Int'l investment foundations praise improvement in Egypt's business climate

Minister of Investment Sahar Nasr - File PhotoNEW YORK– 17 October 2017: International investment corporations have praised the efforts exerted by Egypt to improve the business and investment climate, voicing willingness to pump new investments to Egypt in the coming phase.The remarks were made at a session held by the American Chamber of Commerce under the title of "Egyptian Economy.. Reform and Development" in coordination with the Egyptian-American Business Council and Hermes Financial Corporation.Egyptian Minister of Investment and International Cooperation Sahar Nasr and Senior Region Vice President of Apache Middle East Company James House were present.During the session, Nasr called on American investors to hold business in the Suez Canal Development Corridor, the New Administrative Capital and the New Alameen City. House, for his part, expressed his company's resolve to increase its investments to Egypt in the coming phase in view of the measures recently adopted by the Egyptian government to improve the investment climate.Meanwhile, Nasr held a series of meetings with representatives of international financial foundations whose assets exceed dlrs 600 billion. The corporations include Alliance Bernsten, Oppenheimer Funds, Frontier 337, Perry Creek Capital, Briarwood Chase Management, Times Square Management, Deltec Asset Management and Mutimaزtags:

Source:Egypt Today

October 17, 2017 14:26 UTC

Electricity Ministry will shift to auctions to encourage investment

Minister of Electricity Mohamed Shaker giving a presentation during BEBA event- Egypt Today photoCAIRO – 17 October 2017: The Egyptian government will auction renewable energy plants after the end of the second phase of the feed-in-tariff (FiT) scheme, Minister of Electricity Mohamed Shaker said during an event organized by the British Egyptian Businessmen Association (BEBA).Power plants will be built with the help of private sectors. "By 2025, around 37.2 percent of Egypt's power will be generated from renewable energy resources, Shaker noted.The 14,400MW of capacity expected from three Siemens-led power plants in the New Administrative Capital, Beni Suef and Burullus, prompted the Ministry to delay implementation of projects. "BOO projects in Ayoun Mousa, Luxor and Qena were shifted to 2022-2027 plan for example," the minister said.As for the Dabaa nuclear plant, Shaker said contracts will be signed by the end of 2017, adding that the contracts will be followed by several studies. "This means that the project will start operations and sell power before the end of the grace period," he said.Shaker stressed that the electricity sector has seen improvements over the past three years. "In 2014, Egypt was suffering from severe power outages as there was a deficit of 25 percent of the peak load, and around 6,000MW of deficit," he said; highlighting that the country didn't suffer from power blackouts since June 2015 until now.To reach that, Shaker said the ministry conducted maintenance operations for 70 percent of power plants, which resulted in generating 1,961MW of electricity.

Source:Egypt Today

October 17, 2017 13:07 UTC

5 minutes with artist Klay Kassem

Painting by Klay Kassem (Photo courtesy of Arts-Mart Gallery)Painting by Klay Kassem (Photo courtesy of Klay Kassem)Painting by Klay Kassem (Photo courtesy of Klay Kassem)Painting by Klay Kassem (Photo courtesy of Klay Kassem)Painting by Klay Kassem (Photo courtesy of Klay Kassem)CAIRO – 17 October 2017: Ambitious contemporary artist Klay Kassem will be displaying several of his paintings featuring topics relevant to the common problems in the Egyptian society.Kassem gives his readers a quick insight in an interview with Egypt Today about what he aspires to achieve from his paintings, which Arts-Mart Gallery will be showcasing in an exhibition on Friday.A patriotic identity began to build up inside me when I graduated, and I embarked on trips to Luxor and Aswan, which were reflected in the works I produced before the Egyptian uprising in 2011. My works reflect the Egyptian identity and patriotism, redefining the philosophy of old authentic Egyptian art and turning it into a modern valuable production across the world.b>ET: Tell us a bit about the paintings that will be displayed. One of his remarkable works includes the music tunes featured in the film "Al Ard" (Earth); I have called these tunes "The Symphony of the Earth. "The exhibition will host an array of topics tackled through my painting and art; initiated from previous exhibitions in 2011. This can only be managed if those artists display the strong will of an artist, a critic and a receiver.

Source:Egypt Today

October 17, 2017 12:45 UTC