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Asec Ready Mix begins operations

Cement producer Asec Cement launched operations at Asec Ready Mix, a LE 43 million which will have points of presence in Upper Egyptian cities of Minya, Assiut and Qena, according to a statement. Asec Ready Mix is a joint-venture between Asec Cement, a portfolio company of private equity firm Citadel Asec Holding, and Misr Qena …


HC to launch E-Stox Service

HC Securities and Investment said its online trading service, which will be known as "E-stox Service," will be fully functional by the third quarter of this year, according to a press statement. The move is part of the firm’s plans to diversify into the online retail brokerage segment. Mohamed Kishk, who recently joined the company …


BNP Paribas gets ISO for its international trade finance services

  BNP Paribas Egypt, which has been offering international trade finance services since 2005, acquired the ISO 9001:2008 model, which is a Quality Management System (QMS) in the scope of documentary credit and collection and letters of guarantee. It is the first bank in Egypt certified with ISO 9001:2008 in this field. The bank’s international …


National Bank of Egypt reports 76 pct increase in net profit

CAIRO: The National Bank of Egypt said its net profits reached LE 1.013 billion for the first half of the fiscal year 2009/2010, a 76 percent increase (LE 438 million) over the previous financial year (2008/2009). In terms of other indicators such as return on equity (ROE), the bank doubled its percentage from 10.3 percent …


ConnectmeTV CEO to receive Forty Under 40 Award 2010

CAIRO: Ahmed Metwally, ConnectmeTV CEO, was selected out of 120 nominees for the Forty Under 40 Award in Ottawa, a Canadian publication announced. Metwally will receive the award in a ceremony on June 24, the Ottawa Business Journal (OBJ) said. “It is a great honor to be selected for the Top Forty Under 40 award,” …


NBA and Sarmady announce launch of first Arabic language NBA website

LONDON/CAIRO: The National Basketball Association (NBA) and Sarmady, Vodafone Egypt’s digital arm, announced the launch of NBA.com/arabic, the first-ever Arabic language NBA website for basketball fans in the Middle East and North Africa. The new site, which will be the ultimate online destination for fans to experience the NBA in Arabic, will feature daily video …


Austrian trade mission visits Cairo

The Austrian Federal Economic Chamber and the Commercial Office at the Austrian Embassy organized an Austrian Trade Mission to Cairo last week, led by Andreas Meindl, regional director of Africa Middle East at the Austrian Federal Economic Chamber. The 20 participating Austrian companies represented a variety of fields: environmental technologies, hospital technologies, energy, textile and …


Franchising to promote SMEs' development

In line with Egypt’s plans to promote SMEs, the Egyptian Franchise Development Association (EFDA) in cooperation with the Social Fund for Development (SFD) organized the eight Middle East and North Africa International Franchising and Licensing Exhibition and Conference last week. Companies working in various sectors from Egypt, Australia, Canada, USA, France, Germany, United Kingdom, Switzerland, …


Lecico net profit up 25 pct

Lecico Egypt saw net profit rise 25 percent over the previous year to reach LE 26.9 million, up from LE 21.6 million last year. Revenues grew 11 percent in the first quarter to LE 269.5 million. In its daily notes, CI Capital said, “Lecico’s strong quarter one performance is a continuation of the company’s upward …


PHD sees net income rise 75 pct for quarter one 2010

CAIRO: Egyptian real estate developer Palm Hills Developments posted a 75 increase in net income to reach LE 107.1 million ($19.4 million) for the first quarter of 2010, the firm said in a statement Sunday. PHD said it recorded net sales of LE 198.0 million ($35.9 million) in the three months ending March, a 52 …


Investment minister says no more sell-offs of public companies

CAIRO: File photo of Investment Minister Mahmoud Mohieddin. announced a halt to sell-offs of public sector companies Wednesday, saying that such companies will remain in government hands regardless of whether or not they are making a profit. Mohieddin, speaking during the 4th Conference on Investment in East Delta Governorates added that funds will be pumped …


PHD launches new projects at Next Move

CAIRO: Egyptian real estate developer Palm Hills Developments (PHD) launched the Palm Hills Katameya Extension, a new residential real estate project in east Cairo and a new phase in Palm Parks, situated in west Cairo. The launches were announced at the Next Move exhibition in Egypt. Buyers will be able to purchase their homes over …

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Ministry of Trade changes export rebate system

The Ministry of Trade and Industry has decided to start in July 2010 applying the new methodology for granting export rebates (also considered a form of subsidy) using a value-added based system, reported local newspapers. The current system grants exports a percentage of their value in rebates, according to Beltone Financial’s daily market report. Different …

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HDB approves the establishment of a leasing company

Egypt’s Housing and Development Bank (HDB) will establish a leasing company with the participation of another bank, as approved by the bank’s board of directors. HDB’s share in this company will be in the range of 33.5 percent to 51 percent, while the company’s capital has not been determined as yet, according to a report …

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CIB, Suez Canal Bank capital increases approved

The capital increases of Suez Canal Bank and Commercial International Bank (CIB) were approved by the Listing Committee, according to a statement on the stock exchange website. CIB will increase capital by LE 25.7 million, distributed over 2.57 million fully paid shares, through rights issue allocated to the bank’s employees stock options program, at a …

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Rights group condemns gov't restriction on Al-Jazeera

CAIRO: An Egyptian NGO has condemned restrictions placed on Al-Jazeera news channel by the government. The Arab Network for Human Rights Information (ANHRI) said in a statement issued Sunday that the restrictions placed on Al-Jazeera amount to “a confiscation of the right of citizens to know and a violation of media freedom”. An Al-Jazeera television …

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New diplomats' village at Emaar's Mivida

CAIRO: Emaar Misr, the wholly owned subsidiary of UAE-based Emaar Properties, unveiled a residential village for Egypt’s diplomatic community in its Mivida development, according to a statement. Located in New Cairo’s Fifth District, Mivida is a LE 5.75 billion integrated development with several residential villages offering fully finished and managed homes, and commercial and retail …

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News in brief

Bank of Alexandria supports SMEsThe Bank of Alexandria signed an agreement with the International Financial Institution – a member of the World Bank – to provide technological support for SMEs in Egypt, Al-Ahram reported. SMEs represent 80 percent of the country’s value added and 75 percent of its non-agricultural private sector workforce, said CI Capital …

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Second phase of PHD capital increase oversubscribed

CAIRO: Egyptian real estate developer Palm Hills Developments said in a statement that the second round of its capital increase rights issue launched earlier this month was over-subscribed more than 500 times. This rights issuance raises PHD’s capital from LE 1.4 billion to LE 2.1 billion, an increase in the amount of LE 699 million, …

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Egypt: Reducing automobile tariffs

CAIRO: The Egypt automotive industry has staged a comeback in the first months of 2010, following disappointing sales figures in 2009. This strong performance appears to dispel the worry that Egypt s reduction of tariffs in line with free trade agreements could push out local manufacturers. In March, GB Auto, Egypt s largest automobile assembler …

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SFSD-ABC partnership reaches out to Cairo's street children

CAIRO: The Ahram Beverage Company (ABC)-Sawiris Foundation (SFSD) partnership agreement, which began in August 2009, launched three new initiatives to leverage the community development projects implemented by partner NGOs. The initiatives will focus on the fields of education, street children and environment. The existence of street children is a somber reality and the number continues …

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News in brief

Egypt index retreats, led by OT and PioneersEgypt’s benchmark index closed down 2.1 percent on low volume as Pioneers Holding dropped 5.6 percent and heavyweights Orascom Telecom (OT) 5.3 percent. On Sunday, Pioneers shareholders approved its takeover of Beltone Financial, and the company’s board approved a LE 0.05 per share dividend, bringing total dividends for …

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PHD to sell Borooj units worth LE 315 mln

CAIRO: Egyptian real estate developer Palm Hills Developments (PHD) said Sunday that it will sell LE 315 million worth of units to Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB). Burooj signed an agreement to buy 425 units of PHD’s Village Garden Katameya project, the Egyptian firm said in a statement. …

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News in brief

US exports to Mideast may hit highAfter a slump last year, US exports to the Arab world are expected to rebound and reach record levels this year, according to a new study by a Washington-based group.The National US-Arab Chamber of Commerce predicted in its latest report that exports from the US to the Arab world …

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Career conference preps students for working world

CAIRO: The office of Career Advising and Placement Services (CAPS) at the American University in Cairo (AUC) held its third annual Career Conference offering senior students the opportunity to network with members of the corporate community and exchange career related information that would equip them with the necessary tools for their career planning and job …

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News in brief

Mo’men aims for IPO in 2012: paperCAIRO: Egyptian fast food restaurant chain operator Mo’men Group aims to launch an initial public offering in 2012, the chairman said in remarks published in a newspaper on Tuesday. “We are working on expanding our chains inside and outside Egypt, and increasing our investment and production capacity … so …

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Blue chips drive up Egypt index, Ezz leads

  CAIRO: Egypt s main index rose 2.7 percent, tracking global markets, with blue chips Ezz Steel, Orascom Telecom (OT) and Orascom Construction Industries (OCI) leading the index. The market traded for the first day after a four-day Easter break. International markets are doing pretty well … the president is back in Egypt … all …

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