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Shahira Amin

Egypt at a crossroads

Seventeen months after the revolution, Egypt is vastly different from the country that existed the day hundreds of thousands of protesters took to the streets to overthrow the former dictatorial regime

Shahira Amin

IMF Managing Director to visit Egypt

By Islam Serour Managing Director of the International Monetary Fund (IMF), Christine Lagarde, is scheduled to visit Cairo on 22 August for further discussions with President Mohamed Morsy over a possible IMF loan to Egypt. It has been reported that an IMF mission, led by Masood Ahmed, the IMF director for Middle East and Central …

Daily News Egypt

Marriott teams up with Visa to offer free nights this summer

 Leading hotel group Marriott International has teamed up with VISA in the Middle East and Africa to offer 3 nights stay for the price of 2, for the duration of the summer. The offer also includes 20% off all food and beverage at participating outlets. “At Visa, we know the summer season can be an …

Daily News Egypt

Amer Group’s profits slump in first half

Amer Group made EGP 126.79 million net profits during the first half of 2012, a 37.1 percent decline compared to EGP 201.435 million in the same period last year. Riad Refaat, Investors Relations Manager at the company, explained that the decline in profits is understandable given the current economic circumstances, particularly in the real estate …

Daily News Egypt

Cement prices fall as military takes control of Sinai

By Islam Serour Falling cement prices are attributable to decreased demand and the destruction of smuggling tunnels between Gaza and Rafah, Ahmed Al-Zeiny, the head of the Construction Materials Department at the Cairo Chamber of Commerce, told the Daily News Egypt. These two reasons, according to Al-Zeiny, have contributed greatly to the drop in cement …

Daily News Egypt

Minister of Industry: Government will protect domestic industries

By Mohamed Darwish Minister of Industry and Trade, Hatem Saleh, confirmed the Ministry will take measures to protect national industry. The Ministry hopes to put the Egyptian industrial sector on par with its international counterparts. The announcement comes while the Ministry is instating international trade laws and regulations. The decisions followed a meeting held by …

Daily News Egypt

Presidential decision to drop debts of 41,000farmers

By Islam Serour The legal consultant to President Morsy, Mohamed Fouad Gadallah, announced that the president would issue a decision to drop agricultural debts owed by 41,000 farmers. “After meeting Dr Mohsen Al-Batran, Chairman of the Development and Agricultural Credit Bank (DACB) and head of Farmers Syndicate, an agreement to drop EGP 93 million, representing …

Daily News Egypt

Tunisia constitution date set

Tunis (AFP) — Tunisia’s new constitution will not be adopted before February 2013, the head of the drafting committee said on Tuesday, after earlier announcing that it would be delayed until April. “I believe that in all reality there can be no final reading of the constitution before February 2013,” Habib Kheder, who is also …

Daily News Egypt

Cross Egypt Challenge 2012 is gearing up

Yes, we are facing big challenges but for the most part Egypt is a safe place to be. I wanted to show the world that it is possible to travel across the country on a scooter and arrive safely.

Adel Heine

The tradition of kahk

These days more and more people will buy their kahk from professional bakers, yet in many homes the women have been getting together to mix, knead, stuff and bake tray after tray of the delectable cookies.

Adel Heine

Jeff Johnson

Aerospace industry needs young Middle Eastern talent

By Jeffrey Johnson Over the past decade, the Middle East has consistently been in the aviation industry’s spotlight as countries in the region invested heavily in passenger airplanes for their airlines, some of which are amongst the largest and fastest growing in the world, and state-of-the art equipment for their defence forces. In recent times, …

Daily News Egypt

President Mohamed Morsi (R) meets with retired former Defence Minister and Field Marshall Hussein Tantawi (C), and retired Armed Forces Chief of Staff, Sami Anan (L) at the presidential palace in Cairo on 14 August AFP PHOTO / HO / MENA

Egyptian business community ponder Morsy’s decisions

By Mostafa Salah, Enaam el-Adawy, Nihal Monir and Wafaa Abdelbary The business community is in a state of cautious anticipation following the decision taken by President Mohamed Morsy to retire Supreme Council of Armed Forces (SCAF) and Field Marshall Tantawi and Lieutenant General Anan. Ahmed Alwakel, President of Federation of Chambers of Commerce (FEDCOC), said …

Daily News Egypt

International Monetary Fund headquarters in Washington DC (File photo) AFP PHOTO

Radwan to al-Arabiya: IMF expects Egypt to devalue its currency

By Islam Serour Former Finance Minister Dr Samir Radwan told al-Arabiya News that he expects the International Monetary Fund (IMF) to demand that Egypt devalue the Egyptian pound. However, Radwan stressed that there should be new steps to inject new investments into the Egyptian economy in order to overcome such critical phase. Angus Blair, founder …

Daily News Egypt

Vodafone Ventures’ Fund invest in two companies and targets expansion

By Mohamed Fawzy Hatem Dowidar, CEO of Vodafone Egypt, said that in two weeks Vodafone Ventures Fund (VVF) will announce its investment in two companies without exceeding 30% of its shares. He expects that during the first year, VVF will invest in 10-15 technology companies. VVF’s strategy enables it to acquire all of the company’s …

Daily News Egypt

OTH achieves 15 percent subscriber growth, one percent revenue growth

By Islam Serour Orascom Telecom Holding (OTH) consolidated financial and operating results for the first half of 2012 shows a 14.8 percent growth in its subscribers’ base, reaching 83,384 subscribers, up from 72,650 during the same period in 2011.The company’s consolidated revenues increased by 1.1 percent, reaching $1,833,708, compared to $ 1,814,414 during the first …

Daily News Egypt

CIB and EFG-Hermes take over one-third of Tuesday’s trading

By Islam Serour Commercial International Bank (CIB) and Hermes Financial group represented one-third of the total market turnover on Tuesday, after two weeks of stability. The CIB stock witnessed active turnover due to deals by foreign institutions, and closed out at EGP 28.5 after exceeding the EGP 28 barrier, scoring a 1.3 percent increase. In …

Daily News Egypt

New Defence Minister Abdel Fattah al-Sissi (left) has continued to make new appointments to some of the top ranks in Egypt’s military, pictured here with President Mohamed Morsi at the presidential palace in Cairo on 13 August AFP PHOTO/HO/EGYPTIAN PRESIDENCY

Morsy appoints new military commanders

Staff Major General Abdel-Moniem Bayoumi Al-Terras has been appointed Commander of the Air Defence Forces, Staff Air Vice-Marshal Younes El-Sayed Hamed was made Commander of the Air Force and Staff Rear Admiral Osama Ahmed Ahmed El-Gendy is now Commander of the Navy.

Ahmed Aboulenein