Latest in Tag: FJP Highlight
Latest in Tag: FJP
Japanese auto parts producers look to investment opportunities in Egypt
A Japanese business delegation of 22 auto parts producers is poised to visit Cairo during the middle of the week. According to Abdul Monem Saudi, chairman of the Egyptian Japanese Business Council, the Japanese companies have begun to look positively at investment opportunities in automotive parts manufacturing on the back of growing attention from the …
African Development Bank grants $590 mln in loans to Egypt
The African Development Bank (ADB) will grant Egypt two loans and a grant valued at $590 million, said Minister of International Cooperation Fayza Abu El-Naga on Saturday. The funds will be channeled into financing a program supporting small-scale projects and reforming the financial sector in Egypt. Agreements on this score will be signed on Monday …
Technology exports hit $500 mln
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 exports …
Cement prices drop as production makes slight gains on demand
Industry challenges debated at annual pan-Arab producers conference CAIRO: Local cement prices continued to fall last week, reaching a LE 320 per ton average according to the Ministry of Foreign Trade and Industry s (MFTI) weekly report, as the Arab Cement Conference wrapped up its annual meeting in Cairo on Saturday, predicting cement production would …
EU official: Egypt is an economic tiger on the Nile
CAIRO: While the Egyptian economy has benefited from reforms which have made it increasingly competitive and open to foreign investment, more work is needed to ensure future prosperity, according to a top EU official. “We are seeing an unleashing of an economic tiger on the Nile, says EU trade commissioner Peter Mandelson. “The challenge is …
Twenty-five companies vie over Cairo underground access system deal
CAIRO: Twenty-five international technology companies have joined in the competition launched by the Cairo Metro Operation Agency for supplies and installation of passengers’ access solutions using smart cards. The results of the contest will be announced on Dec. 20, 2006. Magdy Azab, chairman of the Cairo Metro Operation Agency, said the agency would install smart …
Banking shares lead Egypt's bourse up
CAIRO: Shares rose on Thursday, with shares in investment bank EFG-Hermes and Commercial International Bank (CIB) rising on rumors of a possible merger between them. A CIB official denied the rumor on Wednesday. The banking sector was on fire today, with demand for Commercial Investment Bank, EFG Hermes and National Societe Generale pushing the sector …
Biz Recap
Indian industry on display in Cairo CAIRO: India s Engineering Export Promotion Council (EEPC) brought more than 100 Indian companies to the Cairo fair grounds to showcase their products to local businessmen in the four-day Mactech 2006 exhibition launched Thursday. Having witnessed 52 percent growth in engineering product exportation to Egypt in 2005, EEPC Chairman …
Wind power could determine future energy needs
In contrast to traditional energy sources, wind farms offer clean, safe and renewable energy ZAFARANA: Amid worldwide attention given to Egypt s emerging nuclear energy plans, German Ambassador Bernd Erbel visited the site of a less discussed, more renewable, and safer type of energy – the Zafarana wind farm. We must focus on renewable energy …
SidPec to set up two new factories at $65 mln investment costs
CAIRO: Sidi Krir Petrochemicals, SidPec Company, has started to set up a new plant that will produce butadiene for the first time in Egypt. Butadiene is an important industrial chemical used in the production of synthetic rubber. The plant will be established with total investments of $40 million (almost LE 230 million). The company also …
GUPCO to receive a $50 mln marine drilling rig
CAIRO: The Gulf of Suez Petroleum Company (Gupco) will receive by the end of this year a marine drilling rig to drill up crude from the Red Sea. The drilling rig will cost as much as $50 million (LE 387 million) and will be constructed by Balayeem Petroleum, Petrobal. A senior official at Petrobal said …
Greece's Piraeus Bank increases stake in Egypt unit
CAIRO: Greece s Piraeus Bank raised its stake in Piraeus Bank Egypt, its subsidiary, by 1.9 percent to 95.3 percent by buying shares held by Libya s foreign investment company, Piraeus Bank Egypt said on Thursday. The Greece-based parent bank paid LE 18 million ($3.1 million) to increase its stake from 93.4 percent, valuing the …
Rachid: Egypt's economic improvements cannot be dismissed.
Country has to maintain dynamic push for reform In the second part of The Daily Star Egypt’s interview with the Minister of Trade and Industry, Minister Rachid Mohamed Rachid says there is no escaping that the local economy has improved in previous years. He says he is dedicated to creating more job opportunities for Egyptian …
Regional investment conference held in Egypt
Conference aims to bring together promotion agencies CAIRO: The Second World Association for Investment Promotion Agencies (Waipa) Regional Investment conference was held Nov. 16-18 in the Sinai resort of Sharm El-Sheikh under the auspices of the General Authority for Investment and Free Zones (Gafi) as well as Waipa. The aim of the conference was to …
Egypt shares up, Naeem soars after public listing
CAIRO: Egyptian shares gained on Wednesday with investment bank Naeem Holding soaring 88 percent after the firm listed 60 percent of its shares on the stock exchange at a par value of $1 per share, traders said. This stock is seen as a good investment. The investment banking story in the region is a good …
Conference discusses ways to head off potential energy crisis
CAIRO: Businessmen and researchers called Tuesday for the gradual phasing-out of the government s LE 50 billion annual energy subsidy bill and urged more investment in alternative sources of energy. They called on focusing on wind and nuclear power to avoid a potential crisis once Egypt s natural gas reserves are expected to run out …
One-on-one with Minister Rachid Mohammed Rachid
Minister of Trade and Industry speaks on condition of economy CAIRO: More than two years after taking the helm at the Ministry of Trade and Industry, Minister Rachid Mohamed Rachid is starting to see the fruits of his labor as part of Prime Minister Ahmed Nazif s economic cabinet pay off. A 15-year high 6.9 …
Naeem Holding Lists on Cairo & Alexandria Stock Exchange
Leading Investment Bank Sets Stake in Egypt, Gears Up to Become the Gateway for Arab Funds to the Middle East and Abroad CAIRO: Naeem Holding will officially begin trading tomorrow on the Cairo & Alexandria Stock Exchange (Case), marking a major milestone as the investment bank gears up to become the Middle East’s leading financial …
Nazif and Rachid in Turkey to promote trade relations
CAIRO: In anticipation of final Turkish parliament ratification of the Egyptian-Turkish Free Trade Agreement (FTA) signed December 2005, Prime Minister Ahmed Nazif and Minister of Trade and Industry (MFTI) Rachid Mohammed Rachid are taking off to Istanbul today for a two-day visit aimed to promote bilateral trade and investment. In June, the parliament ratified the …
Egypt seeks unified Arab front to promote investment
Emerging economies looking for their share of FDIs and overseas investments CAIRO: An Egyptian initiative to create a Union of Arab Authorities to promote investment in the region was announced by the chairman of the General Authority for Investment and Free Zones (Gafi), Dr Ziad Bahaa El-Din, Saturday, on the closing day of the Second …
Siemens Egypt eyes opportunities for electronic auto parts manufacturing
CAIRO: Siemens Egypt is eying opportunities for investment in the electronic auto parts segment, in view of the recent government incentives for operators in this industry, says Mohammad Al-Mahdy, chairman of Siemens Egypt. He added that his company had received an offer from the EU-financed Industry Modernization Center to start an electronic auto parts manufacturing …
High-growth companies selected for venture capital investment
Egypt s Technology Development Fund backs top early-stage IT companies as they expand to the international market DUBAI: The Technology Development Fund (TDF), a venture capital fund propelling the growth of innovative, early-stage Egyptian companies in the field of information technology, has selected nine companies exhibiting well-researched, viable and innovative plans for inclusion in the …
Innovative delivery of financial consulting
Launch of Maadi Branch Shows Allianz Egypt’s Continued Customer Focus As the next step in a continued emphasis on customer needs, Allianz Egypt this week launched the expansion of its operations to ensure that Maadi residents have access to sound, comprehensive financial consulting services to meet their long-term goals. The new branch not only provides …
Moheiddin: Gafi to remain under Ministry of Investment control
CAIRO: Minister of Investment Mahmoud Moheiddin said Friday the government has no intention of separating the General Authority for Investment and Free Zones (Gafi) from the Ministry of Investment (MOI), despite the latter s ongoing success and resulting expansion. Moheiddin also acknowledged that more needs to be done to combat corruption in Egypt s business …
African scientists urge cooperation with NGOs, rewarding innovation at Cairo conference
Participants endorse basic science over sophisticated science for continent s advancement CAIRO: African scientists and non-governmental organization (NGO) representatives issued 18 recommendations Friday, lobbying for targeted promotion of science and technology in schools and more cooperation between governments and NGOs throughout the continent. The recommendations came one week after the three-day meeting of the 2nd …
Nazif no- show at investment conference
Second conference within month that PM fails to attend Prime Minister Ahmed Nazif failed to attend an investment conference Friday at which he was due to give a keynote address as part of the delegation receiving Singapore President Sellapan Ramanathan on his visit to Egypt. This time it was the Second World Association for Investment …
Telecom Egypt nine-month results show decline in net income
Analysts unconcerned by non-recurring reasons behind decline CAIRO: Telecom Egypt’s (TE) nine month 2006 net income declined by 17.2 percent to LE 1.5 billion from LE 1.8 billion in the same period of 2005, the company s interim results report released yesterday showed. The company s results surprised many market observers especially since they also …
Mentor Graphics Egypt sales hit $65 mln
Sales of Mentor Graphics Egypt soared to $65 million this year from $60 million a year ago, accounting for 15 percent of the company’s sales in the Middle East region, said the company’s chairman Hazem Al-Tahawy on Thursday. He attributed the constant increase in the company’s sales in Egypt to expansions in manufacturing of integrated …
Egyptian shares slip on local sentiment
Egyptian shares slipped on Thursday in spite of some strong nine-month results released in the past 10 days and some heavy buying by foreigners. Brokers said local retail investors were now in the mood to sell after recent rises in small-cap stocks, which they favor. People are negative about the market and want to get …
Telecom Egypt profits from Vodafone Egypt hit LE 550 mln
Profits of Telecom Egypt, achieved from its 48.9 percent stake in Vodafone Egypt, exceeded LE 550 million over the first nine months of this year, said Chairman of Egypt Telecom Akil Bashir on Thursday. Bashir told reporters that total revenues of Telecom Egypt surged 7.9 percent to LE 6.9 billion over the first nine months …