Industry & Trade
Despite ISIL Conflicts, Egypt Engineering Exports to Iraq Hit Record
Published 2014-10-20 11:04:09| Mahmoud Hemdan
Egypt’s exports of engineering and electronic industries to Iraq reached 1.7 billion Egyptian pounds (US$237.7 million), the highest level in history. During the period from January to September 2014, the Egyptian exports hit a record of 100% growth, up from 820 million pounds for the same comparable period a year earlier. The quantum leap in Egypt’s engineering and electronic exports to Iraqi markets was unexpected; challenging the current political instability in Iraq, sources from the Foreign Trade Sector told Amwal Al Ghad. “The leap comes in contrast to the ongoing clashes in many Iraqi cities between the Islamic State of Iraq and Levant (ISIL or Daesh) and the country's army.” The sources noted Multiple economic reports and researches had previously referred to a potential decline in the level of global exports to the Iraqi market, hurt by the ongoing militant conflict in the country. However, the Egyptian engineering and electronic exports made an exception, to witness a record level. In 2013, Egypt’s exports of engineering products to Iraq recorded around 1.1 billion pounds. From his part, Khaled Ibrahim - Chairman of the Egyptian Engineering Export Council - has expressed his confidence in the companies working in the country’s engineering export sector. He hailed sectors’ capability in continuing its landmark performance, notably the Car Components sector led by Leoni Wiring Systems, the Electrical Appliances led by Universal Group, and Cables Sector led by ElSewedy Electric.
- Egypt Takes Part in Key ICT Meeting in South Korea
- Despite ISIL Conflicts, Egypt Engineering Exports to Iraq Hit Record
- Emirati Company Al-Sweiden To Invest Over LE40 Bln In Egypt
- Global Telecom Sells Telecel Global For $65 M
- Microsoft Plans To Launch Smartwatch Within Weeks: Forbes
- IBM To Pay Globalfoundries $1.5 Billion To Take Chip Unit Off Its Hands: WSJ
- Yahoo Set To Outline Cost-Cutting Efforts: WSJ
- Israel Tamar Group Looks to Sell Gas to Egypt via EMG Pipeline
- Minister Says Market Retreat Is An Exaggerated Reaction To Global Markets Tumble
- Egypt Plans to Launch 2 Plants in Damietta worth EGP8bn: Minister
Egypt will take part in the the 19th Plenipotentiary Conference (PP-14) of the UN’s International Telecommunications Union (ITU), currently being held in Busan, South Korea. The head of Egyptian telecom regulator will head an Egyptian delegation to the PP-14. On the behalf of the Egyptian ICT Minister, Hisham Al-Alyali - Executive President of the National Telecommunication Regulatory Authority (NTRA) – is set to give a keynote speech at the conference to present his country’s vision towards ICT issues. Al-Alyali also plans to hold meetings with the ITU member states, to support Egypt’s bid to win ITU board membership. Winning the ITU board membership for Africa seat would stress Egypt’s distinguished position in the ICT field internationally, and highlights the conviction by the ITU member states of the role Egypt has been playing in the ITU Board and its efficient participation for supporting its activities, initiatives and program. The Plenipotentiary Conference, held every four years, , which acts as ITU general assembly, is to set the strategic direction of ITU, develop policies and recommendations that address the evolving needs of the union’s members, elect the senior management team, ITU Council members and members of Radio Regulation Board. PP-14 is currently being held in Busan from October 20 to November 7 where ITU states will decide on the future role of the organisation, determining ITU’s ability to influence and affect the development of information and communication technologies worldwide. The PP-14, the world’s largest meeting of international policymakers from the ICT sector, expected to attract around 3,000 participants, including heads of state and around 130 VIPs from over 160 countries, including government ministers and CEOs.
Yahoo Inc is expected on Tuesday to outline cost-cutting efforts and give details of how it is evaluating possible acquisitions as it faces pressure from an activist investor, the Wall Street Journal reported, citing a person who was briefed on the plan. Yahoo is considering acquiring one or more large technology startups with some of the $5.8 billion it made from the initial public offering of Alibaba Group Holding Ltd, the newspaper said. Representatives at Yahoo did not immediately respond to an email seeking comment outside regular U.S. business hours. Last month, activist investor Starboard Value LP publicly pressured Yahoo to cut what it referred to as a "bloated" cost structure. Starboard, the second activist investor to target Yahoo in the last three years, also said the company should quickly "monetize" its Asian assets, which exceed the enterprise value of its actual business. Earlier this month, Yahoo said it is reducing the size of its operations in Bangalore, India, the Internet company's largest engineering facility outside its California headquarters. It is also closing its office in Jordan. Yahoo is "streamlining" its operations in foreign offices, which might involve a combination of closing offices, cutting jobs and moving workers to its Sunnyvale, California, headquarters, the Journal said.
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.