Investments in oil sector reach $10.633bn in FY2020
Foreign companies pump 94.3% of investments, state-owned companies represent 5.7%
Abdel Razek Al-Shuwekhi
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Latest by Abdel Razek Al-Shuwekhi
Nesma Airlines targets 23.6% growth passenger traffic to and from Egypt in 2019: CEO
Company to add 2 aeroplanes to fleet by end-2019 under financial leasing, says Lamloum
Mineral sales increase to $740m in FY 2019/20
State revenues from mining activities increase to $60m, says source
Tourism investors owe $180m to government
600 investors obtained lands from Tourism Ministry, failed to pay lands’ instalments
Egypt’s crude oil, petroleum products imports decrease by $3bn in FY2019/20: Government sources
Country’s domestic consumption of natural gas to increase to 51.1 million tonnes
EGPC forecasted net profit fell to EGP 21.4bn in FY 2019/20, down 30%
Profit targets were set based on minimum oil, gas production, say sources
Government allocates EGP 500m for Marina Alamein’s Development
Taamir is negotiating with several government agencies for new activities in city, says Zaazou
Egyptian Mineral Resources Authority targets EGP 2.4bn in profits in FY 2019/20
Government calls on management to develop various investment plans to increase profits
Egypt aims to export $2bn worth of gas FY 2019/20
Linking North Alexandria, Zohr, Borolos fields raises local production, says government source
Government suggests raising monopoly fine to EGP 500m in Protection of Competition Law amendment
President entitled to appoint authority’s board of directors but cannot dismiss them
CAO detects EGP 1.7bn not supplied by Egypt’s special funds in 2017
Income, VAT revenues in first quarter of current FY exceeded target
We seek to issue T-bonds, T-bills with long terms ranging from 10-30 years: Moeit
High Federal Reserve’s interest rate raises cost of converting maturity of Egyptian debt to medium, long, says Omar
Rooms revenue at Nile Ritz-Carlton up by 22% in 2018
Occupancy rates at 77%, Dahab hotel to be completed in 2019
France to launch campaign to promote investment in Egypt next March: ambassador
Macron will visit Cairo within few weeks
IPO’s high committee will look into first phase next month: Tawfik
Phase included floating 23 companies in banking, chemicals, petroleum, insurance sectors
India’s Sanmar aims to reach maximum production capacity in April
Development of East Port Said benefits company’s investments, stimulates foreign investment in region
Kuwaiti Kharafi group considers selling a hotel in Marsa Alam
Kharafi largest investors in tourism sector in Egypt, $2.1bn to establish Marsa Alam Airport
We have nothing to do with Muslim Brotherhood companies: Tatweer Misr
Tatweer Misr for Touristic Investments and Land Reclamation Company said that it has nothing to do with Tatweer Masr Real Estate Company whose funds are seized by the Inventory, Seizure and Management Committee of Muslim Brotherhood Funds.
Egyptian Ministry of Tourism to participate in ‘WTM’ exhibition in November
WTM fair one of most important events to increase reservations during coming winter, says official
Hotels, resorts use solar energy to cut bills
Negotiations with KarmSolar to implement plants, systems to produce electricity, says Rady
ETF discusses submitting memorandum to Finance Ministry to reconsider real estate tax calculation
Law subjects workers, service establishments to tax, says Rady
Ard Elkheir aims to secure meat to 2 million people by year’s end
We are trying to double number of cattle in markets through four farms, saya Zaky
Implementation of comprehensive health insurance subject to formation of financial, monitoring, operational bodies: Health Ministry
First phase of health insurance will cost about EGP 9.3bn, will be firstly applied in Port Said, then in another Suez Canal governorate after six months
Parliament asks for three-month report on tax disputes
Tax disputes referred to judiciary are about 150,000, including appeals against income, sales taxation, VAT, stamp duties
Industry committee agent in parliament submits draft law to remove detergents from table tax
Eliminating detergents from table taxes over upcoming period is not possible with Finance Ministry targeting tax revenues worth EGP 770bn, with VAT and table tax representing EGP 320bn of them
Parliament approves ‘Egypt’s Fund’ with EGP 200bn capital
Initial procedures of collecting funds for Egyptian sovereign fund in Q1 2019, says government sources
Health Committee calls on health minister to explain reasons for postponing implementation of comprehensive health insurance in Suez Canal cities
It is not only a matter of desire to meet with minister of health to discuss delaying postponement of comprehensive health insurance, but to discuss government’s strategy for sector in coming period
Parliament to complete government assessment report next week: MPs
There are some reservations on indicators in government’ programme, like proceeds of non-oil exports, which would not exceed $28bn in 2020 despite measures taken, legislations approved by parliament in past two legislative terms
Parliament to discuss tenders, auctions draft law within days
Parliament decides percentage of local product within government contracts shall not be less than 15% to encourage local producers to invest, expand projects
Parliament finally approves additional credit in this year’s budget worth EGP 70.3bn
Allocations for interests on additional credit estimated at EGP 57bn, other expenses include EGP 2.3bn in compensation for North Sinai residents