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Mobinil may raise funds via bond or loan

Mobinil, which leads the Egyptian mobile market by subscriber numbers, said on Tuesday it could raise funds to finance expansion via a loan or bonds. Al-Mal newspaper reported on Sunday that Mobinil was considering raising up to LE 2 billion ($346.4 million) to expand its network and services. "We are always studying possible ways of …

Reuters

Syria: Industrial strength

Syria’s rising appeal for companies seeking a foothold in the Levantine market has seen investment soar in its industrial sector, boosting government efforts to push the country towards a more open market economy. In August 2010, the Industrial Cities and Zones’ Directorate (ICZs) announced a rapid increase in investment in four newly formed industrial cities …

Daily News Egypt

JV to oversee Toyota SUV assembly in Egypt

Toyota’s "Fortuner" SUVs will be assembled in Egypt, with a planned annual output of approximately 3,000 vehicles, beginning early 2012, according to a statement. Toyota Motor Corporation (TMC), Toyota Tsusho Corporation (Toyota Tsusho) and Toyota Egypt S.A.E. (Toyota Egypt) — TMC’s independent vehicle distributor in Egypt — will establish a company to oversee the assembly …

Daily News Egypt Authors

Syria working to prevent Lebanon violence, says Al-Assad

BEIRUT: Damascus is working to avoid potential violence in neighboring Lebanon as rival parties go head-to-head over a UN probe into the murder of ex-premier Rafiq Hariri, Syrian President Bashar Al-Assad said in comments published Tuesday. "The political situation in Lebanon is not good — it is even troubling," Assad told the pan-Arab daily Al-Hayat. …

AFP

Afghanistan, Iraq among world’s most corrupt nations, says NGO

BERLIN: Iraq and Afghanistan on Tuesday came near the top of a closely watched global list of countries perceived to be the most corrupt, despite efforts to stamp out graft in the war-torn nations. Nearly three-quarters of the 178 countries in Transparency International’s annual survey scored on the sleazier end of the scale, which ranges …

AFP

Gallup to open Muslim opinion research center in UAE

DUBAI: Global opinion research organization Gallup is to open a research center into Muslim opinion in the United Arab Emirates, the official WAM news agency reported. "Building on Gallup’s seminal work in the field of Muslim studies, the Abu Dhabi Gallup Center (ADGC) will offer unmatched research on the attitudes and aspirations of Muslims around …

AFP

Egypt says subsidy spending secure, to target needy

The finance minister sought on Friday to reassure Egyptians faced with soaring food prices that the government was not trying to cut subsidy spending although he said Egypt did want to direct it at the most needy. Subsidies are a sensitive issue at any time in Egypt where many rely on subsidized bread and other …

Reuters

OPEC @ 50

VIENNA: Autumn 1960 in Baghdad, five heads of state sign on the dotted line to alter the course of energy for decades to come. Today, the 12 members of OPEC sit atop just over three quarters of the world’s proven reserves — more than 1 trillion barrels of crude. While there has not been any …

Daily News Egypt

Jordan says freedom of expression guaranteed in election

AMMAN: Jordan’s information minister said on Saturday that freedom of expression was guaranteed after Human Rights Watch said there had been several arrests ahead of a November 9 general election. "Jordan guarantees the freedom of expression of its citizens, and there is a consensus among all parties concerned in the electoral process to guarantee this …

AFP

Oil may hit $100 on China, QE, France, says bank

LONDON: Oil may reach $100 a barrel sooner rather than later on Chinese demand, a dollar weakening due to anticipated U.S. quantitative easing and expected restocking of French inventories when strikes end, JP Morgan said. The bank also raised its forecast for US crude futures to an average $81 a barrel for the current fourth …

Reuters

Zamalek’s Emam backtracks on ‘slap’ complaint

CAIRO: Troubled wing-back Hazem Emam reversed his decision to file a complaint against Zamalek board member Ahmed Refaat for slapping him. Refaat, one of the club icons, astonishingly slapped Emam in the face after a heated argument developed into a confrontation. He was infuriated after Emam hit out at Zamalek coach Hossam Hassan for ‘unfairly …

Hatem Maher

IATA says aviation industry both fragile and vital

CAIRO: The status of the global aviation industry is “both very important and very fragile,” the head of the International Air Transport Association said Wednesday in Cairo. Giovanni Bisignani, director general and CEO of IATA, was in Cairo this week to attend the Arab Air Carriers Organization’s (AACO) 43rd AGM Meeting, where officials addressed the …

Daily News Egypt

NBE mulls PPP for Rod El-Farag Corridor

Officials from the Ministry of Finance Public Private Partnership (PPP) Unit and the National Bank of Egypt are meeting this week to arrange LE 4.5 billion financing needed for the Rod El-Farag Corridor, Al-Mal newspaper reported. This will be the first project to be launched and offered to investors under the newly-approved PPP scheme, after …

Daily News Egypt Authors

Fadl out for two months

CAIRO: Ahly striker Mohamed Fadl is set for a two-month layoff after suffering a knee problem in Sunday’s 1-0 loss at Esperance in the CAF Champions League. The injury-prone Fadl, who had been doubtful for the game with a calf strain, was introduced as a second-half substitute. Two days after the match, Ahly announced on …

filgoal.com

Egypt firm sees private education revenues up

Cairo for Investment and Real Estate Development, which builds and runs schools, said it expects revenues to hit LE 100 million ($17.50 million) in 2010 as it expands in the growing sector. Chairman Hassan El-Kalla said at a Reuters Middle East Investment Summit in Cairo that 2011 revenues were expected to reach LE 150 million. …

Reuters

Egypt, South Africa discuss continent-wide FTA

CAIRO: Africa nations are looking to fuse the continent’s two main trading blocs to form a broader free trade agreement, officials said Tuesday at a Cairo conference. The Cape-to-Cairo free trade agreement would merge the Common Market for Eastern and Southern Africa (COMESA) and the Southern African Development Community (SADC), said Egypt’s Minister of Trade …

Christopher Le Coq

Orascom Telecom says can contest Algeria tax claim

The Algerian government’s $230 million back-tax claim against Egypt’s Orascom Telecom is not final until the company is given a chance to challenge it, the firm said in a statement published on Wednesday. Orascom’s chairman Naguib Sawiris has agreed to sell most of his telecom interests, including control of Orascom Telecom, to Russian mobile operator …

Reuters

Sawiris loses Wind Hellas as bondholders take over

LONDON: Naguib Sawiris, the Egyptian tycoon trying to sell assets to Russian group Vimpelcom, is to lose control of Greek telecom business Wind Hellas after creditors emerged as the preferred bidders on Monday. Bondholders will take over Wind Hellas in a debt-for-equity swap, a blow for Sawiris who retained control of the group in a …

Daily News Egypt

Iraq’s Maliki visits Iran as premiership rival cries foul

TEHRAN: Iraqi Prime Minister Nuri al-Maliki visited Tehran on Monday to garner support for his premiership bid, as his chief rival Iyad Allawi accused Iran of meddling in Baghdad’s political affairs. Maliki flew to Tehran from Amman and went straight into a meeting with Iran’s first vice president Mohammad Reza Rahimi, according to local media …

AFP

African football boss released from hospital

CAIRO: African Football Confederation president Issa Hayatou was released from hospital on Friday after falling ill at a World Cup conference in Cairo. Hayatou, 64, said he felt ill late Thursday and was taken to hospital in the Egyptian capital for tests. He was kept in overnight for observation. At the World Cup conference, world …

AP

Islamic finance faces political hurdles in US

DUBAI: From Australia to Britain and even France, which recently banned the face-veil, Western economies are adjusting their laws to encourage growth in the Islamic finance sector they hope will attract wealthy Gulf investors. Enthusiasm in the United States has been tempered by politics, however, which could slow the growth of Islamic finance and push …

Reuters

Vimpelcom investor questions Sawiris’ terms

Vimpelcom, Russia’s second-largest mobile phone operator, may need to reassess the price it is paying for most of the telecoms assets of Naguib Sawiris, the Egyptian entrepreneur, Telenor has signaled. The Financial Times reported that Telenor, Norway’s leading telecoms group and Vimpelcom’s second-largest shareholder, said the $6.6 billion deal could have to be revised given …

Daily News Egypt

ArcelorMittal eyeing Egypt partnership: paper

ArcelorMittal, the world’s No. 1 steelmaker, has approached Egyptian Iron and Steel to forge a partnership, an Egyptian newspaper reported on Thursday, citing a top industry official. The tie-up would help Egyptian Iron and Steel raise LE 15 billion ($2.6 billion), Al-Masry Al-Youm reported, citing an unnamed official at Holding Company for Metallurgical Industries, an …

Reuters

Oman banks see Q3 profit rise

DUBAI: Two of Oman’s biggest banks posted a rise in third-quarter earnings on Wednesday, raising hopes for a positive year-end close for the country’s banking sector. Bank Muscat, Oman’s largest bank by market value, said its third-quarter net profits rose by 26 percent, beating analysts expectations. Bank Dhofar, the second-largest bank, recorded a 5 percent …

Reuters

Egypt skipper hopes to play until 40

CAIRO: Egypt skipper Ahmed Hassan, who is nursing a serious knee injury, said he hopes to play until he is 40. The Ahly midfielder ruptured his anterior cruciate ligament during Egypt’s 1-1 draw at home to Sierra Leone in their opening Group G game of the African Cup of Nations qualifiers last month. He faces …

Hatem Maher

Egypt needs to speed up attracting private investment

CAIRO: Boasting resilient economic growth in the global downturn, Egypt has been an attractive investment destination, but opening up more opportunities for the private sector needs to speed up, a minister said on Tuesday. Egypt, which plans increasingly to rely on private companies to provide social services and infrastructure through public-private partnerships, has already simplified …

Reuters

CIB launches consumer banking leadership program

Commercial International Bank (CIB) launched a leadership program for the consumer banking industry which they say is the first of its kind in Egypt and MENA, according to a statement. The program is offered by an expert in consumer banking strategy, leadership development and organizational transformation in emerging markets, Humayun Rashid. CIB will select the …

Daily News Egypt Authors

Saudi Fertilizers Q3 profit up on higher prices

RIYADH: Saudi Arabian Fertilizers Co (Safco) posted a 30 percent rise in its third-quarter net profit after a rise in global prices. Safco, which produces urea and ammonia, made 604 million riyals ($161.1 million) in the three months to the end of September up from 464 million riyals a year earlier. The results for Safco, …

Reuters

ICLD workers protest over unpaid salaries

CAIRO: Security bodies tightly controlled a protest held by Information Centers for Local Development (ICLD) workers before breaking up the demonstration, the Center for Trade Union and Workers Services (CTUWS) said Monday. Around 1,000 workers initially gathered outside Cairo’s Shoura Council before being forced to assemble outside the nearby Agricultural Development Bank where a tight …

Sarah Carr

Saudi Sept inflation eases from 18-month peak

RIYADH: A drop in food prices during September pushed inflation in Saudi Arabia slightly off an 18-month peak but home rents continue to rise amid a dearth of housing. September consumer inflation was 5.9 percent above its level of a year earlier, the government’s statistics department said, against 6.1 percent for August. This puts inflation …

Reuters