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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

News - Egypt News

Ahmed El Demerdash - 2016-06-30 12:39:21
Egyptian airline EgyptAir is set to operate 189 additional and regular flights to Sharm El Sheikh and Hurghada during Eid al-Fitr holidays, Chairman Safwat Musallam stated Thursday. The additional flights are set to be operated through EgyptAir and regional airline EgyptAir Express; 106 flights to Sharm El Sheikh and 84 flights to Hurghada from July 5-11, 2016. The airline EgyptAir will operate 45 flights; 23 flights to Sharm El Sheikh and 22 flights to Hurghada while EgyptAir Express is set to operate 144 flights; 82 flight to Sharm El sheikh and 62 flights to Hurghada. CEO Musallam added that EgyptAir is operating flights to Luxor, Aswan, Alexandria, Mersa Matruh, and Marsa Alam to activate internal tourism and provides more services for clients during this period. More»
Amwal Al Ghad English - 2016-06-30 08:35:55
Thomas Cook decided Tuesday to extend its flight ban to Sharm El-Sheikh, as the United Kingdom’s (UK) government did not lift its recommendation to halt all flights to Sinai. A senior official at the Egyptian Ministry of Tourism said that Thomas Cook’s decision to suspend its flights to Sharm El-Sheikh until February 2017 will exacerbate the sector’s losses. The tourism sector has already been suffering ever since Britain halted its flights to Sinai in November last year. According to the official, British tourism accounts for about 15% of total inbound tourist traffic to Egypt. It comes in second place across all nationalities travelling to South Sinai. There are 63,000 operating hotel rooms in South Sinai, which amounts to 30% of 225,000 rooms in Egypt. Head of the Tourism Investors Association in South Sinai, Hesham Ali, said that the decision deepens the scar from which Egypt’s tourism sector has been suffering over the past two years. He added that both British and Russian tourists are the most common tourism markets for Egypt. “Creating an alternative would take over 10 years,” Ali said. Egypt’s tourism sector has lost 62% in revenue over the past five months, compared to the same period last year, declining to a low of $832m. Hotel rooms in South Sinai generate about 45% of the tourism sector’s income for Egypt, Ali said. He added that the decline in tourism to that specific region is the straw that broke the camel’s back. Elhamy Al-Zayat, chairperson of the Egyptian Tourism Federation, said that 2016 is a continuation of the country’s five-year downfall in tourism. “The recovery will begin next year,” he added. Al-Zayat expressed his gratitude to the government, saying it has been in a race against time to finalise airport security reviews and establish a new company to manage airport security. More»
Amwal Al Ghad English - 2016-06-30 08:21:28
Italy's Senate voted Wednesday to halt supplies to Egypt of spare parts for F16 warplanes in protest against the killing of Italian student Giulio Regeni earlier this year. Italy has repeatedly complained that Egyptian authorities have not cooperated to find those responsible for the 28-year-old student's death, and in April it withdrew its ambassador to Egypt for consultations. However Wednesday's vote in the Italian Senate marked the first commercial steps taken against Cairo. After a heated debate, the upper house of parliament passed the so-called Regeni amendment by 159 to 55. Regeni, who was doing postgraduate research into Egyptian trade unions, was last seen by his friends on Jan. 25. His body, which showed signs of torture, was found in a roadside ditch on the outskirts of the Egyptian capital on Feb. 3. Nicola Latorre, a senator from Prime Minister Matteo Renzi's Democratic Party, said the vote was aimed at putting pressure on Egypt to help "the truth emerge more quickly" over the killing. Centre-right lawmakers warned that it would hurt relations with "an ally in the fight against terrorism." More»
Amwal Al Ghad English - 2016-06-30 08:16:05
Investigators have downloaded data from one of the black box flight recorders on EgyptAir Flight MS804 and are preparing to analyse it, bringing them closer discovering what caused the jet to crash, Egypt's investigation committee announced on Wednesday. The Airbus A320 plunged into the eastern Mediterranean Sea en route from Paris to Cairo on May 19, killing all 66 people on board. The cause of the crash remains unknown. "Preliminary information shows that the entire flight is recorded on the FDR since its takeoff from Charles de Gaulle airport until the recording stopped at an altitude of 37,000 feet where the accident occurred," Egypt's Aircraft Accident Investigation Committee said in a statement. Search teams have salvaged both of the so-called black box flight recorders. Investigators are now preparing to analyze data from the flight data recorder. "Recorded data is showing consistency with ACARS messages of lavatory and avionics smoke," the committee said, referring to the Aircraft Communications Addressing and Reporting System, which routinely downloads maintenance and fault data to the airline operator. The plane had sent a series of warnings indicating that smoke had been detected on board through SCARS. Recovered wreckage from the jet's front section showed signs of high temperature damage and soot, the committee said. Those were the first physical signs that fire may have broken out on the A320 airliner, in addition to maintenance messages indicating smoke alarms in the avionics area and lavatory. The committee said these findings would need further analysis to discover the source and reason for the marks, however. SECOND BLACK BOX The second black box, the cockpit voice recorder, is still being repaired in laboratories belonging to France's BEA aircraft accident investigation agency, where the data chips from both recorders were sent after the devices were retrieved from the Mediterranean earlier this month. The BEA is involved in the investigation because France is both the flight's point of origin and home to Airbus, the plane's manufacturer. Fifteen of those killed were French. A United States National Transport Safety Board investigator is also involved, since the plane's engines were built by a consortium led by the U.S. company Pratt & Whitney. If intact, the cockpit recorder should reveal pilot conversations and any cockpit alarms, as well as other clues such as engine noise. A search vessel contracted by the Egyptian government from Mauritius-based Deep Ocean Search is still searching the Mediterranean for human remains. No explanation for the disaster has been ruled out, but current and former aviation officials increasingly believe the reason lies in the aircraft's technical systems, rather than sabotage. The Paris prosecutor's office opened a manslaughter investigation on Monday but said it was not looking into terrorism as a possible cause of the crash at this stage. The crash is the third blow since October to Egypt's travel industry, which is still suffering from the 2011 uprising that ended Hosni Mubarak's 30-year rule. A Russian plane crashed in the Sinai Peninsula in October, killing all 224 people on board in an attack claimed by Islamic State. In March, an EgyptAir plane was hijacked by a man wearing a fake suicide belt. No one was hurt. More»
Amwal Al Ghad English - 2016-06-29 12:39:36
In recognition of her significant role in the Egyptian banking sector, a 50-member woman-led forum has honoured Egypt's central bank sub governor for monetary policy Rania al-Mashat. Mashat will join the International Monetary Fund (IMF) in August as an advisor to the IMF's chief economist. Mashat joined the central bank in August 2005. At the time she was the youngest sub governor for monetary policy in the bank's history. Honouring al-Mashat took place during a ceremony on June 22nd attended by Minister of Planning Ashraf al-Araby, Minister of Social Solidarity Ghada Wali, Minister of Communications Yasser El-Kady, in addition to key Egyptian business figures.  The member of Top50 Forum involves high-profile names that had been classified as the 50 most influential women in the Egyptian economy during The Best in Egypt’s Economy Summit, which was held in Cairo last January 27, under the auspices of the country’s prime minister. More»
Amwal Al Ghad English - 2016-06-29 09:55:34
Egypt's Civil Aviation Minister Sherif Fathy welcomed on Tuesday the decision issued by International Civil Aviation Organization (ICAO) to lift the Sinai Peninsula from the Notice to Airmen (NOTAM) warnings worldwide. The NOTAM that is a warning to alert aircraft pilots of potential hazards along flight routes or locations that can affect the safety of their flight. More»
Amwal Al Ghad English - 2016-06-29 09:42:44
Britain will remain committed to the EU-Egypt Association Agreement until the legal separation procedures are completed, said James Moran, Head of European Union (EU) delegation to Egypt. The agreement, which was signed by Egypt and the EU countries, provides both parties with customs advantages with different rates. The British had voted to leave the EU in a referendum at the end of last week, a process that had been labeled as Brexit. During an iftar organised by the EU delegation on Monday, Moran denied that the EU aid programme to Egypt will be affected by Brexit, especially since the United Kingdom (UK) provides approximately 11% of the EU’s total programmes worldwide. “Nothing will change,” Moran assured. He added that Britain still has a long way towards separation, since what happened was just a referendum that will be followed by long talks to exit the EU. He said that the European Commission had called on the UK to quickly finalise the legal procedures of its exit, noting that Britain is the party that will decide when it will begin with the process. He added that the referendum result is a confusing matter for the UK and the EU, expressing his belief that some people in Britain will regret the separation decision. Moran denied that the migration to Britain is the real reason behind the Brexit vote, saying that Europe has always been known for being a land of diasporas. He highlighted that migration is a social feature in all European countries, and that one in every three Europeans belongs to a migrant family. Moran revealed that the EU is in discussions with Egypt regarding cooperation in how to face the problem of refugees. He said that the EU will support Egypt, refusing to reveal further details since the matter is still being discussed. He denied that the EU will offer to help Egypt reconcile with the Muslim Brotherhood, saying that more important issues need to be dealt with and cooperated in, such as facing the Islamic State (IS) in Sinai. In a related context, Moran asked Egypt’s Minister of Industry and Foreign Trade Tarek Qabil to withdraw his decision regarding foreign companies and factories. The decision obliges foreign companies and factories to have quality certificates in order to be able to export their products to Egypt. The EU is concerned about the restrictions the Egyptian government has lately imposed on trade between Egypt and countries of the EU, Moran added. The main concern lies in the decision of registering foreign factories’ data in the General Organization for Export and Import Control, before allowing its products to enter the local market. He added that these restrictions lead to a bad environment for the economy and trade. Hence, said Moran, the EU hopes that the Ministry of Industry and Foreign Trade withdraws these procedures, while staying in line with the rules of the World Trade Organization. This would lead to a win-win situation for all parties, he stated. He continued saying that the government should put more effort into raising export rates, instead of imposing new restrictions on trade. More»
Amwal Al Ghad English - 2016-06-29 09:36:12
Egypt received 17.3% of total foreign direct investment (FDI) in Arab countries in 2015, raking third after the United Arab Emirates (UAE) and Saudi Arabia, according to the 31st annual report on investment in Arab countries by the Arab Investment and Export Credit Guarantee Corporation (Dhaman). In first place, the UAE received a total of $11 billion of FDI, making up 27.5% of the total FDI poured into Arab countries in 2015. It was followed by Saudi Arabia with $8.1 billion at 20.4%. Egypt came in third place with a total of $6.9 billion of FDI, marking an increase of 49.3% compared to 2014. This amounts to 17.3% of the total FDI received by Arab Countries. The organisation’s 31st annual report on investment in the Arab countries shows a decline of 10% in the overall inflow of FDI in 2015, compared to 2014. FDI into Arab countries reached $40 billion, representing 2.3% of the global FDI, and 5.4% of FDI in developing countries, with a total of $765 billion. The decline comes in contrast to the surge in global FDI, which increased by 38% in 2015, reaching 1.76tr—its highest value since the 2008/2009 financial crisis, according to the annual World Investment Report by the United Nations Conference on Trade and Development. In terms of FDI balances to Arab countries, the report showed a slight increase of 2.4% compared to 2014. The balance reached $814 billion in 2015, which makes up 3.3% of the global total of about $25tr. Regarding the geographical distribution, FDI balances remain focused on the UAE, Saudi Arabia, and Egypt, making up 52.8% of total balances in the region. Saudi Arabia received $224 billion (27.5%), followed by the UAE with $111 billion (13.6%), while Egypt received a total of $94.3 billion (11.6%). The report also indicated a significant increase in Organization for Economic Cooperation and Development (OECD) investments in Arab countries. Investments went from $5.7 billion in 2013 to $27.7 billion in 2014, most of which were placed in the UAE, Egypt, and Saudi Arabia, respectively. Consequently, OECD cumulative investments in Arab countries amounted to $214 billion by the end of 2013, compared to $174 billion at the end of 2011, following a general upward trend. In 2003, investments stood at $47.4 billion and reached $177 billion in 2010. The list of top 10 OECD countries investing in the region included the US–as the largest investor–with a total of $71.2 billion (31.3% of total), while the Netherlands came in second place with $55.3 billion (24.3%), followed by Italy in third place with $37.6 billion (16.5%). The report indicates that the number of foreign companies operating in the Arab states rose from 6,109 companies in 2015 to 6,587 in 2016. Those companies are currently investing in 11,541 projects in the Arab region, representing 5.4% of the total global number of foreign projects. Cumulatively, FDI projects in the region from 2003 until 2016 amount to more than $1tr.   Over 60% of these projects and foreign investment companies in the region are located in the UAE, Saudi Arabia, Egypt, and Morocco respectively. Dhaman is a pan-Arab organization owned by the governments of Arab states and four Arab financial institutions. It was established in April 1974 as the first multilateral investment guarantee provider in the world. More»
Amwal Al Ghad English - 2016-06-29 09:28:09
Egypt's budget would increase by 1.25-1.5 billion Egyptian Pounds ($168.8 million) if the parliament approves the amendment to the civil services bill boosting annual wage increases to 7 percent up from the previous 5 percent, Finance Minister Amr Al-Garhy was quoted as saying by state-news agency MENA on Tuesday.The parliamentary committee for manpower agreed on Monday to boost the annual wage raise to 7 percent, up from 5 percent initially proposed in the bill. The Ministry of Planning had resent the amended bill to the legislature after it was voted down by the parliament earlier this year. More»
Amwal Al Ghad English - 2016-06-29 09:11:04
The French prosecutor-general's "manslaughter inquiry" into the crash of EgyptAir MS804 flight in the Mediterranean does not preempt the results of the official investigations, the French embassy in Cairo said. In a short statement issued on Tuesday, the French embassy said that the decision by the French prosecutor to designate the investigation as a "manslaughter inquiry" was taken because there was no other evidence currently supporting the "criminal hypothesis." "Designating the crash as manslaughter does not pre-empt the official investigation results," the French embassy in Cairo said, adding that until the present all hypotheses cannot be excluded. More»