Kate Dannies

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Latest by Kate Dannies


Foreign reserves up following IMF disbursement

CAIRO: Official data released by the Central Bank of Egypt (CBE) showed Egypt’s net international reserves (NIR) up 4 percent to $32.9 billion in August from $31.6 billion in July 2009, Reuters reported. Egypt’s net international reserves have declined steadily from a peak of $35 billion in October 2008 as capital flows and foreign currency …

Kate Dannies

Transportation sector to see investments of LE 60 bln

CAIRO: Egypt will invest LE 60 billion in the local transportation sector, announced Minister of Transportation Mohamed Mansour. This allocation of funds will be used to make improvements in the national road and railway networks, enhance public transportation capacity and develop seaports and river transportation services, Al-Ahram reported. Priority will be given to the country’s …

Kate Dannies

Exports down in oil and gas sector despite healthy growth

CAIRO: Egypt’s oil and gas sector topped other sectors in terms of growth for the fiscal year ended June 2009, Minister of Petroleum Sameh Fahmi announced Thursday. According to the minister’s statement, growth in the oil and gas sector accounted for 17.5 percent of Egypt’s economic growth during fiscal year 2008-2009, compared to just 8.3 …

Kate Dannies

ONE ON ONE: Alcatel-Lucent tailoring services to regional market

CAIRO: With a turnover of over ?16 billion in 2008, Alcatel-Lucent is clearly getting back on its feet. After a turbulent merger between Lucent and Alcatel in 2006 that prompted many changes in the structure of the company and less than ideal profits, the new giant Alcatel-Lucent is making its mark on the global market. …

Kate Dannies

El-Funoun brings down the (Cairo Opera) House

Palestine’s premier dance troupe, El-Funoun, gave Cairo a taste of Palestinian folklore Monday evening at the Cairo Opera House. The performance, entitled “Images Remembered, was organized by the Palestinian Embassy as part of the Cairo Opera House’s “Ramadan Nights program. The show was well attended by dignitaries from the local community including Nabil Amer, the …

Kate Dannies

New Intel MD seeks to boost growth, provide solutions

CAIRO: Creating cutting edge technology isn’t just about driving sales at Intel. This dynamic company is committed to bringing the benefits of technology to emerging markets through their World Ahead program, and gaining new markets in the process. As former director of the World Ahead program for the Middle East and North Africa, Intel Egypt’s …

Kate Dannies

ONE ON ONE: P&G employees give workplace thumbs up

CAIRO: P&G aims to please. At this dynamic company, consumers, community and employees are coming away satisfied, thanks to ongoing efforts to invest in sustainability. Recently the company was awarded the prestigious Hewitt Award, an employee survey-based award that assesses the quality of life at major corporations. P&G came out on top due to its …

Kate Dannies

Mobile operators Ramadan offers 'deceptive', says TE

CAIRO: Telecom Egypt has called the promotional pricing offers announced for the month of Ramadan by local mobile operators “deceptive, Al-Masry Al-Youm reported. The local telecom giant, the country s sole fixed-line operator, called the offers misleading to subscribers, as the advertised drastic reductions in per minute calling rates apply only from the third minute …

Kate Dannies

Egypt to receive $1.2 bln of IMF's global liquidity boost

CAIRO: The International Monetary Fund (IMF) has implemented a plan to inject $283 billion into international markets, with Egypt receiving $1.2 billion to be added to its international reserves balance. IMF’s plan, launched Aug. 28, was conceived by its Monetary and Financial Committee and is intended to help increase liquidity in international markets. The funds …

Kate Dannies

Egypt liquidity on the rise, says CBE

CAIRO: Domestic liquidity increased 6 percent during July and August from LE 45.8 billion to LE 812.4 billion, according to a report issued this week by the Central Bank of Egypt (CBE). Liquidity in the banking sector refers to a bank’s ability to meet obligations without incurring losses, including being able to pay out all …

Kate Dannies

Moody's ups Egypt rating to stable on healthy banking sector

Moody’s Investors Service moved Egypt’s sovereign ratings and ceilings back to stable from negative in a report issued last week. Moody’s ratings reflect the rating agency’s outlook on fundamental credit conditions in the banking sector into the next year, so this new rating action indicates that the sector should be out of trouble for the …

Kate Dannies

US-Egypt trade relationship bolstered by Mubarak visit

CAIRO: Trade exchange between the United States and Egypt could reach $16 billion by 2013, bolstered by closer economic cooperation between the two countries, Egyptian Minister of Trade and Industry Rachid Mohamed Rachid said Monday. “The US ranks first on the list of world economies. Egypt is seeking to tap the US markets and attract …

Kate Dannies

Egypt opens LE 15 mln power plant

CAIRO: Minister of Electricity and Energy Hassan Younes inaugurated a 10-megavolt electrical plant in northwestern Egypt in a ceremony Thursday, Egypt’s State Information Service reported. The new plant, which is being undertaken with investments of LE 15 million, is part of the ministry’s long-term plan to expand and develop Egypt’s electricity grid. The site of …

Kate Dannies

Cairo leads Africa in FDI projects, job creation

CAIRO: Egypt’s capital led Africa in foreign direct investment (FDI) growth for 2008, according to a report by the Financial Times’ FDI Intelligence. The report, entitled “FDI Special Report: The Shape of Things to Come, includes a performance analysis for regional progress in FDI for 2008 along with comments on FDI global outlook for 2009. …

Kate Dannies

Egypt auto sales to increase 97 pct by 2013, says report

A newly released report predicts a rapid recovery and a bright future for Egypt’s auto industry, bolstered by a forecasted explosion of the local retail market. The Egypt Retail Report Q3 2009 released recently by Business Monitor International forecasts a 97 percent rise in car sales by 2013 to $19.61 billion from $9.96 billion in …

Kate Dannies

IN DEPTH: Egypt on track to scale back auto tariffs

The presence of hefty price tags on even the simplest cars is standard fare for Egyptian consumers used to the high import tariff rates. High sticker prices combined with a slowly emerging auto finance market has made buying a car in Egypt a difficult financial prospect, especially in the wake of rampant inflation and the …

Kate Dannies

Egypt signs 6 oil, gas agreements at $2.3 bln

CAIRO: Egypt signed six oil and natural gas exploration agreements with Egyptian and international companies, the Ministry of Petroleum said Sunday. The contracts are valued at $2.3 billion, said Petroleum Minister Sameh Fahmy at the signing ceremony. Of the total, five are extensions and amendments to already existing deals and one is a completely new …

Kate Dannies

Egypt to reclaim 3.4 million feddans to meet food needs: IDSC

CAIRO: The Egyptian government is working on a plan to reclaim 3.4 million feddans of desert land for farming to improve Egypt’s food security by 2017, according to Egypt’s State Information Service. The reclamation plan was outlined in a report released Sunday by the Egyptian Cabinet’s Information and Decision Support Center (IDSC). The project, which …

Kate Dannies

IN DEPTH: LinkDotNet sale negotiations ongoing

CAIRO: Orascom Telecom (OT) and sale consultant EFG Hermes are currently reviewing bids for the sale of OT subsidiary LinkDotNet. The sale, which was postponed in January, resumed in July with Mobinil, Vodafone, Telecom Egypt and two other unnamed financial institutions submitting bids at the end of the month. Vodafone has since retracted its offer. …

Kate Dannies

EFG analysts cautiously optimistic on Egypt's real estate sector

CAIRO: Egypt’s real estate sector will experience a gradual recovery due to “slower economic growth and oversaturation at the high end of the market, according to a recent report. Local investment bank EFG Hermes outlined its outlook for the local real estate sector in a report released Monday. Covering five local real estate companies, the …

Kate Dannies

Egypt's budget deficit lower than expected, says Finance Minister

CAIRO: Egypt’s budget deficit came to 6.9 percent of GDP for the fiscal year that ended in June, the Ministry of Finance confirmed Monday. This is a big achievement considering the global financial crisis that shook the rate of growth and deficits in many advanced and developing countries, Finance Minister Youssef Boutros-Ghali said in a …

Kate Dannies

Egypt sponsors two African industrial development projects

CAIRO: Ministers of Trade and Industry from across Africa gathered Monday in Cairo for the 18th Conference of African Ministers of Trade (CAMI). The inauguration of the South-South Industrial Cooperation Center, and an Egypt-sponsored scholarship program were announced at a press conference preceding the CAMI meeting. The center, hosted by Egypt, will focus on facilitating …

Kate Dannies

Low steel prices, high cement consumption projected for August

CAIRO: Local steel and cement producers announced pricing policies for August, the local press reported Sunday. We expected a decline in steel prices and prices have been declining gradually over the past two months. I expect prices to drop a little more, but I don t think there will be a drastic change, Patrick Gaffney, …

Kate Dannies

Foreign currency lending slows at local banks

CAIRO: Local banks have adopted a more conservative stance towards lending in foreign exchange following a restriction in foreign currency supply resulting from the international financial crisis. Central Bank of Egypt (CBE) governor Farouk El-Okdah submitted a report last week to Prime Minister Ahmed Nazif that indicated a drop in the CBE’s foreign assets of …

Kate Dannies

Removal of sugar tariff may pose risk to local supply

CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid has removed temporary safeguard measures on imported sugar, according to a ministry press statement released Wednesday. Rachid imposed the temporary protective tariff of LE 500 per ton on imported white and refined sugar in late January over and above an existing 10 percent duty on white …

Kate Dannies

Citi Egypt emerges from crisis stronger, says executive

Citigroup is meeting the financial crisis head on. Despite the turmoil surrounding the collapse of the bank in the United States and the echoing effects felt around the world, the bank has posted record second quarter results – in more than one way. Aside from reporting healthy earnings of $4.3 billion, the past quarter marked …

Kate Dannies

Government mulls passenger car replacement program

CAIRO: The Ministry of Trade and Industry and the Ministry of Finance are finalizing plans to implement a passenger car replacement project similar to the taxi replacement program currently underway, Al-Alam Al-Youm reported Monday. The initiative is intended to facilitate the process of replacing dated passenger cars with new vehicles to reduce pollution and traffic …

Kate Dannies

Hotel occupancy rates up across Egypt

CAIRO: Hotels across Egypt saw more guests last quarter, tourism minister Zoheir Garranah confirmed over the weekend. Hotel occupancy rates in Cairo reached 78 percent, 69 percent in Alexandria and 80 percent in Sharm El-Sheikh and Hurghada for quarter two, according to Egypt’s State Information Service. Occupancy for Nile cruisers remains low at 45 percent, …

Kate Dannies

Orascom listed companies change names to eliminate confusion

CAIRO: The names of Orascom subsidiaries Orascom Hotel and Development (OHD) and Orascom Hotel Holdings (OHH), will be changed, Orascom Development announced Wednesday at a press conference. The decision to change the names of the companies was taken following confusion between the company’s three listed stocks on the Egyptian Stock Exchange. Orascom Development Vice Chairman …

Kate Dannies

SUVs taking over Cairo streets

With drivers making use of every inch of space available to navigate traffic on Cairo’s crowded roads, it stands to reason that local drivers would choose the smallest car possible for easy maneuvering. Word on the street, however, is that compact cars are out, and bigger is now better. The small, practical cars of old …

Kate Dannies