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Apr 15, 2015

Mideast’s arch-survivor stands in way of Saudi success in Yemen

DUBAI (Reuters) – Three weeks of Saudi-led airstrikes in Yemen have led to defections of army units loyal to former president Ali Abdullah Saleh, military sources said, dealing a blow to his efforts to stage a comeback.

Saleh has teamed up with his old foes, the Iranian-allied Houthis, against his former backer Saudi Arabia, displaying the political skill that enabled him to rule the heavily armed and fractious country for more than three decades.

Mar 16, 2015

NBAD to add export financing to its Egypt operations -CEO

SHARM EL SHEIKH, Egypt, March 16 (Reuters) – National Bank
of Abu Dhabi is expanding in Egypt to add export
financing to its wholesale operations and introduce wealth
management services for affluent Egyptians, the company’s chief
executive said.

The bank expects Egypt to increase exports and adopt an
industrial policy of import substitution as it targets economic
revival, Alex Thursby told Reuters at an investment conference
in the Red Sea resort of Sharm El-Sheikh.

Mar 15, 2015

Sisi confident after investment summit: now the hard part

SHARM EL-SHEIKH, Egypt, March 15 (Reuters) – President Abdel
Fattah al-Sisi was so confident after Egypt signed billions of
dollars of deals at an investment summit that he publicly joked
on Sunday about haggling with the world’s top chief executives.
Yet the real challenge has only just begun.

“To Egyptian and international partners, if you really want
to contribute to developing this country, you must work night
and day and, as for the cost, please give us a break,” he said
in his closing speech at the Sharm El-Sheikh resort, to applause
and laughter.

Mar 15, 2015

Egypt’s Sawiris to diversify Orascom, invest $500 million in Egypt

SHARM EL SHEIKH, Egypt (Reuters) – Top Egyptian businessman Naguib Sawiris said he was ready to invest $500 million in Egypt and was diversifying his telecoms business into infrastructure, energy and transportation, sectors which need major funds in the country.

Sawiris, a billionaire from a powerful Coptic Christian family, said the investment conference in the Red Sea resort of Sharm El-Sheikh had been a success but that the government would need to make efforts to follow up with investors.

Mar 14, 2015

Top Egypt businessman says Cairo should fire slack civil servants

SHARM EL-SHEIKH, March 14 (Reuters) – One of Egypt’s top
businessmen said on Saturday the country needs to fire
inefficient civil servants in order to attract investment and
strengthen the economy.

Speaking at an international investment conference in the
Red Sea resort of Sharm El-Sheikh, billionaire Naguib Sawiris,
chairman of Orascom TMT Holding, said firm action was needed.

Mar 13, 2015

Gulf Arab allies pledge $12 billion to Egypt at summit

SHARM EL-SHEIKH (Reuters) – Gulf Arab allies pledged a further $12 billion (8 billion pounds) of investments and central bank deposits for Egypt at an international summit on Friday, a big boost to President Abdel Fattah al-Sisi as he tries to reform the economy after years of political upheaval.

Kuwait, Saudi Arabia and the United Arab Emirates each offered $4 billion to Egypt, which is grappling with Islamist insurgents as it tries to improve the investment climate four years after a popular uprising that touched off protracted turmoil.

Mar 13, 2015

Egypt’s Qalaa sees opportunities in energy sector reform

SHARM EL-SHEIKH, Egypt, March 13 (Reuters) – Qalaa Holdings,
one of Egypt’s largest investment companies, said on Friday its
investment strategy would focus on opportunities presented by
reforms in the energy sector.

Speaking at an investment conference in the Red Sea resort
of Sharm El-Sheikh, Qalaa chairman Ahmed Heikal said he was
highly encouraged by the government’s decision last year to cut
fuel subsidies that had drained state coffers.

Mar 13, 2015

Egypt eyes deals worth $15-$20 billion at investment summit

SHARM EL-SHEIKH, March 13 (Reuters) – Egypt expects to sign
agreements worth up to $20 billion at a weekend investment
summit in the Red Sea resort of Sharm el-Sheikh, its investment
minister said on Friday.

Egypt wants the conference to project an image of stability
and deepen investor confidence after four years of political and
economic turmoil triggered by a 2011 uprising that toppled
veteran ruler Hosni Mubarak.

Mar 11, 2015

Egypt pins hope for revival on investment conference

CAIRO (Reuters) – After four years of political turmoil, Egypt is staking its economic revival on an investment summit in Sharm el-Sheikh it hopes will burnish its image and attract billions of dollars.

The gathering, to be attended by global chief executives and officials including the International Monetary Fund’s Christine Lagarde and U.S. Secretary of State John Kerry, is not just about money.

Feb 26, 2015

Egypt army could play role in new Suez industrial hub: chairman

ISMAILIA, Egypt (Reuters) – Egypt’s military could help build an industrial hub around a new Suez Canal, the project’s manager said, the first suggestion that the armed forces may play an important role in the huge investment venture planned alongside the new waterway.

The army began in August digging the new $8 billion canal that President Abdel Fattah al-Sisi, the former military chief, wants completed within a year.