Latest in Tag: Investment Highlight
Latest in Tag: Investment
Investment and our bipolar administration
Drops of tax “reforms” have been percolating from the cabinet to the public over the past few days, leaving the latter surprised, bewildered and anxious as to what’s yet to come. Wednesday the government approved a progressive income tax and variety of taxes on the securities market. Yesterday, a one per cent bump in sales …
CBE prepared to take necessary steps to protect pound
Central Bank of Egypt officials say they are committed to keeping Egypt’s pound and foreign reserves stable, but do not have a “magic number” targeted
Ministers fail to assure investors at Euromoney Conference
Delegates vent frustrations over lack of concrete economic plan that will see Egypt’s economy rebound
EGP 5 billion promised for Cairo Gate development
Real estate giants Emaar and Al-Futtaim join forces for lifestyle and entertainment mega-project
Islamists to meet with Saleh to discuss Sukuk Law
Members of prominent Islamist parties are set to meet with Minister of Investment Ossama Saleh next Monday to discuss the possibility of introducing Islamic debt guidelines. “This meeting is mainly to coordinate between political parties and the government to come up with a coherent legal framework in order to issue sukuk [Islamic bonds] in Egypt,” …
HSBC to launch mobile banking
During a media roundtable discussion the bank’s MENA regional head of retail banking and wealth management, Francesca McDonagh, announced the bank’s plan to open three new branches this year to cope with the growing residential developments in Egypt.
Interview with Richard Banks, Director of Euromoney Egypt Conference
What is the Euromoney Egypt Conference? The conference is a major economic, finance and business event about Egypt that will be held in Cairo on 9, 10 October. This year we will hold it at the Fairmont Heliopolis. Euromoney is a global financial media company which specialises in encouraging, covering and analysing cross-border flows of investment …
Emirates Heights denies non-compliance allegations
Emirates Heights, a touristic real estate developer, hosted a roundtable with representatives from the Egyptian press to clarify the company’s position, after a series of protests against the company were triggered weeks ago, against the backdrop of late delivery of residential units in addition to a 30 per cent increase in units prices. Chairman of …
Kuwait injects $60.5 million into Egypt’s gas sector
The Kuwaiti government, represented by the Kuwait Fund for Arab Economic Development (KFAED), has a signed a deal to loan 17 million Kuwaiti Dinars ( $60 million) to aid the expansion and development of the Egyptian natural gas distribution grid. In the presence of Prime Minister Hesham Qandil, the Minister of Planning and International Cooperation …
Beltone’s New Dawn conference reinforces government’s vision
Under the auspices of Prime Minister Hisham Qandil, Cairo-based Beltone Financial Holding launched a three-day conference on the future of investment in Egypt, titled New Dawn. The conference aims to provide a platform for discussion presenting delegates from regional and global sovereign funds, investors, and institutions the opportunity to meet the government’s top officials, political …
What if foreign investment flows in?
Statements on investment and economic achievements made by Mubarak-regime ministers were never met with trust by the general public, while specialists could see that they were nothing more than media fireworks systematically set off to improve the picture of utter destruction the country’s state of affairs had reached. A simple review of the number of …
Presidential decree solidifies military control of land in Sinai
Within the coming few days a presidential decree is to be issued to amend Sinai Development Act number 14 for the year 2012, which Prime Minister Hisham Qandil’s cabinet approved in its last meeting, state-run Al-Ahram reported Saturday. According to Al-Ahram’s report, the presidential amendment stipulates the establishment of a National Authority for the Development …
Egypt struggles to boost agriculture and livestock wealth
By Mohamed Gamal In a continuing effort to promote the agricultural sector, Egyptian officials agreed with Qatari businessmen to explore investment opportunities in the Egyptian agricultural sector. Last Friday, Prime Minister Hesham Qandil held talks with a Qatari delegation headed by Sheikh Nasser Bin Mohammed Al Hajri, CEO of Hassad Food, who expressed interest in …
The Economist: Egypt third most indebted nation in the world
By Hend El-Behary Egypt is the third most indebted country in the world, according to the Economist magazine. Egyptian public debt currently stands at US$206.999 billion, which amounts to 82 per cent of GDP. The current economic status could drive Egypt into full financial crisis, the magazine reported. Spain and Greece were the first equal …
Turkey keen on investing in Egyptian electricity sector
Several Turkish companies expressed interested in investing in Egypt’s electricity sector, Turkish Ambassador to Egypt, Huseyin Avni Botsali, said according to MENA. Bostali led the talks of the Turkish business delegation in a meeting with the Egyptian Minister of Electricity Mahmoud Balbaa. The meeting focused on the implementation of the memorandum of understanding signed between …
New holding company for mining industries approved
Minister of Industry and Foreign Trade Hatem Saleh approved the establishment of a mining holding company at the opening ceremony of the National Vision for Mining Wealth Conference held Tuesday. According to government officials, the move toward establishing a holding company for mining is proposed to boost investment in Egypt’s mining sector and expand mining …
SODIC: no litigation against us
The Sixth of October for Development and Investment Company (SODIC), Egypt’s third largest real estate developer, reported to the Egyptian Stock Exchange that no lawsuits were filed against them by the Lebanese multinational real estate developer Solidere. According to AhramOnline’s report on Tuesday; Beltone, a Cairo-based investment bank, stated that Solidere announced Sunday its plans …
Euromoney Egypt Conference Confirmed for October 9-10
The Euromoney Egypt Conference 2012 will now be held on 9 and 10 October at The Fairmont Towers Hotel, Heliopolis. Euromoney confirms that HE Dr Hisham Kandil will open the conference. Other government speakers include the Minister of Finance, Minister of Investment and Minister of Communications and IT. Political leaders from many parties will also …
Government promotes public-private partnerships
Driven by the current financial shortfall, the Egyptian government has begun discussions regarding prospective public-private partnerships (PPP). According to officials, PPP are intended to catalyse infrastructure development, of which the country is in desperate need. The Ministry of Finance launched the MENA Project Finance and PPP two day conference yesterday, under the patronage of Prime …
From the other side: No dignity for an investor in his home!
No dignity for an investor in his home!
Morsy in Brussels seeking EU aid
The EU is Morsy’s second destination after China as he seeks foreign funding
Egyptian Steel signs $ 210 million deal with Danieli
Egyptian Steel signed Wednesday a $ 210 million agreement with Daneili SpA (DANR), an Italian company specialised in supplying plants and equipment to the steel industry, to supply production lines for Egyptians Steel’s new plant in Ain el-Soukhna. Prime Minister Hesham Qandil witnessed the agreement signing ceremony between Ahmed Abou Hashema, Chairman of Egyptian Steel, …
Vodafone offers post-paid customers a new billing experience
Affirming its leadership in meeting customers’ needs, Vodafone Egypt, a top mobile operator, offers its post-paid customers a new billing experience that guarantees utmost customer satisfaction. Vodafone Egypt reports that the new bill will contain detailed information of post-paid customers’ internet monthly usage, costs of local, international and roaming calls, monthly subscriptions and additional services. …
Three strikes and you’re out
Teachers, factory workers, and engineers hold three separate protests in front of cabinet
Morsy drops farmers’ debts
Addressing his audience of fellaheen (farmers), President Mohamed Morsy echoed former President Gamal Abdel Nasser, saying “I’m one of you in terms of roots and upbringing.” In his speech on Tuesday commemorating farmers’ day, Morsy praised Egypt’s fellaheen, stating that “Egypt’s farmers were the first to rebel against tyranny 4,000 years ago.” Presidential spokesman, Yasser …
OPIC to focus investments on franchise, renewable energy and SMEs
As part of the US delegation’s mission to Egypt, the Overseas Private Investment Corporation (OPIC), a US government financing institution, signed a $150 million deal with private equity group Abraaj Capital. The new commitment targets the enhancement and development of small and medium-sized enterprises (SMEs). Managed by Aureos Capital, Abraaj’s SMEs investment platform, the Riyada …
US supports Egypt’s technology infrastructure
The US business delegation, currently in Cairo for a four day visit, completed two US grant agreements to boost Egypt’s information and communication technologies infrastructure, Carl Kress, US Trade and Development Administration (USTDA) Regional Director for the Middle East and North Africa, announced yesterday. Developing information and communication technology infrastructure will help boost Egypt’s economic …
US business delegation promisese support for Egyptian economy
A United States business delegation has pledged to support Egypt in its transition to democracy through bolstering investment to create more jobs and promote economic growth. “We hope that this delegation returns home with a very simple message: Egypt is open for business,” Thomas Nides, head of the US business delegation and the deputy of …
Saudi delegation to visit Egypt for investment talks
A Saudi business-delegation is scheduled to visit Cairo this Monday, with the legal impediments to Saudi investment leading the visit’s agenda. Reportedly, Dr Tawfik Al-Rabea, Saudi Minister of Industry and Trade, will head the delegation that encompasses up to 35 Saudi businessmen, in addition to the Saudi Ambassador to Egypt, Ahmed Al-Katan. The Egyptian delegation …
US business delegation arrives in Cairo
A United States business delegation arrived in Cairo yesterday for a four day visit to discuss economic cooperation to bolster the ailing economy through developing the private sector. The US chamber of Commerce and the US-Egypt Business Council (USEBC) will lead, in collaboration with the American Chamber of Commerce in Egypt (AmCham Egypt), a business …