Opinions split on cutting trade relations, QIZ in the balance CAIRO: The Federation of Egyptian Industries (FEI) board has rejected calls to join a boycott on trade with Israel because of the ongoing conflict in Lebanon. Instead, the board has established an aid committee along with a bank account to receive donations to help affected …

CAIRO: According to Ash-Sharq Al-Awsat, a source close to the Saudi Ministry of Water and Electricity has revealed to the regional paper that the Saudi and Egyptian governments will sign an agreement on Aug. 23 to combine both counties electricity systems. This agreement is one of a series between Arab countries, stretching from Morocco in …

CAIRO: Just four month following the signing of the memorandum of understanding (MoU), Barclays Bank Egypt has inaugurated the primary health unit in Kafret Nassar , Aug. 8, after having been fully renovated and equipped. The MoU was signed in April between Barclays, the Egyptian Finance Executive Foundation (EFEF) and TAKAMOL which a USAID-funded technical …

CAIRO: When the United Nations Global Compact in Egypt launched in 2003, its coordinator Mohamed El-Kalla had only a handful of Egyptian companies, and represented the only Middle Eastern country participating in the project. Since last summer, he now works with 69 local companies, and happily announces he will witness the launch of programs in …

Company to increase in net income and plans for new factory in Sharkeyya CAIRO: Delta for Sugar (DS) has announced plans to build a new 125,000-ton capacity sugar factory in Sharkeyya at a price tag of LE 750 million. The company now produces 260,000 tons per year, second to The Company for Sugar and Integrated …

CAIRO, Aug 10 (Reuters) – Egyptian shares dipped slightly in rangebound trading on Thursday as investors pounced on small price fluctuations to make modest profits, with the housing and construction sectors grabbing much of the trade, dealers said. Orascom Construction Industries (OCI), Ezz Steel Rebars (ESR), Medinet Nasr Housing (MNH), Egyptian Resorts (ER) and Orascom …

CAIRO: Egyptian brokerage HC Securities cut its target prices for Egypt s mobile phone operators, predicting they will have to buy 3G licenses. HC cut its target for Mobinil to 192 Egyptian pounds ($33.45) from 232.5 pounds, and for Vodafone Egypt to 99 pounds from 120 pounds. Mobinil shares closed on Thursday at 138.05 pounds …

Finally a law that will protect consumer rights CAIRO: In Egypt, many people find themselves buying a product at a shop then going home only to find that it doesn’t work, or reserving a stay at a hotel based on its brochure, only to get there and realize it has none of the amenities it …

CAIRO: A day after hopes for a real estate boom coaxed the market up, Egyptian shares dipped on Wednesday in a volatile market with the housing sector hit by profit-taking, traders said. As long as retail investors stay 80-85 percent of the daily net equity turnover, you would expect such dips, Mohamed Radwan of Delta …

CAIRO: Investment bank EFG-Hermes cut its long-term recommendation for Arabia Cotton Ginning to accumulate from buy on Wednesday, saying a share price rally had left the stock overvalued. EFG said it had also reduced its short-term recommendation to neutral from buy . It said its estimated fair value for the stock, often one of the …

Mortgage industry numbers up, but challenges persist The mortgage industry reached LE 514 million ($89.4 million) in contracts as of June 2006, up from LE 15.8 million ($2.7 million) recorded in June 2005, Mortgage Finance Authority (MFA) Chairman Osama Saleh announced Tuesday along with Minister of Investment Mahmoud Moheiddin in a round-table discussion held for …

CAIRO: If you are still trying to figure out what the Pentium 4 sticker on your notebook means, forget about it; that kind of processor technology is history. The new Core 2 Duo processor is the new replacement with 40 percent better performance and 40 percent more energy efficiency. But does the local market really …

CAIRO: The promise of a real estate boom pushed Egyptian stocks up again on Tuesday but institutions remained highly selective in their buying, brokers said. Four housing companies – Shams Housing and Development, United Housing, Cairo Housing and Medinet Nasr Housing – were among the top 10 gainers because Gulf investors are pushing up land …

New pre-paid cards offer discount rewards at CityStars CAIRO: Aiming to enhance electronic payment in Egypt, the National Bank of Egypt (NBE), in co-operation with Visa International and CityStars, has launched the CityStars Pre-paid Visa Electron card, granting customers a wide variety of special offers and discounts at the mall’s stores. “Customers of the CityStars, …

CAIRO: A consortium of UAE and Bahraini companies has signed an agreement with the Egyptian government to establish a $1 billion (LE 5.74 billion) holding company to upgrade the country s overburdened transportation infrastructure. The primary shareholders in the new company are UAE s Abu Dhabi Investment House (ADIH) and The National Holding Company, and …

CAIRO: Fitch Ratings affirmed yesterday Commercial International Bank s International ratings at Issuer Default BB+ with Stable Outlook and Short-term B . The bank s National ratings are affirmed at Long-term AA(egy) with Stable Outlook and Short-term F1+ . The bank s other ratings are affirmed at Individual C and Support 3 . CIB s …

NOOZZ CAIRO: Egyptian Housing and Development Bank will sign a tripartite protocol with the National Bank of Egypt and Banque Misr on financing the national scheme for housing with £2 billion (LE 22 billion). The initiative comes in line with the Egyptian President’s election promises to provide low-income groups with adequate housing. The HDB has …

Meeting to finalize the Nile Basin Initiative postponed to Sept. CAIRO: A meeting scheduled this month to bring together the ministers of water resources from each of the 10 Nile Basin countries to finalize the seven-year-old Nile Basin Initiative (NBI) has been postponed to mid-September. The postponement was agreed upon by member countries because of …

NOOZZ CAIRO: Egyptian Housing and Development Bank will sign a tripartite protocol with the National Bank of Egypt and Banque Misr on financing the national scheme for housing with £2 billion (LE 22 billion). The initiative comes in line with the Egyptian President’s election promises to provide low-income groups with adequate housing. The HDB has …

CAIRO: The Embassy of India in Cairo held a press conference yesterday celebrating the 59th anniversary of India’s independence. A. Gopinathan, Indain ambassador to Egypt discussed India’s position on the region’s strained political affairs along with Indian-Egyptian economic relations. Gopinathen emphasized his deep worry regarding the rising tension between Israel and Lebanon reiterating earlier statements …

Bids are due end Sept, with final announcement planned for end Nov CAIRO: Of the six finalists announced by the Central Bank (CB) on Friday, Commercial International Bank (CIB) appears to have emerged as a leading candidate for the acquisition of the Bank of Alexandria (BoA), say local banking analysts. Bids are due for submission …

With 3rd service provider set to come online, growth expected in lower income brackets CAIRO: There is plenty of room for growth in the Egyptian mobile market, but turning that growth into profit will be a challenge for telecom operators in the country. Even with a third mobile network coming online, mobile providers have a …

NOOZZ CAIRO: Minister of Finance Yousef Botrus Ghali has ordered the country’s customs clearance venues to provide greater facilities for Egyptians returning from Lebanon as a result of the Israeli offensive in the country The facilities include temporary admission for Egyptian cars for one month, renewable to a similar period upon approval from the Customs …

CAIRO: The Embassy of India in Cairo held a press conference yesterday celebrating the 59th anniversary of India’s independence. A. Gopinathan, Indain ambassador to Egypt discussed India’s position on the region’s strained political affairs along with Indian-Egyptian economic relations. Gopinathen emphasized his deep worry regarding the rising tension between Israel and Lebanon reiterating earlier statements …

Site in Sidi Abdel Rahman, North Coast worth over LE 1 bln CAIRO: The Holding Company for Tourism and Cinema (HOTAC) announced that Dubai-based Emaar Properties has won the bid for a prime real estate site in Sidi Abdel Rahman on the North Coast. The land, which will be developed into a large tourist resort, …

Deal signals health of Egyptian-U.S. relations despite recent events CAIRO: A $50-million Avenger air defense system purchase by the Egyptian military from Boeing is helping restart the company s production lines which have been inactive since 2004, according to a Boeing statement. It is also signaling that Egyptian and American core mutual interests continue to …

GAFI ready to announce amendments to the currently complex bankruptcy procedures CAIRO: As part of the national financial banking reform program undertaken by the Egyptian government with the help of the private sector and international organizations, the General Authority for Free Zones and Investment (GAFI) is on the brink of announcing a set of new …

Plan to boost construction exports to $7.5 bn by 2008 CAIRO: The government is poised to provide more support to the construction and building industry to increase the industry’s annual turnover to $25 billion (LE 145 billion) by 2008. Haytham Diab, the executive director of the Export Promotion Center, said the center’s main job over …

Consortium looks to acquire Delta International Bank Reuters CAIRO: Bahrain s Ahli United Bank and four other Gulf companies have offered to buy Delta International Bank for LE 1.85 billion ($322 million). The offer, at LE 37 a share, is at a premium over the last traded price of LE 35.45 on July 27. Ahli …

Visa executive says credit bureau crucial component of promoting alternatives to cash CAIRO: Every so often one bank announces that its number of credit cards has reached a record high while another bank launches a new line of specialist cards. This flurry of activity to promote plastic money is a sign of the potential gain …