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EgyptAir plans more India flights
Local press in India have reported that Egyptian authorities are in the process of increasing the number of flights between Egypt and India to seven each week by the end of this year. Currently there are three flights between the two countries every week, which are all operated by EgyptAir and only run between Cairo and Mumbai.
Bird flu cases reach 99; 33 deaths
The World Health Organization (WHO) on February 17 said the number of cases in Egypt of the H5N1 virus, commonly known as bird flu, had reached 99 since the first confirmed case four years ago. The WHO has reported 33 deaths from bird flu in Egypt, including three in February: two in Menoufiya and one in Helwan governorates.
Government plans to cut drug prices
EFG-Hermes says the Egyptian government plans to reduce the price of 40 medications by as much as 40 percent starting in May. According to a February 9 report by the investment firm, the reduction will affect imported brands and foreign brands produced locally under license from international corporations, and include medications used to treat diabetes, hepatitis, osteoporosis, mental illness, strokes, asthma, blood pressure irregularities and high cholesterol. The reductions are part of a system restructuring by the government that will result in higher prices for some drugs.
Kamel sees IT exports reaching $1.1 billion
Minister of Communications and Information Technology Tarek Kamel predicts that information technology (IT) exports will reach $1.1 billion this year. The State Information Service reported on January 31 that growth rates in the IT sector had contributed to Egypt’s GDP growth of 5 percent in 2009. Kamel was quoted as saying that in order to continue boosting IT exports, his ministry and the Ministry of Higher Education will work together to help prepare university students for jobs in the information and communications technology sector.
Egypt reinstates tax on capital goods imports
According to a February 21 press report, the government will not renew last year’s tax exemption on imported capital goods that was part of a LE 15 billion stimulus package. The move was implemented by the Ministry of Finance in order to assist the private sector during the economic crisis.
Fertilizer prices increase by LE 150
According to a source at the Ministry of Agriculture, the price of fertilizer nitrates was increased from LE 1,250 per ton to LE 1,400. Media reports said the higher prices took effect February 1. The government has been steadily raising the price of fertilizer over the last few years as part of restructuring the subsidy system.
Energy waivers sought for cement factories
EFG-Hermes reported on February 16 that the Ministry of Trade & Industry has asked the Ministry of Petroleum to allow newly licensed cement companies to import natural gas and oil without any restrictions. The government is expected to issues licenses for the construction of eight new cement factories by the end of March. Each licensed factory will have an annual capacity of 1.5 million tons per year and, according to a report quoted by EFG-Hermes, the Ministry of Petroleum may not be able to meet the extra demand.
Canal revenue up for first time since 2008
Revenue from the Suez Canal rose to $383.6 million in January, compared to $332.4 million for the same month last year, according to media reports, the first year-on-year increase since November 2008.
The number of vessels traversing the canal grew from 1,313 in January 2009 to 1,418 for the same month this year. Media also reported that the canal earned $17 million on February 8, its highest daily total since May.
The Suez Canal, tourism and foreign remittances are Egypt’s largest sources of foreign currency.
Consumer inflation rises 0.8 percent
The Central Bank of Egypt reported on its website on February 8 that consumer inflation increased by 0.8 percent month-on-month in January, bringing the annual inflation rate to 13.63 percent compared to 13.24 percent in December. Data was supplied by the Central Agency for Public Mobilization & Statistics. The CBE statement attributed the increase to higher prices for poultry, red meat, sugar, fats and other food items. Butane cylinders also saw a significant increase in price.
The prices of fruits and vegetables declined for the third consecutive month.
Upcoming land lottery to include 250 parcels
According to a public lottery system in several communities, including Shorouq, Sheikh Zayed and Obour, the Ministry of Housing & Utilities plans to offer 250 parcels for sale. Media reports on February 16 said transactions would be for cash at market prices and that purchasers would have to pay 10 percent of the land’s value to the Housing & Development Bank.
The lottery system mandates that interested individuals and businesses submit requests, and that buyers be selected randomly at a public event.
Leases to offer land for agro-business
According to EFG-Hermes, land intended for agro-business and other projects is expected to be offered for lease this year, though the Ministry of Agriculture has not yet identified plots. The February 2 report stated that the ministry has already notified the Ministry of Trade & Industry that land in Sinai, Upper Egypt and the Western Desert could be used.
Sites must be suitable for irrigation and the construction of manufacturing or processing facilities. Leases will range from 40 to 99 years and be available to both local and foreign investors. Agro-business projects could include sugar or tomato paste plants.
Other media reports the same day indicated that the Industrial Development Authority (IDA) will tender 42 million square meters of land for industrial projects. This land is available to both local and foreign parties and is expected to attract LE 85 billion in investment. The tender includes 8 million square meters in 10th of Ramadan City, 9 million in Sadat City and 7 million in Borg Al Arab.
Petroleum minister signs exploration agreements
The State Information Service reported on February 3 that Minister of Petroleum Sameh Fahmy has signed two agreements with Apache, a US company, for oil exploration in the Western Desert. The agreements involve 640 square kilometers of land and a total investment of about $55 million.
Media reports say Egypt’s oil production could grow by 8.4 percent this year to about 720,000 barrels per day, versus 664,000 last year. Daily natural gas production is forecast to reach 6.5 billion cubic feet in 2009, compared to 6.3 billion last year.
Sohag museum 90 percent finished
According to a February 6 report by the State Information Service, the Sohag National Museum is scheduled to open by June. Minister of Culture Farouk Hosny was quoted as saying that about 90 percent of the museum’s work has been completed.
The museum is located on 8,700 square meters of land about 72 miles south of Assiut and will display artifacts that trace the Coptic and Islamic history of Sohag. The estimated cost of the project is LE 41 million.
Swine flu cases exceed 16,000; 269 deaths
Swine flu continued to appear in February, with the total number of confirmed cases in Egypt topping 16,000 since its outbreak in June, according to a February 1 update by the World Health Organization. Cases of the H1N1 virus in Egypt peaked in December. As of press time, the swine flu-related death total in Egypt had reached 269.
Prime Minister Ahmed Nazif overturned the ban on certain groups observing the umra and hajj pilgrimages. The ban was implemented last year after the virus appeared in Egypt.
Parliament gets tough on antiquity violations
Egypt’s parliament amended the country’s antiquities law on February 1 to increase penalties. The penalty for smuggling was increased to 15 years in prison and a LE 1 million fine, while prison terms for the theft of artifacts were doubled to 10 years. The amendment requires citizens who own antiquities to report their possessions to the Supreme Council of Antiquities within six months, and forbids trading or selling. They can, however, be inherited.
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