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Developers compete for Egyptian Steel contract

Four companies are competing for a contract of Egyptian Steel’s plant in Ein Sokhna. The bidding companies are Orascom Construction Industries (OCI), Petrojet, Hassan Allam Sons and SIAC, chairman of Egyptian Steel, Ahmed Abou Hashima, said on Wednesday. The winner of the EGP 220 million bid will be announced within the coming two weeks, said …

Mohamed Salah

News of Sukuk issuance agreement creates confusion among Islamist parties

The Ministry of Finance’s head of the Public Debt Unit, Samy Khallaf, declared that a preliminary agreement has been reached with 10 international investment banks to carry out the procedures of issuing the first Egyptian Islamic Sukuk in international markets. The value of the projected Sukuk, Khallafa dded, would range from $750 million to $1 …

Islam Serour

Egypt close to agreement with IMF

An agreement on the proposed $4.8 billion loan to Egypt could be reached by mid-November, according to director of the International Monetary Fund (IMF), Christian Lagarde. Lagarde spoke to Egyptian reporters on Thursday in a press briefing that was held during the joint meeting of the IMF and the World Bank in Tokyo. “As you …

Mohamed Salah

Kuwaiti funds to invest in Egypt

Kuwait Finance House and its subsidiary, Liquidity House, have declared their readiness to support Egypt by investing in the country, according to Minister of Finance Momtaz El-Saeed. El-Saeed recently met a delegation from the two organisations headed by the vice president of Liquidity House, Emad Youssef El-Manieg The Kuwaiti delegation emphasised the enthusiasm of Kuwaiti …

Hend El-Behary

Shipping lines vow to reroute their ships away from Al-Sokhna

Three shipping lines of the Ain El-Sokhna port have warned the Dubai Ports World (DP World) company, which is working in El-Sokhna port, to reroute its ships to other ports in the Red sea in case of further strikes, said an official DP World source. The three shipping lines represent around 90 per cent of …

Hend El-Behary

Foreign reserves’ movement defies all expectations

By Mohamed Salah Against all expectations, the Central Bank of Egypt announced yesterday that the country’s foreign currency reserves fell by $84 million in September, but remain above the barrier of $15 billion. The international reserves, which reached $15.13 billion in August dropped to $15.04 billion by the end of September as reported by the …

Daily News Egypt

Chinese steel sparks anxiety among domestic producers

A wave of alert follows the announcement that a Chinese steel freight will be sold for around EGP 700-800 less than Egyptian steel. The news caused local steel producers to panic, forcing Ezz steel to lower its prices by EGP 250 per tonne, reaching EGP 4,080 for factories and EGP 4,230 for the final consumer, …

Hend El-Behary

Telecom Egypt employees sceptical of new appointment

Employees of Telecom Egypt have met the appointment of the company’s new non-executive chief officer, Omar El-Sheikh, with muted approval. “I am neutral towards the appointment but hopefully he might meet our expectations,” the president of Telecom Egypt independent workers syndicate, Mohammed Helmy, said. Omar El-Sheikh was public relations director at Vodafone Egypt, he has …

Hend El-Behary

Islamists to meet with Saleh to discuss Sukuk Law

Members of prominent Islamist parties are set to meet with Minister of Investment Ossama Saleh next Monday to discuss the possibility of introducing Islamic debt guidelines. “This meeting is mainly to coordinate between political parties and the government to come up with a coherent legal framework in order to issue sukuk [Islamic bonds] in Egypt,” …

Islam Serour

Interview with Richard Banks, Director of Euromoney Egypt Conference

What is the Euromoney Egypt Conference? The conference is a major economic, finance and business event about Egypt that will be held in Cairo on 9, 10 October. This year we will hold it at the Fairmont Heliopolis. Euromoney is a global financial media company which specialises in encouraging, covering and analysing cross-border flows of investment …

Daily News Egypt

Emirates Heights denies non-compliance allegations

Emirates Heights, a touristic real estate developer, hosted a roundtable with representatives from the Egyptian press to clarify the company’s position, after a series of protests against the company were triggered weeks ago, against the backdrop of late delivery of residential units in addition to a 30 per cent increase in units prices. Chairman of …

Islam Serour

Kuwait injects $60.5 million into Egypt’s gas sector

The Kuwaiti government, represented by the Kuwait Fund for Arab Economic Development (KFAED), has a signed a deal to loan 17 million Kuwaiti Dinars ( $60 million) to aid the expansion and development of the Egyptian natural gas distribution grid. In the presence of Prime Minister Hesham Qandil, the Minister of Planning and International Cooperation …

Islam Serour

What if foreign investment flows in?

Statements on investment and economic achievements made by Mubarak-regime ministers were never met with trust by the general public, while specialists could see that they were nothing more than media fireworks systematically set off to improve the picture of utter destruction the country’s state of affairs had reached. A simple review of the number of …

Mustafa Sakr

New floating-rate notes see significant success

By Hend El-Behary The Ministry of Finance has received offers equating to EGP 2.5 billion for the first Floating-Rate Note (FRN) ever issued in Egypt. The move comes in the context of the ministry’s strategy to diversify public debt instruments, according the ministry’s press release. FRN are bonds with a variable interest rate. The adjustments …

Daily News Egypt

Government promotes public-private partnerships

Driven by the current financial shortfall, the Egyptian government has begun discussions regarding prospective public-private partnerships (PPP). According to officials, PPP are intended to catalyse infrastructure development, of which the country is in desperate need. The Ministry of Finance launched the MENA Project Finance and PPP two day conference yesterday, under the patronage of Prime …

Islam Serour

OPEC’s development fund gives $30m to Egypt for food security and poverty alleviation

Members of the Organisation of Petroleum Exporting Countries have confirmed a $30million loan for Egypt aimed at food security and poverty alleviation. The international development funding arm of OPEC, the Fund for International Development (OFID), approved 12 loans and grants to 29 developing countries, worth $201 million, for the purpose of improving socio-economic conditions. OFID’s …

Islam Serour

Turkey bolsters Egypt’s coffers

The Turkish government has agreed to inject US two billion into Egypt’s ailing economy following the visit of an Egyptian delegation to Istanbul for the purpose of strengthening Turkish-Egyptian economic ties. The government’s quest to bridge the state budget deficit and promote economic growth was recently manifested by a request to increase the proposed International …

Islam Serour

Vodafone offers post-paid customers a new billing experience

Affirming its leadership in meeting customers’ needs, Vodafone Egypt, a top mobile operator, offers its post-paid customers a new billing experience that guarantees utmost customer satisfaction. Vodafone Egypt reports that the new bill will contain detailed information of post-paid customers’ internet monthly usage, costs of local, international and roaming calls, monthly subscriptions and additional services. …

Islam Serour

Tax Authroity new head vowes to boost tax revenues

Egypt’s Tax Authority (TA) hopes to increase tax revenues to EGP 230 billion, according to newly appointed chairman Mamdouh Omar. The TA plans to promote new leadership to ensure justice within the body, Omar told a meeting with heads of regional bureaus and managers of different departments on Monday. According to commentators, taxation in Egypt …

Islam Serour