Hisham Salah

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sherif ismail and sisi

Performance of economic ministries too weak for experts, as parliament calls for cabinet reshuffle

Rumours have circulated in different media outlets regarding a potential cabinet reshuffling, supported by members of parliament. The parliamentary calls for areshuffle did not mention the main ministers they sought to replace or the ministries that should be subject to the reshuffle. However, the high inflation and the current economic conditions are cited as important …

Hisham Salah

fruits

Egypt’s agricultural exports increased by 17% during 2016

Minister of Industry and Trade Tarek Kabil said that Egyptian agricultural exports increased by 17% during 2016, adding that Egypt is currently the biggest citrus exporter in the world. The minister added in a statement issued on Wednesday during a meeting with investment banks’ representatives, arranged by EFG-Hermes, that Egypt has a lot of investment …

Hisham Salah

Minister of Industry and Trade Tarek KabilPhoto b y Asmaa Gamal

Egypt’s exports to Lebanon increase by 65%: Minister of Industry and Trade

Minister of Industry and Trade Tarek Kabil said that Egyptian exports to Lebanon increased by 65% during 2016 compared to 2015, adding that a lot of different fields benefited from the increase. Construction materials manufacturers benefitted most from the hike in exports, as their exports increased by 225% to record EGP 277m. Kabil said in …

Hisham Salah

Annual core inflation reached 12.3% in June, up from 12.23% in May

Annual inflation rate records 24.3% in December, expected not to fall below 20%

The annual Inflation rate hiked to 24.3% in December, compared to 20.2% in November, according to a statement issued by the Central Agency for Public Mobilization and Statistics (CAPMAS). The statement issued on Tuesday attributed the increase of the inflation rate to price hikes in the food and beverage sector, as they registered an increase …

Hisham Salah

Africa Cup of Nations

ECA refutes illegal broadcasting rumours

The Egyptian Competition Authority (ECA) dismissed rumours that it would approve the illegal broadcast of the Africa Cup of Nations matches by Egyptian television channels. The ECA said in a statement issued on Sunday that it did not approve broadcasting for any channel. Instead, it emphasised the importance of restoring the spirit of competition within …

Hisham Salah

A man smoking shisha the traditional way

Unemployment rate in ashwa’yat is 9.9%: CAPMAS, Population Council

The Central Agency for Public Mobilization and Statistics (CAPMAS) and the Population Council announced the results of their survey of young people in the ashwa’yat (informal housing areas) of Greater Cairo during a meeting held on Tuesday. The survey measured the indicators of health, unemployment, migration, and marriage formation. The survey revealed that 44.5% of …

Hisham Salah

the Egyptian Minister of Finance Amr El-Garhy

Does Egypt’s economic targets line up with its economic reality?

Minister of Finance Amr El-Garhy had said on Sunday that the ministry has set three goals for the country’s budget in the fiscal year (FY) 2017/2018. According to him, the ministry plans to focus on sustainable development, by raising the GDP by 5%, reducing unemployment to 11%, and cutting the national debt to 94% of …

Hisham Salah

Nasr said that the UNDP's partnership with Egypt aims at implementing sustainable development

Ministries of international cooperation, housing sign agreement with UNDP for Alexandria 2032 strategy

Minister of International Cooperation Sahar Nasr and Minister of Housing Mostafa Madbouly witnessed on Monday the signing of an agreement regarding the participatory strategic urban planning for Alexandria until 2032. The two-year agreement between the Ministry of International Cooperation and the United Nations Development Programme (UNDP) should have been completely planned out by 2016, but …

Hisham Salah

Heinz Egypt

Allegations against local companies may deter appetite for investing in Egypt

One of the first things foreign investors look at before injecting their money into a new country is the legal framework and the amount of risk that may arise once business disputes occur. Looking at Egypt in recent years, several local companies have been faced with accusations and charges regarding their operations. While these disputes …

Hisham Salah

sahar nasr with AFDB

Egypt to receive 2nd tranche of African Development Bank loan

On Monday, the Minister of International Cooperation Sahar Nasr signed an agreement with Leila Mokaddem, resident representative of the African Development Bank (AFDB) to receive $500m as the second tranche of a $1.5bn loan. The loan was agreed on last year. The tranche will be given to Egypt in January 2017, according to Prajesh Bhakta, …

Hisham Salah

Waleed Jamal Al-Din, president of the Export Council for Building, Refractory and Metallurgy Industries (ECBM).

Exports of building, construction materials doubled to EGP 41bn in 2016

Egypt’s exports of construction materials has doubled in 2016 to record EGP41.93bn compared to EGP21.93bn during 2015, according to Waleed Jamal Al-Din, president of the Export Council for Building, Refractory and Metallurgy Industries (ECBM). Jamal Al-Din said exports surpassed plans and expectations set by ECBM, adding that they had aimed to increase exports by EGP …

Hisham Salah

vice chairperson of the Chamber of Engineering Industries Abdel Moneim El-Kady.

Egypt’s feeding industries to implement automotive industry strategy when approved: experts

The feeding industries are the most important pillar in large industries, such as the automotive industry, according to vice chairperson of the Chamber of Engineering Industries Abdel Moneim El-Kady. He believes that the automotive industry strategy, which is currently being studied by the parliament, will improve the feeding industries. The strategy approves the increase of …

Hisham Salah

Shell will not proceed with deep water research, exploration in Egypt.(AFP Photo)

Shell Lubricants Egypt to open branded shops across Egypt in 2017

Shell Lubricants Egypt is planning to establish branded shops, which provide Shell’s products and other cars services, in a step towards expanding in the Egyptian market. Haytham Yehia, marketing director at Shell, told Daily News Egypt that the step reflects the potential of the Egyptian market, adding that the company believes in the Egyptian market despite …

Hisham Salah

GB Ghabbour Auto, Raouf Ghabbour

2017 to witness deflation in car sales, to increase in H2: Ghabbour

The negative impact of the Egyptian pound’s flotation on the automotive sector is not tangible yet, said chairperson of the board of directors at GB Ghabbour Auto, Raouf Ghabbour. He added that the decision reduced the value of Egyptians’ reserves in banks by almost 50%. He believes that the main problem is that Egypt’s economy …

Hisham Salah

PSX_20161213_100332

Ministers, business community review means to stimulate local automotive industry in opening session of Egypt Automotive Summit

The executive director of the third round of the Egypt Automotive Summit, Mohamed Aboul-Fotouh, announced several topics which participants will be discussing. Topics on the agenda at the summit include facilitating the export of spare parts, competition with foreign companies, local feeding industry experiments, and the role of banks in financing feeder industry experiments. “We …

Hisham Salah

CEO of the International Finance Corporation (IFC) Philippe Le Houérou

IFC CEO to visit Egypt on Wednesday to discuss cooperation

Executive vice president and CEO of the International Finance Corporation (IFC) Philippe Le Houérou will visit Egypt on Wednesday and Thursday for the first time. Houérou will meet Minister of International Cooperation Sahar Nasr and other governmental officials to discuss ways to increase cooperation between Egypt and the IFC. The meeting will discuss challenges and …

Hisham Salah

General Authority for Investment and Free Zones GAFI

1,276 companies with EGP1.9bn capital established in November: GAFI

The General Authority for Investment and Free Zones (GAFI) announced that 1,276 companies were established in November with a total capital of EGP 1.9bn, creating 7,942 job opportunities. In GAFI’s monthly report on established companies, 652 companies were established according to Law No. 8 of 1997, with 51.1% of the total capital value. The report …

Hisham Salah

2016 RevPAR performance for resorts in the Red Sea is now on par with the 2015 performance

Revenues increase at hotels in Sharm El-Sheikh, Hurghada: Colliers International

Colliers International, a commercial real estate company, published on Thursday its three-month rolling forecast for November until January 2017. The report marked Cairo and Alexandria as tourism hot spots, explaining that Cairo witnessed a 13% increase in revenues per available rooms (RevPAR) because it is a stable corporate tourism destination. The report added that the …

Hisham Salah

khaled hanafy

Egypt’s subsidy system: questionable corruption, unending problems

At the beginning of the 20th century, when the world was plagued by famines and world wars, governments enlisted food subsidy programmes to feed their citizenry in these desperate times. Such programmes are still used by government’s all over the world in order to combat poverty and hunger. However, many countries across the world have …

Hisham Salah

shahr nasr and tarek kabil

Egypt to receive $3.5m donation for solar energy projects from UNDP

Minister of International Cooperation Sahar Nasr and Minister of Trade and Industry Tarek Kabil signed an agreement with the United Nations Development Programme (UNDP) for a $3.5m donation to supports solar energy projects with the aim of increasing clean energy connected to Egypt’s national grid. The agreement represents the government’s concern for using Egypt’s solar …

Hisham Salah