Ahmed A. Namatalla

198 Articles

Advertising Area





Latest by Ahmed A. Namatalla


NTRA official denies postponement of International Gateway License offering

Official: TE interests are a factor but not everything in delay in offering international calling licenses CAIRO: National Telecommunication Regulatory Authority (NTRA) Vice President Sherif Ginena denied Sunday a news report of plans to postpone the offering of two international calling licenses from the fourth quarter of this year to the first quarter of next …

Ahmed A. Namatalla

Moody's downgrades Egypt's credit rating

Report praises accounting modifications for greater transparency CAIRO: Moody s Investors Service downgraded Egypt s government bond ratings to Baa3 with a negative outlook in local currency and Ba1 with a stable outlook in foreign currency, the organization reported earlier this week. The annual report, Egypt: 2006 Credit Analysis, rates the country on the risk …

Ahmed A. Namatalla

Moody's downgrades Egypt's credit rating

Report praises accounting modifications for greater transparency CAIRO: Moody s Investors Service downgraded Egypt s government bond ratings to Baa3 with a negative outlook in local currency and Ba1 with a stable outlook in foreign currency, the organization reported earlier this week. The annual report, Egypt: 2006 Credit Analysis, rates the country on the risk …

Ahmed A. Namatalla

Rachid after closer ties with Russia

Moscow trip enforces economic Eastern-shift policies, seeks progress on FTA CAIRO: Minister of Foreign Trade and Industry (MFTI) Rachid Mohamed Rachid arrived in Moscow yesterday to begin a three-day visit aimed at boosting bilateral trade and moving forward on free trade agreement (FTA) negotiations. Rachid s trip comes just one month after a nine-day visit …

Ahmed A. Namatalla

NTRA: International Gateway Licenses offered by end of November

TE reduces rates to counter effects of loss of monopoly on services CAIRO: The National Telecommunication Regulatory Authority (NTRA) will offer two international calling operators licenses to the private sector by the end of November, NTRA Chairman Amr Badawi announced Sunday. Bidding condition statements were supposed to have been released as early as January 2006. …

Ahmed A. Namatalla

NBE still searching for buyer of 50 percent AMOC stake

AMOC stock up more than 10 percent since NBE announcement CAIRO: More than two months after the conclusion of due-diligence procedures by five potential buyers of the National Bank of Egypt s (NBE) 50 percent stake in Alexandria Mineral Oils Company (AMOC) and almost one month after NBE sent out the call for bids, not …

Ahmed A. Namatalla

Telecom Egypt acquires 23.5 percent of Vodafone Egypt

TE share in VFE up to 49 percent; VFE welcomes acquisition CAIRO: Telecom Egypt (TE) officials said Sunday the company has succeeded in purchasing 56.3 million shares of Vodafone Egypt (VFE) for LE 5.5 billion. TE s acquisition has not yet been finalized as the company is still in the process of financing LE 4 …

Ahmed A. Namatalla

Government extends deadline for Bank of Alexandria offers

Bank to be sold via closed-envelope auction CAIRO: The deadline for the financial bids for an 80 percent stake in the Bank of Alexandria (BA) has been extended to Oct. 16, The Central Bank (CB) and Ministry of Investment (MOI) announced Saturday. In a statement, CB added a closed-envelope auction will be held over several …

Ahmed A. Namatalla

Business Recap

Ministry of Investment accelerates PPP drive CAIRO: Pushing forward with his widely publicized strategy of developing public-private-partnerships (PPP) as means of spurring economic growth, Minister of Investment Mahmoud Moheiddin said last week the ministry will introduce projects in education, transportation and healthcare by the end of the year. Moheiddin maintains Egypt presents a lucrative market …

Ahmed A. Namatalla

Jordanian Group to build $2 billion resort in Sahl Hasheesh

CAIRO: Jordanian-based Shaheen Group unveiled plans Wednesday to construct a $2 billion (LE 11.5 billion) resort in Sahl Hasheesh near Hurghada on the Red Sea. Construction on the project, aimed to attract the rich and the elite of Europe and the World, as stressed by Shaheen officials, will begin in early 2007 and last for …

Ahmed A. Namatalla

"Development Corridor" under study by the government

1,200 km highway has potential to boost economy but cost worrisome CAIRO: A five-member ministerial committee began work this month to study the feasibility of constructing a 1,200 km North-South highway proposed by Egyptian academic Farouq El Baz, of Boston University. The nine-month study of what the committee is referring to as the Development Corridor, …

Ahmed A. Namatalla

Government to propose cigarette and alcohol tax hike

Plan to finance LE 1 billion of LE 8 billion needed for universal healthcare coverage CAIRO: The government plans to introduce a bill to the People s Assembly to raise cigarette and alcohol taxes by as much as 20 percent to help finance universal health insurance as promised by President Hosni Mubarak during last year …

Ahmed A. Namatalla

Shortage in poultry supplies continues despite import legislation

Importers: government regulation behind increased import costs CAIRO: The recent government decision to allow for the import of poultry from Brazil is proving to have little effect on reducing the 1 million chicken gap between supply and demand, the General Importer s Council (GIC) says. Due to strict guidelines set by the Prime Minister s …

Ahmed A. Namatalla

Trade Holding Co. finalizes Omar Effendi negotiations with Anwal

Pending general assembly approval: early retirement for 1,200, elimination of up to 24 branches CAIRO: A negotiation committee appointed by the Trade Holding Company (THC) to finalize the sale of Omar Effendi to Anwal Group reported Tuesday an agreement has been reached for Anwal to pay LE 50 million in early retirement compensation for 1,200 …

Ahmed A. Namatalla

Nile Basin Initiative secures $750 million in funding

Public-private-partnerships now vital to move project forward CAIRO: The ministers of irrigation of Egypt, Sudan and Ethiopia, making up the Eastern Nile basin, announced Tuesday they have secured $750 million in loans and grants to implement the seven-year-old Nile Basin Initiative (NBI). The announcement came at the conclusion of talks, which were scheduled in August, …

Ahmed A. Namatalla

Ministry of Trade struggles to enforce cement price cap

Rachid promises tough measures ; some producers lower factory price to LE 300 CAIRO: Almost one month after the government capped the ex-factory and retail prices of cement at LE 290 and LE 330 per ton, respectively, none of the local producers have complied. Non-compliant producers include the 95 percent government-owned National Cement Company (NCC). …

Ahmed A. Namatalla

Vodafone to bid for international gateway license

Licensing fee still not set by NTRA; license to be offered by end of year CAIRO: Vodafone Egypt (VFE) has unofficially announced its decision to bid for one of the two international gateway operators licenses to be offered by the National Telecommunication Regulatory Authority (NTRA) by the end of this year. The move comes just …

Ahmed A. Namatalla

Egypt records $395 million surplus in trade with U.S.

QIZ credited with shift; possible movement in coming months on FTA CAIRO: The balance of Egyptian-American trade recorded a $395 million surplus after the first three quarters of 2006, U.S. Embassy Commercial Advisor Amer Kiyani told the Egyptian Businessmen s Association (EBA) Wednesday. Egypt has traditionally recorded annual deficits in trade with the U.S. In …

Ahmed A. Namatalla

Mansour appeals to investors to upgrade transportation

No plans to privatize railroads; $1 billion transport holding company established CAIRO: Minister of Transport Mohamed Mansour says the planned LE 8.5 billion upgrades to the country s 100-year-old railway system are set to begin in October and continue for 24 months. The minister s remarks at a German-Arab Chamber of Industry and Commerce luncheon …

Ahmed A. Namatalla

Ministers defend reform policies in Euromoney Egypt conference

Ghali suggests more customs cuts; Moheiddin to accelerate privatization CAIRO: Minister of Finance Youssef Boutros Ghali announced the economy has achieved 6.9 percent growth rate, adding he expects the number to reach 7.4 percent by year s end with more reforms in the pipeline, possibly including more customs cuts. The minister s remarks came at …

Ahmed A. Namatalla

BLOM Bank Egypt goes back to basics; seeks to drop "newcomer" label

Bank executive says Egyptian financial sector remains attractive despite challenges CAIRO: The entrance of Lebanon s BLOM Bank into the Egyptian market at the end of 2005 could not have been more discreet. But, looking back, perhaps it was for the best. While Egypt was preparing for its first presidential elections and dealing with the …

Ahmed A. Namatalla

Business Recap

Annual Doing Business report disappoints Egypt; LNG prices to increase and millions to stop Nile dumping CAIRO: Egypt ranks among bottom 10 countries in ease of doing business According to the annual Business Report 2007: How to Reform released Wednesday, Egypt ranks 165 out of 175 countries when it comes to the ease of doing …

Ahmed A. Namatalla

Poultry prices drop as Avian Flu returns

Industry officials expect production to reach 2 million chickens per day by end of year CAIRO: Egyptian poultry producers are crediting an increase in production of chickens, not the recent reports of new cases of the Avian Flu Virus among birds, with the continuous decline in poultry prices for consumers. The live chicken per-kilo price …

Ahmed A. Namatalla

Mobinil agrees to suspend EDGE

NTRA says company never obtained permission to offer technology CAIRO: Mobinil has agreed to suspend using Enhanced Data for GSM Evolution (EDGE) technology until its dispute with the National Telecommunication Regulatory Authority (NTRA) is resolved, the Ministry of Communication and Information Technology (MCIT) announced yesterday. The announcement followed Tuesday s meeting between Mobinil Chairman Naguib …

Ahmed A. Namatalla

EFG Hermes approves LE 2.9 billion Abraaj offer

EFG to use money for regional expansion, e-trading network CAIRO: EFG Hermes shareholders approved on Sunday Abraaj Capital s offer to purchase 97 million shares, representing a 25 percent stake, at LE 30 per share. Upon finalization, Abraaj will hold two board seats and become the largest single shareholder in EFG. The approval came a …

Ahmed A. Namatalla

Rachid seeks more trade with China

Trade with China lags far behind EU and US CAIRO: An Egyptian business delegation, headed by Minister of Trade and Industry Rachid Mohamed Rachid, began a week-long visit to China yesterday seeking to attract more Chinese investment to the country and increase bilateral trade. In 2005, total trade reached just over $1 billion (LE 5.75 …

Ahmed A. Namatalla