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Global Knowledge opens new Egypt headquarters

CAIRO: Global Knowledge, global provider of IT and business skills training, announced the relocation of its Cairo office and training center to Sheraton Heliopolis from Korba Heliopolis. The company’s new headquarters house additional classrooms and offers a state of the art learning environment, according to a statement. “Global Knowledge’s investment in its Egypt operations comes …

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Yahoo launches exclusive Ramadan website

CAIRO: In honor of the Holy Month of Ramadan, which falls on the first of August this year, Yahoo launched a Ramadan site as part of Yahoo! Maktoob. The new site gives users the option to access spiritual lifestyle and entertainment content and accurate prayer and iftar times for those fasting based on city and …

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INJAZ to celebrate volunteer mentors on June 12

CAIRO: Together with 399 volunteer mentors from private companies, including Pepsi, American Chamber of Commerce, Americana, British Petroleum, Citibank, Exxon Mobil, Giza Systems, GSF, HSBC, Mars, Mobinil, Orascom Construction Industries, PWC, Raya, TE Data and USAID, INJAZ Egypt impacted 60,375 students this school year with curriculum on entrepreneurship, financial literacy and work readiness. The January …


Maroon 5 to perform in Egypt for the first time

The fact that Maroon 5 are the first international band to perform in Egypt after the revolution is very fitting. Although not as political as big rock bands like U2, Coldplay or Pink Floyd, Maroon 5 are no strangers to politics. With their hit song “Makes me Wonder” aimed at reflecting their frustration with US …

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IMF says regional tension adds to Egypt’s fiscal burden

The International Monetary Fund has indicated that the increasing political tensions in the region are likely to cause added pressure to Egypt’s fiscal burden as the government increases spending on social areas, according to an Al-Masry Al-Youm report on a symposium organized by the Egyptian Research Center. The IMF has highlighted three key challenges facing …

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July foreign reserves surplus hit $55 mln: CBE

Net foreign reserves increased by $55 million in July 2010 compared to the previous month, the state-run daily Al-Gomhuria reported, despite Egypt paying $678 million in debts. Net foreign direct investment (FDI) recorded 1.1 percent of total GDP, the paper reported.  

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Meet the players: The Muslim Brotherhood

The Muslim Brotherhood is considered the largest and most powerful opposition group in Egypt. The Brotherhood was founded by teacher and Islamic scholar Hassan El Banna in 1928 as a social and political group. The group advocates the return to Islam represented in the Quran and Sunnah as a solution to all the problems plaguing …

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Egypt seeks Japan loan for fourth metro line

Egypt said it was seeking funding for the initial phase of the fourth underground metro line, a source at the Ministry of Transport told Al-Masry Al-Youm newspaper. The new metro line is expected to reduce congestion in the areas of Al-Malek Al-Saleh, Giza, Haram and Sixth of October.The same source said the government has submitted …

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Mokhtar Ibrahim launches new branch in Kuwait

Egyptian Contracting (Mokhtar Ibrahim) opened a new branch in Kuwait last week, Al-Alam Al-Youm reported. Ali Abu Halawa, CEO and managing director, said that the company is about to obtain a number of projects there which will be executed in the coming period. The company is studying new investment opportunities in a number of countries …

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Visa hosts security forum in Cairo

Visa Inc. held its 2010 Payment Security Forum in Cairo, bringing 250 card industry professionals from across the Middle East, Africa, South East Europe, Russia and the CIS region together to address the latest payment technology innovations as well as the identification and application of best practices on payment security relevant to markets and businesses …

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Edrak eyes new investments in Egypt

Edrak for Edutainment Projects Development Company has acquired the franchise of three international brands in the fields of edutainment and fitness. Kidzania, The Little Gym and Jazzercise, expected to drive total investments of LE 100 million when launched in 2011 and 2012. In a statement to the press, the firm said Kidzania, Edrak’s flagship brand, …

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Share of low income groups from food subsidies rise: World Bank

A new World Bank study shows that measures taken by the Egyptian government in expanding the base, and better targeting food subsidies, over the past two years have led to raising the share of the low-income individuals from subsidies by 70 percent, Al-Ahram newspaper reported. On average, the value of subsidy/individual has increased from LE …

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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 …

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Algeria says will not negotiate with Vimpelcom

CAIRO: Algeria will hold talks in the first half of 2011 with Orascom Telecom about the nationalization of its local unit, but will not negotiate with Russia’s Vimpelcom, the telecoms minister said. The minister, Moussa Benhamadi, also said an investment bank would be appointed in January 2011 to advise the Algerian government on its acquisition …

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Citadel co-founds Egyptian Private Equity Association

The founders of regional private equity firm Citadel Capital, which has $8.3 billion in investments, launched the Egyptian Private Equity Association (EPEA). Local business leaders gathered in Cairo Monday along with special guest global private equity chieftain David Rubenstein to commemorate the event. “Continued rapid economic growth in Egypt and policymakers’ openness to having private …

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Egypt, Turkey trade may hit $5 bln by 2011

Minister of Trade and Industry Rachid Mohamed Rachid said that the volume of trade exchange between Egypt and Turkey hit $3.2 billion in the end of 2009, and is expected to increase to $4 billion by the end of this year and $5 billion in 2011. The Egyptian-Turkish partnership is a good example of how …

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CBE rules out intervention in the exchange market

A Central Bank of Egypt (CBE) official has ruled out any CBE intervention in the foreign exchange market following the recent weakening of the Egyptian pound against the US dollar, reported Al-Masry Al-Youm, citing Hisham Ramez, deputy governor of the central bank. The EGP traded as low as 5.759 to the USD on Monday, its …

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Egypt obtains €560 million in loans from EIB

The European Investment Bank (EIB) has extended two loans to Egypt’s Ministry of Electricity and Energy for an aggregate value of E560 million, the local news reported. Around €260 million will be geared towards upgrading Egypt’s national electricity grid. The balance, €300 million, will finance the construction of the planned 1,500 MW North Giza power …

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Six Egyptian companies to bid for steel licenses

Six Egyptian companies are studying to bid for the new steel licenses offered by the Industrial Development Authority: Ezz Steel, Sixth of October for Light Industries, Al Marakbi, IIC for Steel Plants Management, Al Ahram Steel and Port Said National Company for Steel. In a note, HC Brokerage reported that Egypt’s Industrial Development Authority might …

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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 …

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Petroleum ministry to up natural gas supply

Egypt’s Ministry of Petroleum said it plan to increase the supply of natural gas to homes, Al-Ahram reported, in order to reach an additional 750,000 consumers by the end of fiscal year 2010/11, an annual increase of 55 percent. The Egyptian Natural Gas Holding Company (EGAS) said the current year will witness the expansion in …

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OHC brings affordable housing to Qena

Orascom Housing Communities (OHC) are embarking on a new low-income housing project, Qena Gardens, in Upper Egypt, the developer said in a statement. Located 5 km from Qena’s city center, the project will span 2.8 million square meters, modeled after OHC’s flagship project, Haram City. Omar Elhitamy, OHC managing director, said, “The gap between supply …

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APICORP’s debut SAR bond oversubscribed

The Arab Petroleum Investments Corporation (APICORP) said that its debut Saudi Arabian 2 billion riyal bond was oversubscribed three times, according to a statement, clocking an aggregate book size of SAR 6 billion ($1.6 billion). The SAR bond, rated A1 by Moody’s, marks the first such foray in the Kingdom by a multilateral development bank, …

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HSBC voted ‘Best Cash Management Bank’

HSBC was voted ‘Best Cash Management Bank’ in the Middle East by a Euromoney customer poll, based on feedback from cash managers, treasurers and financial officers. Respondents were asked which international banks they currently use most for their cash management services globally, regionally and domestically, and were also asked to rate the services provided by …

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Djezzy has 25 days to pay reassessed taxes: paper

Bank assets of Orascom Telecom’s (OT) Djezzy will be frozen and property will be seized if the Algerian telecom operator is late on reassessed tax charges of $230 million for 2008 and 2009, reported Algerian state-run newspaper Ennahar. Currently, 25 days remain for Djezzy to pay the reassessed taxes before it receives the final notice …

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Azadea Group expands in Egypt with Mall of Arabia

Azadea Group has signed an agreement with Egypt’s Mall of Arabia to open a series of fashion and food outlets, according to a statement on AMEinfo.com. The move will expand the group’s retail network in Cairo, following the opening of outlets for several of their brands earlier in the year. The outlets at Mall of …

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Beltone upgrades OCI target price

Cairo-based investment bank Beltone Financial upgraded Thursday the target price on Orascom Construction Industries OCI to LE 284.62, an increase of 11 percent, with an “add” recommendation. In a note, Beltone said, “We view OCI’s outlook as positive, with a slightly cautious approach in the short term until the first half of 2011.” The valuation …

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Egypt revises GDP growth figures downwards

Egypt revised its gross domestic product (GDP) growth figure for the April-June quarter to 5.4 percent from a previously stated 5.9 percent, the Ministry of Planning said on Thursday according to a Reuters report. It also revised GDP growth for the fiscal year that ended June 30 to 5.1 percent from a previously stated 5.3 …

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Makro opens second wholesale store

Prime Minister Ahmed Nazif, Minister of Trade and Industry Rachid Mohamed Rachid, Minister of Agriculture Amin Abaza, Minister of Local Development Abdelsalam Mahgoub and Qaliubiya Governor Adly Hussein launched Makro Egypt’s second wholesale store. The Qaliubiya store comes two months after Makro’s first store in Salam City two months ago. Rachid said, “Egypt’s retail market …

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