amwalalghad :: Industry & Trade

Your English Portal To Arab Economy

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        

Investment - Industry & Trade

Amwal Al Ghad English - 2014-08-31 14:31:20
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. More»
Amwal Al Ghad English - 2014-08-31 13:44:25
The United Arab Emirates will provide Egypt with petroleum products worth $8.7 billion over a year starting in September, an Egyptian official told Reuters on Sunday. Egypt has struggled to curb its swelling budget deficit and meet its soaring energy demands, which have resulted in daily electricity cuts around the country of 86 million people. Oil-producing Gulf countries have come to Egypt's aid since the army, prompted by mass protests, ousted Islamist President Mohamed Morsi last year. "We will complete all the details this week and the first shipment will be sent next week," the official said, referring to the UAE agreement. More»
Hesham Ibrahim - 2014-08-31 13:18:07
Egyptian steel group, Solb Misr is likely to end this year with total losses of one billion Egyptian pounds amid the group's severe shortage in energy supplies, said owner and chairman Gamal El-Garhy. In 2013, the group incurred losses worth 780 million pounds. El-Garhy further told Amwal Al Ghad that the energy shortage crisis has driven Solb Misr to reduce its capacity in its factories by 50%.  Consequently, officials from the Group have urged Egyptian Prime Minister Ibrahim Mahlab to interfere by pumping extra amounts of fuel necessary to run their factories. The Group has already sent a memo to both ministries of Electricity and Industry requesting to solve the crisis, but no response has been received up till now, noted. Furthermore, El-Garhy referred that Solb Misr's current energy shortage has caused a delay in carrying out the group's expansion strategy such as pumping investments worth US$300 million to finance the establishment of two new steel plants, with production capacity of 2 million tonnes per year. The group also decided to postpone plans to sell around 20% of its shares in the Egyptian stock exchange (EGX) until crisis is resolved, he noted. Moreover, El-Garhy further renewed its call to the Egyptian authorities to revise a government decree of canceling protective tariffs temporarily on imported steel, saying the tariffs are pivotal to protect the national steel industry. More»
Amwal Al Ghad English - 2014-08-31 11:23:19
US-based Kellogg Co, the world's top breakfast cereal maker, is interested in acquiring at least a 51% in Egypt's snack maker Bisco Misr, said the Egyptian company in a statement on Sunday. In this respect, Bisco Misr's board of directors has approved the due diligence to be conducted by Kellogg for the purpose of acquiring the 51% of the Egyptian company's shares at least and possibly all of them. Furthermore Kellogg is also asked declare whether it will submit a mandatory tender offer or not after 5 days from the finish of the due diligence examination or 60 days of the BOD approval on the due diligence examination. In July, Bisco Misr said Abraaj Investment Management, an affiliate of United Arab Emirates' Abraaj Capital, had also made an approach to buy at least a 51% in Bisco Misr. Kellogg's is an American multinational food manufacturing company headquartered in Battle Creek, Michigan, United States. Kellogg's produces cereal and convenience foods, including cookies, crackers, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles, and vegetarian foods. The company's brands include Froot Loops, Corn Flakes, Frosted Flakes, Rice Krispies, Special K, and many more. Kellogg's products are manufactured in 18 countries and marketed in over 180 countries. Kellogg's largest factory is at Trafford Park in Manchester, United Kingdom, which is also the location of its European headquarters. More»
Amwal Al Ghad English - 2014-08-31 08:08:29
The government should allow the Damietta and Edco factories to import gas from Israel and obtain a share of the imported gas to meet the needs of the local market said Medhat Youssef, former Deputy chairman of the Egyptian General Petroleum Corporation (EGPC). Egypt previously exported gas to Israel, he added, an exchange which he said has benefitted Egypt Egypt will receive gas imported from Israel at a price no greater than $8 per million BTUs compared to an average price of $16 per million BTUs from other countries. He pointed out that importing liquefied natural gas (LNG) will require extra costs for renting regasification boats that will convert the gas back into its gaseous form. The total costs for importing the gas, in addition to regasification and transportation expenditures, will reach $18 per million BTUs, Youssef said. If the government begins importing gas from the beginning of 2015, it will not be able to fulfill the supply amounts contracted with Damietta and Edco. The government will import approximately 500 million cubic feet daily for power stations while the factories require 1.88bn cubic feet daily, unlike other sectors. If the government agrees to import gas from Israel it will be able to meet market needs and restart the Damietta factory operations, Youssef said. The operations have been stalled for three years in exchange for waiving international arbitration against the government. More»
Amwal Al Ghad English - 2014-08-30 11:04:52
BG Egypt is enhancing the country’s gas infrastructure with an upgraded well control system enabling it to bring new wells on in the complex West Delta Deep Marine concession while maintaining supply from existing wells, offshore the Nile Delta. Delivered ahead of schedule, this latest development, known as Phase 9a, has already started production from three of the nine wells in the programme. The new well control system can now manage the production from additional wells simultaneously and provides the capacity for future potential developments. BG Egypt President Arshad Sufi commented in a statement on Saturday: "Following the $1.5 billion investment in the West Delta Deep Marine concession, our technical team has upgraded the well control system, enhancing the country’s gas infrastructure. This has enabled us to safely start up new wells while keeping existing ones producing. This has meant we have been able to supply much-needed gas to our customers and partners which has helped to support the Egyptian economy. "This year marks 25 years of our company operating in Egypt and through our investment in infrastructure, and people in particular, we are proud to have played a key role in developing the country’s gas industry." Undertaken on behalf of the WDDM partners (BG 50%, PETRONAS 50%) by Burullus Gas Company (EGPC 50%, BG 25%, PETRONAS 25%), the Phase 9a project scope includes the drilling, completion, hook-up and commissioning of nine wells including rigid flow lines, flexible flow lines, infield control system umbilicals, two new main power distribution cables and associated significant topside controls system modifications and subsea structures. The main scope for the engineering, procurement, fabrication, installation and commissioning (EPIC) of the subsea infrastructure comprising, flow-lines, umbilicals and structures was awarded to Saipem. Supply of the subsea controls and production tree equipment was from GE and One Subsea respectively. Drilling operations were undertaken by Saipem, Diamond and Transocean. Saipem is currently completing the pre-drilled wells. Phase 9a projects achieved 1.9 million man hours with zero lost time incidents (LTI). More»
Amwal Al Ghad English - 2014-08-30 07:45:36
As a tumultuous summer grinds to a close, Egypt is still struggling to close the gap meets its daunting energy needs without further strain to its economy or the patience of the general public. Under new leadership, Cairo has looked at home and abroad for some energy relief, but found that political realities often make certain options impossible. In addition to the unnerving task of meeting the needs of the region’s most populous country, Cairo has struggled to keep energy prices manageable while coping with a sharp decline in foreign investment and domestic production, all while drawing down an unsustainable public subsidy program. This summer, the notion of addressing energy shortages through a reversal of gas trade agreements with Israel become a possibility with reports of a new agreement. In June, production partners in Israel’s Leviathan offshore gas field has signed a non-binding agreement with the BG Group to export gas from a “floating production, storage and offloading [vessel]” and connected to an LNG facility through a subsea pipeline. For BG, a link to the field’s estimated 18 trillion cubic feet of gas would help ease pressure from the significant drop in gas output from Egyptian projects that has occurred over the last three years. The letter of intent comes shortly after a similar deal was struck to export 2.5 trillion cubic feet of gas over 15 years from Israel’s Tamar field through the Damietta LNG plant in Egypt, which is operated by Union Fenosa Gas. According to the project planning, much of the gas would likely move on to other markets, though Cairo appeared insistent that some would have to be set aside to address domestic demand. However, last week it appeared that the new government would nix any possible imports from Israel. According to Egyptian state media, President Abdel Fattah al-Sisi said that Egypt would not pursue any import or export agreements with Israel. In the three years, the possibility of buying Israeli gas has become a political land mine as critics were quick to cite investigations that allege years of selling Egyptian gas to Israel for far less than market prices. Revealed in the weeks after the collapse of the Mubarak government, the allegations included payments to Mubarak officials in exchange for low cost gas, including a now-cancelled 20-year agreement. Coupled with ongoing tension between the governments of the two countries, the recent memory of these agreements and lost revenue that resulted from them, the possibility of a revived trade agreement has been a difficult policy to sell. Earlier this year, Sherif El Diwany, Executive Director of the Egyptian Center for Economic Studies in Cairo suggested that Isreali imports would be especially difficult be that purchasing gas would likely cost far more than what Egypt had ever charged them. “In a volatile political situation, its not wise to become dependent on Israel – al-Sisi  will not do it,” he said, suggesting import alternatives from Gulf producers instead. On the domestic front, Egypt has launched a series of local efforts to recover the decline in production that followed the disruption of the Arab Spring. A few days before the new year, the Egyptian government announced plans to auction 22 oil and gas concessions through this month. Promoted by Egypt’s General Petroleum Corporation and Natural Gas Holding Company, the concessions are spread across the country, including opportunities in the “Suez Canal, Egypt’s western desert, the Mediterranean sea and the Nile Delta”. However, necessary cooperation from foreign firms has been made difficult by the country’s struggle to draw down its substantial energy sector debt to international importers. This week, Cairo did receive some positive news with reports that production had begun at the Denise-Karawan offshore gas project, which is operated by Italy’s Eni. According to an Oil and Gas Journal report, the project will include five subsea wells, production systems and marine pipelines towards a peak production of 6.5 million cubic meters a day, which it is expected to reach in early 2015. More»
Amwal Al Ghad English - 2014-08-28 08:13:52
Egypt's Qalaa Holdings plans to sell non-core assets worth over USD 500 million over the next three years, managing director Hisham Khazindar said. "There are 10 companies that will be sold for total proceeds of USD 700 million. This figure includes the earlier sale of our stake in Sudanese Egyptian Bank for around USD 22 million and of Sphinx Glass Company for about USD 114 million," Khazindar told Zawya. "Any investments outside our main sectors, whether in banks, financial services or trade, will be sold," he said, adding that the divestment plan would be carried out over the next three years. Khazindar said Qalaa was currently in talks with some investors, but that negotiations had "not entered the serious stage". He declined to give further details. Qalaa Holding, formerly Citadel Capital, transformed from a private equity firm to an investment holding structure and focuses on the energy, cement, mining, agrifoods, transportation and logistics sectors. According to the company website, non-core assets include GlassWorks, United Foundries Co, Finance Unlimited, Grandview, Bonyan, National Petroleum Company, Nile Valley Petroleum, NOPC Rally Energy Group and Tanweer. Earlier this month Qalaa Holdings said it concluded the sale of a 73.3% stake in Sphinx Glass to Saudi Arabia's Construction Products Holding Company, for cash proceeds of around EGP 508 million to Qalaa after the estimated capital gains tax. It sold its full majority stake in the Sudanese Egyptian Bank to the Islamic Solidarity Bank of Sudan. Qalaa Holdings reported revenues of EGP 1.4 billion in the first quarter of 2014, up 14% from the same period a year earlier. More»
Amwal Al Ghad English - 2014-08-28 07:44:48
RWE Dea AG has started gas production from the central treatment plant (CTP) of the Disouq development project in Egypt. Production started at 45 MMscfd and has reached about 90 MMscfd. With the North West Khilala gas plant, producing since September 2013, the Disouq rate is about 150 MMscfd. The CTP is “a significant milestone in advancing production growth from our Egyptian assets,” said Dirk Warzecha, chief operating officer of RWE Dea AG. “We started the project during difficult times in the country, which required special measures for security and logistics.” The company expects increases in the CTP and North West Khilala to result in production of about 200 MMscfd in 2015. Maximilian Fellner, general manager of RWE Dea Egypt, said the company plans to connect seven additional wells to the CTP and bring them on stream in 2015. The CTP produces gas from five wells three fields: North Sidi Ghazy, South Sidi Ghazy, and North West Sidi Ghazy. Gas produced from the North West Khilala field is processed in the North West Khilala gas plant. The Disouq project encompasses development of seven gas fields in the Nile Delta. RWE Dea’s partner in the project is Egyptian Natural Gas Holding Co. Production is operated by the joint venture Suez Oil Company. RWE Dea has 10 onshore and offshore concessions in Egypt. With the launch of the CTP, RWE Dea will boost its oil and gas production in Egypt by 50% to 44,000 boe/d. More»
Sara Emam & Islam Salah - 2014-08-27 12:31:49
Saudi-based Construction Products Holding Company (CPC) is planning to pump around US$80 million worth of new investments in Egypt through constructing three plants soon. Referring to the three projects, Riad Kiwan - Chief Operating Officer at CPC – revealed that his company plans establishing an aluminum plant at an investment cost of US$40 million, a glass coloring plant at US$15 million, and a construction aluminum plant at US$20 million. Furthermore, Kiwan also said CPC is aiming to acquire an Egyptian building materials company in the coming phase, as part of its plans to strengthen its presence in the local market. CPC signed on Tuesday an EGP 816 million agreement to fully acquire Sphinx Glass, a subsidiary of Egyptian equity firm Qalaa Holdings. More»