Ahmed A. Namatalla

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Latest by Ahmed A. Namatalla


Egypt, Germany sign four agreements to increase economic cooperation between the 2 countries

CAIRO: The Egyptian-German Business Forum concluded its meetings Sunday with the signing of four agreements aimed at modernizing Egyptian industries and increasing bilateral trade. On the industrial front, Siemens Egypt Automation and Drives signed three agreements with the Industrial Modernization Center (IMC) and the Industrial Training Center (ITC) to develop the production capabilities of select …

Ahmed A. Namatalla

Monetary Policy Committee decides against expected interest rate hike

Central Bank: Inflation rate expected to remain high until effects of previous price increases level off CAIRO: The Monetary Policy Committee decided in its monthly meeting Thursday to maintain overnight lending and deposit rates at 8.75 and 10.75, respectively, despite wide analyst expectations of another hike to counter rising inflation. As of press time, the …

Ahmed A. Namatalla

Business recap: Economists attack, government defends MoI's privatization program

CAIRO: Several leading economists attacked the Ministry of Investment s (MOI) privatization program during a round table discussion Tuesday, claiming sales of government assets have lacked transparency and have yet to be proven beneficial to the economy. In the seminar organized by the Development Partners Center, Ahmed El Naggar, senior economist at Al-Ahram Center for …

Ahmed A. Namatalla

Nicosia fires back at Turkey over to Egyptian-Cypriot oil exploration deal

BP Egypt announces 1 trillion cubic feet natural gas find north of Alexandria CAIRO: Turkish protests against a joint oil and gas exploration deal between Egypt, Lebanon, and Cyprus in the Mediterranean waters surrounding the island nation drew further criticism from Nicosia Wednesday. Speaking on Cypriot State Radio, Minister of Commerce Antonis Michaelides said Cyprus …

Ahmed A. Namatalla

Minimum capital requirement for LLCs reduced to LE 1,000

IFC official: positive potential of decision outweighs negative CAIRO: Minister of Investment (MOI) Mahmoud Moheiddin issued a decree Saturday lowering the minimum capital requirement for limited liability companies (LLC) from LE 50,000 to LE 1,000. According to an MOI statement, the decision was made to encourage small and medium enterprises (SME) to structure themselves according …

Ahmed A. Namatalla

Business recap: IFC and Ministry of Petroleum study mining sector reform

CAIRO: The Ministry of Petroleum (MOP) signed a technical assistance agreement with the International Finance Corporation (IFC) to reform the country s mining laws in favor of investors, IFC announced Wednesday. Under the agreement, IFC s Technical Assistance Office for the Middle East and North Africa will conduct a joint review of the country s …

Ahmed A. Namatalla

Government settles LE 1.16 billion in HCT subsidiary debt

Ministry of investment continues drive to lower public company debt to LE 10 billion CAIRO: Minister of Investment Mahmoud Moheiddin said Wednesday the government has paid off LE 1.16 billion, representing the debts of six subsidiaries of the Holding Company for Trade. The largest beneficiaries of the debt settlement included Al Nasr for Import and …

Ahmed A. Namatalla

Mobile subscribers up; government share of revenues needed to fund infrastructure projects

Amr Badawy: negotiations ongoing with Mobinil on 3G license CAIRO: The number of mobile and fixed telephone line subscribers continued to climb according to government expectations, a revised Ministry of Telecommunication and Information Technology (MCIT) report released this week said. According to the report, mobile subscribers reached 17.2 million by the end of November 2006, …

Ahmed A. Namatalla

High-end Serrenia construction launched near Hurghada

Project one of three luxury resorts to be launched in 2007 HURGHADA: Jordan’s Shaheen Group broke ground Tuesday on its $2 billion Serrenia project, a high-end resort now under construction in Sahl Hasheesh. Construction is expected to last for 3 years on the 2.5 million square meter property designed by London-based Foster & Partners. In …

Ahmed A. Namatalla

Ministry of Investment denies privatization report

Moheiddin: Companies to be offered for sale after individual preparation CAIRO: The Ministry of Investment (MOI) denied Monday news reports of its plans to privatize 100 fully and partially state-owned companies in 2007 including Eastern Tobacco, North Cairo Mills, Delta Fertilizers and Heliopolis Housing. “News published this morning of the Ministry’s intentions to privatize a …

Ahmed A. Namatalla

Business Monitor International report reaffirms government forecast for 2007

Report: low potential for political reform positive sign for economy CAIRO: A Business Monitor International (BMI) report released Thursday ranked the Egyptian economy first in the Middle East region on growth potential in 2007. The report confirmed the forecast of Minister of Investment Mahmoud Moheiddin for $7.5 billion to $8 billion in foreign direct investment …

Ahmed A. Namatalla

Vodafone acquires 3G license for LE 3.4 billion

Operator to start services “one day after Etisalat CAIRO: The Ministry of Communication and Information Technology (MCIT) and Vodafone Egypt (VFE) signed a contract yesterday for the latter’s purchase of a 3rd Generation operation license for LE 3.4 billion. The signing comes just one month before new mobile operator Etisalat is due to launch its …

Ahmed A. Namatalla

Business recap: Government to pay-off LE 6 billion in public bank debt

CAIRO: The government announced Wednesday it has allocated LE 6 billion to its financial sector reform program for public banks, a joint Ministry of Investment (MOI), Ministry of Finance (MOF) and Central Bank statement released Wednesday said. The money will go toward paying off the banks debts, with LE 2 billion slated for The National …

Ahmed A. Namatalla

Inflation hits 12.4 percent in December

Analyst: Central Bank reaction will depend on market reaction CAIRO: Inflation continued to climb in December, hitting 12.4 percent compared with 12.2 percent in November, according to preliminary Central Agency for Mobilization and Public Statistics (Capmas) report released this week. If confirmed, the figure will mark the ninth consecutive month of increases, but only a …

Ahmed A. Namatalla

Investors fear losing government incentives

CAIRO: Fourteen international companies have expressed interest in operating new industrial zones and renovating others according to new government policy, General Authority for Free Zones and Investment (Gafi) Chairman Ziad Bahaeddin said Wednesday. Gafi will hold tenders for industrial zones to be established in the 6th of October City, 10th of Ramadan, Fayoum and Damietta …

Ahmed A. Namatalla

Egypt improves Human Development Report ranking

Literacy up to 71.4 percent, but water issues persist CAIRO: Egypt moved up 8 places to No. 111 out of 177 countries on the United Nations Development Program s (UNDP) annual Human Development Report, UNDP announced Monday. The report attributed the improvement in Egypt s position to several factors, the most significant of which was …

Ahmed A. Namatalla

Construction tenders for first phase of Metro Line 3 completed

OCI earns 23 percent share in first phase CAIRO: Orascom Construction Industries (OCI) announced yesterday it has won a total of LE 1 billion in construction projects for the first of four phases of the Greater Cairo Metro Line 3. According to a statement released to the Cairo and Alexandria Stock Exchange, OCI s share …

Ahmed A. Namatalla

New public company for small-business financing to begin operation in H1 2007

Company part of LE 1.2 billion small-business financing program CAIRO: A new company specializing in small-enterprise financing is scheduled to begin operating in H1 2007, Minister of Economic Development (MED) Othman Mohamed Othman said Sunday. The company, called for by local businessman and international organizations such as the International Finance Corporation (IFC) of the World …

Ahmed A. Namatalla

Mortgage financing reaches LE 1 billion in 2006

Saleh: new mortgage refinancing company to lower interest rates CAIRO: Mortgage Finance Authority (MFA) Chairman Osama Saleh said preliminary 2006 end-of-year figures show the total mortgage lending volume has reached LE 1 billion. If confirmed, the figure would mark a 54 percent increase over the LE 650 million reported by MFA in September. In a …

Ahmed A. Namatalla

Ministry of Trade denies reaching deal to lower Israeli input in QIZ

Rachid: We’re always trying to get a better deal for ourselves CAIRO: A senior Ministry of Trade and Industry (MTI) official denied Thursday that Egypt, Israel and the United States have agreed to lower the required Israeli input into Egyptian textile exports to the US under the Qualified Industrial Zones (QIZ) Agreement from 11.7 percent …

Ahmed A. Namatalla