Economy - AmCham · That was announced by Mr. Tarek Hasanein, Speaker on behalf of the SCA - Suez...

3 (2018) Report

Economy

1 of 102American Chamber of Commerce in Egypt - Business Information Center

Economy Sector - Q3 2018 Report

Copyright ©2018, American Chamber of Commerce in Egypt (AmCham). All rights reserved. Neither the content of the Tenders Alert Service (TAS) nor any part of it may be reproduced, sorted in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the American Chamber of Commerce in Egypt. In no event shall AmCham be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits.

Non-Tenders Section

Special RemarksThe Economy Q3 2018 report provides a comprehensive overview of the Economy sector with focus on top tenders, big projects and important news.

- Business News - Projects Awards - Projects in Pre-Tendering Phase - Privatization and Investments - Published Co. Performance - Loans & Grants - Fairs and Exhibitions

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List of sub-sectors

Banking, Finance & Insurance

Economy

This report includes tenders with bid bond greater than L.E. and valuable tenders without bid bond

Tenders may be posted under more than one sub-sector

- Client

- Generating Sector

- Supply Jobs

(the sector of the client who issued the tender and who would pay for the goods & services ordered)

- Client

- Generating Sector

- Integrated Jobs (Having a certain engineering component) - sorted by

Tenders Section



Banking, Finance & Insurance - Non Tenders Section Type Description Date Published

Business News 54 vessels crossing the Suez Canal on July 15, 2018 from both sides carrying 3.3 million tons of petroleum, containers & cargo. That was reported in the media quoting navigational statics of the SCA - Suez Canal Authority indicating the total number of vessels was equally divided between both the northern & the southern entrance.

Jul 16, 2018

Several buying offers from Gulf banks, mainly from the UAE & Kuwait, were received by the Central Bank of Egypt to buy out Egypt's Al Mottahed Bank. On his side, the bank is exclusively owned by the Central Bank. The deal surprised nobody considering the strong progress, profits & expansion of the Gulf banks in the Egyptian market.

Jul 09, 2018

Wheat inventory said to be sufficient for more than 4 months & the government plans to purchases about 6.5 million tons of wheat for the present year. That was revealed by the Ministry of Supply & Home Trade indicating that recent wheat procurement deals were of higher cost due to increased wheat prices on the world markets. The Ministry returned all news and rumors claiming the ministry intends to procure wheat at whatever unprecedented prices to assure annual demand. The Ministry assured that last year purchases of wheat are equal to those budgeted for the present year.

Aug 06, 2018

Suez Canal on August 27, 2018 witnessing the crossing of 50 vessels from both sides accompanied with 3.2 million tons of total cargo including 19 vessels coming from the north, from Malta, heading to Holland with the other 31 vessels coming from the south (the New Canal). The largest thereof was coming from Malaysia to Egypt. That was announced by Mr. Tarek Hasanein, Speaker on behalf of the SCA - Suez Canal Authority.

Aug 28, 2018

UAE based United National Bank opening in a week time four new branches in Egypt namely in Qena, Beni Swef, Mit Ghamr & Heliopolis (in Cairo). That was reported in the media indicating the development raises the number of the bank's branches in the country to 47. Development reflects to which extent the bank is keen & interested to reach his clients base all over the country.

Jul 15, 2018

Cyprus is looking forward to cooperate with Egypt through different economic and financial opportunities.

Cypriot Finance Minister Harris Georgiades said that his country will soon complete a double taxation avoidance agreement (DTA) with Egypt, Middle East News Agency (MENA) reported.Georgiades met with the head of the Egyptian House of Representatives on Tuesday, as part of his official visit to Egypt, leading a parliamentary delegation.Businesses and companies from Cyprus also look forward to invest in Egypt, he added, especially with the recent economic reforms.

Sep 12, 2018

46 vessels crossing the Suez Canal on 9/3/2018 with 3 million ton total loads of which 21 vessels crossed it from the northern side & 25 vessels crossed it from the southern side.

Sep 03, 2018

General Mohab Mamish, Chairman of the SCA - Suez Canal Authority & of the Suez Canal Economic Zone announced 67 vessels crossed the canal from both sides carrying 5 million tons total load. No waiting time was recorded.

Aug 09, 2018

Chairman& CEO of the UAE Dubai National Bank - Egypt expressing the view that the acquisition of an (Egyptian) bank is a cornerstone of the Bank's future strategy (in the country). That was reported in the media quoting Mr. Mohamed Berro, CEO of the Bank, considering the development is required to maintain presence among the five major banks in Egypt. He reminded the bank has competed the last year on the selling of Barclays Bank's option which he obviously lost in favor of Wafa Bank of Morocco. Still the bank confirmed the acquisition concept is still valid yet declines from giving more details on the issue. We may fairly remind that two major Kuwaiti Banks are actively operating in Egypt lead by the NBK & we expect the circle to soon get larger, also without excluding the later joining of Saudis.

Sep 03, 2018



Banking, Finance & Insurance - Non Tenders Section Type Description Date Published

Business News The Egyptian cabinet approved at its weekly session on Wednesday a funding agreement of 205 million euros between the European Bank for Reconstruction and Development (EBRD) and the Egyptian government to upgrade the metro’s line one, one of the main transport systems in the Egyptian capital.The agreement will support the partial refurbishment of Cairo’s oldest metro line through rehabilitating the components of the railway infrastructure including energy units, signals, and central control systems.

The metro’s first line was inaugurated in 1987 and serves up to 1.8 million commuters on daily basis, said the Minister of Transport Hisham Arafat, adding that efforts are being made to improve the service.

The rehabilitation programme of the Egyptian metro is expected to receive an additional 350 million euro loan from the European Investment Bank and another 50 million euro loan from French development agency Agence Française de Développement.

The 33 station metro line stretching from El-Marg north Cairo to Helwan in the south is one of the three lines that connect Cairo. A fourth line is currently under construction.

Sep 06, 2018

Loans & GrantsCEO of an affiliate to the Islamic International Agency for Trade Finance, Mr. Hani Sonbol, assuring a $390 million first trench of a loan signed earlier with Egypt's Minister of Investment & International Cooperation is to be soon activated. That was reported in the media indicating that the deal by the beginning of 2018 provided for extending Egypt about $ 3 billion soft loans to finance imports of supply commodities & fuel.

Jul 17, 2018

ADB - African Development Bank releasing the 3rd & last trench of its $ 1.5 billion loan in its date to support the Government economic & social program with no claims of any delay. That was announced by the Minister of Investment & International cooperation indicating the next stage will witness more support from the bank to private sector projects & infrastructure in Sinai to attract investors to that part of the country most probably backed by Gulf investors & partners.

Sep 29, 2018

Projects in Pre-Tendering Phase47 vessels crossing the Suez Canal on July 31, 2018 from both ends loaded by 2.9 million tons of oil & gas, containers & cargo. They included 16 vessels from the north heading to Oman & 31 vessels from the south (the new Canal) heading to Malta. That was announced by Mr. Tarek Hassanein, Forman speaker on behalf of the Suez Canal Authority.

Jul 31, 2018

Economy - Non Tenders Section Type Description Date Published

Business News Egypt’s parliament voted on Wednesday in favor of newly appointed Prime Minister Moustafa Madbouly’s policy statement, which was delivered before parliament on 3 July, Al-Ahram Arabic news website reported.

The vote came during Wednesday’s plenary session, where parliament speaker Ali Abdel-Aal said that he will be hearing comments by MPs on the cabinet ’s programme.

“Your proposals come to benefit citizens and the homeland, and we will study the possibility of implementing them,” Abdel-Aal said.

In July, Madbouly said the five goals set to be achieved by 2030 are national security, improving living standards, continuing economic reform, human development and foreign policy goals.

Madbouly outlined the cabinet’s vision in the programme dubbed “Egypt Takes Off.”

Article 146 of the constitution states that a newly appointed prime minister must deliver a policy statement before parliament, after which MPs should vote on the policy within 30 days of the appointment of the PM.

Jul 26, 2018




Business News Banque Misr, Egypt’s second largest state-run bank, seeks a 20 percent rise in its customers’ deposits to hit 803 billion Egyptian pounds by the end of the financial year 2018-2019, vice chairman Akef El Maghraby said.

The customers’ deposits posted 669 billion pounds in June 2018, he added.He further noted that the bank seeks to increase its banking retail portfolio by 20 percent, referring that it has recorded 23.2 billion pounds in June 2018.On the other hand, the bank aims to increase its small and medium enterprises portfolio to 25 billion pounds by the end of 2018/2019.

In a related context, El Maghraby added that the bank has a strong financial solvency, pointing out that the capital adequacy ratio of 14% during the current period, pointing out that the bank needs to increase capital during the current period.

Jul 31, 2018

Industrial Development Authority has issued temporary and operational licenses to 11,000 investors till the end of July 2018, a source with knowledge said.

The sources told Amwal Al Ghad that these licenses have been counted since the adoption of the executive regulations of Law no. 15 of 2017 in May 2017.

“The new regulation aims at facilitating the licensing process; cutting paperwork and reducing bureaucracy; hence, making it easier for investors and enterprises to obtain industrial permits, as well as resolving the issue related to operation permits.According to the new regulations, the process would take about 7 days for a license by notification and almost 30 days for a prior license instead of 600 days, in addition to the automatization of procedures and the adoption of a new system for complaints.

Aug 14, 2018

Egypt will begin repaying the International Monetary Fund (IMF) loan in May 2021 with a tranche worth US $2.75 billion, government sources said on Saturday.

The sources, speaking on condition of anonymity, said that the repayment would last for 5 years and 6 months, and is due to end in November 2026, adding that the repayment installments are on equal tranches.

Egypt’s Finance Minister Mohamed Maeet said that the IMF will make two reviews to Egyptian economic reform program, and that Egypt will receive two tranches each worth US$2 billion.

Maeet explained to Al-Masry Al-Youm that the agreement with the IMF is still in force and is due to conclude next year, adding that no further support loan has been consulted nor would there be any extension to the current programme.

The Minister explained that the implementation of the economic and social reform programme prepared by the government and supported by the IMF has contributed to the improvement of economic indicators.

He stressed the need to continue structural reforms, and for the government to be committed in paying all foreign debts and financial burdens on time without delay or postponement.

The IMF is due to perform its next review to the reform program in November, in preparation for the disbursement of the next tranche of the loan, following approval by the Executive Board of the IMF in Washington.

According to Maeet, the economic reforms provide the government with more resources to increase developmental spending which improves public services and investment in infrastructure, along with expanding social protection programmes.

Egypt received the first tranche of the IMF loan in November 2016. The grace period of repayment extends to four years and six months. Egypt has so far received about $ 8 billion out of the US $12 billion loan.

Aug 26, 2018




Business News United States oil and gas producer Apache Corporation signed a $9 billion deal with Egypt's Ministry of Petroleum to explore and produce oil and gas in the Western Desert, the ministry said in a statement published by state news agency MENA on Wednesday.

The deal includes assigning $30 million (EGP 537 million) investment to dig seven wells in the area, the ministry said.

Apache is holder of one of the largest areas in Egypt's Western Desert, estimated at the end of 2017 as 5.6 million gross acres in 25 separate concessions, the company writes on its official website.

Egyptian Petroleum Minister Tarek El-Molla said the new deal is part of the ministry's efforts to boost production and reserves of oil and natural gas, and to attract foreign investment.

The new agreement brings the total number of oil and gas deals signed by Egypt since 2014 to 87, the ministry added.

Jul 19, 2018

Egypt’s construction firm Moukhtar Ibrahim says it has delivered three utilities projects in Cairo and Sohag governorates, at a total cost of 850 million Egyptian pounds ($47.6 million).

These utilities works include three projects in Cairo and another project in Upper Egyptian governorate of Sohag, the state-owned company ’s deputy chairman for financial and administrative affairs Mohamed Zaghloul said on Monday.

“This comes as part of Moukhtar Ibrahim’s business portfolio to execute a bunch of infrastructure projects as well as drinking water and sewage lines in the local market,” Zaghloul further added.

The official said the utilities projects encompass the implementation of drinking water purification stations and the expansion works of new drinking water stations as well as waste water and electricity lines, besides natural gas pipelines.

Aug 07, 2018

Emaar Misr for Development said that it has used 71.5% or EGP 1.63 billion of the the total EGP 2.28 billion capital increase proceeds since July 2015 until June 2018.

EGP 906.05 million were used in the Square project, while EGP 250.14 million were directed to Mivida Downtown, with EGP 304.49 million for Marina Marassi and EGP 171.44 million for Marassi hotels, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The remaining amount stands at EGP 647.85 million, the statement noted.

Aug 16, 2018

Egypt is looking to sell shares in some state-owned cement firms in the coming period in the latest step to revive the economy, President Abdel Fattah al-Sisi said on Wednesday.

The Egyptian presidency announced in early 2016 plans to list shares in “successful” state-owned companies and banks on the local bourse, in a move aimed at jump-starting investment and boosting economic growth.

The last time state-owned companies were listed on the exchange was in 2005 when shares of Telecom Egypt, the state’s landline monopoly, and oil companies Sidi Kerir Petrochemicals and AMOC were floated.Egypt in March announced names of 23 state companies that will sell stakes from this year under its plan to raise 80 billion pounds ($4.4 billion) through minority share offerings on the Cairo bourse.

They included Banque Du Caire, one of the country’s largest banks, major oil companies Middle East Oil Refining (MIDOR) and Engineering for Petroleum and Process Industries (ENPPI), as well as Misr Insurance Company.

Aug 16, 2018




Business News Egypt’s National Authority for Tunnels (NAT) has received the first disbursal of foreign loans designed to finance the upgrading of Cairo Metro ’s line I.

The €100 million ($117.1 million) disbursal has been sent by France’s state development agency AFD, NAT chief Tarek Gamal El-Din told Amwal Al Ghad on Wednesday.

“We are negotiating the European Investment Bank to obtain a financing for the metro’s first line but we haven’t yet decided on the amount of the funding commitment, Gamal El-Din said.

“By the end of this year, we hope to receive €200 million from foreign financial institutions to support the Cairo Metro’s Line I upgrade project,” the Egyptian official said.

The rehabilitation of the existing infrastructure of Cairo Metro Line I will cost around €360 million, covering urgent infrastructure investments in signaling, telecoms, controls, and track works, Gamal El-Din said.

Jul 12, 2018

Jordan announced Wednesday that it is going to amend the agreements with Egypt for the sale and purchase of natural gas.

The Jordanian Ministry of Energy clarified in a statement that the new amendments will allow Jordan to import enough natural gas from Egypt to cover 10 percent of its electricity generation needs.

“These amendments will be carried out early 2019,” the Jordanian Energy Minister Hala Zawati said.

She also noted that these amendments came after the recent discoveries of natural gas in Egypt’s Zohr field, which started its production in December.

In 2015, Eni discovered Zohr gas field, the biggest gas field in the Mediterranean, with an estimated production of 30 trillion cubic feet.

The second phase of Zohr gas field will add around 2 billion cubic feet per day to Egypt's production and will be completed before the end of the year, according to the minister of petroleum.

Jordan needs about 330 million cubic feet per day of natural gas to generate electricity.

On Wednesday, Petroleum Minister Tarek el Molla discussed HalaZawati means of promoting the fruitful cooperation between both countries in oil and gas fields.

Molla announced in March that the Egyptian natural gas would be re-pumped to Jordan as of early 2019 after a four-year of suspension.

Aug 12, 2018

Egypt has started implementing the fifth residential district under the name New Garden City in the country ’s new administrative capital, Prime Minister Moustafa Madbouly said on Saturday.

Spanning over around 1,000 feddans, the new district will include a five-star hotel, 23,000 housing units varying between residential apartments and villas as well as a number of other luxury homes, Madbouly added.

“The district’s buildings will be on the old French style similar to the architectural styles of many buildings in Downtown Cairo,” he said.

The Egyptian minister said there will be a bunch of health, educational, religious, sports, entertainment, and commercial services in the fifth residential district.

Located 40km (29 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the country’s rapid population growth and improve the nation’s infrastructure.

The city will feature 1,250 mosques and churches, a 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.

Aug 26, 2018




Business News Prime Minister Moustafa Madbouli said that total investments spent by 6th of October City Council on development projects in 2017/2018 fiscal year hit 6.9 billion Egyptian pounds.

The initial plan in this regard stood at 5.7 billion pounds , he said, adding that this means that investments surpassed the planned funding by 1.2 billion pounds, according to a statement issued by the Ministry of Housing.

These investments are channeled into projects in the sectors of sanitary drainage, water, roads, electricity, low-cost housing and telecommunication, he added.

Jul 12, 2018

The European Union’s ongoing development cooperation portfolio is exceeding €1.3 billion ($1.5 billion) in Egypt, head of the EU delegation to Egypt, Ambassador Ivan Surkos on Monday.

“We are Egypt’s largest trading partner and the number one foreign direct investor,” Ambassador Surkos said in a Tweet on the 66 anniversary of Egypt’s 23 July Revolution.

The European Union Delegation to Egypt, officially opened in 1978, deals with the broad political and economic agenda between the EU and Egypt, and in the context of the European Neighborhood Policy plays a role in the implementation and monitoring of the EU-Egypt partnership priorities.

The delegation interacts with the government ministries but also with civil society and non-governmental organizations and reports to Brussels on developments in Egypt. An important focus is the management of the projects under the different development co-operation programs concerning Egypt.

Jul 24, 2018

The European Bank for Reconstruction and Development (EBRD) has reached a EUR 205 million agreement with Egyptian National Authority for Tunnels (NAT) to support the partial rehabilitation of Cairo Metro.

The funds will finance urgent works on Line 1, the oldest of the subway system that is used by 500 million customers per year.

Investments will increase the line’s capacity by 40% by reducing waiting times, from 3.5 minutes to 2.5 minutes, thereby improving levels of safety, comfort and service reliability.

The project will also introduce on-the-job training opportunities for young people, EBRD said in a statement on Wednesday.

The EBRD loan will be complemented by a EUR 350 million loan provided by the European Investment Bank (EIB) and a €50 million loan from the French development agency (AFC).

Aug 02, 2018




Business News Egypt adopts clear vision regarding enhancing economic ties with African countries, that focuses on commercial and industrial partnerships, Minister of Trade Amr Nassar.

He made these remarks came while addressing the third session of annual meetings of the African Caucus for the World Bank (WB) and the International Monetary Fund (IMF) which kicked off on Sunday in the Red Sea resort city of Sharm El Sheikh under the theme “Lessons learned from export support and diversification”.

He further noted that Egypt has been one of the leading manufacturers and exporters in Africa since the 1940’s.

The session, held under the patronage of Prime Minister Moustafa Madbouli, was attended by Chairman of the Federation of Egyptian Industries Mohammed Al-Suwaidi, Rwandan Minister of Finance and Economic Planning Uzziel Ndagijimana and Chairman of Oxford International Consultants Nikhil Treebhoohun, among other regional and international representatives.

Over the past few years, Egypt has witnessed a remarkable growth thanks to the measures taken by the government to improve the business environment and facilitate trade licensing, Nassar told the audience.

The session took up several issues including the role of export councils in the enhancement of Egyptian exports and opening new markets especially in African countries, the minister added.

Nassar noted that the government seeks to make the optimum use of trade deals concluded with African states, underlining the government plans to market competitive products in more than 10 African countries.

Aug 07, 2018

US manufacturing business activity remained brisk in August, while prices continued to increase, New York Federal Reserve Bank ’s Empire State Manufacturing Survey showed on Wednesday.

The Empire State manufacturing index, gauging overall general business conditions, rose to 25.6 in August, indicating robust growth.

Meanwhile, analysts polled by Econoday had expected the index to come in at 20.

The paid price index rose to 45.2 points this month, suggesting ongoing input cost pressures, whereas the index for the prices of received items declined by 2.2 points to 20.

The index gauging the inflows of new orders fell 1.1 points to 17.1 in August, while shipments index climbed 11.1 to 25.7 points.

“Firms remained moderately optimistic about the six-month outlook, though less so than earlier this year,” according to the federal bank’s survey data.

Business optimism index for future conditions jumped 4 points to 34.8 in August.

By 1:21 pm GMT, the EUR/USD pair fell 0.27% to $1.1313.

Aug 16, 2018




Business News The Federation of Egyptian Banks (FEB) will sign a protocol with the Egyptian Tax Authority (ETA) next Thursday to settle the stamp tax dispute.

Each dispute will be tackled separately and tax dues will be allocated from banks in accordance with the rules of the protocol, assistant to the finance Minister Fathy Shaaban told Enterprise.

The finance ministry is engaged with nearly 1,000 tax disputes with several lenders over different taxation issues, Shaaban added.

He indicated that a separate protocol regarding tax on commercial profits is being discussed.

He also estimated around EGP 17 billion in proceeds from settling the stamp tax dispute with banks.

Companies’ deposits will be subject for the stamp tax under the new protocol, while individuals will be exempted, sources highlighted.

Jul 17, 2018

Egypt has cancelled a tariff imposed last year on sugar exports, the ministry of trade and industry said in a statement received on Wednesday, in a move that opens the door for exports to resume.

The Egyptian government last year imposed a tariff of 3,000 Egyptian pounds ($168.26) per tonne on sugar exports as part of efforts to stem a rise in sugar prices in the local market.

In the statement, the ministry of trade and industry said the decision to lift the tariffs was made because of a sugar surplus in the market that can be exported.

An adviser to the supply ministry said in May that Egypt did not expect to import additional sugar this year as it has enough strategic reserves to meet the country ’s needs for more than eight months.

Egypt had previously said it expected to produce about 2.3 million tonnes of sugar this year. It consumes about 3 million tonnes and fills the gap with imports.

Aug 09, 2018

The Egypt Government Excellence Conference, which was organised in cooperation with the United Arab Emirates, was held in Cairo on Tuesday and Wednesday to showcase successful experiences in government services in Egypt and the UAE, exchange expertise, transfer information, and learn the best practices of government work.

The conference, held under the patronage of Egyptian President Abdel-Fattah El-Sisi, aims to step up government services in a way that achieves the strategic objectives of the Sustainable Development Strategy of Egypt’s 2030 Vision.

The conference is the first step towards implementing an MoU signed between the Ministry of Planning and the UAE ’s Ministry of Cabinet Affairs and the Future in February on the development of government work.

A session on “government innovation” featured Huda Al-Hashimi, the UAE’s assistant to the director-general for Strategy and Innovation at the Ministry of Cabinet Affairs and The Future, who also supervises the Mohammad Bin Rashid Centre for Government Innovation, according to a press release.

Al-Hashimi spoke about the importance of innovation for economic development, providing job opportunities and increasing income.

Innovation requires human capital, institutions, regulations, innovative products and services, funding, investment, and a competitive environment, as well as technology and infrastructure, Al-Hashimi said.

“Innovation is the basis of competitiveness between countries,” Al-Hashimi said, adding that it is the only way to face future challenges and overcome obstacles and that is one of the main criteria for government excellence.

Innovation requires a vision and a clear strategy, as well as an environment that helps with generating ideas.

On Wednesday, head of Egypt's Central Authority for Organisation and Administration Saleh Abdelrahman El-Sheikh said that the success of any person, institution, or

Jul 05, 2018



government lies in the excellence of management.

“Egypt has the ability to succeed, with its resources and the support of its brothers in the UAE, who we thank for their support and their keenness on exchanging expertise in [uniqueness], innovation and the development of government work,” said El-Sheikh.

El-Sheikh said that Egypt’s strategy for administrative reform relies on focusing on organisational structure, the workforce’s productivity, legislation, government assets, general service, governance and cultural context.

The reform plan relies on five axes for administrative reform; institutional development, developing capacities, legislative reform, improving services, the data systems, and boosting the efficiency of the state’s administrative apparatus.

El-Sheikh also highlighted the importance of training employees and executives.

Some 52 percent of Egypt's young people are below 25 years old, 61 percent are below 30, 68.79 percent are below 35, and 75.63 percent below 40, on which Egypt needs to capitalise.

The administrative reform plan is part of the Egypt Vision 2030 for sustainable development.

El-Sheikh said that Egypt prioritises the people, and that the plan does not include laying off employees.

Rasha Ayad Ragheb, executive director of the presidency-affiliated National Academy for Youth Training and Empowerment, presented the academy ’s experience at the conference.

The academy prepares young people to work in the administrative sector and to train them to participate in the political and partisan scene and become entrepreneurs, Ragheb said.

This is part of the government’s strategy for administrative reform.

The academy was established in August 2017 and since then, 1,000 20 to 30-year-old students graduated over two classes.

Another session was held under the name 'Experiences in Excellence,' which concluded that human resources and efficiency are key to achieving excellence in any institution.

Banque Misr chairman Mohamed El-Etreby presented during the session the “Talaat Harb is coming back” slogan, which aims at supporting young people in local manufacturing and small project funding.

Also during the session, executive director of Zewail City of Science and Technology Sherif Sedki said the city aims at spreading knowledge and preparing a generation of scientists who can create their own job opportunities.

The students founded a fish farming company to use a technology that saves billions of EGP for the government and found a method for early diagnosis of Hepatitis C, Sedki said.

Marwan Ahmed Bin Ghalita, the CEO of the UAE’s Real Estate Regulatory Authority RERA (the regulatory arm of the Department of Land and Property in Dubai), said that the institution is following the strategy of excellence by relying on seven axes: vision, strategy, occupational model, a harmonious team, developing institutional capacities, the sustainability of the operation of development, and leadership.

The institution follows the strategy of Sheikh Mohammed Bin Rashid Al-Maktoum, the vice president and prime minister of the UAE and ruler of the Emirate of Dubai. The 2021 strategy aims at making Dubai the number one city in a number of international indices, Bin Ghalita said.

Ben Ghalita stressed the importance of workplace happiness in an innovative environment and empowering employees through training, consolidating institutional belonging and team spirit.

The Department of Land and Property in Dubai developed the property sector in Dubai and encouraged investments, which made of Dubai an international destination for real estate, making real estate represent 15 percent of Dubai’s GDP, with investments worth 1.1 trillion Emirati dirhams, attracting 400,000 investors and 824 real



estate developers.

Dubai is the first real estate destination to apply blockchain systems, which helped it in boosting its international competitiveness indices, as it became number one regionally and 10th internationally in efficiency of property registration, and number one regionally in the real estate transparency indices.Money supply at Egyptian banks rose by 16.7% year-on-year in May to EGP 798.5 billion from EGP 684.2 billion.

On a monthly basis, money supply increased by 2.2% last May, versus EGP 781.2 billion in April, data by the Central Bank of Egypt (CBE) showed.

The CBE had posted that Egypt’s domestic liquidity grew by 19% year-on-year to EGP 3.39 trillion at the end of May 2018, from EGP 2.84 trillion.

Moreover, the North African nation’s international reserves rose slightly to $44.25 billion at the end of June from $44.138 billion a month earlier.

Jul 12, 2018

Egypt has ranked first among African cities in terms of attractiveness to investment, as it ranked 64th globally surpassing South Africa’s Johannesburg and Morocco’s Tangier, according to a recent report by the United Nations.

The report followed foreign investment inflows between 2013 and 2016, showing that Cairo was resilient in the face of economic, political, and security challenges, as reported by the Middle East News Agency (MENA).

Meanwhile, Alexandria ranked second among Egyptian cities and 23rd among African cities, with Sharm El-Sheikh ranking 3rd locally and 38th on the continental level, while Port Said was fourth in Egypt and 39th in Africa.

During this period, Cairo attracted foreign investments of $13.7 billion, compared with $13.2 billion in Johannesburg, $10.5 billion in Tangier, $2.5 billion in Alexandria, and $1 billion for Sharm El-Sheikh, and $700 million in Port Said.

Jul 22, 2018




Business News The Egyptian government has pushed up investments by 64 percent in the current financial year 2018/2019, as a proactive step to counter the effects of the economic reform, Planning Minister Hala el Saeed said Wednesday.

The minister noted, on the sidelines of the Government Excellence Conference, that this increase in investments is unprecedented and aims at providing job offers because the real support and real social protection of citizens is to create jobs.

“All sectors are witnessing a 50-60 percent increase in investments, and the local development investments in governorates are being doubled, rising by 80 percent during the current financial year,” el Saeed further added.

She clarified that the local development affects the citizen directly through paving roads and covering the canals and the delivery of water and electricity and all essential services to citizens.

According to Saeed, the latest reforms taken by the government wouldn’t affect the economic growth rates even with a slightly decreased consumption rate, as there is an increase in the rates of investment and net exports.

On June 12, Egypt cut its electricity subsidies, raising prices by an average of 26 percent in the financial year 2018/2019 beginning in July.

Minister of Electricity Mohamed Shaker stated the overall increase does not exceed 26 percent, while the average hikes in bills for households amount to around 24 percent, affirming that the new hikes save the country from potential losses that might reach 109 billion pounds.

Moreover, the Cabinet announced on June 16 cutting the fuel subsidies, to support the energy by only 25 percent now.

The new prices are Gasoline 95 prices went up from 6.6 Egyptian pounds (US$0.37) per liter to 7.7 pounds, while 92 octane gasoline prices amounted to 6.75 pounds instead of 5 pounds per liter.

Prices of gasoline 80’s liter increased to 5.5 pounds instead of 3.65 pounds, the newly-appointed government said in its first move since taking oath.

The price of diesel will be 5.5 pounds a liter instead of 3.65 pounds, while the price of natural gas used for vehicles rose to 2.75 pounds per cubic meter instead of 2 pounds.

The government also announced raising the price of the cooking gas cylinder to 50 pounds instead of 30 pounds and the commercial gas cylinder’s prices surged to 100 pounds instead of 60 pounds.

The minister affirmed that the expected growth rate of the fourth quarter of financial year 2017/2018 is 5.5 percent, adding that the growth rate of the whole financial year would reach 5.3 percent.

In June, The World Bank lifted its expectations of Egypt’s gross domestic product (GDP) to record 5.3 in 2017/2018.

Saeed previously said that Egypt recorded a gross domestic product (GDP) of 5.4 percent during the third quarter of financial year 2017/2018.

Egypt had embarked on a bold economic reform programme that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, all with the aim of trimming the budget deficit.

Jul 05, 2018




Business News Egypt’s historic Al-Alamein Hotel has officially reopened after a major facelift by Emaar Hospitality Group that will make it among the finest resorts along the Mediterranean.

The opening event was attended by Minister of Tourism Rania Al-Mashat, VIP guests, top media figures, as well as other public figures.

Situated in the picturesque setting of Sidi Abdel Rahman Bay, the hotel’s glamorous design ethos and refurbished retro-modern interiors hark back to the glory days of the 1960s, when the resort first opened.

The remodelled designs blend vintage charm with contemporary style, evoking a sense of nostalgia for the golden age of Egyptian music and cinema.

“The refurbishment of Al-Alamein Hotel provides an example of our determination to offer a hotel that is on a par with, or rather superior to, world-class resorts,” said Mohamed Alabbar, chairman of Emaar.

“We strive for nothing less than the highest global standards for our customers and our developments in Egypt including Al Alamein hotel, which its total renovation costs summed up to 1.5 billion pounds,” Alabbar added.

While the building stays true to its rich heritage, visitors can expect modern comfort and style everywhere, from the bar and restaurants to the corridors and rooms.

There is something remarkable around every corner of the resort.

An impressive assortment of black and white photographs of Egypt’s most celebrated classical actors and singers festoon columns in the lobby.

The hotel is also home to the renowned Umbrellas sculpture by Greek artist George Zongolopoulos, a poetic structure of steel umbrellas that stretches 13 metres into the sky, offering a dramatic reinterpretation of Abdel Halim Hafez’s classic oldie Dokko Elshamasy, or “Fix the Umbrellas on the Beach”.

One of the most photographed modern sculptures worldwide, the piece was first displayed at the Venice Biennale in 1995, where it drew international attention, and will now delight visitors to this glamourous Egyptian vacation spot.

The hotel also boasts a magnificent collection of art works and sculptures by a large number of local and global artists, including an iconic mosaic mural of late legendary Egyptian singer Oum Kolthoum and another one featuring colourful ancient boats.

The Al-Alamein Hotel is part of a thriving residential and tourist community Emaar is developing in Marassi, the company ’s flagship Mediterranean resort.

These include several hotels already launched such as Vida Marassi Marina, featuring 353 rooms and suites overlooking the marina with a full range of modern facilities; The Address Marassi Beach Resort featuring 435-rooms, and The Address Golf and Spa featuring 161-rooms, which is expected to open in 2020.

Marassi will also be home to seven luxury hotels with up to 3,000 rooms in total.

Jul 17, 2018




Business News Hassan Allam Holding (HAH) and Lightsource BP formed a joint venture to develop solar energy products on Tuesday.

"Lightsource BP powered by Hassan Allam Utilities will fund, develop and operate solar projects locally, offering world-class solutions to domestic and commercial Egyptian customers in solar energy and energy storage," read an official statement by both firms released on Tuesday.

No details as to the size of the investment were given.

Egypt is set to become a global leader of the solar power generation, with the Benban Solar Project — the largest of its kind in the word with a full-load sustained output of 1.6 gigawatts-peak — projected to begin operation in Aswan in 2019.

Renewable power is targeted to account for 20 percent of Egypt's energy mix by 2022.

The advantages of investing in Egypt's solar power are twofold, according to co-CEO of HAH Hassan Allam, who highlights the offer of "steady income streams, that smooth out the traditionally cyclical revenues of our existing businesses," and adds the further attraction of "high growth potential," since there is a high demand for renewable energy in emerging markets that "leapfrogs" that of developed economies.

"We see exciting potential in Egypt following the country’s economic recovery and recently announced renewable power targets," added Nick Boyle, CEO and Co-founder of Lightsource BP.

Lightsource BP was established in 2010, and rapidly grew to become the largest utility-scale solar developer, and largest operations and maintenance services provider in Europe, with over US$3 billion of capital invested across 2 gigawatts of solar projects globally.

Jul 26, 2018

The indices of the Egyptian Exchange (EGX) closed Wednesday’s trading session in green territory on the back of local buying.

The benchmark EGX30 index gained 31.39 points, or 0.20%, finishing the session at 15,952.42 points.

The small and mid-cap EGX70 index remained stable at 779.6 points, while the broader EGX70 index leveled up 0.20% to 1,997 points.

Likewise, the equal-weighted EGX50 index went up 0.68% to 2,709 points.

Market capitalization added EGP 1.8 billion and closed at EGP 887.56 billion.

Trading volume amounted to nearly 199.6 million shares exchanged at a turnover of EGP 802.09 million through 25,700 transactions.

Egyptian investors were net buyers with EGP 98.5 million, while foreign and Arab investors were net sellers with EGP 75.2 million and EGP 23.3 million, respectively.

The heavyweight Commercial International Bank (CIB) edged up 0.17% to EGP 84.6, with a turnover of EGP 10.5 million.

Jul 12, 2018

The Egyptian Exchange (EGX) has seen an upward trend early Tuesday on the back of foreign buying.

By 10:26 am Cairo time, the benchmark EGX30 index added 0.16% to 15,680 points.

The small- and mid-cap EGX70 index remained stable at 762.17 points, while the broader EGX100 index inched up 0.02% to 1,957 points.

The equal-weighted EGX50 index levelled up 0.25% to 2,662 points.

Trading volume amounted to around 2.17 million shares exchanged through 448 transactions at a turnover of EGP 9.04 million.

Foreign investors were net buyers with EGP 27.6 million, while Egyptian and Arab investors were net sellers with EGP 27.5 million.

Jul 17, 2018




Business News Orascom Construction Limited, on Monday announced that it joined France’s ENGIE and Japan’s Toyota Tsusho Corporation/Eurus Energy Holdings Corporation in signing an agreement to build a new 500-Megawatt wind farm in Ras Ghareb, Egypt.The agreement was signed between the developer consortium, the Egyptian Electricity Transmission Company (EETC) as the off-taker, and the New & Renewable Energy Authority (NREA) as the land owner, the company said in a press release.

The project will follow a build-own-operate (BOO) model, Orascom added, expecting its paperwork and financial planning to be completed no later than Q4 2019.

The construction giant stated that this project eclipses its existing 250 MW wind farm, which is expected to be commissioned in the second half of 2019, as the largest renewable energy project of its type and size in Egypt.

Jul 24, 2018

Egypt’s Banque Misr funding portfolio for Small and Medium-sized Enterprises (SMEs) hit 10 billion Egyptian pounds (US$ 561 million) by the end of May 2018, vice chairman Akef El Maghraby said.

He told Amwal Al Ghad that the number of beneficiaries of SMEs funds has reached 70.000 clients.

He also expected that the volume of the SMEs portfolio would register 25 billion Egyptian pounds by the end of financial year 2018/2019 and 45 billion pounds by the end of FY 2019/2020.

The volume of SMEs portfolio has posted 8 billion pounds by the end of December 2017. Thus the portfolio’s volume has increased 31 percent in 5 months.

Jul 10, 2018




Business News Italian oil giant Eni announced a second oil discovery in Egypt’s Western Desert on Monday, some 130 km north of the Siwa oasis, a statement by Eni reads.

In an official statement, Eni said the discovery was made on the B1-X exploration prospect located in the South West Meleiha Concession.

According to the statement, the well is the second to be drilled by Eni in an exploration of the deep geological sequences of the Faghur Basin. The second well was drilled 7 km away from the first discovery (SWM A2-X), to a total depth of 4,523 meters and encountered 35 meters net of light oil in the Paleozoic sandstones of the Dessouky Formation from the Carboniferous age and in the Alam El-Bueib sandstones of the Cretaceous Age.

“The discovery on B-1X confirms the high exploration and production potential of the deep geological sequences of the Faghur Basin,” Eni said.

It said its near-term plans include the drilling of other exploratory prospects located nearby the A2-X and B-1X discoveries to consolidate what could result in becoming a new productive area for Eni in Egypt.

Eni, through its subsidiary International Egyptian Oil Company (IEOC), holds a 100 percent stake in the South West Meleiha Concession. IEOC through its Operating Company Agiba, which is equally held by IEOC and the Egyptian General Petroleum Corporation (EGPC), currently produces the equivalent of 55,000 barrels of oil per day from the Egyptian Western Desert.

Present in Egypt since 1954, Eni is the main producer with the equivalent of approximately 300,000 barrels of oil per day equity.

Such production is expected to further grow within the year, thanks to the ramp-up of the Mediterranean Zohr natural gas field.

The Italian energy company said last week that it has so far invested US$8.4 billion in Egypt's offshore Nooros and Zohr gas fields and is planning to make $3 billion worth of new investments in the near future.

Eni has allocated 70 percent of its global investment in Egypt, Descalzi was quoted by the statement as saying.

During the talks, the two officials discussed the progress of work at the two fields, including mammoth gas field Zohr, discovered in 2015.

Egypt seeks to speed up production from recently discovered fields, with the aim of halting gas imports by 2019 and achieving self-sufficiency.

The giant Zohr offshore gas field in the Mediterranean contains an estimated 30 trillion cubic feet of gas, the largest gas discovery ever made in Egypt and in the Mediterranean Sea,

The field started production in late 2017, with an initial production of 350 million cubic feet per day. ElMolla said last week that Egypt aims to increase production at the field to 1.75 billion cubic feet per day in August.

Jul 10, 2018

The Egyptian Cabinet decided on Saturday to partially cut subsidies on natural gas for domestic and commercial usage starting August, raising prices between 33 and 75 percent.

The government has classified three price tiers based on consumption.

The first tier is for consumption of up to 30 cubic metres, for which the price has been raised from 1 pounds to 1.75 pounds.

The Ministry of Finance raised allocations for connecting natural gas to households in the draft budget for fiscal year 2018/19 by 192 percent, reaching 3.5 billion pounds, compared to 1.2 billion pounds in the current financial year.

In 2014, Egypt embarked on a plan to introduce a number of fiscal reforms, including fuel subsidy cuts that have increased prices by up to 78 percent, as well as imposing new taxes to ease a growing budget deficit.

Jul 22, 2018




Business News Egyptian Ambassador to Germany Badr Abdel Aati discussed on Saturday with Minister President of Thuringia state Bodo Ramelow means of fostering bilateral cooperation as well as boosting investments and German tourism to Egypt.

The meeting was attended by a raft of businessmen at Thuringia, who are interested in investing in Egypt in various fields, topped by clean energy, agriculture, information technology, transport, tourism, construction, and health care.

Sep 02, 2018

Agiba Petroleum Company has injected total investment worth $237 million in fiscal year 2017/2018, the company's chairman said on Wednesday.

Tests at the wells of Aman East, Karnak Deep, and Meleiha South in the Meleiha concession have added approximately 1.1 million barrels of oil equivalent (BOEs) to its proved reserves, Mohamed al Kafas highlighted in a statement.

Agiba, the operating joint venture company between Eni’s subsidiary IEOC Production BV and Egyptian General Petroleum Corporation (EGPC), finished drilling almost 55 wells at the Meleiha concession, he added, pointing out that about 59% of the development of crude oil transmission pipelines were completed.

He also indicated that the Petroleum Projects & Technical Consultations Co (Petrojet), in accordance with Engineering for the Petroleum & Process Industries (ENPPI), finished the establishment of a waste and sample warehouse built in accordance with the state-of-the-art safety and environmental systems.

The chairman said that recently-discovered Farmid exploration area is currently under development, with initial production of 25 million cubic feet (Mcf) of gas per day.

Agiba also completed the offshore facilities of the Gulf of Suez Ashrafi well at a total cost of around $3.8 million, Kafas noted.

He indicated that Eni-EGPC’s joint venture could save around $12 million by slashing costs of its activities on the back of adopting the latest economic management system of projects.

Sep 06, 2018

Egypt-based Speed Medical Examination Services is looking to set up new laboratories in the Canal and Delta governorates, with total investments of 25 million pounds.

The new branches aim at providing services for residents in these areas, coinciding with putting the new health insurance system into effect in Port Said governorate, company chairman Mahmoud Lasheen said.

Speed Medical Examination Services teamed up with City Lab to launch the new trademark City Speed in the Canal and Damietta governorates.

Jul 05, 2018




Business News The Central Bank of Egypt has received a $400 million 12-month loan from the African Export and Import Bank (Afreximbank) to fund small and medium-sized enterprises in the country, Al-Ahram Arabic newspaper reported on Monday, quoting the bank’s vice-president Amr Kamel.

Egypt’s central bank has fully paid off its past loan from Afreximbank which was taken out in November 2016 at the time of the floatation of the Egyptian pound, Al-Ahram reported.

Egypt is at the top of the list for Afreximbank in their plan to enhance intra-African trade, due to the Egyptian economy ’s variety and ability to penetrate the African market, Kamel added.

Last week, the National Bank of Egypt announced it is allocating $150 million, 20 percent of a $750 million loan it signed in 2017 with an international bank alliance, to finance small and medium-sized enterprises.

The international bank alliance is headed by the European Bank for Development and Reconstruction and includes HSBC, Emirates NBD, Citibank, Bank ABC, Ras Alkhaima, Standard Chartered, the National Bank of Abu Dhabi, Dubai Trade, and the Commercial Bank of Dubai.

In 2016, President Abdel Fattah al-Sisi introduced an initiative to provide 200 billion pounds over four years in loans for small and medium-sized enterprises through the central bank.

Financing for small and medium-sized enterprises in Egypt reached 8.5 billion pounds at the end of March 2018, compared to 4.9 billion pounds in 2017, an increase of 91.5 percent.

The country’s Financial Regulatory Authority said that financing for small and medium-sized enterprises increased following a decision by the central bank to incentivize banks to finance the booming sector in 2016 in order to create job opportunities and combat poverty.

Jul 17, 2018




Business News Egypt has spent EGP 515 billion since mid-2014 to develop the country's national electricity grid, Electricity Minister Mohamed Shaker said on Tuesday.

As a result, Egypt increased its power capacity by 84 percent in the period from June 2014 to June 2018, adding around 25,000 megawatts (MW) to the national grid to reach 55,000 MW and resulting in a 25 percent surplus, the head of the Administrative Control Authority Mohamed Erfan said on Tuesday.

Shaker said that EGP 433.5 billion of the total amount invested has been allocated to projects to boost Egypt's electricity generation, while the rest was spent on upgrading the country's power transport and distribution capacities.

The minister was speaking during a televised ceremony to inaugurate major electricity projects, which was attended by President Abdel-Fattah El-Sisi.

Among the projects inaugurated by El-Sisi on Tuesday were three 6-billion euro gas-fired combined cycle power plants with a total power generation capacity of 14,400 megawatts (MW) - or 14.4 gigawatts (GW) - built by Siemens, boosting the country’s electricity generation by 50 percent.

Siemens said on Tuesday this provides "enough power to supply up to 40 million people with reliable electricity."

The first phase of the megaproject, which the German company says are “the world's largest combined cycle power plants”, was inaugurated in March 2017.

The stations are located in the New Administrative Capital, in the town of Burullus in Kafr El-Sheikh, and in Beni Suef governorate, and each has a capacity of 4,800 megawatts.

El-Sisi and Siemens said the megaproject has set a new world record for execution of power projects, by delivering 14.4 GW of power in 27.5 months.

"A single combined cycle power plant block with a capacity of 1,200 megawatts typically takes approximately 30 months for construction," Siemens said on its official website on Tuesday.

At an impromptu speech at the ceremony, El-Sisi hailed what his government has achieved in the electricity sector over the past four years as "beyond imagination," adding that Egypt's plan to develop the electricity grid would be sufficient for over a decade.

El-Sisi referred to the country's energy crisis a few years ago, when there were recurrent power cuts, saying it was crucial to develop the ageing state-run infrastructure to handle rapidly growing demand for electricity in a country of more than 97 million people.

"We do not look for half solutions, we work towards decisive solutions," he said.

"What we are doing will satisfy Egypt for 10, 15 years and we won't face any other [crisis]," El-Sisi added.

Projects El-Sisi inaugurated on Tuesday also include a number of power transport lines in a number of governorates, as well as a wind power plants in Gabal El-Zeit area in the Red Sea governorate, which El-Sisi's office described in a statement as "the biggest of its kind in the world."

Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022.

Jul 26, 2018




Business News The World Bank supports Egypt’s aim to become a regional hub for oil and gas trading, reads a statement by the country’s Petroleum Ministry released on Monday.

In the official statement, the ministry said Petroleum Minister Tarek El-Molla met with the World Bank’s Executive Director Merza Hasan, who is visiting Cairo to discuss means of cooperation between Egypt and the World Bank as the bank follows positive developments in Egypt's petroleum sector.

According to the statement, El-Molla discussed projects with Hasan, which the World Bank is contributing to by financing petroleum and gas fields, as well discussing the sector’s keeness on strengthening cooperation with the bank and opening new opportunities for investment in its projects.

Hasan said he was visiting in full support of Egypt’s project to become a regional energy hub by financing infrastructure and technical support, pointing at the importance of the Egyptian project in order to secure energy supply and to support economic and political relations between countries involved in the project.

Last year, the World Bank described Egypt’s shift to modernizing the petroleum sector as ‘highly satisfactory’.

In February, Egypt's President Abdel-Fattah El-Sisi said that the dream to turn Egypt into a regional energy hub was becoming a reality, referring to a number of gas deals recently signed in the country, as well as efforts in achieving self sufficiency in the supply of liquefied natural gas (LNG).

Egypt hopes its mammoth gas field Zohr will help it achieve its goal of self-sufficiency in the supply of LNG.

The field started production in late 2017, with an initial production of 350 million cubic feet per day. Egypt said in June that it aims to increase production at the field to 1.75 billion cubic feet per day by August 2018.

The second stage of production from the field is due to be finalised by the end of 2019 when production reaches 2.7 billion cubic feet per day.

The Zohr, North Alexandria and Noras fields are expected to increase Egypt's natural gas output by 50 percent in 2018 and 100 percent in 2020, the petroleum ministry said in October.

The country passed a new natural gas law last year that allows for competition in the market by granting licenses to import gas for private companies.

Jul 03, 2018




Business News In the third review of the country’s economic reform programme, which was published on Monday, the executive board of the International Monetary Fund (IMF) praised the government's reform steps, asserting that the economic situation in Egypt “has continued to improve during 2018." The fourth tranche of the $12 billion loan package, which was signed by Egypt and the IMF in 2016, is scheduled to be dispensed to Egypt by the end of July.

The tranche, worth $2.02 billion, would bring the total received by Egypt in the three-year loan deal to approx. $8.06 billion.

"The economic situation has continued to improve during 2018…positive performance has been instrumental in achieving macroeconomic stabilisation, with external and fiscal deficits narrowing, inflation and unemployment are declining, and growth accelerating," said David Lipton, the IMF ’s first deputy managing director and acting chair.

The review also advises that a more inclusive private sector‑led growth model is essential to absorb the significant increase in the labour force expected over the next five years.

"The expanded structural reform agenda under the authorities’ reform program aims to address key impediments to private sector development, including steps to enhance transparency in industrial land allocation, strengthen competition and public procurement, improve transparency and accountability of state‑owned enterprises, and tackle corruption," the statement read.

Lipton also added that the "near‑term growth outlook is favourable, supported by a recovery in tourism and rising natural gas production, while the current account deficit is expected to remain below 3 percent of GDP and the public debt ratio to decline markedly by 2023."

The review highlighted that monetary tightening in 2017 helped anchor inflation expectations after the devaluation and fuel price hikes in 2016.

The report asserted that the Central Bank of Egypt should "maintain its restrictive stance to contain second round effects of fuel and electricity price increases, with future policy changes guided by inflation expectations and demand pressures."

The IMF review report said the recent further cuts to fuel subsidies, which took place last month, will safeguard the budget from unexpected changes in the exchange rate and global oil prices.

"The healthy level of foreign reserves and flexible exchange rate leaves Egypt well positioned to manage any acceleration in outflows, but this reinforces the importance of a sound macroeconomic framework and consistent policy implementation."

Jul 05, 2018

Egypt’s state-owned El Shams for Housing and Development says it plans to deliver the final phase of its residential project Gardenia Compound in Sixth of October City at the end of next September.

At a cost worth 600 million Egyptian pounds ($33.5 million), the final phase will include the implementation of 120 residential buildings, the company’s chairman Mahmoud Maghawry said on Tuesday.

Maghawry added that his company also seeks to expand its businesses up to one billion pounds, through executing two new real estate projects in Sixth of October City and the new administrative capital before the end of the current year.

Jul 26, 2018




Business News The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 16.75 billion on Thursday on behalf of the Ministry of Finance (MOF).

The first tranche of T-bills will be offered through 182-day notes at EGP 8.25 billion, while the second offering will be through 364-day notes at EGP 8.5 billion, according to the CBE’s official website.

The issuance will be used to finance the budget deficit, the CBE said.

Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government ’s debt instruments.

Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in fiscal year 2018/2019.

The CBE previously said that Egypt’s total foreign debt rose 2.3% quarter-on-quarter, or $1.8 billion, to $80.8 billion in the first quarter of FY17/18.

Aug 30, 2018

Egypt’s natural gas output has surged to 6.6 billion cubic feet per day after an increase in production at its mammoth Zohr offshore gas field, an energy official announced on Saturday.

Output at Zohr rose to 2 billion cubic feet per day, the petroleum ministry said on Friday.

Egypt aims to be a regional hub for the trade of liquefied natural gas (LNG) after a string of major discoveries in recent years including Zohr, which holds an estimated 30 trillion cubic feet of gas.

Sep 09, 2018

Mr. Magdi Hegazy, Aswan Governor, announcing L.E. 800 million poultry project to start production in few months. Project owner is El Wadi Group Chaired by Mr. Tony Freijy, and it would occupy 2,000 feddans area. Motive behind the project's location is choice is to benefit from the clean & healthy weather in the region away from possible veterinary infections & diseases. To which extent the development would re-open the way to Gulf, Arab & African investors to reconsider their earlier initiated poultry & animal production projects in Toshki also benefitting from a piece wave seems spreading in the southern part of the continent, that remains to be seen.

Aug 09, 2018

Egypt’s biggest lender, the state-owned National Bank of Egypt, increased its funds to 4.2 billion Egyptian pounds in the Central bank of Egypt mortgage initiative.

The funds has been directed to 43,000 mid and low income citizens, Vice chairperson of the National Bank of Egypt (NBE) Yehia Aboul Fotouh told Amwal Al Ghad.

The bank has announced the establishment of three independent units for mortgage finance in the 6th October, and the 10th of Ramadan, and the industrial zone in Minya, as well as the allocation of 34 branch in 23 governorates distributed in various parts of Egypt to deal with the social housing program.During 2014, CBE has launched an initiative worth 10 billion Egyptian pounds (US$1.4 billion) to stimulate the mortgage sector and finance the purchase of housing for earners with low and average incomes.

In 2007, CBE increases funds allocated for mortgage initiative to 20 billion Egyptian pounds.

Egypt’s local banks placed 14.5 billion pounds) in the Central Bank of Egypt’s (CBE) low income mortgage initiative in July 2018.

Sep 02, 2018




Business News The African Development Bank (AFDB) is preparing to disburse $500 million to Egypt, the third and last tranche of its $1.5 billion loan to the country, said vice-president of AFDB Khaled Sherif on Friday.

The three-tranche loan package, which was first signed in 2015, is aimed at supporting government programs to achieve comprehensive economic and social development, enhance social justice by offering job opportunities, and improve the business operating environment noted Sherif.

Sherif made the remarks during his meeting on Friday with Egypt's Minister for Investment and International Cooperation Sahar Nasr.

In April 2017 Egypt received the second $500 million tranche of the loan package.

The meeting was attended by the AFDB's director general for the Middle East and North Africa Mohamed El-Azizi, the Egypt Country Manager Malinne Blomberg, and the executive director for Egypt Ahmed Zayed.

Both sides also discussed prospects of cooperating in supporting the private sector and infrastructure in Sinai, a move that would attract investors.

Sep 23, 2018

Egypt will continue to maintain its current customs exchange rate of 16 pounds per $1, effective starting October until the end of next month said Minister of Finance Mohamed Maait on Saturday.

In a press release by the Ministry, Maait said that the current rate represents 90 percent of the rate of the dollar in the banking market.

The country has kept its customs exchange rate at EGP 16 since October 2017.Egypt has previously said that the unchanged customs exchange rate is attributable to the stability of the Egyptian economy.

Egypt began setting a monthly customs exchange rate in January 2017, following the liberalization of its currency in November 2016.

The Egyptian pound has remained at around the same level in recent months, trading at an average of around 17.9 pounds to the dollar according to the most recent updates from the Central Bank of Egypt.

Sep 30, 2018

About 100 feddans of cotton and 8,000 feddans of corn have been harvested so far in Damietta governorate.

In statements on Wednesday, agricultural director general at Damietta governoarte Maher Soweilam said the average cotton production of the first stage is 6.5 quintal.

He added that the governorate planted a total of 15,000 feddans of corn to be used as fodder.

Aug 30, 2018

Egypt’s Minister of Supply and Internal Trade Ali Al-Moselhi will inaugurate the first phase of the first commercial logistics zone in Tanta with investments worth 6 billion Egyptian pounds within months.

He will also lay the cornerstone for a number of commercial activities and logistics zones in Beheira and Sharqia with total investments worth 4 billion Egyptian pounds within October 2018.

Commercial logistics zones are necessary to deliver goods in reasonable prices and inhibit any possible damages.

logistics zone would allow preserving goods until they are distributed, that complies with the state aims to provide citizens with all goods in suitable price and condition.

Sep 09, 2018

Contract signed for the procurement of a machine to assure safety of railway tracks of EM100 U model of Austrian manufacture for Euro 6.8 million. Contract covers spare parts & maintenance for 5 years.

Aug 08, 2018




Business News The Central Bank of Egypt's monetary policy committee is expected to keep interest rates unchanged when it meets on Thursday despite concerns about inflation and the plunge in the lira of Turkey, analysts say.The predictions come despite the cooling of the headline inflation rate in July to 13.5 percent, after surging to 14.4 percent in June.

"We expect the Central Bank of Egypt to opt for stable rates awaiting signs that the headline monthly inflation numbers have stabilised," Mohamed Abu Basha, head of macroeconomic analysis at EFG Hermes, told Reuters on Tuesday.

The decision from the committee will come as central banks in a number of emerging market countries look to prevent potential contagion from the Turkish economic crisis.

The Turkish lira suffered its worst one-day loss in a decade last week, after President Donald Trump announced on Friday that tariffs on Turkish steel and aluminium would be doubled; the lira lost about 20 percent of its value against the US dollar.

The Egyptian monetary policy committee has kept rates the same at its last two meetings, maintaining the overnight deposit rate, overnight lending rate, and the rate of the main operation at 16.75 percent, 17.75 percent, and 17.25 percent, respectively.

The discount rate was also kept unchanged at the last two meetings, at 17.25 percent.

The last cuts were in March, and before that in February, when rates were slashed by 100 basis points each time.

The effect of the lira's devaluation on Egypt is of great importance, especially after the cancellation of contracts for Egyptian readymade clothes by Turkish importers, according to the Textiles Industry Council's deputy head Magdy Tolba, who spoke to Amwal Al-Ghad.

Tolba added that Egyptian textile exports to Turkey make up 30 percent of all of Egypt's textile exports.

Moreover, Sherif El-Diwany, former director of the Middle East and North Africa at the World Economic Forum, said during a recent forum event in Geneva that the Turkish market has an advantage in the exportation markets where both Egypt and Turkey export the same products, explaining that “Egypt cannot well compete with Turkey in exporting textiles to the same markets, as the lira is now down, hence prices will be lower than before.”

Economic development expert Sherif Delaware, however, told Ahram Online that the effect of the Turkish economic crisis is unpredictable due to the complexity of the situation and its dense economic and political aspects. He added that even if Egyptian exports are negatively affected by the crisis, Egyptian imports from Turkey should be cheaper, and the net effect may therefore be neutral.

Mohamed Abu Basha, was also optimistic despite the crisis in Turkey, telling media outlets that the total Turkish market share of Egyptian exports is about five percent, which is a very modest share that supposedly should not have a significant impact on the Egyptian market.

In addition, Finance Minister Mohamed Maait told Egyptian news service Enterprise on Monday that not only is Egypt not vulnerable, but that the Turkish crisis has in fact driven further portfolio inflows to Egypt in the last week.

Aug 16, 2018




Business News The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 16.25 billion on Sunday on behalf of the Ministry of Finance (MOF).

The first tranche of T-bills will be offered through 91-day notes at EGP 8.25 billion, while the second offering will be through 266-day notes at EGP 8 billion, according to the CBE’s official website.





Jul 29, 2018

Egypt is currently upgrading and carrying out maintenance work on 156 train stations throughout the country at a total cost of around EGP 1 billion, the transportation ministry said in a statement on Friday.The work is part of a greater plan to revamp the national railway network at a cost of EGP 55 billion by 2022.

The transportation ministry spokesman Mohamed Ezz said that the development efforts aim to improve services for train passengers.

Minister of Transportation Hisham Arafat has issued instructions that the deadlines for completing the maintenance projects should be met while ensuring the safety of passengers as the maintenance work is being carried out.

Ezz said that the development efforts include installing at railway all the necessary electrical and fire fighting equipment, as well as building ramps for people with special needs.

The plan also includes upgrading electrical wiring systems at the railway stations and deploying civil safety personnel.

Twenty-three of the 156 stations are undergoing upgrades at a cost of $451 million, and the remaining 133 stations are undergoing maintenance.

The development work has been completed at 13 of the 23 stations, with work on the remaining 10 set to be completed by June 2019.

The 133 railway stations are undergoing maintenance at a cost of EGP 262 million. Work has been completed at 79 of the stations.

Egypt's railway system has a poor safety record, with frequent deadly collisions often blamed on a lack of maintenance and poor management.

In 2017, President Abdel-Fattah El-Sisi stressed the need to upgrade the country's railway network to prevent deadly accidents, stating that the system needs EGP 180 billion (about $10 billion) to be modernized.

Aug 26, 2018

Egypt’s Export Development Bank plans to reach one billion Egyptian pounds ($55.8 million) worth of retail funding by the end of the current financial year from 400 million pounds last year, its chairman said on Wednesday.“We are considering expanding in offering more digital banking platforms such as Mobile Banking in the coming period,” Mervat Sultan told Amwal Al Ghad on the sidelines of a news conference in Cairo.

The bank has recently signed a cooperation protocol with the Egyptian Mortgage Finance Fund (MFF) and has so far invested 15 million pounds in the mortgage sector, Sultan said.

Sep 06, 2018




Business News Egypt's Minister of Investment and International Cooperation Sahar Nasr said that on Saturday the World Bank's decision to loan Egypt $300 million to develop its rural sanitation services "reflects the bank's absolute confidence in the priority placed on this vital sector by the Egyptian political leadership."In a statement released by the ministry, Minister Sahar added that the decision also reflects and the WB's conviction of the effectiveness of the economic and social reforms taken by the government to make a comprehensive leap in sanitation services in order to meet the aspirations of the Egyptian people"

The World Bank had announced on Saturday a new $300 million loan for complementing the current Sustainable Rural Sanitation Services Program in Egypt.

Nasr explained that the World Bank fully concurs with the Egyptian vision of the macroeconomic reforms which require parallel reforms aimed at strengthening social protection networks for the poor and low-income, especially in housing and sanitation.

The loan also reflects the WB's keenness to be a real development partner for Egypt in various sectors, said the minister.

Sahar explained that the project aims to complete the provision of sanitation services to 892,000 citizens in villages suffering from highest degrees of pollution, which are among the most needy villages in the governorates of Sharkiya, Dakahliya, Damietta, Gharbiya and Menoufiya, thus bringing the number of the beneficiaries of the project up to 1,710,000 citizens.

According to the minister, the rural sanitation program "started in 2015 with funding of $550 million in support of the Egyptian government's national sanitation program to provide good sanitation services to the rural population. The program focuses on the priority of delivering sanitation services to families in the most needy villages."

The minister pointed out that additional funding will also support the establishment and upgrading of sewage treatment plants; rely on local water and sanitation companies to connect sanitation systems in homes and construct sewage infrastructure; and ultimately strengthen the sustainability of the national sewage grid system.

Samia Mossadak, the acting regional director of Egypt, Yemen and Djibouti at the World Bank said "Ensuring equal opportunities for access to basic services is essential for achieving comprehensive growth, which is why Egypt has realized the importance of launching this ambitious project."

"We are proud to support these efforts out of our belief that investing in human capital, i.e. in people's health and education, is a long term investment any country can achieve."

Meanwhile, Osama Hamad, senior expert on water and sanitation at the World Bank and the head of the team overseeing the program, said the program aims at strengthening the capacity of the sector's institutions to provide services."

"This process will help ease health and economic burdens and will also ensure the sustainability of the sector," Osama added.

Sep 23, 2018

The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 16.25 billion on Sunday on behalf of the Ministry of Finance (MOF).



Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield.

State-run banks are the largest holders of the government’s debt instruments.



Sep 02, 2018




Business News Minister of Trade and Industry Amr Nassar said Egypt has vast potentials in the engineering industries field qualifying it for competition at the local and foreign markets.

The minister’s remarks were made during his meeting with members of the Engineering Industries Chamber (CEI), affiliated to the Federation of Egyptian Industries (FEI), chaired by Mohamed el Mohandes and Head of the Engineering Industries Export Council Amr Abu Ferekha.

In a statement released on Monday, Nassar said the Ministry is seeking to make an integration with all ministries and bodies concerned to increase dependency on local products rather than imported ones especially that the Egyptian industry is applying all quality standards.He made it clear that the Ministry is keen on completing all axes needed to implement the industrial development and foreign trade strategy which comes in line with Egypt’s vision for 2030.

The participants reviewed holding a plenary meeting to expand local industry in view of the vast potentials of the Egyptian industry in the various productive sectors.

Nassar also highlighted the importance of boosting cooperation between the private sector factories and holding companies to meet the needs of market from local products instead of the imported ones.

Jul 10, 2018

Egypt’s exports of ready-made garments increased by ten percent during the first seven months of 2018 to hit $907 million, compared with $824 million in the same period of last year.

The Readymade Garments Export Council of Egypt said on Monday that it was looking to scale up exports by 15 percent to around $1.7 billion during the remaining months of this year.

In terms of countries, Turkey was Egypt’s top importer of the ready-made garments with a value of $84 million, followed by Spain with $79 million, the council’s data showed.Britain came in third with $59 million, followed by Italy and France at fourth and fifth with $46 million and $29 million, respectively.

In terms of regions, the United States was a leading market for the ready-made garment exports from Egypt with $480 million, up 14 percent from last year, while European markets came second with exports registering $306 million, a 15 percent increase from the first seven months of 2017.

The council has prepared a plan to increase Egypt’s market share of exports in international markets by participating in pertinent exhibitions and dispatching promotional delegations to the United States and Europe, which make up the world’s largest exporters of the ready-made garments.

In 2018, Egypt participated in three international exhibitions, including the “SOURCING at MAGIC” held in Las Vegas, the US, from 11 until 14 February, Magic Show, also in Las Vegas from 12 to 15 August, and Origin Africa, which took place from 9 to 11 September in Nairobi, Kenya, the statement concluded.

Sep 25, 2018




Business News Egypt's Sahar Nasr and Hala El-Saeed -- respective ministers of investment and international cooperation and of planning and administrative reform -- discussed Sinai development projects and ways in which the World Bank (WB) can support the plans alongside WB officials during a visit to Washington, Al Ahram Arabic website reported on Sunday.

Nasr and Saeed discussed how the WB and the International Finance Cooperation (IFC) can support and participate in development projects with the private sector, which will be carried out by the Egyptian-Saudi investment fund in the Sinai Peninsula.

According to Nasr, the Egyptian-Saudi investment fund has US$16 billion of Saudi capital to inject investments into a number of projects in Egyptian governorates.

The minister added that the projects would be chosen from Egypt's investment map, which was prepared by Egypt's Ministry of Investment and International Cooperation in coordination with the rest of the ministries and governmental agencies.

Nasr added that the majority of the projects would focus primarily on the Sinai Peninsula.

Practice Manager at the WB Jean Pesme expressed great anticipation for the WB's upcoming support for the private sector in development projects in Sinai.

Saeed spoke about the new Egyptian sovereign wealth fund, and how Egypt is learning from other countries’ experiences.

The two ministers also met the Middle East and North Africa vice president of the WB in Washington, discussing future development projects the WB could support, as well as how to accelerate procedures to receive the $1 billion of support for Sinai development along with the $5 million to support affordable social housing projects.

Jul 22, 2018

Banque Du Caire announced that it offered about 3.4 billion Egypyian pounds to more than 184, 000 customers owning micro-enterprises, according to Tarek Fayed Chief Executive Officer at Banque Du Caire.

He added that this is part of the bank’s efforts in boosting the national production and improving the Egyptian economy.

The bank has a market share of 30 percent in regard to Micro finance.

Fayed confirmed that the bank supports infrastructure, developmental and social projects through contributing to micro finance loans offered to the most important investment projects in Egypt which support the national economy.

Founded in 1952, Banque du Caire since its inception 62 years ago has been an avid contributor to the Egyptian economy, as one of Egypt’s top banks BDC has played an instrumental role in effectively and efficiently supporting the national economy across all sectors.

Within the retail sector, Banque du Caire offers various innovative and competitive products and services. While on the Corporate front, the bank plays an effective role in financing the vital sectors of the national economy through participating in the syndicated loans serving different sectors, besides its vital role in financing the SMEs and Microfinance projects which are considered one of the main factors that caused economic leaps in various countries.

Jul 22, 2018










Aug 05, 2018

Egypt's Ministry of Investment and International Cooperation and the United States Agency for International Development (USAID) signed on Tuesday five agreements for grants worth $45 million, according to a statement by the ministry issued on Wednesday.The grants will be spent on projects in the sectors of agriculture, higher education, science and technology, healthcare, and governance.

The signing of the agreements affirms the strategic and economic relations between Egypt and the US, Investment Minister Sahar Nasr said.

A $5 million healthcare grant will be spent on family planning as well as a 2018 survey on health and demographics.

Another $27 million grant will be allocated for higher education and scientific research to prepare graduates for the needs of the job market.

The $27 million grant will be spent on increasing partnerships between universities and the number of awarded scholarships, as well as offering training for teachers.

The third grant is worth $4 million, and targets deepening relations between scientific communities in Egypt and the US, and increasing scientific and technological development for peaceful purposes through an exchange of technology, information and skills.

A $3.5 million grant will be allocated to increasing the income of agriculture workers in Upper Egypt by working on increasing production and connecting them to international markets.

The fifth grant, which targets governance, is worth $5.3 million and will be provided to the ministries of justice and of social solidarity, the National Council for Women, and the National Council for Childhood and Motherhood.

The grant is set to boost the capacities of the justice system, improve the electoral process, and consolidate the political and legal frameworks to deal with violence against women.

Minister Nasr said the grants are about investing in the Egyptian citizen.

Sherry Carlin, USAID Mission Director in Egypt, said Egypt and the US are cooperating to achieve sustainable outcomes of programmes that are tailored to the needs of Egyptian citizens.

Carlin stressed on the strong partnership between the two countries through such grants, which are part of $30 billion spent by USAID in Egypt since 1978.

Jul 26, 2018




Business News Egypt’s trade exchange increased 15.5 percent to $44.836 billion in the first half of the year from $38.829 billion last year.

Egyptian General Organisation for Export and Import Control (GOEIC) issued a report on Friday, stating that the Egyptian exports during the first half of this year increased by 14 percent and imports have increased by 16 percent compared to the same period in 2017.

Minister of Trade and Industry Amr Nassar said the positive indicators of Egypt’s foreign trade movement confirm the recovery of the national economy and contribute to restoring Egypt’s natural position on the world trade map.Nassar pointed out that the coming period will witness intensive moves to accelerate the pace of foreign trade in general, and increase Egyptian exports to world markets in particular.

Head of GOEIC Ismail Gaber said that 5 export sectors achieved significant growth during the first half of this year, namely: chemicals and fertilizers with an increase of 26 percent, handicrafts 17.8 percent, medical industries 16.4 percent, spinning and weaving 11 percent, and books 38 percent.

He added that the most prominent sectors that recorded an increase in the volume of imports during the first half of this year included furnishings 75 percent, leather products 44 percent, handicrafts 39.3 percent, building materials 29 percent, and and ready-made garments 27 percent.

Aug 05, 2018

Petroleum Minister Tarek el Molla inspected pilot operation of a new unit for producing high-octane fuel at Alexandria National Refining and Petrochemicals Company (ANRPC) in preparation for putting it into service as of September.

In a statement on Monday, Molla said the $233-million project is one of the ministry's projects which aim at upping local production of petroleum products and reducing imports.

He said the project will up ANRPC's output of octane 92 and 95 fuel by 850,000 tons annually, thus doubling the company's production.

This will also ratchet up the company's contribution to the local market from 10 percent to 21.5 percent, he said.

Butane gas production will reach 38,000 tons annually, he said.

ANRPC Chairman reviewed a number of future projects which the company plans to carry out.

The future projects will be in the industrial water recycling and treatment sector and include building an ammonia production unit and a methanation unit.

Aug 14, 2018

The country's net foreign reserves increase to $44.419 billion at the end of August comapred with $44.315 billion in July 2018, Egypt's central bank said on Wednesday. Egypt's foreign reserves have been steadily increasing since Tariq Amer took office as the governor of the central bank in October 2015, and only decreased twice in July 2016 and October 2016. "The stabilization of foreign currency reserves in Egypt is a positive thing in light of the emerging market crisis and the exit of foreigners from these markets at the moment," said Radwa Suweifi, head of research at Pharos Investment Bank. Countries such as Turkey and Argentina are witnessing a deterioration of the local currency and a decline in economic indicators. Foreign investments in the Egyptian government debt instruments have reached $17.5 billion since the exchange rate was liberalized in November 2016 until the end of June 2018, lower than the $23.1 billion recorded at the end of March 2018. Egypt's external debt grew 19.3 percent year-on-year to reach $88.2 billion at the end of March 2018.

Sep 06, 2018




Business News Egypt said on Wednesday it was “taking all necessary steps” over $2 billion the World Bank ordered it to pay to Italian-Spanish Union Fenosa Gas (UFG) because of a lack of gas supply to an Egyptian plant in which the company has a majority stake.

A statement from Egypt’s petroleum ministry for the first time acknowledged the decision by a World Bank arbitration body, but did not elaborate on what steps it was taking.

The World Bank body ordered Egypt to pay the money to Union Fenosa Gas (UFG), a joint venture between Spain ’s Gas Natural and Italy’s Eni, the Financial Times reported on Monday.

The Damietta liquefied natural gas (LNG) plant is 80 percent owned by UFG, with the remaining 20 percent split evenly between state-owned companies EGAS and EGPC.

Sep 06, 2018

Egypt's Minister of Petroleum and Mineral Resources Tarek El-Molla signed on Saturday two deals with firms from Canada, the UK, the Netherlands, Malaysia and Kuwait to explore for petroleum and gas in two deep-water areas in the Mediterranean and the Western Desert.

The deals include drilling 12 wells at investments of at least $1 billion, the Ministry of Petroleum and Mineral Resources said in a statement.

The ministry revealed that a grant of $2 million will be paid to Cairo upon signing one of the two deals.

The minister affirmed that the petroleum sector will proceed with offering international bids, as well as signing new agreements with the aim of boosting Egypt ’s production of petroleum and gas to reduce imports.

Egypt has set October 1 and October 8 deadlines for two major international tenders for oil and gas exploration spanning 27 onshore and offshore blocks, the oil ministry said last May.

Bids for 11 blocs offered by the Egyptian General Petroleum Corp (EPGC) must be submitted by October 1, the ministry said in an advertisement published in Al-Ahram Arabic newspaper.

Companies interested in 16 concession areas offered under state-buyer EGAS must submit their bids by October 8, it said.

The EPGC tenders include five blocks in the Western Desert, two in the Nile Valley, three in the Gulf of Suez and one in the Eastern Desert.

The EGAS tender, described by the ministry as the largest in the company’s history, includes 13 offshore Mediterranean blocks and 3 in the Nile Delta.

Sep 16, 2018

Qalaa Holding is planning to inject investments ranging between EGP 30 billion and EGP 32 billion over the next three years, chairman Ahmed Heikal has said.

Speaking on the sidelines of a press conference by the Ministry of Investment and International Cooperation on Monday, the top official noted that the new investments will contribute to financing the Egyptian refining project and a number of investments in other sectors.

Qalaa Holding has made investments worth EGP 18.6 billion over the past 18 months, Heikal told reporters during the event.

Speaking about the company’s projects in 2017, the chairman said that Qalaa had invested billions of pounds in energy, refining, and solar power in Benban, the world ’s largest solar-powered project. He added that his company had invested in natural gas delivery added to the opening of 10 gas stations and waste management projects among others.

Qalaa Holding previously announced that it had invested EGP 1.35 billion in its first project for generating solar power through photovoltaic (PV) cells.

Qalaa last reported shrinking its losses to EGP 183.9 million in the three months ended March, from EGP 596.08 million in the same period of 2017.

Sep 18, 2018




Business News The Central Bank of Egypt (CBE) is set to issue EGP 17.25 billion in treasury bills (T-bills) on Thursday on behalf of the Ministry of Finance (MOF).

The first tranche worth EGP 8.5 billion will be offered through 182-day notes, while the second offering will be through 364-day notes at EGP 8.75 billion, the CBE said.

The issuance will be used to finance the budget deficit.

Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks make up the largest portion of holders of the government’s debt instruments.


The CBE previously said that the country's total foreign debt rose 2.3% quarter-on-quarter, or $1.8 billion, to $80.8 billion in the first quarter of FY17/18.

Jul 05, 2018

Remittances from expatriate Egyptians jumped by 48.2 percent in the first 10 months of the 2017-2018 financial year to around $26 billion compared to the same period last year, the central bank said on Monday. The central bank said in a statement remittances had risen 41.2 percent to around $2.3 billion in April 2018 from $1.7 billion in April 2017.

Egyptians working abroad send back billions of dollars a year in remittances, an important source of hard currency for a country that has seen tourism, foreign investment, and exports. They have increased since the country floated its pound currency in November 2016 as part of economic reforms tied to a $12 billion loan from the International Monetary Fund.

Jul 10, 2018

Egypt’s Ministry of Petroleum and Mineral Resources has announced the start of the experimental operation of the country ’s largest and most modern natural gas lab, to analyse the natural gas, water, condensates, and sulphur produced by the Zohr field, the ministry said in a statement on Saturday.

The Zohr field, the largest natural gas discovery ever made in the Mediterranean, is located off Egypt’s northern coast, within the Shorouk block, some 190km north of Port Said.

Minister of Petroleum Tarek El-Molla said the petroleum sector is keen to apply modern techniques and optimise their use in increasing production.

The lab includes highly precise, modern and developed equipment that enables engineers, chemists and technicians to make accurate measurements and carry out lab experiments for the Zohr field, the statement read.

Zohr’s daily production will increase to 1.75 billion cubic feet per day by the end of the month and to 2 billion cubic feet per day by September, according to the ministry.

Field production in Zohr, which contains an estimated 30 trillion cubic feet of gas, is expected to rise to 2.7 billion cubic feet per day by the end of 2019, transforming Egypt into a regional power hub.

The field started production in late 2017, with an initial production of 350 million cubic feet per day.

Aug 12, 2018




Business News Egypt and China signed a $45 million grant to implement the new satellite "Egypt Sat 2'' on Monday, according to an official statement by the Ministry of Investment and International Cooperation.

The agreement was signed by Sahar Nasr, Egypt's minister of investment and international cooperation, and the Chinese ambassador to Egypt, Song Aiguo.

Nasr spoke of the agreement as a sign of the good strategic relations between the two countries, while mentioning that the upcoming period will witness cooperation between the Ministry of Investment and International Cooperation and the Ministry of Higher Education and Scientific Research.

She also said that "developing the new satellite Egypt SAT-2 for the applications of remote sensing" aims to benefit from Chinese technology and experience, and help further Egypt’s progress on establishing the Egyptian Space Agency to make Egypt a regional and international centre for science and innovation.

Nasr also praised China for their several projects in Egypt, such as the Fish Collection and Integration Test Center, the Vocational Training Center in the economic area of Suez Canal, the Opera House project in Luxor, and the development of “stage one and two” online education, in addition to the other 1558 Chinese firms in various sectors.

She also said that she is looking forward to strengthening the relations between both nations and attracting more foreign direct investments (FDI) from China.

Khaled Abd-Elghaffar, Egypt's minister of higher education and scientific research, added that he appreciates Nasr's support for his ministry, and that this agreement is a result of their cooperation.

The project takes Egypt to a higher level in the field of scientific research, since this project will include training of Egyptians in China on remote sensing, Abd-Elghaffar added.

Aiguo said following the inking of the deal that the upcoming period will witness a development in Chinese investments in Egypt, and that he ’s excited to share China’s experience and knowledge in manufacturing and operating satellites.

In January 2018, Egypt's president Abdel Fattah El-Sisi ratified a law establishing the country's first Egyptian space agency, aiming to develop and transfer space science and technology into Egypt.

The Egyptian president vowed utmost efforts by the government to advance Egypt’s status in the field of scientific research and innovation last March

Aug 14, 2018




Business News Egypt’s Minister of Investment Sahar Nasr affirmed during a meeting on Tuesday with a delegation representing 40 US companies investing in Egypt that the government is actively working on encouraging investments of the private sector.

The meeting was attended by the Charge d’Affaires at the US Embassy in Cairo Thomas Goldberger, the Egyptian ministers of electricity, finance and agriculture.

During the meeting, Nasr referred to the private sector’s role in achieving economic growth, creating job opportunities and reducing poverty in Egypt, pointing out to the economic achievements over the past period, including economic and legislative reforms, as well as Egypt ’s new investment law.

Egypt ‘s Minister of Electricity Mohamed Shaker called on the US firms to invest in the renewable energy sector in the country, in line with the government ’s plans to depend more on renewable energy.

“By 2035, 42 percent of Egypt’s energy will be generated from renewable energy’, the minister stated.Minister of Finance Mohamed Moeet said that more than 85 percent of the economic reform program is accomplished.

The Charge d’Affaires at the US Embassy in Cairo Thomas Goldberge hailed the Egyptian government’s efforts to facilitate the investors’ work according to international standards, pointing out that the US companies are interested in expanding their activities in Egypt within the coming period.

The US diplomat praised the Egyptian government economic reforms, saying they created a suitable atmosphere for luring more US investments in Egypt, which amounted to $21.6 billion.

‘The US firms pumped investments worth $1 billion into the Egyptian market during the financial year 2017/2018’ , he added.

Meanwhile, the US delegation expressed interest in starting new business in the Egyptian market within the coming period, affirming that an investment delegation including major US companies is scheduled to visit Egypt in October.

Sep 12, 2018




Business News A number of French companies have announced that they will increase investment in Egypt, in a meeting with Investment Minister Sahar Nasr on Thursday.

The meeting included representatives from Schneider Electric, Saint Gobain, Carrefour, L’Oreal, NAOS, Mortimer Harvey, Edison, SEB group, Decathlon Group, Orange, Credit Agricole Bank and other corporations.

They were joined by the French Ambassador to Cairo Stéphane Romatet, Director of the French Development Agency in Cairo Fabio Grazi, Chairman of the Council of French Foreign Trade Advisors in Cairo Walid Sheta, officials from the French Economic Mission in Cairo, and the Egyptian Investment Ministry.he corporations praised economic reforms in Egypt, holding that the current business climate has become suitable to attract more French investment, which currently amounts to US$4 billion from 160 French companies operating in Egypt.

It was estimated that the meeting could bring 35,000 new jobs in the fields of industry, tourism, agriculture, telecommunications, transport, infrastructure, and financial services in Egypt.

French companies increased their investments in Egypt by $200 million in 2017-2018, a number which, according to Ambassador Romatet, France intends to boost in the coming year.

Meanwhile Sheta, who is also president of the Schneider Electric Group, announced that his company’s investments in Egypt amounted to 208 million Euros. This year, the paid-up capital was increased by 20 million Euros.L’Oréal Egypt’s managing director, Benoit Julia, reported that 99 percent of workers with the company in Egypt were Egyptians. He added that 80 million L’Oreal cosmetic units are expected to be produced by the end of 2018, with an increase of 5 million units compared to last year. 50 million Euros were allocated for the establishment of the L’Oreal Cairo plant, as a regional export hub for the Middle East and North Africa.

Jean-Francois, president of Air Liquide for industrial and medical gases, reported that its plan of action over the next three years would inject investments of about LE2 billion.

Hanan Badra, Managing Director of SEB Group, declared that SEB plans to invest over 30 million Euros into Egypt, during the year 2018-2019.

Investment Minister Sahar Nasr stressed the importance of the private sector in Egypt’s economic development plan.

She announced that The General Authority for Investment and Free Zones has translated Egypt’s investment laws and executive regulations into French, in order to clarify all details to French investors.

Finally, Nasr expressed her hope for the future of French investment in Egypt. She praised the aid provided by the French Development Agency, which exceeded 1.2 billion Euros – including 5.6 million Euros as grants.

Sep 13, 2018

Egypt’s Planning Ministry says the country’s economy grew 5.3 percent in the most recent financial year, the highest in ten years.

The ministry said in a statement Thursday that the increase in the fiscal year 2017-2018 ending in June was the result of growth across all sectors of the economy.

Egypt has taken a series of tough austerity measures as part of economic reforms designed to overhaul the economy, still recovering from a costly 2011 popular uprising.

President Abdel Fattah al-Sissi says the reforms, implemented shortly after he took office in 2014, have put Egypt on “the right track” and that they will spur economic growth by over 7 percent in the coming years.

He urged Egyptians to be patient with the reforms, which the government says should start benefiting citizens within two years.

Jul 29, 2018




Business News Former vice president of the Egyptian Petroleum Authority Medhat Youssef told Ahram Online that Egypt has nothing to fear over the ongoing renegotiations of the Cyprus natural gas deal, noting that it is a normal procedure that should be undertaken if there is a change in the market, including oil prices.

Youssef added that the changes in the agreement that may happen will only guarantee benefits for every side involved including Egypt, Cyprus, and foreign investors.

The Cypriot Energy Minister Giorgos Lakkotrypis said last week that the consortium wants to renegotiate deal terms because current, lower global oil prices don ’t make the preliminary agreement to sell Aphrodite gas to a Shell-operated processing plant in Egypt viable, according to Cyprus Mail.

"If all goes as planned, natural gas will start flowing to Egypt in 2022," the minister stated.

Youssef said "Egypt is the best hub for Cyprus to export liquefied gas to Europe," adding that an alternative to Egypt will be very hard to find in the short term. He suggested that the agreement will very likely be successful.

The existing preliminary agreement involved connecting the Aphrodite field with Egypt's liquefaction plants in Idku and Damietta through an underwater pipeline worth up to $1 billion.

Currently, brent crude oil is traded at around $70 a barrel, down from over $100 per barrel four years ago.

Lakkotrypis added that the current plan is contingent on talks between the Cypriot government and a consortium consisting of Texas-based Noble Energy, Israel ’s Delek, and Royal Dutch Shell, who are all looking to renegotiate the financial terms of their contract for the field, according to Cyprus Mail.

“The best option is to try and find a mutually acceptable solution with the consortium so that the Aphrodite reserve is developed as soon as possible,” the minister said, adding that the development of the reserve would have a lot of financial and geopolitical benefits.

Former vice president of the Egyptian Petroleum Authority, Salah Hafez, told Al Ahram Online that such a deal is needed for Egypt to capitalize on the potential production of Egyptian gas liquefaction companies who are working far from their full capacity.

"Should the deal go through, Egypt will gain a lot of revenues from the difference of the import price of the natural gas from Cyprus and the export price of the liquefied one," he said.

Egypt seeks to be a natural gas collection hub for Cyprus, Greece, Israel, Palestine, and, potentially, for Lebanon.

Oil minister Tarek El Molla had previously said to El Watan that Egypt would reach natural gas self-sufficiency by January 2019 as it piles up production from the Zohr gas field and other projects. He added that there remain no specific targets for how much natural gas Egypt should be exporting noting that it will not be “large quantities” since fulfilling domestic demand remains the top priority.

The minister said that Egypt is targeting about $10 billion in foreign investment in the oil and gas sector for the 2018/19 fiscal year that began in July, according to Reuters.

Aug 28, 2018




Business News Egypt’s government is targeting an inflation rate no higher than 8.5 percent by the end of 2022 and is making the battle against rising prices its top priority, Planning Minister Hala al-Saeed said on Monday.

Inflation last year surged following a bunch of economic reforms tied to a $12 billion IMF loan programme Egypt signed in late 2016 that includes deep cuts to energy subsidies and tax hikes.

Prices soared in particular after the import-dependent country floated its pound currency in November 2016, reaching a record high of 33 percent in July 2017, though inflation rates have since gradually eased, reaching their lowest levels in almost two years in March.

Core inflation, which strips out volatile items like food, increased marginally to 11.62 percent year-on-year in April from 11.59 percent in March, ending an eight-month streak of declining rates, according to central bank data.

Annual urban consumer price inflation meanwhile decreased, but marginally, to 13.1 percent year-on-year in April from 13.3 percent in March, the official statistics agency CAPMAS said, a smaller drop than in recent months.

Aug 28, 2018

Egypt's Prime Minister Mostafa Madbouly held a meeting on Tuesday with Eni CEO Claudio Descalzi on the future of oil and gas discoveries in Egypt, state agency MENA reported.During the meeting, Madbouly expressed his appreciation for the existing cooperation with Eni, citing the Zohr offshore field, the largest gas discovery ever made in Egypt and the Mediterranean Sea.

For his part, Descalzi reviewed a report on the company's current activities and projects in Egypt.

The pair also discussed Eni's plans to increase investments in Egypt in the coming period, as well as the company's exploration and development activities in Sinai, the Gulf of Suez and the Western Desert.

It comes nearly two months after the Italian giant announced a second oil discovery in Egypt’s Western Desert, some 130 km north of the Siwa Oasis.

The discovery was made on the B1-X exploration prospect located in the South West Meleiha Concession.

Egypt is seeking to speed up production from recently discovered fields, with the aim of halting gas imports by 2019 and achieving self-sufficiency.

The giant Zohr offshore gas field in the Mediterranean contains an estimated 30 trillion cubic feet of gas; production started in late 2017, with an initial production of 350 million cubic feet per day.

The daily production will increase to 1.75 billion cubic feet by the end of August, and to 2 billion cubic feet by September, according to statements by Egypt's petroleum minister earlier this month.

Aug 30, 2018




Business News Chairman of the Suez Canal Authority (SCA) Mohab Mamish said this week that the Suez Canal had achieved record revenues of $15.8 billion over the last three years in the period between August 2015 when the New Suez Canal was inaugurated and July 2018.

He made the remarks during an occasion marking the third anniversary of the New Suez Canal’s inauguration, adding that 52,199 ships had transited the canal during the period, representing a load of around three billion tons.

He said that the 2017-2018 fiscal year had seen the highest annual revenues in the history of the canal, reaching $5.6 billion, a $600 million increase over the previous year.

Flexible marketing policies and incentives granted to navigation lines, accompanied by the building of bridges and tunnels in the Canal Zone, had contributed to the increased revenues and the record number of vessels crossing the waterway, he added.

The New Suez Canal had achieved “national targets,” he said, describing it as a unique national project in which all Egyptians had participated through their efforts and financial contributions.

He said it was a “gift to humanity” that had contributed to transporting food, fuel, medications and other commodities in a faster way.

The Suez Canal is now better able to deal with advances in shipping technology and the growth in global trade, he said, and it had shortened the waiting times for ships wanting to cross the canal from 22 hours to 11. This had lowered transit costs by half, he said.

The building of the New Suez Canal had been imperative to receive bigger ships and to compete with rival routes, Mamish said.

Over the past three years, the canal had received the biggest and most advanced ships in the world after a series of measures to improve its performance had been taken, he added.

The cost of building the new canal had been some $20.48 billion, Mamish said, and the Suez Canal was the fastest-growing sector in the economy in 2017/2018, achieving a growth rate in revenues of 107 per cent.

In August 2015, Egypt celebrated the landmark inauguration of the New Suez Canal that saw the digging of a new 72-km long and 24-metre deep parallel canal in the middle section of the existing 145-year-old Suez Canal.

The digging of the canal was funded by the Egyptian people through investment certificates at an interest rate of 12 per cent. The funds were raised in a record six days in September 2014.

Besides shortening transit times, the new canal also provides two-way traffic, allowing a doubling of the number of vessels crossing the canal from 49 to 97 per day.

It is expected to increase the canal’s revenues from the current $5 billion annually to $13 billion by 2023.

Aug 12, 2018










Aug 26, 2018

The Egyptian tourism sector revenues surged 77% in the first half of 2018 to around $4.8 billion.

The number of tourists who visited Egypt in H-1-18 increased by 41% to near 5 million, Reuters reported citing public officials.

Hotel occupancy rate in Egypt rose by 21% to 60.1% in the first quarter of 2018, its highest rate since 2010.

The average daily rate grew by 11.8% to EGP 1,291.72, while revenue per available room surged 35.5% year-on-year to EGP 775.69.

Aug 30, 2018

The Central Bank of Egypt (CBE) will issue on Sunday treasury bills worth EGP 16.2 billion, in coordination with the Ministry of Finance (MoF) to support the country’s budget deficit.

The treasury bills will be issued through two tranches, 91-day bills at EGP 8.2 billion, and 266-day bills worth EGP 8 billion, according to the central bank’s website.

The Egyptian finance ministry estimates the total budget deficit for the fiscal year 2018-2019 at around EGP 440 billion.

Sep 23, 2018

Egypt’s construction firm Al-Abd will deliver a bunch of utilities works in the country’s new administrative capital before the end of the year, its managing director Said Fattouh said on Saturday.

The cost of the utilities works, which include establishing a number of residential buildings, is 150 million Egyptian pounds ($8.4 million), Fattouh added.“We will start handing over five residential buildings in the first phase of the new capital works within next October,” he said, adding that Al-Abd is currently executing additional 27 buildings.The 27 buildings are set to be completely delivered before the end of the current year, Fattouh said.

Also, Al-Abd is expected to win a mandate to execute more infrastructure projects in the new capital within the next period, he added.

Sep 30, 2018




Business News The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of international and intra-regional trade in Egypt, providing a new $50 million trade facility to Banque Misr.

The finances to Egypt are under the EBRD’s Trade Facilitation Programme (TFP), which aims to promote foreign trade to, from and among the countries where the EBRD invests, the bank said in a press release on Thursday.

Through the programme, the bank provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors.

Through this facility the EBRD will issue guarantees in favour of international commercial banks covering the political and commercial payment risks of the transactions undertaken by Banque Misr as well as provide financing for export and import transactions, and it will also provide technical assistance to enable Banque Misr staff working in trade finance to receive training in the latest international best practices.

Sep 30, 2018

Trade and Industry Minister Amr Nassar and South Sinai Governor Khalid Fouda discussed on Wednesday Sinai development plan and a project to upgrade the industrial area in South Sinai's Abu Zenima city.

The project is carried out in cooperation with the Industrial Development Authority (IDA) and the National Organization for Military Production (NOMP).

In a statement, Nassar asserted the government's keenness on offering all support to major projects, particularly projects that help secure more jobs and enhance competitiveness of Egyptian products.

The minister further noted that Abu Zenima industrial zone is stretched over an area of 4,000 feddans and is rich in raw stone materials and minerals.

For his part, the governor said the project is expected to lure LE 5 billion in investments and secure 7,835 direct jobs and 23,505 indirect jobs.

On November 25, 2017, a memorandum of understanding was signed by IDA, NOMP, Sinai governorate and the Chinese Group CGCOC to develop the industrial zone in Abu Zenima.

Under the agreement, the Egyptian sides will benefit from the Chinese know-how in the management of export zones.

The industrial zone in Abu Zenima will significantly increase investment opportunities and create new job openings in South Sinai, a matter that will have a positive impact on Egypt's economy.

Aug 16, 2018

Egypt's unemployment rate dropped to 9.9 percent in the second quarter of 2018 compared to 10.6 percent in the first quarter and 12 percent for the same period in the previous year, state statistics agency CAPMAS announced on Wednesday.

CAPMAS estimated the labour force in the second quarter at 29.03 million, which is 150,000 workers (0.5 percent) less than in the first quarter as a result of changes in seasonal work, and 147,000 less workers than the same period in the previous year.

A total of 2.875 million Egyptians were unemployed in the second quarter of 2018, according to CAPMAS.

Male unemployment rate dropped to 6.7 percent in the second quarter of the year from 7.3 percent in the first quarter, while female unemployment dropped to 21.2 percent from 22 percent.

President Abdel-Fattah El-Sisi has pledged to reduce unemployment by attracting private sector and foreign investment to boost the economy.

The government has been implementing a set of economic reforms over the last several years to reduce budget deficits, including floating the local currency, cutting energy subsidies and implementing a value-added tax.

Aug 16, 2018




Business News Egyptian President Abdel-Fattah El-Sisi witnessed on Sunday in Beijing the signing of a number of contracts with Chinese companies to implement development projects in Egypt with an investment worth of $18.3 billion. "The contracts signed include the construction of the world's biggest power plants in Al-Hamrawein region on Egypt's Red Sea coast, which will be powered by clean coal technology, and with a production capacity of 6000 Megawatts," Egypt's Presidential Spokesperson Bassam Rady said. The contracts include stage two of central operations in the new Administrative Capital, the construction of a petrochemical refinery plant in the Suez canal zone, and a pumping and storage plant in Ataqa mountain. They also include the construction of Shaodong Roi textile complex, and a Tai Chan plant for gypsum panels.President El-Sisi is on a three-day official visit to China, heading a top level official delegation to attend The Forum on China–Africa Cooperation FOCAC 2018, which will be held in Beijing on Monday.

Earlier on Sunday, the Egyptian President held a meeting with the CEO's of major Chinese companies working in Egypt. Also on Sunday, the Egyptian President told students at the Chinese Communist Party Academy that Egypt highly commends China for its success in construction and development, calling for the use of China's expertise to achieve desired development in Egypt. President Sisi was officially received by his Chinese counterpart Xi Jinping at the Great People's Hall in Beijing on Saturday.

Sep 04, 2018

Egypt's ministry of finance announced on Sunday it auctioned treasury bills at a total value of EGP 16.250 billion.

In an a statement published on its official website , the ministry said it sold EGP 8.250 billion of 91-days T-bills with an average interest rate of 19.179%.

The yield ranged from 18.988% to 19.279%.

The ministry added that it also sold EGP 8 billion of 273-days T-bills that had a coupon of 19.54%. The yield ranged from 19% to 19.68%

Sep 04, 2018

The head of Egypt's Financial Supervisory Authority Mohamed Omran issued a decision on Tuesday to reduce annual registration services fees for companies listed on the Egyptian Exchange (EGX) by 50 percent.

According to the decision, annual services fees will be 0.0005 percent of the total issued capital instead of the current 0.001, with minimum fees of EGP 5,000 compared to EGP 10,000, while the maximum fees will remain at EGP 25,000.

In addition, small and medium enterprises registered on the Nile Stock Exchange will have a further 50 percent discount on their annual registration services fees to stand at 0.00025 of the total issued capital with minimum fees of EGP 2,500 and a maximum of EGP 12,500.

The fees must be paid in January every year, with additional fees incurred by companies that don't pay within the required period.

The new decision will come into effect from the first of January 2019.

Sep 20, 2018




Business News Egypt’s Administrative Capital for Urban Development (ACUD) says it is still negotiating with three major investment firms to obtain a number of land plots over 20,000 feddans in the new administrative capital.

The three firms are China Fortune Land Development (CFLD), Egyptian Talaat Moustafa Group Holding (TMG), and Emaar Misr for Development, the Egyptian unit of UAE property conglomerate Emaar Properties, ACUD’s spokesperson and public relations manager Khaled El Hosseini said on Sunday.“The Chinese firm is in talks to get 15,000 feddans to establish a fully-fledged urban and industrial city in the new capital,” El Hosseini told Amwal Al Ghad.CFLD, which is one of the biggest companies in the field of urban development, participated in building more than 50 cities in China, he said.

Emaar Misr is looking to attain 1,500 feddans in the new capital, while Talaat Moustafa is seeking to get 5,000 feddans in the city, El Hosseini said.

Sep 20, 2018

Cyprus is looking forward to cooperate with Egypt through different economic and financial opportunities.

Cypriot Finance Minister Harris Georgiades said that his country will soon complete a double taxation avoidance agreement (DTA) with Egypt, Middle East News Agency (MENA) reported.Georgiades met with the head of the Egyptian House of Representatives on Tuesday, as part of his official visit to Egypt, leading a parliamentary delegation.Businesses and companies from Cyprus also look forward to invest in Egypt, he added, especially with the recent economic reforms.

Sep 12, 2018




Business News Trade exchange between China and African states increased 14 percent year-on-year in 2017, registering $170 billion, minister counselor for economic affairs at the Chinese embassy in Cairo Han Bing said on Saturday.

In statements to MENA, Han revealed that Chinese investments in Africa recorded $3.1 billion in 2017.

China sees major opportunities for the expansion of economic cooperation with African countries in fields such as agriculture, investment, energy and natural resources, he said.

The Chinese official said that Beijing intends to carry out several projects in African countries, including a modern agriculture centre and another one for ocean research.

He also unveiled plans to foster cooperation among Chinese and African banks.

Han also said that his country will host the Forum on China-Africa Cooperation (FOCAC), which will include a ministerial conference on 1 and 2 September, and then another meeting at the level of Chinese and African heads of state on 3 and 4 September.

He added that a business forum and a roundtable are set to be held on the sidelines of the forum, with UN Secretary-General Antonio Guterres delivering a speech at the inaugural session.

FOCAC aims to bolster cooperation between Beijing and African states at the political, economic and cultural levels, to maintain security and stability as well as promote anti-terrorism efforts, Han said.

Chinese State Councilor and Foreign Minister Wang Yi said at a press briefing in Beijing on Wednesday that the 2018 FOCAC summit aims to build a stronger community with a shared future between China and Africa.

"First, the summit will make a renewed call for a stronger community with a shared future between China and Africa," Wang said.

"Second, the forum will usher in a new era for the Belt and Road Initiative and Africa's development, and China will engage with Africa in equal consultation, planning together, working together and benefiting together," Wang stressed.

The summit will connect the Belt and Road Initiative with Agenda 2063 of the African Union and the UN 2030 Agenda on sustainable development, he noted.

The foreign minister also vowed that the summit will push cooperation between China and Africa to a new high level.

"During the summit, we will adopt the Beijing Declaration and the Beijing Action Plan, a number of bilateral cooperation agreements will also be signed, which will give a plan for Chinese and African cooperation in the next three years and beyond," Wang said.

Aug 26, 2018




Business News The Egyptian Exchange (EGX) is likely to see a bullish trend on Tuesday on the back of heavy liquidity, analysts told Mubasher.

The EGX is expected to rise on today’s trading session as the benchmark EGX30 index is hovering around 16,000 points, customer relations manager at Arabeya Online Michael Mamdouh Naguib said.

The Egyptian stock market closed Monday’s trading session on a mixed note and the EGX30 index dipped 0.02% at 15,236.64 points.

The heavyweight Commercial International Bank (CIB) ended yesterday’s trading session at EGP 83, up from EGP 80.

The EGX30 index may target 15,900 and 16,400 points if it rebounds above 15,630 and 15,640 points, Naguib indicated.

For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the downward trend is still controlling the local market.

The EGX30 index has a short-term resistance at 15,303 and 15,551 points, while it has support at 15,070 and 14,470 points, Fouda highlighted.

Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 740 and 744 points, and it has support at 736 and 728 points, he added, pointing out that the index may retest 720 points if it breaks main support level.

Aug 28, 2018

The value of the bilateral trade between Egypt and Romania registered $3.6 billion (64.54 billion Egyptian pounds) from 2013 to 2017.

The trade deficit between both countries declined to $340.2 million last year, according to the Middle East News Agency (MENA).

Egypt’s exports to Romania reached $480 million in the last five years, while it’s imports from the European country recorded $3.164 billion in the same period.

Romanian businesses invest in 60 projects in the North African country, with a total issued capital of $223.9 million, MENA revealed.

Sep 12, 2018

Suez Cement (SUCE) is pleased to announce that Helwan Cement Company, a subsidiary of Suez Cement Company (ownership 99.55%), has entered into an agreement with Emaar Industries Company for the sale of its owned White Cement plant, located in Minya Governorate; The transaction will take place after the de-merge of the White Cement plant from Helwan Cement Company.

This is part of the Company’s overall strategy of improving its financial position and restructuring.

Commenting on the transaction, Suez Cement’s Chief Executive Officer, Mr. Jose Maria Magrina said “We are delighted to have signed the SPA on the sale of the white cement plant in El Minya which is in line with the Company and Heidelberg’s strategy to focus on its core operations, grey cement production and divest non-core operations yielding attractive returns to our shareholders”.

The finalization of the sale is subject to the completion of the demerger of Helwan Cement Company (an affiliate of Suez Cement Company) and the emergence of a new de-merged company which will exclusively own El Minya white cement plant as well as the approval of Suez Cement’s General Assembly and the obtaining of all necessary regulatory approvals including from the Financial Regulatory Authority.

EFG Hermes Investment Banking acted as Suez Cement’s exclusive financial advisor while Zulficar and Partners acted as Suez Cement’s legal counsel on the transaction.

Sep 13, 2018




Business News The Egyptian electricity ministry's undersecretary announced the completion of the national plan for power efficiency during the period starting 2018 to 2022.

The five-year plan is currently being submitted to the Egyptian Energy Supreme Council for approval, state-run news agency MENA reported, citing Ahmed Mahina.

The plan aims to improve energy efficiency in several sectors and carry out the institutional construction in various economic sectors, Mahina added.

He remarked that Egypt has many renewable energy sources that mainly include wind and solar powers, with a production capacity of up to 90 gigawatts, in addition to 2,800 megawatts from hydroelectric resources.

Egypt's Sustainable Energy Strategy 2035 seeks to diversify energy sources, the optimum mix to generate electricity from traditional sources, securing generation sources, and maximising the role of renewable energy to over 42% by 2035, he stressed.

Mahina indicated that almost 32 companies have managed to complete the financial closure of 32 solar power projects under the feed-in tariffs scheme with a total capacity of 1,465 megawatts in Assiut’s Benben. 

Sep 25, 2018

The Middle East and Central Asia Department of the International Monetary Fund (IMF) has recently released its third review reports on both Egypt and Tunisia.

The report indicated that macroeconomic conditions in Egypt have continued to improve during fiscal year 2017/2018, with external and fiscal deficits narrowing, inflation and unemployment declining, and growth accelerating.

The near-term growth outlook is favorable, supported by the recovery in tourism and rising natural gas production, while the current account deficit has fallen below 3% of the gross domestic product (GDP) with gross international reserves stood at 7 months of prospective imports at end-May.

On the other hand, inflation is expected to temporarily rise in 2018/2019, reflecting increases in fuel and electricity prices, but the monetary policy stance appears appropriate to contain second-round effects.

The Egyptian government debt ratio is projected to decline markedly in response to fiscal consolidation and high nominal GDP growth.

As for Tunisia, the government has strengthened policy and reform implementation in recent months.

Economic growth picked up to 2.5% in the first quarter, and confidence has improved, albeit it continues to be affected by divisions in the coalition government, risks of security and migration spillovers from Libya, and higher international oil prices, the report highlighted.

Inflation has accelerated and weighs on the purchasing power notably of the less well-off, while international reserves remain below prudent levels, it added.

Jul 15, 2018




Business News Egypt signed on Wednesday a deal with a consortium of three firms to build a 500 megawatt wind farm, part of a plan to meet 20 percent of the country’s energy needs from renewables by 2022.

The three firms, namely Engie, Toyota Tsusho Corporation/Eurus Energy Holdings Corporation, and Orasom Construction Limited, have teamed up to build, own and operate (BOO) the wind farm in Gulf of Suez.

The wind farm is at an estimated cost of up to $650 million, set to produce 2 billion kWh a year.

The farm is expected to contribute to a fuel surplus of nearly 420,000 tonnes of oil equivalent and to reduce carbon emissions by 1.1 million tonnes, Egyptian electricity minister Mohamed Shaker told reporters after signing the deal.

Egypt aims to generate more than 37 percent of its electricity from renewables by 2035, minister Shaker added.

Jul 19, 2018

Egypt's Minister of Industry and Trade Amr Nassar announced on Tuesday that trade between Egypt and the UK reached $1.3 billion in the first half of 2018.Nassar said during a meeting with Sir Jeffrey Donaldson, the UK Trade Envoy to Egypt, that the ministry is seeking to raise direct foreign investment in Egypt, stressing the importance of improving trade relations between the two countries.

The Egyptian minister stressed the importance of negotiations between the Egyptian and British governments on the liberalisation of trade in the services sector, which will contribute to starting new investments in the fields of transport, distribution and logistics.

A statement by the Ministry of Industry and Trade said that British investments in Egypt reached $5.6 Billion in 1,450 projects in different sectors in the country, mainly in industry, construction, tourism, communications and technology.

Trade exchange between Egypt and the UK reached $593.22 million during the first quarter of 2018, compared to $414.8 million during the first three months of 2017, the then-minister of industry and foreign trade said in May.

In 2017, the UK ranked 8th out of 14 countries that represent 60 percent of Egypt's foreign trade exchange with $3.7 billion.

Donaldson affirmed Britain's keenness to enhance strategic relations with Egypt during the current period following Brexit.

He also said that the British business sector is seeking investment opportunities in Egypt to start new projects that are beneficial for both economies.

Minister Nassar stressed that the Egyptian economy has regained its vitality as one of the most pivotal economies in the Middle East and Africa.

The minister said that the implementation of a comprehensive economic reform programme, strongly supported on the political and popular levels, will contribute to turning Egypt's economy into one of the most important emerging economies regionally and internationally.

Donaldson arrived in Cairo on Monday accompanied by a British delegation to take part in Egypt's MENA Innovation 2018 Conference.

A total of 54 exhibitors are featured at the summit, including 14 British companies.

According to a statement by the British embassy, the UK delegation is the biggest foreign delegation participating in the conference, which focuses on education technology and is being hosted by Egypt for the first time.

Aug 02, 2018




Business News The Gas Regulatory Authority (GRA) said it has set a tariff for companies planning to transfer natural gas through Egypt ’s national gas grid at $0.38 per million British thermal units (mmBtu).

The tariff will enable firms to use the national gas network for private imports, Egypt Oil and Gas Newspaper reported.

The rate of the tariff will be revised after the initial trial period, GRA added, pointing out that the rate is “for the first year only”

Egypt’s new gas market liberalising law issued in February allows private market players to ship, transport, store, market, and trade natural gas using the national gas grid.

Each of the aforementioned activities has to be licensed at a cost calculated per MMBtu.

“It costs $0.057 to license transmitting one MMBtu, while licensing shipping a MMBtu will cost $0.031. The distribution license will cost $0.023 per MMBtu and supply license will cost $0.008 per MMBtu,” according to Enterprise.

The GRA will carry out licensing along with monitoring the companies to make sure that they are abiding with the terms and conditions of these licenses.

Aug 07, 2018

Egyptian government’s New Urban Communities Authority (NUCA) says it has started executing 12 residential towers in New Mansoura City, with investments of eight billion Egyptian pounds ($448 million).

NUCA is planning to implement 30 towers in New Mansoura, at lengths of 120 meters for each tower, an official source in the authority told Amwal Al Ghad on Saturday.

“Each tower will include around 180 luxury housing units like the towers in New Mansoura, in which NUCA is targeting budget worth two billion pounds for New for the current financial year,” the source said.

In August 2017, Egyptian President Abdel Fattah al-Sisi issued a decree to establish a new city in Mansoura, 128km (79.5 miles) north of Cairo in the Nile Delta.

The decree approved the re-allocation of 5,104 feddans or 21.4 million square meters of the state-owned lands to the New Urban Communities Authority to be used in establishing a new urban community, the New Mansoura City.

New Mansoura is expected to have more than 150,000 housing units for around 680,000 citizens. The city is set to include touristic housing, villas, and medium-income and social housing as well as regional university and technological industrial development zones.

Aug 26, 2018




Business News Egypt’s stock market index gained 4.82 percent this week, and was up by 1.1 percent on Thursday, with buying momentum dominating trading on Cairo’s bourse during the last week of August.

Qatar’s index was the second-best performer in the region, adding 4.3 percent for the week.

Egypt has been conducting reforms imposed by the IMF-backed austerity plan in 2016, in a $12 billion loan programme which aims to revive the economy. According to a Reuters poll of 13 economists conducted during the month of July, participants expect Egypt's GDP to grow at an average of 5.2 percent for the fiscal year that started in July.

“After a quiet period in the summer (July, August) we are finally witnessing an uptick in turnover, and performance. This is justified as Egypt has posted very decent earnings growth numbers, and is looking among the cheapest in emerging narkets on a PEG (price/earnings to growth) ratio basis, owing to superior EPS growth expectations,” Mohamad Al Hajj, equities strategist at EFG Hermes, told Zawya by email yesterday.

“We remain bullish on Egypt and see decent upside ahead of us. Our favorite theme remains food names (companies) where we see continuation of a recovery. Commercial International Bank is also looking cheaper on P/B (price-to-book ratio) following recent pullback and we expect this to lead to greater interest in the name, especially as growth outlook is strong.” Al Hajj added.

“Finally FTSE added four names to its Emerging Markets All Cap index effective 21 September 2018. These are Juhayna Food Industries, Ibnsina Pharma, Abu Qir Fertilizers and Chemical Industries (ABUK), and Alexandria Mineral Oils (AMOC) and this should drive around $40m into Egypt, which should be supportive. ABUK is up more than 9 percent today, AMOC has added 3 percent, supported by the FTSE addition news,” Al Hajj said on Wednesday.

Credit ratings agency Moody’s Investors Service had raised Egypt’s credit outlook to positive from stable on Wednesday, citing progress in implementing the IMF-backed austerity plan.

“Egypt equities have outperformed regional peers this week with a positive return of 4.8 percent which has helped the index to end the month in positive territory and we expect the rally to continue for the remainder of the year. Investors are back this week from vacation and prices have been attractive in terms of valuation. We think the positive momentum will continue, especially after Moody’s raised the country’s credit outlook,” Reda Gomma, Head of Equities at Mashreq Capital told Zawya over the phone.

“We see a high probability that the Central Bank of Egypt cuts interest rates by the end of the year, which would reflect positively on the stock market. There is doubt about the Fed raising interest rates in December, which might also push the Central Bank of Egypt to cut rates. One of the externalities that has stopped the CBE from cutting rates in the past is the increase in the interest rate on dollar,” He said.

Gomma ended: “The country has outperformed its peers in terms of EPS growth and we see it as a good growth story”.

Dubai’s index added 0.87 percent during the week, Abu Dhabi’s index gained 2.08 percent, Saudi Arabia’s index added 0.56 percent, while Kuwait’s index lost 1.46 percent and Bahrain’s index dropped 0.91 percent.

Sep 02, 2018




Business News Egypt's Petroleum and Mineral Resources Minister Tarek El-Molla denied late on Friday any reports that further increases in fuel prices would be implemented during the current year.

"There will be no hike in fuel prices in Egypt during this year," says Egypt's Petroleum and Mineral Resources Minister Tarek El-Molla late Friday in a phone call on the privately owned El-Mehwar channel, a few weeks after the country announced fuel subsidy cuts.

Over the past few weeks, Egypt announced the partial lifting of subsidies on electricity and fuel as part of the government's ongoing economic reform programme, which was first launched in 2014 and has helped the country secure a $12 billion loan package from the International Monetary Fund (IMF).

Since the announcement, fares for public transport have soared.

El-Molla said last week that the price surge, which is the third since Egypt floated its currency in November 2016, will help Egypt save up to EGP 50 billion in funds allocated for state subsidies in the 2018/19 budget.

The minister added that after last week's partial lifting of subsidies, the government still subsidises around 25 percent of the price of fuel. The new price hike will also reduce the funds allocated for fuel subsidies to EGP 89 billion from EGP 139 billion, according to El-Molla.

The fuel subsidy cuts are part of the economic reform package adopted in July 2014 that aimed to ease the country's growing budget deficit, with a five-year plan created to gradually scrap fuel subsidies by 2019.

The IMF-supported reform programme has included the liberalisation of the country’s currency in November 2016, as well as the implementation of value added tax (VAT).

The IMF said following its third review last month that Egypt remains committed to continuing energy subsidy reforms to achieve cost-recovery prices for most fuel products by 2019.

More than 85 percent of the economic reform roadmap has been implemented so far, Finance Minister Mohamed Moeet told Al-Ahram Daily in an exclusive interview published on Monday.

Jul 08, 2018




Business News Holding Company for Chemical Industries has said that it aims to achieve around EGP 2.9 billion net profits through its subsidiaries during the fiscal year 2018/2019.

The parent firm aims to post EGP 488 million profits, in addition to EGP 1.162 billion revenues, according to FY2018/2019 budget.

The Egyptian chemical company also forecast that its units will see EGP 21.4 billion revenues from its activities, while it will repay EGP 600 million and debts to the Ministry of Finance (MoF) from its stake in FY2017/2018 profits.

The extraordinary general meeting (EGM) also approved to raise issued and paid capital by EGP 913,000 to reach EGP 4 billion.

Jul 08, 2018

City Edge Developments announced the latest construction details for North Edge Towers, its newest project at the North Coast ’s New Alamein City.

The project is expected for delivery after two years, and it comprises a number of fully-integrated residential towers that reach up to 40 floors each, featuring stunning lagoon and sea views alongside a beach club and a wide range of commercial and entertainment options.

The towers are the first of their kind in the North Coast as they feature a unique variety of premium facilities and amenities designed according to the highest international standards.

Amenities include 3 heated infinity pools, an air conditioning and ventilation system, first-rate surveillance and security systems, a smart card private parking area, as well as a waste management system, a gym, a jogging track, kids’ area, garages, and storage areas.

“The establishment of New Alamein City and its components fall within the government’s plan to develop the area over the past few years,” said Mohamed El-Alfy, Chairman of City Edge Developments.

Jul 15, 2018

The Egyptian Exchange (EGX) is expected to maintain the downward trend, in line with seeing correction movement, until new market catalysts boost the benchmark EGX30 index above 15,590 points, analysts told Mubasher.

The sideways-to-declining trend is still dominating the EGX as the EGX30 index broke support below 15,780 and 15,400 points, Ayman Fouda, head of capital market committee at the African Economic Council, said.

By breaking 15,049 points, the index could test new support levels and hover around 14,900 points, Fouda highlighted.

The EGX30 may retest 15,450 and 15,781 points if new catalysts boost liquidity in blue-chip stocks, he indicated.

Meanwhile, the small- and mid-cap EGX70 is still widening its losses as it broke 750 points to retest 742 and 736 points, Fouda added, pointing out that the index has support at 767 and 775 points.

Jul 24, 2018

A delegation of members of 60 American companies will visit Cairo at the end of October, Minister of Trade and Industry Amr Nassar announced at a meeting with members of the American Chamber of Commerce in Cairo held Wednesday.

The companies' representatives will explore available investment opportunities in the Egyptian market in various productive sectors, Nassar added.

The visit will be organised by the American Chamber of Commerce in Egypt in cooperation with the US-Egypt Business Council.

Nassar said that both Egypt and the United States will focus on enhancing trade cooperation between the two sides in the coming period. He underlined the importance of business organisations in both countries in facilitating the flow of joint trade and investment.

President of the American Chamber of Commerce in Egypt, Tariq Tawfiq, stressed the importance of enhancing communication between the business community and the government in order to improve the environment and business climate to attract new foreign investment to the Egyptian market.

Aug 02, 2018




Business News Egypt’s Ministry of Housing will roll out a number of additional units at the Capital Residents District in the country ’s new administrative capital, said Prime Minister Moustafa Madbouly on Thursday.

The ministry had launched 2,048 units up for reservation in the new capital, according to a press statement released by Assistant Minister of Housing for Technical Affairs Khaled Abbas on Thursday.

The prices of units at the Capital Residents District in the new capital range between 1.3 million Egyptian pounds and 2.1 million Egyptian pounds ($117,706 and $72,865, respectively), in terms of the homes’ spaces and floors.

Located 45 km (27.9 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.

The new city will be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches, a 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.

Aug 12, 2018

Egyptian Prime Minister Mostafa Madbouly announced on Wednesday though the state-owned MENA news agency that, for the first time since 2010, the unemployment rate in the country has declined.

According to PM Madbouly, the unemployment rate in 2018 is less than 10 percent for the first time since 2010.

The prime minister said during the weekly cabinet meeting that the national projects currently implemented in Egypt across different industries played an essential role in reducing the unemployment rate in the country.

According to the Central Agency for Public Mobilization and Statistics, the unemployment rate was 11.8 percent in 2017 and 12.5 percent in 2016.

Aug 30, 2018

Navigation movement at the Suez Canal hit a record high on Saturday, with 49 ships transiting the international waterway carrying 4.2 million tonnes, Head of the Suez Canal Authority (SCA) Mohab Mamish said in a statement on Saturday.

The south-bound convoy included 33 ships with a total cargo of 2.9 million tonnes, while the north-bound convoy included 16 ships carrying 1.3 million tons, Mamish added.

Eight giant ships transited the waterway, Mamish said, noting that each of them carried more than 150,000 tonnes.

Meanwhile, he said giant cruise ship Viking Orion crossed the canal on Saturday as part of the south-bound convoy.

The ship is set to visit a number of Egyptian ports, such as Safaga and Sharm el Sheikh, within the framework of the efforts made to promote tourism to the country's ports, Mamish indicated.

Aug 26, 2018

Egypt’s non-petroleum exports reached $1.864 million last July, announced Chairman of General Organisation for Export-Import Control (GOEIC) Ismail Gaber on Thursday.“Egyptian industrial exports registered around $1.516 billion, while exports of food products recorded $318 million,” Gaber said.

Non-petroleum exports to Arab countries reached $652 million, followed by $646 million exports to European Union states and $342 million to other countries over the world, he added.

Sep 02, 2018




Business News Italian oil and gas group Eni has denied media reports that it has made a major new discovery in Egypt.

“There are prospects and new (geological) structures in Egypt but we still haven’t discovered anything...,” Chief Executive Claudio Descalzi told reporters on Monday.

He was commenting on the recent reports, including one in the Arab News which quoted a former Egyptian petroleum minister as saying Eni was about to announce another massive gas find.

Eni said last week it would begin drilling an exploratory well at its Noor field in Egypt’s North Sinai in two months.

Jul 03, 2018

Egypt’s legal firm Tahoun is advising on two initial public offerings (IPOs) through 2018, founder Nermine Tahoun told Amwal Al Ghad on Tuesday.

The IPOs are in the oil and real estate development sectors, Tahoun said, adding that they are part of five deals the company is currently advising.

“We aim to complete the deals before the end of this year, … the other three deals range from acquisitions and securing financing for giant projects,” Tahoun said.

Founded in 1990, Tahoun Consultancy is an Egyptian partnership firm that has been operating since 2009. It is an advisory company, which is specializing in regulatory advisory and compliance services in the areas of commercial, financial, and business law and practice in the country.

Jul 26, 2018

Italian oil company Eni said on Friday that the production capacity of Egypt’s giant Mediterranean Zohr gas field stood at 1.6 billion cubic feet (bcfd) and would reach 2 billion bcfd by September.

Eni raised 50 million euros ($58 million) as an advance on future gas supplies to Egyptian state-owned partners to finance Zohr, the statement added.

Zohr, located in the offshore Shorouk block about 190 km north of Port Said, was discovered in 2015 and holds an estimated 30 trillion cubic feet of gas.

Production from the giant offhore Zohr field started in December 2017.

In April, Eni said Zohr had a reached capacity of 800 MMSCFD, or 150,000 barrels of oil equivalent (BOE) per day.

The company said production increases are set to continue in order to reach 1.2 bcfd last May, 2 bcfd by end 2018, finally plateauing at 2.7 BCFD in 2019.

Egypt has been seeking to speed up production from recently discovered fields, with an eye to halting imports by 2019.

Jul 29, 2018

New natural gas discoveries have helped Egypt boost its natural gas production, helping it to cover domestic demand and halt natural gas imports as soon as this year.

Petroleum Minister Tarek Al-Molla said imports of liquefied natural gas (LNG) may stop in the fourth quarter of 2018, allowing for exports to start early next year.

He said that the final LNG import tender had been issued to cover domestic demand for the third quarter, and that the fourth quarter should be “imports-free”.

This news comes as Egypt’s giant Zohr Field, discovered by Italian energy company Eni in 2015, will increase gas production to 1.75 billion cubic feet a day by August from 1.2 billion cubic feet at present.

Egypt’s total production is six billion cubic feet a day, and that should increase to 6.5 billion by September, Al-Molla said.

Egypt has been recently working on boosting its natural gas production through accelerating production from new fields as well as intensifying exploration activities. Egypt’s production of natural gas increased in December 2017 to 3.4 million tons, up from 2.7 million tons in December 2016.

Jul 08, 2018



The increased production came on the back of starting production from four main fields, including West Delta ’s Taurus and Libra fields, as well as the Atoll and Zohr fields. The projects have added some 1.6 million cubic feet to the country’s production of natural gas.

Besides Zohr, other fields are expected to enter production this year. The Fayoum and Giza fields, located within the North Alexandria and West Mediterranean Deepwater concessions in the Mediterranean Sea, are expected to start production before the end of 2018, with a daily output of 500 to 700 million cubic feet.

This is in addition to new projects currently underway that aim to intensify exploration activities and ramp up natural gas production.

The cabinet approved in May a $105 million exploration agreement in the Mediterranean off the coast of North Sinai with Eni and the Egyptian Tharwa Company to search for oil and gas in the Mediterranean off northern Sinai.

Under the deal, Eni and Tharwa will spend $105 million in two stages over six years, which involve drilling one well in the first stage and another in the second.

Though the agreement is yet to be ratified by parliament, press reports surfaced last week of an imminent new natural gas discovery by Eni that would be three times the size of the Zohr Field. The reports were referring to the Nour Field in the offshore Shorouk concession.

However, Eni denied the reports on Monday. “There are prospects and new [geological] structures in Egypt, but we still haven’t discovered anything,” Eni’s Chief Executive Claudio Descalzi told reporters, according to Reuters.

Eni said that it would begin drilling an exploratory well at its Nour Field in two months.

In a recent interview with Al-Molla, Descalzi said that his company had allocated 70 per cent of its global investments to Egypt, saying that it had so far pumped $8.4 billion into Egypt’s Zohr and Nour fields.

He added that an additional $3 billion would be pumped in during the coming period.

Petroleum expert Ramadan Abul-Ela said that a new discovery might be found in the Mediterranean, but it would not be bigger than the Zohr Field. He said that Egypt still did not realise the full potential of the area, saying that the country’s share of the Mediterranean was 50 trillion cubic feet of gas, of which 30 trillion had been discovered in Zohr.

He said that the Zohr Field would help cover domestic demand, but that exports would not be resumed anytime soon. He added that in the case of excess production, it would be better to create added value out of it and channel it into the petrochemicals industries.

Halting gas imports would free up resources for the government to spend on sectors such as education and healthcare. It could also help create new projects, generating jobs, Abul-Ela told Al-Ahram Weekly.

The government is pinning hopes on Egypt’s new discoveries and strategic location helping it to draw in more foreign investment and become an energy hub. Egypt is looking to raise $10 billion in foreign investment for the oil and gas sector for 2018-2019, a 25 per cent increase on the year before.

In February, the country issued long-awaited regulations that allow the private sector to import natural gas. The parliament last year passed a law establishing a Gas Regulatory Authority in a bid to attract greater private-sector participation in the sector.

Meanwhile, Egypt has been investing in infrastructure to become a regional energy hub for the export of natural gas. It has been building fuel depots for ships along the Suez Canal and expanding its refining capacity. Egypt has an extensive pipeline network and two unused gas liquefaction plants ready to export new gas as it arrives.

The country also aims to sign an agreement with Cyprus for a pipeline to transport gas from the Aphrodite Field to its LNG facilities.

Meanwhile, Israel’s Delek Drilling, US-based Noble Energy, and an Egyptian company are reportedly in advanced talks to buy 37 per cent of East Mediterranean Gas (EMG), which operates the undersea pipeline that connects to Egypt’s Sinai Peninsula, according to Bloomberg.

The buyout would clear an arbitration case against Egypt and remove a major obstacle to the use of EMG’s pipeline to transport 64 billion cubic metres of natural gas from Israel’s Tamar and Leviathan fields to Egypt’s Dolphinus Holdings over 10 years.




Business News Egypt’s non-oil private sector has improved in July, hitting an eight-month high on the back of an increase in new orders and exports.

The headline seasonally adjusted Emirates NBD Egypt Purchasing Managers’ Index (PMI) rose to 50.3 in May from 49.4 in June, according to a recent survey sponsored by Emirates NBD.

“The positive PMI reading [for July] supports our view that real gross domestic product (GDP) growth will strengthen in 2018/2019 as there is a greater recovery in the private sector, supported by gradual monetary policy normalisation, improved political stability and a rebound in the tourism sector,” MENA Economist at Emirates NBD Daniel Richards said.

Egyptian non-oil private sector firms reported a robust volume of new business, backed by higher demand from both domestic and foreign sources, the report added.

Moreover, panel members said that new domestic orders has seen an upturn as inbound tourism improves, while robust global economic scene supported the increase in new exports, the survey showed.

On the other hand, output marked three-month low due to higher costs and shortages of raw materials that negatively impacted the business activity.

Staffing levels eased in July, whereas both output and employment fell marginally at slower rates than in June, the survey indicated.

Non-oil private sector firms maintained lower purchasing activity, with panel members citing “a lack of liquidity as a key factor behind the reduction,” according to the survey.

The companies’ input costs increased sharply at the beginning of the third quarter as higher fuel costs and energy prices weighed on the marked rise in cost burdens.

Accordingly, selling prices hiked as inflation rate rose for the 11th month in a row, the survey noted.

Output growth are projected to remain positive for the next 12 months remained, the report remarked.

“A strong global economic picture alongside the rebound in tourism underpinned positive sentiment. However, the degree of optimism softened from June,” the survey concluded.

Aug 12, 2018




Business News Uber and Nacita AutoCare announced on Wednesday the launch of the first “Rent-to-Own” vehicle solutions programme in the Middle East and Africa in partnership with the Egyptian Ministry of Investment and International Cooperation.The programme offers Uber drivers the opportunity to lease vehicles at a 5 percent interest rate and the option to own cars after 36 months, after settling the remaining 30 percent of the initial vehicle cost. It also provides participants with full AXA insurance coverage and 24-hour support at 15 Nacita Autocare branches in Cairo and Alexandria.

The ministry has allocated EGP 45 million in funding for the programme from the Saudi Fund for Development. The project is the result of nearly a year ’s research to find a vehicle solutions product that would fit the local market.

The programme should create more economic opportunities for Uber drivers in Egypt by further reducing barriers to entry and streamlining the rental process for drivers, according to a press statement by Uber.

The innovative partnership will have Enmaa offer its leasing services through Nacita, who will serve as a one-stop-shop for drivers; from support in the application process to the final handing over of the vehicle.

“The Rent-to-Own programme is designed to build a more sustainable, flexible and convenient working model for Uber drivers, one that will make car ownership today a possible reality, given challenging economic conditions and traditional loan terms and conditions,” said Nadim Nagui, Uber Regional Vehicle Solutions Manager.

“What is unique about this programme is that in addition to a financial institution we also partnered with Nacita – which engages with drivers on a regular basis – to streamline the process, helping them better understand what they are signing up for and what is expected. This has already resulted in a more successful programme for more drivers," he added.

“Egypt is currently one of Uber's fastest growing markets in the world. Growth is capped by the lack of vehicles available in the Egyptian market, especially given the high interest rates,” said Karim Abadir, CEO of Nacita Autocare.

“Nacita is proud to be the chosen operator for the Rent-to-Own program, having demonstrated our entrepreneurial and flexible approach, premises with adequate space and tools for inspection and on-site maintenance, and facilities for fleet managers, controllers and driver liaison staff," he added.

The Rent-to-Own programme will be financed by Enmaa Ijara Company and managed by Nacita AutoCare. It is currently open to Uber drivers who have completed at least 1,500 trips and have a very high rating from clients.

Drivers can apply online and Nacita will follow through for the application, qualification, interview, approval and car delivery process. A total of 20 vehicles are being delivered before the end of August 2018.

Rasha Hegazy, head of the credit administration department at Enmaa Ijara Company, said Enmaa is dedicating a full team to work on the project to facilitate the process and ensure efficiency.

The Rent-to-Own initiative in Egypt is part of Uber Vehicle Solutions, and is rolling out for the first time in the region.

Aug 09, 2018




Business News Hungarian investments in Egypt amount to about $41.4 million in the fields of industry, agriculture, tourism, telecommunications and services, Minster of investment Sahar Nasr said.

This came in the third session of the Egyptian-Hungarian Joint Committee for Economic, Scientific, and Technical Cooperation.

The session was headed by Minister of Investment and International Cooperation, Nasr, for the Egyptian side, and Minister of State for Parliamentary Affairs, Levent Magyar, for the Hungarian side, in the presence of Minister of Transport Hisham Arafat, Minister of Agriculture and Land Reclamation Ezzedine Abu Setit, Minister of Communications and Information Technology Amr Talaat, Minister of Youth and Sports Ashraf Sobhy, and representatives of the Suez Canal Economic Authority.

The Committee agreed on the need to strengthen economic relations between the two countries, open new fields of cooperation for the private sector and businessmen from Egypt and Hungary, and to hold an Egyptian business and investment forum by the end of this year.

During the session, a protocol on economic, scientific and technical cooperation was signed, in addition to five memoranda of understanding in the fields of investment, agriculture, telecommunications, information technology, youth and accreditation.

The Ministry of Investment clarified in a press release that the memorandum of understanding in the field of investment aims at enhancing bilateral investments, exchanging information on investment initiatives, and allowing business communities in both countries to facilitate investment.

It also targets to activate joint projects, and encourage the exchange of business missions to learn about the experiences of each party in the field of investment promotion.

Lately, Egypt has started to work on attracting foreign investment; a move that was followed by economic and legal reforms, which included a new investment law, and by the establishment of investors’ centers.

The new investment law provides investors with several incentives and treats men, women, Egyptian and foreign investors equally.

The law also stipulates that foreign employees should not exceed 20 percent of the total number of workers in the projects established by non-Egyptian investors. Investors’ Centers provide services to aid in the procedures of establishing a firm, its contract, documentation, licensing and commercial registration.

They also respond to investors’ inquiries about electronic establishment of companies, investment opportunities in different governorates, free zones, and settlement measures of investment disputes.

Jul 08, 2018




Business News Egypt’s Agriculture and Land Reclamation Minister Ezz Eddin Abostait said the country has opened two new markets for agricultural exports of tomatoes into Canada and grape seedlings into Morocco for the first time.

The Egyptian quarantine authorities conducted extensive negotiations with its counterparts in Morocco and Canada, which led to opening the two new markets, Abostait said in a press statement on Monday.

Negotiations focused on recent measures taken by the Egyptian quarantine authorities to maintain the quality of Egyptian agricultural exports and meet the safety requirements set by Canada and Morocco in order for Egypt to open export markets there, Abostait stated.

Egyptian agricultural exports enjoy a good reputation in various countries of the world, according to Abostait, pointing out that the Agriculture Ministry is continuing its efforts to promote the new steps taken by Egypt to ensure the quality of it’s exports.

Demand for Egyptian agricultural exports increased following the implementation of strict quarantine procedures, which contributed to meeting the safety requirements from more countries, said Ahmed al-Attar, the head of the Central Department of Agricultural Quarantine.

Attar added that official administrative procedures for the export of Egyptian grape seedlings to Morocco, as well as Egyptian tomatoes to Canada, are currently underway.

Jul 24, 2018

Egyptian National Railways Authority’s first-half revenues rose 10.3 percent to 1.033 billion Egyptian pounds ($57.7 billion) from 926.9 million pounds last year, the state-owned statics agency CAMPAS said Wednesday.

Revenues in June rose 17.3 percent to about 175.9 million pounds versus 150 million pounds in the same month last year, a CAMPAS bulletin said.

The number of the passengers using the Egyptian railways fell 1 percent to around 125.7 million for the six months to June, against 127 million during the same period in 2017.

In June, the bulletin said the number of passengers slipped 6.4 percent to 21.5 from 20.2 million in the same month in 2017.

“The quantity of goods transferred in the railways dropped 18.2 percent to 2.171 million tonnes during the January-June 2018 period, compared with 2.567 million tonnes during the same period in 2017,” CAMPAS added.

Jul 26, 2018

The daily production of Zohr gas field will increase to 1.75 billion cubic metres by the end of the month and to two billion cubic metres by September, Petroleum Minister Tarek El-Molla has said.

The minister’s statement came on Monday as he visited Port Said to view the progress of work at the offshore Zohr field, located in the Egyptian sector of the Mediterranean Sea in the Shorouk concession

The concession covers an area of 3,765 square kilometres and was won by the Italian energy company Eni in 2013.

El-Molla asserted the importance of accelerating the implementation of the stages of the project to develop Zohr field, in order to contribute to achieving self-sufficiency in natural gas in Egypt before the end of 2018.

The minister met with the chairmen of oil companies participating in implementing the project, including those of Petrobel, Enppi, Petrojet, and Marine Petroleum Services, to follow up progress achieved so far to reach the targeted level of natural gas production.

Zohr, discovered by Eni in 2015, is the largest ever natural gas find in the Mediterranean Sea. The total gas in place in the field is estimated to be around 850 billion cubic metres. If true, Zohr will almost double Egypt’s gas reserves.

Aug 07, 2018




Business News Egypt announced Saturday a plan that aims to establish 22 industrial complexes until 2020, according to Egyptian Minister of Trade and Industry Amr Nassar.

The country started these plans with building three complexes as a first phase in Sadat city, Badr city, and Port Said governorate, Nassar further added in a statement.

The complex in Sadat covers an area of 300,000 square metres, while in Badr its area is 88,000 square metres, and in Port Said it covers 180,000 square metres.

The Egyptian minister noted that the first phase aims to establish 500 plants for small and medium industries.

On a separate note, the Industrial Development Authority’s (IDA) chairman Ahmed Abdel Razik stated that the industrial complex in Badr City includes 87 units for food, engineering, and textiles industries.

Jul 08, 2018

The National Bank of Egypt (NBE) has announced that it is allocating $150 million – 20 percent of $750 million of a loan it signed in 2017 with an international bank alliance – to finance small and medium enterprises.

The international bank alliance is headed by the European Bank for Development and Reconstruction and includes HSBC, Emirates NBD, Citi Bank, Bank ABC, Ras Alkhaima, Standard Chartered, NBAD, Dubai Trade, CBD banks.

The National Bank will allocate the remaining 80 percent of the loan ($600 million) for company credit, affirming that the loan refreshes the USD liquidity.

Financing shares are distributed as $150 million from the EBDR, and $75 million from each of the other banks included in the alliance.

The NBE small and medium enterprises portfolio registered EGP 37.5 billion ($2.1 billion) in November 2017.

Jul 12, 2018

A property finder website called propertyfinder.com, which is specialised at the marketing of real estates, issued a report on the most desired locations which the customers prefer to buy in which wrote that the country’s new capital and Sixth of October cities were ranked on top of the most desired locations.

According to the report, Sheikh Zayed, al-Ain Sukhna, the New Administrative Capital, the North Coast, al-Maadi, Nasr City, Shrouk city, al-Mostakbl city and al-Mokatm were also listed as preferable locations for real estate buyers.

The report added that the government and private companies established several housing projects all over the country from January to June 2018, recording the highest rates of property building.

General Director of propertyfinder.com Mohammed Hamad said that the Administrative Capital Projects recorded the highest demand rates, ranking fourth among the desirable locations for real estates buyers and investors.

Hamad added that the high demand resulted from early reservations in the various projects in the New Administrative Capital.

Jul 24, 2018

Egypt has sufficient strategic sugar reserves to last six months, the supply ministry said on Monday without detailing the size of its reserves.

The country expects to produce about 2.3 million tonnes of sugar this year and consumes about 3 million tonnes, filling the gap with imports.

Aug 14, 2018




Business News With consumer confidence returning to Egypt’s residential sector, Egyptians are on the lookout for their next real estate opportunity.

According to experts, it is a positive investment climate with the residential sector witnessing an uplift and the country ’s GDP growth expected to accelerate to 5.3 percent. As a result, developers are responding by continuing with existing projects and launching several new ones.

These developers will showcase their latest projects at this year’s NextMove Egypt, powered by Cityscape Egypt, from October 18th – 20th at the Egypt International Exhibition Centre (EIEC), in Mehwar Almosheer Tantawy in New Cairo.

With consumer confidence returning to Egypt’s residential sector, Egyptians are on the lookout for their next real estate opportunity.

According to experts, it is a positive investment climate with the residential sector witnessing an uplift and the country ’s GDP growth expected to accelerate to 5.3 percent. As a result, developers are responding by continuing with existing projects and launching several new ones.

These developers will showcase their latest projects at this year’s NextMove Egypt, powered by Cityscape Egypt, from October 18th – 20th at the Egypt International Exhibition Centre (EIEC), in Mehwar Almosheer Tantawy in New Cairo.

The event will feature a diverse range of projects from across the country that appeals to first-time homebuyers, investors, and visitors looking for vacation homes in coastal prime areas. Visitors will be able to avail a multitude of affordable real estate opportunities on competitive payment plans, which include special offers and discount prices on townhouses, villas, apartments, and coastal homes across Egypt.

“Buyers are traditionally looking for apartment units, townhouses or villas in areas that are close to places of work, schools, retail and hospitals; and this year our diverse range of developers will be offering these types of properties to visitors with flexible payment plans and affordable prices,” said Chris Speller, Cityscape Group Director.

“Many homebuyers are now also looking at the capital’s most promising areas as Cairo expands its metropolis. The latest in the growing list of suburban cities is the New Capital City and New Cairo; some of the areas which will headline this year’s NextMove Egypt,” Speller added.

The elevated interest from major investors and developers suggests the residential sector is picking up and there are indications of an improvement. According to property consultant JLL, increased investor confidence is evident in the residential market and developers are reporting positive sales performances of the New Capital City, driven by a demand from millennial and the country’s rapidly growing population.

“The ongoing positive sentiment and strong performance across most sectors continue to provide attractive market conditions for further investment, in line with the governments ongoing focus on economic development,” says JLL.

This year’s exhibitors will include Porto Vacation Club (Amer Group), Housing Development Real Estate Investment Company, Uni Estate Egypt LLEE, Azure Architects, Le Mirada, and Zahraa El Maadi to name a few.

Aug 28, 2018

Total foreign holdings of Egypt’s sovereign debt reached below $19 billion now, said Egyptian Finance Minister Mohamed Maait on Sunday.

The current situation in Egypt is not suitable to enter the global markets, Maait further told Enterprise.

However, we will keep an eye on the overseas markets before taking any decision, he added.

A government source said last week that the government had succeeded in reaching a new agreement with the World Bank to finance Egypt ’s economic reform programme with $2 billion.

It is worth noting that outflows from the Egyptian debt instruments have risen to its highest level in a year over the past week to a range between $4 billion and $5 billion amid a global selling wave in the emerging markets.

The minister indicated that the government aims to obtain long-term soft loans from financing entities to plug a part of the funding gap this year.

Jul 15, 2018










Jul 15, 2018

The Egyptian economy has achieved its best quarterly growth rate in eight years during the third and fourth quarters of fiscal year 2017/2018 at 5.4%, according to the minister of planning and administrative reform.

Minister Hala El-Said added that for the entire FY17/18 growth rate was the best in ten years at 5.3%.

Investments and net exports were the main drives for growth, accounting for 74% of the growth, the minister noted, adding that sectors such as building and construction, telecom, mining, and the Suez.

The purchasing managers index (PMI) neared 50 points last year, which reflects the improving business environment, El-Said explained.

Investments totaled $747 billion, growing by 41%, while the balance of payments achieved an $11 billion surplus in the first nine months of FY17/18.

Jul 26, 2018

The first phase of a New Alamein Walk project has been implemented, said Minister of Housing and Prime Minister Moustafa Madbouly on Monday.

Bicycle lanes, pergolas and seats, as well as lamp posts are already there, Madbouly said in a statement.

Work is underway to plant palm trees, enhance shorelines and establish WC and change rooms, the minister said. If everything works according to plan, an artificial lake should also be dug to serve as a reservoir of desalinated water needed for agriculture, he added.

Worth 1.6 billion pounds, the first phase of a project to implement a branch of the Arab Academy for Science, Technology and Maritime Transport in New Alamein City, northwest of Cairo, should be operational in September 2019, Madbouly said.

A national university in Alamein should also be implemented over an area of 130 feddans at a total cost of 1.5 billion pounds, he added.

Aug 28, 2018




Business News Egypt’s non-oil private sector headed towards stabilisation in June, while new orders and employment contracted at softer rates, making up the rapid reduction in output.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers’ Index (PMI) rose to 49.4 during June, from 49.2 in May, according to a recent survey sponsored by Emirates NBD and produced by IHS Markit.

“The June contraction shown by the PMI was marginally slighter than that in May, but the failure to consistently post above the 50.0 mark reflects the fact that Egypt’s economic recovery has to now been achieved primarily through external rebalancing and government investment, and that the private sector continues to lag,” MENA Economist at Emirates NBD Daniel Richards commented.

Output slightly fell at the end of the second quarter, driven by weaker demand, contracting the business activity, the survey said.

Moreover, non-oil private sector companies reported a decline in new orders and export orders during June, which is lower than observed in May, the survey added.

Staffing levels eased at the slowest rate since June 2015, dragged down by the decrease in volumes of new business.

“However, job shedding was only fractional, softening from the prior survey period to the second-slowest pace observed in the current 37-month sequence of contraction,” the survey noted.

Purchasing activity fell marginally in June, as firms reported a lack of liquidity and stocks of purchases maintained slipping to a lesser extent than that observed mid-quarter.

Companies reported inflationary pressures and an increase in overall input costs during June, the survey said, pointing out that the inflation rate accelerated slightly from May.

Average selling prices rose during June due to rising cost burdens and output prices grew at an accelerated pace.

Businesses optimism boosted from May, expecting further investments and new contracts, as well as output to grow over the coming year.

Jul 03, 2018

Egypt’s law firm Zaki Hashem & Partners (ZH&P) is advising on 20 acquisitions through 2018, its managing director Yasser Hashem told Amwal Al Ghad on Wednesday.

The value of these acquisitions are at an average of 400 million Egyptian pounds ($22.3 million) and are in the non-banking financial activities as well as in the medical services and industrial sectors, Hashem said.

The deals are in favor of local and foreign investors, Hashem added, citing the growing interest from European firms to invest in Egypt, notably in the industrial sectors.

“We have recently completed a deal for international packaging and paper group Mondi to purchase 70.11 percent of Egypt-based Suez Bags’ shares at 26.1 pounds per share.” the Egyptian official said.

ZH&P has been also picked as the legal adviser for Spain’s Mediterranean Capital Partners to take over 40 percent of Egyptian firm Cairo Scan’s shares for 103 million pound, Hashem said.

Jul 12, 2018




Business News Telecom Egypt and the Regional LECODTELECOM Company have signed a memorandum of understanding to implement an e-connectivity project from Cape Town to Cairo to enhance the electronic communication network and support technical capabilities, thereby expanding trade and investment opportunities between the countries of the continent.

The signing of the memorandum came on the sidelines of the 25th annual conference of the African Export and Import Bank (Afreximbank) in the Nigerian capital Abuja on Friday, where Amr Kamel, vice president of Afreximbank, confirmed the bank's readiness to finance the project if needed.

“This MoU is a great step in our strategy to penetrate the African market and avail Telecom Egypt’s most advanced technology and global infrastructure services to customers across Africa,” said Ahmed El Beheiry, Telecom Egypt’s managing director and chief executive officer.

“We look forward to working alongside the Regional LECODTELECOM Company to develop new network services and products that will help stimulate intra-regional trade,” he said.

Jul 15, 2018

Edita Food Industries reported a 122.1% year-on-year hike in net profit for the first half of 2018, recording EGP 85.9 million.

The company’s revenues rose by 33.6% to EGP 1.68 billion at the end of June, Edita added in a statement.

In the second quarter of 2018, Edita’s net profit amounted to EGP 25.1 million, against a net loss of EGP 1.7 million in Q1-17.

Moreover, revenues increased by 29% year-on-year to EGP 789.2 million in the three-month ended June.

Edita previously posted a 45% year-on-year surge in consolidated profits for Q1-18, recording a net profit of EGP 69.43 million from EGP 47.8 million.

Jul 31, 2018

Telecom Egypt signed a memorandum of understanding with India's Airtel on Monday to enhance cooperation in the maritime cable field.

According to the memo, the Indian company will get indefeasible right of use (IRU) on the Middle East, North Africa Submarine Cable (MENA Cable) and TE North Cable Systems, Telecom Egypt said in a statement.

The agreement will enable Airtel to further diversify its global network to meet growing demands with its data services, particularly in emerging markets across South Asia, Africa and the Middle East.

It will also help the Indian company benefit from the favourable economic solutions presented by Telecom Egypt in regards to the existing wide cable systems network.

Telecom Egypt is Egypt’s first integrated telecom operator, and the partnership grants Airtel the right to use fibre pairs of MENA Cable from Egypt to India with access to Saudi Arabia and Oman, and other fibre pairs from Egypt to Italy.

Under the agreement, Airtel will also get the right to use a fibre pair from Egypt to France on TE North, along with capacities on SMW5 and AAE1 cable systems.

“The partnership involving MENA Cable and TE’s network will be a good addition to our global network portfolio and will provide us with a high quality and diversified new route to Western Europe and the rest of the world,” said Ajay Chitkara, Airtel’s director and chief executive officer.

“It will provide impetus to India’s emergence as a major regional internet hub, while serving our customers across the SAARC region (South Asian Association for Regional Cooperation) with seamless global connectivity,” he added.

Airtel’s global network portfolio includes ownership of an i2i submarine cable system connecting Chennai to Singapore, a consortium ownership of a SMW4 submarine cable system connecting Chennai and Mumbai to Singapore and Europe, and new cable system investments with Asia America Gateway, India-Middle East-Western Europe (I-ME-WE), Unity, EIG and the East Africa Submarine System.

Aug 07, 2018




Business News The Egyptian minister of investment, Omar Nassar has met with The Polish Ministry of Investment and Economic Development, Jerzy Kwieciński discussing the establishment of a Polish industrial zone in the Suez Canal area.

The meeting was attended by Head of the Egyptian Commercial Service Ahmed Antar, the chairman of the Commercial Representation Authority, Head of the Trade Agreements and Foreign Trade Sector Amany al-Wasal, Ambassador of Poland in Cairo Mikhail Morcuchinsky, and President of the Egyptian Trade Office in Poland Abdel Aziz al-Sherif.

The ministers also discussed the possibility of pumping investments in Egypt’s national projects.

They also explored investment opportunities and discussed means of promoting co-operation between Poland and Egypt in trade and the economic and investment fields.

Nassar pointed out that they have reviewed of the final procedures for the establishment of Egyptian-Polish Joint Chamber of Commerce, which will contribute to enhancing cooperation between the business community in both countries, and discussed the proposal of the Polish side to establish an Egyptian business council Polish joint as a preliminary step to establish a joint chamber of commerce.

The trade exchange between Egypt and Poland has recorded $418 billion last year.

The minister also refered to He pointed to the Egyptian exports to Poland over the past year that recorded about $ 143 million compared to $ 125.6 million in 2016, with an increase of about 13%.

The Egyptian imports decreased 26 percent, recording $276 million, compared to $373 million in 2016, Nassar noted.

For his part, the Polish minister of investment and development stressed his country’s keenness to strengthen the economic cooperation with Egypt as one of the pivotal countries in the Middle East and Africa that plays a key role in stabilizing this vital region.

Kuchinsky said that his country is implementing an ambitious plan to upgrade the Polish economy, which has witnessed a big boom over the past years, placing itself among the fastest growing economies in Europe.

He emphasized the importance of maximizing the benefit of the great potential available to both countries to expand the volume of economic and investment relations during the next phase.

Jul 03, 2018

The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 3.5 billion on Monday on behalf of the Ministry of Finance (MOF).

The first tranche of T-bonds will be offered through eight-year notes at EGP 1.5 billion, while the second offering will be through three-year notes at EGP 2 billion, according to the CBE’s official website.


Egypt’s debt instruments, especially treasury bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.

The MOF posted a 51% year-on-year surge in T-bill issues for the second quarter of fiscal year 2017/2018, recent data showed.

Jul 10, 2018




Business News Egypt's President Abdel-Fattah El-Sisi will inaugurate on Tuesday a number of new electricity mega projects in the country, including the Gabal El-Zeit wind farm, which is considered the largest in the world, according to the Egyptian presidency.

Launched in 2015 in the Red Sea governorate, the Gabal El-Zeit wind farm will have a total of 300 wind turbines with an overall capacity of 580 megawatts.

Sisi will also inaugurate three electricity power plants constructed by German company Siemens in the new administrative capital, Beni Sweif and Burlus. The new power plants will produce 14.4 gigawatts, boosting Egypt’s power generation by 50 percent.

Siemens signed an 8 billion-euro ($9.4 billion) deal in June 2017 to supply gas and wind power plants to Egypt.

Egypt also said earlier this month that construction on its first nuclear power plant, which will be built by Russia, will begin in the next two to two-and-a-half years.

The 4,800-megawatt plant at Dabaa in should be up and running by 2026, according to a spokesman for the energy and electricity ministry.

Egypt has set a goal of obtaining 20 percent of its power from renewable resources by 2022, and 42 percent of its electricity from renewables by 2025.

Jul 24, 2018

Egyptian Arab Land Bank is looking to set up a leasing company with around EGP 50 million to EGP 100 million in capital, chairman Amr Kamal said.

The bank has submitted the new firm’s documents to the Central Bank of Egypt (CBE) and is anticipating the approval over the coming period, Kamal added in a phone call with Mubasher.

It is worth noting that the value of total assets owned by the Egyptian Arab Land Bank fell to EGP 2.4 billion out of EGP 4 billion.

Moreover, assets worth EGP 1.6 billion were sold within six months since early 2018.

Jul 24, 2018

The Micro, Small and Medium Enterprises Development Agency (MSMEDA) total funds portfolio has amounted to 41 billion Egyptian pounds according to , MSMEDA Director Nevine Gamea.

The Agency is working with 30 Arab and international granting institution to fund its activities.

Gamea added that the total funds granted to small and micro enterprises have recorded 7.5 billion pounds during a year and half with the percentage of default in repayment of loans amounting to 5 percent.Gamea made these comments during the Arab Banking Forum on Green Banking, which is held in cooperation with the Central Bank of Egypt and the Union of Banks of Egypt in Hurghada, on July 26-28.

The Agency is currently concentrating on small and micro projects. on other hand, the parliament is studying a legalization regarding the funding of medium enterprises.

“Up to 30% of the agency’s portfolio is allocated to micro-sized projects,” Gamea noted.

MSMEDA, the Governmental entity responsible for SMEs projects in Egypt, offers funds to SMEs projects, either directly or through banks acting as mediators.

The agency also offers direct loans outside the banking system because the values are relatively small. With regards to the insolvency rate, around 5 percent of the participants will be unable to repay the loans.

Jul 29, 2018




Business News Bilateral trade between Egypt and the European Union recorded $13.4 billion during the first six months of 2018, the Egyptian trade and industry minister Amr Nassar stated.

European investments in the Egyptian markets have reached $15.1 billion, according to the minister.The UK tops European investors in Egypt, with total investments of $5.3 billion, followed by Netherlands, Italy, and France with investments amounting to $2.5 billion, $1.48 billion, and $1.3 billion, respectively, Nassar revealed.

By May 2017, EU financial assistance to Egypt amounted to over 1.3 billion euros in grants, with 45 percent of the figure targeting economic and social development, according to the European Commission.

Last July, Egyptian Foreign Minister Sameh Shoukry participated in the seventh EU-Egypt Association Council, which was held for the first time since April 2010.

The meeting discussed enhancing the partnership between Egypt and Europe in accordance with the association agreement signed between both parties, which details the cooperation priorities between Egypt and the EU for the coming three years.

The association agreement includes the facilitation of trade between the two markets through the establishment of a free trade area.

Aug 28, 2018

The World Bank supports Egypt’s aim to become a regional hub for oil and gas trading, reads a statement by the country’s Petroleum Ministry released on Monday.In the official statement, the ministry said Petroleum Minister Tarek El-Molla met with the World Bank’s Executive Director Merza Hasan, who is visiting Cairo to discuss means of cooperation between Egypt and the World Bank as the bank follows positive developments in Egypt's petroleum sector.

According to the statement, El-Molla discussed projects with Hasan, which the World Bank is contributing to by financing petroleum and gas fields, as well discussing the sector’s keeness on strengthening cooperation with the bank and opening new opportunities for investment in its projects.

Hasan said he was visiting in full support of Egypt’s project to become a regional energy hub by financing infrastructure and technical support, pointing at the importance of the Egyptian project in order to secure energy supply and to support economic and political relations between countries involved in the project.

Last year, the World Bank described Egypt’s shift to modernizing the petroleum sector as ‘highly satisfactory’.

In February, Egypt's President Abdel-Fattah El-Sisi said that the dream to turn Egypt into a regional energy hub was becoming a reality, referring to a number of gas deals recently signed in the country, as well as efforts in achieving self sufficiency in the supply of liquefied natural gas (LNG).

Egypt hopes its mammoth gas field Zohr will help it achieve its goal of self-sufficiency in the supply of LNG.

The field started production in late 2017, with an initial production of 350 million cubic feet per day. Egypt said in June that it aims to increase production at the field to 1.75 billion cubic feet per day by August 2018.

The second stage of production from the field is due to be finalised by the end of 2019 when production reaches 2.7 billion cubic feet per day.

The Zohr, North Alexandria and Noras fields are expected to increase Egypt's natural gas output by 50 percent in 2018 and 100 percent in 2020, the petroleum ministry said in October.

The country passed a new natural gas law last year that allows for competition in the market by granting licenses to import gas for private companies.

Jul 05, 2018

Egypt’s Energy Ministry is keen on completing and operating the electricity power link project with Sudan at the end of the year.

The upcoming period will see a number of steps to execute the plan to connect the two countries’ grids with a capacity of 300 megawatts in its first phase, according to the ministry’s spokesperson.

Egypt and Sudan vowed to strengthen bilateral cooperation during the recent visit of President Abdel Fattah al-Sisi to Khartoum.

Jul 22, 2018




Business News Banque Misr, Egypt's second-largest state lender, has signed an agreement with BM Lease, upon which the company will obtain an EGP 500 million loan, the bank’s vice chairman Akef El Maghraby said.

BM Lease will receive the loan in several installments as needed, El Maghraby added in a phone call with Mubasher.

The loan will be injected into small- and medium-sized businesses, he highlighted, stressing that the bank is currently giving the priority to the SMB sector.

Banque Misr aims to boost the SMB portfolio to 20% of its total credit portfolio in January 2020 within the framework of the Central Bank of Egypt’s (CBE) instructions.

Jul 29, 2018

Egypt's Prime Minister Mostafa Madbouly asserted Egypt's keenness on strongly contributing to the development process on the African continent, welcoming the fostering of cooperation with all African nations and boosting all initiatives by the African Union to enhance integration among its nations.Madbouly gave a speech at a meeting of the Association of African Central Banks (AACB), the first to be hosted by Egypt in the Red Sea resort town of Sharm El-Sheikh on Wednesday.

The 41st AACB meeting is attended by a number of regional and international institutions, including the International Monetary Fund (IMF), the World Bank, the African Union Commission, the European Central Bank, the Federal Reserve Bank of New York and the Common Market for Eastern and Southern Africa (COMESA).

In a speech on Wednesday, Egypt’s Central Bank governor Tarek Amer said that central banks have borne the burdens of the budget deficit, adding that Egypt's economic indicators have improved due to the country’s economic reform programme, which started in 2014.

Prime Minister Madbouly said that the annual meetings of the AACB are the most important economic events on the African continent, given the participants' ability to take effective decisions capable of increasing inter-African trade, boosting economic integration and improving living conditions for Africans.

The Egyptian prime minister noted that increasing inter-African cooperation will certainly create an appropriate environment to address all challenges, either those resulting from regional and international policies or global economic changes.

"Achieving the aspirations of African people needs tireless efforts and a strong will on all levels to develop the financial sector and boost economic growth," Madbouly said.

"It also requires taking necessary measures to face the influx of illegal capital, as it poses risks to the future of African countries," he added.

The prime minister reaffirmed that Egypt will remain a strong supporter of all African issues and an effective player in helping African countries achieve stability.

As part of efforts to boost integration with African states and increase economic cooperation, Egypt signed the African Continental Free Trade Area (AfCFTA) with Rwanda in March, the Egyptian premier noted.

"Together we can create a new reality for Africa that places it in its rightful status on the world economic map in a way that will help achieve social and economic justice for the African people and create new horizons for a bright future," he added.

Speaking on the results from Egypt's economic reform programme, Madbouly asserted that foreign cash reserves increased to 44 billion dollars by the end of June, while the economic growth rate mounted to 5.2 percent during the first half of 2017/2018, compared to 2.9 percent in 2013/2014.

Madbouly also expressed hope that the current AACB meetings would help buttress financial and structural reform efforts to develop the African economy in light of the unprecedented challenges facing not only Africa but the entire world.

The Egyptian prime minister also expressed hopes that the meetings would increase African countries' role in international economic institutions.

Madbouly said that he wishes the AACB meetings can come up with decisions that positively boost African economies.

Aug 09, 2018




Business News Egypt’s President Abdel Fattah al-Sisi attended the graduation of new police officers at the police academy in New Cairo on Saturday.

According to the police academy’s head Police General Ahmed Ibrahim, the police academy is celebrating the graduation of 1281 police officers in academic year 2017/2018 with a success rate of 92.10 percent.

He also added that 245 foreign students from Arab and African countries were among the graduates.

Ibrahim added that the police academy organized a joint exercise with the military academy in 2018, as well as special training programs in the ministry of the interior for nearly 13,000 police officers of different ranks.

The graduation of the 2018 police academy class was attended by a number of current and former Egyptian officials including former interim President Adly Mansour, Head of the Coptic Orthodox Church Pope Tawadros II and former head of the Supreme Council of Armed Forces (SCAF) Field Marshal Hussein Tantawi.

For his part, Minister of Interior Mahmoud Tawfik said that the ministry is keen on enhancing relations between citizens and the police by upholding rights and duties, and that the police will continue to exert tireless efforts to achieve security throughout the country.

“I extend my appreciation and gratitude to the nation’s shield and sword, our valiant Armed Forces for their solidarity,” Tawfik said, praising police and army personnel for their sacrifices throughout recent years.

The minister affirmed that the combat efficiency of police academy students confirms that they do not compromise with those who threaten Egypt ’s security.

Jul 22, 2018

UK Trade Envoy Sir Jeffrey Donaldson and an accompanying delegation have concluded a visit to Egypt that focused on investing in health and education, according to a statement by the British Embassy.

“I am proud that my seventh visit to Egypt was future focused. I was accompanied by British companies that specialise in education technology, teacher training and healthcare professionals’ training. These British companies are seeking opportunities to share their expertise with the Egyptian government and people,” Donaldson said.

During his visit, Donaldson met with Prime Minister Moustafa Madbouly to discuss investment opportunities in education, health and infrastructure.Donaldson also met with Health Minister Hala Zayed, Minister of Communications and Information Technology Amr Talaat, Minister of Trade Amr Nassar, Minister of Finance Mohamed Maeet and Minister of Petroleum and Mineral Resources Tarek El-Molla.According to the statement, the investments aim to create jobs and services that would benefit Egyptians.

Meanwhile, an agreement has been signed between British company Kortext and the Egyptian Ministry of Education to make “world class education and textbooks available to all Egyptians online through the Egyptian Knowledge Bank.”

The delegation also met with the health minister to explore opportunities in that sector, where the UK is already a key partner with longstanding investments in Egypt.

British Ambassador to Egypt John Casson said that British companies are willing to support Egypt’s vision for developmental and more inclusive education with top-notch technology that assures benefits for all Egyptians. They’re also investing heavily in Egypt’s healthcare sector. Both of these sectors are crucial for Egypt to make the most of its human capital.

Aug 05, 2018




Business News The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 16.75 billion on Thursday on behalf of the Ministry of Finance (MOF).



Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield.




Aug 09, 2018

Egypt’s Internal Trade Development Authority (ITDA) unveiled on Thursday that it is planning to establish the biggest commercial and touristic project in the Middle East, with investments worth $10 billion.

The flagship is located in Suez Canal government on a space of 3,000 feddans, said ITDA’s head Ibrahim Ashmawy on Thursday.

“We have concluded feasibility studies on the project,” Ashmawy added.

Aug 12, 2018




Business News Arne Sorenson, president and CEO of Marriott International, said that travellers are not afraid to come to Egypt anymore given the country's political stability.

“Egypt is a really compelling tourist destination, and the stable political situation has helped regain trust in the country as a favourite tourist destination,” he told the Egyptian press during a round table meeting this week.

Sorenson also pointed out that Egypt has historically been a key market for Marriott International, and ranks in their top five markets for the Middle East and Africa.

Sorenson added that there is considerably more stability and optimism in the market since his last visit to Egypt in 2012, when there was too much uncertainty.

Although tourism is not back to peak levels, the numbers are getting better.

More than 8 million tourists visited Egypt last year, compared to 4.5 million in 2016. This helped attract new investments in the tourism and hospitality sector.

International tourism is going up as well despite a rise of terrorist attacks in different parts of the world over the last few years.

“There have been 1.3 billion international trips in 2017, a 6-7 percent increase over 2016,” Sorenson said.

Terrorist attacks, according to Sorenson, in different places worldwide in the last few years like London, Brussels, and Paris made travellers realise that such attacks can happen everywhere in the world and that they didn’t hold international tourism back.

“The predictability that these events might happen again around the world made it a sign of encouragement, and many tourists decide to travel anyway,” he said.

Responding to a question from Ahram Online about the effect on tourism of the USA’s travel ban on citizens from a number of Muslim countries, Sorenson said that the tourism and hotel business depends on a diverse community around the world.

“Our business is hospitality, and we welcome everyone around the world,” he stressed.

With four new hotels currently under development, Sorenson said that Marriott plans to add over 1,200 rooms.

Marriott International is the largest international hotel company operating in Egypt, with 18 hotels with more than 7,400 rooms across the country.

Alex Keyriakidis, president and managing director of the Middle East and Africa at Marriott International, said that the group sees a surge of interest in investing in hotels, led mainly by the development of cities and the construction of the New Administrative Capital.

“These are projects that can attract many investments,” he stressed.

He pointed out that the group has been in discussions with the Egyptian Ministry of Housing for expansion projects in cities like El-Alamein, and other cities that are underrepresented like Alexandria, adding that Marriott was currently discussing how they can develop there.

He added that they have high priority plans for development opportunities in Upper Egypt.

“We want to expand our projects in places like Luxor and Aswan as well," Keyriakidis said.

The Red Sea also has the potential for growth in terms of tourism and hotels.

“We need to stimulate the market by having more flights,” he said, adding that many investors want to put their money in Egypt.

Jul 15, 2018




Business News Egypt’s Altawfeek Leasing Company has signed a credit facility agreement worth 400 million Egyptian pounds with Arab African International Bank last month.

The new credit facilities will be loaned to its leasing finance customers.

A source with Knowledge told Amwal Al Ghad that the company has paid number of tranches of the fund during the past days, the rest of tranches will be disbursed as payments during the current and the next year.

The source added that the company has signed agreements with banks worth 3 billion pounds, making use of 1.7 billion pounds only.

The company obtained several credit facilities in recent years, including 400 million pounds from the National Bank of Egypt and 150 million pounds from The United Bank and 250 million pounds from the Suez Canal Bank, in addition to 90 million pounds from Misr Iran Development Bank.

Aug 28, 2018

Egypt and the United States signed a $65 million grant to support infrastructure in the country, a statement by the Egyptian Ministry of Investment and International Cooperation read on Monday.

In an official statement, the ministry said minister Sahar Nasr signed the agreement for the grant with Sherry Carlin, the USAID Mission Director in Egypt.

Nasr said the agreement affirms the strategic relationship between Egypt and the US, as well as economic cooperation between the two countries.

She mentioned that the deal comes as an execution of orders by Egyptian President Abdel-Fattah El-Sisi on meeting the needs of citizens through infrastructure development, where 1.1 million people in the most vulnerable part of Upper Egypt’s rural areas would benefit.

The Upper Egypt governorates include Assiut, Sohag, Qena, Luxor, Aswan, Beni Suef, and Minya.

The infrastructure upgrade will include water treatment, as well as adding sanitation lines in rural areas.

Demise Lamaute, the economic officer of the Middle East Bureau of the United States Agency for International Development, said the USAID-funded Workforce Improvement and Skills Enhancement (WISE) is cooperating with the Ministry of Education and Technical Cooperation to launch a portal for technical education schools to facilitate people joining the labor market in various governorates.

Addressing a press conference on Monday on the outcome of WISE programs, she said WISE is currently working in five governorates in collaboration with the private sector to determine the workforce needs, while preparing students to join the workforce, and connecting them with potential employers.

Since 2016, the USAID’s project to improve the skills and job-readiness of technical students has secured employment for nearly 7,000 and internships for over 5,350 students. More than 24,000 students have benefited from career guidance sessions and over 21,000 students received training in entrepreneurship.

This project is part of the $30 billion that the America has invested in Egypt through USAID since 1978.

Sep 12, 2018




Business News Egypt’s chemical exports fell 9 percent to $376 million in May 2018, compared to $415 million in the same month of 2017, according the Chemicals & Fertilizers Export Council (CEC).

Chairman of the Council Khalid Abul Makarem said that the council aims at increasing its exports during 2018 by 20 -25 percent to record about $5.5 billion and become the largest export sector among the economic sectors.

“The exports of the first five months of the year marked positive indicators, as they increased 26 percent, recording $2.1 billion from January to May 2018, compared to $1.7 billion during the same period of 2017,” he added.

Abul Makarem noted that the target was to achieve $5.2 billion, pointing out that the targeted increase may exceed $5.5 billion by the end of the year.

In 2017, chemical exports increased 32 percent to reach $4.4 billion, up from $3.3 billion in 2016.

Generally, Egyptian goods became attractive to foreign markets after the flotation of the state’s currency in November 2016, losing 50 percent of its value, which is reflected on the increased exports.

Egypt also benefits from the trade agreement that came into action lately, reflecting on the rising volume of its exports. The state is involved in international trade deals such as the Mercosur Agreement, which is a free-trade agreement signed by Egypt and Mercosur countries in 2010, including the immediate customs clearance for 63 percent of the exports of Brazil, Argentina, Uruguay and Paraguay going to Egypt.

The Mercosur trade deal covers food, cars, auto parts and industrial supplies, and was signed by Egypt and Mercosur members in 2010, but only came into force in 2017.Another trade agreement that Egypt is committed to is the deal with the Common Market for Eastern and Southern Africa (COMESA), which represents a free-trade area with 19 member states, stretching from Libya to Swaziland. COMESA was formed in December 1994 to replace the Preferential Trade Area, which had existed since 1981.

Jul 03, 2018

Egypt’s manufacturing and extractive industries’ index (without crude oil and petroleum products) rose 2.6 percent during May 2018, recording 125.97 points (primary results), compared to 122.78 points in April 2018 (Final results), according to the state static body.

The Central Agency for Public Mobilization and Statistics (CAPMAS) said that the indices of manufacture of readymade garments, machinery and equipment, and pharmaceutical products recorded on a month-on-month basis an increase of 30.4 percent, 25 percent and 19.8 percent, respectively.

The report attributed this increase to the increased order of exports and the preparation of the feast season especially for the readymade garment.

The increase of air conditioners products was the result behind the rise of the manufacture of machinery and equipment. CAPMAS said that the manufacture of mining and other quarrying industries, and beverage slipped in May by 3.8 percent and 47.1 percent, respectively.

The report stated that the manufacture of mining and other quarry industries recorded 76.19 points, compared to 79.21 points in April, due to the stoppage of export movement during the summer.

The manufacture of beverage recorded 58.35 points in May 2018, compared to 110.33 points in April 2018 as a result of excess Inventory, CAPMAS said.

Jul 26, 2018




Business News Egypt's Minister of Petroleum and Mineral Resources Tarek El-Molla said Friday that the production of the first two wells in phase 9b of the West Nile Delta Project in the West Mediterranean Deepwater Concession is planned for the first half of October.

The project includes a total of eight wells and two exploration wells.

According to El-Molla, the third quarter of 2019 is expected to reach a total production rate of 400 million cubic feet of gas and 3,000 barrels of condensate per day with the completion of the remaining wells in the project.

El-Molla has previously stated that the project's total cost is almost EGP 14 billion (approx. $780,000,000).

The Rasheed Petroleum Company, which is owned by the Egyptian General Petroleum Corporation (EGPC), manages 50 percent of the Mediterranean Deepwater Concession, while Shell and Malaysia’s Petronas each administer 25 percent, according to Reuters.

Aug 02, 2018

A bill on real estate taxes that has recently been approved in principle by parliament is meant to counter tax evasion, says Finance Minister Mohamed Maait.

Taxes on real estate sales won’t in any way affect the limited income brackets or poor, he said in statements Tuesday.

Under the bill, both the seller and buyer will be obliged to pay 2.5 percent of the value of the property in taxes to the State, according to adviser to the finance minister Fathi Shaaban.

Both should pay the tax within 30 days from the selling date, Shaaban noted.

The bill has nothing to do with an inheritance tax that had already been cancelled by law, he assured.

Jul 12, 2018

The number of Egyptian workers in Kuwait rose by 5.8 percent during the first quarter of 2018, reaching 475,000 workers, a report on the foreign workforce in Kuwait revealed on Saturday.

The report revealed that the number of Kuwaiti and expat workers, in both the public and private sectors, increased during the first quarter of this year.

Kuwait's population is estimated at 4.2 million people, with expats accounting for 70 percent of the population, according to recent statistics.

The number of Egyptian expats around the world is numbered at 9.5 million, with 6 million working in Arab states, according to statistics provided by CAPMAS last year.

The number of Indian and Egyptian workers in Kuwait increased by 11.8 percent, with India ranking first with 577,613 workers, followed by Egypt, said the Kuwaiti report.

The report revealed that the number of Kuwaiti workers rose to about 370,000, and that the number of Kuwaiti nationals employed in the private sector has risen by 4.3 percent.

Aug 26, 2018

Tamweely Microfinance has plans to inject EGP 100 million in financing between July and December 2018, its chairman has said.

The company will focus on funding commercial projects, with a special attention to productive women, Amr Abou El Azm told Mubasher on Wednesday.

Tamweely will sign agreements with three Egyptian banks to secure EGP 100 million in mid-August.

In May, Tamweely was in talks with banks to obtain an EGP 200 million loan.

Jul 26, 2018




Business News Egypt's Prime Minister Mostafa Madbouly said on Monday that the government's IPO programme to float shares in a number of state-owned companies will contribute to energising the stock market, raising the market value of the companies’ shares, and diversifying sources of financing, in order to expand investments.

Madbouly headed an economic ministerial committee meeting on Monday to discuss the latest developments in the government's IPO programme, as well as other issues, such as the reduction in public debt.

Madbouly said that the IPO programme will contribute to energising the stock market, raising the market value of the companies ’ shares, and diversifying sources of financing, in order to expand investments.

The meeting was attended by the ministers of finance, investment, social solidarity, planning, industry, electricity, and transportation and the governor of the central bank.

The prime minister also discussed developments regarding the decrease in the national debt, while maintaining a high growth rate and not increasing the budget deficit.

Earlier this year, the former minister of finance said Egypt is set to float shares in four to six state companies in 2018, with the aim of raising EGP 12-15 billion ($680-$850 million).

In a statement released in July, the Egyptian cabinet announced that stated-owned Alexandria Mineral Oils Company, Eastern Tobacco, Alexandria Container and Cargo Handling, Abou Kir Fertilisers, and Heliopolis Housing would be listed on the stock market.

Egypt’s budget deficit in the 2017/18 fiscal year was 9.8 percent of gross domestic product (GDP), down from 10.9 percent in the previous fiscal year, according to a statement released by Finance Minister Mohamed Maeet last week.

Egypt’s total public debt reached EGP 3.4 trillion (approximately $190 billion) by the end of December 2017, representing 83.8% of GDP, the central bank announced last month.

Jul 31, 2018




Business News A joint committee between Egypt’s Ministries of Investment and Finance held its first meeting on Sunday to discuss speeding up procedures related to boosting the country's investment climate.

In an official statement, Egypt’s Ministry of Investment and International Cooperation said the meeting was chaired by its Minister Sahar Nasr and Finance Minister Mohamed Maaet, along with a number of the joint committee’s members.

The ministry said the meeting was held to discuss regulations with regards to granting special incentives to investors in the country, as outlined by the country ’s new investment law, as well as eliminating any obstacles faced by investors with customs and tax authority controls.

Nasr said the goal of the newly established committee was to accelerate the procedures which would serve investment in the country.

Maeet also accentuated the main aim of the committee, pointing out that the committee agreed on an immediate removal of obstacles that would face investors without any pending bureaucratic procedures.

Egyptian officials have said its investment map includes promising opportunities for investors in various areas, through several foreign trips seeking to promote investment in the country after the passing of the investment law.

In June 2017, President Abdel-Fattah El-Sisi ratified a long awaited investment law which Egypt hopes would boost much-needed investment by cutting down on bureaucratic requirements, especially for new projects.

The new investment law includes a raft of new incentives, such as a 50 percent tax break on investments made in underdeveloped areas and government support for the cost of connecting utilities to new projects.

It also includes subsidized utilities, the allocation of lands free of charge for strategic activities, and other incentives.

Jul 10, 2018

Britain’s BP will begin drilling its first exploration wells in the northeast of Ramadan in the Gulf of Suez concession area by early October at the latest, an Egyptian state oil company EGPC official said.

The source told Youm7 that the project is awaiting completion of security approvals and the licences necessary to start drilling. Drilling and production work have been assigned to the Gulf of Suez Petroleum Company (GUPCO), the source added.GUPCO is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and BP to manage recent operations at concession areas in the Gulf of Suez.EGPC signed on Tuesday an oil and gas exploration deal worth around $46 million and a signing bonus of $4 million with Britain’s BP for the drilling of three wells in the northeast of Ramadan in the Gulf of Suez.

Aug 02, 2018




Business News Egypt and China have signed an agreement worth EGP 179 billion for mega projects in the newly constructed Egyptian administrative capital in cooperation with the private sector, Al-Ahram daily newspaper reported.

Prime Minister Mosatafa Madbouly said that the projects will be at the city’s Central Business District.

Madbouly's made the comments during his meeting with members of the Chinese ruling party and secretary of the State Assets Control and Management Committee, which manages 96 national companies, as well as the Chinese ambassador to Cairo.

Madbouly pointed out that President Abdel-Fattah El-Sisi announced days ago that the year 2020 will witness the opening of the new administrative capital and a number of other projects and cities.

The Central Business District project is one of the projects expected to be completed by this date.

"I have discussed with the company officials the implementation of a second phase of the project to be signed in the presence of President El-Sisi during his visit to China in September, and asked the company to work to complete the project in the shortest possible time to meet the aspirations and hopes of the Egyptian people," says Madbouly.

Madbouly added that the central business district of the new administrative capital includes 20 towers for residential, administrative, commercial and other services. One of the towers is expected to be the tallest in Africa at 385 metres.

The Chinese delegation promised to implement the project according to the latest technologies and to employ all the resources of the company to ensure speedy implementation.

On the other hand, the Board of Directors of the new Urban Communities Authority, at a meeting headed by Madbouly, approved the issuance of orders for support and contracting for six projects in the second phase of partnership projects with the private sector.

Aug 05, 2018

Egyptian imports of consumer durable goods increased by 57 percent in January-May 2018 to record $ 2.122 billion compared to 1.35 in 2017.

According to state’s foreign trade statistics, imports of consumer durable goods increased in May 2018 by 118.2 percent to register $436.5 billion opposed to $249.2 billion in May 2017.

Egyptian imports of mobile phones increased during the first five months of 2018 by 118 percent.Meanwhile, state’s refrigerators imports sagged by 14.5 percent in first five months of 2018 to record $60.3 million compared to $ 70.5 million in correspondence time, the statistic showed.

Egypt’s imports of passenger cars increased from $545.531 million during the period from “January-May 2017 ” to $884.187 million during the same period this year, a growth of 62.1%, and television sets by 109.1% to $ 235.306 million versus $112.554 million.

Egyptian imports of washing machines recorded $24.9 million in January-May 2016 opposed to 32.5 million at the same period of 2017, registering 43.5 percent drop.

Aug 12, 2018




Business News Head of the Financial Supervisory Authority (FSA) Mohamed Omran announced on Wednesday the issuance of the updated version of rules of registration and cancellation of securities on the Egyptian Stock Exchange.

In a released statement by the Authority, he added that the rules were published on the Authority's website to be available for dealers on the money market.

These rules constitute the legal framework that is regulating the measures for registering or cancelling of securities on the Stock Exchange, he added.

He confirmed that the Authority is working to issue rules that are in line with the best international practices on this score.

One of the most important rules is revealing decisions and information of which any investor on the bourse should be aware along with protecting the rights of small investors.

Aug 16, 2018

The head of the African Bank for Export and Import, Benedict Orama, announced the bank's readiness to launch a new mechanism for settling payments between African countries.

This mechanism enables the completion of trade payments between the countries of the continent using national currencies.

Orama said the bank is working through this mechanism to help bridge the financing gap of $120 billion in bilateral trade and open up new fields of trade based on national currencies.

He said that there are several other items launched by the bank to support bilateral trade, the most important of which is the Intra-African Trade Fair, which will be held in Cairo in December.

The exhibition that brings together companies in different sectors to present trade and investment opportunities and conclude business deals.

The African Export and Import Bank has also signed a memorandum of understanding with the World Trade Center in Miami to promote trade relations between Africa and the United States.

The MoU enables the two parties to strengthen the trade partnership and mobilise and support resources for the development of trade and investment opportunities.

Jul 15, 2018

The Egyptian Exchange (EGX) is likely to carry on the bearish trend on Thursday, analysts told Mubasher.

The EGX is expected to continue the downward trend during the last trading session of the week, head of capital market committee at the African Economic Council Ayman Fouda said.

The benchmark EGX30 index has as short-term resistance at 15,303 and 15,400 points, and has support at 15,050 and 14,900 points, Fouda highlighted.

He indicated that the small- and mid-cap EX70 index has a short-term resistance at 742 and 750 points, and has support at 728 and 720 points.

For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index will move in an upward direction in the long-term and it will move downwardly in the medium- and short-terms.

He recommended investors to hold onto their stocks until the correction movement ends and the EGX30 breaks the nearest resistance level in the short-term to begin gaining accumulations and attract selective buying.

The EGX30 index has main support at 15,000, 14,675, and 14,500 points, while it has resistance at 15,470, 15,800, and 15,980 points.

Jul 26, 2018




Business News Arabia Group for Real Estate Investment has signed a partnership agreement with the UK’s Proton Partners International to establish a $50 million international diagnostic and treatment centre at Sun Capital Hospital near the Grand Egyptian Museum.

Situated on 20,000 metres, the new centre will be specialised in the diagnosis and treatment of cancer, according to a company statement.

The centre is projected to be completed within 20 months and planned to treat 450 patients on average annually, chairman of Arabia Group Tarek Shoukry commented.

This agreement promotes the medical cooperation between Egypt and the UK, Proton Partners International ’s CEO Mike Moran said.

Jul 03, 2018

The accomplishment rates of Egypt-based Al Asmarat 3 flagship exceeded 97.4 percent, said Egyptian Prime Minister and Housing Minister Moustafa Madbouly on Saturday.

“The project’s total cost is near to two billion Egyptian pounds ($111.9 million), of which 1.5 billion pounds is from the state’s Informal Settlements Development Fund (ISDF), and 500 million pounds from Tahyamisr fund,” Madbouly further added.The Egyptian minister clarified that there are 124 residential buildings in the project, which are about to be completed within the upcoming period. These buildings will provide 7,400 housing units and 176 commercial homes.

Al Asmarat 3 project, which is located in Mokattam, will include mosque, church, selling outlets, five playgrounds, banquet hall, garden for children, nurseries, health units, bakery, and parking for cars.

Jul 08, 2018

Egypt’s annual urban consumer inflation surged to 14.4 percent in June from 11.4 percent in May, the official statistics agency CAPMAS said on Tuesday, after 10 months of steady decline.

The increase, which took economists by surprise, came after Egypt raised fuel, electricity and taxi fares last month. The increases were part of efforts to meet the terms of a $12 billion International Monetary Fund loan programme from late 2016 that included cuts in energy subsidies and tax increases.

The government in May raised metro fares in a move that had increased public discontent, sparking a brief bout of protests.

“It’s certainly higher than what we estimated,” said Allen Sandeep, head of research at Naeem Brokerage. “It is of course for the most part taking into account the fuel subsidy cut.”

Prices soared in particular after the import-dependent country floated its currency, the pound, in November 2016, reaching a record high of 33 percent in July 2017. Inflation has eased since then, slowing its lowest level in almost two years in May.

Jul 12, 2018

Astellas Pharma is targeting an increase between 15 and 20 percent in its sales in Egypt this year, country manager told Amwal Al Ghad on Sunday.

The Japanese drugmaker aims to make sales in Egypt worth 120 million Egyptian pounds ($6.7 million) this year, compared with 100 million pounds in 2017, Astellas Egypt’s manager Ayman Eldeeb said.

“Our turnover in the Middle East region exceeds €100 million ($117.1 million) a year,” Eldeeb said, adding that the parent company opened a regional office in Dubai three years ago along with an office in Egypt.

“We already have six registered drugs in the Egyptian market; they are for the treatment of various kinds of cancers and urologic diseases,” Eldeeb said.

The company seeks to have two or three drugs to be registered in the Egyptian Ministry of Health soon, Eldeeb said.

Jul 24, 2018




Business News Economic conditions in Egypt have very much improved over the past three years after the government embarked on a comprehensive economic reform programme, Egypt’s central bank governor Tarek Amer said on Wednesday.

Addressing a meeting of the Association of African Central Banks in the Red Sea resort city of Sharm El-Sheikh, Amer hailed President Abdel Fattah al-Sisi for making the critical decision to carry out the economic reforms after many years of poor economic performance.

Amer said Egypt’s foreign inflows have exceeded $120 billion since the signing of a three-year $12 billion loan agreement in late 2016.

The agreement, part of an economic reform programme being carried out by the government, helped Egypt attract huge inflows and fostered foreign investors ’ confidence in the Egyptian economy, Amer added in his speech.It was the Egyptian government which developed the comprehensive reform program and determined its duration, Amer said, adding that Egypt sought the support of the IMF to restore international confidence in its economy.

Egyptians would not have found the basic needs of medicine, fuel and food without these inflows, Amer added.

The IMF approved at the end of June a fourth payment, worth $2.02 billion, of the loan, bringing the total received by Egypt from the IMF to around $8 billion.

Amer said Egypt has over the past two years attracted foreign investments worth more than $38 billion, including $13 billion from the international debt market, in addition to the bills and the exchange market.

Aug 09, 2018

Banque Misr, Egypt’s second largest bank, is negotiating with international financial institutions to obtain $750 million in loans within the current financial year, its vice chairman Akef El Maghraby said on Monday.

El Maghraby said last May the bank’s portfolio of foreign loans reached around $4.16 billion.

“Banque Misr seeks to obtain $750 million in foreign loans during the financial year 2018-2019,” El Maghraby said in an email to Reuters, without disclosing more details about the foreign financial institutions the bank is in talks with.

Aug 28, 2018

Qatar National Bank Al Ahli (QNB Al Ahli) on Wednesday reported a 27% year-on-year increase in consolidated profits for the first half of 2018, recording EGP 3.4 billion from EGP 2.7 billion.

Net income grew to EGP 4.9 billion in H1-18, versus EGP 4 billion in the six-month period of 2017, the bank highlighted in a filing to the Egyptian Exchange (EGX).

On a quarterly basis, the bank generated EGP 1.8 billion in profits during the second quarter of this year, compared to EGP 1.4 billion in Q2-17.

Meanwhile, standalone profits rose to EGP 3.2 billion in H1-18, versus EGP 2.5 billion in H1-17.

QNB Al Ahli previously posted EGP 1.6 billion in consolidated profits during Q1-18, versus EGP 1.26 billion in the three-month ended March 2017, including minority shareholders’ rights.

Jul 12, 2018

The value of Egypt’s 5-year and 10-year treasury issues sold on Monday reached EGP 4.88 billion.

The average return on 5-year notes stood at 17.75%, while its value registered EGP 3.63 billion, according to the Central Bank of Egypt (CBE).

Meanwhile, the average yield on the 10-year bonds was 17.74%, whereas its turnover was EGP 1.25 billion, the bank’s data showed.

Earlier on Monday, the CBE stated that it would issue treasury bonds (T-bonds) worth EGP 3 billion on behalf of the Ministry of Finance (MoF).

Jul 17, 2018




Business News Egypt’s Aur Capital is joining Wadi Degla Developments to launch a 2.350 billion Egyptian pound ($131.25 million) private equity fund, part of a strategic alliance in the local real estate market, the companies said on Wednesday.

The fund, named Aur-Wadi Degla, aims to invest up to 10 billion in the local construction sector in a five-year timeframe.The alliance plans to carry out major projects in the real estate development and tourism sectors, said Ashraf Salman, former investment minister and chief executive of Aur Capital.

Jul 19, 2018

An agreement has been reached with the Investor Protection Fund (IPF) to reduce the fees paid by investors by 50%, the chairman of the Financial Regulatory Authority (FRA), Mohamed Omran, announced on Sunday.

Omran reviewed a study outlined with the aim to expand IPF’s coverage of including more investors.

The chairman had addressed the opening ceremony of a workshop regarding approaches to regulate money markets and improve transparency and counter-corruption levels, better manage risks, and stabilise the financial system.

Aug 07, 2018

HC Securities and Investment expected Egypt’s inflation to stabilise in August by 1 percent, with anticipations that the Central Bank of Egypt will keep interest rates unchanged during its upcoming meeting.

Sarah Saada, senior macroeconomic analyst said in a report Monday that Egypt’s headline inflation in July came higher than the expectations of HC Securities and Investment by 1.5 percent.

The report attributed the rise in inflation to the high monthly food and beverage inflation that recorded 2.1 percent, contributing to 1.15 percent of the total monthly inflation.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced Thursday that Egypt’s annual consumer price inflation slipped to 13 percent in July 2018, compared to 34.2 percent in the same month of 2017.

On a monthly basis, inflation increased 2.5 percent in July, compared to the previous month, to record 289.9 points, CAPMAS stated.

Moreover, CBE said that Egypt’s annual core inflation rate declined to 8.54 percent in July 2018 from 10.9 percent in June 2018, according to a report.

On a monthly basis, core inflation recorded 0.6 percent in July 2018, compared to 1.6 percent in June.

Core inflation discounts or strips out certain categories that are considered more volatile.

Aug 14, 2018




Business News Minister of Planning, Follow-Up and Administrative Reform Hala el Saed said that Egypt's sovereign wealth fund seeks to maximize the benefit from the unused assets and wealth of the State.

It also targets diversifying the State resources and profit sources, the matter which contributes to decreasing the State budget deficit, she noted.

These remarks came during the meeting held between Saed and Public Business Sector Minister Hisham Tawfiq to probe aspects of joint cooperation in sovereign wealth fund.

The fund aims at developing Egypt's wealth of assets and natural resources in a sustainable way to maximize the value of these resources for the coming generations via contribution in establishing firms and increasing its capital besides investing in the securities listed and not listed in stock markets.

It will also issue bonds and financing instruments besides other debt tools, the minister reiterated, noting that it will provide loans to investment funds and its affiliated firms.

Saed underlined that her ministry published advertisement in newspapers in September on its need to appoint CEO to Egypt's sovereign wealth fund in order to attract the best Egyptian cadres at home and abroad in the field of capital market, investment and managing funds.

The fund's CEO will be responsible of an economic entity that can be able to develop its assets and firms.

Saed further reiterated that a committee specialized with the fund was formed, adding that it groups a number of legal and economic experts who work on outlining the main system of the fund expected to be launched during the first half of October.

For his part, Tawfiq encouraged the idea of the fund which is considered the State's investment arm as it targets achieving long-run investments in the infrastructure and various ventures, the matter which contributes to providing more job opportunities and boosting cooperation between the public and private sectors in investment projects.

Sep 30, 2018

Egyptian President Abdel Fattah al-Sisi on Sunday stated that shortcomings within the state-based medical treatment system must be corrected, stressing the importance of the new medical insurance system to his people.

During a meeting with Prime Minister Moustafa Madbouly, Health Minister Hala Zayed, Communications and Information Technology Minister Amr Talaat, Finance Minister Mohamed Maeit, head of General Intelligence Abbas Kamel, and Chairman of the Administrative Control Authority Mohamed Erfan, Sisi discussed establishing and equipping model hospitals capital cities for all governorates so citizens will not have to travel in search for treatment in other governorates away from their homes.

In another meeting with ministers last week, Sisi also focused on the development of the medical sector to achieve a qualitative leap in the level of medical care provided to citizens.

He instructed conducting medical tests on citizens to detect Hepatitis C and to provide treatment for those who have the disease.

Sisi also instructed the launch of a project to improve the working environment for medical staff in state-owned hospitals in cooperation with civil society organisations and local councils.

Zayed said during the meeting last week she aimed to achieve rapid and tangible improvement, primarily within the comprehensive social medical insurance system and the national model hospital project. She added 29 hospitals have been selected to become model hospitals in all governorates.

Jul 10, 2018




Business News Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 1.5 billion on Sunday on behalf of the Ministry of Finance (MOF) as Monday, 23 July is an official holiday in celebration of 23 July Revolution.

The T-bonds will be offered through eight-year notes at EGP 1.5 billion, according to the CBE’s official website.


It is worth noting that the CBE issues treasury bills (T-bills) each Sunday and Thursday and issues T-bonds each Monday.

Egypt’s debt instruments, especially treasury bills, are attractive to foreign investors owing to their high yield.




Jul 22, 2018

Exports of the Egyptian chemical industries sector rose by 26% year-on-year in the first half of 2018, recording $2.594 billion from $2.058 billion, according to the Export Council for Chemicals and Fertilizers’ monthly bulletin.

The report highlighted that 10 countries have acquired 58% of the sector’s exports during the January-June period with total exports valued at $1.505 billion, state-run MENA agency reported.

Turkey led these countries with $589.68 million, making up 39% of the Egyptian chemical exports’ value, the report indicated.

Moreover, around 10 firms have dominated 43.7% of the North African nation’s exports of chemicals and fertilizers during the six-month period through exporting 773 shipments at a value of $1.134 billion.

Egyptian Methanex Methanol Company topped these firms with $224.278 million, making up 20% of the companies’ total exports, the report added.

On Sunday, chairman of the Export Council for Chemicals and Fertilizers Khalid Abu Al-Makarem said that exports of the Egyptian chemical industries sector are likely to rise by 21% year-on-year to reach $5.5 billion in 2018.

Jul 24, 2018




Business News The European Investment Bank (EIB) signed throughout the weekend a €375 million ($438 million) financing agreement with Egypt’s biggest state-owned lender, National Bank of Egypt (NBE).

The agreement, signed by NBE chairman Hisham Okasha and EIB’s director of EU neighbouring countries Flavia Palanza in Cairo, is expected to sustain over 20,000 jobs in Egyptian firms.

Small and medium-sized enterprises (SMEs) and mid-caps in Egypt will get the EU bank’s new funding, according to a statement by the EIB on Friday.The financing agreement comes under the EIB’s Economic Resilience Initiative, which aims at enhancing the prospects for more resilient and inclusive growth in Egypt through financial inclusion and the creation of sustainable employment opportunities, particularly for women and in less-developed areas.

The EIB’s finance, which comes with support from the European Union, will be channelled by NBE to finance the investment needs of enterprises in Egypt.“A percentage of the financing will target firms owned or run by women (“women in business”) as well as enterprises located in less-developed areas of Egypt.” the statement read.

The finance is in line with “the priorities of the Egyptian Central Bank and the European Union’s cooperation with Egypt.”

“The new agreement will help to provide the finance needed for private sector development in most governorates of Egypt. It will also seek to empower women and improve their access to finance.” Flavia Palanza, Director of EU Neighbouring Countries at the EIB, said.

Since 2009, EIB, the European Union’s not-for-profit long term investment arm, has provided financing of €1.3 billion for a number of loans for SMEs and mid-caps in Egypt. Around 56 percent of the EIB financing is in the manufacturing sector.

“This loan will assist in creating new job opportunities in the private sector as well as contribute to greater inclusion – both are among NBE’s key priorities.” Hisham Okasha, NBE’s chairman, said.

Jul 31, 2018

Egypt’s state oil company EGPC has signed an oil and gas exploration deal worth around $46 million with Britain’s BP.

The deal includes drilling for three wells and a signing bonus of $4 million, the Oil Ministry said in a statement, and are the result of a tender called by Egyptian General Petroleum Corp (EGPC), Oil Minister Tarek el-Molla said. They are all in exploration blocks in the northeast of Ramadan in the Gulf of Suez. EGPC’s chairman Abed Ezz El Regal signed the agreement with BP regional chief executive Hisham Mikkawi in Cairo.

Jul 31, 2018

The Central Bank of Egypt (CBE) said that trade exchange between Egypt and the world rose during the period between July 2017 and March 2018 and totalled $65.6 billion, with imports reaching a total of $46.8 billion, and exports at $18.8 billion.

Trade exchange reached $60.3 billion for the same time in fiscal year 2016-2017, with imports and exports then amounting to $44.3 billion and $15.9 billion, respectively, according to the CBE’s monthly report.

The UAE was the biggest trade partner to Egypt, with bilateral trade reaching $4.5 billion, $2.6 billion in imports and $1.8 billion in imports, followed by China with $4.2 billion, the US with a total of $3.5 billion, Saudi Arabia ($3.5 billion), Italy ($3.33 billion), Germany ($3.01 billion), the UK ($2.9 billion), Russia ($2.78 billion), Switzerland ($2.23 billion), Turkey ($2.1 billion), France ($1.98 billion), India ($1.9 billion), Spain ($1.4 billion), and brazil ($1.38 billion).

Aug 09, 2018

Upper hand on the project held by Dr. Mez. Halla El Said, Minister of Planning, Dr. Tarek Tawfik, Minister of Education & Mr. Mohamed Me'eit, Minister of Finance. That was reported in the media indicating that basic pre-university education programs (provided for in the 2018/ 2019 budget) total L.E. 89 billion of which L.E. 80 billion go for salaries & 11 %for investments. N.B. It is obvious that other foreign and local funding would add to support the strategic project awaited since almost a decade ago since it was launched with no pre obligated funds.

Aug 18, 2018




Business News Egypt’s plans to sell around $5 billion in foreign currency bonds in the coming months, the country’s finance minister said on Wednesday.

“We are going to sell bonds in the coming months in the market. It could be $5 billion plus or minus,” Finance Minister Mohamed Maa’it told reporters.

Finance minister said the government would evaluate the method of remaining state company sales in January after five share offerings planned before the end of this year.

“The five companies we decided to work on, we decided to see how it would go,” Finance Minister Mohamed Maa’it said, adding that Egypt would then see whether it could work with strategic investors for further sales.

Egypt is so far dealing well with the consequences of emerging market turbulence, he said.

“Until now our economy is able to deal with the consequences of this negative effect,” he said.

Sep 23, 2018

65 vessels crossing the Suez Canal on 9/23/2018 from both sides carrying 4.4 million tons total load. That was reported in the media indicating the northern convoy included 30 vessels with 1.9 million total load lead by a UK vessel of 180,000 tons load coming from France & the southern convoy comprising 35 vessels with 2.5 million total load coming from Singapore & heading to Greece.

Sep 24, 2018

Egyptian Prime Minister Moustafa Madbouly said on Thursday the government’s investments in New Assiut City have reached 4.1 billion Egyptian pounds ($228.8 million).

Established by Presidential decree no. 194/2000, New Assiut is located on the east of the Nile and it is 15km (9.3 miles) far away from Upper Egyptian city of Assiut.

Egypt has completed implementing 11,280 housing units, including 470 buildings in New Assiut as part of a national social housing project in the country, at a cost worth 1.4 billion pounds, Madbouly added.

“We are carrying out additional 648 housing units, including 27 buildings,” he said.

The country has executed 15 social housing buildings in the city; two schools, four nurseries, six commercial markets, two healthcare units, a mosque, a police station, and two clubs, New Assiut City Development Authority’s head Ahmed Ibrahim Mohamed told reporters on Thursday.

Sep 16, 2018

Egypt's ministry of finance announced on Sunday it auctioned treasury bills at a total value of EGP 16.250 billion.

In an a statement published on its official website , the ministry said it sold EGP 8.250 billion of 91-days T-bills with an average interest rate of 19.179%.

The yield ranged from 18.988% to 19.279%.

The ministry added that it also sold EGP 8 billion of 273-days T-bills that had a coupon of 19.54%. The yield ranged from 19% to 19.68%

Sep 04, 2018

Revenues of the Suez Canal increased by 1.6% month-on-month, or $7.9 million, in August.

Revenues grew for the third consecutive month to $502.2 million, compared to $494.3 million in July, according to official data.

Head of Suez Canal Authority (SCA) Mohab Mamish previously said that revenues of the Suez Canal went up $600 million, or by 11% year-on-year, to $5.6 billion in fiscal year 2017/2018.

Suez Canal's revenues increased by 5.4% during the full-year 2017, recording $5.3 billion.

Sep 20, 2018




Business News China’s Sinoma International Engineering Company intends to establish an iron and steel plant with a production capacity of 2 million tons annually, and investments estimated at $100 million, Vice Chairman of the company Liu Zhijiang said.

This came during a meeting between Minister of Investment Sahar Nasr and a delegation from the Hebei Provincial Government of China and eight Chinese major companies, as well as the Chinese company CFLD, which is specialized in the field of construction of new cities, during their visit to Egypt.

During the meeting, Chinese companies expressed their desire to inject new investments into the Egyptian market during the coming period.

They also praised the steps taken by Egypt to improve the business environment during the last period.

Nasr welcomed the Chinese investments in light of the appropriate economic climate and the economic and legislative reforms that have been done.

The Egyptian government supports the private sector to participate in Egypt’s mega-national projects, headed by the development project in Suez Canal, the New Administrative Capital and New Alamein, the minister stated.

She added that the Egyptian government is actively encouraging private sector investments as an engine for economic growth, job creation and poverty reduction.

"Egypt has therefore carried out major economic and investment reforms," she noted.

The minister reviewed the legislative and regulatory aspects of the issuance of several laws and regulations, namely the new investment law and its executive regulations, the law of restructuring and reconciliation, bankruptcy and postponement of financing and privatization, and the amendments of the law of companies and the capital market and their executive regulations.

She also noted that the new investment law includes a number of clear incentives and full guarantees for investors.

The new investment law provides investors with several incentives and treats men, women, Egyptian and foreign investors equally.

The law also stipulates that foreign employees should not exceed 20 percent of the total number of workers in the projects established by non-Egyptian investors.

Moreover, the bankruptcy law regulates the financial and administrative restructuring for failed projects and companies, eliminating prison sentences in bankruptcy cases and limits punishments to a monetary fine.

It also aims to minimize the need for companies or individuals to resort to the courts and to simplify post-bankruptcy procedures.

Aug 12, 2018

Indian, Malaysian, and Emirati companies bid for a project to construct a dry port in Egypt in the Sixth of October City.

Situated on 100 feddans, the new port will serve Alexandria and El Dekheila ports, Egypt’s finance minister Mohamed Maait said.

Three consortiums contend for the 30-year contract including India’s Concor Company, Malaysia’s BSA, Hassan Allam, Holding Co. For Maritime & Land Transport, DP World, Elsewedy Electric, and Germany’s Schenker Egypt, the top official revealed.

Aug 26, 2018

Egyptian Countryside Development Company, the firm responsible for developing the 1.5 million feddans project, has agreed with Go Green company to establish the biggest desalination plant in Al Maghrah.

Go Green said in a press release that the Egyptian Countryside Company has already allocated the land for the new project.The new plant aims to attract young agriculture investors within its strategy to develop the 1.5 million project within the upcoming period.The company added that they have already started establishing the plant adding that its production capacity will reach around 70.000 metre square annually.

Sep 04, 2018




Business News Egypt's Minister of Investment Sahar Nasr affirmed during a meeting on Tuesday with a delegation representing 40 US companies investing in Egypt that the government is actively working on encouraging investments of the private sector.The meeting was attended by the Charge d'Affaires at the US Embassy in Cairo Thomas Goldberger, the Egyptian ministers of electricity, finance and agriculture.

During the meeting, Nasr referred to the private sector's role in achieving economic growth, creating job opportunities and reducing poverty in Egypt, pointing out to the economic achievements over the past period, including economic and legislative reforms, as well as Egypt's new investment law.

Egypt 's Minister of Electricity Mohamed Shaker called on the US firms to invest in the renewable energy sector in the country, in line with the government's plans to depend more on renewable energy.

"By 2035, 42 percent of Egypt's energy will be generated from renewable energy', the minister stated.

Minister of Finance Mohamed Moeet said that more than 85 percent of the economic reform program is accomplished.

The Charge d'Affaires at the US Embassy in Cairo Thomas Goldberge hailed the Egyptian government's efforts to facilitate the investors' work according to international standards, pointing out that the US companies are interested in expanding their activities in Egypt within the coming period.

The US diplomat praised the Egyptian government economic reforms, saying they created a suitable atmosphere for luring more US investments in Egypt, which amounted to $21.6 billion.

'The US firms pumped investments worth $1 billion into the Egyptian market during the fiscal year 2017/2018' , he added.

Meanwhile, the US delegation expressed interest in starting new business in the Egyptian market within the coming period, affirming that an investment delegation including major US companies is scheduled to visit Egypt in October.

Sep 13, 2018




Business News Egypt’s Prime Minister Moustafa Madbouly announced on Monday that the government is planning 20 new cities of the fourth generation on a total area of about 580,000 feddans, expected to accommodate about 30 million people besides providing millions of jobs.

The new cities are planned in Cairo, Giza, Dakahlia, Beheira, Port Said, Matrouh, North Sinai, Beni Suef, Minya, Assiut, Qena, Luxor, and Aswan.

New cities in Cairo include the New Administrative Capital on an area of 170,000 feddans, Vice President of the New Urban Communities Authority Abdel Motteleb Mamdouh said.

South New Cairo city is planned on 16,000 feddans. The first phase includes distinctive residential plots of land, integrated urban projects and malls, he added.

The new city in Sixth of October City October in Giza is planned to be about 78,000 feddans.

The first phase is 9,000 feddans and includes residential projects, integrated urban communities, a wholesale market, a dry port and a city for craftsmen, according to Mamdouh.

The city at Hadayek October (October Gardens) is planned on an area of 41,000 feddans. The first phase includes the Oasis of October project on an area of 3,000 feddans, and about 50,000 social housing units. Fifty percent of the units have been already constructed, Mamouh pointed out.

The Sheikh Zayed Extension City in Giza is planned to include distinguished housing and service projects, he said. The city of Sphinx is planned on 32,000 feddans, while Tagamoa al-Waraq al-Gadida (the New Waraq Pool) is planned on 1,400 feddans.

The New Obour City in Qaliubiya is planned on 58,000 feddans. It’s first phase is on 3,000 feddans and includes 26,000 social housing units. Next, the New Alamein City in Matrouh is planned on 49,000 feddans. The first phase on 14,000 feddans will include touristic, residential and service projects, according to Associate Housing Minister for Urban Communities Waleed Abbas.

The New Mansoura City in Dakahlia is planned on 6,000 feddans, while the Nubaria Extension City in Beheira is planned on 16,000 feddans.

The city of East Port Said (Salam) is planned on 16,000 feddans, with it’s first phase will include seawater a desalination planet, and residential and service projects. The West Port Said city is planned on 2,900 feddans, Waleed said.

The city of Be’r al-Abd in North Sinai is planned on an area of 2,700 feddans, he said.

According to Waleed, the New Toshka City in Aswan is planned on 2,000 feddans. The first phase has been constructed and includes 1,200 housing units. An industrial zone and a logistics area are planned within the city, he added.

Sep 12, 2018




Business News The Agricultural Bank of Egypt (ABE) has dedicated finances of EGP 500 million for the veal project.

The head of the SMEs department, Hussien Abdulbaset told Mubasher on Tuesday that his bank has pumped EGP 430 million last year for 3,000 clients as part of the Central Bank of Egypt’s (CBE) initiative for fattening veal.

CBE approved last month a new deposit of EGP 3.5 billion at the Agricultural Bank of Egypt (ABE).

ABE expects to obtain the deposit before the end of September, sources told Mubasher.

The bank will use the deposit in restructuring and capital improvement, as part of an ongoing reform process.

The Agricultural Bank previously received EGP 6.5 billion deposit, divided into two tranches. The first was in February 2017 at EGP 2.5 billion, and the second was EGP 4.5 billion last November.

CBE has exempted from paying loan interest for ten years.

Sep 13, 2018

The World Bank announced a new $300 million loan for complementing the current Sustainable Rural Sanitation Services Program in Egypt.

In a short statement released on Saturday, the World Bank said that it aims "to support the expansion of the government ’s efforts to increase access to, and improve rural sanitation services in Egypt’s poorest governorates."

The project has started in July 2015 and is expected to end in August 2022, according to the World Bank.

The total cost of the project is $550 million.

According to the bank, the development objective of the program "is to strengthen institutions and policies for increasing access and improving rural sanitation services in the Governorates of Beheira, Dakahliya, and Sharkiya in Egypt."

Meanwhile, the World Bank group finances programmes and projects to help Egypt reduce poverty and boost shared prosperity.

It currently has a portfolio of 16 projects in Egypt with a total commitment of $6.69 billion.

Sep 23, 2018




Business News KarmSolar, Egypt’s fastest growing solar energy solutions company, has signed an agreement with Attijari Finances to act as KarmSolar ’s global advisor and coordinator for the company’s equity fundraising process. This move comes as part of the augmentation of KarmSolar’s fundraising mechanism as it races to deliver its pipeline of private solar Power Purchase agreements (PPAs). During the first phase of the agreement, KarmSolar aims to raise approximately 500 million Egyptian Pounds of equity to operate the first batch of its solar powered stations.

As the leading player in the Egyptian private solar PPAs market, KarmSolar currently holds a pipeline of committed projects with a total capacity of 65 MWs through its subsidiary KarmPower that will be financed through the first phase of the fundraise. These projects include a 23.5 MW project for Dakahlia Group, and a 20 MW power generation and distribution project for El-Badr for Investment and Commercial Spaces (Arkan Plaza). Once operational, these stations will join KarmPower ’s existing portfolio of clients, which includes Juhayna, Fridal, EFG Hermes and Orion Food Industries.

Attijari Finances scope includes acting as a global advisor and coordinator for KarmSolar’s equity fundraising mission, where the investment bank will assist KarmSolar in the due diligence, valuation, marketing material preparation, and the identification and selection of equity partners.

Yasmine Nassar, KarmSolar’s Investment Manager said: “This move is key in our plan to ramp up our fundraising process. The main motivation behind choosing Attijari Finances is their deep understanding of the power markets and renewable energy financing given their experience in Morocco, we are looking forward for finalizing this round and the future ones with Attijari Finances”

Ahmed Zahran, KarmSolar’s CEO said: “In less than a year, KarmSolar’s pipeline of committed projects grew in the private PPA market we created from 0.6 MW to 65 MW. Since then, we’ve already delivered Egypt’s first two grid-connected PPAs - financed by Attijariwafa - and before the end of this year we will have delivered a third project and reached midway in constructing the fourth. This rapid growth, and our future expansion plans entail that move another step ahead of the market to create a sustainable mechanism for financing private solar PPAs in Egypt”

Idriss Berrada, Attijari Finances’ General Manager said: “In view of the important funding requirements of the renewable energy sector in Africa and the Middle East, Attijari Finances’ role is to align the interests of project sponsors and relevant investors to develop attractive investment opportunities in both regions. We are honored to collaborate with KarmSolar and we look forward to building a long-lasting working relationship to help this company fulfill its development plan.”

Sep 13, 2018




Business News OIH eyes completing land plot contract with Housing Ministry

OIH eyes completing land plot contract with Housing Ministry

Egyptian businessman Naguib Sawiris gave no further details on the potential deal.

 24 September 2018 03:11 PM

Orascom Investment Holding OIH

3.10% 0.63 0.02 Cairo – Mubasher: Orascom Investment Holding (OIH) is on the verge of reaching a final agreement with the housing ministry to purchase a land plot in Cairo governorate, the company's chairman has said.

Egyptian businessman Naguib Sawiris gave no further details on the potential deal.

On Sunday 23 September, the Cairo-based firm announced that its board has approved acquiring the entire stake in Nile Sugar as part of its expansion strategy.

Sawiris noted that his company has obtained the United Nations’ (UN) approval regarding its investments in North Korea’s Koryolink, which will affect the company’s budget positively.

“The United Nations just approved the exemption for Koryolink! Our mobile phone operation in North Korea ...May peace prevail,” he said on Twitter.

Moreover, Telecom Egypt announced that it has acquired the Middle East and North Africa Submarine Cable (MENA Cable) from OIH through its subsidiary Egyptian International Submarine Cable Company (EISCC) at a total value of $90 million.

Sep 25, 2018










Sep 09, 2018

Trade exchange between Egypt and the United States rose by 29.2% in the first seven months of 2018.

Egypt’s trade minister Amr Nassar said during a meeting with the US Egypt Business Council that trade exchange reached $3.8 billion, compared with $2.96 billion for the same period last year.

Nassar also indicated that the US is one of the major markets for Egyptian imports, which totaled $832 million in the seven-month period.

American investments in Egypt now stand at $2.4 billion, distributed over 1,222 projects across various sectors, accounting for nearly 35.4% of American investments in Africa, and 46.2% in the Middle East.

Egypt is the biggest receiver of American investment in the continuant and the second in the MENA region, Nassar added.

Sep 23, 2018

The Securities Listing Committee held a meeting on Wednesday to reopen trading on five-year treasury bonds that will mature on 3 July 2023, according to a statement by the Egyptian stock exchange.The reopened trading resulted in an increase in the value of the issuance by EGP 3.5 billion to reach EGP 14.8 billion distributed over 14,825,310 bonds with a face value of EGP 1000 per bond.

The five-year treasury bonds trade with a fixed rate of return of 17.65%, payable every six months on 3 January and 3 July of each year during the active period of the bonds, the statement said.

On Tuesday, the Finance Ministry announced the cancellation of three-year and seven-year treasury bonds worth EGP 3.5 billion on Monday after banks and investors asked for "unrealistic" returns that doesn't reflect the economic improvement Egypt has been witnessing.

Egypt aims to reach an average interest rate on government debt in the current 2018-2019 fiscal year to about 14.7 percent compared to 18.5 percent in the previous fiscal year 2017-2018, which ended on 30 June 2018, according to Reuters.

Egypt's required funding in the 2018-2019 budget amounts to EGP 714 billion, of which EGP 511 billion comes from domestic debt instruments and the rest from external financing through bond issuance and the IMF loan, Reuters said.

Speaking at the Euromoney conference in Cairo, Maait said that the government had not set a date yet for the issuance of Euro bonds, or the size of the expected offering.

Sep 06, 2018




Business News Gastec Company and Italian Company Eni have signed an agreement to establish auto service and gas and natural gas fuel stations in various areas across the country particularly in Upper Egypt to serve owners of natural gas-operated vehicles.

A statement released by the Ministry of Petroleum on Monday said the ministry seeks to expand fuel stations at vital areas and encourage people to transform their vehicles to use natural gas as fuel.

The agreement includes using the trade mark Eni, which holds shares in Gastec, to establish fuel stations that provide various services to vehicles at the highest standard, Minister Tarek el Molla said.

Sep 18, 2018

The Egyptian cabinet approved at its weekly session on Wednesday a funding agreement of 205 million euros between the European Bank for Reconstruction and Development (EBRD) and the Egyptian government to upgrade the metro’s line one, one of the main transport systems in the Egyptian capital.The agreement will support the partial refurbishment of Cairo’s oldest metro line through rehabilitating the components of the railway infrastructure including energy units, signals, and central control systems.

The metro’s first line was inaugurated in 1987 and serves up to 1.8 million commuters on daily basis, said the Minister of Transport Hisham Arafat, adding that efforts are being made to improve the service.

The rehabilitation programme of the Egyptian metro is expected to receive an additional 350 million euro loan from the European Investment Bank and another 50 million euro loan from French development agency Agence Française de Développement.

The 33 station metro line stretching from El-Marg north Cairo to Helwan in the south is one of the three lines that connect Cairo. A fourth line is currently under construction.

Sep 06, 2018

The required cost for the construction of a group of logistics centres and trade zones in Egypt amounts to EGP 47 billion ($2.62 billion), Egypt’s supply minister Aly El Meselhi said on Monday.

These projects are expected to create 2.4 million jobs and pave the way for various investment opportunities in Egypt’s governorates, he added.

The cost of utilities for the projected centres and zones may reach EGP 2 billion, El Meselhi revealed.

The minister noted that there was a number of underway logistics centres and trade zones, which are slated for completion by June 2020.

Sep 18, 2018

Egyptian state-run lender Banque du Caire and the National Bank of Uzbekistan (NBU), one of the largest investment institutions in the country, signed on Wednesday a cooperation agreement.

The cooperation aimed at boosting Egypt’s exports by tapping into new markets of the Commonwealth of Independent states (CIS), which include Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.The agreement allows direct dealing between the two lenders without the need for an intermediary bank. Banque du Caire, one of the largest banks in Egypt, will act as the guarantor for the Egyptian exporters, financier for importers of Egyptian products. Upon the agreement, the Egyptian bank will also cover all commercial transactions between the two countries.

Sep 16, 2018




Business News Egypt and Cyprus signed an agreement on Wednesday to construct a direct marine pipeline to transfer natural gas from the Cypriot Aphrodite field to Egypt and then to be re-exported to different markets, statement by the Egyptian petroleum ministry read.Tarek El-Molla, Egypt's petroleum and mineral resources minister, signed the deal with Georgios Lakkotrypis, the Cypriot minister of Energy, Industry, Tourism and Trades, in Cyprus.

In May, El-Molla estimated that the planned pipeline connecting Cyprus’ Aphrodite gas field to Egypt’s liquefied natural gas (LNG) facilities will cost around $800 million.

El-Molla said that this agreement is considered to be among "the main foundations in supporting the economic relations between the two countries and is an important step in maximizing the benefit of the discoveries of the Cypriot gas fields."

He added that the new deal will encourage further research exploration activities in the region and will contribute to further support joint cooperation in the field of gas and oil between the two countries.

Meanwhile, the Cypriot minister tweeted that "the signing of the IGA for a gas pipeline between Cyprus and Egypt is an important milestone for the creation of an EastMed NatGas corridor to the EU and strengthens the energy investment environment in our region."

El-Molla also stressed on the importance of the Egyptian role in the future of the gas field in the Eastern Mediterranean region with its strategic location, strong infrastructure, and the gas discoveries it has made.

He pointed out that Egypt has already taken a number of measures, as part of its national project initiative, to transform it into a regional hub for gas and petroleum trading.

"The Egyptian-Cypriot agreement is not only about the implementation of a maritime pipeline, but it will contribute positively to securing gas supplies to the EU," the statement read, adding that the signing of the memorandum of understanding for the partnership between Egypt and the EU in the field of energy last April opens up important prospects for the role that Egypt can play in the industry.

Sep 20, 2018

Egypt will offer additional shares in five state-owned companies on the Egyptian Exchange (EGX) during three months at a price that increases or decreases 10 percent from the market price, Egypt’s business sector minister Hesham Tawfik said on Monday.

"The offered price of the state-owned companies' shares will be its market price or greater or less than 10 percent", Tawfiq told a news conference on Monday.

The government is working on a program to offer shares of dozens of its owned companies over the next three to five years in sectors such as oil, services, chemicals, shipping, marine services and real estate to help support the state's public finances.

The Ministry of Finance said earlier this month that the government would start the offering program with a 4.5 percent stake in Eastern Tobacco Company.

This will be followed by offering about 20 percent of the shares of Alexandria Minerals Oil Company (AMOC) and then other companies such as Heliopolis Company for Housing and Development.

"We will be offering shares of another group of companies within six to nine months after the end of the first phase of offering shares in five companies," Tawfiq added.

The last public offering of state-owned companies was in 2005 when shares of Telecom Egypt, AMOC and Sidi Kerir Petrochemicals Co. (Sidpec) were sold.

Sep 18, 2018




Business News Egypt’s financial institutions operation company e-Finance plans to list on the Cairo stock exchange in the fourth quarter of 2019, its chief executive Ibrahim Sarhan said on Monday.

The company’s shareholders, the National Investment Bank, the National Bank of Egypt (NBE), Banque Misr, and Egyptian Banks Company (EBC) are conducting the feasibility studies ahead of starting listing plans, Sarhan said.National Investment Bank has a 70 percent share in e-Finance, while NBE, Banque Misr, EBC each owns 10 percent.e-Finance provides state of the art electronic payment solutions and business integration and optimisation services to the government and financial sectors in a secure environment according to the international security standards.

Sep 20, 2018

Etisalat Misr, in collaboration with Ericsson, is set to unveil a new era of mobile voice communications with the launching of Voice Over LTE (VoLTE) services in Egypt.

Khalid Murshed, Etisalat Misr’s Chief Technology Officer, says: “Our strategic partnership with Ericsson has a significant and clear purpose. We want to make our Customers satisfied through advanced cellular communication, innovation and efficient services. We are ushering in the future of mobile communications and users will immensely benefit from incorporating the best-in-class voice calling functionality.”

Rafiah Ibrahim, Head of Ericsson Middle East and Africa, says: “Our longstanding cooperation with Etisalat has generated extensive benefits for both parties and supported continued growth and development.“Mobile users are actively seeking better ways to communicate that make an immediate, accurate, and lasting connection. This new launch is another step in our journey to support network operators to innovate on all fronts ensuring unparalleled communication to stay relevant to their customers.”

Etisalat Misr is the first telecommunications company in Egypt to launch VoLTE; strengthening Etisalat Misr ’s leadership in adopting the latest technologies to its customers.

Sep 30, 2018

Egypt’s government denied in official statement the intention to liquidate the Egyptian Iron and Steel Company due to huge losses, the Information Centre of the Council of Ministers contacted the Ministry of Public Affairs stated Friday, saying that Iron and Steel Company is operating normally.

Minister of Public Enterprise Khaled Badawy announced in a statement that as part of the state plan to develop and restructure public sector, the ministry is currently working on developing the company, and raising its efficiency and productivity according to specialized feasibility studies.

Badawy explained that the development is applied through different phases. The first phase aims at providing sufficient capacity for the company to operate efficiently, and increase the productivity of the oven to reach 420,000 tonnes per year, noting that there are two kilns functioning at their maximum capacity.

In the same context, the minister pointed out to a plan for processing and sale of accumulated scrap in the company, which was previously stolen, within the framework of benefiting from unused assets.

The minimum estimate of scrap reaches 600,000 tonnes, in addition to the soil mountain containing 700,000 tons of scrap.

Sep 16, 2018




Business News The Egyptian petroleum minister decided to halt importing liquefied natural gas (LNG).

This decision came after the North African nation received the final LNG cargoes last week, petroleum minister Tarek El-Molla told Reuters.

On 13 September, the minister stated that output from Egypt’s giant offshore gas field Zohr rose by 350 million cubic feet per day to reach two billion cubic feet daily.

It is worth noting that production has been growing steadily since Zohr began operation last December.

In January, El-Molla remarked that the country would save around $250 million per month by halting LNG imports.

He added that the Arab world's most populous country would stop importing LNG by the end of the 2017/2018 as production from recently discovered gas fields accelerated.

Sep 30, 2018




Business News Egypt discussed with the World Bank on Tuesday a $500 million fund for the country’s social housing projects targeting low-income households, the Ministry of Investment and International Cooperation announced.The World Bank first funded Egypt's social housing projects with $500 million in 2015.

According to an official statement, Minister Sahar Nasr discussed the additional fund with the World Bank ’s delegation to Egypt.

Both sides discussed the additional fund to expand the projects' beneficiary base, with the World Bank group praising the “major success” achieved by the projects.

Nasr pointed to the importance of continued contributions by the World Bank to support Egypt’s housing sector, especially social housing projects, which she said came as a priority for President Abdel-Fattah El-Sisi.

Nasr added the government is continuing efforts related to executing the social housing program, to provide housing for citizens at affordable prices.

The World Bank delegation expressed its readiness to provide Egypt with the benefits of its experience related to involving the private sector in social housing projects, describing the Egyptian model in the program as a “success story.”

In 2014 Egypt began a project to build a million houses, in an aim to secure suitable residences for low-income families under the country ’s Social Housing Fund (SHF).

The World Bank announced in 2015 a $500 million project to “improve access to homeownership and rental units for low-income households in Egypt” under the SHF, which the bank said would reach 3.6 million people, including an estimated 1.6 million beneficiaries living below the poverty line, over a five year period, the life of the program.

In February 2018, Egypt’s housing ministry said that 1.7 million housing units had been built and sold by the government over the past four years.

Nasr also discussed the development situation in Sinai with delegation members.

Both sides agreed on the importance of rapid support by the World Bank to contribute to the development of the Sinai Peninsula to achieve sustainable and comprehensive development for Sinai and job opportunities for its residents.

Egypt has been in talks with the World Bank and others financing resources to develop the peninsula, which lacks basic infrastructure and has a high unemployment rate.

The Egyptian state’s project to develop Sinai should be completed by 2022 at a cost of some EGP 275 billion ($15.6 billion), presidential aide Ibrahim Mahlab said in April.

The delegation was headed by the World Bank’s Chief Technical Advisor Loic Chiquier and the World Bank Group’s Practice Director for Finance, Competitiveness and Innovation Najy Benhassine.

Jul 12, 2018




Business News Egyptian President Abdel Fattah al-Sisi will inaugurate next Tuesday three power plants with a capacity of built by Germany ’s Siemens with a combined full capacity of 14,400 megawatts.

All three stations are currently around 97 percent complete and will be fully operational with a combined production output of 14,400 megawatts by the time of the inauguration.

Egypt signed an 8 billion-euro ($9.3 billion) deal with Siemens in June 2015 that calls for three combined-cycle power plants with a capacity of 4,800 megawatts each, plus 12 wind farms, and is designed to boost the country’s electricity generation by 50 percent.

The German company agreed to build up to 12 wind farms in the Gulf of Suez and West Nile regions. About 600 turbines will be erected, with an installed capacity of 2 gegawatts. It also agreed to build a wind turbine blade manufacturing plant in Ain Sukhna, about 120 kilometres east of Cairo.

Two of the power plants are located in the country’s new capital and Burullus Plants, both will be the largest gas-fired combined cycle power plants in the world.

Egypt is looking to expend electricity production after acute shortages in the years immediately following its 2011 uprising led to frequent summer blackouts and cuts to industrial production.

Jul 19, 2018

The World Bank's International Finance Corporation (IFC) will provide finance for the Egyptian private sector to the amount of $2 billion, Egypt's Ministry of Investment and International Cooperation announced Sunday.

According to a ministry statement, the IFC finance will focus on the renewable energy field through 2019, as part of the partnership between Egypt and the World Bank.

The statement came after a meeting between Egyptian Minister of Investment and International Cooperation Sahar Nasr and IFC CEO Philippe Le Houérou in Washington during the former's visit to the US.

The statement said that Nasr and Le Houérou discussed cooperation between Egypt and the IFC and the latest economic reforms adopted by Egypt.

Jul 24, 2018

Egypt’s Administrative Capital for Urban Development (ACUD) says it is still negotiating with three major investment firms to obtain a number of land plots over 20,000 feddans in the new administrative capital.

The three firms are China Fortune Land Development (CFLD), Egyptian Talaat Moustafa Group Holding (TMG), and Emaar Misr for Development, the Egyptian unit of UAE property conglomerate Emaar Properties, ACUD’s spokesperson and public relations manager Khaled El Hosseini said on Sunday.“The Chinese firm is in talks to get 15,000 feddans to establish a fully-fledged urban and industrial city in the new capital,” El Hosseini told Amwal Al Ghad.CFLD, which is one of the biggest companies in the field of urban development, participated in building more than 50 cities in China, he said.

Emaar Misr is looking to attain 1,500 feddans in the new capital, while Talaat Moustafa is seeking to get 5,000 feddans in the city, El Hosseini said.

Sep 20, 2018

Egypt’s Investment Minister Sahar Nasr discussed on Wednesday means to boost economic cooperation with Germany in talks with a delegation from Germany ’s economy ministry.

Nasr said Egypt looks to increase German investments in Egypt, now standing at $641.4 million in over 1,100 companies operating in the fields of gas, steel, automotive and telecommunications.

Egypt has recently adopted a series of legislative reforms aimed to lure back investors to put money in the country, offering them a number of incentives including tax breaks.

Germany is one of the largest EU investors in Egypt, and is noted for its industrial mega projects in the area of developing the country ’s capacities in producing electricity.

Sep 23, 2018




Business News In an official statement by the Egyptian Ministry of Finance on Wednesday, the price of a custom dollar will remain stable at EGP 16 for the month of September.

"The price of the custom dollar is around 90 percent of the normal dollar price that is traded in the financial market," finance minister Mohamed Mait said.The custom dollar was also set at EGP 16 in August 2018.

Egypt began setting a monthly custom exchange rate in January 2017, following the flotation of its currency in November 2016.

The Egyptian pound has remained roughly at the same level in recent months, trading at EGP 17.85 per dollar on Wednesday.

Aug 30, 2018

In a monthly report released on Monday, Egypt’s Agricultural Exports Council said that the value of agricultural exports reached $2.114 billion from September 2017 to July 2018, up from $2.111 billion during the same period in previous year, with an increase of 0.14 percent.

In addition, Egypt’s agricultural exports volume edged up by 7 percent to stand at 3.973 million tons, up from 3.711 million tons the year before.

The overall exports from Egypt to Arab countries recorded $771 million during the period from September 2017 to July 2018.

Exports to EU and UK hit $630 million, while exports to European countries outside of the EU zone reached $409 million.

Exports to Asian countries reached $248 million.

Meanwhile, Exports to the Americas recorded $29 million, while exports to African countries reached $27 million.

Egypt has been enforcing new regulations and inspection measures to ensure the quality of its agricultural exports, the report noted.

A new system has been implemented under which crops are inspected several times in the fields, after being harvested and after the end of the process to prepare them for export.

Sep 18, 2018

Egyptian bank deposits rose 6.2 percent in the first five months of the year to 3.536 trillion Egyptian pounds ($186.2 billion), central bank data showed on Sunday.

Deposits stood at 3.329 trillion pounds at the end of December 2017.

In May, deposits marked a 0.3 percent monthly growth.

Government-owned banks’ deposits increased to 551.2 billion pounds in May, including 432.6 billion pounds in local currency and 118.6 billion pounds in foreign currencies, the central bank data added.

Non-governmental banks’ deposits reached 2.985 trillion pounds in deposits, including around 2.260 trillion pounds in local currency and 724.8 billion pounds in foreign currencies.

Aug 26, 2018

Housing and Development Bank (HDBK) has agreed to pump 400 million Egyptian pounds funds for HD Leasing, chairman Fatehy El Sebaey said.

The funds will be directed to the clients of the leasing sector, he added.He said that HD Leasing is one of HDBK’s investment arms, adding that the company has increased its capital from 5 million pounds to 100 million pounds during the current period.The number of leasing companies registered in Financial Supervisory Authority has seen a rise during the period from January-March 2018 to record 226 companies compared to 224 companies during the same period last year.

Aug 30, 2018




Business News The Transportation Ministry has announced the establishment of a joint-stock company for the management of multi-purpose stations as per the new investment law no.72 of 2017 and its executive regulation and the companies law no. 159 of 1981 and its executive regulation.

The Alexandrian-based company is tasked with constructing and running a multi-purpose stations to handle containers and general cargo in eight docks at Alexandria port, Transportation Minister Hesham Arafat said in a statement on Thursday.

The company's authorized capital stands at LE 500 million and is divided among the Alexandria Port Authority (34 percent), the Suez Canal Authority (33 percent) and the Holding Company for Maritime and Land Transport (33 percent), he added.

Alexandria Port Authority will have the right to run the company, he noted.

For his part, Chairman of Alexandria Port Authority Medhat Attia said that preparations are under way to put forward the multi-purpose station at the port to experienced global consulting firms to prepare the tender specifications for selecting the project's consultant, the contractor and the station operator.

The 560,000-square-meter station has a capacity of 15 to 18 million tons.

Also, it can simultaneously receive six ships.

Sep 09, 2018

The Egyptian government has agreed with Siemens to operate and maintain three electricity mega plants.

The new agreement was signed by the Egyptian Electricity Holding Company (EEHC), which selected Siemens to provide comprehensive operation and maintenance services (O&M) for the Beni Suef, New Capital and Burullus power plants, for the next eight years, for a total of $352 million,

Each of the three 4.8 giga watt power plants is considered to be the largest gas-fired combined-cycle plant ever built and operated. Together the plants represent approximately 40% of Egypt’s power capacity, according to the German company.

The project was the largest ever for Siemens Power Generation Services in terms of power generated, and the implementation of the company ’s Omnivise digital service solutions.

Sep 23, 2018

Egyptian Prime Minister Mostafa Madbouli revealed the cabinet and the ministry of housing and urban development ’s plan to establish around 50,000 hotel rooms in the New Alamein City in the Northern governorate of Matrouh.

The PM stressed the unique features the new city enjoys, especially with its great location on the country’s north cost.

Madbouli’s remarks were on the sidelines of his meeting with representatives of NIKKI BEACH, to discuss investment opportunities in Egypt

Sep 30, 2018

The cabinet approved on Thursday a presidential draft bill for a loan to import 32 trains, as part of the plan needed to launch the third and fourth phases of the third line of the underground metro.

Worth 243 million Euros, the loan will be funded by South Korea.

The new phases link the far east and west of Cairo, serving 1.5 million people daily across some of the city’s high density neighborhoods.

Sep 23, 2018




Business News Bilateral trade between Egypt and the European Union recorded $13.4 billion during the first six months of 2018, the Egyptian trade and industry minister Amr Nassar stated.

European investments in the Egyptian markets has reached $15.1 billion, he added.

The UK tops European investors in Egypt, with total investments of $5.3 billion, followed by Holland, Italy, and France with investments amounting to $2.5 billion, $1.48 billion, and $1.3 billion, respectively, Nassar revealed.

Aug 26, 2018

Potential Commercial & investment ties between Egypt & Uzbekistan expected to flourish in various fields. That was best compiled briefly in the media on the fortnight of meetings of the concerned delegations of both courtiers where each party expressed the sector (s) of interest to penetrate as exporter, importer or integrator/ local producer on both sides. Here the Uzbekistan side expressed interest in highly demanded products such as house hold electronics, vehicles metals chemicals & petrochemicals light industries, food & agri products. On the other side, Egyptians assured interest to export pharmaceuticals & medical requisites, mechanical carpets, fixture& curtains, petrochemicals, digital services (such as call center), leather products, ceramics & plastic products.

Sep 06, 2018

Egypt is targeting a growth rate between 7 percent and 8 percent by 2022, Planning Minister Hala el-Saeed said at a news conference on Wednesday.

The government’s economic development programme for the coming period includes institutional reforms by launching a number of new regulations, such as the investment and bankruptcy laws to attract more investors and encourage small and medium-sized enterprises to join the formal sector, the minister added.Egypt has implemented measures to boost the partnership between the public and private sectors such as adopting economic reform programme that encourages investors to invest in Egypt and creating opportunities of partnerships via the presidency’s plan to sell shares in state-owned firms.firms.

She noted that the GDP recorded 5.3 percent in 2017/2018, recording the highest rate in 10 year and marking a continuous growth for the sixth quarter in row.

Sep 06, 2018

Funds in circulation outside Egypt-based banks fell to 9.4 percent of the country’s GDP in the first quarter of the year, central bank data showed on Sunday.

Currency in circulation outside banks (CIC) makes up one part of the Money Supply M1, which also includes currency issued, cash at banks and monetary deposits. Domestic liquidity (M2) consists of currency in circulation outside the banking system and non-government deposits at banks (in both local and foreign currencies).

The CIC decline as a share of local currency deposits in domestic liquidity (M2) accelerated after the floatation of the Egyptian pound in November 2016, to record in March this year “the lowest on record”, the central bank added.

“This suggests continued normalization of currency holding behavior.” the central bank latest data read.

Aug 26, 2018

The National Bank of Egypt (NBE) has signed a $600 loan agreement with China Development Bank (CDB).

The loan agreement aims at financing the working capital of the Egyptian bank’s customers.

The chairman of NBE, Hesham Okasha said in a statement on Wednesday that the deal will enhance the confidence of international institutions in Egyptian economy, which has undergone many reforms over the last few years.

Sep 06, 2018

Egypt is the second largest recipient of remittances in Africa after Nigeria, having snagged 29% of the total in 2017, according to World Bank data cited by the Institute of Chartered Accountants in England and Wales. Most inflows came from the Gulf region.

Remittances are a key driver of FX income and “will remain important in the future,” the report says, while also noting that improved economic performance in Egypt was driven by “structural and policy reforms [that] have boosted manufacturing and investment while the tourism sector has continued to recover.” Egypt is expected to sustain the momentum, with a favorable GDP growth outlook for 5.3% this year.

Sep 18, 2018




Loans & GrantsADB - African Development Bank releasing the 3rd & last trench of its $ 1.5 billion loan in its date to support the Government economic & social program with no claims of any delay. That was announced by the Minister of Investment & International cooperation indicating the next stage will witness more support from the bank to private sector projects & infrastructure in Sinai to attract investors to that part of the country most probably backed by Gulf investors & partners.

Sep 29, 2018

$ 80 million Kuwaiti loan endorsed in favor of Iraq to be managed via KFESD - Kuwaiti Fund for Economic & Social Development to revamp the country's educational sector. That was reported in the Pan Arab media indicating the loan will finance the reconstruction of 73 schools in 15 Governorates. Each school would host 12 to 18 classrooms including related civil, electrical & sanitary facilities and buildings, administrative buildings, laboratories, also consultancy services including design & supervision of implementation.

Jul 06, 2018

Asian Investment Bank proceeding with formalities to extend its second batch $ 600 million soft loans to potable water & sanitary drainage companies in Damietta, Menoufiya, Gharbiya, Dakahliya & Sharkiya in Lower Egypt.

Jul 14, 2018

L.E. 7.27 million UN aided grant endorsed to protect Wadi El Beda Zone from flood risks in Dahab City among other related works. An agreement on the above was recently signed between General Khaled Fooda, Southern Sinai Governor, and Eng. Khaled Seddik, executive director of Fund the raising the grant to implement the required works to the north west of Dahab City on the road leading to Noweibaa City. Project provides for the construction of a wastewater treatment plant & a related discharge pipeline, also a 62 rural houses complex for Al Jubail Zone in Toor Sinai City.

Aug 19, 2018

Projects Awards A Spanish company awarded a Euro 19 million contract to build in Komombo, in Asswan Governorate, a 26 MW solar energy station for completion in 8 months. Job is financed under a loan from AFD - Agency France de Development.

Jul 09, 2018

ARABCO - Arab Contractors - Osman A Osman & Co. declared winner of a $ 54 million project in Uganda to build a 41 Km long road for completion in 24 months. Client is Uganda Roads Authority.

Sep 20, 2018

ELMACO - El Nasr Co. for Transformers & Electrical Products was awarded L.E. 355 million contract by the Egyptian Co. for Electricity Transformation & Transmission to supply 51 transformers of 40 MVA capacity each. That was reported in the media indicating the transformers are ordered for the rehabilitation & revamping of Esna transformers station.

Jul 17, 2018

Two companies affiliated to El Sewedy Group involved with power transmission & power distribution were awarded two contracts in Mauritania valued $ 19.7 million Aug 30, 2018

An alliance grouping two companies of the Suez Canal Authority including the Ropes & Lights Co. & Al Timsah Co. contracting a Chinese Co. to build & equip a huge new vessel to secure petroleum barges in the surrounding area. Deal goes under $ 18 million contract. That announced by Eng. Reda El Sengabi. Chairman of Al Timsah Co. indicating the vessel of 4,000 tons capacity & is equipped with a helicopter landing facility (runway) an 80 tons crane to rooms to board 150 persons. A team of engineers and technicians is prepared to for the job under the supervisions of Ms. Doaa Taha, head of the Marine Projects & Marketing at the company to follow up & participate on relevant preparations, tests & crew training.

Aug 06, 2018

Projects in Pre-Tendering PhaseAlexandria Mineral Oils SAE saying its earlier announced two projects to refine mazotte & to complete the revamping of its fuel oil production line would witness their birth fist in 2019.That was reported in the media indicating the final cost of the mazotte refining project & its relevant finance details is pending the study prepared by Flora Co. of Holland earlier assigned to prepare the project's feasibility study planned for completion in the next month.

Jul 30, 2018

Lease conditions announced for 100,000 feddans area located to the west of Minya & the extension thereof covering a total of 100,000 feddans land. That was formally announced in the media thin dating the offer is for 25 years duration. Annual leasing fees per feddan is L.E. 1,000 subject to 10 % increase each 3 years. Minimum leased area is 500 feddans. The offer is valid as of 9/3/2018. Tender book containing all conditions is available against L.E. 1,000. Lease manager is El Reef El Masry Co, with Hot Tel. 16809. Web site is www.elreefelmasry.com Total area assigned to the company is 1.5 million feddans.

Aug 28, 2018

An agreement was already signed between EINI of Italy & Gas Tec of Egypt to build 50 new dual fueling stations to serve vehicles with both gas & liquid fuel under L.E. 600 million investments. Special stress will be given to Upper Egypt locations. Worth indicating that so far 248,000 vehicles were converted to also operate with natural gas of which 91 stations by Gas Tec distributed over 2l1 governorates. Regretfully promotion of the service of vehicles conversion has slowed down lately despite the bad need.

Sep 18, 2018

Petrochemicals investments estimated in the new stage at $ 13 billion divided on a number of new projects including the largest petrochemicals complex in the Middle East (10.9 billion to go over two stages), Sidi Kreir extensions of the Propylene to also go over two stages involving $ 1.7 billion investments, the $ 50 million methanol extensions in Damietta etc.

Jul 28, 2018




Projects in Pre-Tendering PhaseL.E. 550 million budget funds allocated by the Government to complete both the cost of first phase of Sharm El Sheikh National Museum & the historic mail sheep historic road in Luxor. That was reported in the media quoting End. Waadallah Abul Ela, Head of the Projects Division at the. Ministry of Antiquities indicating that works are ongoing on the civil works of the Museum. Worth mentioning is that booth projects are ongoing in coordination with the NSPO - National Service Projects Org. of the Armed Forces.

Jul 29, 2018

Egyptian Authority for Coastal Protection starting works on an L.E. 235 million project to protect Qayet Bay Citadel from waves harms in Alexandria. Project provides for the construction of 550 meters long of a waves stopper, 200 meters away from the Citadel. First stage of the project was awarded to Harounco Co. for construction & development.

Jul 29, 2018

Ideal Standard of the US, established in Egypt since 1983, announcing it will invest $ 50 million in the country in a new factory. That was announced by the company's General Manager Egypt & Africa to be built in 2019 to double the company's capacity of water mixers. The executive predicted sales during 2018 may well reach about L.E. 2 billion claiming the company disposes in Egypt on 30 % market share. Days earlier in an interview with Al Mal News, the executive disclosed that total company's investments in Egypt now reach $ 500 million.

Jul 09, 2018

Agreement signed with BP of the UK for the exploration & exploitation of oil & gas in the Gulf of Suez to drill 3 wells under $ 46 million committed investments & $ 4 million signature bonus. That was reported in the media indicating the new find is located north East Ramadan Field. Development raises the number of petroleum agreements signed by Egypt since 2014 till date to reach 88 agreements.

Jul 31, 2018

An alliance grouping Poloret of France & with Toyota & NYK of Japan signing an agreement with the Economic Zone of the Suez Canal Authority to build a station on New East Port Said Port Docks & yards involving $ 220 million investments.

Sep 29, 2018

Few details released on L.E. 5 billion project to revamp Abu Zeneima industrial zone in Southern Sinai to host advanced manufacturing industries & renewable energy schemes. That was reported in the media quoting Eng. Amr Nassar, Minister of Trade & Industry, indicating the project is sponsored by Southern Sinai Governor in cooperation with the Ministry's IDA & the National Org. for Military Production. The Minister noted the project sounds promising with its 4,000 feddans location said to be rich with quarrying, minerals & petrochemical raw materials of high value added to a wide variety of industries including marble, glass, granite, cement, gypsum, ceramics, iron & manganese.

Aug 16, 2018

Abu Qir Fertilizers Co. getting close to the final endorsement to its L.E. 1.5 billion water desalination project for completion over two years. That was reported in the media quoting Mr. Saad Abul Ma'ati, Chairman & Managing Director of the company indicating that his company got closer to the selection of the project's consultant who will prepare the tender dossier to be released to shortlisted contractors. The Highly seen executive indicated that the project will be completed in about two years time & will be most probably financed by loans from local banks. No mention was given to covering soft water requirements of possible future expansion plans.

Aug 27, 2018

An alliance of five banks considering to extend L.E. 2.4 billion facilities to Oilex - International Co. for Oil Extraction with a duration of 7 years. The alliance is lead by the NBE & groups further Abu Dhabi First Bank, the Suez Canal Bank & Banqu du Cairo. The project targets the extraction, refining & bottling of up to 1.5 million tons of edible oils to represent almost 61 % of total industry investments in the Middle East & North Africa.

Sep 19, 2018

Published Co. PerformanceMisr Duty Free Shops Co. SAE operating under law 159/ 1981 announcing it has posted for FY 2017/ 2018 consolidated net profits before taxes put at L.E. 121.5 million on L.E. 544.7 million net operating revenues. Figures compare with L.E. 118.3 million net profits before taxes posted for 2016/ 2017 on L.E. 294.2 million net operating revenues.

Jul 17, 2018



Economy - AmCham · That was announced by Mr. Tarek Hasanein, Speaker on behalf of the SCA - Suez...

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Transcript of Economy - AmCham · That was announced by Mr. Tarek Hasanein, Speaker on behalf of the SCA - Suez...