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SMEs receive special treatment from the National Bank of Egypt

By Walid Abdelazeem The National Bank of Egypt (NBE) revealed that by the end of 2011, the bank will have financed small and medium enterprises (SMEs) to a total amount of EGP 1.5 billion. Director of SME Finance Department at NBE, Soha Soliman, stated that funding for the SMEs portfolio amounted to EGP 3.3 billion …

Daily News Egypt

Real estate developers invest EGP 500m in New Cairo

The Council Director of the New Cairo District, Kamal Fahmi, revealed that 13 real estate development companies have benefitted from the financing leeway put in place during Prime Minister Ganzouri’s tenure, the facilitation for settling the outstanding debts for the lands acquired by the city. Fahmi stated that 13 companies paid EGP 500 million, which …

Daily News Egypt

Ministries to launch an Intelligent Transportation System collaboratively

By Mohamed Radwan The Ministries of Communications and Transportation plan to restructure the transportation system in Egypt by launching an Intelligent Transportation System (ITS) in a number of Egyptian governorates. Preliminary cost estimates put the project at EGP 1 billion to be implemented over two phases. A Ministry of Communications official said that the Ministry …

Daily News Egypt

Qatar delegates meet in Egypt

The Emir of Qatar, Sheikh Hamad bin Khalifa Al-Thani, visited Cairo for the day Saturday to congratulate President Mohamed Morsy on his recent election victory. It was the first time the Emir had visited Egypt since Morsy took office. After they met with Egyptian officials, the Emir and his delegation attended an iftar hosted by …

Basil El-Dabh

PM: Starting next summer, energy rationalisation mandatory

By Islam Serour Power saving measures will become mandatory by 2013, Prime Minister Hesham Qandil told a press conference Friday night, noting that the government will issue the organising criteria and conditions. The Prime Minister relayed the findings of the technical committee tasked to investigate the rolling blackouts. According to which, electricity production covers 90 …

Daily News Egypt

Stock Market remains resilient despite calamitous week

By Fatheya Al-Garhy The stock market remained surprisingly resilient to last week’s consecutive multitude of violent events: Nile City towers, Dahshour and Rafah.  They caused a sharp decline in the market’s indices only for them to rebound back and absorb the events, supported by Egyptians’ purchasing transactions. Another major factor that contributed to the market’s …

Daily News Egypt

Masry USD Certificates yield disappointing earnings to NBE

Sources at National Bank of Egypt (NBE) estimated the cumulative sales of the Masry USD Certificate, which was issued to attract the investment of Egyptians living in the Gulf, at $80 million since beginning of last April. The sales target for this type of certificate was estimated at $2 billion, but sales increased noticeably once …

Daily News Egypt

Constitution drafting due September

Spokesman for Egypt’s Constitutional Assembly, Wahid Abdel-Maguid, has announced the assembly will conclude the drafting of articles in September and will then have the drafting committee vote on them. He also told Shorouk newspaper that the constitution would then be adopted in the event of a consensus or voted on if contentious issues arise. He …

Basil El-Dabh

Exports on a downward trajectory

  Egyptian exports continued a decline that started at the beginning of the current year, recording only EGP 78.8 billion in the first half of 2012, compared to EGP 79.45 billion in the first half of 2011. Exports fell 17 percent in July, coming in at EGP 9.385 billion, compared to EGP 11.293 billion in …

Daily News Egypt

Sinai attacks prompt government to invest in development of peninsula

By Ibrahim El-Masry   Measures will be taken within days to increase investment in the Sinai peninsula and to better connect the region with the rest of the country according to Dr Mohamed Mahsoub, Minister of State for Legal and Parliamentary Councils. He added that a Sinai development law will be discussed to nominante Arish …

Daily News Egypt

Tourism Minister: expedite land allocation for recreational development

By Abdel Raziq El-Sheweikhy   Minister of Tourism, Hesham Zazou, has called on the Tourism Development Authority (TDA) to expedite its procedures for allocating lands for hotel and recreational development, starting with appraising the value of the lands to be offered. Major General Tarek Saad El-Din, head of the TDA, said that the authority plans …

Daily News Egypt

Jagger and a galabeya

Suddenly all those people were my friends, Keith Richards’ face told stories of a life I could not yet imagine and Mick Jagger danced and sang only to me.

Adel Heine

Plan to increase support for Egyptian exports through IT solutions

 The Information Technology Industry Development Agency (ITIDA) is working on its IT development exports programme and expanding its projects. ITIDA is pursuing a partnership with a foreign investment company to help it execute its strategy until the year 2020. ITIDA plans to increase support for Egyptian exports through the authority’s communication centre, in addition to …

Daily News Egypt

Ghabbour Auto sees moderate rise in profits in first half of 2012

Ghabbour (GB) Auto’s profits in the first half of 2012 grew by 31.6 percent compared to the same period in 2011, reaching EGP 76.5 million. Revenues rose 23.3 percent to EGP 3.8902 billion. The company’s revenues in the second quarter reached EGP 2.1778 billion, a growth of 17.2 percent from the same quarter in 2011. …

Daily News Egypt

Rafah attack forces posponement of food expo

By Enaam Eladawy A planned food industries expo has been postponed indefinitely in the wake of the recent attack near Rafah which saw the border crossing to Gaza closed for an indeterminate time. The Cairo Chamber of Commerce (CCC)’s Board of Directors decided to postpone the expo which was scheduled to take place in Gaza …

Daily News Egypt

Foreign currency reserves fall by $1.1 billion

By Asmaa Nabil Last July, foreign currency reserves declined by $1.1 billion, reaching $14.44 billion compared to $15.5 billion at the end of June. The Central Bank of Egypt (CBE) attributed the decline to Egypt’s obligation to repay bonds it held, in addition to the repaying of a credit portion to Paris Club countries. This …

Daily News Egypt

Ending the Legacy of Hatred

Egyptians reacted with shock and grief to the news of an armed attack on an Egyptian border post in North Sinai earlier this week. The fact that the attack occurred just as the victims—more than 16 Egyptian border guards—were breaking their Ramadan fast made the deadly incident all the more tragic. Speaking to reporters after …

Shahira Amin