CAIRO: The Swiss city of Zurich was named the world’s most expensive city to live in, according to the Economist Intelligence Unit’s worldwide cost of living report. The Swiss financial capital threw off Tokyo as the most expensive city at the top of the list and experts say it is due to the security of [...]
CAIRO: The head of the Egyptian stock market Mohamed Omran said Tuesday that the bourse is investigating Mobinil and Orascom Media and Technology Holding to look into any insider trading that might have taken place in the past few weeks prior to the France Telecom deal this week. Omran told the state-run MENA news agency [...]
CAIRO: For many Egyptian children within the traditional school system, there is often a void in personalized education promoting entrepreneurship and challenging innovation. The Explore/Express Contest, one of the many initiatives lead by the Lift-Off program, aims to encourage young people to consider entrepreneurship as a viable career choice, as well as helping teenagers explore [...]
Gaza City (dpa) – Gaza’s only power plant has stopped producing electricity due to a severe fuel shortage, cutting off “major and vital” supplies to the strip, its Energy and Natural Resources Authority announced Tuesday. “Now that the power station has stopped, we won’t be able to fulfill the needs of hospitals as well as [...]
CAIRO: The United Arab Emirates’ telecom operator Etisalat, the Gulf region’s largest telecom company, said on Monday evening that it hopes to acquire a license to operate in Libya or to invest in one of the country’s already existing operators. Libya’s current two state-run mobile operators are Madar and Libyana, and a third government-run company [...]
CAIRO: France Telecom will increase its ownership of Egyptian telecommunications giant Mobinil, the companies announced earlier on Monday. The deal comes after several weeks of discussion with Orascom about the future of the Egyptian telecommunications company. France Telecom agreed to invest 1.5 billion euros into the shares while Orascom agreed to retain five percent of [...]
CAIRO: Egypt’s Minister of Planning and International Cooperation Faiza Abul-Naga signed on Sunday, with the Japanese Ambassador to Cairo, Norihiro Okuda, a Japanese grant agreement, for $6.4 million, equivalent to 38.5 million Egyptian pounds. The Japanese grant`s value will be allocated to three Egyptian projects, the minister said. One for the Holding Company for Cotton, [...]
CAIRO: Representatives from major Egyptian and Swedish textile companies to meet this week in Sweden in order to explore new potentials for cooperation in the Textile sector, the Swedish Embassy in Cairo said in a press statement. From February 16 to 17, a delegation of leading Egyptian textile companies will be visiting the Swedish city [...]
CAIRO: The Popular Initiative to Restore Egypt’s “stolen” money from abroad has issued a list revealing the names of 19 former regime officials and their families whose financial assets have been frozen in the United Kingdom. The Head of the Initiative in London, Mustafa Ragab, said on Sunday that he met with member of the [...]
CAIRO: Businesses in Egypt have seen a rapid proliferation of employee-owned mobile devices such as smartphones, tablets, and of course, laptops. Smartphone penetration in the Middle East region as a whole is already at 47 percent and is set to further rise to 70 percent by the end of 2016. Industry experts in their predictions [...]
CAIRO: Egypt’s Suez Canal workers went to work normally on Saturday, according to a state television statement made by one of its managers, Tarek Hassaneen, who said that navigation was regular, despite calls for a nationwide civil disobedience campaigns by several student union groups, revolutionary youth and political movements to pressure the ruling military junta [...]
CAIRO: Egypt’s net foreign exchange reserves have seen a decrease of about $1.8 billion, or 9.9 percent during January, amounting to $16.3 billion compared to $18.1 billion in December 2011, the Central Bank said in a report. The Central Bank attributed the decline in foreign reserves to the decline in tourism and foreign direct investment [...]
Johannesburg (dpa) – South Africa will issue new banknotes bearing the portrait of former president Nelson Mandela, the government and the country’s central bank said Saturday. The announcement was made on the 22nd anniversary of the day Mandela was released from prison, after serving 27 years behind bars for his role in the struggle against [...]
Amman (dpa) – Arab stocks extended gains this week, buoyed by annual earnings, Greece’s bailout deal and the improving performance of the US economy, financial analysts said Friday. Regional gainers were led by the bourses of Saudi Arabia, the United Arab Emirates and Egypt. ”I believe the robust results of businesses in the oil-rich Gulf [...]
New York (dpa) – The global shipping industry suffered up to 80 per cent of the nearly 7 billion dollars in economic costs due to Somali piracy last year, a report said Wednesday. Government expenses countering piracy in the high seas accounted for the other 20 per cent of the costs, the Oceans Beyond Piracy [...]
Brussels (dpa) – European Union foreign ministers are expected to approve a new round of sanctions against Syria in two weeks’ time, targeting its central bank and exports of phosphates and gold, a diplomat said Wednesday. The EU was also preparing a meeting with the Arab League and the United Nations, replicating one of the [...]
DUBAI: SHUAA Capital, the region’s leading financial services institution, is pleased to announce that its Emirates Gateway Fund has been voted ‘UAE Equity Fund of the Year’ by MENA Fund Manager magazine. The Awards were determined by a panel from MENA Fund Manager Magazine and fund management industry experts. Shortlisted funds were selected based on [...]
CAIRO: Tension continues to rise between Egypt and the international community over the recent crackdown by Cairo on local NGO workers. On Tuesday, Egypt’s Minister of Planning and International Cooperation Faiza Abu Naga said that a number of unregistered civil society organizations in the country had received funds from abroad amounting to approximately $175 million [...]
CAIRO: A Cairo court on Monday upheld a 15-year prison sentence for Egyptian real estate tycoon Hisham Talaat Mustafa, who was charged with ordering the murder of a Lebanese singer Suzanne Tamim, judicial sources told Bikyamasr.com. Ahmed Sukkari, the henchman who had confessed to carrying out Mustafa’s orders to kill Tamim, also saw his sentence [...]
Berlin (dpa) – Many Europeans felt considerable sympathy and solidarity with the events of last year’s Arab Spring, but the region is a long way from returning to normality and tourists are tending to steer clear. Whether at the fabulous diving resorts along the Red Sea coastline, the tombs of the pharaohs along the Nile, [...]
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