Gov't plays down effects of terrorist attacks in US

Egyptian State officials continue to stress that last week's terrorist attacks in the US have had little impact on local markets, and some sectors have even shown positive developments.

Minister of Petroleum Sameh Fahmi stressed yesterday that climbing international oil prices have resulted in more oil revenues for Egypt.

The revenues were increased substantially when the Egyptian Petroleum Authority amended 11 agreements concerning the purchase price of natural gas for foreign partners.

Fahmi added that a major US investment company has offered to fund the establishment of new projects within the framework of the state's natural gas plans.

Director of the Hallmarks Authority said Abdul Mo'men said the local gold market was largely unaffected by last week's attacks and are stable. He said gold prices had increased shortly before the event as a result of correlation between the local and international gold bourse.

"This had no connection to the increase in dollar exchange rates," Mo'men said.

Minister of Tourism Mamdouh el-Beltagui has denied any impact to Egypt's tourism industry, a key pillar of the economy.

During a meeting in Paris with the chairmen of French tourist companies, he discussed the impacts on French tourist plans.

The chairmen reportedly agreed that French tourist visits to Egypt were unaffected by the tragic events and the few cancellations were for personal reasons.