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Page 1 THE ECONOMIC OBSERVER
BEBA’s monthly e-newsletter
THE ECONOMIC OBSERVER
Bringing you the latest news from the Egyptian and British Business Worlds
Issue 16
Investments in 1
Inside this issue: November 2009
Egypt
News from Egypt 2
Investments in Egypt
News from the U.K. 3 Net Foreign Direct Investment (FDI) was the main proof that the reform
Foreign Direct Investment
Did You Know? 4 measures undertaken by the government of Egypt were on the right
track. FDI showed unprecedented growth in the last five years.
BEBA’s October- 5
The global financial crisis has affected FDI flows across the globe.
Events
However, Egypt managed to attract FDI worth of USD 8.1 billion in FY
Forthcoming 6-8 2008/2009. It is worthy to mention that net FDI peaked in FY 2007/2008
Events at USD 13.2 billion. (Source: Ministry of Investment, 2009)
Regional & Global 9
News
An OECD-Event 10
An IMF-Report 10
Member News 10
Member-to Mem- 11
ber Benefits
Newsletter Sponsors:
Source: Central Bank of Egypt, 2009
Minister of Petroleum, Sameh Fahmy said that several investment op-
Fahmy: New Investment Opportunities in Oil, Natural Gas
portunities in oil and natural gas exploration in addition to petrochemical
industries are available. Egypt enjoys economic and political stability, two
major factors that lure foreign investments, he added.
Foreign direct investments (FDIs) in Egypt in oil exploration and extrac-
tion fields since 1980 hit $ 28 billion, Fahmy underlined. Some $ 20 bil-
lion new FDIs are expected according to the new development plan in oil
and natural gas fields, he added. (Read more)
Source: Arab Finance, 11th of October 2009
BEBA would like to The Egyptian British Chamber of Commerce (EBCC) will be organizing
ADVERTISE NOW! Conferences in the U.K. Organized by the EBCC
encourage you to the following 2 events in the UK to promote Egypt/UK trade and invest-
ments:
advertise in both the
1.Opportunity Egypt: A Trade and Investment Conference to be held in
e-newsletter & the website conjunction with the Middle East Association on November 11, 2009 in
London. The conference will bring together British and Egyptian firms to
For more information discuss the planning and funding of projects, and aims to facilitate sus-
tainable public-private partnerships.
on how to advertise,
please contact 2.Conference on Investment Climate and Business Opportunities in
Fieby Marzouk at: Egypt and Scotland with emphasis on financial services, the Public Pri-
fieby.marzouk@beba.org.eg vate Partnership (PPP) scheme and SME’s project development to be held
in Edinburgh, Scotland on November 12, 2009 (Click here for more)
Page 2 THE ECONOMIC OBSERVER
News from Egypt & the United Kingdom
News from Egypt
• Egyptian Remittances Drop 23 % in April-June (Arab Finance, 1st of October 2009)
Economy
• Egypt’s Government Expenditures Outstrip Income (Daily News Egypt, 11th of October 2009)
• Egypt Urban Inflation Rises to 10.8 % in September (Arab Finance, 11th of October 2009)
• 40 Public Firms to Be Privatized (Al Masry Al Youm, 13th of October 2009)
• Egypt Aims to Raise Growth to 10 Pct by 2012 (Daily News Egypt, 19th of October 2009)
• Egypt for $1.8bn Stimulus Plan (Mubasher, 26th of October 2009)
• IMF Bolsters Egypt’s Reserves (Business Today Egypt, October 2009)
• EU and Egypt Sign Trade Agreement on Agriculture (Al Masry Al Youm, 12th of October 2009)
Agriculture
• Egypt Raises Price of Milk Supplied to Factories (Zawya, 21st of October 2009)
• Tough Times for Car Sales (Al Masry Al Youm, 13th of October 2009)
Automotive
• Egypt’s GB Auto in Vehicle Financing Venture (Reuters, 15th of October 2009)
• Beltone First Brokerage to Directly Trade in Government Bonds (Mubasher, 1st of October
Banking & Finance
2009)
• Egypt Plans IPOs, Won’t Sell Banque Du Caire, Mohieldin Says (Bloomberg, 2nd of October
2009)
• Egypt May Allow Mobile Banking in Few Months, Central Bank Says (Mubasher, 12th of October
2009)
• Contractors’ Union: Real Estate Market Started Recovery after Recession (Arab Finance, 19th of
Construction, Housing & Real Estate
October 2009)
• Egypt Sifts Wind Farm Bids, Plans Nuclear (Arab Finance, 1st of October 2009)
Energy
• Egypt Seeks Gas Oil as Demand Robust (Arab Finance, 7th of October 2009)
• New License to Ignite Competition, but TE Ready, Hermes (Arab Finance, 1st of October 2009)
IT & Telecommunication
• Orascom Telecom May Face Difficulty in Tapping Banks – Experts (Mubasher, 9th of October
2009)
• Egyptian Mobile Phone Subscribers Top 51 Million (Reuters. 19th of October 2009)
• Telecom Egypt Interested in Boosting Vodafone Stake, CEO Says (Bloomberg, 21st of October
2009)
• Egypt’s Lecico to Boost Ceramic Production (Mubasher, 20th of October 2009)
Manufacturing
• Egypt Announces New Rice Export Regulations (Zawya, 16th of October 2009)
Trade
• Egypt Aims to be 75 % Self-Sufficient in Wheat in 10 Years (Arab Finance, 20th of October 2009)
• Egypt’s Tourism Seeing Rebound, Say Analysts (Daily News Egypt, 8th of October 2009)
Tourism
Page 3 THE ECONOMIC OBSERVER
News from Egypt & the United Kingdom (Cont’d)
News from the U.K.
• Services Sector Growth at Two-Year High (Financial Times, 5th of October 2009)
Economy
• U.K. Consumer Confidence Index Increases to 1 1/2-Year High (Bloomberg, 6th of October 2009)
• Bank of England Holds Rates (Reuters, 8th of October 2009)
• U.K. Trade Deficit Falls to Lowest since 2006 (Financial Times, 9th of October 2009)
• PM Predicts Economy’s Strong Growth (Mubasher, 11th of October 2009)
• Britain’s Real Jobless Total ‘More than 3m’ Says New Report (The Guardian, 18th of October
2009)
• U.K. GDP Will Grow Twice as Much as Forecast, Item Club Says (Bloomberg, 19th of October
2009)
• U.K. Borrowing Rate Expected to Grow by 15 Billion Pounds (Mubasher, 20th of October 2009)
• Finance Firms See First Growth in 2 Years (Mubasher, 15th of October 2009)
Banking & Finance
• Government Banks Failing to Sell off Assets to Private Equity Firms (The Guardian, 18th of Octo-
ber 2009)
• Aviva to Raise About 1.2 Billion Euros from Delta IPO (Bloomberg, 19th of October 2009)
• U.K. Accountants Plan for Growth (Telegraph, 19th of October 2009)
• U.K. Regulator Proposes Ban on ‘Self-Certification’ Mortgages (Bloomberg, 19th of October
2009)
• U.K. Bank Bonuses ‘to Rise by 50%’ (BBC News, 20th of October 2009)
• Barclays Buys Standard Life Bank (BBC News, 26th of October 2009)
• U.K. Banks Face Tougher Reporting Rules (Financial Times, 26th of October 2009)
• U.K. Construction Industry Still Contracting, Says Cips (The Guardian, 2nd of October 2009)
Construction, Housing & Real Estate
• U.K. Housing Market Gains on Home Shortage, RICS Says (Bloomberg, 13th of October 2009)
• House Prices to Fall 10pc in 2010 (Telegraph, 16th of October 2009)
• Fuel Poverty ‘Continues to Rise’ (BBC News, 21st of October 2009)
Energy
• Petrofac Is ‘Increasingly Confident’ of 20% Profit Increase (Bloomberg, 22nd of October 2009)
• Double Nuclear Use, Urges EDF Chief (Financial Times, 25th of October 2009)
• Manufacturing Output Weakest since 1992 (Financial Times, 6th of October 2009)
Manufacturing
• Strong Sales Rise Boosts Cadbury (BBC News, 21st of October 2009)
• Sales Growth Slows at Sainsbury (Financial Times, 7th of October 2009)
Retail
• WH Smith Reports Lift in Profits (The Independent, 15th of October 2009)
• U.K. Retail Sales Unexpectedly Stagnated in September (Bloomberg, 22nd of October 2009)
• BAA Sells Gatwick for £1.5bn to City Airport Owner (Financial Times, 21st of October 2009)
Tourism
• Pound’s Weakness Gives Lift to Exporters (Financial Times, 21st of October 2009)
Trade
Page 4 THE ECONOMIC OBSERVER
UK Broadband ‘Not Fit’ for Future (Source: BBC News, 1st of October 2009)
Did You Know?
A study of the global state of broadband has put the UK 25th out of 66 countries in terms of the quality
and reach of its networks. The research for Cisco found that countries such as Latvia and Bulgaria were
better prepared than the UK for next-generation net applications. The UK was listed among countries
whose broadband is “meeting needs for today”. (Read more)
Ready for tomorrow Comfortable for today Meeting needs for Below needs for
Korea Switzerland Iceland Malta
today today
Japan Czech Republic Estonia Luxembourg
Sweden Norway Greece Chile
Lithuania United States Singapore China
Bulgaria Portugal Canada Qatar
Latvia Finland UK Brazil
Netherlands France Australia Argentina
Romania Germany Spain Saudi Arabia
Denmark Hungary Poland Cyprus
Source: Said Business School and University of Oviedo
Quote of the Month
“I find it very ironic that people who have always been in favor of market economics all of a sudden
suspended the rules of capitalism. It really undermines the functioning of the economy. It’s a distor-
tion to the economy.” - By Joseph Stiglitz, Nobel Prize-winning economist & professor at Columbia
University in New York (Source: Bloomberg, 7th of October 2009)
Quick Poll
Do you think another round of stimulus will be the key to a sustainable world economic recovery?
• Yes
• Somehow
• No
• Don’t know (Source: Trade Arabia, 11th of October 2009)
Click here to submit your vote!
Some Facts and Figures
• Half of the world now lives in cities and towns and out of every three urban dwellers, 1 lives in
Poverty
slum areas (around 1 billion people). (Source: Impact, the Ministry of International Co-opera-
tion, 4th of October 2009)
• The number of children in the world is estimated to be around 2.2 billion. The number of chil-
dren stricken with poverty? 1 billion. (Source: Impact, the Ministry of International Co-opera-
tion, 4th of October 2009)
• More than a quarter of the world’s population are using the Internet. (Source: International
Information & Communication Technology
Telecommunication Union, Telecommunication Development Bureau, October 2009)
• Over the past 5 years, the total number of fixed broadband subscribers has grown more than
threefold, from about 150 million in 2004, to almost 500 million by the end of 2009. (Source:
International Telecommunication Union, Telecommunication Development Bureau, October
2009)
Page 5 THE ECONOMIC OBSERVER
BEBA’s October-Events
The British Egyptian Business Association (BEBA) has organized a roundtable discussion entitled:
Roundtable Discussion: Global Credit Solutions for Exporters in the Financial Crisis
Global Credit Solutions for Exporters in the Financial Crisis, on the 14th of October 2009, at the
Nile Hotel. The special guest speaker, Mrs. Ola Gadallah, Chairperson of Export Credit Guarantee
Company of Egypt (ECGE), briefed the attendees on the company’s business and provided use-
ful information regarding export credit insurance and protection against losses for top exporters.
The question-and-answer session was moderated by Gary Hunt, Deputy Director of the Trade and
Investment at the UK Embassy.
Kindly click here for a wrap-up of the Roundtable Discussion.
From left to right: Gary Hunt, Deputy Director of the Trade and Investment, British Em-
bassy in Cairo, and Mrs. Ola Gadallah, Chairperson of Export Credit Guarantee Company
of Egypt (ECGE).
BEBA has organized a breakfast briefing on the 25th of October 2009 in honour of HRH, the Duke of
BEBA Meets HRH, the Duke of York
York, who has visited Egypt to promote British-Egyptian bilateral relations in education and invest-
ment.
From left to right: Hazem Hassan, BEBA’s Chairman, HRH, the Duke of York, and Sara
Hinton, BEBA’s Vice Chairman.
Our dear readers will have the opportunity to read about BEBA’s Annual Gala Dinner, which
took place on the 29th of October 2009 at the British Embassy, in Issue 17 - December of our
Newsletter.
Page 6 THE ECONOMIC OBSERVER
BEBA’s Forthcoming Events
Roundtable Discussion November 09th, 2009 Nile Hotel
Event Date Location
Luncheon in honour of H.E. Dr. Semiramis Intercontinental
November 17th, 2009
Youssef Boutros Ghaly Hotel
Forthcoming Events in Egypt and the Region in 2009/2010
Event Date Location Organizer
Islamic Funds World Middle
2-4 Nov. ‘09 Dubai Rexter
November 2009
East 09
Media & Marketing Show 3-5 Nov. ‘09 Dubai Dubai Media Show
Egyptian 2nd Int’l Conference
9-12 Nov. ‘09 Hurghada Egyptian Chemical Society
in Chemistry
8th Annual Private Equity Con- African Venture Capital Association
15-17 Nov. ‘09 Cairo
ference (AVCA)
Telecoms World Middle East
16-19 Nov. ‘09 Dubai Telecoms World Middle East
2009
The Middle East Mobility &
17-18 Nov. ‘09 Dubai ARABCOM Group
Broadband Summit
Summit on the Global Agenda 20-22 Nov. ‘09 Dubai World Economic Forum
International Petroleum Tech-
7-9 Dec. ‘09 Doha Society of Petroleum Engineers
December 2009
nology Conference
Corporate Governance and Financial Euromoney Training EMEA
13-16 Dec.’09 Dubai
Basel II Middle East
Union of Producers and Exporters of
Horti Egypt 11-14 Jan. ‘10 Cairo
January 2010
Horticultural Crops
World Future Energy Summit 18-21 Jan. ‘10 Abu Dhabi Reed Exhibitions and Elsevier
World Currencies Summit 25 Jan. ‘10 Dubai Datamix
International Property Show 2-4 Feb. ‘10 Dubai Strategic Marketing & Exhibitions
February 2010
Tourism Development & In-
5-7 Feb. ‘10 Dubai Reed Exhibitions
vestment Mkt.
North Africa Technical Confer-
14-17 Feb. ‘10 Cairo Society of Petroleum Engineers
ence & Exhibition
MTB Oil & Gas 17-20 Feb. ‘10 Dubai Copland Events UK
ITCE 23-26 Feb. ‘10 Cairo Arab Communication Group
11th Annual Hedge Funds
1-4 Mar. ‘10 Dubai Terrapin
March 2010
World Middle East 2010
Aviation Outlook Middle East 1-4 Mar. ‘10 Abu Dhabi Terrapin
Oil & Gas West Asia 11-13 Apr. ‘10 Muscat OIEC
April 2010
The 12th Annual Arab Int’l
May 2010
Telecom Development Summit 13-14 May ‘10 Beirut ARABCOM Group
for the Arab States
Page 7 THE ECONOMIC OBSERVER
Forthcoming Events in Egypt and the Region in 2009/2010 (Cont’d)
Event Date Location Organizer
Automech Akhbar El Yom 8-12 Jun. ‘10 Cairo ACG - ITF
June 2010
Interbuild Egypt 17-21 Jun. ‘10 Cairo Arabian Group for Development
6th Trans Middle East 2010 23-24 Nov. ‘10 Alexandria Transport Events Management Limited
November 2010
Forthcoming Events in the UK in 2009 and Beyond
Event Date Location Organizer
Hedge Fund London 3-5 Nov. ‘09 London Terrapinn Pte Limited
November 2009
World Travel Market
9-12 Nov. ‘09 London Reed Travel Exhibitions
(WTM 2009)
FT Innovate 2009 10-11 Nov. ‘09 London Financial Times
Mines and Money London
December 2009
1-2 Dec. ‘09 London Aspermont UK
2009
Financial Times in Partnership with
FT Summit: Managing
3 Dec. ‘09 London the Multilateral Investment Guarantee
Global Political Risk
Agency (MIGA)
Internal Audit Quality As- MIS Training Institute, Euromoney
14-16 Dec. ‘09 London
surance Training Group
The British Franchise Ex-
January 2010
29-30 Jan. ‘10 Manchester Venture Marketing Group
hibition - Machester
Logicon 2-4 Feb. ‘10 London Worldwide Business Research
February 2010
Ecobuild 2010 2-4 Mar. ‘10 London Int’l Business Events Ltd.
March 2010
National Energy Manage-
April 2010
20-22 Apr. ‘10 Birmingham Faversham House Group Limited
ment Exhibition
United Business Media (UBM) Informa-
Internet World 2010 27-29 Apr. ‘10 London
tion Limited
How the Financial Markets
June 2010
14-18 Jun. ‘10 London Financial Euromoney Training
Work
The Global Borrowers and
22-23 Jun. ‘10 London Euromoney Conferences
Investors Forum 2010
World Congress on Engi- 30 Jun. - 2 Jul.
June/July 2010
London International Association of Engineers
neering 2010 ‘10
Page 8 THE ECONOMIC OBSERVER
Glob a l Conf e rences in 2009 and 2010
Event Date Location Organizer
The China Energy and Envi- Financial Times and China Cham-
2-3 Nov. ‘09 Beijing, China
November 2009
ronment Summit ber of International Commerce
2nd Annual Global Financial
2-4 Nov. ‘09 Naples, Florida CME Group
Leadership Conference
Barcelona Chamber of
3rd Mediterranean week of
2-6 Nov. ‘09 Barcelona, Spain Commerce, Industry and Naviga-
Economic Leaders Summit
tion , & Ascame
India Economic Summit 8-10 Nov. ‘09 New Delhi, India World Economic Forum
Midest Paris 17-20 Nov. ‘09 Paris, France Reed Expositions France
Corporate Loan Workouts & Prague, Czech
24-26 Nov. ‘09 Euromoney Training EMEA
Financial Restructuring Republic
2nd Annual Security Africa
1-4 Dec. ‘09 Accra, Ghana MIS Training Institute
December 2009
Summit 2009
Hong Kong,
The World in 2010 2 Dec. ‘09 Economist Conferences
China
Singapore, Singa-
3-4 Dec. ‘09
pore
Citi-FT Financial Education
The Corporate Financing Fo-
Financial Times Conferences
8 Dec. ‘09 Paris, France Euromoney Conferences
Summit
rum
Budapest, Hun-
8-9 Dec. ‘09
gary
Energy Derivatives Euromoney Training EMEA
Confederation of Indian
Auto Expo 5-11 Jan. ‘10 New Delhi, India
January 2010
Industries, ACMA & SIAM
Ghent,
InterSOLUTION 2010 14-16 Jan. ‘10 Flanders Expo
Belgium
ITnT-IT & Telecommunication Vienna,
26-28 Jan. ‘10 Reed Exhibitions Messe Wien
Exhibition Austria
Davos,
Annual Meeting 2010 27-31 Jan. ‘10 World Economic Forum
Switzerland
DesignCon 1-4 Feb. ‘10 Santa Clara, USA Int’l Engineering Consortium (IEC)
February 2010
Amsterdam, Hol-
Integrated Systems - Europe 2-4 Feb. ‘10 InfoComm International
land
Hannover Messe Bilesim
WIN-World of Industry Part II 25-28 Feb. ‘10 Istanbul, Turkey
Fuarcilik
Corporate Citizenship 2010 15-16 Mar. ‘10 New York, U.S.A. Economist Conferences
March 2010
MIPIM Horizons 16-19 Mar. ‘10 Paris, France Reed Exhibitions
Global Learn Asia Pacific 2010 17-20 May. ‘10 Penang, Malaysia AACE
May 2010
2010 Global Finance Confer-
27-30 Jun. ‘10 Poznan, Poland Global Finance Association
June 2010
ence
Page 9 THE ECONOMIC OBSERVER
Regional & Global News
IMF Warns on Rising Bank Losses (Source: Mubasher, 1st of October 2009)
Regional & Global Economic News
The International Monetary Fund on Wednesday lowered its estimate for global write-downs for
banks and other financial institutions to roughly $3.4 trillion but warned that loan losses could rise
in the face of stubbornly high unemployment and associated delinquencies. (Read more)
IMF Increases Next Year’s Middle East Growth Forecast to 4.2% (Source: Bloomberg, 1st of
October 2009)
The International Monetary Fund increased its 2010 economic growth forecast for the Middle East
to 4.2 percent from 3.7 percent after oil prices rose. “The outlook for the Middle East has improved
recently, with the global economy stabilizing and oil prices rebounding,” the IMF said in its Global
Economic Outlook released today. (Read more)
Emerging Markets to Lead Economic Recovery: HSBC (Source: Trade Arabia, 7th of October
2009)
HSBC has launched the largest survey of emerging markets economic data which suggests that
emerging markets are likely to lead the global economic recovery. (Read more)
Eurozone Trade Falls into Deficit (Source: BBC News, 16th of October 2009)
The eurozone trade balance with the rest of the world slipped into deficit in August after a big sur-
plus in July, as exports fell by more than imports. The deficit was 4bn Euros ($6bn; £3.7bn), com-
pared with a surplus of 12.3bn Euros in July. (Read more)
EU Launches Free Satellite System to Fine-tune GPS (Source: Reuters, 1st of October 2009)
Other Topics
The European Union launched a free satellite navigation network on Thursday that could help pi-
lots, drivers and blind people by fine-tuning the accuracy of the U.S. global positioning system (GPS)
to around 2 meters. (Read more)
Giants in Cattle Industry Agree to Help Fight Deforestation (Source: New York Times - Interna-
tional Herald Tribune, 6th of October 2009)
Environmental groups hailed a decision this week by four of the world’s largest meat producers to
ban the purchase of cattle from newly deforested areas of Brazil’s Amazon rain forest. At a confer-
ence on Monday in São Paulo organized by Greenpeace, the four cattle companies — Bertin, JBS-
Friboi, Marfrig and Minerva — agreed to support Greenpeace’s call for an end to the deforestation.
(Read more)
Facebook Sued by Samurai Network Owner over Patents (Source: Bloomberg, 7th of October
2009)
Facebook Inc., the world’s most popular social-networking Web site, was sued by a Japanese com-
pany that claims the site was built using its patented technology. Mekiki Co., which runs the samu-
raitime.com network site, claims Facebook uses its “fundamental and patented social networking
intellectual property,” including ways to identify new “friends” through existing contacts. (Read
more)
Page 10 THE ECONOMIC OBSERVER
An OECD-Event
The MENA-OECD Investment Programme and the Ministry of Investment in Egypt have organized
Business Climate Development Strategy of Egypt: Key Findings of the Assessment Phase
a presentation of the key findings of the assessment phase of the Business Climate Development
Strategy process on the 12th of October 2009, at the Ministry of Investment. This study was con-
ducted by the MENA-OECD Investment Programme, under the auspices of the Ministry of Invest-
ment in Egypt, and supported by other ministries, government agencies, and the private sector. The
main partners of these organizations during the process are the EU Commission Delegation in Cairo
and the World Bank Group.
Please click here for a summary of the speeches given by keynote speakers during the event, and
of the key results and recommendations of assessment phase, which is one of three phases in the
process.
An IMF-Report
The World Economic Outlook (WEO) presents the IMF staff’s analysis and projections of economic
World Economic Outlook - By the IMF
developments at the global level, in major country groups (classified by region, stage of develop-
ment, etc.), and in many individual countries. It focuses on major economic policy issues as well
as on the analysis of economic developments and prospects. It is usually prepared twice a year, as
documentation for meetings of the International Monetary and Financial Committee, and forms the
main instrument of the IMF’s global surveillance activities. (Source: The International Monetary
Fund, October 2009)
Please click here to download the full report published in October
Cadbury Adams Egypt
Member News
City (Source: Zawya, 20th of October 2009)
Cadbury Egypt Invests EGP 63 Million on the Expansion of its Factories in 10th of Ramadan
Cadbury Egypt announced the expansion and the addition of new production lines in its factories
in the 10th of Ramadan City. The expansions are valued at EGP 63 million. This expansion is part of
the company’s ongoing efforts to increase its productivity of chocolates, candy and cookies […], to
fulfill the consumer demands of the Egyptian and international markets. (Read more)
Four Seasons Hotels
Brings More than 14 Years’ Experience to Seaside Hotel. (Source: Four Seasons Hotel, 9th of
Four Seasons Hotel Alexandria at San Stefano Welcomes New General Manager. Todd Cilano
October 2009)
Four Seasons Hotel Alexandria at San Stefano has recently welcomed Todd Cilano as its new Gen-
eral Manager. Relocating from Four Seasons Resort Chiang Mai, Cilano is an important asset to Four
Seasons Hotels and Resorts. He has more than 14 years’ experience in the hospitality field, gained
through working in hotels across North America, Asia, Europe, the Middle East and the Caribbean,
including Four Seasons Hotel Washington, DC, Four Seasons Hotel Bangkok, Four Seasons Hotel
London and Four Seasons Hotel Riyadh. (Read more)
Hilton Expands into in Marsa Alam (Source: Daily News Egypt, 18th of October 2009)
Hilton International Hotels
Hilton Worldwide announced an agreement with Concord Co. to bring Marsa Alam its first Hilton-
branded hotel by 2012.The 370-room property will be located approximately 20 km south of Marsa
Alam International Airport and 30 km from Marsa Alam town. Boasting a 1.5 km beachfront, the
new hotel will be part of a larger project to integrate a residential town, entertainment village and
congress center on the coast of Egypt’s Red Sea. (Read more)
Page 11 THE ECONOMIC OBSERVER
Member-to-Member Benefits
British Airways is taking an initiative to help its existing and potential customers experience
British Airways
its best premium product – the FIRST class cabin and treatment experience. Now you can travel
in style with your special someone, friend or family by buying 1 full fare FIRST class ticket and
getting the second one at only 50% of the cost. If you know you are travelling more than once
within this year, you can also buy two tickets for yourself and enjoy the discount on one of
them!
For more information, please go to: www.britishairways.com/travel/home/public/en_eg
Pyramisa Hotels & Resorts is pleased to offer BEBA Members a 35% discount at its following
Pyramisa Hotels & Cruises
Hotels for the year 2009: Pyramisa Blue Lagoon Hotel Hurghada; Pyramisa Sharm-El-Sheikh
Hotel, Resort & Convention Center & LTI Pyramisa Beach Resort Sahl Hasheesh & Convention
Center; Pyramisa Isis Corniche Aswan; Pyramisa Isis Luxor; LTI Pyramisa Isis Island Aswan;
and Cairo Pyramisa Hotel & Casino.
Please click here for discounted rates.
Ramses Hilton Hotel is pleased to offer BEBA members the following:
Ramses Hilton Hotel
1- Room Rates: 20% discount on published Egyptian package rate.
2- Food & Beverage: 15% discount on all outlet prices including fine dining restaurants.
Offer is valid till December 31, 2009 and prior reservation is required.
For room reservations please call: 2394 3165
For F&B reservations please call: 2394 6902
IT IS TIME TO RENEW YOUR MEMBERSHIP FOR 2010!
Membership Renewal
For more information, please contact Fieby Marzouk, BEBA’s Web
Administrator, at: fieby.marzouk@beba.org.eg
Share your news!
To post any news on your company in the newsletter, kindly contact Samar
Helmy, Research Coordinator at
samar.helmy@beba.org.eg
We want to hear from you!
If you have any suggestions, comments, or if you would like to write an
article for the newsletter, kindly email the editor at
samar.helmy@beba.org.eg
The BEBA Economic Observer will be circulated to: BEBA members, British companies in
Egypt, European Embassies, Business Chambers in the UK, Government organizations, BEBA
partner organizations.
