Zawya.com - Egypt News

Algiers calls in Egypt envoy over media attacks: report

Sat, 21 Nov 2009 06:28:36 GMT

Algiers summoned the Egyptian ambassador Friday to protest at attacks by the Egyptian media on Algeria following the country's World Cup-qualifying victory, APS news agency reported.

24 hurt as Egyptians clash with police at Algerian embassy

Fri, 20 Nov 2009 13:40:21 GMT

Protesters hurled stones and firebombs at police near the Algerian embassy in Cairo on Friday, wounding 11 officers as anger mounted over attacks on Egyptians after the countries' World Cup qualifier.

Mega Industrial City Project Underway In Egypt

Fri, 20 Nov 2009 09:27:06 GMT

Egypt's Industrial Development Authority (IDA) has declared progress is underway in establishing a large-scale industrial project in Cairo.

Suez Lime to set up new plant

Fri, 20 Nov 2009 09:26:35 GMT

Suez Lime Company will set up a new plant to produce lime in the Suez governorate, with a capacity of 300 tons per day, according to a statement from Suez Cement.

NBE, Banque Misr raise rates on certificates

Fri, 20 Nov 2009 09:25:48 GMT

The National Bank of Egypt (NBE) and Banque Misr have raised the interest rate on their Egyptian pound certificates (the platinum and special certificates) by 75 bps, to reach 9 percent from the current 8.25 percent, reported Al-Alam Al-Youm.

Arab Polivara revenues drop

Fri, 20 Nov 2009 09:25:21 GMT

Arab Polivara Spinning and Weaving saw revenues drop 33.6 percent in the third quarter of 2009 to reach LE 49.1 million, down from LE 74 million during the same period last year.

Egyptians clash with police at Algeria's Cairo embassy

Fri, 20 Nov 2009 09:24:32 GMT

Protestors hurled stones and firebombs at police near the Algerian embassy in Cairo on Friday, wounding 11 officers as anger mounted over attacks on Egyptians after the countries' World Cup qualifier.

Orascom to challenge $596m tax bill

Fri, 20 Nov 2009 05:54:55 GMT

Orascom Telecom Holding, the Egyptian international telecommunications company has said it will challenge an Algerian demand for $596.6m in back taxes and penalties against its Algerian subsidiary, Orascom Telecom Algeria.

Two Spanish lost at sea after boat capsizes in Egypt

Thu, 19 Nov 2009 13:41:24 GMT

Two Spanish tourists were missing at sea after a dive boat capsized off the Egyptian resort of Sharm el-Sheikh on Thursday, medical and security officials said.

No change in perceptions of corruption in Egypt

Thu, 19 Nov 2009 08:22:32 GMT

Perceptions of corruption in Egypt remain unchanged in Transparency International's (TI) Corruption Perceptions Index (CPI) with a score of 2.8 out of 10 -- the same ranking as last year.

Zain clients to enjoy cross-border services at low charges

Thu, 19 Nov 2009 08:18:21 GMT

Zain communication company has launched the "single network" service in Egypt as part of a strategic deal with Mobinil.

Nine Egyptian firms bid for Damac deal

Thu, 19 Nov 2009 06:06:25 GMT

Nine major Egyptian contracting firms have joined the bidding for a new tender from Damac Properties for a first grade main contractor at its Hyde Park project in New Cairo.

Orascom says Algeria demands $600M in tax

Wed, 18 Nov 2009 14:25:27 GMT

Algerian tax authorities are demanding 596.6 million dollars in outstanding taxes from Egypt's Orascom Telecom in a move contested by Orascom, the company said on Wednesday.

Borak Engages BGR C&T As Exclusive Financial Advisor

Wed, 18 Nov 2009 14:16:32 GMT

Borak Capital Holding S.A.E. ("Borak") announced today the signing of an agreement with BGR Capital & Trade, LLC ("BGR C&T") whereby BGR C&T has agreed to act as the exclusive financial advisor to Borak.

Pharos: Crowding Out Effect in Full Swing (18-Nov-09)

Wed, 18 Nov 2009 12:34:00 GMT

Long-term rates on Certificates of Deposits (CDs) offered by private and public banks jumped significantly in mid November 2009.

· We believe the current tightening in long-term market rates reflects a classical crowding out effect, amid presence of pent up demand for private credit.

Cairo Festival City Highlights Egypt as Newest Retailing Destination

Wed, 18 Nov 2009 11:13:47 GMT

Al Futtaim Group Real Estate will showcase their innovative design of their Cairo Festival Centre, part of Cairo Festival City, highlighting the future vision of Egyptian retail.

Zain's 'One Network' expands to Egypt

Wed, 18 Nov 2009 11:12:38 GMT

Zain, the leading mobile telecom provider in the Middle East and Africa, announces the expansion of its ground breaking 'One Network' platform to Egypt in a strategic partnership with Mobinil.

Mideast To Need More Than 1,400 Planes By 2028

Wed, 18 Nov 2009 10:37:00 GMT

Two aircraft manufacturers, Airbus and Boeing estimate that the Middle East airlines would require anywhere between 1,436 (as per Airbus' forecast) and 1,710 (Boeing's forecast) aircraft over the next 20 years, indicating an improvement in outlook.

Saudi Almarai wants half of Egypt dairy market-report

Wed, 18 Nov 2009 08:10:35 GMT

Saudi-based Almarai Co says it plans to take a 50 percent share of the dairy market in Egypt, the Arab world's most populous nation, by 2013, a newspaper reported on Tuesday.

CBE attributes rise in inflation to food prices

Wed, 18 Nov 2009 08:10:01 GMT

The main contributors to the 2.2 percent monthly increase in Egypt's inflation for October 2009 were the prices of fruits and vegetables, as well as the regulated price adjustments related to health insurance and school tuition, according to a statement released by the Central Bank of Egypt (CBE).

CAE to up stake in EHFC

Wed, 18 Nov 2009 08:09:37 GMT

Crédit Agricole Egypt (CAE) obtained the approval of the Egyptian Financial Supervision Authority to raise its stake in the Egyptian Housing Finance Company to reach 99.98 percent.

Mobinil to discuss bonds issuance

Wed, 18 Nov 2009 08:09:16 GMT

The Egyptian Company for Mobile Services (Mobinil) will hold an extraordinary general assembly meeting on Dec. 3 to decide whether to issue bonds worth up to LE 1.5 billion.

Mills company net income down

Wed, 18 Nov 2009 08:08:59 GMT

Middle Egypt Flour Mills saw net income decline to LE 1.5 million in the first quarter of fiscal year 2009/10, down from LE 4.7 million during the same quarter the previous year.

Need for more liberalization in African markets, say experts

Wed, 18 Nov 2009 08:08:15 GMT

Government intervention and the need for liberalization were highlighted as hurdles to growth and development in African markets by experts at a conference Monday.

Damac issues tender to choose main contractors for Hyde Park

Tue, 17 Nov 2009 15:31:28 GMT

Luxury lifestyle provider Damac Properties has issued a new tender for a first grade main contractor to build 88 Buildings, 320 Villa for the attached villas (town Houses) in its New Cairo's project "Hyde Park".

Senior Egypt Islamist released on bail

Tue, 17 Nov 2009 14:31:26 GMT

A senior member of Egypt's opposition Muslim Brotherhood, who faces charges of incitement against the government and money laundering, has been released on bail, a judicial source and his party said on Tuesday.

Samsung Corby Launches in Egypt

Tue, 17 Nov 2009 13:32:17 GMT

Samsung Electronics Co. Ltd, a leading mobile phone provider, announced the availability of Samsung Corby (model: S3653) in Egypt, a mobile phone designed to support the digitally connected lifestyles of today's young mobile users.

CICR: Egypt Macro Update - Core CPI proving sticky ? interest rate cuts over (17-Nov-09)

Tue, 17 Nov 2009 10:48:00 GMT

Core CPI proving sticky ? interest rate cuts over

October?s core inflation of 6.5% came above the CICRe of 5.9% and was up from September?s 6.3% figure. The gap between annual headline and core inflation widened to +6%, primarily as result of escalating fruit and vegetable prices. Month-on-Month (MoM) core inflation saw a smaller increase of 0.34% (vs. 1.03% in September), driven by the decline in poultry prices. Meat and sugar remain the main contributors to the MoM increase in October as well. We anticipate a higher annual core CPI in November and December due to increased spending during Islamic and Coptic feasts. We expect a reading of 7.4% in November compared to 14.2% for headline CPI. As for interest rates, we believe the MPC will maintain them at current levels in its next meeting on December 24^th. Afterall, core inflation remains within the CBE?s comfort zone.

Stronger public-private sector cooperation needed to boost user confidence and e-commerce adoption in Egypt

Tue, 17 Nov 2009 10:13:16 GMT

Egypt is lagging behind other regional and international countries when it comes to broader adoption of e-commerce services, according to Omar Soudodi, General Manager of Souq.com Egypt, the largest e-commerce marketplace and auction website in the Arab world.

Egypt: Rise in GDP of 4.9 percent in the three months to end-September

Tue, 17 Nov 2009 10:03:36 GMT

Egypt's gross domestic product grew at an annualized rate of 4.9 percent in the three months to end-September, cabinet spokesman Magdi Radi said, a slight rise on the year to June.

Kuwait opens charitable projects in Egypt

Tue, 17 Nov 2009 08:30:48 GMT

Kuwaiti Ambassador to Egypt Rasheed al-Hamad has inaugurated a couple of charitable projects in Sharqia Governorate, north of Cairo.

Egypt issues 15 rice export licenses

Tue, 17 Nov 2009 06:07:24 GMT

Egypt granted 15 companies rice export licenses, a trade ministry statement said Monday, with each license worth between LE 700 and LE 1,250.

Emaar Misr signs LE 80 mln water contract

Tue, 17 Nov 2009 06:06:55 GMT

Emaar Misr, a subsidiary of UAE-based property developer Emaar Properties, signed an LE 80 million contract with the Water Authority Company of Great Cairo to supply drinking and irrigation water in Uptown Cairo.

New PE Fund Expects To Raise More Than 50% From ME

Tue, 17 Nov 2009 05:11:18 GMT

Reflecting a strong confidence in Mena investors, Pharos Financial Group is expecting more than 50 per cent of the money for its $350 million (Dh1.28bn) agricultural fund to come from this region.

Egypt must act to avoid repeat rockslide disaster: Amnesty

Tue, 17 Nov 2009 04:58:44 GMT

Egypt must take immediate action to ensure there is no repeat of a 2008 rockslide that killed more than 100 residents of a Cairo shantytown, Amnesty International warned in a report.

Inflation Rears Its Head Again In Egypt

Tue, 17 Nov 2009 04:32:06 GMT

Inflation in Egypt has risen sharply, from 10.8 per cent in September to 13.3 per cent in October, marking its second increase in as many months.

LE 75 Million for infrastructure in industrial zones in Egypt

Mon, 16 Nov 2009 06:48:27 GMT

Egypt's Minister of Trade and Industry Rachid Mohamed Rachid announced another LE 75 million for the development of infrastructure in 12 industrial zones, bringing the total investment in the zones to LE 1.35 billion.

Sakan Finance to enter mortgage market in Dec. with LE 150 million

Mon, 16 Nov 2009 06:47:25 GMT

After becoming the first mortgage finance company to obtain a license from the newly formed Egyptian Financial Supervision Authority (EFSA), Sakan Finance is currently preparing to make its services available to the general public before the end of 2009, the company said in a statement.

Pachin records a consolidated net profit of LE 54.4 million for Q1

Mon, 16 Nov 2009 06:46:27 GMT

Paint & Chemical Industries Company Pachin announced its financial results for the first quarter of the 2010/11 fiscal year where it recorded a consolidated net profit of LE 54.4 million compared to LE 39.4 million recorded in the first quarter of the 2009/10 fiscal year, a 38 percent increase year on year, according to a company statement.

Delta Sugar records 52% decline in 9-month earnings

Mon, 16 Nov 2009 06:43:47 GMT

Delta Sugar (SUGR) reported a 52% year on year decline in pretax income in the nine-month period that ended Sept. 30, 2009 to record LE 132.3 million vs. LE 277.8 million a year ago, an 11 percent increase from CICRe of LE 119.5 million.

Seventh swine flu death while six schools closed in Alexandria

Mon, 16 Nov 2009 06:42:33 GMT

The seventh H1N1 death was announced by the Ministry of Health Saturday as a 37-year old female from the outer suburbs of Cairo succumbed to pneumonia after contracting the virus Friday evening.

Egypt's illiteracy rate drops slightly to 26%

Mon, 16 Nov 2009 06:39:42 GMT

The illiteracy rate in Egypt decreased to 26 percent, a slight drop from last year, an official said earlier this week.

ME IPO Market Set For 2010 Revival As Conditions Stabilise

Sun, 15 Nov 2009 04:40:05 GMT

The issuance activity in the Middle East initial public offering (IPO) market which ground to a halt in the third quarter of 2008 is set for a revival from the second quarter of 2010, according to the latest investor survey by the Royal Bank of Scotland.

Egyptian stocks up 2.3 percent

Sat, 14 Nov 2009 08:39:30 GMT

Egyptian stocks last week went up by 2.3 percent to 6703.04 points, up 151.04 points, in spite of a Thursday drop hitting 2.3 percent.

Maridive revenues down on delayed projects

Sat, 14 Nov 2009 08:25:20 GMT

Maridive and Oil Services saw revenues decline by 41.2 percent to reach $41.8 million in the third quarter of 2009 compared to $71.0 million during the same period last year.

Suez Canal Bank Posts Zero Net Income

Sat, 14 Nov 2009 08:24:51 GMT

Suez Canal Bank (SCB) reported zero net income for the third quarter of 2009, compared to the LE 10.5 million reported during the same period last year, according to a statement.

Suez Canal revenues rise in October

Sat, 14 Nov 2009 08:23:51 GMT

Suez Canal revenues rose in October 2009, reaching $398.9 million, compared to $382.5 million in September 2009.

Egypt's illiteracy rate drops slightly to 26 pct

Sat, 14 Nov 2009 08:22:16 GMT

The illiteracy rate in Egypt decreased to 26 percent, a slight drop from last year, an official said earlier this week.