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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        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        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        Misr Chemical Industries   5.65        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        Raya Holding For Technology An   4.57        United Housing & Development   8.93        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        Six of October Development & I   15.03        National Development Bank   6.72        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        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        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        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

Saudi ACWA Power signs $220mn Egyptian Renewable Energy Concession Deals


Published 2015-05-24 17:59:36| Abdel Halim El Gendy

Saudi Arabia-based power and water project developer ACWA Power announced Sunday it signed concession contracts with the Egyptian Ministry of Electricity to build three renewable energy power plants in Egypt. The three projects will be with investment costs totalling US$220 million. Hassan Amin, Country Manager at ACWA Power, said upon the contracts signed today, his company would set up a 50MW solar energy plant in Binban near Aswan, with investment cost ranging between US$80-90 million. In addition, ACWA Power will also build two wind farms in the Gulf of Suez, with total investment cost estimated at US$130 million, he added. Each wind farm will be with a 50MW capacity. Amin has signed the contracts with Mohamed El-Sobky – Chairman of Egypt’s state-run New and Renewable Energy Authority (NREA) in the presence of Egyptian Minister of Electricity Mohamed Shaker, ACWA Power’s chairman Mohammad Abunayyan, and the chairman of Egyptian Electricity Holding Company, Gaber Desouki. ACWA Power is the first company to sign the concession contracts among other firms bidding to set up renewable energy projects in Egypt. The signed contracts lie within the framework of Egypt’s feed-in tariffs (FIT), which allow private producers, whether households or companies, to produce solar energy and sell it to the government to be added to the national grid. In September, Ministry of Electricity announces prices for electricity generated from solar and wind energies in the framework of combating the energy deficit in the coming months. The minister said the purpose of the feed-in tariff for purchasing electricity produced from renewable energy sources is to encourage private investment in this field due to limited resources from conventional sources of fuel. According to the minister, the energy tariff has been divided into five categories so that the price per kilowatt for households is EGP 0.84, but for 200 kilowatts of usage, the price rises to EGP 0.911. Moreover, ACWA Power’s country manager said his company will receive the lands within the current week so as to start its projects in Egypt, on course for completion within 20 months. Last March during Egypt Economic Development Conference held in Sharm El-Sheikh, Egyptian Electricity Minister Mohamed Shaker signed two memoranda of understanding with ACWA Power and the United Arab Emirates’ state-owned renewable energy firm Masdar. The first memorandum of understanding was signed with ACWA Power and Masdar to establish a 2200MW electricity power station, a 1500MW solar energy station and a 500MW wind energy station, at the cost of US$2.4 billion. The second memorandum was signed with ACWA Power to establish a power station generating 2000MW of electricity through the use of coal, costing US$7 billion. The power station is scheduled to expand to generate 4000 megawatts of electricity.
Tech news
Egypt's National Post Organization (ENPO) - Egypt Post has decided to cancel its 150-Year anniversary celebration, aiming to save the expenses in favour of the employees, chairman announced Sunday. ENPO chairman Essam El-Saghir is planing to pay field visits to listen to the organization’s workers complains and solving them. During the ordinary general assembly, El-Saghir stressed the Egypt Post's concern for the manpower in the postal authority, announcing the start of restructuring the medical treatment file for all of Egypt Post’s staff. He also announced cancelling 7.5% administrative expenses used to be imposed on the employees’s salaries in addition to exempting the post distributers from the interests on loans dedicated to buy them motor cycles to do their jobs.
Internet News
Start small, win quick, then move on to bigger issues. That appears to be the European Union's strategy to pursue Google (GOOGL.O) in a competition dispute by choosing to push a narrow set of charges around its shopping service, while opening another investigation of Google's Android mobile phone software. Whether or not the EU succeeds in branding Google a market-abusing monopolist in web search - a big if, given that the competition authority has yet to publish its exact charges - the Internet giant could be pinned down for years to come in regulatory procedures and legal appeals. A drawn-out process is likely to embolden existing and would-be interlopers to step up assaults on Google's wide range of businesses, if the history of Microsoft's (MSFT.O) antitrust battles with U.S. and European regulators is any guide. In accusing Google of anti-competitive practices against rival shopping sites, the EU competition authority said it is continuing to investigate other areas, including alleged "web scraping" to copy content off of rival travel and local business review sites, and Google's restrictive practices on advertising.