Egypt Independent: Economy-Main news en CIB chairman optimistic of Egypt’s economic future <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>The head of Egypt&rsquo;s largest private sector bank has voiced optimism of the future of the country&rsquo;s economy and investment sector, lauding what he described as the government&rsquo;s efforts to address chronic economic issues.</div><div>&nbsp;</div><div>The Commercial International Bank (CIB)&rsquo;s chief, &nbsp;Hesham Ezz al-Arab, said in an <u><a href="">interview</a></u> published by World Folio business website that the Egyptian government was &ldquo;proactively addressing chronic economic and social issues, such as infrastructure, budget deficit&rdquo;. He added that those efforts are helping shape a &ldquo;more conducive environment for investment&rdquo;.</div><div>&nbsp;</div><div>He said the upcoming<a href=""><u> Egypt Economic Development Conference</u></a> would represent a big step for the economy as it would explain to investors where the country is heading in terms of its economic plan.</div><div>&nbsp;</div> Thu, 26 Feb 2015 14:47:00 +0000 Egypt Independent 2445114 at sites/default/files/photo/2014/02/12/94/cib.jpg Egypt's market gains LE66 million on Thursday, while EGX30 drops 1.4 % <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s market main index EGX30 Thursday decreased 1.43 percent to record 9,334.01points and a total turnover of LE532million, &nbsp;the Egyptian Exchange data showed&nbsp;.</p><p>Meanwhile, the EGX70 index and the EGX100 declined by 0.86 percent and 0.86 percent respectively.</p><p>Local and Foreign institutions were net buyers recording net flows of LE66.3 million and LE10.3million respectively, while Arab retail investors were net sellers recording net flows of LE17.1 million.</p><p>EGX market capital gained LE66 million ( US$843 billion) to hit LE511,56 billion compared to LE 510.90 billion on Wednesday&#39;s session.</p> Thu, 26 Feb 2015 14:00:00 +0000 Egypt Independent 2445116 at sites/default/files/photo/2015/02/20/499612/cairo_stock.jpg Cement prices stable in March <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><div>Cement companies and factories have announced that their maximum prices will remain stable through March for the third month in a row, with the exception of the Egyptian-Spanish company, whose prices have been reduced by LE20, currently selling at LE600 per ton.&nbsp;</div><div>&nbsp;</div><div>The Suez Cement Group (Portland Tora, Helwan and Suez) is selling for LE850 per ton, National Cement - LE750 in Greater Cairo and LE770 in other governorates, Assiut Cement - LE859, Amreyah Cement - LE831, Alexandria Cement and Beni Suef Cement - LE720, Lafarge - LE871 in Cairo and LE893 in the rest of the governorates, North Sinai Cement - LE800, South Sinai Cement - LE815, Misr Beni Suef Cement - LE760, Misr Qena Cement - LE750 in Cairo and LE790 in the rest of the governorates, South Valley Cement - LE790, MEDCOM Aswan Cement - LE850 in Cairo and LE800 in the rest of the governorates, Sinai White Portland Cement - LE780, Arabian Cement - LE897, El-Sewedy Cement - LE879 in Cairo and LE899 in the rest of the governorates, Nile Valley Cement - LE877, El-Arish Cement - LE650, Construction Materials - LE860, El-Nahda Cement - LE850 and ASEC Minya - LE905.</div><div>&nbsp;</div><div>Supply Minister Khaled Hanafy said the current prices are valid until 15 March, stressing that while retail agents may sell cement for less, they must announce their prices to the consumers.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div></div><p>&nbsp;</p> Thu, 26 Feb 2015 13:24:00 +0000 Al-Masry Al-Youm 2445096 at sites/default/files/photo/2013/08/13/465291/shutterstock_63102985.jpg Govt improves investment procedures and litigation <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Government and the business organizations are working on improving investment procedures and litigation in preparation for the economic summit on 23 March in Sharm al-Sheikh.</div><div>&nbsp;</div><div>The ministries of justice, supply, investment, planning and finance are holding a conference on Thursday for three days to work over the details of the needed changes. The conference will be attended by 250 judges of economic courts, heads of chambers of commerce, experts and law professors from 18 countries.</div><div>&nbsp;</div><div>&ldquo;The conference will discuss a judicial climate supportive of investment and scientific procedural mechanisms to facilitate and accelerate economic litigation in preparation for the economic summit,&rdquo; said Ahmed al-Wakil, head of the Federation of Chambers of Commerce.</div><div>&nbsp;</div><div>Law professor Hany Sarie Eddin said the government agreed to provide adjustments helping the investment and economic zones laws and the corporate laws to be declared at the summit. &ldquo;This reassures investors that the government is serious,&rdquo; he said, adding that a presidential decree would be issued within a week to form a board for the economic zone of the Suez Canal project.</div><div>&nbsp;</div><div>In the framework of the government&#39;s preparations for the summit, Industry and Trade&nbsp;Minister Mounir Fakhry Abdel Nour is meeting in Madrid on Thursday with major Spanish companies interested in investing in Egypt to invite them to the summit.</div><div>&nbsp;</div><div>Housing Minister Mostafa Madbouly announced the second project of the ministry to be offered at the summit, the Zayed Crystal Spark in Sheikh Zayed City, the highest tower in Egypt.</div><div>&nbsp;</div><div>The minister said in a press statement that the project would be implemented on an area of ​​190 acres in partnership between private developers and the Urban Communities Authority. He added that the project is located southwest of Sheikh Zayed City directly on the 26 July axis, which connects it easily to Cairo.</div><div>&nbsp;</div><div>&ldquo;It is an administrative, commercial and recreational project,&rdquo; he said. &ldquo;And it includes a 200-meter tower with 49 floors.&rdquo;</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Thu, 26 Feb 2015 13:09:00 +0000 Al-Masry Al-Youm 2445099 at sites/default/files/photo/2014/07/17/484151/4.jpg