7 - 13 February 2002
Issue No.572
|
Al-Ahram Weekly Online 7 - 13 February 2002 Issue No.572 |
||
| Published in Cairo by AL-AHRAM established in 1875 | Current issue | Previous issue | Site map | ||
Prices kept low
IN ORDER to rebut rumours that the recent increase in the price of the dollar would make commodities more costly, government officials this week announced several price control measures during a meeting of the Political Club of the National Democratic Party.
According to Hassan Khedr, minister of supply and internal trade, the ministry has decided to take measures to control commodity pricing, especially of goods needed at Eid El-Adha. "On top of these measures is the decision to hold an exhibition of Eid El-Adha requirements at the Cairo International Fair grounds a week before the feast. In addition, we will organise similar exhibitions in other governorates in collaboration with related chambers of commerce," Khedr said.
He added that in order to further control pricing, the ministry had decided to extend the sale season for a month. "The discounts announced during the sale are real and we closely monitor the sale in order to guarantee shops' commitment to these discounts," he said.
Khedr added that price increases were not related to the higher dollar price; rather they stemmed from trade dealers' decisions to increase the prices of their products. "We are currently negotiating with wholesale dealers and chambers of commerce to decrease commodity prices," Khedr said.
According to Hassan Younes, minister of electricity, there will be no increase in electricity prices for citizens. The ministry is ready to receive and investigate any price-related complaints.
Buy Egyptian
THE MOTTO "Buy Egyptian" has lately been appearing with increased regularity. Efforts have been made to encourage consumers to buy Egyptian goods in a bid to revive a slumped market. The Federation of Egyptian Industries (FEI), which has launched a campaign to encourage consumers to "buy Egyptian," has declared 2002 the year of national industries.
The Ministry of Petroleum has agreed to provide financial support for the campaign, launched two months ago. Other ministries are expected to host exhibitions of various Egyptian products in May. The FEI wants consumer protection associations to help promote the campaign. In the meantime, the FEI has called upon industrialists to reassess the quality and pricing of their products in order to attract more Egyptian consumers.
In another initiative, a complete database of Egyptian industries and their products is now being collected to help industries integrate and reduce the export of intermediate materials and products.
In order to reach a wide audience, the Committee for the Promotion of National Products, affiliated to the FEI, will campaign on television and radio.
"We expect other business associations and trade unions to join the FEI's effort, so that we can come up with collective results to make the campaign a success," said Mahmoud Soliman, head of the Committee.
Leading light
THE WORLD Economic Forum (WEF) has announced the selection of Mustafa Abdel- Wadoud as one of the annually-selected 100 young leaders for the forum's Global Leaders for Tomorrow (GLT) programme.
Abdel-Wadoud, co-founder and managing director of Cairo-based Sigma Capital, was selected for the class of 2002, marking his entry into the GLT's exclusive group of 600 select members from 100 countries around the world.
The class of 2002 is said by the WEF to represent the new generation of global leaders from business, politics and civil society who have demonstrated responsible leadership and commitment in addressing issues beyond their immediate professional interest vis-à-vis society, the environment and socially responsible business.
Abdel-Wadoud has actively served on numerous boards of companies across a diverse range of industries.
"I am truly honoured and flattered by my selection as a GLT for 2002 by the World Economic Forum," he told the press. "I count myself fortunate and look forward to the opportunity to contribute to the World Economic Forum amongst such a distinguished group of peers from around the world."
Abdel-Wadoud, who holds a Bachelor of Arts Degree in Business Administration from the American University in Cairo and a Masters of Business Administration (MBA) Degree from Georgetown University, is a frequent lecturer and panel speaker on issues related to corporate finance and is an active member of a number of professional organisations.
Egypt's gas
THANKS to recent natural gas discoveries, Egypt has joined the Gas Exporting Countries Forum (GECF), also comprised of 11 other natural gas exporting countries including Algeria, Nigeria, Norway, Iran and Indonesia. According to Sameh Fahmi, minister of petroleum, Egypt has the world's 18th largest natural gas reserves with 55 trillion cubic feet of proven reserves. It also ranks 13th as a natural gas exporter.
Egypt has lately signed a number of natural gas export agreements with Arab and European countries. A new pipeline is due to take
Egyptian gas to Jordan and Lebanon and then to Turkey and Cyprus.
"We have signed the contract for the $200 million project with Jordan and we are working now on the gas pipeline," said Fahmi. He added that Egypt will start exporting two billion cubic meters (bcm) per year in 2003 to Jordan, four bcm per year to Spain and 4.8 bcm a year to France.
Egypt, together with Britain's BG Group and Italy's Edison International, last month sealed a 20-year deal to supply gas to France's state- owned firm Gaz de France.
Together with other natural gas exporting countries, Egypt also seeks to introduce a new mechanism for pricing natural gas that divorces it from the fluctuating prices of crude oil.
"We will propose to set up a team to study a new formula for pricing -- a fair and balanced formula for both producers and consumers," said Fahmi in the second ministerial meeting of the GECF.
International demand for natural gas is expected to rise swiftly during the next 20 years. Not only is gas an environmentally-friendly form of energy, but the introduction of modern techniques will ultimately reduce exploration and transport costs.
© Copyright Al-Ahram Weekly. All rights reserved
 |
|
|||||||||||||||||
| ARCHIVES Letter from the Editor Editorial Board Subscription Advertise! |
WEEKLY ONLINE: www.ahram.org.eg/weekly Updated every Saturday at 11.00 GMT, 2pm local time weeklyweb@ahram.org.eg |
 Al-Ahram Organisation |
Recommend this page