Amira Salah-Ahmed

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Latest by Amira Salah-Ahmed


AfDB ready to invest $1.4 billion in Egypt

CAIRO: The African Development Bank (AfDB) is ready to commit around $1.4 billion to Egypt over the next 18 months, in addition to its ongoing portfolio, the bank’s president said. Earlier this week, the bank announced a $550 million loan to finance a new gas-powered energy plant in Suez, which will add 650 MW to …

Amira Salah-Ahmed

Piraeus Bank: A structured regional approach

Piraeus Bank made a modest entry into the Egyptian market by buying a small commercial bank. Six years later, however, its portfolio is anything but modest, with a little over €1 billion in deposits and €900 million in loans. With 50 branches around the country and a staff of 1,200 people, the bank has managed …

Amira Salah-Ahmed

Crowell & Moring foray into Egypt with Hegazy partnership

When Crowell & Moring looked into embarking on its largest international initiative in a decade, the law firm decided it was prime time to foray into the Middle East, and in doing so, chose Egypt as its hub. “We have committed more resources to opening this office and to our presence in the Middle East …

Amira Salah-Ahmed

Obama meets Muslim entrepreneurs in Washington summit

CAIRO: US President Barack Obama hosted a summit of entrepreneurs from 50 Muslim-majority nations Monday, in line with the administration’s strategy to mend ties with the Muslim world. The aim of the two-day summit is to shift the focus from talking about terrorism and conflict to boosting economic development in Muslim nations. Obama made a …

Amira Salah-Ahmed

COMESA forum tackles perception of corruption

SHARM EL-SHEIKH: While day one of this week’s COMESA forum presented investment opportunities by highlighting key sectors of interest, day two focused more on doing business, pointing to the obstacles facing the region’s ability to attract and maintain investments. One word kept coming up throughout the day’s sessions: corruption. Samih Sawiris, chairman and CEO of …

Amira Salah-Ahmed

Member states push for infrastructure investment at COMESA

SHARM EL-SHEIKH: “The image of Africa does not reflect the positive economic developments that have taken place . and it’s time to portray a new image and put Africa on the investment map, Egyptian Investment Minister Mahmoud Mohieldin said Monday at a COMESA conference. During his opening remarks at the third annual COMESA Investment Forum …

Amira Salah-Ahmed

Insurance industry set for more reforms

CAIRO: Bancassurance, microfinance and the role of the Egyptian Financial Supervisory Authority (EFSA) in regulating non-banking financial services were key topics at a Cairo conference Tuesday. Ziad Bahaa-Eldin, chairman of the EFSA, said, “Giving new life to bancassurance is currently being discussed within the Central Bank of Egypt in a way that avoids the same …

Amira Salah-Ahmed

BES Express: Mobilize your enterprise

CAIRO: From email to banking services, everything has been made mobile. And with the rising popularity of Blackberrys, this trend is only going to grow. Blackberry services were initially geared towards the top management of large corporations, who needed to be constantly hooked up to their work emails and company servers. But as the market …

Amira Salah-Ahmed

Arab League conference bolsters South Sudan investment

JUBA: Political stability is typically viewed as a prerequisite for attracting foreign investment. In the case of Southern Sudan, however, economic development spearheaded by foreign investment may just be the precursor for sustainable political stability. Investors flocked to Juba on Tuesday to explore the potential business ventures touted by the Government of South Sudan (GOSS), …

Amira Salah-Ahmed

Moussa opens first investment forum in South Sudan

KHARTOUM: The ink on the framework agreement to guide future peace negotiations between the government and Sudan’s main rebel groups is not yet dry, but the wheels are already in motion to capitalize on the hoped for political stability by luring investors to the country’s southern region, starting with its capital Juba. It is with …

Amira Salah-Ahmed

BNP Paribas says mobile banking will take off in Egypt

CAIRO: Mobile banking will take off quickly in Egypt by bringing services closer to those who don’t normally have access to banks, Philippe Joannier, head of territory and managing director of BNP Paribas Egypt, said Monday. It will be a “real public service, he told Daily News Egypt on the sidelines of the Economist’s Seventh …

Amira Salah-Ahmed

Egypt to double exports in four years, says Prime Minister

CAIRO: “Egypt plans to double exports in the next four years from LE 92 billion to LE 200 billion, Prime Minister Ahmed Nazif said at the Seventh Business Roundtable with the Egyptian government organized by the Economist. Nazif also said that there will be more PPPs and opportunities for the private sector to invest in …

Amira Salah-Ahmed

ONE ON ONE: Shahinaz Foda on BNP Paribas and the banking sector

As a tumultuous year for the global financial sector drew to a close, many banks in Egypt found themselves working with more positive numbers than expected. Although globally bankers were more conservative, the local market saw both local and multinational institutions foray into new sectors and launch a variety of products and services. One such …

Amira Salah-Ahmed

Court backs Orascom, blocks France Telecom's bid for Mobinil

CAIRO: “We intend to continue amicable negotiations with France Telecom aiming at reaching the best possible solution to solve the ongoing dispute between the two companies and pursuing our partnership with France Telecom in Mobinil as an operator, Orascom Executive Chairman Naguib Sawiris said in a statement to Daily News Egypt. After a court ruling …

Amira Salah-Ahmed

ONE ON ONE: Ghada El-Bialy: Banking on success

At Citi Egypt, Ghada El-Bialy heads a team tasked with forging and developing relationships with public sector companies and financial institutions, making sure their needs are matched with the different products offered by the bank. As financial institutions head, public sector and senior government banker, she also works with the Citi Egypt management to make …

Amira Salah-Ahmed

YEAREND SPECIAL: A year of economic stimulus and interest rate cuts

Egypt s measures to deal with the global economic crisis in 2009 have ranged from introducing stimulus packages to spur growth, upping infrastructure spending to keep the economy moving, to maintaining an interest rate cut policy as a way of combating inflation. In late 2008, Egypt announced a LE 15 billion stimulus to support growth …

Amira Salah-Ahmed

YEAREND SPECIAL: New market regulator tops year's economic reforms

CAIRO: One of the major changes in Egypt’s economy this year came in June with the creation of the Egyptian Financial Supervisory Authority (EFSA), which brought several regulatory bodies under one umbrella. The EFSA came on the heels of Law 10/2009, which regulates control on non-banking financial markets and instruments, and began operating in July …

Amira Salah-Ahmed

Food for thought: FIKR 8 tackles Arab economic integration (Part 1)

KUWAIT CITY: What is it that stands in the way of Arab economic integration? How can nations develop individually while simultaneously working towards the goal of Arab unity? Is the vision of a monetary Arab union realistic? These were the tough issues tackled by the Arab Thought Foundation’s eighth annual conference (FIKR 8) held in …

Amira Salah-Ahmed

ONE ON ONE: African Development Bank seeks capital infusion

It’s not rare for the words Africa and development to be heard in the same sentence. The continent’s development deficits top the agenda of international agencies, financial institutions, NGOs, and the like. At the African Development Bank, demand for financial support has been on a steep incline since the onset of the global economic crisis. …

Amira Salah-Ahmed

Balinese massage works wonders

I’ve had my share of relaxing massages, but rarely one as thorough as what I was treated to at the InterContinental CityStar’s Lifestyles spa. I chose the Balinese massage hoping it would work out all the kinks in my back, but it was much more, and Daisy, my masseuse, left no muscle unturned. Never have …

Amira Salah-Ahmed

Yahoo and Maktoob: A marriage made online

CAIRO: When Stanford students Jerry Yang and David Filo created a single place to store useful websites in 1994, they had no idea it would turn into a global internet company that would change the way people communicate. And Yahoo was born. A few years down the line in Jordan, Samih Toukan and Hussam Khoury …

Amira Salah-Ahmed

BG Egypt to invest up to $3 bln next year

CAIRO: BG Egypt, a subsidiary of BG Group, plans to invest up to $3 billion on Phase VIII of its West Delta Deep Marine Concession (WDDM) by mid-2010, a company official said Sunday. “We’re coming up on Phase VIII, a fairly large project, somewhere between 24 and 32 new wells and that’s a project we …

Amira Salah-Ahmed

Canadian ballet conveys mixed emotions

What began as a somber evening at the Cairo Opera House ended with giddy jubilation as the Canadian ballet company unexpectedly shifted gears between two pieces that were poles apart stylistically, yet equally intricate technically. Les Grands Ballets Canadiens de Montréal’s long-awaited performance featured two strikingly disparate pieces, “Noces and “Cantata; the first created a …

Amira Salah-Ahmed

Rachid says Egypt, US to double trade in 4 years

CAIRO: Egypt plans to double the volume of trade with the United States over the next four years, Trade Minister Rachid Mohamed Rachid told Daily News Egypt Sunday ahead of his US visit. The volume of trade between Egypt and the US currently stands at $8.4 billion. Rachid flies to the US today as part …

Amira Salah-Ahmed

CMA delays ruling on Mobinil offer

CAIRO: Egypt’s Capital Markets Authority delayed Friday its ruling on the obligatory tender offer by France Telecom’s Orange for all shares in Mobinil (Egyptian Company for Mobile Services). The CMA said it has reviewed the documents submitted by Orange and requested more data in order to move forward with studying the offer, the market regulator’s …

Amira Salah-Ahmed

Egypt's 4.3 pct economic growth 'a breakthrough,' says Mohieldin

CAIRO: Egypt’s economy grew by 4.3 percent in the third quarter of the current fiscal year, an unexpected development that Investment Minister Mahmoud Mohieldin called “a breakthrough. Economists were surprised to see a reversal in the downward trend, which saw economic growth fall from 5.8 percent in the first quarter to 4.1 percent in the …

Amira Salah-Ahmed

Cairo makes way for Cuban flamenco line

Ballet is graceful and airy, flamenco is powerful and fiery – it’s rare for the two worlds of dance to meet on one stage, let alone in one dancer. But what may seem like an unusual fusion for some is crafted with precision and performed with vigor by Lizt Alfonso Dance Cuba. Making an assertive …

Amira Salah-Ahmed

ONE ON ONE: GM Egypt goes for a bigger piece of the pie

Even though car sales are down, General Motors Egypt (GME) is going forward with plans to launch five new vehicles this year, has just signed a sponsorship deal with Al-Ahly and is apparently recruiting employees. While that may seem overly aggressive given the current economic environment, GME’s Chairman and Managing Director Rajeev Chaba said it’s …

Amira Salah-Ahmed

Experience haute cuisine at The Grill

The French are particular about their food. They take their cuisine very seriously, mastering cooking techniques and aesthetic presentation. Eating French food is an experience. At The Grill, the experience begins as soon as you walk in the door. Perfecting French cuisine is a feat few restaurants in Cairo have accomplished, so I headed to …

Amira Salah-Ahmed

Gov't steps up cement price regulation

CAIRO: The trade ministry on Tuesday announced new measures to regulate the retail price of cement in the domestic market. Minister of Trade and Industry Rachid Mohamed Rachid’s decree stipulates a maximum price on the sale of cement to distributors and places regulations on the price of cement to consumers. Starting Thursday, cement factories are …

Amira Salah-Ahmed