Reem Nafie

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Latest by Reem Nafie


Egypt passes Imagine Cup torch to Poland

CAIRO: “Imaginative, inspiring, innovative and world changing. This is how the winners of Imagine Cup 2009 were introduced at the awards ceremony organized by Microsoft Tuesday night at the Pyramids. As the lights dimmed, traditional Egyptian dancers surrounded the stage, an accent to the historic Pyramids that set the background for the closing ceremony, where …

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Tech-savvy youth compete for Imagine Cup in Egypt

CAIRO: Amid the commanding backdrop of Cairo’s historic Salah Eldin Citadel, Microsoft’s top executives told the students competing in the 2009 Imagine Cup finals to vigorously pursue their dreams. “If you don’t have a dream, get one, Joe Wilson, senior director of Academic Initiatives in the Developer and Platform Evangelism Division at Microsoft, said at …

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BUSINESS BEAT: Mercedes looks to boost sales with new GLK

A few light showers did not affect the gusto that highlighted the launch of the new Mercedes-Benz GLK earlier this month. Reporters and car enthusiasts all had the chance to test drive the new luxury SUV that promises an “unparalleled driving experience. Amongst the lavish villas of Emaar’s Uptown Cairo project in Moqattam, few were …

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It's high time for reform, say banking experts

Despite the air of uncertainty hovering over world markets, focusing on modernization and going forward with reform is the only route towards economic development in the region, experts said at a banking conference this week. Over the course of two days, around 100 heads of regional banks met with senior public sector officials and leaders …

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Microsoft VP on maneuvering the economic crisis

CAIRO: Seldom will you meet a senior executive in a multinational corporation that will candidly compare the global economic crisis to a car accident. This is precisely how Ali Faramawy, Microsoft International vice president for the Middle East and Africa (MEA), described the way in which the company confronted the credit crunch and its plans …

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Nurturing young IT minds key in times of financial turmoil, says Microsoft exec

CAIRO: “Great innovations are happening in the dorm rooms not in the board rooms, Joe Wilson, director of Academic Initiatives for Developer and Platform Evangelism at Microsoft Corporation, told Daily News Egypt. Technology evangelism is an attempt to build a critical mass of support for a given technology in order to establish it as a …

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Will the real estate and banking boom continue?

As soon as the US and Europe began reeling from the financial crisis, analysts were quick to gauge the ripple effects on Egypt’s top two performing sectors: real estate and banking. The immediate aftermath of the crisis witnessed bleak expectations and even panic as individuals feared for their bank deposits and property owners lamented a …

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ICT on the rise in 08, insiders say sector will defy slowdown

Information technology can play an important role in helping companies respond to this difficult and rapidly changing economic environment, Karim Ramadan, Microsoft Egypt’s general manager, said. If the global crisis poses a threat to certain sectors, the information and communication technology (ICT) domain, which has grown in 2008, will likely remain a solid contributor to …

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Egypt must prop exports amid financial crisis, says Rachid

CAIRO: Since the ripple effects of the US credit crunch began making their way towards the region, Egyptian officials have enacted a number of strategies to reduce the impact of the global financial crisis on the local economy. Sustaining Egypt’s economic growth rate will be the major challenge, said Minister of Trade and Industry Rachid …

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BANK PROFILE: AAIB builds on domestic growth to expand regionally

CAIRO: Capitalizing on its growth in the Egyptian market, Arab African International Bank (AAIB) is looking to act as the gateway for international investments into the regional market. “AAIB is currently positioned to intensify its regional growth by building on its wide ranged contacts of international investors who see strong potential in the region, Hassan …

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Citadel Capital puts a stake on risky business (Part II)

CAIRO: In Part I of this interview with Ahmed El-Housseiny, Managing Director of Citadel Capital, the $7 billion-worth private equity firm, the MD narrated the company’s story of success. He spoke in depth about how, when Suez Cement acquired 100 percent of Helwan Cement at LE 30 a share for a total $600 million, ASEC …

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Citadel Capital puts a stake on risky business (Part I)

CAIRO: “Citadel Capital is quite a story, Ahmed El-Housseiny, managing director of the $7 billion private equity firm, told Daily News Egypt in an exclusive interview. Egypt’s Citadel Capital was born of a vision to revive businesses in distress by providing them with financial, technical and legal support, developing their capacities and, in turn, increasing …

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SECTOR SERVICES: Real estate, property finance develop a direct relationship

CAIRO: Egypt’s booming real estate sector has proved to be a catalyst for the country’s nascent property finance market, which has recently picked up speed after years of underperformance. Real estate and mortgage finance now enjoy a direct relationship, developing in conjunction to meet the long under-supplied property market in Egypt. The country’s real estate …

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Subsidies reach record high in further steps to reign in prices

CAIRO: With government efforts on the high to curb food prices ahead of Ramadan, subsidies jumped to LE 76 billion from July 2007 to May 2008, 130 percent increase over the same period in fiscal year 2006/2007. According to Al-Alam Al-Youm newspaper, Minister of Finance Youssef Boutros Ghali attributed the unprecedented subsidy increase to a …

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Egypt to host Imagine Cup 2009

CAIRO: Egypt will host the Imagine Cup 2009 finals organized by Microsoft, the company announced Tuesday, making it the first time the technology tournament will be held in the Middle East and Africa region. The announcement was made at the closing ceremony of the Imagine Cup 2008 finals held in Paris. The tournament will be …

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Trained calibers pave IT growth in Egypt

CAIRO: Over 800 students graduated from the Information Technology Institute’s (ITI) nine-month interactive training program on Sunday, 698 of which (85 percent) secured jobs in different IT companies. This year was the second year ITI formulates the nine-month program in collaboration with private IT companies, who tailor the program’s curriculum based on the company’s respective …

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Egypt boosts participation in this year's Gitex

CAIRO: Building on its status as one of the largest telecom markets in North Africa, the Information Technology Industry Development Agency (ITIDA) announced on Monday its collaboration with Gitex Technology Week to promote regional cooperation in the IT and telecommunications sector. Dubai World Trade Center (DWTC), organizer of Gitex Technology Week, will work with representatives …

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Industrial sector sees increases in electricity prices

CAIRO: The government is expected to introduce increases to the price of electricity for the industrial sector, according to press reports. Minister Rachid Mohamed Rachid said the decree will be issued on Wednesday, reported Al-Mal newspaper, in line with plans to gradually eliminate subsidies granted to energy-intensive industries. The Ministry of Electricity and Energy says …

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TE engineers go on strike demanding better pay

CAIRO: Telecom Egypt’s transmission engineers reportedly went on strike in several governorates on Sunday, objecting to the discrepancies in salaries between engineers within the company, press reports said on Monday. According to Al-Masry Al-Youm daily newspaper, engineers sent an internal email calling for a strike, which brought work to a halt at the Ramses, Tanta, …

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Kidnapping rumors at CityStars raise security and caution

CAIRO: Nearly a month ago, a mother of two decided to take her children out to the gargantuan CityStars mall – a popular treat for the young.Little did she know that this would be the last time she saw both her offspring. This is how the horrifying rumor circulating amongst women in Egypt begins. Her …

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ENPO develops postal investments

CAIRO: As a means to expand the postal infrastructure in Egypt, the Egyptian National Post Organization (ENPO) announced the establishment of the first integrated pan-Arab post network under the auspices of the Arab Telecommunications and Information Council of Ministers. The postal network is expected to act as an umbrella under which Arab postal organizations cooperate …

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New telephone call charges pass smoothly

CAIRO: Preparing for the entry of a second fixed-line operator next year, the National Telecommunications Regulatory Authority (NTRA) approved price changes to telephone calls and installation fees. Telecom Egypt slashed fees for installing new lines and for calls between landlines and mobile phones while increasing some charges for telephone calls on landlines by almost 50 …

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CanCham promises to boost further cooperation in all domains

CAIRO: The Canadian Chamber of Commerce in Egypt (CanCham) vowed to continue to bolster relations between Egypt and Canada, during a celebration of their second anniversary of operations in Egypt. Trade and investment between Egypt and Canada is expanding; according to 2004 statistics it reached $310 million. Last year, Egyptian exports reached a record high …

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Rolling out Wimax technology on the information highway

CAIRO: Wimax technology is the pathway to the next generation of connectivity in Egypt, Amr Badawi, executive president of the National Telecommunications Regulatory Authority (NTRA) said at the opening of the Second Annual Wimax MEA Summit on Monday. Taking advantage of the region’s growth and Egypt’s low broadband penetration, Wimax seems to be the solution …

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Sharing technologies on the information highway

CAIRO: The Software Engineering Competence Center (SECC) signed a cooperation agreement with the European Software Institute ESI-Tecnalia to exchange the latest software development technologies, according to a statement from the Ministry of Information and Communications Technology (MCIT). ESI-Tecnalia – a private technological center and a non-profit foundation created in 1993 by the European Commission with …

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Amended anti-monopoly law a disappointment, says ECA chair

CAIRO: Monopolistic business practices will now be fined between LE 100 million and LE 300 million, according to the amended version of the anti-monopoly law passed by the People’s Assembly (PA) late Sunday. Many were awaiting the approval of proposed amendments to create a failsafe law that will regulate competition in the ever-growing market. However, …

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Egypt banks profiting despite economic turmoil, says HSBC

CAIRO: HSBC will continue to apply its growth and expansion strategies on the regional and domestic fronts despite the recent challenges facing global economies, bank officials announced in a press conference Monday. At the inauguration of HSBC Bank Egypt’s new head office on the Maadi Corniche, officials spoke to the media about pressing issues related …

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AAIB achieves Euromoney best bank award for second time

CAIRO: Arab African International Bank was awarded the Euromoney awards for excellence as “Best Bank in Egypt for the year 2008, in an award ceremony held in Dubai last week. Achieving this award two years in a row comes as an accreditation of the bank’s notable growth rate that has made it one of the …

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