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Constitution drafting due September

Spokesman for Egypt’s Constitutional Assembly, Wahid Abdel-Maguid, has announced the assembly will conclude the drafting of articles in September and will then have the drafting committee vote on them. He also told Shorouk newspaper that the constitution would then be adopted in the event of a consensus or voted on if contentious issues arise. He …

Basil El-Dabh

Sinai attacks prompt government to invest in development of peninsula

By Ibrahim El-Masry   Measures will be taken within days to increase investment in the Sinai peninsula and to better connect the region with the rest of the country according to Dr Mohamed Mahsoub, Minister of State for Legal and Parliamentary Councils. He added that a Sinai development law will be discussed to nominante Arish …

Daily News Egypt

Ziad Akl

Qandil’s Government: failing the political diversity test

It is too early to judge the policies or the performance of Hesham Qandil’s government, but it is a suitable time to judge the political significance of its makeup and what this represents. The selection of ministers in Qandil’s government is the first real step towards creating President Mohamed Morsy’s administration. During his first month …

Ziad A. Akl

Government attracts funding originally allocated for SMEs

By Nasser Youssef The government’s expansion of high interest bonds and treasury bills led to a decrease in financing for small and medium sized enterprises (SMEs), the support of which the state claimed to be the primary goal of the post revolution government. The state resorted to the banking system in order to close the …

Daily News Egypt

Petroleum minister Abdallah Ghorab emphasised the need to readjust subsidy policies in order to reach those in who need it most (AFP Photo)

Petroleum Minster stresses subsidies’ rationalisation

By Ahmed Mokhtar Abdullah Ghorab, Minister of Petroleum and Mineral Resources, has said that the petroleum sector was able to persevere and see some success, despite the difficulties that have faced the Egyptian economy and negatively impacted a number of sectors. He noted that petroleum workers performed well despite the significant increase in demand for fuel …

Daily News Egypt

Government instates 15% raise for non-public sector employees

By Mahmoud Salah El-Din The government has instituted a 15% salary raise for the employees of the private sector, non-governmental organisations, and private institutions as of July 1. The raise followed issuance of law 82 of 2012. Refaat Hassan, Minister of Manpower, said the award was decided following the annual bonus negotiation meeting, held on …

Daily News Egypt

Summer Ramadan yields adverse impact on banks

By Asmaa Nabil With the arrival of Ramadan during the summer, several bank divisions are expected to suffer from a period stagnation, in contrast to the usual stability of this time of year. Banks traditionally see an increase in demand for credit that coincides with Egyptians returning from abroad. In addition, banks often reduce their …

Daily News Egypt

Ministry of Electricity finalises contracts for new power station in Banha

By Salah El-Monoufy The Yokogawa Company won a supply and installation contract for information control and transfer systems for the Banha electricity project worth EGP 10 million. A coalition of Japanese companies including Hitachi and Toyota won a supply and installation contract for mechanical systems for the project same projectworth EGP 165.5million. An Italian company, …

Daily News Egypt

Outgoing Finance Minister prepares for hand over

By Islam Zayed Momtaz Said, Minister of Finance in the current caretaker government, has been working since yesterday to complete all requests made by government agencies regarding allocations and expenditures before incoming Prime Minister, Dr.HeshamKandil, appoints a new Finance Minister. According to official sources within the Ministry of Finance, Said held a meeting with AymanGohar, …

Daily News Egypt

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