Orascom and a group of American investors, among them Microsoft giant Bill Gates, have set into motion a transaction set to transition Orascom Construction Industries into a Dutch company to be known as OCI N.V.
The transaction, which is yet to be (...)
Talk of economic recovery has all but gone silent in Egypt, replaced by doomsday predictions about the depths to which the country's dire conditions will spiral.
While the foundations for a robust economy still exist, gross mismanagement continues (...)
After a week of tumultuous polarization, Egyptians headed to the ballot boxes in what would be their eighth election since the 25 January revolution.
Like a chorus to a turbulent transition, the voting process became a recurrent scene to Egyptians (...)
CAIRO: Conflicting reports surrounded the reasons behind a travel ban on Yasser El-Mallawany, CEO of Cairo-based regional investment bank EFG Hermes, as shares in the firm fell 4.5 percent on Monday.
The stock's closing price reached LE 11.01 (...)
CAIRO: It wasn't the protests. Not the strikes. Not the revolution. And it definitely wasn't an unidentified foreign object – the proverbial invisible hand.
The simple answer to what brought Egypt's economy to its knees: a mismanaged and slow (...)
CAIRO: Egypt's outsourcing industry reached its goal of $1.1 billion in ICT export revenue, according to the Information Technology Industry Development Agency (ITIDA).
“Egypt enjoys several advantages, given our location,” Ahmed Reda, head of (...)
CAIRO: At least seven people were killed, according to eyewitnesss, and over 250 injured in a violent crackdown on protesters outside the Cabinet headquarters that started before dawn Friday and spilled into the early hours of Saturday.
The (...)
CAIRO: Egypt's stock exchange urged citizens to exercise their duty to vote in the parliamentary elections, and announced the bourse will be closed on Nov. 28, the start of the first phase of voting.
With Sunday already a holiday for Islamic New (...)
CAIRO: Egypt's stock market lost LE 12 billion of its total market cap on Tuesday as democracy protests once again rocked the nation with Tahrir Square as the epicenter.
Total market cap has dropped LE 29 billion this week after losing LE 10 (...)
Revolutions have a way of sticking with you – emotions run high, change is imminent and the sense of possibility is euphoric.
The images of Egypt's January uprising were striking, forever engraining the momentous events in the memories of those (...)
CAIRO: Egypt's National Wages Council approved earlier this week a LE 700 minimum wage for private sector employees, effective January 2012, state media reported.
Alaa Ezz, secretary general of the Federation of Egyptian Industries, told Daily (...)
CAIRO: In recent weeks, Egypt's Finance Minister Hazem El-Beblawi has indicated that the country is open to restarting discussions on a possible loan from the International Monetary Fund, to ease worsening liquidity issues.
However, the IMF is (...)
PRETORIA/CAIRO: After hosting the 2010 FIFA World Cup, South Africa has proven that it has the capacity and infrastructure to host events of a large scale.
Once again, the Rainbow Nation is setting out to be the center of world news — from (...)
JOHANNESBURG/CAPE TOWN: Branding a product is one thing, branding an entire country is quite another.
How do you capture its essence? What it is and what it aspires to be? Its history and its people ¬¬– colorful and rich and complex.
For (...)
CAIRO: Egypt appointed a new chairman for its stock exchange Wednesday, with Mohamed Abdel Gawad Omran replacing Mohamed Abdel Salam.
A Cabinet decision to appoint Omran, who was previously deputy chairman under Maged Shawky from 2006 to 2010, (...)
SAN DIEGO/CAIRO: The future of mobile technology is this: Your phone will be the interface for your digital life. “Your digital sixth sense,” as Peter Lancia, senior director of corporate marketing at Qualcomm, put it.
But before we reach that (...)
CAIRO: The African Development Bank (AfDB) is ready to commit around $1.4 billion to Egypt over the next 18 months, in addition to its ongoing portfolio, the bank's president said.
Earlier this week, the bank announced a $550 million loan to (...)
SAN DIEGO/CAIRO: Qualcomm, which designs, manufactures and markets digital wireless telecommunications products and services, will open an office in Egypt by the end of 2011, its regional president said.
Jay Srage, Qualcomm's president of the (...)
CAIRO: Sporadic clashes and outbursts of violence in Egypt continue shaking investor confidence and making tourists wary, dissipating whatever buoyancy is built during quieter times.
After more than 1,000 were injured during attempts by riot police (...)
CAIRO: HSBC Egypt is moving forward with expansion plans for next year, opening up more branches and increasing the size of its staff, according to the new CEO.
“My cost base is going up this year, and is planned to go up next year and the next four (...)
CAIRO: Even though news about Egypt rejecting a loan from the World Bank turned out to be false, the reaction to initial reports highlights the ongoing debate over whether the country should accept loans from global financial institutions.
Amr (...)
CAIRO: Officials at Egypt's stock exchange welcomed Finance Minister Samir Radwan's decision to cancel a proposed capital gains tax, and the benchmark index responded by rising 1.3 percent on Thursday.
The EGX 30 ended the week at 5,505 points (...)
CAIRO: Kingdom Agricultural Development Holding (KADCO), part of Saudi Prince Alwaleed bin Talal's Kingdom Holding Co, will invest LE 500 million to further develop Egypt's Toshka project, the firm's CEO said Wednesday.
A day after bin Talal (...)
CAIRO: Egyptian blogger and activist Hossam El-Hamalawy, television presenter Reem Maged and journalist Nabil Sharaf El-Din were released Tuesday after “chatting” with Military Prosecution.
El-Hamalawy, known as 3arabawy, said he just “chatted” (...)
CAIRO: TEDxCairo marked the spot on Saturday, the place to be for a vibrant display of innovative ideas from an eclectic range of speakers and performers.
Based on the format of TED (technology, entertainment and design) talks – conferences that (...)