US$800 mil in Arab investments to build new city in Sinai

Al-Masry Al-Youm

An agreement has been signed with the Arab Women Investors Union to build a new city in Sinai on an area of ​​70,000 square meters and at an investment cost of US$800 million.
Tarek bin Obaid, secretary general of the Euro-Arab Environment Organization in Geneva and president of the Environment Development Bank in Abu Dhabi, said the city would offer integrated services of clean energy projects and medical tourism.

He told the Kuwaiti news agency that the project would be financed with Gulf and Russian funds in accordance with the requirements of a green economy for the city.

 

President of the Arab Women Investors Union Hoda Yassin said the project was signed recently in the Oyoun Moussa district in Sinai, sponsored by the Arab League.

New Gas Price restructuring!

A new pricing structure for natural gas was approved by the government on Sunday.

Consumption below 25 cubic metres of gas per month will now be charged at LE0.4 ($0.06) per cubic metre. 

Consumption between 25 and 50 cubic metres per month will cost LE1 ($0.14) per cubic metre.

 Consumption above 50 cubic metres per month will be charged at LE1.5 ($0.21) per cubic metre.


The new maximum price is triple the current limit, which was raised in July 2012 to LE0.5 ($0.07) from LE0.3 ($0.04) per cubic metre.

Since July 2012, the tariff for monthly consumption up to 30 cubic metres has been LE0.1 per cubic metre, while any extra consumption is charged at LE0.5, Ahram Online reported last year.

The decree, which takes effect in May, exempts subsidised bread producers from the price increases.

“The new decree raises gas prices to 20 percent of the international price for natural gas, as compared to 7 percent now,” Faisal Aboul-Ezz, Egypt Gas chairman, told privately-owned local news channel CBC extra on Monday.


Subsidised gas cylinders, used in many poor homes, contain around 15 cubic metres of gas at a cost of LE8 ($1.1), which means that each cubic metre costs LE0.55 ($0.08), Aboul-Ezz added.

Starting a business in Egypt ? Handy Guide to show you how

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Cairo Book Fair

Cairo Book Fair 2014 has now opened and will run daily till 6th February.

The theme of this year's fair is Culture and Identity, and will see participation from 24 different countries and over 700 publishers, 500 of which are Egyptian.
Vendors from the downtown Cairo used-book market, Azbakeya, will operate out of 92 stalls.
Kuwait is this year's guest of honour, after Libya last year.

For all Red Sea Divers!!!!

'Triton' Oxygen Mask Claims To Draw Air From Water While You Swim 

 

A South Korean designer claims to have invented an oxygen mask which can draw air from water as you swim.
The idea is pretty remarkable - being able to breathe underwater indefinitely is an idea as old, or older, as the jetpack or flying car.
The new concept by Jeabyun Yeon is described as "a very convenient oxygen respirator concept that allows us to breathe under water for a long time by simply biting it".

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