Ahmed A. Namatalla

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Latest by Ahmed A. Namatalla


Current construction legislation cited as main deterrent to investors in IFC Alexandria Conference

New legislation to be introduced to current parliament session to remove some obstacles to investment ALEXANDRIA: Alexandria Businessmen s Association Chairman Mohamed Ragab called on the Ministries of Investment and Housing Tuesday to reconsider their joint Unified Construction Law proposal, due for submission to parliament s current session, to ensure it addresses the unnecessary complications …

Ahmed A. Namatalla

EU commissioner says progress being made toward free trade zone

Mandelson on Egypt reforms: Carefully and sensitively, we need to let the hand brake off CAIRO: European Union (EU) Trade Commissioner Peter Mandelson says the Euro-Egyptian Association Agreement, paving the way for a free trade zone between the two sides by 2010, has found success considering the reforms implemented by the Egyptian side since the …

Ahmed A. Namatalla

Cement prices drop as production makes slight gains on demand

Industry challenges debated at annual pan-Arab producers conference CAIRO: Local cement prices continued to fall last week, reaching a LE 320 per ton average according to the Ministry of Foreign Trade and Industry s (MFTI) weekly report, as the Arab Cement Conference wrapped up its annual meeting in Cairo on Saturday, predicting cement production would …

Ahmed A. Namatalla

Biz Recap

Indian industry on display in Cairo CAIRO: India s Engineering Export Promotion Council (EEPC) brought more than 100 Indian companies to the Cairo fair grounds to showcase their products to local businessmen in the four-day Mactech 2006 exhibition launched Thursday. Having witnessed 52 percent growth in engineering product exportation to Egypt in 2005, EEPC Chairman …

Ahmed A. Namatalla

Rachid: Egypt's economic improvements cannot be dismissed.

Country has to maintain dynamic push for reform In the second part of The Daily Star Egypt’s interview with the Minister of Trade and Industry, Minister Rachid Mohamed Rachid says there is no escaping that the local economy has improved in previous years. He says he is dedicated to creating more job opportunities for Egyptian …

Ahmed A. Namatalla

Conference discusses ways to head off potential energy crisis

CAIRO: Businessmen and researchers called Tuesday for the gradual phasing-out of the government s LE 50 billion annual energy subsidy bill and urged more investment in alternative sources of energy. They called on focusing on wind and nuclear power to avoid a potential crisis once Egypt s natural gas reserves are expected to run out …

Ahmed A. Namatalla

One-on-one with Minister Rachid Mohammed Rachid

Minister of Trade and Industry speaks on condition of economy CAIRO: More than two years after taking the helm at the Ministry of Trade and Industry, Minister Rachid Mohamed Rachid is starting to see the fruits of his labor as part of Prime Minister Ahmed Nazif s economic cabinet pay off. A 15-year high 6.9 …

Ahmed A. Namatalla

Nazif and Rachid in Turkey to promote trade relations

CAIRO: In anticipation of final Turkish parliament ratification of the Egyptian-Turkish Free Trade Agreement (FTA) signed December 2005, Prime Minister Ahmed Nazif and Minister of Trade and Industry (MFTI) Rachid Mohammed Rachid are taking off to Istanbul today for a two-day visit aimed to promote bilateral trade and investment. In June, the parliament ratified the …

Ahmed A. Namatalla

Moheiddin: Gafi to remain under Ministry of Investment control

CAIRO: Minister of Investment Mahmoud Moheiddin said Friday the government has no intention of separating the General Authority for Investment and Free Zones (Gafi) from the Ministry of Investment (MOI), despite the latter s ongoing success and resulting expansion. Moheiddin also acknowledged that more needs to be done to combat corruption in Egypt s business …

Ahmed A. Namatalla

African scientists urge cooperation with NGOs, rewarding innovation at Cairo conference

Participants endorse basic science over sophisticated science for continent s advancement CAIRO: African scientists and non-governmental organization (NGO) representatives issued 18 recommendations Friday, lobbying for targeted promotion of science and technology in schools and more cooperation between governments and NGOs throughout the continent. The recommendations came one week after the three-day meeting of the 2nd …

Ahmed A. Namatalla

Telecom Egypt nine-month results show decline in net income

Analysts unconcerned by non-recurring reasons behind decline CAIRO: Telecom Egypt’s (TE) nine month 2006 net income declined by 17.2 percent to LE 1.5 billion from LE 1.8 billion in the same period of 2005, the company s interim results report released yesterday showed. The company s results surprised many market observers especially since they also …

Ahmed A. Namatalla

US wheat struggles to maintain market share in Egypt

French, Russian competition surges ahead of the former market leader CAIRO: US Wheat Association Vice President Dick Prior said Egyptian imports of US wheat should again reach nearly 2 million tons this year, worth an estimated $400 million, countering claims that Egypt is shifting away from the American product in favor of French and Russian …

Ahmed A. Namatalla

Ministries of Communication, Education partner for another PC initiative

Government to supply, subsidize PCs for students and teachers but with conditions CAIRO: Minister of Communication and Information Technology (MCIT) Tariq Kamel Tarek Kamel signed off on two agreements with the Ministries of Education and Higher Education Saturday to make computers more affordable to students and teachers. Under the agreement, the government will purchase and …

Ahmed A. Namatalla

China and Egypt sign science and technology cooperation agreement

Critic: agreement only publicity – Egypt not yet qualified for partnership CAIRO: China and Egypt have signed a science and technology cooperation agreement whereby Egypt will receive assistance in developing its IT, health, agriculture and energy sectors and conduct joint research projects with China to be financed by a joint fund, representatives of both countries …

Ahmed A. Namatalla

New government regulations tighten control over Gulf consortium transportation projects

Ministry of Transportation reserves the right to increase share in future projects beyond 20 percent CAIRO: Minister of Transportation (MOT) Mohammed Mansour approved new regulations Monday to help his ministry retain some control over future transportation projects to be established by the Gulf consortium created in August to invest in Egypt s transportation infrastructure. With …

Ahmed A. Namatalla

Egypt to continue to export a third of its LNG production

Fahmi: LNG exports necessary for foreign sector investors to achieve profitability CAIRO: Minister of Petroleum (MOP) Sameh Fahmi said Tuesday he hopes one day Egypt will no longer have to export natural gas and retain its reserves for local consumption. Fahmi s comments came in response to growing public criticism of the government s liquefied …

Ahmed A. Namatalla

Interest rate hike draws mixed reactions

Capmas: Inflation rate reaches 10 percent in October CAIRO: The Central Bank s (CB) Thursday decision to raise overnight interest rates by 0.5 percent to help curb inflation has drawn mixed responses from local analysts. Meanwhile, a new Central Agency for Public Mobilization and Statistics (Capmas) report shows the annual inflation rate has reached a …

Ahmed A. Namatalla

Business Recap: Mortgage financing reaches LE 650 million

CAIRO: Mortgage Finance Authority (MFA) Chairman Osama Saleh announced Monday total lending under the government s revised mortgage finance system had reached LE 650 million by the end of September. The figure is up from LE 514 million in June 2006 and just LE 15.8 million in June 2005. Saleh added he expects total lending …

Ahmed A. Namatalla

Efad Holding launches subsidiary in Egypt

CEO: company looking to duplicate Kuwaiti business model locally CAIRO: Kuwait s Efad Holding, a private company with 16 subsidiaries operating in the real estate, transportation and banking sectors in the gulf, announced the establishment of Efad Egypt Holding (EEH) during last week s Egypt Invest 2007 Conference. EEH is now the 17th subsidiary under …

Ahmed A. Namatalla

American VC company lauds potential of Egyptian IT industry

Mohamed Omran: MCIT studying offering WiMax operation license CAIRO: The Egyptian IT sector received strong acclaim Thursday from several representatives of local and international corporations including Vodafone Egypt, ITWorks, Xerox Egypt and Minah Ventures despite the absence of Minister of Communication and Information Technology (MCIT) Tarek Kamel on the closing day of the fourth annual …

Ahmed A. Namatalla

World Bank ranking overshadows Egypt Invest discussions

4th annual event marked by absence of Nazif, economic cabinet CAIRO: Two months after the World Bank ranked Egypt 165 on its list of 175 countries in its annual Ease of Doing Business report, the ranking is still casting a dark shadow over discussions at the Egypt Invest 2006 conference. The fourth annual investment and …

Ahmed A. Namatalla

Trade Ministry protests EgyptAir favoritism

Exports hindered by fees, long backups at Cairo International CAIRO: A new Ministry of Foreign Trade and Industry (MFTI) study blames restrictions placed on foreign cargo carriers at Cairo International Airport (CIA) for causing the backup of thousands of tons of cargo annually and posing an obstacle to local exports. Of the country s 22 …

Ahmed A. Namatalla

Business Highlights

Kuwaitis lead establishment of LE 1 billion north Africa private equity firm CAIRO: Kuwait-based KIPCO Asset Management Company (KAMCO) announced Monday the launch of a KD 50 million (LE 992.4 million) private equity company to invest in Egypt, Libya, Tunisia, Algeria and Morocco. The company, North African Holdings (NAH), brings together strategic investors including KAMCO, …

Ahmed A. Namatalla

Microsoft expands cooperation with government

CEO opens company s second training academy in two years CAIRO: Microsoft CEO Steve Ballmer praised Prime Minister Ahmed Nazif s government yesterday for developing clear social and economic reform plans and said his company will continue to increase its presence in Egypt to develop the IT infrastructure necessary to implement those plans. Ballmer s …

Ahmed A. Namatalla

Sodic approves LE 1.1 billion capital increase

Company to acquire almost 1 million sq. m. in New Cairo by end of October CAIRO: Sixth of October Development and Investment Company (Sodic) shareholders approved Monday a LE 1.1 billion capital increase to finance the acquisition of 984,900 square meters of land, including a 858,500 square meter plot in New Cairo on Road 90 …

Ahmed A. Namatalla