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Saudi Fund for Development allocates EGP 1.4 billion to finance 3 projects in Egypt

The Saudi Fund for Development (SFD) signed three concessional loan agreements with the Egyptian Government. The agreements were signed on Monday 3rd 2012, in Cairo, by the Egyptian Minster of Planning and International Cooperation, Ashraf Al-Araby, and SFD Vice President and Managing Director, Yousef Al-Bassam. As per the first agreement, SFD grants Egypt  EGP 547 million, in a  concessional development …

Mohamed El-Bahrawi

Scratching the surface of the financial crisis

For several weeks now, state-run media has been depicting a somewhat rosy outlook on the economy. Government officials are downplaying the gravity of issues; prominent figures such as Hassan Malek spew comforting statements,citing the pending influx of foreign investment and loans from international financial lenders and governments. The IMF loan , which would shore-up the …

Mohamed El-Bahrawi

SODIC: no litigation against us

The Sixth of October for Development and Investment Company (SODIC), Egypt’s third largest real estate developer, reported to the Egyptian Stock Exchange that no lawsuits were filed against them by the Lebanese multinational real estate developer Solidere. According to AhramOnline’s report on Tuesday; Beltone, a Cairo-based investment bank, stated that Solidere announced Sunday its plans …

Islam Serour

Saudi delegation to visit Egypt for investment talks

A Saudi business-delegation is scheduled to visit Cairo this Monday, with the legal impediments to Saudi investment leading the visit’s agenda. Reportedly, Dr Tawfik Al-Rabea, Saudi Minister of Industry and Trade, will head the delegation that encompasses up to 35 Saudi businessmen, in addition to the Saudi Ambassador to Egypt, Ahmed Al-Katan. The Egyptian delegation …

Islam Serour

Islamic Sukuk forecast to exponentially increase

The demand for Islamic Sukuk is expected to reach to $900 billion by 2017, according to Ernst & Young’s Global Islamic Banking of Excellence (GIBE) estimates. Ernst & Young’s GIBE reports that the forecasted exponential increase in demand for Sukuk stems from the growth of Islamic banking industry, and the increasing demand for financial tools …

Islam Serour

El-Arabi meets with EBRD’s Hildegard Gacek to discuss economic co-operation

Ashraf el-Arabi, minister of development and international cooperation discussed economic support to Egypt with Hildegard Gacek, managing director of the European Bank for Reconstruction and Development (EBRD) for the southern and eastern Mediterranean region on Wednesday. It was reported that the Egyptian government seeks to attract the EBRD to carry out operations in Egypt beside …

Islam Serour

Government studies new law to regulate foreign capital

By Ibrahim El-Masry Minister of Planning and International Cooperation Ashraf Al-Arabi said the government is considering drafting a new law to regulate the flow of foreign capital to Egypt whether in investments or funding for non-governmental organisations (NGOs). Speaking during a public session of the Shura Council that tackled the issue of foreign grants and …

Daily News Egypt

German tourist bookings expected to burgeon

Minister of Tourism Hisham Zaazou met German travel agents to promote Egypt as a tourist destination at a workshop in Al-Gouna resort on Saturday. Zaazou told attendees that tourism is one of the country’s top priorities and a vital source of foreign currency and employment opportunities. Up to 25 German tourism companies participated in the …

Islam Serour

Global wheat prices expected to soar

By Basma Tharwat The drought that recently hit the United States and Russia, the largest wheat exporters in the world, triggered fears of a global price rise of the strategic commodity. One of the world’s largest wheat importers, Egypt is expected to suffer greatly as a result. Noamany Nasr Noamany, Vice President of the General …

Daily News Egypt

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

New initiative to maximise benefits of international trade agreements

By Inaam El Adawy The Federation of the Chambers of Commerce (FEDCOC) has adopted an initiative to review the trade agreements signed with Egypt in previous years. The initiative is aimed at seeking methods to derive optimal benefit from the agreements. “We are currently studying the free trade agreements between Egypt and other states, to …

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

New fiscal measures to address state budget deficit

By Islam Zayed and Mohamed Abdel Monsef The Government has prepared a new bundle of legislation aimed at increasing national revenue and alleviating budget strain. The legislation is scheduled to be enacted by year’s end. The Ministry of Finance (MOF) will enact further legislation to collect overdue taxes. The new bill resembles the tax payment …

Daily News Egypt