Ratings agency Standard & Poor s on Thursday maintained Egypt s long-term sovereign credit ratings at BB+ for foreign currency and BBB- for local currency. It said it could raise the ratings if the government meets its target to reduce the fiscal deficit, cuts public debt and maintains the momentum of structural reform. But the …

Large scale project to convert local area into international destination CAIRO: The M.A. Kharafi Group is set to invest $1.2 billion in the local Red Sea area of Marsa Alam to create the international destination resort of Port Ghalib. The group’s aim is to create a resort community that will be comprised of nine villages …

CAIRO: MobiNil’s managing director Alex Shalabi has denied allegations that MobiNil is in talks with Telecom Egypt to provide international call services to its clients in return for dropping its licensing bid. Shalabi said his company has arranged meetings with the National Telecom Regulatory Authority to negotiate licenses for both 3G and international calls services. …

French, Russian competition surges ahead of the former market leader CAIRO: US Wheat Association Vice President Dick Prior said Egyptian imports of US wheat should again reach nearly 2 million tons this year, worth an estimated $400 million, countering claims that Egypt is shifting away from the American product in favor of French and Russian …

Luxor case sparks fresh fears of country s ability to deal with another outbreak CAIRO: With the discovery of another avian flu case in poultry last Friday in Luxor, Ministry of Health (MOH) officials announced a slight shift in their strategy to combat the disease s spread. MOH spokesman Abdel Rahman Shaheen said it s …

CAIRO: Representatives of Egypt and Austrian public and private sectors came together this week to celebrate the establishment of the Egyptian Austrian Business Council. The high profile event included speeches by Minister of Industry and Trade Rachid Mohammed Rachid; Ambassador Mostafa El-Fiqi, president of the Egyptian Austrian Friendship Association; and Richard Schenz, vice president of …

UNDP to supervise two long-term projects to develop areas in North Coast and Upper Egypt CAIRO: We won t leave a stone unturned, said Fathy El-Shazly, head of the National Committee for Clearing Landmines in the North Coast, in reference to a project to clear the areas infested with landmines left behind in conflicts stretching …

Government to supply, subsidize PCs for students and teachers but with conditions CAIRO: Minister of Communication and Information Technology (MCIT) Tariq Kamel Tarek Kamel signed off on two agreements with the Ministries of Education and Higher Education Saturday to make computers more affordable to students and teachers. Under the agreement, the government will purchase and …

International technology giants Nokia and Siemens are setting up a joint representative office for networks in Cairo, Nokia-Siemens Networks are to provide support for communication networks in Egypt and Africa, said a senior official at Nokia MENA on Monday. He said, on condition of anonymity, that Nokia-Siemens Networks would start expansion in the market through …

Five Egyptian and Arab companies signed an agreement on Monday to set up a new petrochemicals complex in Port Said under the free zones arrangements with total investments estimated at $680 million. The new complex will be constructed on an area of 70.5 feddans. Arab companies from the United Arab Emirates, Yemen and Libya will …

Three plants with Egyptian and foreign investments estimated at LE 477 million were inaugurated in the 10th of Ramadan Industrial City on Monday. An Egyptian-Italian joint venture opened a plant for towel production on an area of 120,000 sq m in the city. The plant is 45 percent controlled by the Egyptian private sector and …

The National Insurance Company of Egypt has won an LE 500 million deal launched by the Egyptian Electricity Transmission Company in Alexandria and West Delta Region for underwriting its project for an aerial power transmission line extending from Cairo to Sidi Krir through Al-Nubariya. Mohammad Abdullah, head of the National Insurance Company, said on Monday …

Critic: agreement only publicity – Egypt not yet qualified for partnership CAIRO: China and Egypt have signed a science and technology cooperation agreement whereby Egypt will receive assistance in developing its IT, health, agriculture and energy sectors and conduct joint research projects with China to be financed by a joint fund, representatives of both countries …

Merchants and government employees sarcastic about new bills CAIRO: The New Year will see the introduction of two new bills to the lineup of denominations in Egypt’s currency. The announcement has been met with varied reactions from the public, banking officials and authorities on economics. Farouq Al-Oqda, chairman of the Central Bank of Egypt (CBE), …

CAIRO: Egypt s Orascom Telecom, one of the Middle East s biggest telecoms firms, reported a 1.4 percent increase in net profit to $601.8 million in the first nine months of 2006. The firm said in a statement net income for the first nine months of 2005 was $593.3 million. Net income attributable to equity …

Grant for American University in Cairo Gerhart Center CAIRO: Boeing has announced a grant to the John D. Gerhart Center for Philanthropy and Civil Engagement at the American University in Cairo (AUC). In hoping to encourage the practice of organized philanthropy in the Middle East, the Boeing grant will fund the “Cooperation in Education and …

CAIRO: The Arab world is experiencing a sudden explosion in vehicles for Islamic-compliant finance, which is rapidly becoming one of its most dynamic growth areas. Analysts contrast the speed of the new developments in efforts to expand investment activity compliant with the tenets of the Koran with the fact that the world’s first Islamic bank …

CAIRO: Revenue from the Suez Canal was $3.2 billion in the first 10 months of the year – boosting Egypt s coffers by $400 million more than in the same period in 2005, the chairman of the canal authority Ahmed Fadel said Saturday. “The Suez Canal earned revenue of $3.2 billion between Jan. 1, 2006 …

Ministry of Transportation reserves the right to increase share in future projects beyond 20 percent CAIRO: Minister of Transportation (MOT) Mohammed Mansour approved new regulations Monday to help his ministry retain some control over future transportation projects to be established by the Gulf consortium created in August to invest in Egypt s transportation infrastructure. With …

CAIRO: Vodafone and Telecom Egypt announced on Thursday that they had entered into a strategic partnership to increase cooperation between both parties and to jointly develop a range of products and services for the Egyptian market. The agreement will focus on restructuring the Vodafone Egypt Board, reflecting the new shareholding structure and its extension of …

Fahmi: LNG exports necessary for foreign sector investors to achieve profitability CAIRO: Minister of Petroleum (MOP) Sameh Fahmi said Tuesday he hopes one day Egypt will no longer have to export natural gas and retain its reserves for local consumption. Fahmi s comments came in response to growing public criticism of the government s liquefied …

Management of the Egyptian Media Production City will be market-oriented so that the company can secure sufficient liquidity for upgrading and achieving proper returns on investment, says Chairman and Managing Director of the MPC Sayed Helmi. He points to the main features of a study conducted by KPMG Hazem Hassan Public Accountants & Consultants in …

The Arab Misr Insurance Group, AMIG, has won a deal offered by El-Sewedy Cables Company for insurance coverage of more than 20 factories and 400 vehicles against marine transport, fire, robbery and riot risks. Ali Bashandy, head of the technical affairs department at AMIG, said that the deal would exceed LE 2.5 billion, representing the …

Vodafone Egypt has retreated from competition over the license for international calls and roaming services for its customers and extended its exclusive agreement with the state-owned Telecom Egypt beyond 2007. The agreement between Telecom Egypt, which monopolizes international calls services in Egypt, and Vodafone Egypt will terminate by the end of next year. The move …

Piraeus Bank Egypt reported a net profit of LE 13.5 million ($2.4 million) for the first nine months of 2006, the Egyptian stock exchange said on Wednesday. No comparison figures were available. Piraeus Bank Egypt is the outcome of last year s buyout of Egyptian Commercial Bank by Greece s Piraeus Bank. Piraeus Bank bought …

The Ministry of Transport has approved a proposal for constructing a 150,000 square meters jetty and a liquids storage facility at Ain Al-Sokhna Seaport for Al-Sokhna Port Development Company at a total cost of $60 million. The construction of a 400 m jetty will serve a storage facility for liquid petrochemicals and oil products in …

Saudi investment in Egypt increased during the first five months of this year to LE 675 million, official Egyptian statistics revealed today, according to Al-Sharq Al-Awsat ITALICS daily newspaper. The announced figure includes LE 417 million in internal investments and the rest in free-duty shopping. According to the findings of the report, the volume of …

CAIRO: The Ministry of Transport has issued a number of regulations for dealing with the Bahraini-Emirates consortium that has stepped into the Egyptian market to invest in transportation projects. The regulations are set forth in a letter of intent sealed by the various departments affiliated with the Ministry of Transports. The new regulations detail methods …

CAIRO: Commercial International Bank (CIB), one of Egypt s top three private-sector banks, said on Monday it was eyeing potential expansion in Syria, Lebanon, Jordan and the Gulf. The bank said in a conference call it also expected to announce the shareholding structure and exact start-up date for its Algerian subsidiary by year-end. It said …

Conference aims to fuel interest in new energy technologies CAIRO: Imagine pulling up to the pumps and paying 60 percent less than you normally would for a tank of gasoline. Now imagine a country with clearer skies and more money to build schools, hospitals and roads. Sound like a fairy tale? Not according to the …