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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        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        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        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        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

Suez Canal Project Investment Certificates Available in EGP Only


Published 2014-08-31 14:52:25| Amwal Al Ghad English

The investment certificates which the government of Egypt will issue to finance a project to extend the Suez Canal will be denominated in Egyptian pounds only, the governor of the Central Bank of Egypt (CBE) said on Sunday. Speaking at a press conference, Hisham Ramez explained that Egyptians living abroad will be able to buy the certificates in Egyptian pounds through local banks with ties to the issuant banks in Egypt. Earlier this month, Egypt started digging a 72 kilometre-long waterway parallel to the Suez Canal, with the aim of increasing the capacity of the vital international shipping route. According to official declarations to the press, the government had initially toyed with the idea of issuing dollar-denominated certificates for Egyptians residing overseas. Certificates will not be issuable to foreigners, so as to preserve the national character of the canal, historically a sensitive issue for Egyptians, explained officials. The certificates will be issued at a value of EGP 10, EGP 100, EGP 1000 and its multiples, with a maturity of five years at a 12 percent interest rate. The low value certificates, worth EGP 10 and EGP 100, will be redeemable with cumulative interest, at the end of the five years, while holders of certificates worth LE1000 and its multiples will reap a 12 percent interest on a quarterly basis. State-owned entities Bank Misr, the National Bank of Egypt, Banque du Caire, and the Suez Canal Bank will issue the certificates, which other banks will be able to order for customers upon request. Certificates will be available to Egyptian individuals, corporations and legal entities but will not be tradable. Holders of the certificates will have the right to a loan from the issuant bank worth up to 90 percent of their certificate value. The finance ministry is guaranteeing the certificates, which will be repaid from Suez Canal revenues. Banks will service orders for certificates up until the CBE has collected the LE60 billion needed to finance the digging of the new waterway. The central bank has already printed 6 million certificates, said Ramez, and is in the process of printing more certificates. The certificates will be issued as soon as the president ratifies the legislation for it, said Ramez, without giving further details as to the timing of the issuance.
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Egypt took 175th position, of 193 countries, for internet speed, with download speed at 2.7 Mbps, compared to 20.1 Mbps globally, broadband testing company Ookla said in its Netindex report. Giza and Cairo are among the areas with fastest broadband connection in the country. According to Netindex, top internet service providers (ISPs) include Raya Telecom, Egyptian Universities Network (EUN), Nile Online, and Noor Group. Etisalat Misr, Mobinil, Vodafone Egypt and TE data also made the top ISPs list. In May, UAE-based research and teaching institution Mohammed Bin Rashid School of Government (MBRSG) and online recruitment website Bayt.com stated that connectivity challenges, internet prices and the lack of Arabic content are the main challenges facing Arabs while using the internet. The survey sampled approximately 3,000 people from 22 Arab countries. Of that number, 48% of respondents “faced challenges with connectivity and accessibility to the internet”, while 45% stated that the “cost of internet access was too high”. Around 41% of the people sampled argued that “the unavailability of Arabic language content was a challenge”.