Under the contract, Abou Ghali Motors would offer integrated services to Alfa Romeo’s customers in Egypt, including sales, after sales, maintenance and spare parts. Abou Ghali Motors Group is a strong and experienced entity in the Egyptian automotive market, which enabled it to gain the confidence of Fiat Chrysler Automobile. He added that the appointment of a new agent for Alfa Romeo comes in line with FCA’s global strategy of combining the premium brands, namely Jeep and Alfa Romeo brands together in the so-called “integration project” in some markets in Africa and the Middle East. In Egypt, the integration project between Jeep and Alfa Romeo is being carried out at some of Abou Ghali Motors and Nile Engineering Showrooms. Maher Abu Ghali, Chairman of Abou Ghali Motors Group, said that his company’s acquisition of Alfa Romeo in Egypt is a natural development of a successful and extended 25-year partnership with Fiat Chrysler Automobile.
August 22, 2017 06:56 UTC
The Egyptian Electric Utility and Consumer Protection Regulatory Agency is discussing this week the complaints filed to the Egyptian Competition Authority (ECA) regarding the violations of six electricity distribution companies and the harming of citizens as the result of the North Delta company monopolising the sales of electricity metres at double their original price. A source at the agency said that the board of directors will discuss several issues during the upcoming meeting, including the violations of the electricity distribution companies, the provision of permanent licenses to Elf Energy for solar energy production, and compensating the agriculture land owners who were harmed from building electricity towers on their lands. Ebtehal El Shafie, the chairperson of North Delta Electricity Distribution Company, said that the company is committed to the prices announced by the Egyptian Electricity Holding Company (EEHC) according to the regulations approved to install metres in all electricity distribution companies. She added that prices are unified and electricity distribution companies have not pressured citizens with any additional burdens despite the increase in the prices of metres. Last week, the ECA announced that six electricity distribution companies have violated the law through increasing the prices of electricity metres and offering electricity services on the condition of purchasing metres from the distribution companies.
August 22, 2017 06:22 UTC
The “Evaluate Offshore/Nearshore Countries for Outsourcing, Shared Services and Captives in EMEA” report identified the main destinations in providing such services, including Egypt, Belarus, Bulgaria, Czech Republic, Poland, Romania, and South Africa. Egypt is cheaper than many Eastern European countries that specialise in the IT sourcing industry. Gartner estimated that the software developer in Egypt, which has two years of experience, is paid about $5,000-$7,000 annually. The IDC also predicted a growth in outsourcing business systems by about 14% during the current year. In its report on Egypt 2017, Oxford Business Group cited Egypt’s outsourcing industry as going from strength to strength, with an annual growth rate of about 7.5% since 2014.
August 22, 2017 06:00 UTC
The news sent shockwaves through journalistic circles in the Egyptian capital where the Daily News once cast a critical eye over those in power. “Al- Akhbar took over the management, finances, IT, and marketing and we keep hearing that they will also control things editorially. Our reporting was what made the Daily News stand out in Egypt, especially as an English media outlet,” he added. Despite the present circumstances, the unnamed journalist still believes that there is hope for independent media outlets in Egypt. “It is bleak at the moment but I think there will always be hope for independent media outlets here.
August 22, 2017 02:26 UTC
Minister of Military Production Mohamed Al-Assar discussed on Monday means of joint cooperation with Minister of Local Development Hisham El-Sharif to implement several developmental projects in a number of Egyptian villages. The meeting reviewed the technological and human potential of the companies affiliated with the Ministry of Military Production and means to enhance joint cooperation. El-Sharif stressed his keenness to cooperate with the Ministry of Military Production to encourage the national industry. “We want these villages to become productive using the expertise and local capabilities of each village,” said El-Sharif. The Ministry of Military Production suggested establishing infant incubators in villages, marketing centres and agricultural complexes.
August 21, 2017 18:56 UTC
Modern Company for Construction and Real Estate (MCR) launches the first phase of ISIS Park in 6th of October City in October with investments of EGP 1bn. Mohamed Abdel Mohsen, chairman of MCR, said that the company will deliver the Le Park project in March 2018 with investments of EGP 400m. In a press conference held Monday, Abdel Mohsen added that company plans to launch the first phase of ISIS Park on 50 feddans out of 150 feddans, the total area of the project, which consists of three phases. He expected achieving sales of EGP 1.6bn of the first phase. “The company has marketed 80% of Le Park in Shorouk City on 10 feddans and includes 117 apartments and 50 villas with investments EGP 400m,” Abdel Mohsen said.
August 21, 2017 18:33 UTC
The work progress in Zohr field amounted to about 5.89%, with investments of about EGP 4bn so far until August 2017, according to Petropel’s statement on Monday. Minister of Petroleum and Mineral Resources Tarek El-Molla said last week that Zohr field’s investments amounted to $12 billion and were planned to reach $15.6 billion at the end of the project. Eni CEO Claudio Discalzi said earlier this year in a presidency statement that Zohr field will start producing natural gas before the end of 2017. Petroleum company Petro Shorouk, which is responsible for Dahr field’s development, was established by the Egyptian Natural Gas Holding Company (EGAS) and Ayok, which is completely owned by Italian company Eni. He also stressed that one of the most important axes in the development and modernisation of the petroleum sector is raising the efficiency and increasing the existing field’s production.
August 21, 2017 18:11 UTC
The 22nd Euromoney Egypt Conference in Cairo on 18-19 September could not be better timed for those looking to understand the risks and potential rewards of investing in Egypt. Whisper it gently, but Egypt could be turning a corner. With a solid programme of market reform, a stable currency, a much-heralded return to the debt markets earlier this year, and a surge of interest from equity investors, investment prospects are on the rise. “A determined course for the economy appears to have been set,” said Victoria Behn, director for the Middle East and Africa at Euromoney Conferences. Egypt urgently needs capital to flow into securities and real assets to support its developmental challenges.
August 21, 2017 17:48 UTC
The National Bank of Egypt’s (NBE) total foreign exchange earnings since 3 November 2016 are estimated to be more than $12bn, according to the vice chairperson of the bank, Yahia Aboul Fotouh. Aboul Fotouh said in a statement to Daily News Egypt that the bank’s total earnings in July 2017 amounted to more than $1.5bn. Aboul Fotouh said that the new exchange company will initially operate through two branches only in Nasr City. The bank plans to open 15 branches of its exchange company in its first year and then 30 branches within two years. Those include Al Ahly Capital, Al Ahly Mortgage Financing, Al Ahly Medical Services, and Al Ahly Lands Reclamation and Cultivation.
August 21, 2017 17:26 UTC
Lenovo, through its subsidiary, Motorola, and Sky Distribution announced a strategic collaboration to distribute Motorola smartphones in Egypt through Sky Distribution’s extensive online/offline network across Egypt. Through this partnership, Egyptian consumers will have wider access to Motorola smartphones and also capitalise on Sky Distribution’s network to ensure a premium after-sales service. Motorola smartphone users will be able to purchase devices from any of the Sky Distribution stores across Egypt’s governorates, or even order them online. The new partnership will help further leverage Motorola’s existing channels of distribution nationwide and increase the brand’s accessibility with Egyptian consumers. Sharay Shams, General Manager of Mobile Business Group, Lenovo Middle East & Turkey, said that since the re-launch of the Motorola brand in Egypt, they have witnessed a growing demand for their smartphones.
August 21, 2017 17:03 UTC
The stations’ capacity is estimated at 473,000 cubic metres per day and will be built in five governorates. Another station is being implemented in El-Alamein with a daily capacity of 150,000 cubic metres. Similarly, there are two stations in Port Said, which are West and East Port Said with a 170,000 cubic-metre capacity. According to Tarek El Refaay, the assistant housing minister, the National Authority for Drinking Water has implemented 39 water desalination plants earlier for the Red Sea water with a daily capacity of 235,600 cubic metres. He added that the plants are distributed as following: nine in Matruh with 78,000 cubic-metre daily capacity, five in North Sinai with 10,600 cubic-metre daily capacity daily, six in South Sinai with 45,000 cubic-metre daily capacity, and nineteen in Red Sea with 102,000 cubic-metre daily capacity.
August 21, 2017 16:30 UTC
The number of mobile subscribers in Egypt reached 99.1 million in April, up from 95.2 million in April 2016, an increase of 4.1%, according to a report by the Ministry of Communication and Information Technology. On the other hand, the Internet market lost about 2.5 million subscribers in April compared to the same period in 2016. According to the ministry’s report, the number of Internet subscribers fell from 43.66 million in April 2016 to 41.1 million in April 2017. According to the indicators, the sheer number of mobile service subscribers increased by 442,500 clients in January. The total number of mobile services reached 98.2 million in January, up from 97.7 million in December 2016.
August 21, 2017 16:30 UTC
In the statement Al-Azhar asserted that only scholars and specialists can understand and give opinions on such issues, which is not accepted from non-specialists, regardless their culture or position. The statement of Al-Azhar comes a week after controversial statements from the Tunisian President Mohamed Beji Caid Essebsi about equality between man and woman in inheritance and the possibility for a Muslim woman to marry a non-Muslim man. The issue of the possibility for a Muslim woman to marry a non-Muslim man was not mentioned in the statement. This is not the first comment from Al-Azhar on the issue, as the deputy of Al-Azhar, Abbas Shouman, posted on his Facebook account saying that calls for equality between men and women in inheritance is unfair for women and contrasts Islamic law. Shouman added that the division of inheritance is a clear and irrefutable matter that was mentioned clearly in the Holy Quran.
August 21, 2017 16:07 UTC
The Ministry of Health said Saturday that a German media report on illegal organ trafficking aimed at disrupting medical tourism in Egypt as part of “a systematic campaign against the country’s national security.”The ministry denied any claims of organ trafficking in hospitals, stating that organ transplants take place according to strict legal procedures in licensed hospitals and is subject to meticulous monitoring. Crimes of organ trafficking and illegal transplants are punishable with harsh prison sentences and fines up to millions of Egyptian pounds under the law, the ministry said. A video report prepared by journalist Thilo Mischke said that Egypt was an attractive destination for medical tourism at cheaper costs than Europe. To avoid legal accountability, people claim to donate their organs for free, says one interview in the report. He further interviewed a Sudanese refugee who fell victim for trading his organ but didn’t get paid as promised.
August 21, 2017 16:07 UTC
The workers warned Egyptian authorities that they would strike if their bonuses were not paid and the overdue wages are not paid. The strike started as the workers did not receive the 10% bonus, which the parliament agreed to issue this year. Several parliament members called the workers to end the strike, stating that it is harmful for the economy. The workers at the state-owned Misr Spinning and Weaving had previously warned Egyptian authorities that they would strike if their bonuses were not paid. In 2006, a group of Mahalla workers went on strike, asking for bonuses and better wages.
August 21, 2017 15:11 UTC