amwalalghad :: Industry & Trade

Your English Portal To Arab Economy

Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        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        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        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 - 2015-04-16 17:18:41
Orascom Construction is bullish about growth opportunities in Egypt but wants the country's government to make clear commitments to further economic reforms, the company's chief executive said in an interview on Thursday. The engineering and building business controlled by Egypt's prominent Sawiris family was once the most valuable company on the Egyptian exchange, but effectively pulled out of the bourse in 2013 in response to conditions under Islamist former President Mohamed Mursi. It returned to the Cairo bourse last month after the economy started showing early signs of recovery under President Abdel Fattah al-Sisi, the former army general who oversaw Mursi's ouster following mass protests. Osama Bishai said Sisi's government was moving in the right direction, citing initial reductions last summer to costly and politically-sensitive energy subsidies, but said more was needed to encourage investment. "We would like to have some visibility ... While we're happy to see the government taking bold steps to reform, it will be also important that it's predictable," he said in an interview at the company's Cairo office tower overlooking the Nile. Bishai said subsidy reform should continue and taxes should be lowered, as the government has promised. "I personally believe the taxes are on the high side. They're not enticing for further investments." A planned tax reform announced before an international economic summit last month would reduce the highest tax bracket, levied on company and individual earnings of more than 1 million Egyptian pounds ($131,062) a year, to 22.5 percent from 25 percent for 10 years. Despite lingering concerns, Orascom is pushing ahead with several projects in Egypt. It is negotiating with regional banks to finance a 3,000-4,000 megawatt coal-fired power plant on the Red Sea in a joint venture with Abu Dhabi's International Petroleum Investment Co (IPIC) worth $5 billion. Bishai said the company was also interested in renewable energy and water desalination, including a project on Egypt's Mediterranean coast. "I'm very bullish about water desalination," he said. "If you fast forward 10 years and you want the population to spread around, you need to create desalination water plants". A centerpiece of Sisi's electoral platform and economic plan involves building cities in the desert to enable a burgeoning population of nearly 90 million to live on more than the 6 percent of land it currently occupies. More»
Amwal Al Ghad English - 2015-04-16 17:13:05
Egypt is considering a 20 percent tariff on white sugar imports as it bolsters its own sugar industry with a subsidised export push, a ministerial statement and a filing at the World Trade Organization noted on Thursday. "It is proposed to impose a provisional safeguard measure in the form of additional duty 20 percent of the CIF (cost, insurance and freight) value with a minimum 700 Egyptian Pounds ($92) per ton," Egypt said in its filing to the WTO. Temporary safeguard tariffs are allowed under WTO rules if there is a sudden, unexpected and damaging surge of imports, and if the country that imposes the tariffs first seeks the views of interested parties. But their use has been under increasing scrutiny by authorities concerned they could be a way for countries to skirt the usual trade rules that ban unfair discrimination against foreign goods. In a separate statement, Supplies Minister Khaled Hanafi said Egypt was not using any imported sugar for its subsidy programme and was working to promote brown sugar exports to Kenya. SIIC, which has a monopoly over cane sugar processing in Egypt and is the supplier of sugar for the country's subsidy programme, confirmed to Reuters it had not issued any international tenders to buy sugar globally since the summer of last year. Hanafi said the ministry was supporting the local cane sugar industry which had suffered the effects of a global drop in sugar prices as a result of oversupply. Prices for local cane sugar were increased from 360 Egyptian pounds ($47) a tonne to 400 pounds a tonne with the ministry of supply also subsidising SIIC by paying 100 pounds a tonne for every tonne of cane sugar the company purchased locally. Hanafi also said Egypt was seeking to export some of SIIC's production to several countries in Africa and was in talks with Kenya for the export of brown sugar. Egypt consumes around 3.2 million tonnes of sugar annually but produces just over 2 million tonnes leaving a gap of slightly over a million tonnes a year for imports. The North African country, which depends on the Nile for almost all its water, is trying to expand sugar beet planting to fulfil its sugar needs as it consumes less water than cane. Beet is mostly grown in the Nile Delta region while cane is grown in southern Egypt. Several private sugar plants have set up shop to process beet sugar in the past years including Nile Sugar and Al Nouran sugar. More»
Amwal Al Ghad English - 2015-04-16 16:59:32
State-run Abu Dhabi National Oil Company (Adnoc) will start monthly deliveries of US$400 million of petroleum products to Egypt from next week until the end of October, a source at the state-owned Egyptian General Petroleum Corporation (EGPC) revealed on Thursday. "It is expected the first shipments will arrive in a week from now," the source said. He added that Egypt will receive the products on credit and was still negotiating the interest rate for payment. Adnoc is seeking a 3 percent rate, the source said according to Reuters. The deal to supply the products was agreed last year. Earlier this month traders said Adnoc had issued a tender to buy up to nine cargoes, or 300,000 tonnes, of gasoil for delivery into Egypt in April. The Egyptian government had said EGPC will buy 65 percent of its oil product import needs from Adnoc in 2015. The agreement covers gasoline, diesel, heavy fuel and liquefied petroleum gas. More»
Amwal Al Ghad English - 2015-04-16 13:35:43
Dana Gas is on track to produce 40 million cubic feet of gas from the Zora field in Sharjah and ramp up production in Egypt this year, the company’s chief executive said Thursday. “The infrastructure is sized for 40 million standard cubic feet of gas per day, and that’s what we expect to be able to produce from the reservoirs fairly quickly after gas comes on stream in a couple of months,” said Patrick Allman-Ward. Gas from the Zora field, located in the waters off Sharjah and Ajman, will be used for power generation. In Egypt, the company is hoping to increase production as it implements an agreement with the government signed in September last year, solving the problems of arrears. Mr Allman-Ward said at the Egypt the Future conference last month that these arrears stood at US$185 million, down from about $300m last October. Egypt signed a number of deals with energy companies at the summit as part of attempts to address the country’s worsening energy crisis, which has been a major drag on the economy and a source of political unrest. The agreement with Dana allows the Abu Dhabi-listed company to lift production and gradually recover its outstanding receivables from the incremental production of light oil or condensate, which is found in gasfields operated by the company. The deal involves increasing production from current levels of more than 40,000 barrels of oil equivalent per day from the company’s operations in the Nile Delta. Peak production is expected to occur in 2017, with incremental daily production of about 160 million cubic feet of gas per day and 5,600 bpd of condensate. The Egyptian government pays Dana Gas a fixed rate of $2.65 per million British thermal units for gas, while condensate is sold on international markets. Condensate is usually sold at a price higher than normal crude. “We are looking forward to activities in Egypt ramping up and seeing that in terms of increased production before the end of the year,” said Mr Allman-Ward. “We have contracted three rigs. We are confident that we will be spudding our first well in May this year, and that will be the beginning of a full programme of drilling activities on all three rigs for the next 24 months.” Dana Gas is not likely to be affected by the merger of Royal Dutch Shell and BG Group, which have operations in Egypt, he said. The company, which also operates in Iraq’s Kurdish region, is producing about 72,000 boepd, he said. Dana Gas in February reported a net loss of $4m for the fourth quarter of last year, compared with a $35m profit a year earlier on lower oil prices. Overall group net production last year increased by 5 per cent to 68,900 boepd as compared to average production of 64,700 boepd in 2013. The company’s shares closed at 48 fils, up 4.35 per cent yesterday, outperforming the benchmark Abu Dhabi index’s gains of 0.72 per cent to 4,655.8 points. More»
Amwal Al Ghad English - 2015-04-16 12:59:04
Egyptian Electricity Transmission Company (EETC) signed on Thursday a deal to establish a transformer station worth 210.8 million pounds (US$27.6 million) in the Suez Canal region, as the country gears up for the summer, chairman Ahmed Hanafi announced. The project will be funded by partners headed by the European Union's European Investment Bank (EIB). Hanafi said, in a statement by the Electricity Ministry, that the new project aims to meet the expected increase in electricity consumption next summer. Egypt has been facing an energy crisis for years, with power outages surging in the summer. Egyptian authorities have often owed the power crisis to a larger fuel crisis and have been taking measures in recent months to diversify sources of energy. The government has turned to renewable energy such as solar and wind energy. The state has also passed legislations allowing the generation of energy from coal, despite environmental concerns. More»
Amwal Al Ghad English - 2015-04-16 11:37:56
Glaxo Smith Kline (BIOC) said on Thursday that it expects the deal of buying the consumer health sector in Egypt from Novartis Pharma to support its sales in this sector. The company added, in a release sent to the Egyptian Bourse that, this will be reflected in its medicine market share in Egypt with 0.5%. Glaxo said that, it has paid EGP 12.462 million (US$ 1.655 million) through self-finance. In 2014, Glaxo's net profit reached EGP 64.1 million (US$ 8.4 million) opposed to EGP 76.8 million (US$ 10.1 million) in 2013 On the other hand, the unconsolidated net profit of Glaxo hits EGP 57.7 million compared to EGP 67.2 million in 2013. Moreover, Glaxo's capital is estimated at EGP 835.1 million (US$ 109.3 million) divided on 83.5 million shares; EGP10 for a share.
Amwal Al Ghad English - 2015-04-16 10:06:11
Egypt is not using any imported sugar for its subsidy programme, Supply Minister Khaled Hanafi said in a statement on Thursday. The ministry purchased all the requirements for subsidised sugar from the state-owned Sugar and Integrated Industries Company (SIIC), Hanafi said. SIIC is also in talks with Kenya for the export of brown sugar, he said. More»
Amwal Al Ghad English - 2015-04-16 09:51:09
The administrator overseeing a BP Plc fund to compensate people and businesses claiming they were harmed by the 2010 Gulf of Mexico oil spill said Wednesday more than US$5 billion has been paid out. A total of $5.037 billion has been paid to 62,162 claimants, the administrator, Patrick Juneau, said in a statement on his website for spill claims. The money is being paid under a 2012 settlement tied to the explosion of the Deepwater Horizon drilling rig, which killed 11 workers and caused the largest U.S. offshore oil spill. The fifth anniversary of the disaster will be April 20. BP originally said it expected to pay $7.8 billion to resolve claims under the settlement but by February of this year had boosted its estimate to $9.9 billion. The London-based oil company had long complained that Juneau was paying out too much, including to claimants who suffered no harm. But last month, BP ended a bid to oust Juneau, citing steps he had taken to reduce fraud. According to Juneau, more than half of the payouts so far have compensated businesses that suffered economic losses, with a significant percentage also going to the seafood industry. More»
Amwal Al Ghad English - 2015-04-16 08:00:17
General Motors Co will not have to face dozens of lawsuits accusing it of concealing an ignition-switch defect that led to the recall of 2.6 million vehicles, a U.S. bankruptcy judge ruled on Wednesday. GM had argued it was protected from claims on vehicles pre-dating its 2009 exit from Chapter 11 bankruptcy, while plaintiffs in the lawsuits said the company violated their constitutional rights by failing to disclose the defect. The decision by U.S. Bankruptcy Judge Robert Gerber means GM may avoid potentially billions of dollars in liability, as well as the cost of defending those lawsuits, although claims arising from GM's conduct after its bankruptcy will not be affected. More»
Amwal Al Ghad English - 2015-04-15 15:57:28
Egypt has signed preliminary deals with Kuwait's Alghanim International for two energy-related projects worth a total of $1.6 billion, its prime minister announced in a statement on Wednesday. One initiative would see four gas-powered plants converted to operate on combined cycle, while the other would establish gas-powered plants with a total capacity of 900 megawatts. The statement did not specify a timeframe for the Kuwaiti projects. Privately-owned Alghanim International is part of the Fouad Alghanim & Sons Group, one of the biggest conglomerates in the Middle East. The government's effort to encourage private investment to renovate the creaking national grid - which began with initial reforms to costly energy subsidies last year - seems to be bearing fruit. Energy is a politically important issue in Egypt, where power cuts have become commonplace even in the capital Cairo. Blackouts deepened discontent with Islamist President Mohamed Morsi before his ousting in July 2013. An ageing state-run infrastructure has total energy generation capacity of about 30,000 MW and is increasingly unable to handle the burden of rapidly growing demand in a country of 87 million people. Gas shortages have also worsened as dwindling local production has failed to meet domestic demand and export commitments. Rising energy consumption and decreasing production have turned Egypt from a net energy exporter to a net importer in the past few years. More»