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Latest in Lifestyle


Emirates to start flights to Iraq in July

DUBAI: Dubai’s Emirates airline will start flights to Iraq in July, it said on Monday, as it looks to benefit from increasing traffic on the back of reconstruction efforts in the war-torn nation. The Arab world’s biggest carrier, which has not flown to the country before, said in a statement the destination is one of …

Reuters

Qatar may open Harrods outlet in Shanghai, says report

LONDON: The Qatari royal family’s investment arm is considering whether to open a flagship Harrods outlet in Shanghai after its acquisition of the British store, the Financial Times reported Monday. Qatar Holding, which bought the landmark London department store for £1.5 billion (€1.7 billion, $2.2 billion) on Saturday, may target the Chinese city as a …

AFP

Mohieldin calls for more investment on Upper Egypt-Red Sea road

Minister of Investment Mahmoud Mohieldin called for offering more investment projects on the Upper Egypt-Red Sea road as soon as possible. During a tour of the Upper Egyptian city of Assiut, he pointed out that major Arab and foreign investment institutions are interested in launching projects along the road. Services including petrol stations, traffic posts, …

Daily News Egypt

Egypt cbank leaves key interest rates steady

Egypt’s central bank kept its key overnight interest rates unchanged on Thursday, a decision that was in line with analysts’ forecasts and the bank’s fifth pause since it last lowered rates in September. Ten out of 10 economists participating this week in a Reuters poll forecast that the bank’s Monetary Policy Committee would keep rates …

Reuters

Chambers of commerce elections to be held June 23

CAIRO: Egypt is set to hold elections for chambers of commerce board members nationwide on June 23. A total of 292 candidates are vying for the 193 available seats, and will hold the post for a four-year term The process will begin after appeals committee screenings and approval procedures are completed, along with a performance …

Amr Ramadan

Iraq sends Shell gas deal to cabinet for approval

BAGHDAD: Iraq’s oil ministry has sent the final draft of a gas deal with Royal Dutch Shell to the cabinet for approval, Iraq’s oil minister said on Thursday. The deal is for a multi-billion-dollar joint venture between Iraq’s South Gas Company, Shell and Japan’s Mitsubishi in the southern Basra oil hub to capture and use …

Reuters

Africa's first high-speed train to open ahead of World Cup

JOHANNESBURG: The Gautrain, Africa’s first high-speed rail line, will launch on June 8 in South Africa three days before the opening match of the 2010 football World Cup, the developers said Friday. French construction giant Bouygues said the train’s first segment, linking OR Tambo International Airport and the posh Johannesburg suburb of Sandton, will open …

Daily News Egypt

Dubai ranks nine among most expensive office markets, says CBRE

Dubai is among the ten most expensive office markets in the world, a report on global office rents by commercial real estate services company CB Richard Ellis (CBRE) showed. The report said office rents in Dubai have recorded $108.92 per square foot per annum, placing the emirate at number nine. Occupancy costs in the global …

Reuters

Lecico posts 25 pct rise in Q1 net profit

CAIRO: Ceramics company Lecico Egypt said improved volumes in the sanitary ware segment was the main driver of a 25 percent rise in first-quarter earnings. Profit rose to LE 26.9 million ($4.8 million), on revenue up 11 percent to LE 269.5 million. "The strength that we had seen in our business in the last quarter …

Reuters

Egypt cbank leaves key interest rates steady

CAIRO: Egypt’s central bank kept its key overnight interest rates unchanged on Thursday, its fifth pause since it stopped lowering rates in September, the central bank said on its website. The overnight lending rate was left at 9.75 percent and the deposit rate stayed at 8.25 percent, the website said. The discount rate was also …

Reuters

Egypt's Raya to pay higher dividend, says stock exchange

CAIRO: Egypt’s Raya Technology and Communication will pay a cash dividend of 0.25 Egyptian pounds per share, the stock exchange said on Thursday, up from LE 0.21 the year before. The dividend will be paid on May 23 to investors holding the shares on May 18, the bourse said. Shares in Raya were trading up …

Reuters

Egypt cites urgent need for nuclear-free Mideast

UNITED NATIONS: Egypt said there is an urgent need to create a nuclear weapon-free zone in the Middle East and five world powers gave the idea qualified backing at a UN conference here Wednesday. "The need is doubled today for the effective and comprehensive implementation of the 1995 (NPT) resolution on the Middle East," Egyptian …

AFP

No More Drinking in Bahrain

Manama, BAHRAIN: The Bahraini parliament has adopted an amendment forbidding the kingdom’s Muslims from consuming or importing alcohol. Bahrain is a popular holiday destination or weekend getaway spot for Saudi Arabian youth unable to drink in their own country. The move, taken by the all-appointed Upper House of Bahrain’s parliament, will all but end such …

Daily News Egypt

Iran says ready to address 'rights abuse' charges

TEHRAN: Iran is willing to address accusations of rights violations and host UN human rights chief Navi Pillay and experts, a senior official was was quoted as saying on Wednesday. Human rights chief Mohammad Javad Larijani made the comments as Iran faces mounting international pressure over its controversial nuclear program and risks further sanctions. Iran …

AFP

3 dead in fire at Greek bank during Athens riots

ATHENS: Three people died when an Athens bank went up in flames Wednesday as tens of thousands of Greeks took to the streets to protest harsh spending cuts aimed at saving the country from bankruptcy. Tear gas drifted across the city’s center as hundreds of rioters hurled paving stones and Molotov cocktails at police, who …

Daily News Egypt

2 Gaza smugglers die in tunnel collapse, officials say

GAZA CITY: Palestinian medical officials say two smuggling tunnels under the Gaza-Egypt border have collapsed, killing two Gaza workers. Medics say the bodies arrived at the local hospital late Tuesday and early Wednesday. Hundreds of Gazans work in a vast network of tunnels under the Gaza-Egypt border. The tunnels provide Gaza’s 1.5 million Palestinian residents …

AP

Dubai to open world's biggest' airport for cargo next month

DUBAI: Dubai’s second airport, designed to be the world’s largest when completed, will open in June for cargo only, with plans to receive passengers in spring next year, Dubai Airports chief said Tuesday. "Dubai will no longer be a single airport city," chief executive officer, Paul Griffiths, told a press conference on the sidelines of …

AFP

Qatar Air to receive 6 Boeing 787s next year

DUBAI: Qatar Airways increased its order for Boeing’s new 787 Dreamliner to six from two and expects to take delivery by September next year, the carrier’s chief executive said on Tuesday. "At the moment, we will be receiving six 787s next year; initially it was two," Akbar al-Baker told reporters at a travel and tourism …

Reuters

S&P rates sharia fund in bid to raise transparency

DUBAI: Ratings agency Standard & Poor’s (S&P) on Tuesday said that for the first time it assigned a rating to a sharia fund, in a bid to boost transparency in an industry that has come under fire after some recent defaults. S&P said it assigned a "AAf/S1+" fund credit and volatility rating to a Luxembourg-based, …

Reuters

Oil falls below $85 ahead of US inventory data

LONDON: US crude oil fell more than $1 to below $85 per barrel on Tuesday, retreating from 19-month highs ahead of an expected rise in US crude and fuel stocks and as the dollar strengthened. Data published later on Tuesday is likely to show US crude inventories rose last week as a discount for prompt …

Reuters

Iraq arrests network behind April embassy blasts

BAGHDAD: Iraq has announced the arrest of a network it says was behind the April bombings of foreign embassies that killed 46 people. Military operations spokesman Maj. Gen. Qassim Al-Moussawi says the key to the arrests was the capture of one would-be bomber involved in the April 4 attacks. Three suicide bombers struck the German, …

AP

Law giving rights to people with disabilities to be discussed

CAIRO: A draft law concerning the rights of people with disabilities is slated for discussion during the upcoming Cabinet meeting this month before submitting it to the People’s Assembly and the Shoura Council for final approval. "We are trying to reach the international standards for the rights of disabled people," said Moushira Khattab, Minister of …

Omnia Al Desoukie

Orascom must disclose more on Mobinil, says regulator

Orascom Telecom has a week to disclose further detail on the Mobinil deal reached with co-owner France Telecom, Egypt’s market regulator said on Monday. The Egyptian Financial Supervisory Authority said it wanted to know how the companies calculated a $300 million settlement fee being paid to Orasocm and an Orascom put option price. EFSA also …

Reuters

Iran invests $5.2 bln in petrochemical projects, says Mehr

TEHRAN: Iran is investing more than $5 billion in nine major petrochemical projects which will be completed during the 2010-11 year, a senior official said in remarks published on Monday. Abdolhossein Bayat, head of the National Petrochemical Company (NPC), said the facilities would boost output capacity by 10.5 million tons and create 3,000 new jobs, …

Reuters

HSBC says Dubai World plan fair, resolution in weeks

DUBAI: Dubai World’s restructuring plan is "very fair" and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday. Simon Cooper, head of HSBC’s Middle East operations, made the remarks on the sidelines of an HSBC trade survey launch. "The proposal is very fair …

Reuters

Iran says no change in oil sales to China, Japan

TEHRAN: A senior Iranian oil official denied on Monday that the Islamic Republic’s crude sales to China and Japan had declined during the first few months of 2010, the ISNA news agency reported on Monday. "There is no change in our crude sale to these countries," said Deputy Iranian Oil Minister Hossein Noghrehkar-Shirazi. In March, …

Reuters

The whole policy has to change, says economist Galal Amin

CAIRO: To identify and write about a problem and for 40 years watch as it deteriorates while the warning messages are ignored is a frustration economist Galal Amin is all too familiar with. He calls his 40-year-long writings on Egypt’s identity crisis as the nation grappled with a growing ‘foreign complex’ a Greek tragedy — …

Sarah El Sirgany

Al Futtaim launches two new phases of Cairo Festival City at Next Move

CAIRO: With the opening of Next Move last week, Al Futtaim introduced two new phases of Cairo Festival City: Festival Living and the Business District. Stretching over 3 million square meters in New Cairo, Cairo Festival City is a mixed use development offering a healthy combination of residential, retail and business real estate. Festival Living …

Daily News Egypt

Alex Cement plans $442 mln rights issue

Egypt’s Alexandria Cement received the go-ahead for a LE 2.45 billion ($442.1 million) rights issue scheduled to begin May 19, the stock exchange said on Wednesday. The transaction will pave the way for Alexandria Cement’s main shareholder, Greek cement maker Titan, to sell a 16 percent stake in Alexandria to the International Finance Corporation (IFC) …

Reuters

Crowell & Moring foray into Egypt with Hegazy partnership

When Crowell & Moring looked into embarking on its largest international initiative in a decade, the law firm decided it was prime time to foray into the Middle East, and in doing so, chose Egypt as its hub. “We have committed more resources to opening this office and to our presence in the Middle East …

Amira Salah-Ahmed