CAIRO: The strength of EFG-Hermes, the largest investment bank in the Middle East, lies not only in its continuous climb up the stock market or its revenues that amounted to some LE 2.6 billion last year. The firm counts on its investment in a pipeline of talent to give it an edge over the competition. …

EGYPT: Amlak Finance saw a 155 percent increase in its net profit to AED 269 million in the first half of 2008. The results are up from AED 106 million during the same period last year. Amlak Finance, the largest real estate financier in the Middle East, released its preliminary financial results for the half …

CAIRO: With the plethora of upscale real estate developments on offer, it may be hard to believe that there is a housing shortage in Egypt. Yet, that is exactly the case, namely for the lower-income bracket. To cater to this demand, Orascom Housing Communities (OHC) teamed up with Homex, one of the fastest growing home …

CAIRO: Over 800 students graduated from the Information Technology Institute’s (ITI) nine-month interactive training program on Sunday, 698 of which (85 percent) secured jobs in different IT companies. This year was the second year ITI formulates the nine-month program in collaboration with private IT companies, who tailor the program’s curriculum based on the company’s respective …

CAIRO: The Ministry of Petroleum this week implemented a hike in the price of natural gas, making official a measure that was approved on May 5 of this year. The two-month delay between approval and implementation, largely blamed on bureaucratic inefficiency, reportedly resulted in a LE 263 million revenue loss for the government. This loss …

CAIRO: Driving along Cairo’s labyrinthine Sixth of October bridge en route to Heliopolis, it’s hard to miss the swarms of people on both sides jostling for space in Egypt’s sprawling metropolis. For the majority, there is no hope of moving out, or improving their lifestyle: the rich are rich, the poor are very poor and …

CAIRO: Building on its status as one of the largest telecom markets in North Africa, the Information Technology Industry Development Agency (ITIDA) announced on Monday its collaboration with Gitex Technology Week to promote regional cooperation in the IT and telecommunications sector. Dubai World Trade Center (DWTC), organizer of Gitex Technology Week, will work with representatives …

CAIRO: The Egyptian stock market flashed the red alert at the start of this week, plummeting 5.65 percent in two days, signaling a downhill tumble that could last all summer, traders said. “The market looks really bad. It has turned bearish with the global market downturn, explained Karim Hosny, trader at Pharos Brokerage. “It plunged …

KUALA LUMPUR: The D8 group of developing nations must tackle the issue of rising fuel and food prices at its summit here this week, Malaysian Foreign Minister Rais Yatim said Sunday. Iran on Saturday rejected Malaysia’s proposal to discuss the spiraling price of crude oil at the D8 talks, saying it was not the appropriate …

CAIRO: While the Cairo Financial Center (CFC) will likely include a tennis court or two, there is much more to the massive modern facility that is estimated to cost between $450 and $730 million. Hervey Lavoie, a specialist in fitness and wellness architecture and president of the Denver-based company responsible for designing the CFC – …

AMMAN: As Middle Eastern economies chug through an age of drooping trade barriers and the privatization of just about everything, many states are finding themselves pressed to maintain breakneck growth rates just to keep up with rocketing food and energy prices. For many activists, this has been a chance to bolster their side in a …

CAIRO: Negotiations between the government and Agrium kicked off Sunday night to relocate the plant to another area of Damietta, away from residential areas and tourism sites. When parliament agreed with the recommendation to relocate the plant away from the tourist hotspot Ras El-Bar, the company proposed an alternative site for the nitrogen plant in …

CAIRO: The Egyptian stock market slid to its lowest close in almost four months on the start of the week, dragged by banking stocks. It snapped its five-day losing streak on Wednesday, boosted by foreign buying on shares of Orascom Construction Industries (OCI). However, it reversed its one-day rebound on Thursday, pulled down by negative …

I hate lying. So what, may you ask, am I doing working in advertising? Well, the truth is I just happen to be very good at it. The lying, that is, not the advertising. Nothing malicious, just a little grease here and there to help everyday life grind gracelessly along, in all its undignified certainty: …

Oil prices fell to near US$144 a barrel Friday on hopes that tensions surrounding Iran s nuclear program could ease and cut the chances of American or Israeli military action against OPEC s second-largest oil producer. Iran on Friday gave an undisclosed response to an international offer of economic and other incentives if it suspends …

TOKYO: Leaders of the Group of Eight industrial powers will confirm promises to double aid to Africa at a summit next week but are divided on a timeframe for boosting health spending, a G8 source said Thursday. The G8 leaders, meeting next week in Japan, have no intention of backtracking on their commitment, the source …

CAIRO: Around 93 percent of banks operating in Egypt and two mortgage finance companies have helped Egypt’s credit bureau collate personal financial data on their clients, the bureau’s managing director said recently. “Our target information providers include banks, financial institutions such as mortgage finance and insurance companies, as well as telecom operators, Mohamed Refaat said. …

LONDON: The price of oil set a record high above $146 a barrel here on Thursday owing to falling reserves of US crude, simmering tensions over Iran and a weak dollar, traders said. In reaction, Saudi Arabian Oil Minister Ali Al-Nuaimi said his country, the world’s leading exporter of crude, was “concerned about soaring prices. …

CAIRO: Construction Products Holding Company (CPC) and Arabian Roots Co. have formed Roots Steel, a joint venture to produce pre-engineered steel structure buildings in Egypt, Syria and the United Arab Emirates. Under the agreement, CPC will have a 70-30 percent majority stake in Roots Steel, three factories will be set up in Cairo, Damascus and …

LONDON: Oil prices climbed on Wednesday ahead of the weekly US energy reserves report as the OPEC crude producers cartel called on the United States to stop badgering its members to increase output. New York s main oil contract, light sweet crude for August delivery, added 39 cents to $141.36 a barrel. Brent North Sea …

CAIRO: The cost of youth exclusion in Egypt amounted to $53 billion in 2006, American University of Beirut professor Jad Chaaban said in a working paper. This shocking number also represents 17 percent of Egypt’s GDP, the equivalent of the agriculture sector. Factors contributing to this number include unemployment rates among the youth, dropping out …

CAIRO: In line with experts’ expectations, Egypt’s giant steel producer Al Ezz Steel Rebars increased Tuesday its July market prices by LE 570 per ton.According to local sources, the company revealed July 1 its new pricing scheme for the entire month. Consumer prices mounted from the previous LE 5,990 per ton to the current LE …

MADRID: The proposal for a gas OPEC that would group the world s biggest gas exporters as a cartel took several knocks this week at a leading energy conference as key producers backed away from the idea. To begin with, I think putting the word gas OPEC was a mistake, Iranian Oil Minister Gholam Hossein …

CAIRO: Reflecting a trend that has swept through the Middle East over the past several years, Telecom Egypt will soon see the end of its century-old monopoly on fixed-line telecommunications in Egypt. Twelve companies have announced intentions to bid for the license by the July 29 deadline. The winner will offer new fixed-line services, enhanced …

CAIRO: Bilateral trade between the US and Egypt is on the rise, with first quarter results surging 19 percent, said US Ambassador to Egypt Margaret Scobey on Monday. Scobey did not confirm her country’s stance on signing a free trade agreement with Egypt. “In 2007, bilateral trade between Egypt and the United States was more …

CAIRO: Maktoob.com received a total of 9.6 million unique users, visiting over 224 million web pages, in April 2008, making it one of the most visited websites in the Arab world, the company said in a press statement. This second audit of Maktoob’s internet audience was conducted by UK-based ABC Electronic. Maktoob’s first audit in …

CAIRO: Telecom Egypt’s transmission engineers reportedly went on strike in several governorates on Sunday, objecting to the discrepancies in salaries between engineers within the company, press reports said on Monday. According to Al-Masry Al-Youm daily newspaper, engineers sent an internal email calling for a strike, which brought work to a halt at the Ramses, Tanta, …

THE HAGUE: Capturing and storing carbon emissions from power generation holds the key to managing climate change amid rising use of polluting oil, gas and coal, an international CO2 conference heard in The Hague on Monday. But the technology and infrastructure required to maximize carbon capture and storage (CCS) is being neglected due to high …

CAIRO: The Egyptian stock market slid to its lowest close in almost four months on the start of the week, as banking stocks were still reeling after the government cancelled the sale of Banque du Caire, traders said. The bourse extended losses for five straight sessions since last Tuesday, shedding around 4.7 percent until yesterday’s …

CAIRO: As the Central Bank of Egypt (CBE) announced Friday it raised key overnight interest rates for the fourth time this year by 50 basis points to curb soaring inflation, experts argue more measures need to be taken. The bank s Monetary Policy Committee (MPC) said on Friday it raised the overnight deposit rate at …