Amr Ramadan

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Latest by Amr Ramadan


US funds study on Egypt’s pharmaceuticals market

CAIRO: Egypt received a grant of over half a million dollars from the US that will fund a study on how to decrease the price of pharmaceuticals and increase their availability in the local market. US Ambassador to Egypt Margaret Scobey and Kamal Sabra, assistant minister of health for pharmaceutical affairs, recently signed a cooperative …

Amr Ramadan

MAF to invite bids for Egypt mall in November

CAIRO: Majid Al Futtaim Group (MAF) will invite bids starting November 2010 for its Mall of Egypt project worth LE 4.4 billion. The project, which will sprawl over 160,000 square meters, is currently in the design phase, which will be completed by October 2010 to be followed by the bidding process. According to their website, …

Amr Ramadan

Power outages raise questions about energy future

CAIRO: Egypt’s Ministry of Electricity said this week that it will add, through various projects, an estimated 2,660 MW of electricity generation capacity to its national grid by the end of 2010. The ministry also said it has finalized the planning process for Egypt’s first nuclear power plant in Al-Dabaa. This comes in the wake …

Amr Ramadan

ITFC funding $1.253 bln in trade operations

CAIRO: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, said that it financed 36 trade operations at a total value of $1.253 billion in 16 countries in the first half of 2010. In a statement released Sunday, ITFC said that Egypt’s share of the financing was $386 million …

Amr Ramadan

Prices rising daily but remain within limits, says government report

CAIRO: “Prices will not rise in Ramadan”, Said Alfy, head of Egypt’s Consumer Protection Agency, promised the public before the Muslim holy month. Four days into Ramadan and it’s a different story. A report by the Ministry of Finance and the Information and Decision Support Center shows that the minimum recorded prices have increased at …

Amr Ramadan

Egypt to review cement export ban in October

CAIRO: Egypt is currently studying the local cement market to determine whether it will extend the cement export ban, which is set to end in October. Egynews.net, the state-run news portal, cited Mohammed Abu Shadi of the Ministry of Trade and Industry as saying that Egypt is considering lifting the cement export ban in order …

Amr Ramadan

Suez Canal revenue reaches $406 mln in July

CAIRO: During the month of July, Egypt’s Suez Canal posted the highest monthly revenue since the global financial crisis in late 2008, totaling $406.2 million. The latest figure is up 6.1 percent from $382.9 million in July 2009 and a 5.9 percent rise over $383.7 million in June. According to a statement by the Suez …

Amr Ramadan

Ministries announce new system to monitor the use of agricultural pesticides

CAIRO: The Ministry of Trade and Industry and the Ministry of Agriculture reached an agreement Sunday on starting a new, comprehensive system for monitoring pesticide residues in Egyptian agricultural products. According to a statement issued by the Ministry of Trade and Industry, this is to ensure that the residual amount of pesticides in Egyptian agricultural …

Amr Ramadan

Bank Audi sees growth in Egypt market

CAIRO: Bank Audi’s total assets in the Egyptian market reached LE 14.1 billion by the end of June 2010, Chairman and Managing Director Hatem Sadek said at a conference Sunday. The Lebanon-based bank recorded “high growth rates in total assets,” up from LE 5.7 billion at the end of 2006, he added at a press …

Amr Ramadan

Economists debate Egypt’s fiscal performance

CAIRO: The Egyptian government recently touted the success of its stimulus programs in achieving favorable GDP growth rates, deficit and debt reductions as well as structural reforms. Questions remain though regarding whether this growth has succeeded in addressing long-standing issues of poverty, welfare spending, inflation and unemployment. Magda Kandil, executive director of the Egyptian Center …

Amr Ramadan

Ford opens $5 mln facility in Obour

CAIRO: Fikry Group, Ford’s importer and dealer in Egypt, opened Tuesday a $5 million facility in Obour City. The new facility, located on an area of 6,300 square meters in the outskirts of Cairo, houses the company’s new corporate administrative headquarters in Egypt, a showroom as well as a training and service center. Ford Motor …

Amr Ramadan

Epicor brings ERP solutions to Egyptian businesses

CAIRO: In the past 20 months, business software solutions provider Epicor has more than doubled the number of countries in which its products are sold. Offering single software enterprise solutions, Epicor says its products enable companies to conduct business “without barriers.” And today, these products are available in 50 countries — up from 20 before …

Amr Ramadan

Pocket printer showcased at IDC forum in Cairo

CAIRO: “With our new product line for 2010, we expect our positive revenues and increased market share…to continue growing,” Bassem El-Halabi, corporate sales manager of Brother Gulf, said. Brother Gulf is the Middle East subsidiary of Brother Japan, which develops and manufactures printing, communication and digital imaging products for homes and offices. At this week’s …

Amr Ramadan

State-owned land in the spotlight

CAIRO: Several accusations of irregular buying and selling of Egypt’s state-owned land recently led to the issuance of a presidential decree which may be a step towards reforming land use regulations. Presidential Decree No. 221/2010 issued last week outlined provisions for placing state-owned land under the usufruct system, allocated a number of areas of state-owned …

Amr Ramadan

Government braces for Ramadan, a month of consumption and inflation

CAIRO: With the holy month of Ramadan comes the yearly debate about how Egyptians’ food consumption rises exponentially during a religious month of fasting, self control and charity. It also pushes economists to try to curb the resulting inflation and its impact on the economy. Former Minister of Economy and Trade Sultan Abu Ali told …

Amr Ramadan

Barclays Egypt talks CSR

While it may seem that corporate social responsibility goes unnoticed by consumers, Omnia Elnosairy, head of corporate affairs at Barclays Bank Egypt, argues that “customers do care.” “They want to trust the organization that they bank with, they want to bank with an organization that is responsible,” told Daily News Egypt on the sidelines of …

Amr Ramadan

Sphinx: A breakthrough in making Egyptian glass

CAIRO: As the function of glass in Egypt’s construction sector changes, Sphinx Glass is hoping to capitalize on the growing demand, both domestically and regionally. With its new LE 1.1 billion float glass factory, Sphinx Glass is catering to the growing demand for higher quality glass products that meet both environmental and aesthetic needs. “We …

Amr Ramadan

Phase two of Upper Egypt-Red Sea road to cost LE 1.6 bln

CAIRO: The second phase of the Upper Egypt-Red Sea road will cost LE 1.6 billion, reported local newspapers citing Investment Minister Mahmoud Mohieldin. "The phase of upgrading the road to be a two-lane road will start after the holy fasting month of Ramadan,” Mohieldin said in a statement on the ministry’s website. Mohsen El-Nomani, governor …

Amr Ramadan

Egyptian-Kuwaiti company plans to list on EGX

CAIRO: The Egyptian-Kuwaiti Development and Investment Company plans to list on the Egyptian Stock Exchange in April 2011, officials said at a conference Tuesday. Officials of the joint shareholding company also set out to dispel controversy surrounding its 26,000 feddan project in Al-Ayyat, Giza, after being subjected to what they described as a “fierce media …

Amr Ramadan

CIB launches Hemaya investment fund

CAIRO: Commercial International Bank (CIB) launched Monday an open-ended investment fund named Hemaya, with a yearlong capital protection. According to the bank, Hemaya is the first of its kind in Egypt, allowing monthly subscriptions and redemptions without any added fees, officials said at a conference. The public offering, which began Monday, offered LE 200 million …

Amr Ramadan

Former bourse chief, EFSA head to be questioned

  CAIRO: Prosecutor General Abdel Meguid Mahmoud referred Tuesday a complaint filed by a group of investors against the former chairman of the stock exchange and the head of the country’s regulatory body to the financial affairs prosecution office for investigation. In a statement to Daily News Egypt, the EGX said that the former chairman …

Amr Ramadan

Censorship takes center stage at annual Bussy performance

“As citizens, we bring it on ourselves, we censor ourselves. If we change, the censors will change,” said Sondos Shabayek, director of the annual Bussy plays, shortly after the performance concluded with much controversy on Thursday.  Before the performance began, the audience learned that nearly half of the stories constituting the play were omitted by …

Amr Ramadan

Inflation stable for June but may increase in July

  CAIRO: Egypt’s annual headline inflation reached 10.2 percent in June led by a 16.9 percent increase in food and beverage prices, according to statistics released Saturday by the Central Agency for Public Mobilization and Statistics (CAPMAS)   Urban inflation for June reached 10.7 percent year-on-year as food and beverage prices increased 18.5 percent. Inflation …

Amr Ramadan

Egypt readies bills to reform investment climate

CAIRO: The Ministry of Investment is currently moving forward with a set of new laws and amendments to develop the legal framework governing investment in Egypt, officials said in late June. Legislation currently in the pipeline aims to develop and modernize non-banking financial services as well as the rules of state-owned asset management to meet …

Amr Ramadan

Egypt ups clean energy cooperation with Japan-funded wind farm

  CAIRO: The Japanese government extended a $432 million soft loan to Egypt for a 220-MW wind farm project in the Gabal El-Zeit area on the western coast of the Gulf of Suez. According to Aktham Abu El-Ela, a spokesman at the energy and electricity ministry, the soft loan extended to Egypt for the wind …

Amr Ramadan

Steel prices stable as new tax comes into effect

  CAIRO: Ezz Steel, along with Egypt’s large steel producers, kept retail prices unchanged this month, reacting to recent tax increases starting July as well as future expectations of higher electricity prices later on in the year.   According to the state-run Al-Ahram newspaper, Al-Ezz Steel Steel Rebars lowered its July 2010 ex-factory prices (excluding …

Amr Ramadan

Analyzing MENAP recovery patterns provides vital lessons in new report

CAIRO: The growth in economies of the region comprising the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) will gather momentum in 2010, but stay below pre-crisis levels, a recent report said. “The timing of this report and this event is of utmost importance as the world is emerging from the economic crisis,” said Magda …

Amr Ramadan

Entrepreneur Profile: Mostafa Ghaly makes paper work

What does it take to become an entrepreneur in Egypt? Persistence, courage and, according to Mostafa Ghaly, a little bit of insanity. “The way government organizations handle entrepreneurial ventures…is completely irresponsible and I would say immoral,” said Ghaly, managing director of Palm Paper. Recounting his entrepreneurial endeavors in an interview with Daily News Egypt, it …

Amr Ramadan

Egypt places anti-dumping duties on Chinese electric motors

  CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid announced the implementation of anti-dumping duties ranging between 80-86 percent on imports (cif) of Chinese electric motors ranging from 30 horsepower to 100 horsepower, imported from China.   The anti-dumping duty will be applied for five years and the level of the duty will depend …

Amr Ramadan