Keep Us Strong WikiLeaks logo

Currently released so far... 5408 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
QA
YM YI YE

Browse by classification

Community resources

courage is contagious

Viewing cable 09CAIRO2294, EGYPT'S ECONOMY: December 14 PRESS ROUND-UP

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09CAIRO2294.
Reference ID Created Released Classification Origin
09CAIRO2294 2009-12-14 14:02 2011-02-16 21:09 UNCLASSIFIED Embassy Cairo
VZCZCXYZ0431
RR RUEHWEB

DE RUEHEG #2294 3481426
ZNR UUUUU ZZH
R 141426Z DEC 09
FM AMEMBASSY CAIRO
TO RUEHC/SECSTATE WASHDC 4443
INFO RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUEHRC/DEPT OF AGRICULTURE WASHINGTON DC
UNCLAS CAIRO 002294 
 
SIPDIS 
 
STATE FOR NEA/ELA 
 
E.O. 12958:  N/A 
TAGS: ECON EINV EFIN ETRD EAGR ENRG PGOV EG
SUBJECT: EGYPT'S ECONOMY: December 14 PRESS ROUND-UP 
 
1.(U) The following are notable economic news stories that appeared over the past week in the Egyptian press: --------------------------------------------- ------ Minister of Economic Development Predicts 6% Growth --------------------------------------------- ------

2.(U) Minister of Economic Development Osman Mohamed Osman said he expects robust growth rates exceeding 6% in FY 2009/10, and climbing to 7-8% during FY 2010/11. Osman said the real growth rate approached 5% during the first quarter of FY2009/2010, which he termed a good rate amidst the global financial crisis (Al Alam Al Youm, Al Ahram 12/7/09). -------------------------------------- Dubai Scales Back Egyptian Investments --------------------------------------

3.(U) In the first actions taken to liquidate Dubai Holding investments in Egypt, Dubai Financial sold a 5% share of EFG-Hermes, a major Egyptian investment bank. Dubai Financial sold its shares at a LE 700 million ($128 million) loss from their purchase price in 2007. The Dubai Ports company also announced that it would suspend its planned $1.3 billion in investment projects around the Egyptian port of Ain Sukhna (Al Mal, Al Alam Al Youm, Al Shorouk, Al Ahram, 12/8/09, 12/10/09). --------------------------------------------- --- Rachid Calls for Continued Action against Crisis --------------------------------------------- ---

4.(U) In a meeting with the Federation of Egyptian Industries, Minister of Trade and Industry Rachid M. Rachid said he expects negative repercussions of the global financial crisis to continue during 2010, and possibly 2011. Rachid called for continuing the GOE's support for industry and exporters (Al Mal, Al Alam Al Yom, 12/8/09). --------------------------------------------- -- 23% Increase in Internet Users in Egypt in 2010 --------------------------------------------- --

5.(U) A report by the research group of CI Capital predicts that Internet users in Egypt will grow by 23% in 2010, along with a 16% growth rate for mobile phone users and a 5% growth rate in fixed line telephone users (Al Shorouk, 12/7/09). --------------------------------------- Apache to Boost Oil and Gas Exploration ---------------------------------------

6.(U) After a meeting with Steve Farris, CEO of the US-based Apache company, Minister of Oil Sameh Fahmy said that Apache plans to invest an additional $1 billion in oil and gas exploration, particularly in the Western Desert region (Al Alam Al Youm, 12/9/2009). ------------------------------------ Mubarak Calls for Supporting Farmers ------------------------------------

7.(U) In a speech in the Upper Egyptian governorate of Minya, President Hosni Mubarak asserted that the government is committed to supporting farmers and is encouraging investment in Upper Egypt. Mubarak also warned against a population explosion (Al Akhbar, 12/7/2009). ------------------------------------ Budget Deficit Up 3.4% Over 4 Months ------------------------------------

8.(U) Minister of Finance Youssef Boutros-Ghali announced that the budget deficit had risen by 3.4% from July 2009 to October 2009. Boutros-Ghali attributed the rise a decrease in government revenue caused by the slowdown in economic activity due to the global financial crisis (Al Ahram, 12/10/2009). SCOBEY