Latest in Tag: The daily News Egypt Highlight
Latest in Tag: The daily News Egypt
CBE sells $281m Sunday, instead of usual $40m to banks
This Sunday and 1 March saw larger than usual amounts supplied to banks, CBE sells $420m at beginning of March in interbank market
Arabtec approval to be applied on NUCA partner projects
New Cairo, 6th of October, Sheikh Zayed and Al-Shorouk cities excluded from list of new cities in which both entities work together, says Housing Minister
Talks to be held mid-April for Arab Customs Union establishment: Ministry of Industry
To date, requirements for establishing the union have not been fulfilled by Arab member states
External debt decreases by 10.3% in December: CBE
Decrease due to repaying facilities and loans, as well as fall back on value of most currencies of borrowing versus US dollar
Egypt could be founding member of China-backed AIIB by mid April
Egypt will benefit as it will aid in developing much needed infrastructure sector, says former assistant to executive director of IMF
Arab Importer and Exporter Union plans $1.5bn Sudan investment
Two MoUs expected shortly between Union and the Sudanese Free Zones & Markets
Basic minimum wage jumps from EGP 250 to EGP 870
The basic minimum wage for the public sector rose from EGP 246 to EGP 870, according to Tarek Elhasry, Director of the Administrative Reform Programme lead by the Ministry of Planning (MOP). A new civil services law adopted by the ministry was launched as a part of an administrative reform plan. The law was activated …
$500m loan provided by World Bank to support social housing project
Negotiations over a $500m loan from the World Bank have been finalised, according to Minister of Housing, Utilities and Urban Communities Mustafa Madbouly Saturday. The loan, which is to be repaid over a five-year period, is to support the 1m residential units’ project, also referred to as the “social housing project” that is backed by …
Tourism sector will boom in coming period: Travco Egypt managing director
Summit should pass “safely” to validate the conference’s goal
Revised legislations, facilitated lands availability to boost real estate: Maxim Holdings Board Vice Chairman
Egypt’s Economic Summit will launch an era of developments, according to Vice Chairman of the Board of Directors with the commercial sector of Maxim Holdings, Amr El-Kady. El-Kady added that the real estate sector is continuously growing despite the political challenges of the past four years. The government’s trend of new legislations will further encourage …
Growth awaits residential, commercial real estate development: EIG Inc marketing and sales director
Big demand for middle, upper-middle housing units by large segment of society, significant increase in demand of malls and administrative centres
Industrial sector in ‘state of crisis’, solutions for energy problem, regaining confidence of international markets is necessary: Alaa Arafa
Alaa Arafa, chairman of Egypt’s largest textile and clothing manufacturer and retail stores Arafa Holding, said Egypt’s industrial sector is still suffering and is in a state of crisis. He added that it needs to overcome the obstacles, asserting that the CBE’s gradual reduction of the Egyptian Pound will contribute to encouraging industry more …
Egypt will recover if energy shortage is resolved to improve sluggish industry, says Al-Zorba
The government’s economic policies are still shrinking, while the Egyptian industry sector is suffering sluggish activity. The economy has to be encouraged to overcome the challenges of aggravating budget deficit and inflated debt, according to Former Federation of Egyptian Industries Chairman Galal Al-Zorba. He added that industrial sector reform is the only means to eliminate …
Government should repay all fuel dues to foreign partners: Official
An oil company official said the government should repay full dues to foreign partners and approve gas price amendments that have been agreed upon to stimulate investments in the sector. Egypt will face stability in oil and gas production rates during fiscal year 2015/2016 as a result of a number of companies reducing their investments, …
Chinese smart- phones continues to infiltrate Egyptian market
75% of mobile phone prices to drop under $100 by 2020, says El-Motaheda CEO
Siemens pledges $1.4m on summit’s final day
Several other agreements worth €4bn signed between Siemens and Egyptian government on second day of summit
$500m to be invested by PepsiCo in Egypt in 2015: GM
The new investment law is there, but we need the government to make it happen, says Ahmed El-Shaikh
Focus on major projects is not the way to build an economy: TAG-Org founder
Talks are currently being held with ICT Ministry to host first privately-owned computer cloud in Egypt, says Talal Abu-Ghazaleh
International financing institutions strong backers of Egypt
International financing institutions confirm attendance to Egypt’s Economic Summit this month
There will never be a perfect timing for summit: Former Finance Minister
Government was sluggish in launching new investment law, investors were not given enough time to do their homework, says former Finance Minister Samir Radwan
Summit to put Egypt back on investor map: IFC Country Manager
Our focus going forward in Egypt will be infrastructure especially energy, says IFC Country Manager
Various sector agreements could be signed during summit: Italian official
Twenty-five to 30 Italian companies from several sectors are participating in Egypt’s Economic Summit, Massimiliano Fachini, a member of the Italian delegation, confirmed to the Daily News Egypt. He added that the sectors represented include energy, electricity, manufacturing, cement, construction, finance and services, in statements on the sidelines of the summit in Sharm El-Shaikh. Discussions …
Pioneers Holding considers new acquisitions in 2015
EGX witnesses some activity in 2015 with Emaar Properties PJSC, Orascom Construction (OC) listings, acquisition of Bisco Misr by Kellog’s
5 acre agricultural land provided for residents in Nubia
Ministry of Housing trying to attract Nubian families to return to Nubia after being displaced over 40 years ago
Hitachi offers investments in Egypt
Hitachi expresses interest in participating in creating Silos, logistical areas for wheat, grain and food commodities storage in Egypt
Orange buys last OTMT owned stake in Mobinil
OTMT CEO Naguib Sawiris sold part of his Mobinil shares to Orange in 2012, with latest deal the sale of last 5% minority stake in Mobinil
$1.4m increase in Suez Canal revenues in January 2014
Suez Canal revenues for January 2015 have increased to $434.8m, compared to the same period in 2014, which recorded $433.4m
Leaders, businesses confirm Economic Summit attendance
Prime Minister Ibrahim Mehleb invited businessmen and investors to participate in Egypt’s Economic Summit and urged them to pump more investments into the country during his visit to the Dubai Government Summit in February.
EGP 3bn investments for Ashgar City Project: IGI Sales & Marketing Director
Ashgar Heights another project to be expanded this year, worth EGP 700m in investments
Surplus in Egypt-Algeria trade balance in Egypt’s favour
The surplus is equivalent to approximately $43m, where in 2013 trade balance recorded a deficit of $ 89.9m