Latest in Tag: Business Highlight

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Latest in Tag: Business


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

OPIC to focus investments on franchise, renewable energy and SMEs

As part of the US delegation’s mission to Egypt, the Overseas Private Investment Corporation (OPIC), a US government financing institution, signed a $150 million deal with private equity group Abraaj Capital. The new commitment targets the enhancement and development of small and medium-sized enterprises (SMEs). Managed by Aureos Capital, Abraaj’s SMEs investment platform, the Riyada …

Mohamed El-Bahrawi

US supports Egypt’s technology infrastructure

The US business delegation, currently in Cairo for a four day visit, completed two US grant agreements to boost Egypt’s information and communication technologies infrastructure, Carl Kress, US Trade and Development Administration (USTDA) Regional Director for the Middle East and North Africa, announced yesterday. Developing information and communication technology infrastructure will help boost Egypt’s economic …

Islam Serour

CBE reports EGP 11.3billion balance of payment deficit

The Central Bank of Egypt (CBE) announced Monday that Egypt’s balance of payment totalled USD eight billion during the 2011/2012 fiscal year, compared to a surplus of $571.2 million in the previous fiscal year. The decline was attributed to reduced tourism profits and the current political atmosphere in Egypt and the region. CBE reported that …

Islam Serour

OCI net income declines in H1, positive indicators of a strong comeback

Orascom for Construction Industries’ (OCI) results showed a net decrease as at 30 June, although they project a positive outlook. This year’s first half results show that the company’s net income dropped by 42.6 percent to EGP 1.3 billion versus EGP 2.2 billion in the first half of 2011. However, this year’s quarter-to-quarter results show …

Islam Serour

US business delegation arrives in Cairo

A United States business delegation arrived in Cairo yesterday for a four day visit to discuss economic cooperation to bolster the ailing economy through developing the private sector. The US chamber of Commerce and the US-Egypt Business Council (USEBC) will lead, in collaboration with the American Chamber of Commerce in Egypt (AmCham Egypt), a business …

Islam Serour

Islamic Sukuk forecast to exponentially increase

The demand for Islamic Sukuk is expected to reach to $900 billion by 2017, according to Ernst & Young’s Global Islamic Banking of Excellence (GIBE) estimates. Ernst & Young’s GIBE reports that the forecasted exponential increase in demand for Sukuk stems from the growth of Islamic banking industry, and the increasing demand for financial tools …

Islam Serour

Food Industries Holding Invests EGP 100m on expansions

By Mahmoud Salah El-Din Tarek Shaalan, Head of the food products companies sector at the Holding Company for Food Industries, said EGP 100 million have been allocated for investment in the year 2012-2013 to develop branches of the companies and open new ones. The development plan includes developing 45 branches of Nile, Ahram and Alexandria …

Daily News Egypt

New initiative to maximise benefits of international trade agreements

By Inaam El Adawy The Federation of the Chambers of Commerce (FEDCOC) has adopted an initiative to review the trade agreements signed with Egypt in previous years. The initiative is aimed at seeking methods to derive optimal benefit from the agreements. “We are currently studying the free trade agreements between Egypt and other states, to …

Daily News Egypt

The EGPC issues new bid round for 20 blocks

By Islam Serour The Egyptian General Petroleum Corporation(EGPC) announced a new bid round for 20 blocks in the areas of the Eastern and Western Deserts exploration. Total investments according Hani Dahy, Chairman of the EGPC, is estimated to amount to $8.5 billion in the 2012-2013 fiscal year. Adel Saeed, the EGPC’s Vice Chairman for Agreements, …

Daily News Egypt

Beltone Financial forms joint-venture with Altree Capital

By Islam Serour Beltone Financial, a leading assets management company in Egypt, has formed a joint-venture company with the African asset management house Altree Capital, dubbed Altree Beltone Capital Ltd. Beltone Financial Holding, which reportedly ranked as the principal asset manager during the first half of 2012, is seeking to empower its position in the …

Daily News Egypt

British economy remains on course for more stimulus

AFP – Britain’s recession-hit economy remained on course for more cash stimulus despite an improved employment backdrop, minutes from the Bank of England’s latest monetary policy meeting showed Wednesday. Minutes from the BoE’s meeting at the start of August revealed that all of the central bank’s nine policymakers voted to keep interest rates at a …

Daily News Egypt

Telecom Egypt Board reshuffle sparks reactions

By Islam Serour The new reshuffle within Telecom Egypt’s (TE) board of directors has been met by discord from the company’s workers, as calls for protests against the reshuffle after the Eid holidays have circulated on Facebook and twitter. The reshuffle was applauded by Hani Mahmoud, Minister of communication and information technology, in a press …

Daily News Egypt

The Middle East: The Aerospace Industry’s Font of Youth?

Over the past decade, the Middle East has consistently been in the aviation industry’s spotlight as countries in the region invested heavily in passenger airplanes for their airlines, some of which are amongst the largest and fastest growing in the world, and state-of-the art equipment for their defense forces.  In recent times, however, the region …

Daily News Egypt

Real estate developers invest EGP 500m in New Cairo

The Council Director of the New Cairo District, Kamal Fahmi, revealed that 13 real estate development companies have benefitted from the financing leeway put in place during Prime Minister Ganzouri’s tenure, the facilitation for settling the outstanding debts for the lands acquired by the city. Fahmi stated that 13 companies paid EGP 500 million, which …

Daily News Egypt

US punts on Goldman Sachs prosecution

Washington (AFP) — Goldman Sachs escaped prosecution over its sales of high-risk mortgage securities Friday when the US Justice Department closed a probe without action despite a damning report on the bank’s practices. Following a two-year inquiry, senators concluded in April 2011 that the Wall Street investment banking giant misled clients ahead of the US …

Daily News Egypt

Masry USD Certificates yield disappointing earnings to NBE

Sources at National Bank of Egypt (NBE) estimated the cumulative sales of the Masry USD Certificate, which was issued to attract the investment of Egyptians living in the Gulf, at $80 million since beginning of last April. The sales target for this type of certificate was estimated at $2 billion, but sales increased noticeably once …

Daily News Egypt

Delegation from the Ministry of Industry to visit Libya next month

Hatem Saleh, Minister of Industry and Foreign Trade, said that he will visit Libya in the first half of September as a part of a delegation that will include a number of Egyptian factory and business owners, representatives of the ministry, and other interested ministries. The delegation will look into the needs of the Libyan …

Daily News Egypt

Another emergency plan to overcome power shortages

By Salah El-Manoufy The Ministry of Electricity is currently studying the possibility of implementing a third emergency plan in order to accommodate the high summer loads. Sources within the Ministry said that Mahmoud Balbaa, Minister of Electricity, tasked a number of his deputies to prepare a study about a third emergency plan. The Ministry will submit …

Daily News Egypt

Delta Communication acquires CompuMe

Delta Communications and Trade (DCT) has taken 100 percent of shares in CompuMe, an electronics retail company. Amr Sheira, Deputy Manager of CompuMe, said that all the company’s shares and trademarks CompuMe were sold to DCT in the biggest acquisition agreement in communications sector since January. He refused to disclose the value of the agreement …

Daily News Egypt

Clinton urges South Africa to take leading role

Pretoria , South Africa  (AFP) — US Secretary of State Hillary Clinton on Tuesday called on South Africa, the continent’s leading democracy, to play a more influential role in African and global issues. “We are looking for ways to enhance and deepen our partnership. South Africa has so much to offer to the rest of …

Daily News Egypt

Sinai event impedes tourism revival efforts

By Abdel Razaq El-Sheweikhy Tourism investors expressed fear that the terrorist attack in the Sinai will negatively impact tourism in Egypt, particularly in southern Sinai. They predicted that hotel reservations would decline in that area the coming week by 40 percent. Samy Soliman, head of the Taba and Nuweiba Investors Association, said that the effects …

Daily News Egypt

Pharmacists reject price cuts

By Basma Tharwat and Nourhan Yasser The Pharmacy Owners’ Division (POD) of the Cairo Chamber of Commerce (CCC) has rejected a price modification resolution from the Ministry of Health. A statement by the Egyptian Pharmacists Syndicate (EPS) required pharmacy owners to implement resolution 499 of the Ministry of Health regarding medication pricing. Adel Abdel Maksoud, …

Daily News Egypt