CAIRO: With several hundred housing blocks budding every year, Egypt’s property market is gaining momentum vis-à-vis regional and international markets, finds a recent global housing review. “We believe Egypt is attractive . where prices are low by regional standards, gross rental yields are among the highest in the world, taxes are low, and transaction costs …

DUBAI: Abn Amro is bringing Islamic investment products to high net-worth individual investors in the Middle East by launching the Al Mumtaz Certificate this month. The Certificate brings to the market a specialized option for investors who are looking to add sharia-compliant products to build their investment portfolio. The Al Mumtaz Certificate provides exposure to …

CAIRO: Reuters reported that Egyptian shares rose on Tuesday for the seventh consecutive session, as Talaat Mustafa Group led real estate stocks up on Arab and foreign buying. Talaat Mustafa, which was the most heavily traded by turnover, surged 4.6 percent to last trade at LE 12.58 ($2.30), the highest since Dec. 10. The market …

CAIRO: The Ministry of Tourism is currently developing a new scheme for the classification of hotels in Egypt, ministry spokesperson Hala El-Khatib told Daily News Egypt. The new scheme, which will be developed with the support of the United Nations World Tourism Organization (UNWTO), will give more attention to service, including hygiene, amenities, hospitality and …

DUBAI: The fast-growing market capitalization of GCC stock exchanges is fanning global investor interest in the region and the wider Middle East, generating an unprecedented level of international attention from merchant banks and intermediaries. This is underlined by the number of international brokers that have joined Dubai International Financial Exchange (DIFX) and the Dubai International …

CAIRO: Reuters reported that Egyptian shares extended their gains on Sunday, for the sixth straight session, driven by a regional bullish sentiment and foreign buying on blue-chips, brokers said. Most of the Gulf markets ended the day in the green on Sunday as the main index of Saudi shares rose for the third session in …

CAIRO: Dana Gas’ petroleum output from its Egyptian operations at the end of last month exceeded its expectations on early production from two discoveries, the company said in a statement. The Middle East s first and largest regional private-sector natural gas company, Dana Gas pumped the equivalent of 32,000 barrels of oil per day, exceeding …

CAIRO: It seems that January’s cold weather has failed to cool down searing prices in the steel sector, which have been rising to unprecedented highs since the New Year.Market heavyweight El-Ezz Steel Rebars abruptly increased steel prices an extra LE 250 per ton as of Jan. 1, which means that wholesale steel prices soared to …

CAIRO: BG Egypt, a wholly owned subsidiary of BG Group plc, recently named the first Egyptian-owned Liquefied Natural Gas (LNG) ship, the Methane Nile Eagle. According to a statement released to the press, the vessel is owned by Egypt LNG Shipping Ltd, whose shareholders are BG Group, Eagle Gas Shipping Co. ESA and GasLog Shipping …

Mena Glass to build float glass plant Mena Glass, through its fully owned subsidiary Sphinx Glass, signed a 97 million euro agreement Thursday with Italian contractor Ianua SPA for the engineering, plant construction, assembly and supervision of a new greenfield float glass manufacturing facility. Mena Glass is a company established by Citadel Capital and a …

CAIRO: Maadi City Centre, a subsidiary of MAF Shopping Malls, recently announced the completion of their LE 88.5 project, according to a press statement. Following a 15 month construction process the center, which has doubled in size, has unveiled 41 new popular brands sure to entice shoppers year-round. The center now boasts 30,000 square meters …

Oil prices were barely higher Friday from the previous session s close after setting a record above $100 a barrel overnight on a larger-than-expected drop in US crude stockpiles. Light, sweet crude for February delivery was up 4 cents to $99.22 a barrel in electronic trading on the New York Mercantile Exchange by midday in …

CAIRO: Spurred by Egypt’s growing population, France Telecom Orange Group is eyeing the country for its future expansion plans. On Thursday, it opened the18th Orange Lab in Egypt’s Smart Village, with a view to vie for the country s second fixed-line license. “Egypt is a fast growing market with 75 million inhabitants. It is a …

CAIRO: Oracle reported strong customer momentum within the Europe, Middle East & Africa (EMEA) region this past year. Many organizations in the region have adopted or expanded implementations of Oracle Database, Oracle Fusion Middleware, and Oracle Applications, including the Oracle E-Business Suite, PeopleSoft, Siebel, Hyperion and JD Edwards. Within applications, there has been positive response …

CAIRO: Reuters reported that Ezz Steel said on Thursday it had been granted a license to build a new steel plant in Egypt. The financial daily Al-Alam Al-Youm said that Egypt’s General Authority for Industrial Development had approved licenses for four Egyptian companies, including Ezz Steel, to build four new steel plants. “What was published …

CAIRO: Amlak Finance is in discussions with the International Finance Corporation (IFC) – the private sector arm of the World Bank Group – to partner in its Egypt operation, Amlak Finance and Real Estate Investment. Amlak Finance Chairman Nasser bin Hassan Al-Shaikh, said, We expect from IFC to bring its global standards of governance, environmental …

CAIRO: With a mission to challenge the dominance of Al-Jazeera, BBC’s anticipated Arabic TV service is expected to launch early this year with an annual operating cost of £19 million, offering an Arabic multimedia package of TV, radio and online content. The service was announced in October 2005 and was scheduled to start broadcasting in …

CAIRO: El Gouna, one of Egypt s biggest home-grown tourism success stories, recently played host to Cornell University School of Hotel Administration’s (CU-SHA) Inaugural Senior Executives Program, the first in a series of programs aimed at furthering the growth and development of hospitality professionals in Egypt and the region. The Ministry of Tourism and the …

ISMAILIYA: Transit fees for ships using the Suez Canal will increase in 2008 by an average of 7.1 percent, the Suez Canal Authority said on Sunday. Fees will rise by 5.7 percent for container ships, by 7.3 percent for oil tankers and by 10.5 percent for natural gas ships, authority chairman Ahmed Ali Fadel told …

CAIRO: The BG Energy Challenge 2007-Egypt raised over $120,000 for charity in Upper Egypt. Over 140 participants, forming 25 teams, mostly from the energy sector, spent two days hiking and climbing mountains in Wadi El-Gimal National Park in the south east of Egypt by the Red Sea. Now in its fourth year in Egypt, the …

CAIRO: Raya Technology and Communication said on Sunday it is studying bidding for the second fixed-line license in the country through an alliance with an international operator, reported Reuters.Company Chairman Medhat Khalil told Reuters Raya was waiting for the announcement of the license conditions.”Many elements will determine if we are really going to take that …

In the eyes of the informed layman, Egypt’s banking sector seems to have been cooking something big in 2007. First up is the decision to sell a majority stake in Banque Du Caire, followed by a possible merger between the Commercial International Bank (CIB) and the Arab African International Bank (AAIB). Just off the controversy …

With all the new satellite channels, radio stations, print magazines and newspapers coming out every day, in addition to the emergence of new media and technologies for advertising, it’s becoming difficult to follow and analyze all the messages sent out to the public. It is becoming equally challenging for a particular campaign to stand out …

After a roller-coaster year of real estate buzz, spiraling cement prices, a cement anti-trust lawsuit, not to mention the new auction for cement and steel production licenses, 2007 has turned up the heat in the market. With the ongoing surge in construction activity, it is hardly ever quiet on the real estate sector, which has …

“At Vodafone, we believe that we are connecting and developing the community, accelerating the advancement of Egypt, Noha Saad, Vodafone Egypt’s Corporate Responsibility and Foundation Manager told Daily News Egypt.Pledging a top-notch telecommunications service, Vodafone Egypt has also vowed a solid corporate social responsibility to the nation’s less-fortunate through various initiatives.Vodafone Egypt was one of …

In the middle of breaking business news – mergers, acquisitions, IPOs and expansions – smaller entrepreneurial initiatives often pass unnoticed. Many of these innovative projects, however, do have an impact, whether by combating information monopoly, providing alternatives for entertainment activities or getting high quality food delivered right to our doors. Introducing leisure games to the …

“We’ve been lucky, Tarek Mansour, PricewaterhouseCooper (PwC)’s Country Senior Partner told Daily News Egypt as he described 2007’s economy. He was right.In spite of a 7 percent Gross Domestic Product (GDP) growth rate and an influx of Foreign Domestic Investment (FDI), mostly from Gulf nations in the real estate and telecommunications sectors, Egypt still has …

With 2008 on the horizon, there’s much to look forward to considering the 2007 boom on the Egyptian stock exchange scene, reflected in some revamps, blazing corporate results, two new initial public offerings (IPOs) which lifted the bourse to all-time highs.The Cairo and Alexandria Stock Exchanges (Case 30 Index), which ranks the top 30 companies …

CAIRO: France Telecom Group will inaugurate the company’s Technology Innovation Center – dubbed the Orange Lab – in the Smart Village on Jan. 3, 2008. Chairman and CEO of France Telecom Group Didier Lombard will visit Egypt in January to inaugurate the project, which is worth 8.9 million euros in investments. “The center’s research operations …

CAIRO: Minster of Trade and Industry Rachid Mohamed Rachid made two startling announcements Tuesday, both of which, he said, aim to protect consumer rights and ensure the quality of products in the market. Firstly, the ministry finalized amendments to the competition law in a bid to prevent monopolistic practices and promote competitiveness. The law stipulates …