Financing real estate
Tamweel, the largest provider of real estate finance in the UAE, is the most recent newcomer into the Egyptian market, having been lately granted official licence to launch operations in Egypt. A fully-owned subsidiary of Tamweel, the Egyptian company will begin operations shortly with an authorised capital of LE500 million and an issued capital of LE100 million. “There is a high level of pent-up demand for real estate financing in this nation with a population upward of 75 million and an economy that expanded by more than seven per cent last year ,” Tamweel’s CEO Wasim Saifi said.
As good as new
Last week Egypt opened the first aircraft engine maintenance and overhauling workshop in the Middle East. Built on 55,000 square meters and at a cost of LE500 million, the workshop can provide maintenance and repair work for 300 engines annually, and has been granted accreditation from the European organisation for civil aviation, EgyptAir said.
Open heart
At the collective cost of a billion Egyptian pounds, the Health Ministry has opened four new open-heart surgery clinics in major cities, bringing the total number of such clinics outside Cairo to nine. The new medical facilities, located in Sohag, Zaqaziq, Damietta and Sheikh Zayed, will help solve the problem of waiting lists for open-heart surgery patients at public hospitals. Each clinic will perform from 800 to 1000 surgeries annually, a Health Ministry spokesman said.
Rice on duty
The export duty on rice has been raised to LE300 ($54.84) a ton, up from LE200 a ton, in an effort by the government to ensure supplies of rice to the local market and hold down domestic prices. The government claims that rice exports indirectly export water, which is a scarce resource subsidised by the government. Egypt produces about four million tons of milled rice a year and consumes about 3.2 million tons. The retail price of local rice recently rose by up to 30 per cent, along with other sharp rises in the prices of staple foodstuffs. The government tried to persuade rice dealers to impose voluntary restrictions on exports but the prices on offer abroad were too high to resist, said an expert on rice trade.
EU package
Egypt and the European Union have signed a 558 million Euro assistance package to support the Egyptian reform process while implementing the EU-Egypt European Neighbourhood Policy Action Plan adopted last year. The EU is Egypt’s largest trading partner, and EU forthcoming assistance to Egypt focuses on support for sustainable development, democracy, human rights and justice, a European Commission statement said.
To Switzerland
The exhibition “Gift for the Gods: Image from Egyptian Temples” which recently closed at the Metropolitan Museum of Art has opened at the Fondation Pierre Gianadda in Martigny, Switzerland, where it will run for four months. Switzerland offered $70,000 to Egypt for holding the exhibition, in addition to insurance expenses. The exhibition showcases some 70 superb statues and statuettes in precious metals and copper alloys that were produced throughout more than two millennia of Egypt’s history.
Top Squash
The world ranking of squash players has four Egyptians among the top ten. Amr Shabana continues to top world squash ranking for the second year in succession, with Rami Ashour right behind. Karim Darweesh and Wael al-Hendi rank eighth and ninth.