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Basic minimum wage jumps from EGP 250 to EGP 870

The basic minimum wage for the public sector rose from EGP 246 to EGP 870, according to Tarek Elhasry, Director of the Administrative Reform Programme lead by the Ministry of Planning (MOP). A new civil services law adopted by the ministry was launched as a part of an administrative reform plan. The law was activated …

Menna Samir

 $500m loan provided by World Bank to support social housing project

Negotiations over a $500m loan from the World Bank have been finalised, according to Minister of Housing, Utilities and Urban Communities Mustafa Madbouly Saturday. The loan, which is to be repaid over a five-year period, is to support the 1m residential units’ project, also referred to as the “social housing project” that is backed by …

Menna Samir

Revised legislations, facilitated lands availability to boost real estate: Maxim Holdings Board Vice Chairman

Egypt’s Economic Summit will launch an era of developments, according to Vice Chairman of the Board of Directors with the commercial sector of Maxim Holdings, Amr El-Kady. El-Kady added that the real estate sector is continuously growing despite the political challenges of the past four years. The government’s trend of new legislations will further encourage …

Abdel Razek Al-Shuwekhi

Industrial sector in ‘state of crisis’, solutions for energy problem, regaining confidence of international markets is necessary: Alaa Arafa

  Alaa Arafa, chairman of Egypt’s largest textile and clothing manufacturer and retail stores Arafa Holding, said Egypt’s industrial sector is still suffering and is in a state of crisis. He added that it needs to overcome the obstacles, asserting that the CBE’s gradual reduction of the Egyptian Pound will contribute to encouraging industry more …

Mohamed Ayyad

Egypt will recover if energy shortage is resolved to improve sluggish industry, says Al-Zorba

The government’s economic policies are still shrinking, while the Egyptian industry sector is suffering sluggish activity. The economy has to be encouraged to overcome the challenges of aggravating budget deficit and inflated debt, according to Former Federation of Egyptian Industries Chairman Galal Al-Zorba. He added that industrial sector reform is the only means to eliminate …

Mohamed Ayyad

Government should repay all fuel dues to foreign partners: Official

An oil company official said the government should repay full dues to foreign partners and approve gas price amendments that have been agreed upon to stimulate investments in the sector. Egypt will face stability in oil and gas production rates during fiscal year 2015/2016 as a result of a number of companies reducing their investments, …

Mohamed Adel

Various sector agreements could be signed during summit: Italian official

Twenty-five to 30 Italian companies from several sectors are participating in Egypt’s Economic Summit, Massimiliano Fachini, a member of the Italian delegation, confirmed to the Daily News Egypt. He added that the sectors represented include energy, electricity, manufacturing, cement, construction, finance and services, in statements on the sidelines of the summit in Sharm El-Shaikh. Discussions …

Menna Samir