CAIRO: Egyptian telecom industry officials have strongly criticized the Ministry of Communication and Information Technology (MCIT) for the lack of clarity and transparency on offering licenses for international communications operations, which has (...)
CAIRO: State-owned insurance companies have urged the Ministry of Investment and industry regulators to increase premiums on the mandatory automotive insurance and to put a cap on claims' value. The insurers cited recent losses in the mandatory (...)
CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid expects the US investment stock in Egypt to hit $18 billion by the end of 1H2007, growing 12.5 percent from the 2006 figure.
During his meeting with members of the annual Door Knock (...)
CAIRO: The national insurance market has entered into a new phase of price wars between companies amid charges launched against regulators of neglecting the perilous impacts of price competition on the insurance activities.
Elhamy El-Kady, (...)
CAIRO: The Egyptian Holding Company for Metallurgical Industries has extended the period for accepting proposals on its 83.1 percent stake in the Arab Company for Special Steel (ARCOSTEEL) after the recent government decision to impose taxes on (...)
CAIRO: Cement Merchants League at the Egyptian Federation of Commerce Chambers has sealed an agreement with the Ministry of Trade and Industry to open up ten outlets for distribution of cement in Greater Cairo as an attempt to put an end to rising (...)
CAIRO: The Financial and Economic Committee at the Shura Council (Upper house of Parliament) has approved a permission for the government to borrow $1 billion from the World Bank and the African Development Bank to finance the restructuring efforts (...)
CAIRO: The Turkish Sabangi Group in Turkey has announced it will build a new plant for the manufacture of buses in Egypt with joint investments from Egyptian partners.
The chairman of the Turkish group said the investments for the first phase (...)
CAIRO: Net profits of the Egyptian insurance companies surged significantly to LE 2.73 billion during the fiscal year 2006, or up 46.6 percent from LE 1.86 billion a year earlier.
Elhamy El-Kady, the General Secretary of the Insurance Federation (...)
CAIRO: The Arab International Bank has sealed a loan agreement with the Egyptian Natural Gas Holding Company to finance the company's scheme to install two gas supply lines from Taba to Sharm El Sheikh and Shokair to Hurghada with a total value of (...)
CAIRO: Egyptian Competitiveness Report has ranked Egypt at 71 among 117 countries on its Business Competitiveness Index (BCI), pointing to a number of obstacles that prevent the country from achieving better ranking in spite of the government's (...)
CAIRO: Shell Egypt announced on Wednesday four discoveries of oil and natural gas in the company's concessions in the Western Desert over 2006, boosting the company's oil and gas reserves in Egypt.
Zainul Rahim, Chairman of Shell Companies in (...)
CAIRO: Leaders of Egyptian industrial chambers have expressed strong reservations with the government's recent decision to curb tariffs by 25 percent on imports of certain manufactured goods, including home appliances, processed food, plastics and (...)
CAIRO: Chinese Zotye Auto Company is mulling over a proposal to manufacture Chinese models in the domestic market to benefit from the government incentives to car manufacturers in Egypt.
The company's general manager said last week that Zotye (...)
CAIRO: Nagib Sawiris, the chairman of Orascom Telecom, said his company's competition over the third mobile phone operation in Saudi Arabia would be made through an alliance with Saudi Arabian Al Rajehi Group and Abdullah Kamel Group.
Sawiris (...)
CAIRO: Minister of Finance Youssef Boutros Ghali expected inflation rates to return back to a natural level over the next few months after neutralization of the impacts of global energy prices.
During his meeting Monday with a group of US (...)
CAIRO: Talks between the Minister of Trade and Industry Rachid Mohamed Rachid and the US Deputy Secretary of Commerce David Sampson have underlined the deep difference between the US and Egypt over the proposed bilateral free trade agreement. The (...)
CAIRO: State-owned Banque Misr has launched sober negotiations with Vodafone Egypt on a LE 2 billion loan ($350 million) to finance the company s license for 3G services obtained last week for LE 3.34 billion.
A senior official at the bank said (...)
Cairo: Minister of Trade and Industry Rachid Mohamed Rachid said on Tuesday that Egypt will sign a free trade agreement with the European Free Trade Association (EFTA), which includes Switzerland, Norway, Finland and Liechtenstein. The agreement is (...)
Cairo: Egyptian currency strategists expect the US dollar prices to drop further against the Egyptian pound over the next three months to the end of Q1 2007. Their expectations are based on the high level of US dollar liquidity at local banks and (...)
Cairo: Investors Committee at the Federation of Industries launched sharp attacks on the General Authority for Industrial Development for allocating large plots of industrial land to international developers at the expense of local manufacturers, (...)
Cairo: The Qualified Industrial Zones (QIZ) Unit at the Ministry of Trade and Industry has set off a number of measures to cut down the Israeli component requirement by one percentage point to 10.7 percent.
Minister of Trade and Industry Rachid (...)
Cairo: State-owned Misr Insurance Company plans to launch a new arm in the Iraqi market with a capital estimated at LE 30 million. The move represents the first initiative of its sort among Egyptian insurance companies.
A senior official at Misr (...)
Cairo: Emirates Telecommunications Corporation (Etisalat) is leading a "big revolution in Egypt s telecom market, the Emirates News Agency (WAM) quoted the UAE Minister of Government Sector Development Sultan Bin Saeed Al-Mansouri as saying.
In (...)
Minister of Trade and Industry Rachid Mohammed Rachid expects a remarkable increase in foreign capital inflows from Turkish textiles and readymade garment producers thanks to the free trade agreement between Egypt and Turkey.
Rachid told (...)