking in Dubai to Noozz reporters, Ali said exports of technical support and call center services made up the largest percentage of total technology …

Mediterranean Smart Cards Company provides important checks, balances to Egypt’s financial infrastructure CAIRO: Like many developing countries, Egypt is on its way to fully comprehending that modern financial systems – with the right security in place – are worthy of significantly more trust and comfort than cash. Key elements of such a secure financial infrastructure …

Mandelson on Egypt reforms: Carefully and sensitively, we need to let the hand brake off CAIRO: European Union (EU) Trade Commissioner Peter Mandelson says the Euro-Egyptian Association Agreement, paving the way for a free trade zone between the two sides by 2010, has found success considering the reforms implemented by the Egyptian side since the …

The Poultry and Meat Committee at the Egyptian Food Industries Chamber of Commerce voiced criticism of the government’s decision to extend imports of poultry, meat and fish imports to March 2007. Alaa Radwan, head of the committee, said chicken growers have suffered negative blows from ‘unrestrained’ imports, which however have failed to hold down poultry …

The Mortgage Finance Authority has signed mortgage contracts valued at LE 241 million over the past six months, which, according to MFA chairman Osama Saleh, will enhance opportunities for achieving the authority’s 2010 targets. Saleh said to a forum organized by the Egyptian Businessmen Association on Thursday that the MFA set a target of LE …