Eng. Hatem Saleh, Egyptian Minister of Industry, unveiled that the volume of the Egyptian exports rose by 5%, while the imports rate shrank by 19% during the first quarter of 2013, compared to the same period in 2012. On his Facebook account, Saleh said the relative improvement in the balance of trade deficit has transpired since decades, referring to the ongoing coordination between the Ministry of Industry and the Central Bank of Egypt (CBE) as a reason for this rate. The minister expected that this improvement may help the economy to recover, as well as it will contribute to keeping the resources from the foreign cash and increasing its reserve once again. More»

Egypt-Romania Business Council, chaired by Hassan El Shafie, is getting ready to send a promotional mission to Romania from 9 to 12 June, with the participation of 20 Egyptian companies. Hassan El Shafie said the mission aims to review the investment opportunities with the Romanian businessmen and to attract several ventures to the Egyptian market. El Shafie told "Amwal Al Ghad" that the mission will have a meeting with the European bank, as well as bilateral meetings between the Egyptian and Romanian businessmen so that they can discuss the investment opportunities and the mechanisms of cooperation in the fields of medical tourism, transport, agriculture, chemical industries and energy. The Chairman explained that the Egyptian companies, which will participate in the mission, operate in different fields such like tourism, fertilizers, glass, soda ash, furniture, clothes, chemicals and food. El Shafie added that the council has called on the chamber of commerce in Bucharest along with the Egyptian Embassy there to organize the bilateral meetings between the businessmen of the two sides, in addition to the participation in the conventions and holding meetings with officials on the customs and taxes to explain how the climate of investment there is. More»

Egypt's Cairo governorate will operate next week three new lines in Badr City, Al Obour City and Al Shorouk, in the framework of the governorate's plan to develop the lines of the mass transit and stimulate the companies as well. A reliable source in Cairo governorate asserted that the lines would be operated via three phases, the first line is "Badr-AlAbassiya" will be operated next Saturday; the second line is "Al Shorouk- Sariya Al Qobba" that will be operated on Monday, while the third line "Al Obour-Roksy" would be operated on Wednesday. The source mentioned that the lines would be operated by the English company "ARM, after supplying each line with five buses as a start to operate them. More»

The Export Council for Building Materials' exports recorded EGP 2.967 billion during April 2013, rose 19%, compared to EGP 2.489 billion at the same period in 2012. According to sources in the Export Council for Building Materials, the steel sector's exports attained EGP 546 million last April, up 50% from a year before. The council, via its future action plan that includes a complete vision for increasing the exports and expanding in the global markets, aims to multiply the volume of exports. More»

Total confirmed it acquired Shell fuel retail network in Egypt as part of its strategy to strengthen its distribution position in the country and wider region. "Through this acquisition, we reaffirm our ambition to pursue our development in Africa and in the Middle East in the retail business," a spokesman for Total said. Asked about the price of the transaction, he declined to disclose any detail. Total already owns 70 fuel stations in Egypt, representing a 4% market share, and will acquire 85 more from Shell to become Egypt's fourth largest gasoline retailer, doubling its market share, the company said. Total is strengthening its position as the largest gasoline retailer in Africa, the spokesman added. Gasoline retail activities have decreased in Western Europe, on the back of lower consumption due to the prolonged economic crisis. Lower cost retailers have also emerged, forcing some major companies to rethink their refining and marketing strategy and focus instead on oil exploration and production. More»

Egypt's Mo'men Group is pursuing to establish 8 new branches at EGP 25 million investment costs in 2013. The 8 new branches are divided into 4 branches by the franchise system and the other 4 branches by the Group's private investments. Mohamed Mo'men, Chairman of Mo'men Group, has unveiled that the Group will open 3 branches next week in Cairo, Beheira and Kafr El-Shaikh at total costs of EGP 8 million. Mo'men Group has 7 branches in some Arab countries, said the chairman; adding that the Group aims to open other 5 branches during 2014 in the Arab Gulf States. In an exclusive statement to "Amwal Al Ghad", Mo'men described the investment climate in Egypt as frustrating amid the political instability as the security as well that Egypt facing at the current time. He lauded the Egyptian government for reconciling with a group of businessmen of the former regime; spelling out that this step is the first one to correct the investment path and to send a secure message for the investors. More»

Both of the Egyptian Minister of Industry, Eng. Hatem Saleh, and the Secretariat of the Social Fund for Development (SFD), Ghada Wally, along with Tareq Wafiq, Chairman of the Egyptian Business Development Association (EBDA) inaugurated on Wednesday morning the Eleventh International franchise exhibition at Cairo International Fair. Some 50 companies from Egypt, Spain, UAE, USA and France will participate in the exhibition by different fields such as computers, car spare parts and printers. By this exhibition, the SDF is aiming at varying the non-financial fields for the young entrepreneurs and helping them know the global experiences as well as giving them the opportunity to implement small enterprises through the fund's resources by the franchise system. It is worth mentioning that the Social Fund for Development (SDF) has gotten a $ 40 million loan from the African Development Bank. The loan is for the companies that are willing to work by the franchise system. More»

Dr Ahmed Al Beltagy, head of energy sector, at the European Commission to Cairo, said the EU has approved allocating $ 162 million to finance the energy sector in Egypt. About $ 60 million had been allocated for restructuring Egypt's energy sector, said Al Beltagy, elucidating that the fund aims to restructure the sector's institutional structure and to resume the energy ventures and improve their quality. He added that the EU also provided $ 2 million to the German Aid Agency (Deutsche Gesellschaft für Internationale Zusammenarbeit- GIZ) to finance the main plan for the new and renewable energy ventures. Mr. Ahmed Al Beltagy has elaborated that the union also approved a $ 100 million grant to fund the new and renewable energy generation projects, like the plant of generating energy from the wind at 200 megawatt in Gabal Elzeit area, and another project in east Suez Gulf.  Moreover, it includes a project of establishing a plant for generating electricity from the sun in Combo City, Aswan, by the system of CBS. More»

Brazilian Ambassador in Cairo, Marco Brandao, said President's Mohamed Morsi's prosperous historical visit to Brazil achieved positive results because it opened new fields for cooperation and revealed the  common interests between Egypt and Brazil. Mr. Marco stated that a visit is being prepared for many delegations from both countries, as a Brazilian delegation is set to visit Cairo next September for looking into the ways of enhancing the trade and investment between the two countries. Moreover, the Ambassador referred that President Morsi has invited Brazilian President, Dilma Rousseff to pay a visit to Egypt.It is worth mentioning that President Mohamed Morsi began his official visit to Brazil on Tuesday, May 7th, as part of a three day trip as the head of a large economic delegation. Upon his arrival Morsi met with President Dilma Vana Rousseff, Brazil’s first democratically elected female president. More»

Armell Landen, European Union Representative, said the EU has allocated a total budget of € 123 million to develop the Transportation system in Egypt. Landen elaborated that the budget is divided into € 80 million to restructure the transportation sector through reforming the institutions and legislations, and $ 3 million dollar for the technical support of the Egyptian Transportation Ministry in order to implement the regulations. The EU representative mentioned that the EU has provided another grant to Egypt at € 40 million to complete the third phase of Metro. During a conference held today about the Intelligent Transport Systems (ITS), the EU representative said these reforms include the sector's financial sustainability so as to provide security, environmental culture and the multimedia; underscoring the necessity of the ITS amid the traffic congestion. More»