Sherine El Madany

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Latest by Sherine El Madany


'Bloody Sunday' takes Egypt's bourse by storm, with 432 point dip

CAIRO: The Egyptian stock market flashed the red alert at the start of this week, plummeting 5.65 percent in two days, signaling a downhill tumble that could last all summer, traders said. “The market looks really bad. It has turned bearish with the global market downturn, explained Karim Hosny, trader at Pharos Brokerage. “It plunged …

Sherine El Madany

Weekly Stock Review: Global market trend ends one-day rebound

CAIRO: The Egyptian stock market slid to its lowest close in almost four months on the start of the week, dragged by banking stocks. It snapped its five-day losing streak on Wednesday, boosted by foreign buying on shares of Orascom Construction Industries (OCI). However, it reversed its one-day rebound on Thursday, pulled down by negative …

Sherine El Madany

Credit bureau to help spur booming banking sector

CAIRO: Around 93 percent of banks operating in Egypt and two mortgage finance companies have helped Egypt’s credit bureau collate personal financial data on their clients, the bureau’s managing director said recently. “Our target information providers include banks, financial institutions such as mortgage finance and insurance companies, as well as telecom operators, Mohamed Refaat said. …

Sherine El Madany

Summer steel prices soar

CAIRO: In line with experts’ expectations, Egypt’s giant steel producer Al Ezz Steel Rebars increased Tuesday its July market prices by LE 570 per ton.According to local sources, the company revealed July 1 its new pricing scheme for the entire month. Consumer prices mounted from the previous LE 5,990 per ton to the current LE …

Sherine El Madany

US, Egypt trade surges in first quarter

CAIRO: Bilateral trade between the US and Egypt is on the rise, with first quarter results surging 19 percent, said US Ambassador to Egypt Margaret Scobey on Monday. Scobey did not confirm her country’s stance on signing a free trade agreement with Egypt. “In 2007, bilateral trade between Egypt and the United States was more …

Sherine El Madany

Sunday, Monday trading slumps on Egypt bourse

CAIRO: The Egyptian stock market slid to its lowest close in almost four months on the start of the week, as banking stocks were still reeling after the government cancelled the sale of Banque du Caire, traders said. The bourse extended losses for five straight sessions since last Tuesday, shedding around 4.7 percent until yesterday’s …

Sherine El Madany

One-stop shops streamline start-up procedure

CAIRO: Want to register your company? Egypt will take you by the hand and help start up your project in two days. Not only that, you will also be provided with after-establishment services to ensure the investment is worthwhile – at least that is what the General Authority for Investment and Free Zone (GAFI) vows …

Sherine El Madany

Five banks bid for Banque Du Caire, $2 billion expected

CAIRO: Five regional and international banking players have lined up Tuesday for the bidding on Banque Du Caire amid expectations the sale could generate up to $2 billion, officials said. According to Mohamed Barakat, chairman of the Technical Committee for the execution of the sale of Banque du Caire, the sale of the bank would …

Sherine El Madany

Rumors of rising railway ticket fares

CAIRO: News leaked Monday that Egypt’s Ministry of Transport plans to hike ticket fares for first-class railway vehicles and metro lines by 25 percent beginning July 1. According to local reports, starting July 1 the ministry will raise prices of railway tickets for first and second-class air-conditioned vehicles to reach LE 140 for first-class tickets …

Sherine El Madany

CMA sets harsher fines for trading infractions

CAIRO: After amending Egypt’s Capital Market Law early this month to impose harsher penalties on violations of trading rules or disclosure of information, parliament is mulling over equating insider trading infringements with money laundry crimes. The People’s Assembly approved June 3 amendments proposed by the Capital Market Authority (CMA) to law 95 of 1995, which …

Sherine El Madany

PA gives property tax law final approval

CAIRO: After long and heated discussions, the People’s Assembly ratified Tuesday the property tax law with an exemption threshold of LE 500,000 and a levy at 10 percent of a property’s annual rental value. According to Minister of Finance Youssef Botrous Ghali, since the new law will only apply to the 2.1 percent of Egyptians …

Sherine El Madany

Vodafone numbers drop as mobile subscribers make the switch

CAIRO: Two months after launching Egypt’s mobile number portability (MNP) service, the number of subscribers who switched networks constitutes 0.02 percent of total mobile subscribers, said telecom experts. MobiNil has so far managed to grab the biggest share at some 16 million subscribers. Vodafone Egypt comes second at 14 million subscribers, while Etisalat Egypt has …

Sherine El Madany

Egypt to launch Commodities Exchange next year

CAIRO: Egypt’s stock market will launch a commodities exchange April-May 2009 that will trade in several agricultural and industrial products, said Minister of Investment Mahmoud Moehieldin on Thursday. “In today’s world, investors are keen on trading in primary commodities . particularly in agricultural products due to spiraling costs of food products, he said. “Several stock …

Sherine El Madany

NDP's Shazli and Azmi emerge as surprise opponents to property tax law

aCAIRO: Egypt’s notorious property tax law proposal sparked controversy Sunday among MPs, with supporters saying the proposal will only tax a few Egyptians and opponents saying it will overstrain the majority and that the levy should be further reduced. “The proposed property tax will only apply to 2.1 percent of Egyptians, who own property valued …

Sherine El Madany

Baby bourse set to boost SMEs, spur economic growth

CAIRO: Two companies have been listed on the Nile Stock Exchange (Nilex) and the third is pending approval, announced officials at the Egyptian Stock Exchange Thursday. The listing committee approved Thursday the listing of Masria Card, which has an issued capital of LE 10.8 million, and El-Badr Plastic, with an issued capital of LE 1.7 …

Sherine El Madany

Juhayna plans LE 450 mln investments

CAIRO: Whether it’s milk, fruit juices, yogurt, or cheese; odds are you consume at least one Juhayna product a day. Its line of products is set to increase as the company announced Wednesday plans to add two new subsidiaries at a combined capital of LE 450 million ($84 million). With more than 28 types of …

Sherine El Madany

US firm gives Cairo Financial Center new, antiquities-friendly design

CAIRO: It was perhaps one of the most significant pieces of news to come out of the local financial sector since the global credit crunch last summer: Look out Dubai, the Cairo Financial Center is coming soon. At its current estimated investment costs – between $450 and $730 million (subject to construction costs) – Egypt’s …

Sherine El Madany

Franchisors look to branch in the region

CAIRO: If you are seeking over 80 percent chance of success in your enterprise, then franchising is the answer for you, according to experts at the MENA International Franchise Exhibition (MIFE) 2008 held on Wednesday. “Franchising is a very effective business tool that passes on expertise of giant business enterprises with renowned trademarks to small …

Sherine El Madany

Steel price caps, cement export bans effective, says Moustafa

CAIRO: In the ongoing commotion over steel and cement prices, Hisham Talaat Moustafa, chairman of the General Section of Real Estate Investment (GSREI), lauded the government’s recent decisions taken to cool rapidly spiraling prices. “I believe the government introduced effective procedures to contain the [relentless] leaps in prices of construction material including the cement export …

Sherine El Madany

Consumer confidence won't affect retail boom, say experts

CAIRO: While a recent survey finds that global consumer confidence has plunged to a new record low in the past six months, some experts argue that Egypt will shrug off any possible recession and that signs of economic growth have unleashed consumer optimism among the wealthier sectors of Egyptian society. “Egypt is much more broadly …

Sherine El Madany

Weekly Stock Review: Stock market reverses month-long downward trend

CAIRO: Egypt’s stock market snapped this month’s losing streaks, with the benchmark CASE30 index advancing 3.65 percent this week to end at 11,057 points, mainly lifted by investor confidence. The market started off the week trading on low volumes, with the CASE30 Index gaining 1.3 percent to close at 10,803.04 points on a turnover of …

Sherine El Madany

IT sector made LE 28 bln in 2 years, says minister

CAIRO: Egypt’s communications and information technology sector generated LE 28 billion in the last two years, mainly driven by investments in Egypt’s third mobile operator and 3G mobile licenses, said IT Minister Tarek Kamel on Thursday. “The sector is growing at unprecedented rates, he stated. “Revenues of operators are growing by some 30 percent per …

Sherine El Madany

TMGI acquires shares in mother company

CAIRO: In a bid to enlarge its family stake, Talaat Moustafa Group (TMG) Investment announced Wednesday it acquired the National Bank of Egypt’s shares in mother company TMG Holding in a deal worth LE 1.275 billion. By virtue of the transaction, TMG will acquire 133,604,071 shares in the company, which constitute around 50 percent of …

Sherine El Madany

Mortgage finance companies eye emerging markets

CAIRO: Will the ripple effects of the US sub-prime crisis touch Egypt’s nascent mortgage finance market? According to Ossama Saleh, chairman of the Mortgage Finance Authority (MFA), the answer is no. “In Egypt, the mortgage finance market is under the supervision of one regulator, which presents more discipline. From appraises, to brokers, to lenders, they …

Sherine El Madany

Spotlight on real estate at Euromoney

CAIRO: As all eyes continue to focus on Egypt’s evergreen real estate sector, the Euromoney Egypt Housing and Real Estate Finance Conference will open today in Cairo, bringing together some 700 high profile industry experts. “The main objective of tomorrow’s conference is to explain Egypt’s real estate market and mortgage finance market to local and …

Sherine El Madany

Education takes the spotlight as WEF closes

SHARM EL-SHEIKH: Education was the talk of the town as the three-day World Economic Forum on the Middle East came to a close Tuesday in Sharm El-Sheikh, Klaus Schwab, founder and executive chairman of the WEF, asked leading political and business figures to reflect on whether the Middle East will learn from the future – …

Sherine El Madany