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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

Presidential decree solidifies military control of land in Sinai

Within the coming few days a presidential decree is to be issued to amend Sinai Development Act number 14 for the year 2012, which Prime Minister Hisham Qandil’s cabinet approved in its last meeting, state-run Al-Ahram reported Saturday. According to Al-Ahram’s report, the presidential amendment stipulates the establishment of a National Authority for the Development …

Islam Serour

France lends Egypt €940 million to complete third metro line

By: Hend El-Behary The French Development Agency (FDA) along with the European Investment Bank have granted Egypt a soft loan of €940 million for the construction and development of phase three of the third Cairo underground line, stated the Ministry of Planning and International Cooperation (MPIC). Minister Ashraf Al-Araby of the MPIC, in the presence …

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

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

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

Debate over IMF loan persists

By Islam Serour Fears of negative consequences attached to the IMF loan is fuelling debate among Egypt’s business and economic community. Some worry the loan could worsen national debt if the Egyptian pound were to be devalued, while others debate whether the government should focus more on the country’s domestic fiscal position rather than relying …

Daily News Egypt

Calls to fix energy pricesfor factories

The Exports Council for Construction Materials (ECCM) will hold an urgent meeting this Sunday to request Prime Minister Hesham Qandil fix energy prices for factories. The ECCM plans to ask for a detailed five year plan to fix energy prices for industries. Waleed Gamal Eldeen, Presidentof the ECCM, said the energy prices instability is causing …

Daily News Egypt

Embaba Airport housing project to be completed by year’s end

By Mohamed Darwish The Greater Cairo Housing Authority (GCHA) has finished constructing 82 percent (2800 out of 3400 apartments) of the Embaba Airport housing project, in preparation for delivery to owners in December. General Hesham Abu Senna, Director of the GCHA, said the area has been provided with electrical power from the national grid and …

Daily News Egypt

National Holding Company invests EGP 1.3 billion in Arab Countries

By Islam Serour The National Holding Company reported Saturday the contract values for its two affiliated companies, El-Nasr Company for Contractors and the Egyptian Contractors Company, amounted to EGP 1.363 billion in Arab countries, during the 2011-2012 fiscal year. According to the Holding company’s report, El-Nasr’s contracts in Sudan are valued at EGP 288.961 million. …

Daily News Egypt

Negotiations to streamline Qatari investment obstacles underway

By Ehab El-Dobaby and Mohamed Ayyad Within the coming days, a number of officials and executive directors of Qatari companies operating in Egypt will engage in negotiations with the Egyptian government. The negotiations will hopefully streamline several conflicts pertaining to the investment contracts that were signed by these companies before the 25 January revolution. During …

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