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        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        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

Enas Shaaban - 2015-03-05 11:15:50
Italy will finance the construction of 10 modern warehousing yards, a silo for wheat and grains, and two logistics areas in 8 governorates in Egypt with US$45 million, Egyptian supply minister Khaled Hanafy announced on Thursday. The minister's remarks were made during his meeting with the head of the technical office of Embassy of Italy in Cairo in addition to Italian grain storage expert and other Egyptian officials.Hanafy affirmed that the Italian side would execute the projects under the debt swap program to construct silos, develop and upgrade warehousing yards in addition to establish logistic areas for cereals, vegetables and fruits to reduce transportation cost in order to be available with affordable prices for citizens. Moreover, the eight governorates in which the projects would be executed are Al Sharqia, Damietta, Red Sea, Ismailia, Beni Suef, Kafr el-Sheikh, Mersa Matruh, and Sohag. More»
Amwal Al Ghad English - 2015-03-05 09:11:15
UAE leading retailer in Middle East, Majid Al Futtaim announced as the platinum sponsor for Egypt’s soon-to-come economic summit. Majid Al Futtaim , the leading retail and leisure pioneer across MENA region, has underlined its commitment to continue contributing to the economic development process in Egypt and will be a platinum sponsor at the inaugural Egypt Economic Development Conference. The conference will be held at Sharm el-Sheikh from March 13-15, 2015, titled 'Egypt The Future'. The conference, hosted by the Egyptian President Abdel-Fattah al-Sisi, has been organised to showcase the development and stabilising of Egypt's economy and encourage international investment. Majid Al Futtaim 's sponsorship is a sign of its continued confidence in Egypt and support of its ambitious economic development plans. Majid Al Futtaim will be represented at the event by a delegation of its senior management, led by the newly appointed CEO of Majid Al Futtaim Holding , Alain Bejjani, Mouien Al Madhoun, Chief Human Resources Officer, Majid Al Futtaim Holding , Ahmed Ismail, CEO, Majid Al Futtaim Ventures, Abdalla El Nockrashy, Country Head - Egypt, Majid Al Futtaim Properties, Herve Majidier, Executive Regional Director of Carrefour in Egypt, Saudi Arabia, Yemen and Libya, Majid Al Futtaim Retail, Vino El Khatib, Head of Corporate Marketing and Brand, Majid Al Futtaim Holding , and Mohammad Essa Al Sowaidi, Senior Vice President - Business & Government Relations, Majid Al Futtaim Retail (Carrefour). Commenting on the participation, Chief Executive Officer of Majid Al Futtaim - Holding, Alain Bejjani, said: "It is an honour to showcase our continuous commitment to Egypt through sponsoring Egypt Economic Development Conference. The current Egyptian government is taking solid steps towards full economic recovery. As such, I believe that now is the time for all stakeholders of the Egyptian economy to stand together and send across a strong message confirming that Egypt is on the right track. We've been successfully operating in Egypt for over 15 years, and are looking forward to further achievements and expansions locally." This sponsorship comes on the back of Majid Al Futtaim 's recently announced EGP18 billion multi-year investment plans in Egypt. That plan is now in the early stages of execution. It includes development of three new shopping malls, including Mall of Egypt with 420 stores and Africa's first indoor ski slope, the redevelopment of its existing City Centre Alexandria and City Centre Maadi malls, and expanding the network of Carrefour hypermarkets and supermarkets to 55 by the end of 2019. Upon completion, this investment plan will have created a sizeable 144,000 direct and indirect jobs by 2018, providing significant employment opportunities for Egyptians. The Egyptian Government has endorsed Majid Al Futtaim 's current investment plan, signalling the successful, historic relations that exist between both parties. From his part, Egyptian Minister of Investment, Ashraf Salman commented: "We have worked closely with Majid Al Futtaim for many years and its sponsorship of the Egypt Economic Development Conference is a clear indication of its commitment to Egypt and its future. The Conference is an opportunity for Egypt to showcase its potential to the world, and with the help of regional pioneers like Majid Al Futtaim , we can tell international investors that Egypt is open for business." Furthermore, Majid Al Futtaim is in the process of finalizing other investment opportunities beyond this plan and is in talks with key Egyptian stakeholders and officials to realize its participation in Egypt's socio-economic development. Majid Al Futtaim 's mall portfolio has become world renowned for innovation within the shopping centre, retail, design and construction industries and its iconic brands are intertwined with the lives of more than 250 million people each year. In 2014, its existing shopping malls in Egypt attracted more than 25 million visitors, highlighting the company's ability to contribute to Egypt's growing tourism industry. More»
Amwal Al Ghad English - 2015-03-04 09:06:07
Egypt's Mubarak era steel tycoon, Ahmed Ezz, returned to the state a steel license acquired illegally in 2009 in response to an ongoing trial in the criminal court. The former chairman of Ezz Steel, along with the former head of the Industrial Development Authority Amr Assal, face retrial in a case of squandering public money worth LE660 million in relation to the improper acquisition and use of the license. According to his lawyer, Ahmed Shawqi, the law stipulates that a steel producer cannot have more than one steel license. They were handed ten-year jail sentences in December 2014. Ezz's lawyer Mohamed Tanweer told Ahram Online that his client has no expectations regarding the legal consequences of giving up the steel license, explaining that the motive was "technical rather than legal." "When the license was acquired [in 2009] it was to provide the company with gas and electricity, which has not happened since then and hence caused us losses... above all it is now a reason for my client to go to jail so we have decided to give it up," he said. Ezz already paid a LE10 million fine to settle another case with charges of monopolising the steel industry and is currently undergoing a retrial of a third case for allegedly illegally acquiring Ezz El-Dekheila (EZDK) steel plant, Shawqi said. Ezz, who has a 55 percent stake in EZDK, the largest steel complex in the Middle East, was released last August after spending three years behind bars on corruption charges. More»
Amwal Al Ghad - 2015-03-03 14:23:36
Egyptian businessman Naguib Sawiris affirmed that Egypt’s economy needs US$ 60 billion investments in the short term as well as US$15 billion annually to achieve 5% growth rate by the upcoming period. Sawiris added during a phone call to 'Kol Al Zawaya' show with the famous media figure Dina Abdel Fattah on Al Nahar TV- that he is currently working on promoting March’s Economic Summit in many countries, stressing that he attracted  the board of the biggest governmental mutual fund in South Africa to participate in the summit. More»
Amwal Al Ghad English - 2015-03-03 12:13:45
Egypt’s Qalaa Holdings, African leader in infrastructure and industry, announced Tuesday it hired Renaissance Capital to look into available alternatives to getting international funding. In a bourse statement released Tuesady, Qalaa added that the alternatives include convertible bonds. The company is seeking to restructure its financial obligations. Renaissance Capital is a leading investment banking firm originating from Russia that operates in high-opportunity emerging and frontier markets. It is a top-ranked investment bank for M&A, equity and debt capital markets, as well as securities sales and trading. Renaissance Capital focuses exclusively on emerging markets, including Russia, the Commonwealth of Independent States (CIS), and the frontier markets of MENA and sub-Saharan Africa. More»
Hesham Ibrahim & Enas Shaaban - 2015-03-03 12:06:08
The Federation of Egyptian Chambers of Commerce (FEDCOC) warned the companies not to locally trade by any currency except for the Egyptian Pound. This comes as pursuant to Article No. 111 of Law No. 88/2003 promulgating the Law of the Central Bank, the Banking Sector and Money, amended by Law No. 162 /2004 and Law No. 93/2005, the federation noted. From his part, Ahmed Al Wakeel - FEDCOC Chairman - noted that the law is clear since Article No. 111 stipulates that dealing within the Arab Republic of Egypt whether purchase or sale of goods and services shall be in Egyptian pounds according to the rules to be stated in the Executive Regulations, unless otherwise stipulated in an international convention or another law. The Egyptian official adjured all the parties involved to inform the federation of any violations occurred, thereby all the obligatory legal steps would be undertaken. Furthermore, Al Wakeel pointed out that the federation closely follows up with concerned parties the implementation of the new monetary regulations on the exchange rates. He added there is an obvious breakthrough as regards to the provision of the foreign currencies needed for importing raw materials, components for factories and other basic commodities to the Egyptian market. He also referred that the Egyptian market would witness a flow in supplies for sectors of industry, import, export and related services such as transport and logistics, propelled by the provision of the required foreign currency. More»
Amwal Al Ghad English - 2015-03-03 09:51:11
Saudi Arabia is the largest Arab investor in Egypt with their investments reaching some $5.7 billion (SR21.3 billion), or 27 percent of the Arab totals invested in that country, Egyptian Commercial Attache in Riyadh Ahmed Zaki said. Total Arab investments in Egypt are reaching $20 billion (SR75 billion). The UAE was the second largest investor at $4.5 billion (21.4 percent), followed by Kuwait at $2.7 billion (11.2 percent), he told local media. Meanwhile, the volume of trade between the Kingdom and Egypt is estimated at $5 billion (SR18.75 billion) but increased by 1.7 percent in 2012 compared to figures of 2010, whereas Egyptian exports grew by 7.1 percent, he noted. During the above period, Egyptian imports from the Kingdom dropped by 1.9 percent, which led to the drop of deficit of balance of payments between the two countries by 19 percent, he said. In 2012, Egypt ranked 17th on the list of exporting countries to the Kingdom, or equivalent to 1.3 percent of the Kingdom’s imports but ranked 24th on the list of biggest importers from the Kingdom, or 0.7 percent of the Kingdom’s exports, he said. Zaki pointed out the major commodities exported by Egypt to the Kingdom included electrical cables, construction materials, agricultural products, notably citrus, rice, onions, potatoes, fresh vegetables and fruits, food items such as cheese and frozen vegetables, juice concentrates, paper products, electrical appliances especially cookers and ovens, and furniture. On the other hand, Egypt imported certain items from the Kingdom, including diesel, LPG, cars and other petroleum products, oils, and petrochemicals, he said. Meanwhile, Adel Hanafi, spokesman of the Egyptian workers union in the Kingdom, said that the Saudi-Egyptian relationship is deeply-rooted. Quoting remarks made by the Egyptian Premier Ibrahim Mahlab, he said there will be up to 40 projects offered to investors at the upcoming Sharam El-Sheikh economic conference this month, adding that Saudi investors will have a considerable share in it. More»
Amwal Al Ghad English - 2015-03-03 09:47:37
Egypt expects to agree additional liquefied natural gas (LNG) import deals with Shell and Total, and is close to paying BG Group more for the gas it produces offshore, its oil minister said in an interview with Reuters on Monday. Sherif Ismail outlined several measures intended to stave off Egypt's worst energy shortages in decades, including launching a new round of talks to secure LNG until 2020 when the country hopes to kick its reliance on the fuel. "There is a very high possibility that Total and Shell will provide us with LNG for the period of two years from now," he said in an interview, noting that recent deals arranged with commodity trading firms and Algeria will meet just two years of demand. The country of about 90 million relies heavily on gas to generate power for households and industry. After four years of turmoil, rising gas demand has turned Egypt from net exporter to imminent importer while mounting oil company arrears put off new drilling and production investment. The minister declined to give contract details with Shell and Total, saying Egypt expects to either launch a new bid round or begin direct talks for new LNG supply by the middle of the year. "It is not clear yet if we will open a bid round or whether we will pursue direct negotiations," he said. The minister said Egypt is in final stage talks with Gazprom and BP for LNG supply. A deal to buy 21 cargoes from BP should be finalised by the end of the month at the latest, he said. Although Egypt has so far struck LNG import deal in excess of $2.2 billion for the next two years, largely with European commodity traders, it does not yet have import infrastructure. The minister said that a Floating Storage and Regasification Unit, an import terminal, that it contracted from Norway's Hoegh LNG should be in place by the end of the month, when it also expects to receive its inaugural cargo. Egypt is also working to boost offshore oil and gas output by paying foreign explorers more to produce. Egypt has already agreed to pay BP, RWE Dea and Edison more for their production, and is now close to finalizing a similar deal with BG Group for output from its West Delta Deep Marine concession, the minister said. BG Group will be paid close to $5.88 per million British thermal units (mmBtu) for gas production, compared with $3.95 per mmBtu previously, he said. More»
Amwal Al Ghad English - 2015-03-03 08:08:36
Egypt expects the amount of foreign investment it attracts to double to $8 billion this fiscal year and is preparing a string of reforms to raise that further in coming years, its investment minister said on Monday. Ashraf Salman was speaking in Dubai ahead of an international conference in the Egyptian resort town of Sharm el-Sheikh on March 13-15 that will seek to tempt investment back to the country after years of political and economic turmoil. Gulf money is likely to feature heavily among those flows. Saudi Arabia, the United Arab Emirates and Kuwait have provided Egypt with $23 billion of aid in the 18 months since Islamist President Mohamed Mursi was ousted, Salman said. That includes oil shipments, cash grants and deposits in Egypt's central bank. The three wealthy Gulf governments, deeply opposed to Mursi's Muslim Brotherhood, ramped up aid to Egypt after his ouster and are spending heavily to try to ensure the success of current President Abdel Fattah al-Sisi. Salman told reporters that the nature of the Gulf's aid to Egypt would shift from grants and free oil towards "supportive investment" as the economy recovered. Egypt expects to pull in $8 billion of foreign direct investment in the current fiscal year through June, up from $4 billion last year, Salman said. He said one problem which Cairo was working to resolve was the country's hard currency shortage, which was still making it difficult for foreign portfolio and industrial investors to repatriate profits. More»
Amwal Al Ghad English - 2015-03-03 07:42:36
A state of conflict prevails over the automotive industry sector in the run up to the Economic Summit, after the agenda of the summit showed the absence of automotive industry projects. Automotive sector experts expressed their discontent with the government’s negligence to the automotive industry and its exclusion from the projects presented in the summit. Experts questioned the exclusion of the project for reviving Nasr Car Company (NCC), despite the government being behind the call for its revival. Hamdy Abdel Aziz, Chairman of the Chamber of Engineering Industries in the Federation of Egyptian Industries (FEI), pointed out that there is not a single automotive project to be presented in the summit. “There is no clear government policy regarding the automotive industry,” added Abdel Aziz, noting that the state still has no vision regarding the automotive industry, thus it did not include it in its economic concerns. He pointed out that the local automotive industry depends mainly on the customs incentives for the high tariffs paid by importers, which gives it a competitive advantage. However, the government is currently moving towards the reduction of customs on cars imported from Europe, and the erosion of customs off the importer, which complicates the competitive opportunities of the local product against the imported. More»