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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Industry & Trade

Egyptian Government Executed ‘Courageous’ Fiscal Reforms - Qalaa

Published 2014-09-18 14:08:30| Amwal Al Ghad English

Hisham El-Khazindar, Co-Founder and Managing Director of Qalaa Holdings (formerly Citadel Capital), a leading African investor in infrastructure and industry, joined key policymakers and business leaders to discuss Egypt’s new economic landscape amidst a mood of optimism at the Euromoney Egypt conference, according to the company’s release. “The Egyptian government has implemented a courageous set of fiscal reforms this year which were a necessary step to rebalance the country’s finances,” said El-Khazindar. “The greatest impact of these measures from our perspective has come from energy reform. The gradual removal of subsidies on petroleum products resulted in pricing that is more in line with international norms. In parallel, the government has also opened the door for the importation of natural gas, coal and coal-like products.” “These reforms are essentially a validation of our investment thesis. Many of the investments that we made 7 years ago when we were first established as a private equity firm were geared towards the view that Egypt was in the process of becoming a net energy importer rather than a net energy exporter and that this shift would necessitate a re-pricing of energy and the opening up of the energy sector in general,” added El-Khazindar. As one of the largest investors in Egypt’s crucial energy sector Qalaa Holdings, in partnership with the Egyptian government, is in the process of building the Egyptian Refining Company (ERC), a US$ 3.7 billion greenfield refinery which will come on stream in 2017 to meet Egypt’s deficit in petroleum products particularly diesel. The strategic national project, which is to date the largest project finance deal in Africa, has enjoyed the unwavering support of successive Egyptian administrations since it was merely an idea on the drawing board in 2006. Qalaa Holdings has undergone a transformation process that has seen it develop from a private equity model to an investment holding company with a focus on the core industries of energy, cement, agrifoods, transportation & logistics, and mining. The new structure gives the company the leeway to hold investments longer and thus create more value for both shareholders and the regional economies in which it invests. “Earlier this year, as part of our transformation, we increased our capital to EGP 8 billion, expanded our balance sheet and began disposing of non-core assets and investing the proceeds into our core assets,” said El-Khazindar. “Now we are consolidating our subsidiaries in refining, gas distribution, power generation and distribution, dairy farming and cement production. With the larger balance sheet, the cash flows from divestitures and the majority ownership in our core assets, we are able to grow faster in the areas that we had bet on a few years ago.”
Tech news
Sony Corp. (6758) plunged the most in more than three years in Tokyo trading after the consumer-electronics maker widened its net loss forecast and said it won’t pay an annual dividend for the first time since its 1958 listing. The shares tumbled as much as 13 percent, the biggest intraday drop since March 2011, after Sony said yesterday it would post a net loss of 230 billion yen ($2.1 billion) this fiscal year because it was writing down the value of its faltering smartphone business. Sony Chief Executive Officer Kazuo Hirai has been working to turn around the company by emphasizing entertainment, computer games and mobile devices as demand for televisions and compact cameras has declined. With the Xperia smartphone lineup struggling, his options for reviving the company are limited to Hollywood movies, music and the PlayStation video-game business. “Sony should have done it earlier,” said Masahiko Ishino, an analyst at Advanced Research Japan Co. “A lot of people were questioning why it didn’t write down the mobile goodwill earlier as the business hasn’t been doing well since the beginning of the fiscal year.” Shares were trading at 1,873 yen as of 9:49 a.m. in Tokyo.
Internet News
Egypt has contacted a sister company of a US-based online security firm to monitor the country's cyber communications a few months after authorities unveiled a new campaign to keep  social networking sites under surveillance. See Egypt, the sister company of US-based Blue Coat, has already started monitoring Egypt's online communications, according to BuzzFeed News which spoke with several Egyptian officials. The company, which an anonymous official told BuzzFeed is close to the country's security apparatus, has planned to provide authorities with a technology called the Deep Packet Inspection which offers rigorous scrutiny by allowing tracking and providing statistical information. “Our job as a company is to give them the system. I train the government on how to run it and we give them the program,” Ali Miniesy, the CEO of See Egypt, told BuzzFeed Miniesy said the program, similar to other systems used by western authorities including the US, can be used to "to penetrate WhatsApp, Viber, Skype, or other programs if needed."