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End of Korean Peninsula tensions could ease Sawiris’ problems

The Egyptian telecommunications firm Orascom Telecom and Media Technology (OTMT) is the main reason behind the rise of mobile phone usage in hermetically sealed North Korea in recent years. OTMT secured a 75% stake in Koryolink, a joint venture with North Korea’s Korea Post and Telecommunications Corporation in 2008. It is estimated that as many …

Mohamed Samir

The number of millionaires in Egypt

How many people possess more than $1m in Egypt? According to the Credit Suisse global wealth data report of 2015, Egypt has 23,000 millionaires in comparison to 12,000 in Morocco, 35,000 in Qatar, 60,000 in UAE, 70,000 in Turkey, 85,000 in Israel, 180,000 in India, 350,000 in Spain, 1 million in each of China and …

Aly Wally

The Commercial International Bank (CIB) hosted its first workshop entitled "Exchange Services for Companies" (Photo Public Domain)

CIB wins court judgment to sell CI Capital

The Cassation Court ruled in Commercial International Bank-Egypt’s (CIB) favour in its a legal dispute with the shareholders of CI Capital, 99.98% of whose shares the bank now owns, according to press statement on Thursday. The statement said that the judgement allows CIB-Egypt to proceed with the completion of a deal to sell CI Capital …

Shaimaa Al-Aees

Summit’s 3rd day shows rise in renewable energy sector MoUs

Several Memorandum of Understandings (MoUs) were signed between international companies and the Ministry of Electricity regarding solar energy projects. MoUs were signed between Tharwa Investments and Electricity Holding Company to establish a coal-fired power plant with 6,000MW at a total value of $9.6bn. “We met 10 days ago, and now we are signing a MoU,” …

Sara Aggour

Infrastructure key component in Egypt’s economic drive: Nassef Sawiris

Nassef Sawiris, business tycoon and CEO of  OCI N.V elaborates in an interview with Daily News Egypt on the company’s investment plans in Egypt, and how the company can contribute to overcome the challenges in the country   You’ve previously stated that OCI will seek investments in the energy and infrastructure sectors. Is the company …

Sara Aggour