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Sinai event impedes tourism revival efforts

By Abdel Razaq El-Sheweikhy Tourism investors expressed fear that the terrorist attack in the Sinai will negatively impact tourism in Egypt, particularly in southern Sinai. They predicted that hotel reservations would decline in that area the coming week by 40 percent. Samy Soliman, head of the Taba and Nuweiba Investors Association, said that the effects …

Daily News Egypt

Minister of Industry: The economy is capable of overcoming the current stage

By Salah El-Monoufy Hatem Saleh, Minister of Industry and Foreign Trade, confirmed that the Egyptian economy is capable of overcoming the current stage, particularly because Egypt has a strong infrastructure, which makes high growth rates possible within the coming period. In a statement, the minister said that during the coming period the ministry will focus …

Daily News Egypt

The Arab African Bank launches e-business

By Islam Serour Capitalising on the internet boom in Egypt, the African Arab Bank (AAIB), in co-operation with Amadeus and Cloud Lock International, has announced the launching of a more secured online payment gateway through its Click2Shop service. “The new product provided by the AAIB and supported by Wallety security system will diminish the risks …

Daily News Egypt

Transportation authorities meet new Minister to discuss solutions for sector’s ills

The Minister of Transportation, Dr Mohamed Rashad, held a meeting with directors and officials of transportation authorities, companies and the ministry, to study plans for the coming period. The directors shared their vision for the future, stressing the necessity of providing and developing infrastructure. They also discussed the importance of reshaping transportation so that it …

Daily News Egypt

Vodafone Egypt nets EGP 2.9b during Q2

Vodafone Egypt’s revenues amounted to EGP 2.9 billion by the end of the second quarter, compared to EGP 2.8 billion in the first quarter, with a growth rate of 2.5 percent. The domestic company acquired 2.7 percent of Global Vodafone’s revenues with a value of £10.7 billion. Vodafone Egypt’s Internet subscribers reached 5 million users …

Daily News Egypt

EU funds city sanitation and beautification project

By Mohamed El-Atroush The Chairman of the Federation of Egyptian Chambers of Commerce (FECC), Ahmed El-Wakeel, revealed that the Alexandria Chamber of Commerce obtained financing for the first stage of a project to remove trash and to beautify the city. The European Union (EU) is providing the financing for the project, which will cost EGP 40 …

Daily News Egypt

Experts advocate real estate companies to partner up

By Ahmed Samir Political disturbances in Egypt affected investment in a number of sectors, particularly the real estate sector, which has suffered from a lack of liquidity and capital flow. Developers have begun to search for greater liquidity, either through joint ventures and partnerships or merging with other companies in order to increase companies’ capital. …

Daily News Egypt

Egypt among the group of most optimistic countries about their future Global Consumer Confidence declines three points to 91 in Q2 2012

Consumer Confidence among Egyptians reached 103 points in Q2 2012, up 6 points from last quarter, which is the highest increase in MENAP.  Consumer Confidence is the highest since the survey was established in 2005 – placing Egypt among the group of countries most optimistic about their future. Global consumer confidence declined three index points …

Daily News Egypt

Employees at Ministry of State for Administrative Development protest their marginalisation in the new cabinet

By Mohamed Fawzy Employees in the Ministry of State for Administrative Development (MSAD) organised a demonstration at the Ministry’s headquarters the day before yesterday to protest against their Ministry being overlooked in the new cabinet. Officials within the MSAD indicated that a meeting had been set between Dr Ashraf Abdel Wahab, the acting head of …

Daily News Egypt

Sales in automobile spare parts market take a dip

By Inaam El-Adawi Dealers in spare automobile parts have been assured that that their trade will not diminish as car companies launch their 2013 models, even if the market is stagnating. Desouky Sayed Desouky, Spare Parts Division Director at Cairo Chamber of Commerce (CCC), said that new parts will only begin to impact the market …

Daily News Egypt

Education financing solutions surface as academic year approaches

By WaleedAbd El-Azeem This year Ramadan coincided with academic preparations for the new semester, as students apply for private universities and schools. Banks are trying to seize the opportunity by offering financing solutions for tuition. The United Bank is at the top if the list of banks offering education loans, with an upper limit of …

Daily News Egypt

Housing and Development Bank to invest EGP $900m in Helwan project

By Nasser Youssef The Housing and Development Bank (HDB) plans on building  a moderately-priced, middle-class housing project in Helwan over 27 acres recently acquired from the government. An official at the bank stated that the project comprises of 2000 residential units to be completed within the coming two to three years. The estimated cost of …

Daily News Egypt

Government attracts funding originally allocated for SMEs

By Nasser Youssef The government’s expansion of high interest bonds and treasury bills led to a decrease in financing for small and medium sized enterprises (SMEs), the support of which the state claimed to be the primary goal of the post revolution government. The state resorted to the banking system in order to close the …

Daily News Egypt

Geithner visit to Germany sparks euro hopes

Brelin (AFP) — The top US finance official began meetings with his German counterpart and the head of the European Central Bank Monday, fuelling hopes Europe is readying decisive action to save the crisis-wracked eurozone. US Treasury Secretary Timothy Geithner met Wolfgang Schaeuble on a holiday island off the north German coast amid pressure on …

Daily News Egypt

IT idea incubator targets launching 20 companies annually

By Mohamed Alaa El-Din   Flat6Labs has marketed five companies from among 12 that graduated from the last two rounds of its investment programs. Investments in the five companies equalled EGP 5 million. Ramez Mohamed, CEO of Flat6Labs, said that the company hopes to develop 20 information technology (IT) companies on a yearly basis, with …

Daily News Egypt

The Egyptian stock Exchange witness first signs of recovery since the beginning of Ramadan (DNE PHOTO)

EGX30 jumps nearly100 points

By Fatheya El-Garhy The market has reacted positively to the decision to delay the ruling on the legality of the Constituent Assembly. Buying power increased in the market leading to an increase in the value of trading. The Egyptian Exchange (EGX)’s main index, the EGX30, rose 2.03% to close at 4,862.5 points. The EGX70 index …

Daily News Egypt

the customs authority plans to impose stricter oversight on Chinese imports (AP PHOTO)

Customs to impose stricter oversight on maritime ports

By Islam Zayed The Egyptian Customs Authority (ECA) recently scrutinised the status of 740 Chinese companies. The authority had issued a decision banning the companies’ products from entering Egypt because of numerous violations, including disregarding the standards of the Minister of Industry and Trade and presenting forged customs documents. An official within the ECA said …

Daily News Egypt

Israel to vote on sweeping austerity measures

(AFP) – Ministers in Israel’s cabinet were on Monday preparing to vote on a package of sweeping economic austerity measures in a bid to cut the budget deficit, in a move expected to hit the underprivileged hard. Central to the plan is a hike in income tax and VAT, as well as a 700 million …

Daily News Egypt

Real estate companies on involuntary Ramadan hiatus

By Hamada Ismail With Ramadan falling during the summer this year, real estate companies are on hiatus, reorganising their plans and evaluating their accomplishments. Before Ramadan, 5 real estate expos were held, extending over 24 days. However, results disappointed companies and didn’t satisfy participants, given decreased client participation and weakened sales. Sales were expected to …

Daily News Egypt

Luxury goods buck economic slowdown

Paris (AFP) — Fuelled by surging demand in China, luxury goods makers are bucking the global economic slowdown and reaping huge profits on sales of high-end handbags, expensive jewellery and posh perfumes. Results for the first-half of 2012 released this week showed major brands, including world leaders LVMH, PPR and Luxottica with rising profits driven …

Daily News Egypt