Section: Egypt
Swiss government lifts freeze on Egyptian assets, keeps Tunisian, Ukrainian assets
The Swiss Federal Council announced that it will end the freeze on the remaining $436m of frozen Egyptian assets, in a press statement on Wednesday. However, they extended the freeze on both Tunisian and Ukrainian assets. The Swiss Federal Council had frozen both Egyptian and Tunisian assets in the wake of the 2011 Arab spring uprisings and...
Iron in grip of local factories
Local iron mills now control the iron market after the Ministry of Industry applied anti-dumping duties on iron imports from China, the Ukraine, and Turkey for a period of five years, ending in June 2021, amid objections from importers on the decision. Minister of Industry Tarek Kabil said that the decision followed complaints from local...
2018 tourist season strong, occupancy up 20% since year beginning: Hilton
Officials at Hilton Group said that performance indicators are recovering as Egypt and Turkey revive their tourist market. They noted that occupancy grew by 20% since the beginning of the year. Carlos Khneisser, Hilton’s vice president of development for MENA and Turkey, said that the Egyptian economy is seeing the currency stabilise, along...
Egyptian exports to France up by 17% in H1 2017
Egyptian exports to France increased by 17% in the first half (H1) of 2017, scoring a value of €321.3m, up from €274.9m in H1 2016. According to the latest report of the Economic Department of the French embassy in Egypt, imports from France increased by 11% in the same period, reaching €915.9m, compared to €825.7m. Trade exchange between Cairo...
Travco Group allocates $120m for 4 hotels
Travco Group is working on founding four hotels in various tourist cities and is implementing a plan to renovate its fleet of tourist transport from local products. According to Hamed El Chiaty, the company’s CEO, $120m are allocated to create four new hotels in the cities of Marsa Alam, Safaga, Hurghada, and Marsa Matrouh, with 1,200 rooms...
Japanese tourism inflow to Egypt expected to increase: Deputy Tourism Minister
Deputy Minister of Tourism Adla Ragab, said that the chances of increasing Japanese tourism to Egypt are very high, with flights from EgyptAir between Japan and Luxor. Ragab added that Japanese tourism to Egypt is considered one of the most important wishing to visit the archaeological areas in Luxor and Aswan with higher expenditure rates of...
Metallurgical Industries Company receives 9 international bids for developing Iron and Steel Company
Holding Company for Metallurgical Industries, one of Ministry of Public Sector Affairs’ companies, received nine international bids for developing and restructuring Steel Iron and Steel Company. These offers were submitted through the international tender, which was offered by the Holding Company for Metallurgical Industries on 21 April for...
Ministry of Tourism allocates $10m to promote Sharm El-Sheikh resorts
A number of tourism officials and investors said that the new promotional campaign for Sharm El-Sheikh will revive the city again, after a two-year boycott imposed by some countries. Hisham El Demery, chief of the Tourism Development Authority, said that the campaign will be conducted according to the investors’ vision, along with the...
Tourism Ministry reviews documents of 3 companies to disburse charter flights incentives
The charter flights incentives programme of the Ministry of Tourism is currently reviewing the paperwork of three Ukrainian and German airlines, to pay their dues for December 2016. A source at the ministry said that the review is in progress, as part of the framework aimed at encouraging airlines to fly more trips to Egyptian tourist...
Expectations of tourist bookings for winter season declined because of current conditions: Shalaby
The vice president of the Tourism Investors Association in Marsa Alam Tarek Shalaby did not expect a high rate of bookings for the coming winter season because of the conditions experienced by the Egyptian tourist sector for more than four years. However, there haven’t been any consequences yet for the recent terrorist incident in Hurgada....
