Latest in Lifestyle Highlight

Advertising Area





Latest in Lifestyle


Big players could benefit from funding smaller start-ups

Despite an abundance of liquidity, smaller firms more often than not left out of the investment loop — “big players” — are not interested in investing in companies worth less than LE 50 million, said Hassan El-Khitab, managing director North Africa for the Carlyle Group. Leaders from the private and development sectors convened on Oct. …

Christopher Le Coq

Experts say smaller businesses need traditional banking

The “dangerously low supply” of financing for small and medium enterprises (SMEs) in some parts of the world is hampering the global economy’s ability to rebound, said Colyn Gardner, chief executive of The Management Center at the Bangor Business School of Bangor University. Gardner was speaking on a panel at the fourth annual Egyptian Banking …

Christopher Le Coq

HSBC and FSVC launch portal to support SMEs

  HSBC Egypt, a division of its global parent company HSBC, and the Financial Services Volunteers Corps (FSVC), a not-for-profit financial organization, launched YallaBusiness.com on Oct. 4 as part of a strategy to better serve the needs of small- and medium-sized enterprises (SMEs) in emerging markets.   The web portal will allow HSBC Egypt to …

Christopher Le Coq

Edrak eyes new investments in Egypt

Edrak for Edutainment Projects Development Company has acquired the franchise of three international brands in the fields of edutainment and fitness. Kidzania, The Little Gym and Jazzercise, expected to drive total investments of LE 100 million when launched in 2011 and 2012. In a statement to the press, the firm said Kidzania, Edrak’s flagship brand, …

Daily News Egypt Authors

BlackRock sees demand for emerging-market ETFs

DUBAI: Demand for emerging-market exchange traded funds (ETFs) is set to grow rapidly as investors hit by foreign-ownership regulations in many countries buy the product as an alternative, a managing director at money manager BlackRock said. Investors have been scrambling to get into fast-growing emerging economies in Asia and Latin America, lured by high returns. …

Reuters

Egypt, Turkey trade may hit $5 bln by 2011

Minister of Trade and Industry Rachid Mohamed Rachid said that the volume of trade exchange between Egypt and Turkey hit $3.2 billion in the end of 2009, and is expected to increase to $4 billion by the end of this year and $5 billion in 2011. The Egyptian-Turkish partnership is a good example of how …

Daily News Egypt Authors

Egypt obtains €560 million in loans from EIB

The European Investment Bank (EIB) has extended two loans to Egypt’s Ministry of Electricity and Energy for an aggregate value of E560 million, the local news reported. Around €260 million will be geared towards upgrading Egypt’s national electricity grid. The balance, €300 million, will finance the construction of the planned 1,500 MW North Giza power …

Daily News Egypt Authors

Iran crude storage at sea falls on strong Asia demand

SINGAPORE: The volume of Iranian crude stored at sea has fallen by as much as 4 million barrels because of a spike in Asian demand this month, traders and shipping sources said. Asian refiners have more than offset waning demand from European buyers who have increasingly shunned Iranian crude because of tough international sanctions, which …

Daily News Egypt

Egypt eyes 7-8 pct GDP growth by 2016/17: minister

Egypt aims to get its economy growing at levels seen before the global financial crisis by the fiscal year 2016/17 and expects the private sector to play a major role in the rebound, a minister said on Saturday. Egypt’s gross domestic product (GDP) grew at 5.1 percent in the fiscal year that ended June 30, …

Reuters

Algeria says tax claim on Orascom Tel is not final

A $230 million back-tax claim which Algeria imposed on Orascom Telecom’s Djezzy unit was not final, Algerian finance minister Karim Djoudi said on Thursday. "Djezzy has been notified of the first amount but it is not a final amount. We still need verification of the documents presented by the tax administration," Djoudi told reporters on …

Reuters

Gulf Arab firms upbeat but cautious on Iraq

DUBAI: Gulf Arab companies see growing opportunities in Iraq that should not be missed, as the war-torn nation struggles to recover from years of bloodshed, but they retain a degree of cautiousness that slows plan execution. Executives speaking at the Reuters Middle East Investment Summit this week said they were keen to invest in the …

Reuters

Imara adds Egypt and Morocco to African broking

  Frontier African financial services group Imara said on Tuesday it had added Egypt and Morocco to its regional stock-broking footprint, its first foray beyond a historical sub-Saharan focus. "Expansion of our trading capability has primarily been driven by client demand for a wider trading capability," said Alun Thomas, chief executive of Imara Africa Securities, …

Reuters

Kuwait’s Kharafi to build two power plants in Egypt

Egypt’s Electricity Ministry will sign a deal in days with Kuwait’s Kharafi Group to build two power plants in Egypt with a combined capacity of 1,000 megawatts, a spokesman for the ministry said on Tuesday. Egypt, which has about 25,000 MW of installed capacity, suffered repeated outages this year and plans to spend $100-120 billion …

Reuters

Even if peace talks fail, Palestine’s independence is inevitable

AMMAN: A Palestinian state is coming – it is just not clear whether it will result from the current peace talks. It is easy to be pessimistic, or even apathetic, about the latest round of Palestinian-Israeli peace talks. History is a witness to the lack of Palestinian accomplishments in incremental negotiations. All successful efforts to …

Daily News Egypt

CBQ Q3 profit jumps to 508 mln riyals

DOHA: Commercial Bank of Qatar (CBQ) reported a 28.9 percent jump in third-quarter net profit on Tuesday, beating analysts’ expectations on average on increased loan activity and deposits. Qatar’s third-largest bank by market value posted a net profit of 508 million Qatari riyals ($139.5 million), up 29 percent from 394 million riyals a year earlier. …

Reuters

Iraq to auction gas fields despite uncertainties

BAGHDAD: Energy companies face tough terms, shaky security and local opposition when they fly to Baghdad this week to take part in a gas bidding round. Iraq’s plan to auction three gas fields on Wednesday has generated little interest from international energy firms eager to tap the country’s vast reserves, compared with Iraq’s two oil …

Reuters

Asia Naphtha-Saudi Aramco sales premiums recover

SINGAPORE: Saudi Aramco sold 50,000 tonnes of A180 naphtha for early-November loading from Ras Tanura to a Western trader at $16.00-$17.00 a tonne above Middle East quotes, free-on-board (FOB) basis, pointing to a strong recovery of export prices to high premiums, traders said on Monday. It was not immediately clear where this cargo is headed, …

Reuters

Israel’s Peres cancels Morocco visit after royal snub

JERUSALEM: Israeli President Shimon Peres has cancelled a trip to Morocco after his requests to meet King Mohammed VI were spurned, an Israeli official said on Monday. The Israeli leader was to have attended a gathering of global figures at the World Economic Forum on the Middle East and North Africa in Marrakech from October …

DNE

IMF sets central bank meeting in Shanghai Monday

WASHINGTON: The International Monetary Fund on Friday said it will hold a high-level conference of central bank governors in Shanghai next week to discuss ways to address the global financial crisis. The IMF said the conference, scheduled for Monday, would include central bank chiefs and other officials from Asia, Africa, Europe, and North and South …

AFP

Saudi Sipchem Q3 up 54 pct as investors eye SABIC

RIYADH: Saudi International Petrochemical Co (Sipchem) on Sunday posted a 54-percent rise in third-quarter net profit, partly on higher sales volumes and prices. Sipchem’s results, which came mainly on the back of higher butanediol petrochemical product, bode well for larger rival SABIC’s results. Sipchem said third-quarter operating profit stood at 175.8 million riyals, a 456 …

Reuters

World powers have no option but talk with Iran, says Ahmadinejad

TEHRAN: World powers have no option but to talk with Iran over its nuclear program, hardline Iranian President Mahmoud Ahmadinejad said Sunday in defiant comments ahead of next month’s negotiations. "We said from the start that the best way is to talk to Iran. You don’t have any other option. All other ways are blocked," …

AFP

Lafarge exec says Iraq improving for investors

BAGHDAD: Iraq’s investment climate is getting better but foreign investors are awaiting the passage of national industry and consumer protection laws to further improve the environment, the Iraq chief of French cement maker Lafarge said. "I think the investment environment, and generally the business environment, is in an improvement trend," Marcel Cobuz told Reuters in …

Daily News Egypt

Xceed plans to double in size by 2013

CAIRO: Egypt’s Xceed plans to double the size of its operations by 2013, the vice president of the company said. A provider of multilingual business process outsourcing (BPO) services, Xceed currently has two contact centers in Egypt and one in Morocco with 2,000 total employees. And right now, “business is booming,” said Xceed Vice President …

Amr Ramadan

Kuwait telco Zain Q3 earnings up on customer boost

KUWAIT: Kuwaiti mobile telephone firm Zain, the Gulf Arab region’s third-largest operator by market value, posted a 96 percent rise in third-quarter net profit, boosted by a sharp increase in customer numbers. "In this new era of focus on our Middle East operations, we are extremely pleased with the robust 25 percent customer growth and …

Reuters

Egypt to boost investments with Morocco

Minister of Trade and Industry Rachid Mohamed Rachid met with visiting Moroccan Foreign Trade Minister Abdellatif Maazouz on ways to boost trade and economic relations and increase joint investments. The ministers highlighted the importance of establishing a direct maritime line linking Egyptian and Moroccan ports. Both also witnessed the inking of an agreement to establish …

Daily News Egypt

Ezz Steel pulls Egypt index higher

Shares in Egypt’s largest steel producer Ezz Steel posted their biggest single day gain in nearly five months, boosted by market speculation the firm may soon bid for a new production license in Egypt. Ezz Steel rose 3.5 percent, its fourth session of gains in a row, to LE 20.25 per share, its highest price …

Reuters

TE finds way around mobile license with MVNO agreement

CAIRO: Telecom Egypt (TE) is preparing to enter into an agreement with Vodafone Egypt to buy minutes at reduced prices and resell them in the market under the Mobile Virtual Network Operator (MVNO) licenses that the Telecom Ministry plans to issue. According to independent daily Al-Masry Al-Youm, Egypt’s Telecom Minister met with the CEO of …

Amr Ramadan

Egypt court sets date for TMG Madinaty challenge

An Egyptian court will hear a lawsuit on Nov. 9 challenging a government plan to end a row over Talaat Moustafa’s (TMG) Madinaty project, a court said on Monday — a fresh twist to a dispute that has rattled property investors. TMG’s flagship Madinaty development has been mired in a legal row since a court …

Reuters

Egypt to offer licenses for 3 mln tons steel: papers

Egypt’s government will launch a tender on Wednesday for licenses to produce 3 million tons of steel, requiring investments worth 3.2 billion Egyptian pounds, newspapers reported on Saturday. The month-long tender by the Industrial Development Authority (IDA) comes as the government seeks to boost steel production to meet growing demand from the construction industry and …

Reuters

Vimpelcom in talks with Algeria over Djezzy

MOSCOW: Vimpelcom is in talks with Algerian officials over the fate of the north African nation’s top mobile phone operator Djezzy that Algiers wants to nationalize and the Russian firm wants to control. Djezzy is the most lucrative asset of Egyptian tycoon Naguib Sawiris’ Orascom Telecom, which Vimpelcom intends to buy control of as part …

Daily News Egypt