Ahmed A. Namatalla

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Latest by Ahmed A. Namatalla


Ministry of Investment valuation sets AMOC share price at LE 95

CAIRO: The Ministry of Investment (MOI) announced Tuesday it has set the price of a 50 percent stake in Alexandria Mineral Oils Company (Amoc) at LE 3.9 billion, or LE 95 per share for the 43 million shares offered. According to a statement posted on MOI’s website, the price was set by an independent valuation …

Ahmed A. Namatalla

Egypt boosts trade ties with Turkey

Turkish industrial zone to be established this year in the 6th of October City CAIRO: Egyptian and Turkish Ministers of Trade Rachid Mohamed Rachid and Kursad Tuzman signed a memorandum of understanding yesterday for the establishment of a private industrial park for Turkish manufacturers in the 6th of October City. The 2 million square meter …

Ahmed A. Namatalla

Government to add 1,000 megawatts to national electricity grid in 2007

2007-12 plan calls for LE 46 billion in investments CAIRO: Four power stations with an estimated output of 1,000 megawatts will join the national electricity grid by the end of 2007, the Ministry of Electricity (MOE) announced Monday. The units will be added to plants in North Cairo, Kremat and Tulkha, completing the ministry s …

Ahmed A. Namatalla

Gasc wheat imports to reach 6 million tons again in 2007

New government rules lead to lower tender amounts CAIRO: The General Authority for Supply Commodities (Gasc) held its first wheat tender in 2007 on Thursday to import 60,000 tons in soft white varieties for delivery in early February. No word from the authority was immediately available on the competing companies. Gasc announced it will hold …

Ahmed A. Namatalla

Government to import 100 American and Chinese locomotives

Purchase part of $8.5 billion restructuring program CAIRO: The Ministry of Transportation (MOT) is set to sign contracts in January to import 100 new locomotives from Chinese and American manufacturers, a senior ministry official revealed Wednesday. The official, who declined to be identified because the deals have not yet been finalized, said the companies include …

Ahmed A. Namatalla

Chinese-Egyptian company to produce oil drills

Factory to produce 20 drills per year by 2012 CAIRO: A consortium of three Egyptian companies and China’s HH Corporation will begin the production of three oil drills in 2007 for local use and export, Minister of Petroleum (MOP) Sameh Fahmy and China’s Ambassador to Egypt Wu Sike announced Tuesday. The new venture will be …

Ahmed A. Namatalla

Study shows public distrust of private sector

SME owners complain of “poor services CAIRO: More than 70 percent of public sector employees view the private sector as non-trustworthy, predatory and a beneficiary of government favoritism, while the same percentage of small and medium enterprise (SME) owners say they suffer government neglect and complicated procedures impeding their businesses, a study released Tuesday by …

Ahmed A. Namatalla

Growing public debt, budget deficit alarm economists

CAIRO: Despite the continuous stream of government reports of a historic resurgence in the country’s economy, some prominent economists are sounding alarm bells over the ongoing increase in overall public debt. Gawdat El Malt, chairman of the Central Agency for Public Mobilization and Statistics (Capmas), directed sharp criticism Monday to the People’s Assembly Planning and …

Ahmed A. Namatalla

Chinese state company to establish chemicals factory in Fayoum

Factory production to meet almost 20 percent of local demand of soda-ash CAIRO: China National Chemical Engineering Corporation (CNCEC) and The National Bank of Egypt (NBE) announced Monday a new partnership to build a soda-ash factory in Fayoum. The chemical is primarily used in glass manufacturing. The memorandum of understanding (MOU), signed Sunday, says the …

Ahmed A. Namatalla

Government official: IT exports to hit $1 billion by 2010

SECC looks to export its services to Gulf market CAIRO: Egyptian information technology (IT) sector exports are on track to reach $1 billion (LE 5.71 billion) by 2010, Gamal Aly, chairman of the government s Software Engineering Competence Center (SECC) said. Aly s comments came upon his return from the annual Dubai Gitex Expo, a …

Ahmed A. Namatalla

Sodic board approves Palm Hills acquisition

Combined land assets to exceed 12 million sq m upon shareholder approval CAIRO: Sixth of October Development and Investment Company (Sodic) board members approved Monday the acquisition of 100 percent of Palm Hills Development Company (PHD) through a share swap in a deal estimated at LE 1.9 billion. Pending shareholder approval, Sodic will issue 25.4 …

Ahmed A. Namatalla

Central Bank raises overnight rates 0.25 percent to combat rising inflation

Analyst views decision with guarded optimism CAIRO: The Central Bank (CB) has raised overnight deposit and lending interest rates by 0.25 percent to 8.75 and 10.75, respectively, CB Deputy Governor Tarek Amer announced in a press statement following Thursday evening s Monetary Policy Committee (MPC) meeting. The decision came just days before the formal announcement …

Ahmed A. Namatalla

Egypt seeks gradual implementation of EU-demanded reforms

MFTI: 2010 target for free trade with EU unlikely to be met but vision will prevail. CAIRO: Government and business leaders met with the European Commission s Enterprise Policy Unit Wednesday to discuss Egypt s implementation of the Euro-Mediterranean Charter for Enterprise, a program paving the way for tariff-free trade between the two sides by …

Ahmed A. Namatalla

MCIT to release International calling licenses in January

Etisalat Chairman: company has already reached preliminary agreement with government for one of two licenses to be offered CAIRO: Two International Gateway Licenses will either be sold to current telecommunications operators or through an auction in January, Minister of Communication and Information Technology (MCIT) Tarek Kamel told reporters Tuesday on the sidelines of the Cairo …

Ahmed A. Namatalla

Business Recap

Shafiq: time not suitable for Egypt Air IPO CAIRO: The decision to float a 20 percent stake of Egypt Air Holding on the Cairo and Alexandria Stock Exchange is not likely to be made soon, Minister of Civil Aviation Ahmed Shafiq said Wednesday. Although the company has recorded profits in each of the past three …

Ahmed A. Namatalla

Experts alarmed by inflation rate

Minister hints November rate will be higher CAIRO: Despite the continued positive macro-economic reports of the Ministry of Economic Development (MED), a double-digit inflation rate on the rise is causing alarm among economists and government officials alike. Annual inflation reached 11.8 percent in October, up 2.2 percent from the previous month, according to the government …

Ahmed A. Namatalla

Government agrees with Gulf consortium on Borg El Arab-Aswan highway

CAIRO: Minister of Transportation Mohamed Mansour announced Wednesday the government had reached an agreement to initiate work on an $8 billion (LE 46 billion) Borg El Arab-Aswan highway with the Gulf consortium established in August to invest in Egyptian transportation infrastructure projects. Mansour said a joint company will be set up to explore the project, …

Ahmed A. Namatalla

Local producers mount fight against consumer protection laws

CAIRO: The Federation of Egyptian Industries (FEI) called on the government Sunday to rescind the recently ratified Consumer Protection Law, until significant amendments are made, to protect local producers from going out of business. FEI s lobbying comes a week after its Food Industries Division said that, if fully implemented, certain clauses in the law …

Ahmed A. Namatalla

Government increases General Transportation Authority budget

LE 395 million annual budget likely insufficient to generate profit CAIRO: Minister of Finance (MOF) Youssef Boutros Ghali approved Saturday a 16 percent increase in the General Transportation Authority s (GTA) annual budget to LE 395 million to avoid raising ticket fares as a result of the recent increase in fuel prices. Ghali s decision …

Ahmed A. Namatalla

EU Agriculture Commissioner urges Egyptian exporters to focus on quality

Mariann Boel: asymmetry in trade liberalization not a permanent EU policy CAIRO: European Union (EU) Agriculture and Rural Development Commissioner Mariann Boel urged Egypt and other Mediterranean Saturday to take more initiative to improve the quality of their export-oriented products in order to meet EU sanitary and phyto-sanitary (SPS) standards. Speaking at the sixth meeting …

Ahmed A. Namatalla

Mohieddin says public pharmaceutical companies not for sale to strategic investors

NDP’s Khattab says his statements are provisional CAIRO: Minister of Investment Mahmoud Mohieddin said Thursday stakes in public pharmaceutical companies will not be offered to strategic investors, whether Egyptian or foreign, which is consistent with a 1996 government decision. “There is absolutely no chance [public] drug companies will be sold to a strategic investor, whether …

Ahmed A. Namatalla

Government proposes multi-pricing of gasoline and LNG

Economists criticize 1997 court decision declaring the practice unconstitutional CAIRO: Minister of Petroleum Sameh Fahmy proposed to the Shura Council’s Industrial Production and Energy Committee Tuesday lobbying the High Constitution Court to reverse its 1997 decision prohibiting multi-pricing of gasoline and natural gas. Fahmy argued that since demand for investment in Egypt has become stronger, …

Ahmed A. Namatalla