Briefs

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IT conference

EGYPT's Economic Forum (EEF) is scheduled to hold its annual Communication and Information Technology (CIT) Conference from 5 to 7 September. The event will bring together prominent industry players and a number of Arab CIT ministers. Hosted by Egyptian Prime Minister Ahmed Nazif, the conference will focus on raising Arab competitiveness in the CIT sector and exploring opportunities for economic growth and job creation. With Arab countries suffering from an average unemployment rate of 15 per cent, many look to CIT for greater employment opportunities. The conference's agenda will tackle the issues of electronic commerce, technology investment, data security, network development and the partnership between the public and private sectors. A number of workshops and symposiums will also be held to discuss some of the industry's most pressing issues.

Hands on

MINISTER of Investment Development Mahmoud Mohieddin is setting a new trend: on-site project inspections. Last week he accompanied Minister of Tourism Ahmed El-Maghraby and the governor of Cairo on a visit to the Citistars development project in Heliopolis.

The project, worth $750 million, consists of three hotels with a combined capacity of 1,800 rooms, administrative and residential housing, a medical centre and an entertainment and shopping centre. The first phase of the project, scheduled to be completed in October, includes the Intercontinental Heliopolis hotel and an entertainment and shopping centre that houses 16 cinemas and an indoor amusement park.

The inauguration of the project, originally scheduled to be finished last year, has been set back by a number of logistical problems, such as connecting water and electricity services.

Abdel-Rahman El-Sharbatli, chairman of the project and co-owner, said that the depreciation following the flotation of the pound in January 2003, multiplied the negative effects of the delay. According to El- Sharbatli, "of the $440 million that has been invested in the project so far, we will only be able to retrieve $250 million." El-Maghraby points out, however, that the loss will be offset by future expected revenues.

The purpose of the visit was to bring together all concerned parties to resolve any pending issues. Once complete, the project is expected to boost Egypt's reputation as a shopping tourism destination. According to Sharbatli, tourism brought Dubai some $1.5 billion in revenues during the Dubai Shopping Festival and could bring Egypt some $8 billion in annual revenue.

Two weeks ago, Mohieddin, along with Minister of Foreign Trade and Industry Rashid Mohamed, visited sugar and paper factories in Upper Egypt in an attempt to evaluate the state of public sector companies slated for privatisation.