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Government will not offer new licences to steel factories: IDA

  /  July 20, 2014  /  Business  /  No Comments

The cabinet agreed to modify Bianco’s licence to allow the company to produce rebar and billet according to the energy available after paying fees for altering the licence as well as fees for violating the terms of their current licence.

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Government considering new cement licences to stimulate economy: Investment minister

  /  July 16, 2014  /  Business  /  No Comments

Minister of Investment seeks to transfer ownership of Egyptian Financial Supervisory Authority and General Authority For Investment to the president

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Ministers of Agriculture, Industry to discuss needs of spinning, weaving companies

  /  July 15, 2014  /  Business  /  No Comments

Government moves to save the textile industry in view of governmental failure to recognise huge losses incurred

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HOG Energi regassification boat to arrive in Ain Sukhna Port in December

  /  July 15, 2014  /  Business  /  No Comments

The arrival of a regassification boat owned by Norway’s HOG Energi has been delayed to December so that shipments of liquefied natural gas (LNG) may be received in its place. LNG will be imported over read the rest…

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Rise in occupancy to 70% in Red Sea, 55% in South Sinai after German travel warning lift:Tourism minister

  /  July 15, 2014  /  Business  /  1 Comment

Occupancy in tourist accommodations rose after travel warnings lifted in the European market

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Egypt to offer investment opportunities in Italy

  /  July 13, 2014  /  Business  /  No Comments

The Minister of Investment is consulting with the Italian ambassador to increase the volume of trade and joint investments between Egypt and Italy

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Luxor considers establishing EGP 22m plant to generate solar electricity: Governor

  /  July 13, 2014  /  Business  /  1 Comment

Plant’s capacity would stand at 2 MW

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Egypt aims to boost wheat self-sufficiency

  /  July 12, 2014  /  Business  /  1 Comment

Wheat represented the largest single subsidy expenditure after fuel price support, which was unexpectedly cut at the start of July, increasing the prices of car fuel and natural gas by more than 70% and driving up food prices by 20% according to economists.

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920,000 Egyptian pilgrims will visit Saudi Arabia by end of July: Egyptian Travel Agents Association official

  /  July 9, 2014  /  Business  /  No Comments

El-Sisi predicted the number of Egyptian pilgrims to reach 920,000 by the end of Ramadan in light of widespread interested in Umrah trips throughout the holy month.

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Use of electronic payments to pay taxes increases GNP by 0.75% per annum: eFinance study

  /  July 9, 2014  /  Technology  /  No Comments

Electronic payments for taxes increase GNP by 0.75% per annum due to more liquidity available in the country, the study says

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UAE willing to invest in oil sector, choosing between current projects: Petroleum minister

  /  July 8, 2014  /  Business  /  1 Comment

Egypt discussed setting up pipelines and depots with Abu Dhabi

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Industry minister calls on agricultural exporters to focus on Gulf as alternative to Turkey

  /  July 8, 2014  /  Business  /  No Comments

Abdel Nour has re-allocated export subsidies following an EGP 500m decrease in FY2014/2015 general budget

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IDA demands the removal of rebar from energy-intensive list

  /  July 8, 2014  /  Business  /  No Comments

Industrial Development Authority wants to end requests being sent to SCE for approval

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Germany to lift travel warnings to Sharm El-Sheikh: German Embassy in Cairo

  /  July 7, 2014  /  Business  /  4 Comments

German Ambassador Hansjorg Haber considers lifting travel warnings to Sharm El-Sheikh very soon, according to statements by Tourism Minister Hesham Zaazou

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Egypt to adopt international taxation policy to avoid double taxation: Finance minister

  /  July 7, 2014  /  Business  /  2 Comments

Government struggling to expand resources through tax reform imposing new taxes, fighting tax evasion

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Beltone refuses sale rate offered from Hermes

  /  July 7, 2014  /  Business  /  No Comments

Curtain draws on Beltone-Sawiris deal to purchase 20% stake in Hermes after alliance purchased only 9% of shares

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‘No shame’ in Egypt using Israeli gas through British oil Company, after state’s approval: Petroleum minister

  /  July 6, 2014  /  Business  /  7 Comments

Egyptian government struggles to contain discontent of BG Group, which had to stop supplying Egyptian gas for export because of fuel shortage

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Al-Sisi imposes additional 50% tax on cigarettes, 200% on beer

and   /  July 6, 2014  /  Business  /  1 Comment

The tax on other alcoholic beverages, such as wine and spirits manufactured locally or imported from abroad, has been increased by 150%, with the minimum set at EGP 15 per litre.

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Egypt to allow foreign companies to provide mortgage finance

  /  July 6, 2014  /  Business  /  1 Comment

In an effort to expand low-income housing

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Sawiris-Beltone deal only succeeds in purchasing 9% of EFG Hermes, falling short of 20% target

  /  July 6, 2014  /  Business  /  No Comments

54.4m shares purchased represent less than 9% of total Hermes shares

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Egypt paid $700m to Paris Club on 4 July: Ramez

  /  July 6, 2014  /  Business  /  2 Comments

Governor of the Central Bank of Egypt Hisham Ramez told Reuters on Sunday that Egypt paid $700m of its debts to the Paris Club of creditor nations on 4 July. In January, Egypt paid another read the rest…

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Rise in fuel prices will bring in EGP 24bn in additional revenue for EGPC: Chairman

  /  July 5, 2014  /  Business  /  6 Comments

The rise in price of such petroleum products as gasoline, diesel, and kerosene in the domestic market.

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Industrial sector requests government protections following energy price increases

  /  July 5, 2014  /  Business  /  2 Comments

The federation said the government must enable industry to withstand the wave of extensive energy price increases that were recently approved by the government.

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100m cubic feet of gas to be added to gas production by the end of July

  /  July 2, 2014  /  Business  /  No Comments

Production rates will not exceed 4.9bn cubic feet of gas until the end of this year, reflecting the continuing decline in the productivity of wells and small projects connected to the production line

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We aim to raise eFinance revenues by 15% during 2014: e-finance Chairman

  /  July 2, 2014  /  interviews  /  No Comments

Ibrahim Sarhan, Chairman of e-Finance, says revenues will increase by 15% this year through expansion of existing projects and addition of new products

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Exporters object to cut in export subsidies to EGP 2.6bn in new budget

  /  July 1, 2014  /  Business  /  1 Comment

The Ministry of Industry made an early announcement for a new programme to support exports starting in early July.

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‘Titanium card’ to be launched next month: AAIB retail banking head

  /  June 30, 2014  /  interviews  /  1 Comment

25000 clients using credit card in the bank, Verified by Visa (VBV) is safest way to shop online by AAIB, Himanshu Shrimali said

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Ramadan serials costs repay in high ratings

  /  June 29, 2014  /  Business  /  No Comments

Television serials with huge costs make an appearance this holy month, with “His Excellency ” highest costing serial, at EGP 65m, followed by “Saraya Al Abdeen” at EGP 55m

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Hazem Hegazy, head of retail banking speaks to Daily News Egypt

  /  June 28, 2014  /  interviews  /  1 Comment

National Bank of Egypt planning to transform the country into a cashless society

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CEO of Fawry in dialogue with Daily News Egypt:

  /  June 28, 2014  /  interviews  /  1 Comment

Value of financial transactions made through Fawry’s service $571m; 40 thousand outlets across the country for e-payment; one million transactions made daily through the company’s services; plans to expand to Arab Gulf countries in the coming period.

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