Government looks to industrial contribution to GDP for future growth CAIRO: Egypt is less likely to reap the benefits of the latest increase in total Arab gross domestic product, says economist Galal Amin. Amin was commenting on a report published Sunday that said that a sharp rise in global oil prices contributed to the increase …

CAIRO – Investment bank and equities researcher EFG-Hermes has raised its long-term fair value estimates for three Egyptian cement companies because of their exposure to a more favorable export market. But it cut its estimates for two other companies because of changes in the domestic market, where higher energy costs and government pressure to hold …

Noozz After nearly four years of bargaining between the United Arab Emirates’ Amlak Finance Company and the Egyptian Mortgage Finance Authority, the company has decided to launch an operation in Egypt. The move comes as part of Amlak’s regional expansion strategy following the company’s decision that mortgage finance in Egypt is compliant with Islamic Sharia …

CAIRO: Potential buyers have asked Egypt s government for more details on supply of raw materials before they commit to buy 50 percent of Alexandria Mineral Oils Company (AMOC), a cabinet minister said on Monday. The investors are still waiting for some answers related to the availability of the raw material or feedstock, Investment Minister …

Subsidiary Mobinil enters 3G negotiations with NTRA SINGAPORE: Orascom Telecom (OT) Chairman Naguib Sawiris said Monday the company is looking to buy a controlling stake in Hong Kong s Hutchison Whampoa s (HW) emerging markets phone unit. Speaking on the sidelines of a conference in Singapore, Sawiris said negotiations are now underway for OT s …

Noozz CAIRO: After receiving only two proposals that failed to fulfill technical requirements, the Cairo and Alexandria Stock Exchanges (CASE) has decided to re-launch its calls for bids to provide it with new trading systems. A senior official at the bourse said that the Swedish OMX Company and the French Euronext had submitted proposals in …

Noozz CAIRO: Three Egyptian companies plan to speed up their involvement in a joint-venture to produce methanol with the Canadian Methanex Corporation and the Arab Petroleum Investments Corporation (APICORP), Sameh Fahmy, the Egyptian Minister of Petroleum, said. During a general meeting of Methanex Egypt, the minister said the project aims to produce 1.3 million tons …

Noozz CAIRO: A senior official at the Ministry of Trade and Industry said Russian businesses will be invited to invest in two Egyptian specialized industrial zones for heavy trucks and engineering industries during President Mubarak’s next visit to Russia in November. Amr Assal, the chairman of Egypt’s Industry Development Authority, said a delegation from the …

CAIRO: Six European and Arab banks will place their final bids Monday for the Bank of Alexandria, Egypt s only state-owned bank to be put up for sale, banking officials said. The bids to acquire up to 80 percent of BoA must be placed by Monday night and the envelopes containing the offers will be …

Official: TE interests are a factor but not everything in delay in offering international calling licenses CAIRO: National Telecommunication Regulatory Authority (NTRA) Vice President Sherif Ginena denied Sunday a news report of plans to postpone the offering of two international calling licenses from the fourth quarter of this year to the first quarter of next …

MOSCOW: Russia s Gazprom and the Egyptian government have signed a memorandum of understanding on cooperation in Egypt s gas sector, the Egyptian Trade and Industry Minister told Reuters on Friday. Minister Rachid Mohamed Rachid said the Russian gas giant could help Egypt develop its natural gas production and exports. The memorandum covered exploration, sharing …

CAIRO: Orascom Construction Industries (OCI) announced Monday it has accomplished the acquisition of a 50 percent stake in Group GLA, Spain s largest producer of ready-mix concrete and aggregates for LE 51.3 million. The new joint venture has agreed to a price of LE 40 million, according to an OCI statement. Group GLA operates 11 …

Noozz CAIRO: Egypt plans to speed up its steps towards the fulfillment of a joint-venture to produce methanol between three Egyptian companies, the Canadian Methanex Corporation and the Arab Petroleum Investments Corporation (APICORP), according to Sameh Fahmy, the Egyptian Minister of Petroleum. During a general meeting of Methanex Egypt, the minister said the project aims …

Reuters CAIRO: The country s sole fixed-line telecoms operator, Telecom Egypt, is considering competing for Saudi Arabia s second fixed-line license next year, a senior company executive said on Thursday. Saudi authorities are expected to offer the second fixed-line and the third mobile licenses in 2007. Of course we would have to look at the …

CAIRO: Minister of Petroleum Sameh Fahmy said on Wednesday that the cost of buying oil and natural gas from foreign partners has increased sevenfold over the past ten years, citing an international upsurge in energy prices as the main reason behind the increase. He pointed out that the government paid as much as $5.7 billion …

Report praises accounting modifications for greater transparency CAIRO: Moody s Investors Service downgraded Egypt s government bond ratings to Baa3 with a negative outlook in local currency and Ba1 with a stable outlook in foreign currency, the organization reported earlier this week. The annual report, Egypt: 2006 Credit Analysis, rates the country on the risk …

Intends to begin the IPO process and list its shares on a major stock exchange SAN FRANCISCO: Visa announced this week that it intends to restructure its organization in order to create a new public global corporation called Visa Inc. As a part of this restructuring, Visa Europe will remain a membership association, owned and …

CAIRO: Egyptian shares climbed higher on Thursday, with Commercial International Bank (CIB) soaring on optimism over its chances to win an auction for up to 80 percent of state-owned Bank of Alexandria, traders said. Shares in CIB, one of six candidates short-listed to buy the stake, jumped 6.6 percent to close at LE 49.80 ($8.68) …

CAIRO: An Egyptian government opinion poll showed 61 percent of those surveyed had never heard of opinion polls, the official Middle East News Agency (MENA) reported on Thursday. The poll, conducted by the Cabinet s Information and Decision Support Centre, also showed that only 10 percent of those surveyed had taken part in opinion polls …

CAIRO: Egyptian shares climbed higher on Thursday, with Commercial International Bank (CIB) soaring on optimism over its chances to win an auction for up to 80 percent of state-owned Bank of Alexandria, traders said. Shares in CIB, one of six candidates short-listed to buy the stake, jumped 6.6 percent to close at LE 49.80 ($8.68) …

CAIRO: Minister of Petroleum Sameh Fahmy said on Wednesday that the cost of buying oil and natural gas from foreign partners has increased sevenfold over the past ten years, citing an international upsurge in energy prices as the main reason behind the increase. He pointed out that the government paid as much as $5.7 billion …

CAIRO: An Egyptian government opinion poll showed 61 percent of those surveyed had never heard of opinion polls, the official Middle East News Agency (MENA) reported on Thursday. The poll, conducted by the Cabinet s Information and Decision Support Centre, also showed that only 10 percent of those surveyed had taken part in opinion polls …

Intends to begin the IPO process and list its shares on a major stock exchange SAN FRANCISCO: Visa announced this week that it intends to restructure its organization in order to create a new public global corporation called Visa Inc. As a part of this restructuring, Visa Europe will remain a membership association, owned and …

Report praises accounting modifications for greater transparency CAIRO: Moody s Investors Service downgraded Egypt s government bond ratings to Baa3 with a negative outlook in local currency and Ba1 with a stable outlook in foreign currency, the organization reported earlier this week. The annual report, Egypt: 2006 Credit Analysis, rates the country on the risk …

Reuters CAIRO: The country s sole fixed-line telecoms operator, Telecom Egypt, is considering competing for Saudi Arabia s second fixed-line license next year, a senior company executive said on Thursday. Saudi authorities are expected to offer the second fixed-line and the third mobile licenses in 2007. Of course we would have to look at the …

Moscow trip enforces economic Eastern-shift policies, seeks progress on FTA CAIRO: Minister of Foreign Trade and Industry (MFTI) Rachid Mohamed Rachid arrived in Moscow yesterday to begin a three-day visit aimed at boosting bilateral trade and moving forward on free trade agreement (FTA) negotiations. Rachid s trip comes just one month after a nine-day visit …

CAIRO: Egyptian shares edged higher on Wednesday, driven by optimism about telecom firms and with investors also buying undervalued stocks, traders said. Telecom Egypt was among the day s best performers, gaining around 3 percent to close at LE 15.75 ($2.75) per share after officially concluding a deal to increase its stake in Vodafone Egypt …

CAIRO: The EU-financed Industry Modernization Center has coordinated with a number of Egyptian banks for offering LE 890 million of loans to manufacturers over the fifteen months from July 2005 to September 2006, according to Helmi Abul Eish, the executive director of the IMC. Abul Eish added that the IMC has provided financial services to …

CAIRO: The International Finance Corporation, the private sector arm of the World Bank Group, yesterday signed a memorandum of understanding with the Ministry of Finance to provide assistance in implementing public-private partnership projects in priority sectors, including water, transportation health and schools. IFC’s technical assistance facility, PEP-MENA, will support the Egyptian government in identifying and …

CAIRO: Egypt s government will delay listing a part of state-owned pharmaceutical firm Chemical Industries Development to conduct a review of the planned public offering, Egypt s official MENA agency quoted Investment Minister Mahmoud Mohieddin as saying on Monday. As much as 35 percent of the company was expected to be offered on the Egyptian …