CAIRO: Nahdet El Mahrousa NGO signed a Memorandum of Understanding with the Industrial Modernization Center (IMC) late October to expand the Young Innovators’ Awards program to all 22 national universities in Egypt. The program seeks to promote the culture of research and development (R&D) among engineering graduating seniors in national universities by sponsoring their graduation …

Abraaj Capital has agreed to a transaction with Dubai Financial Group, a subsidiary of the Dubai Group, whereby the latter will acquire 100 percent of Abraaj Egypt Ltd. and Abraaj SPV 26 Ltd for a total consideration of approximately $ 1.1 billion, according to press statement by EFG-Hermes. The acquired companies collectively own 24.62 percent …

CAIRO: How can Arab economies dodge the bottleneck that slows their integration into today’s global market? The buzzword is education, which currently presents itself as the ultimate solution to swiftly push forth Arab competitiveness. The consensus was reached by more than 100 political and business leaders from some 25 countries that gathered for the fourth …

CAIRO: Prime Minister Ahmed Nazif has been assuaging the concerns of local and foreign investors who worry that the ongoing issue of Egypt’s presidential succession may harm the country’s economy. Speaking at the opening ceremony of the fifth round of the Arab Business Council Saturday, Nazif insisted that the handover of the presidency in 2008 …

CAIRO: Investment bank EFG-Hermes has announced consolidated audited financial figures for 2007 third quarter. During the three month period, total consolidated revenues more than doubled over that of the same period last year to reach LE 549 million. This brings total consolidated revenue for the first nine months of 2007 to LE 1.53 billion compared …

CAIRO: US-based Bronco Drilling Co. has signed an agreement to invest in a company run by a Libyan family to provide drilling services in the oil-rich former pariah country. The move is another sign that Libya is emerging from its international isolation after it agreed to scrap its secret nuclear weapons program and compensate victims …

CAIRO: I-flex solutions, a provider of information technology solutions to the global financial services industry, announced that it will participate in the Made in India show in Cairo on November 20 -23, 2007. The company will sponsor the Indo-Egypt Industrial Cooperation Seminar. Its chief Executive Officer and Managing Director R.K.N Raman will arrive in Egypt …

CAIRO: Egyptian construction and real estate firm Talaat Mostafa Group (TMG) announced Friday pricing of its private placement and Initial Public Offering (IPO) that will secure the company a market capitalization of LE 23 billion at the start of trading. The new shares for the private placement will be sold at LE 11.60 per share, …

CAIRO: Inter Milan star striker Zlatan Ibrahimovic won the Golden ball for the Swedish player of the Year on Monday while Rami Shaaban won the best keeper award. The 26-year old striker has been inspirational for Inter in their Scudetto quest and finished as the top scorer of the Serie A with 15 goals. Meanwhile, …

CAIRO: The fourth “Enta Wel Bonook (You and Banks) conference and exhibition – held under the auspices of the Central Bank of Egypt – concluded Wednesday on notes tackling privatization of banks, boosting competitiveness, and establishing a regional champion. “A bank’s main job is to first preserve deposits of its customers and second to increase …

DUBAI: The Cairo-based airline startup Nile Air placed firm orders for nine Airbus 321s, the European plane-maker said Wednesday. The aircraft will cost $792 million at list prices. The airline, owned by Saudi travel service group Al Tayyar, will start operations in the first quarter of 2008 and will initially fly between Saudi Arabia and …

CAIRO: Naeem Holding board of directors decided to take initial steps to acquire a controlling stake in Naeem KSA ranging between 75-80 percent of the company’s overall capital. The company announced that the acquisition is to take place at a price-to-earnings ratio (P/E) of five times relative to the normalized earnings of Naeem KSA achieved …

CAIRO: On account of building the world’s third largest container shipping company, Jacques Saadé, founder and chairman of the CMA CGM shipping group, was recently awarded an honorary degree by the Arab Academy for Science, Technology, and Maritime Transport. Saadé received the Honoris Causa Doctorate Degree and was awarded by Gamal Mokhtar, president of the …

CAIIRO: Last week, Google – together with a broad alliance of leading technology and wireless companies – announced the development of Android, the first open and comprehensive platform for mobile devices. The Open Handset Alliance, a multinational alliance of 34 technology and mobile industry leaders, including Google Inc., T-Mobile, HTC, Qualcomm, Motorola and others, have …

CAIRO: The British Broadcasting Corporation (BBC) is preparing to launch its integrated Arabic-language TV station ­- a first for the region – incorporating radio, television and online media. In preparation for the new launch, BBC Arabia will host a series of interactive workshops dubbed “The World as You See It for aspiring broadcasters across the …

CAIRO: World Bank chief Robert Zoellick met on Thursday with Egyptian President Hosni Mubarak on his first trip to Cairo as head of the development lender, the official Mena news agency reported. Zoellick’s trip is aimed at “assessing the type of aid Egypt needs, whether financial or technical, during the two-day trip which includes talks …

CAIRO: With more than a quarter century of industry expertise in digital storage, Seagate is turning a stiff one eye on the Middle East North Africa (MENA) region with a business model that seeks to almost double its market share within the next year. “At Seagate, our growth strategy gives particular attention to BRICME markets: …

CAIRO: The start of the week saw stocks rising with increased activity on the Case 30 as Arab investors pushed the benchmark up 2.3 percent, highlighting their interest in Egypt’s booming economy. Turnover reached LE 1.19 billion, recording 9,395 points at closing time. Data showed that Arab investors were net buyers by a margin of …

CAIRO: Motorola has warned that businesses in the Middle East are making it harder for themselves to comply with the Waste Electrical and Electronic Equipment (WEEE) initiative by failing to make products easily identifiable on their return. WEEE sets collection, recycling and recovery targets for all types of electrical goods, imposing the responsibility for the …

CAIRO: Commercial International Bank (CIB), Egypt s largest listed lender by value, recently posted its second-biggest quarterly profit on record, as operating profits soared to new highs. The bank recorded a third-quarter net profit of LE 270.1 million, up from LE 227.2 million in the same period of 2006. Net interest income climbed 21 percent …

CAIRO: The Egyptian National Postal Organization (ENPO), in collaboration with the Ministries of Investment and Communications and Information Technology, launched a new savings account based on investment in the stock market through post offices. The new postal savings account will meet the needs of the 17 million clients of Egypt Post financial services nationwide. “The …

CAIRO: Emaar Egypt confirmed that the pricing structure of the Marassi residential resort continues to be based on original contract, despite recent allegations of elevating prices to unreasonable highs. “We are currently streamlining all our initial reservations, and the pricing follows the norms stipulated in the original booking form. Only when the customer wants a …

CAIRO: Egypt has been ranked 11th in attracting foreign investments, according to “The Global Talent Index, a new 30-country survey conducted by a leading executive research firm, Heidrick & Struggles, and the Economist Intelligence Unit. The study predicts that Egypt will move from 11th to seventh position between 2007 and 2012 in the Foreign Direct …

CAIRO: The Information Technology Industry Development Agency (ITIDA) recently launched the third phase of a fellowship program that aims to promote cooperation between the IT industry and academia. Around LE 750,000 have been dedicated to the Information Technology Academia Collaboration (ITAC) fellowship program, which is the fifth in a series of ITIDA’s academic research programs. …

CAIRO: In advanced countries, someone whose cell phone breaks down or becomes outdated usually tosses it and gets a new, fancier model. Ditto for the VCR, DVD player, Sony PlayStation and even radios and watches. Not so in the developing world. Here in Cairo, whole side streets and alleys are packed with electronics repairmen laboriously …

CAIRO: Barclays Bank Egypt celebrated the 12th year of the inauguration of its voluntary universal campaign under the slogan “Make a Difference Day. This year the event was held at Kafret Nassar, Giza where the bank is supporting the residents through the restoration of a health unit. Last year, more than 11,700 staff members in …

CAIRO: KHS AG, a German-based company providing packaging technology for food and non-food industries, officially inaugurated its Egypt office, according to a press release. “Egypt’s recent growth in the food industry has been quite substantial and we certainly look forward to commencing our operation here. We are very confident that we can fill a need …

CAIRO: The Eastern Tobacco Company submitted a request to the Ministry of Agriculture to cultivate tobacco in Upper Egypt, according to a board member at the company. The company’s motive is not about financial gains or an increase in production as much as it is about liberating itself from depending on foreign exports, which may …

CAIRO: Egypt’s Metro Supermarket chain has picked up the International Quality Crown Award for excellence at a convention of quality experts in London. The award was presented to Mohanad Adly, Metro’s managing director, by Jose Prieto, president of Business Initiative Directions (BID), the convention organizers. The award recognized Metro among companies from 163 different countries …

CAIRO: Telecoms tycoon Naguib Sawiris said he would muscle in and enter any market available, regionally or internationally, because opportunities are becoming scarce. “Opportunities remaining in telecommunications are only a handful. Penetration is gaining [momentum]. Markets have become saturated, and obtainable licenses are diminishing, he said. His remarks came amid talk of OT’s interest in …