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Daily News Egypt: Final words

Last Thursday the editorial staff of Daily News Egypt was informed, quite abruptly, that our last issue was going to be the one which was published Saturday-Sunday, April 20-21, 2012. After seven years of providing hard breaking news and analysis on Egypt, and being the only independent English-language printed daily in the country, we regret …

Daily News Egypt

Network aims to empower MENA female entrepreneurs

By Reem Abdellatif CAIRO: Women are playing an increasingly imperative role as pioneers of economic prosperity and growth in the Arab world. With this in mind, the Middle East and North Africa Businesswomen’s Network (MENA BWN) will launch its inaugural forum this week in Dubai, focusing on the kind of problems females face when initiating their …

DNE

SunCity Mall opens in Egypt at a price tag of LE 3 bln

By Reem Abdellatif CAIRO: SunCity, a new addition to Egypt’s shopping and entertainment centers worth more than LE 3 billion (about $497 million) in total investments, officially opened last week. This is the first retail flagship for HNS Group, an international contractor and real estate developer. Located directly on the Ring Road, one of Egypt’s most …

DNE

No set timeline to conclude Egypt loan talks: IMF

By Reem Abdellatif WASHINGTON: The International Monetary Fund said on Thursday there was no fixed timeline for concluding loan talks with Egypt and insisted that any IMF financing package have the broad support of all political parties in the country. “The timeline for concluding an agreement is not fixed and will depend on how quickly progress …

DNE

Emirates increases weekly flights to Cairo

By Reem Abdellatif CAIRO: Emirates Airlines increased its flights to Cairo to 13 per week after witnessing a continuous growth in passenger and cargo demand from Egypt to the United Arab Emirates (UAE). Since March 30, the additional flight EK928 has been leaving Cairo every Friday morning. There will also be a return flight the same …

DNE

Parliament, gov’t reach settlement over IMF loan, says report

By Reem Abdellatif CAIRO: After much debate over the $3.2 billion International Monetary Fund (IMF) loan and a year-long stalemate, Egypt’s finance minister finally convinced parliament to accept the loan, official media said. Mumtaz Al-Saeed, Egypt’s minister of finance, has relayed the severity of the country’s economic situation to members of the People’s Assembly convincing the …

DNE

US congressional delegation downplays meeting with MB presidential hopeful

By Reem Abdellatif CAIRO: Just a day after the Muslim Brotherhood unexpectedly announced they would nominate a candidate for Egypt’s upcoming presidential race, a US congressional delegation met with Khairat Al-Shater, the group’s contender, on Monday, underlining that their talks were “interesting and enlightening.” In a series of visits to Egypt over the past year, the …

DNE

Military guards its finances ahead of drafting new constitution

By Reem Abdellatif CAIRO: The ruling military council warned civilians not to “interfere” in the military’s businesses underlining that these ventures have been created from the “sweat” of the Ministry of Defense. The Tuesday announcement came shortly after members of the Supreme Council of Armed Forces, headed by de facto president and field Marshal Hussein Tantawi, …

DNE

Corruption continues while complaints remain low, says report

By Reem Abdellatif CAIRO: Corruption remains omnipresent in state institutions more than a year after a popular uprising calling for change and social justice, a report said, noting that filed complaints are extremely low. In partnership with the United Nations Global Compact and the Siemens Integrity Initiative, the Egyptian Junior Business Association (EJB) held discussions on …

DNE

MENA trade to grow 131 pct by 2026: HSBC report

By Reem Abdellatif CAIRO: Trade in the Middle East and North Africa (MENA) region is expected to expand 131 percent by the year 2026, with metal products being a “driving force” for the region, according to HSBC’s latest Trade Connections report. Areas of interest in the sector are expected to be non-crude oil and bitumen products, …

DNE

Experts weigh in on bane of corruption in regional business

By Reem Abdellatif CAIRO: In light of the calls for change resonating across the Arab world this past year, the annual Economic Research Forum (ERF) conference focused on the theme of corruption and its deleterious effects on economic development. On the corruption scale measured by the ERF, Egypt is rated one of the highest in the …

DNE

American real estate brand Re/Max forays into Egypt

By Reem Abdellatif CAIRO: With an eye on the country’s promising real estate market, North American real estate brand Re/Max has expanded its reach to Egypt, launching its first headquarters in Cairo. Short for Real Estate Maximum, Re/Max has an international network of agents in more than 82 countries with more than 7,000 franchise offices. Region …

DNE

UN, EBRD to boost Mediterranean agribusiness

By Reem Abdellatif CAIRO: The region’s high-potential but underutilized agribusiness sector is about to get a boost, with a close eye on promoting private sector investment. The European Bank for Reconstruction and Development (EBRD) and the United Nations’ Food and Agriculture Organization (FAO) signed Wednesday an agreement worth $2.2 million, with the aim of promoting agribusiness …

DNE

Egypt loses LE 4 bln to illicit cigarette trade

By Reem Abdellatif CAIRO: Egypt is losing LE 4 billion (about $662 million) annually due to a “shocking surge” in the trade of illicit cigarettes with a rapidly increasing number of low-cost brands, according to a study by British American Tobacco. Fueled by increasing cigarette prices, more than 100 low-cost brands flooded the local market in …

DNE

Water deficit may cost Egypt $11 bln annually: World Bank

By Reem Abdellatif CAIRO: The world’s water deficit will grow to 200 billion cubic meters (BCM) per year by 2050, and may cost Egypt $11 billion annually, a World Bank official said. “Closing this deficit will be a significant challenge, costing the world $104 billion per year, while costing Egypt alone $11 billion per year,” Bekele …

DNE

Japan gives Egypt $393 mln to fund fourth metro line

By Reem Abdellatif CAIRO: Egypt accepted a $393 million loan from the Japan International Cooperation Agency (JICA) to begin developing the first phase of Cairo’s fourth metro line, officials said Monday. This first tranche, worth about 32.717 billion Japanese Yen, is part of the initial loan package, worth an estimated $1.2 billion overall, according to Ashraf …

DNE

Copts mourn Pope Shenouda with eyes set on unclear future

By Reem Abdellatif CAIRO: Just hours after his announced death on Saturday, thousands of inconsolable Coptic Christians flocked to the Cairo and Alexandria Cathedrals, uniting to mourn the death of a leader and “father” figure, Pope Shenouda III of Alexandria. Shenouda’s body, dressed in a golden crown and formal robes, with a gold knobbed staff cradled …

DNE

Ericsson’s MidEast head sees opportunities in Egypt

By Reem Abdellatif CAIRO: Ericsson’s Middle East president said Sunday the company plans to continue focusing on the needs of Egypt’s “network society,” as the country continues working through a bumpy transition. “There are fantastic business opportunities in Egypt,” Andres Lindbald, Ericsson’s Middle East president, told Daily News Egypt in an interview during his visit to …

DNE

Rights group condemns ‘ship of shame’ carrying weapons to Egypt

By Reem Abdellatif CAIRO: Amnesty International condemned on Thursday a “ship of shame” carrying a cargo of weapons with explosives from the United States en route to Egypt. The group called on Egypt to refuse the shipment because of the risk they will be used “to commit human rights violations.” The rights watchdog says the Dutch-flagged …

DNE

Egypt’s Suez Canal sees record revenue since new toll

By Reem Abdellatif CAIRO: Egypt’s Suez Canal posted a single day revenue of LE 117 million ($19.4 million) on Wednesday, according to head of the canal authority. These were the highest recorded revenues since the authority increased toll fees by 3 percent this year, after keeping them the same for three years. About 61 vessels from …

DNE

Women taking the lead in Egypt’s economic revolution

By Reem Abdellatif CAIRO: By bringing progressive ideas to the country’s business development sector, Egyptian female entrepreneurs are taking the lead in social and economic change. In this sphere, “women can lead the economic revolution — nobody is putting any glass ceilings there,” said Sherine Allam, CEO of the Association for Women’s Total Advancement and Development …

DNE

Egypt 2012: Time to for a new economic vision

By Reem Abdellatif CAIRO: A year after Egyptians took to the streets demanding bread, freedom and social justice, a lack of vision on the government’s part has pushed the economy to a breaking point. As opposed to quick fixes, economists suggest shifting focus by looking at the domestic market and supporting small businesses, in a bid …

DNE

Back in Tahrir, business booms

By Reem Abdellatif CAIRO: Tahrir Square has turned into a self-sustaining city again with food stands, clinics, hospitals, security checkpoints and tents around every corner — this time however, much of the medical and food supplies have been donated. Still, street vendors are doing good business in the square, selling hot and cold drinks, food, flags, …

DNE

Protests weigh on Egypt’s stock market, pound at six-year low

CAIRO: Egypt’s stock market lost LE 12 billion of its total market cap on Tuesday as democracy protests once again rocked the nation with Tahrir Square as the epicenter. Total market cap has dropped LE 29 billion this week after losing LE 10 billion on Monday and LE 7 billion on Sunday due to continued …

DNE

Two killed in crackdown on Damietta sit-in, say eyewitnesses

  CAIRO: At least two were killed and dozens injured in a crackdown on a sit-in in Damietta against the construction of a fertilizer plant early Sunday, eyewitnesses said.   Hany El-Saeed, a doctor from Damietta, told Daily News Egypt in a telephone interview that he saw uniformed army soldiers fire live shots at the …

DNE

Egypt’s deputy PM resigns due to Cabinet’s ‘incompetence’

By Reem Abdellatif CAIRO: Hazem El-Beblawi, Egypt’s deputy premier and finance minister, submitted his official resignation on Tuesday to Prime Minister Essam Sharaf and the ruling military council, an official told Daily News Egypt. El-Beblawi “is officially resigning because he says the government and the Cabinet failed to take action and respond responsibly to the events …

DNE

Death toll, injuries on the rise after Maspero march met with violence

By Reem Abdellatif, Amira Salah-Ahmed and Dalia Rabie CAIRO: Clashes between protesters and army forces turned fatal on Sunday, leaving at least 24 dead and 212 injured, according to Egypt’s health ministry, as violence escalated in central Cairo and the toll continued rising. A curfew was imposed in central Cairo and surrounding areas starting Oct. 10 …

DNE

Protesters marching to Maspero met with violence

By Reem Abdellatif CAIRO: Three soldiers were killed and at least 30 injured Sunday in violent clashes between protesters and army forces after a march from Shoubra to Maspero was met with violence, Egyptian state TV reported. Eyewitnesses also reported several possible fatalities and tens of injuries among protesters. Tear gas was reportedly heavily used, causing …

DNE

Armed men attack thousands marching to ministry of defense; 55 injured

By Reem Abdellatif CAIRO: Armed men attacked a demonstration heading from Tahrir to the Ministry of Defense on Saturday leaving over 55 injured. A crowd estimated at around 10,000 people set out from downtown Cairo’s Tahrir Square but was stopped from reaching the military headquarters in the eastern Abbasiya neighborhood by a line of army barricades. …

DNE

ERC sees occupancy rates creeping up

By Reem Abdellatif CAIRO: Egyptian Resorts Company (ERC), a developer of mega communities, is seeing occupancy slowly return after the January 25 Revolution, with a 40-50 percent capacity. “The first couple of weeks after the events of the revolution, we saw capacity drop as low as 1-5 percent, so what we are seeing now is definitely …

DNE