Dr Hesham Kandil, Egyptian Prime Minister, said that the Chinese industrial zone in Northwest of Suez Gulf is a part of the Egyptian dream, which the Egyptian government is working on since it came to the office in 2012. He explained that this dream starts from Suez Gulf to the Technology Valley in Port Said, aiming to developing the Suez Canal as just a waterway that its outcomes reach $ 5.2 billion annually to higher outcomes that may amount to $ 100 billion through promoting more ventures. The development plan of this area takes in establishing a number of comprehensive touristic places, more and above developing the ships' terminals, said Egypt's Premier. This plan will provide as to thousands of direct job opportunities during its different stages, which would start by developing 100 kilometers as a first phase and to provide almost 700.000 job opportunities, and its outcomes will improve the state's treasury. Kandil emphasized that the area is not limited to the whopping ventures only, but it includes a number of light and medium industries so as to help the youth to find jobs in this industrial area. More»

The Egyptian Syrian Business Council has called for holding an urgent meeting with Mr. Khaled Al Azhary, Egyptian Minister of Manpower and Immigration, in order to demand increasing the Syrian labor in Egypt, specifically in the new Syrian ventures. Mr. Khaldoun al-Mowakaa, Chairman of the Egyptian Syrian Business Council, stated that he sent a demand to meet with the Egyptian Minister of Manpower since more than two months in order to discuss ramping up the Syrian labor to 15% or 20%, instead of the current rate, 10%, but there is no respond so far. He confirmed that increasing the rate will be for the interest of the two sides, Egypt and Syria. Khaldoun, in his statement to "Amwal Al Ghad", said that the trained Syrian labor in the field of textile will take over the responsibility of training the Egyptian labor. On the other hand, Khaldoun has condemned the way by which the Syrian businessmen in Egypt are being treated; calling for improving this way. More»

Nutreco has signed an agreement to acquire the remaining 67% share held by its two partners in its Egyptian participation Hendrix Misr. Nutreco entered the Egyptian market in 2001 by acquiring 33% of Hendrix Misr which has developed successfully since then. Full ownership of Hendrix Misr offers Nutreco a good base to expand its activities in this attractive growth market. Egypt is the world's second largest tilapia producer after China. The Egyptian market for extruded fish feed is expected to achieve double-digit growth for the foreseeable future. Hendrix Misr is Egypt's market leader in extruded fish feed (mainly tilapia) which is sold under the trade name Skretting, and a leading producer of poultry feed concentrates. Total revenue in 2012 was approximately EUR 25 million. Nutreco intends to expand the current fish feed capacity of 25,000 tonnes to 75,000 tonnes by 2015. Viggo Halseth, Nutreco's Chief Operating Officer Aquaculture: "This acquisition fits in very well with Nutreco's strategy 'Ambition 2016 - driving sustainable growth', which aims to expand in growth geographies as well as in fish feed for non-salmonid species. By moving to full ownership, we are able to accelerate the next phase of our growth ambition in this attractive market." More»

Egypt aims next month to issue a schedule of gradual rises in the subsidized prices various industries pay for fuel, to bring them near to world levels in four years, its trade and industry minister said. A reduction in energy subsidies is widely seen as an important step towards allowing Egypt to secure a $4.8 billion loan from the International Monetary Fund (IMF) to shore up its finances. Egypt spends around a fifth of its budget on fuel subsidies, and the government is under pressure to reduce them to plug a deficit that has mushroomed since the popular uprising that ousted Hosni Mubarak in early 2011. A growing population and a falling currency are expected to push the energy subsidy bill to more than 120 billion Egyptian pounds ($17.4 billion) in the financial year that ends in June. Trade and Industry Minister Hatem Saleh said the government has been negotiating with industry leaders on the plan to increase prices. "A very big dialogue is taking place with the Federation of Industries. I expect that within a week or two we will bring in the petroleum minister, and there will be a protocol so that the direction is clear for everyone," he said in an interview. More»

James Harmon, Chairman of the Egypt-American Enterprise Fund, said the capital of the fund at the current time is $ 60 million, while another $ 60 million will be added within few months, and then $ 180 million during three years. During a press conference held today, Harmon stated that many Arab and Asian countries were invited to take part in financing the fund; elucidating that if those countries participated, the fund's capital will amount to $ 1 billion. The fund focuses on the sectors that achieve growth and support the country's economy specifically in the agriculture field, recycling, infrastructure, health care and other sectors, which reflect on the investment and create job opportunities and hit growth rate along with boosting the fund's volume so as to finance more enterprises, said James Harmon. He said further that within ten years the half liquidity of the returns will be oriented to the Egyptian government so that the Egyptian people can utilize them in building schools and hospitals. More»

During his participation in the meetings of the International Monetary Fund (IMF) in Washington, Dr Ashraf Al Araby, Egyptian Minister of Planning and International Cooperation, has signed two loans worth $ 65 million, submitted by the OPEC Fund for International Development (OFID) in order to contribute to financing two ventures for both ministries of agriculture and water resources. Al Araby, in a statement released this morning, emphasized that the first venture aims to develop the field irrigation as well as to enhance sustainable administration of the water resources in the area of the venture. This will lead to improving the agricultural production. The project will be financed by $ 35 million. The second loan, which is $ 30 million, would be spent on renewing the irrigation pumping stations, besides eliminating the poverty through improving the quality of water; leading to boosting the production as well as the income in the poor governorates, like Al Behaira, Kafr Al Sheikh, Al Dakahlya and Sharqua. More»

El Sewedy Electric (SWDY.CA), the leading Wire & Cable and Integrated Energy Solution Provider in the Middle East and Africa, announced that the company’s factories in Syria are working with low production capacities driven by the current situation in Syria. The company added in a release to the Egyptian Exchange on Wednesday that it is studying all the available solutions and options to handle the situation. Accordingly the EGX management has resumed trading on El Sewedy’s shares. More»

Some Syrian businessmen, who live in Egypt since the Syrian revolution has erupted, unveiled that they were threatened by the Syrian investigations in case of continuing their new investments in Egypt. This matter let to exiting EGP 3 billion investments from Egypt. An owner of one of the new Syrian factories, that operate in the field of ready-made garments at EGP 50 million, said he was received a warning message through his e-mail that threatening to kill him and his family if he doesn't froze his investments in Egypt. The owner, who preferred not to mention his name, added that 15 Syrian investors had taken the decision of not investing in Egypt and transferred EGP 3 billion to private accounts in European banks, fearing of the threats that they received via the e-mail and the short messages. This refers that there are groups, who are pro-Bashar Al Assad, and work for the interest of his investigations authority. More»

Dr Hesham Kandil, Egypt's Prime Minister, has decided to sack Mohamed Abdel Maksoud El Salhouy, Acting Chairman of Egypt's Customs Authority, and the new chairman will be named within hours. El Salhouy was appointed in August 24th, 2012 as an acting chairman of Egypt's Customs Authority for one year. However, the coalition of Men Against Corruption has filed complaints against him besides a number of other leaders to the Egypt Prosecutor General during the last months. The coalition has also filed many complaints, which signed by hundreds of employees, to the Egyptian Minister of Finance and the PM over deteriorating the authority during the last months.The statement released by the coalition indicated that there is news about promoting El Salhouy and a number of senior deputies in the ministry to the advisor post, and transferring them to far administrative and executive posts in the authority. More»

Juhayna Food Industries Group is aiming to inject new investments, worth EGP 500 million, in Upper Egypt during 2013. Safwan Sabet, Chairman of Juhayna Group, said the company allocates 40% of its current investments in Upper Egypt through establishing new investments in Qena, Aswan, Luxor and Al Manyia. These investments would be finished in the first quarter of 2014. Sabet, in his statements to "Amwal Al Ghad", said the company will establish a logistics center and refrigerators in Qena at total costs EGP 25 million. He mentioned the company has finished the main lines of the center in cooperation with some governmental officials in the governorate. More»