Egypt’s ICT sector grew 12 pct in 2010: minister
CAIRO: Egypt’s information and communication technology sector grew by 12 percent in 2010, said minister Tarek Kamel. Minister of Communications and Information Technology (MCIT) Kamel attributed the growth to the…
Egypt susceptible to Tunisia-style revolt
By Tamim Elyan and Abdel-Rahman Hussein CAIRO: One outcome of the Jasmine Revolution in Tunisia has been the expectancy that similar civil revolts might be replicated throughout the region, as…
Sawiris eyes Vimpelcom seats in long term
SHARM EL-SHEIKH: Egyptian tycoon Naguib Sawiris believes he will in the longer term get seats on Russian group Vimpelcom's board if the Russian company's proposed $6 billion-plus purchase of his…
Arab League, World Bank work towards economic integration
CAIRO: The League of Arab States and the World Bank Group signed Tuesday a memorandum of understanding to strengthen collaboration in the areas of economic and social development in the…
Kabo six-month net profit jumps: bourse
Egyptian garment maker El Nasr Clothing & Textile Co. (Kabo) reported net profit for the six-month period from July to December 2010 of LE 3.36 million ($576,800), the stock exchange…
Egypt sells bonds worth 4 billion pounds
Egypt's central bank said on Monday it sold 3-year bonds alongside reopened 7-year bonds worth a total LE 4 billion ($688 million). It sold LE 3 billion of three-year bonds…
Sawari Ventures launches new fund
Venture capital firm Sawari Ventures launched its first fund, Sawari Ventures I, and has made initial investments in two companies: Alzwad Mobile Services and Vimov. The fund, seeded by the…
KDB eyes bank M&A in Southeast Asia, Egypt
Korea Development Bank is in talks over a number of deals with Southeast Asia-based banks, including an estimated $1 billion stake purchase, and is reviewing targets in Egypt, its chief…
Tourism receipts exceed $9.2 bln
Egypt’s tourism receipts exceeded $9.2 billion in the first nine moths of 2010, Al-Masry Al-Youm reported based on figures from Egypt’s tourism ministry. Tourism receipts grew 15.8 percent year-on-year in…
Egypt trade minister says wheat stocks adequate
SHARM EL-SHEIKH: Egyptian Trade Minister Rachid Mohamed Rachid said on Tuesday that Egypt had adequate wheat stocks and had not changed the pace at which it was buying the grain.…