Ahmed A. Namatalla

198 Articles

Advertising Area





Latest by Ahmed A. Namatalla


BUSINESS RECAP: Report: bird culling bill reached LE 1 billion

Report: bird culling bill reached LE 1 billion CAIRO: The culling of more than 34 million birds since February 2006 to contain the spread of the Avian Flu virus has cost the Egyptian poultry industry nearly LE 1 billion, a Council of Ministers’ report released last week revealed. According to the report, destroying poultry suspected …

Ahmed A. Namatalla

Mortgage refinance company to lower lending rates to 11 percent

Company to offer primary lenders long-term financing at 9.5 percent CAIRO: The launch of the Egyptian Company for Mortgage Refinance (ECMR) will help lower lending rates to 11 percent, Minister of Investment Mahmoud Moheiddin told the People’s Assembly Wednesday. In a January statement, the Mortgage Finance Authority (MFA) announced that ECMR is due to begin …

Ahmed A. Namatalla

Business Recap: Suez Cement sales up, income down 10 percent

CAIRO: The country’s largest cement producer, Suez Cement Group, announced final consolidated 2006 results Thursday showing a 51 percent increase in net sales and a higher profit margin, but a 10 percent decline in net income. Suez captured 32 percent of the local market in 2006 with subsidiaries Helwan and Torah Cement producing nearly 61 …

Ahmed A. Namatalla

NTRA exempts Etisalat from late start-up fines

Badawy: reasons behind delay out of company’s hands CAIRO: The National Telecommunication Regulatory Authority (NRTA) reaffirmed Wednesday its decision not to levy monetary penalties on the new third mobile operator, Etisalat Egypt, for failing to initiate its services in February. NTRA Chairman Amr Badawy said the company has faced circumstances beyond its control, causing it …

Ahmed A. Namatalla

Mobinil, MCIT reach agreement

CAIRO: Mobinil has agreed to suspend offering Edge Technology and upgrade its network in exchange for governmental authorization to offer lifetime validity to its prepaid customers and add one million new numbers, the Ministry of Communication and Information Technology (MCIT) announced Tuesday. According to a ministry statement, Mobinil will invest in upgrading its network over …

Ahmed A. Namatalla

OCI net income up 57 percent on strong construction, cement performance

Company continues MENA expansion; plans to add 10 million tons to cement production capacity in next 6 months CAIRO: Orascom Construction Industries (OCI) reported late last week net income reached LE 2.67 billion in 2006 on nearly LE 16.5 billion in consolidated revenues for its construction and cement groups. The figures represent a 57 percent …

Ahmed A. Namatalla

NTRA sets deadline for mobile operators to reach roaming agreement

CAIRO: Local mobile operators have been granted 30 days to reach a roaming agreement, National Telecommunication Regulatory Authority Chairman Amr Badawy said Tuesday. Roaming negotiations have been ongoing since Etisalat won the third operator’s license for LE 16.7 billion last July. An agreement would allow Etisalat to use the facilities of existing operators Mobinil and …

Ahmed A. Namatalla

Government to cancel Sidi Abdel Rahman deal

CAIRO: The Holding Company for Tourism (HCT) announced yesterday it is launching legal action against Emaar Misr to reclaim the Sidi Abdel Rahman land plot sold for LE 1.2 billion earlier this month. HCT’s announcement came one day after the expiration of the deadline announced by the Ministry of Investment for Artoc Group to sell …

Ahmed A. Namatalla

Four local banks finance $450 million for Port Said propylene plant

CAIRO: A consortium of four banks, headed by Commercial International Bank (CIB), has finalized a deal with the Egyptian Propylene and Polypropylene Company (EPPC) to finance $450 million (LE 2.6 billion) for the establishment of a new processing plant in Port Said. The deal, signed Tuesday night, represents the largest lending transaction this year completed …

Ahmed A. Namatalla

National Cement Company to increase production

CAIRO: The National Cement Company (NCC) announced Tuesday plans to invest LE 500 million to raise its annual production capacity by 30 percent to 3.9 million tons per year. The 95 percent government-owned company is the largest remaining public sector producer. In a statement, the company said it plans to upgrade two of its production …

Ahmed A. Namatalla

Bank of Alexandria IPO set for Q4 2007

CAIRO: The Ministry of Investment announced Tuesday it has selected Beltone Financial to prepare and execute the initial public offering of a 15 percent stake in the Bank of Alexandria (BoA) by the end of the year. Beltone won the tender offered by the government late last month, although contract terms and deal value have …

Ahmed A. Namatalla

Luxor locals puzzled by sudden political activity

Most unaware of constitutional referendum LUXOR: National Democratic Party (NDP) supporters scrambled Sunday to put up signs and posters around the city on Sunday praising President Hosni Mubarak and the referendum, leaving locals asking one common question: “What referendum? The city of about 500,000, which until Sunday had largely remained free of referendum talk, seemed …

Ahmed A. Namatalla

CMA rejects Emaar Misr share listing

Artoc: negotiations likely to extend beyond today’s deadline to finalize a deal CAIRO: The Capital Market Authority declined Emaar Misr’s application for share-listing Sunday, citing the company’s failure to submit financial statements reflecting the company’s activities over a one-year period. The development, announced by Emaar Misr on Monday, came just two days before 60 percent …

Ahmed A. Namatalla

Alcatel-Lucent continues work on East African submarine cable project

Project to connect eight countries from Sudan to South Afirca CAIRO: Alcatel-Lucent signed this month to begin construction of the second phase of a 10,000 km submarine cable system to connect eight East African countries, providing conventional calling services and broadband access to the region. Initiated in 2003 as the East Africa Submarine Cable System …

Ahmed A. Namatalla

Government considering more liberalization in telecommunications sector

Kamel: international calling licensing postponed to May CAIRO: The government is studying further liberalization of the telecommunications sector including offering a second fixed-line license and floating another 20 percent stake in Telecom Egypt (TE) in 2009, Minister of Communication and Information Technology (MCIT) Tarek Kamel said Wednesday. Kamel’s comments came on the sidelines of a …

Ahmed A. Namatalla

Railway Authority launches effort to utilize land bank

Contracted companies to sell rights to billboard construction, advertising space on trains CAIRO: The Railway Authority (RA) is working with promoters to lease its estimated 190 million sq. m. of land properties and sell advertising space on its trains, according to a Ministry of Transport (MoT) official. The Egyptian Company for Railway Projects is now …

Ahmed A. Namatalla

Inflation rate resumes climb in February

Annual inflation reaches 12.6 percent; highest in 26 months CAIRO: The annual inflation rate reached 12.6 percent at the end of last month, up 0.2 percent from January and marking highest rate in 26 months, the Central Agency for Public Statistics and Mobilization (Capmas) reported Sunday. The February rate is the highest since the implementation …

Ahmed A. Namatalla

BUSINESS RECAP: Turkey issues oil exploration tenders in disputed area with Cyprus

CAIRO: Egyptian government sources said last week Egypt will honor its commitments according to the joint oil exploration agreements signed with Cyprus despite Turkey’s announced intentions to offer international tenders for exploration blocks in the same areas. The Turkish Government had announced last week through the state’s Anatolia News Agency it intends to offer tenders …

Ahmed A. Namatalla

Government appeals to businesses to execute public service projects at regional conference

IFC Regional VP: visible results, transparency a must to earn public, private sector confidence CAIRO: The Ministers of Investment and Finance (MoI) and (MoF) continued their 2006-launched drive to encourage businesses to enter public-private partnerships to implement infrastructure and public service projects at the inaugural Middle East and North Africa PPP Summit launched Monday. Speaking …

Ahmed A. Namatalla

Egypt, Turkey move toward free trade by 2020

Kassem: Egyptian textiles producers should not be threatened by liberalization CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid said Thursday the free trade agreement with Turkey entering implementation this month is expected to boost bilateral trade from LE 1 billion in 2005 to LE 5 billion in the next three years. The agreement allows …

Ahmed A. Namatalla

Egypt, EU agreement on local reform

Nazif: There s agreement on principles but mechanisms take time CAIRO: Egypt and the European Union (EU) said Wednesday the March 6 signing of the European Neighborhood Policy s (ENP) Action Plan represents their agreement to move forward with political and economic reform within Egypt and create a nuclear-weapons free Middle East. A nuclear-weapons free …

Ahmed A. Namatalla

Artoc Group to sell stake in Emaar Misr by March 27

Moheiddin: Government to take necessary measures to protect interests of state, investment in Egypt CAIRO: Artoc Group has agreed to sell its 60 percent stake in Emaar Misr to Emaar Properties, the Ministry of Investment (MoI) announced Tuesday. The deal, signed Monday, requires both sides to conclude the transaction by March 27. A deal value …

Ahmed A. Namatalla

Egypt, Kazakhstan launch joint business council; vow to bolster economic ties

Abishevich: countries need to capitalize on “considerable untapped economic potential CAIRO: Egypt and Kazakhstan signed an agreement to boost bilateral economic and trade activity between both countries and launched their first joint business council Monday. In a ceremony attended by Khazakhstani President Nazarbayev Nursultan Abishevich and Minister of Trade and Industry Rachid Mohamed Rachid, business …

Ahmed A. Namatalla

Construction begins to upgrade output of Kremat 3 power station

Younis: El Kremat Plant output to surpass High Dam by 150 percent CAIRO: Civil works are set to begin this month to prepare El Kremat Power Plant for the upgrading of the Kremat 3 station to add 750 megawatts in annual output capacity, Minister of Electricity and Energy Hassan Younis said. Negotiations are now underway …

Ahmed A. Namatalla