Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Canadian Chamber: Trade volume between Egypt, Canada reaches US$1.1 bn http://www.egyptindependent.com//node/2448868 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/12/09/39/dsc_0009.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Intra-regional trade between Egypt and Canada reached US$1.1 billion, according to Fayez Ezz Eddin, head of the Canadian Chamber of Commerce in Egypt.</div><div>&nbsp;</div><div>In a statement on Tuesday, Ezz Eddin said the chamber in Canada and the Egyptian trade representation office in Canada would coordinate to hold a conference in May, showing the Canadian business community the investment opportunities in Egypt as well as increasing the exchange of trade missions. The move aims to double the trade volume between the two countries.</div><div>&nbsp;</div><div>The chamber, according to Ezz Eddin, soon will offer&nbsp;technical and vocational training to Egyptian laborers, awarding them an internationally-recognized certificate upon completion.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div> Tue, 28 Apr 2015 13:00:00 +0000 Al-Masry Al-Youm 2448868 at http://www.egyptindependent.com sites/default/files/photo/2014/12/09/39/dsc_0009.jpg Egyptian developer Palm Hills posts Q1 profit of LE215 million http://www.egyptindependent.com//node/2448820 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/11/09/499612/egyptian_developer_palm_hills.png" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>&nbsp;Palm Hills reported a first-quarter net profit after minority interests of LE215 million ($28.2 million), up from 50 million in the same period last year, Egypt&#39;s second-biggest listed property developer said on Tuesday.</p><p>Revenue stood at LE742 million versus 400 million, the luxury real estate developer said in a statement.</p> Tue, 28 Apr 2015 06:57:00 +0000 Reuters 2448820 at http://www.egyptindependent.com sites/default/files/photo/2014/11/09/499612/egyptian_developer_palm_hills.png Russian trade delegation to visit Egypt in May http://www.egyptindependent.com//node/2448804 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/08/26/484151/241264_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>A Russian trade delegation is scheduled to visit Cairo in May 2015, to attend the Russian-Egyptian investment forum, aimed at showing the investment and export potential of both countries.</div><div>&nbsp;</div><div>The business mission, entitled &ldquo;Trade and Industrial Dialogue: Russia &ndash; Egypt&rdquo; is expected to take place on 25 and 26 May. The forum will be held under the auspices of the ministries of industry of both countries.</div><div>&nbsp;</div><div>Moreover, according to the press release, the mission is expected to strengthen the business contacts and expand the economic and trade cooperation between the two countries.</div><div>&nbsp;</div><div>The Russian delegation will be led by the Minister of Industry and Trade of the Russian Federation Denis Manturov, who will meet with his Egyptian counterpart, Mounir Fakhry Abdel Nour.</div><div>&nbsp;</div><div>&quot;The forum is a unique international communications platform, which will allow business communities from both countries to find new prospects and opportunities for efficient cooperation,&quot; the press statement read.</div><div>&nbsp;</div><div>The forum program involves meetings between business representatives in a B2B setting, and a presentation area for Russian and Egyptian companies.</div><div>&nbsp;</div><div>The forum will be attended by some of Russia&#39;s largest companies, including the United Shipbuilding Corporation, Vnesheconombank, Rostekhnologii and UAC.</div><div>&nbsp;</div><div>Egyptian and Russian entrepreneurs will also discuss possible high-tech joint ventures. The forum will also discuss cooperation in aircraft engineering, ship building, transport and agricultural engineering, petrochemical and nuclear industries, as well as other sectors.</div><div>&nbsp;</div><div>The year of 2014 saw increased trade and economic cooperation between the two countries; as the volume of trade exchange stood at US$3 billion.</div><div>&nbsp;</div><div>In addition to 3 million Russian tourists visiting Egypt annually, an important factor in bilateral cooperation is the trade exchange: Egyptian exports to Russia reached $340 million, while imports reached $3.21 billion,</div> Mon, 27 Apr 2015 13:03:00 +0000 Hend El-Behary 2448804 at http://www.egyptindependent.com sites/default/files/photo/2014/08/26/484151/241264_0.jpg EMC signs maintenance contract with Iraq's Zubair oil field http://www.egyptindependent.com//node/2448792 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/04/27/16030/compa.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>A senior official in the Ministry of Petroleum said on Sunday, that the Egyptian Maintenance Company (EMC) has obtained a two-year contract worth US$15 million for the maintenance of mechanical and electrical equipment for the Zubair oil fields south of Basra in Iraq.</div><div>&nbsp;</div><div>Speaking on condition of anonimity, the official added that Iraq&#39;s South Oil Company has agreed to renew the contract with Egyptian Maintenance Company thanks to the company&#39;s excellent permormance, since it first obtained the contract in 2012.</div><div>&nbsp;</div><div>Renewing the contract with San Misr reinforces the presence of Egyptian companies in Iraq,, where Petrojet and ENPPI already operate.</div><div>&nbsp;</div><div>Petrojet company began a project last March to establish a natural gas processing plant worth LE1.4 billion, according to the official.</div><div>&nbsp;</div><div>The Zubair field produces 227,000 barrels per day. The field is run by a coalition of companies led by ENI and Occidental companies. The field&#39;s reserves are estimated at around billion barrels.</div><div>&nbsp;</div><div>The Norwegian Aibel Company owns 50 percent of the Egyptian Maintenance Company, while the Petroleum Pipe Company (PPC) owns 10 percent, Petrogas 10 percent, Suez Oil Petroleum Company (SOPC) 5 percent, Nasr Petroleum Company (NPC) 5 percent, Misr Petroleum company (MPC) 5 percent, and Cooperative des petrol (CO-OP) 5 percent.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Mon, 27 Apr 2015 12:58:00 +0000 Al-Masry Al-Youm 2448792 at http://www.egyptindependent.com sites/default/files/photo/2015/04/27/16030/compa.jpg