Prime Minister Essam Sharaf said the IMF has decided to provide aid to Egypt to support infrastructure projects, without mentioning the aid's value or when it will be disbursed.
Mahmoud Eissa, Minister of Foreign Trade and Industry, said in a (...)
Ongoing negotiations surrounding President Obama's recently pledged US$2 million aid to Egypt suffer from disagreements between Cairo and Washington. While the Washington insists on subsidizing civil society organizations directly “without approval (...)
The Ministry of Trade and Industry has submitted a proposal to the cabinet that the antitrust fine be increased to 10 percent of the sales of violating products, in addition to the fixed fine of LE300 million.
The proposal also encourages investors (...)
The Investment Disputes Settlement Committee plans to discuss a draft law to recognize sales of state-owned land since 1998. The land was sold to investors by direct order and not at a public auction, which violates the law.
The committee aims to (...)
The newly-formed Investment Disputes Settlement Committee (IDSC), chaired by Prime Minister Essam Sharaf, is studying ways of retrieving land acquired illegally by various companies during the regime of former President Hosni Mubarak.
The committee (...)
Minister of Industry and Foreign Trade Samir Sayyad on Sunday said the ministry is preparing new procedures that aim to encourage investment, particularly in small and medium-size projects.
He said the procedures would also help create more job (...)
The Grand Sheikh of Al-Azhar Ahmed al-Tayyeb has announced that he will give back the salary he has received since his appointment in March of 2010 due to the corruption that has spread widely within this religious institution.
Al-Tayyeb receives (...)
Rebar demand in Egypt has declined during the last few days, according to the general manager of the Metallurgical Industries Chamber, Mohamed Hanafi, who attributed the decline to an average increase of LE400 per ton in local rebar prices.
Hanafi (...)
In 2009, Egypt's 72,000 pilgrims spent an estimated LE1.9 billion in Hajj-related expenditures, averaging LE26,100 per pilgrim, according to an Egyptian government report.
The Information and Decision-Making Support Center study said every lottery (...)
The Egyptian real estate market has become the focus of interest on the part of several multinational companies, some of which are now in the process of conducting feasibility studies on the promising sector.
According to experts, the real estate (...)
Egypt's Industrial Development Authority (IDA) on Sunday offered the contractual terms for new production permits for construction steel and billets for LE108 million. The permit includes two million tons of construction steel and one million tons (...)
The government has set a December deadline for a technical committee formed by the Agriculture Ministry to present its final legal recommendations concerning past violations of state-owned land, official sources said on Monday.
The committee is (...)
A panel commissioned to oversee the re-sale of the Madinaty property to Talaat Moustafa Group (TMG) will not alter the value of the contract but instead intends to adjust the payment installment plan, according to government sources.
The panel is (...)
President Hosni Mubarak has called for the formation of a "neutral legal committee" mandated with resolving the case of the Madinaty real-estate project, a swanky new gated community on the capital's outskirts built by the Talaat Mustafa Group (...)
Legal advisor for the Talaat Moustafa Group (TMG) Shawqi al-Sayyid has threatened to seek international legal arbitration in an attempt to blame the Egyptian government for contractual flaws in the agreement it signed with the group to implement the (...)
A consortium of multinational companies comprised of KHD (Germany), ABB (Switzerland) and UZIN (Romania) have submitted a feasibility study to the Egyptian government asserting that the high-quality cement needed for the construction of Egypt's (...)
Licenses issued for building new cement factories will require investors to independently secure energy needs, according to an announcement from Egypt's Minister of Trade and Industry Rashid Mohamed Rashid. This stipulation represents a shift from (...)
The Ministry of Electricity and Energy has agreed with local steel and cement factories to temporarily cut their electricity during peak consumption times so as to ease the load on the national power grid and give priority to household electricity (...)
In an unprecedented move, the Egyptian Cement Company has officially demanded permission from the Ministry of Petroleum to import either natural gas, diesel fuel, or crude oil from Libya for its new plant in Matrouh.
On 1 August the company sent a (...)
The US Geological Survey (USGS) has advised Egypt not to grant oil exploration concessions--or any share of its oil production--to international companies, but rather carry out the dual tasks of exploration and production on its own.
It also (...)
The Customs Authority last week held a bid for private-sector companies to provide electronic customs services in Cairo, Alexandria, Suez and Port Said for an initial investment cost of some LE300 million.
Four companies have already submitted their (...)
Forecasts of a summer rebound in the Egyptian real estate market have proven overly optimistic. The market has been stuck in recession over the last two months, with real estate companies serving the luxury housing market taking a particularly (...)
The Tax Authority has warned wholesale and retail cigarette traders against selling their wares at prices higher than those specified by producers, on which recent tax increases were calculated.
According to Tax Authority President Ahmed Abdel (...)
Local factories and companies have begun exporting iron to Arab countries, primarily Libya and Sudan, after a three-year halt.
Beshay Steel and Red Sea Steel will supply iron to some Arab countries at prices lower than local prices as a strategy to (...)
Egypt's Minister of Investment Mahmoud Mohie Eddin announced the cabinet's approval of a new bill on real estate finance to be discussed by parliament during its next term. The new bill aims to improve market efficiency and oversight.
In a key (...)