amwalalghad :: Industry & Trade

Your English Portal To Arab Economy

GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Misr Chemical Industries   5.65        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        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        United Housing & Development   8.93        Raya Holding For Technology An   4.57        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        National Development Bank   6.72        Six of October Development & I   15.03        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        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        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        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        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 - 2014-10-25 08:00:03
Auditors and employees at the U.S. Agency for International Development say critical assessments of the agency's work in Egypt were removed from a report before it was released by the agency's inspector general, the Washington Post reported on Thursday. The 21-page report was trimmed to nine pages and among the details cut was the payment of $4.6 million in what was described as bail money to the Egyptian government in 2012 to free 16 American non-government workers who had been arrested, the newspaper said. The Americans were from organizations that USAID had hired to promote democratic programs in Egypt after President Hosni Mubarak was forced from office in 2011. The son of Ray LaHood, who was then U.S. transportation secretary, was among them. The inspector general's office (OIG) of the USAID, the government agency that administers foreign civilian aid, put together a confidential draft audit of the agency's work in Egypt that the Post said questioned the wisdom of the program and whether it was legal to use government money to post the bail. The final report released five months later had excised those findings and other criticisms, the newspaper said. It also cited USAID employees who said the agency's OIG, which is supposed to act as an internal watchdog, had become an in-house defender. They said negative findings had been removed from audits between 2011 and 2013, although in some cases, those findings were included in confidential "management letters" and financial documents. A Post analysis showed that more than 400 negative references had been removed from USAID draft audits before their final versions were issued. USAID did not have an immediate response to the Post's report. But a State Department spokeswoman said on Thursday the inspector general's draft report on USAID's programs in Egypt contained "inaccuracies" that were cleared up during a meeting between OIG staffers and then-U.S. Ambassador to Egypt Anne Patterson. Spokeswoman Jen Psaki said it was standard practice to meet with OIG officials prior to a report being issued. She said the bail money was paid by non-governmental organizations from money they received from the U.S. government for their Egyptian programs. Psaki said the U.S. government's connection to the bail money was made public in 2012. The newspaper said several auditors and USAID employees felt they had been undermined and some had hired attorneys to file complaints or discrimination claims. Michael G. Carroll had been serving as USAID's acting inspector general, but withdrew his nomination on Wednesday without giving specific reasons. He plans to remain with the agency as a deputy inspector general. More»
Enas Shaaban - 2014-10-23 12:36:11
Egypt, the world’s top wheat importer,  has bought 1.7 million tonnes of wheat on the international market in 100 days since July 1, the start of the fiscal year. According to Mamdouh Abdel Fattah - vice chairman of the state grain buyer, the General Authority for Supply Commodities (GASC), Egypt has bought those amounts of wheat at a total cost of 3.5 billion Egyptian pounds (US$489.3 million). The Egyptian official told Amwal Al Ghad that Egypt’s top wheat import markets since July 1st are; Romania, Russia, France, Ukraine, and the United States. He further added that Egypt’s wheat stocks had increased, to last until March1st, 2015. Egypt is the world’s largest wheat importer, which usually purchases around 10 million tons of wheat per year from international markets and uses a mixture of domestic and imported wheat for its subsidised bread program. More»
Islam Salah & Enas Shaaban - 2014-10-23 10:38:39
Egypt’s snack food provider, Edita Food Industries is planning fresh investments worth one billion Egyptian pounds in the coming three years, CEO Hani Berzi said. In an interview with Amwal Al Ghad, Berzi stated that Edita’s upcoming investments will for boosting production rates, developing existing products and factories in addition to having more distribution centres. Edita has four factories, namely in Kom Abu Radi (Beni Suef governorate), 10th of Ramadan City, the Third Industrial Zone, and Polaris Zone - which both locate in the 6th October City. Moreover, Berzi noted that Edita’s future strategy also includes working on the establishment of a new factory. Edita is the largest independent snack food business in North Africa, part-owned by buyout firm Actis LLP. Edita was established in 1996, and now is one of the leading FMCG companies in Egypt and the Middle East. The company is well known for its consistently high quality products and strong brands like Molto, TODO, Bake Rolz, Bake Stix, Mimix as well as the Hostess cakes range. Edita acts also as the sole regional distributor of several brands of imported sweeteners, olive oils, & pasta. More»
Amwal Al Ghad English - 2014-10-23 09:57:32
UAE's Dana Gas said on Thursday it received $47 million from Egypt, $36 million of which is in local Egyptian pounds as the country embarked to settle overdue payables to service providers to its Egyptian operations. The balance of US$11 million is ring-fenced towards funding for the previously announced Gas Production Enhancement Agreement in Egypt wherein it was agreed that the money received would be reinvested into this project in Egypt going forward, said the firm in a press release. More»
Amwal Al Ghad English - 2014-10-23 09:00:57
Juhayna, Egypt's largest producer of packaged juice and dairy products, expects its profits to recover in 2015 after an increase in the cost of raw materials squeezed margins this year, its chairman said. Safwan Thabet said in an interview for the Reuters Middle East Investment Summit that 2014 had been a "difficult year" for the company, which saw its profits tumble 67 percent from a year earlier in the second quarter. "We faced a rise in the cost of raw materials and were unable to pass this increase on to the consumer, but I believe that 2015 will be good after the cost of raw produce fell again," said Thabet. "Costs increased by almost 100 percent..." Established in 1983, Juhayna (JUFO.CA in the Egyptian Exchange) makes and exports juice, milk and yoghurt products across Africa and the Middle East, and sells a limited range into European and U.S. markets too. Its seven factories make 200 products and it supplies major clients including Egyptair, luxury hotels and fast food chains. Juhayna's net income shrank to 40 million Egyptian pounds ($5.6 million) in the second quarter because of an increase in the price of milk and more spending on sales and distribution. Thabet said he expected profits to improve this quarter and show a stronger recovery by the first quarter of 2015. Juhayna made 400 million pounds of investments in 2014 and expects to plough a similar amount into its business next year, he told Reuters at his office on the outskirts of Cairo. "Egypt's foodstuffs market is estimated to be worth around 300 billion pounds and its average growth reached about 12.5 percent in the first half of this year. We work in a sector that offers opportunities for growth." Juhayna is not looking to grow through acquisitions, however, and turned down an offer to buy Bisco Misr, one of the country's largest producers of biscuits and cakes. "We did not consider acquiring Bisco Misr but...the majority owner of Bisco Misr offered for us to buy it last year," Thabet said. Bisco Misr said in August that Kellogg Co, the world's top cereal maker, as well as the United Arab Emirates' Abraaj Capital, were both interested in buying a controlling stake. FACTORIES AND FARMS Thabet said Juhayna's export markets had been hard hit in recent years by the violence and political turbulence that engulfed nearby countries such as Libya, Syria, Yemen and Iraq. More than 10 percent of the production at its juice plant was destined for export before 2011, but this fell to 5-6 percent in 2014, Thabet said. Despite that, the company is pushing ahead with new factories and farms as it sees strong growth potential in Egypt. Thabet said a factory destroyed by fire in 2010 had been rebuilt and started production at 70 to 80 percent capacity over the summer, after the company received 93.5 million pounds in insurance payments. Juhayna's Assiout factory, which opened in 2013 and specializes in yoghurt production, now accounts for 20 percent of the firm's total yoghurt output and supplies southern Egypt. Juhayna plans to make new investments in the Assiout factory in 2016 but has yet to decide how much, Thabet said. In the meantime, the company has finished infrastructure work on a new dairy farm. "We are in the first phase of the farm and will provide it with about 4,000 head of livestock in the next 18 months to two years, with cattle being supplied from the first quarter of 2015. "If the average growth in the market is sustained at above 10 percent in the next period, we will continue to expand the farm until it covers 15-20 percent of Juhayna's dairy needs." Juhayna claims 70 percent of the dairy market in Egypt, a third of the yoghurt market and 26 percent of the juice market. "Juhayna has been present in the Egyptian market for 28 yeas...and Egypt is the 14th largest food market in the world," Thabet said. "I expect the Egyptian foodstuffs market to continue growing and we will definitely benefit from this growth...That is why I am optimistic about the future." More»
Amwal Al Ghad English - 2014-10-22 14:24:53
Kuwait Energy and their main partner, the Egyptian General Petroleum Corporation (EGPC), announce Wednesday that the operated exploration well ASA-1 st3 on the Abu Sennan license, onshore Egypt discovered hydrocarbons in the Abu Roash" E" and Abu Roash " C" formations. The ASA-1 st3 licensees are Kuwait Energy 50% (operator), Dover 28% and Beach Energy 22%. According to a statement released by Kuwait Energy, the well was tested successfully over the Abu Roash "E" and Abu Roash "C " reservoirs, with flow rates achieved of 1,604 bopd and 2,164 bopd respectively. This is the seventh exploration success in the Abu Sennan concession and the twenty third discovery in Egypt for Kuwait Energy since 2008. On the development front, the Company has successfully completed the appraisal of the El Salmiya-6 well. The test results from the primary target, Kharita Sandstone, are 2,750 bopd and 9.7 MMscfd of gas on ¾" choke. In this respect, Sara Akbar, CEO of Kuwait Energy , said: "I am delighted to announce yet another discovery for Kuwait Energy at Abu Sennan. Egypt continues to be a flourishing region for us and this exploration success has the potential to add to our reserves and daily production levels." Kuwait Energy is an independent oil and gas exploration and production company operating in the MENA region; and As at 31 May 2014, Kuwait Energy 's working interest proven and probable reserves were 165.7 million barrels of oil equivalent and its current production has reached approximately 25,069 barrels of oil equivalent per day as at 30 June 2014. More»
Sanaa Allam - 2014-10-22 12:53:34
Asfour Cyrstal, the world's largest producer of full-lead crystals, has seized 52% of Egypt’s glass exports, during the period from January to August 2014. In 8 months, the company registered exports amounting to 369.4 million Egyptian pounds (US$51.6 million). According to Chemicals and Fertilizers Export Council (CEC)’s latest report, Egypt’s exports of glass products fell 4% by end of last August, to 901 million pounds, versus 942.6 million pounds for the same comparable period a year earlier. Coming second to the list of Egypt’s top ten glass exports during the last 8 months, Misr Glass Manufacturing Company-MGM registered total exports amounting to 89.4 million Egyptian pounds. Al Alamia for Glass Manufacture ranked third, attaining total exports worth 52.7 million Egyptian pounds. Fourth, Middle East Glass Manufacturing Company (MEG) acquired exports at value of 44.2 million Egyptian pounds. New City Glass Group came in the fifth position, with total exports worth 42.6 million Egyptian pounds. Egyptian Company for Modern Glass - Techno Glass seized 34.3 million Egyptian pounds in exports. CEC’s report further stated that Egypt’s top export markets worldwide from January-August 2014 are; UAE (EGP 110.2 million), China (EGP 85.1 million), Lebanon (EGP 80.3 million), and Sudan (EGP 70.4 million). More»
Enas Shaaban - 2014-10-22 10:39:36
US largest construction and engineering company, Bechtel Group has expressed keenness to finance Egypt’s logistics centre and global trading city projects, said Egyptian supply minister Khaled Hanafy. Egypt is planning to establish a key logistics centre alongside a global city for trading, with investments estimated at 53.1 billion Egyptian pounds (US$7.4 billion). The Egyptian minister further referred that the Internal Trade Development Authority (ITDA) has outlined its final vision about the global trading city, which would be built with investments worth 40 billion Egyptian pounds. For the global logistics centre for grain handling, it is set to be established in Damietta governorate, to transform Egypt into an international hub for storing and trading grains, at total cost of 13.1 billion pounds. Bechtel has offered to finance all the national projects in Egypt whether through providing direct cash loans or funding the purchase of what the projects need in accordance with facilitated conditions, the Egyptian minister noted.Bechtel Corporation (Bechtel Group) is the largest construction and engineering company in the United States, ranking as the 4th-largest privately owned company in the United States. Its headquarters are in the South of Market, San Francisco. More»
Amwal Al Ghad English - 2014-10-22 09:03:10
The government has decided to present the construction plan for a train linking 6th of October City to Cairo at the economic summit scheduled for February in Sharm El-Sheikh, according to cabinet spokesperson Hossam El-Qaweesh. Egypt is preparing for an economic summit, called for by the King of Saudi Arabia Abdullah bin Abdul Aziz after President Abdel Fattah Al-Sisi took office. The aim of the summit is to reassure investors and attract investments by presenting a package of new projects. El-Qaweesh said that “a global company presented a comprehensive offer to the Egyptian government to implement the projects,” but refused to give its name. He said that the company has similar projects in Saudi Arabia, UAE, and other countries including Brazil. “The company estimated the cost of the project to be approximately $1.5bn,” and the train project will be a monorail line, El-Qaweesh added. The government is seeking to present several mega-projects to local and international investors during the economic summit, including the Suez Canal Axis Development, the Golden Triangle, and Northwest Sahel projects, in addition to transportation and energy projects that the state is currently planning. According to a cabinet press release, Prime Minister Ibrahim Mahlab held a meeting with the ministers of housing and transport, and Cabinet Advisor on Transportation and Tunnels Hany Azer, as well as a number of representatives of international and Egyptian companies in order to study the project. Officials from the global company said that the train represents a modern solution for solving crowding issues within cities, stressing that consumers will be satisfied with the project due to its environmental-friendliness, reduced noise emissions, and conformance with architectural surroundings. In addition, the project is easy to construct and includes top amenities, as well techniques to use energy efficiently. The officials explained that the project will operate completely automatically. Company officials expect the train line to reach a maximum speed of 80km / hour and extend 26km between 6th of October City to Imbaba station. The line will have the capacity to transport 1 million passengers per day, with an average train arrival every minute and a half. Mahlab called on relevant ministers to study different financing models for the project so as to ensure it is constructed in accordance with international standards at the lowest possible cost after thanking the company for its offer. More»
Amwal Al Ghad English - 2014-10-22 08:40:58
An Israeli firm will supply Egypt with natural gas, a company spokesman said Monday, more than two years after sabotage halted the flow of Egyptian gas to Israel. For more than a decade Israel relied on Egypt for roughly 40 percent of its gas needs in line with an export accord signed in 2005 by the two countries which are bound by a peace treaty. But in April 2012 Egypt annulled the contract, saying Israel had not met the financial obligations of the agreement, in a decision that came amid a spate of bomb attacks that targeted the pipeline used to transport natural gas to Israel and Jordan. On Sunday the Israeli owners of the Tamar offshore gas field informed the Tel Aviv stock exchange they had struck a deal to export natural gas to the Egyptian firm Dolphinus Holdings. A statement said Tamar was in "exclusive negotiations" with Dolphinus Holdings to provide it with up to 2.5 billion cubic metres (bcm) over a seven-year span. Dolphinus Holdings "represents a consortium of large non-governmental industrial and commercial Egyptian gas customers," according to Tamar. The natural gas would be transported to Egypt through the same East Mediterranean Gas pipeline used by Cairo to export gas to Israel and Jordan before it was attacked and crippled the saboteurs. Experts estimate the deal to be worth over $4 billion (3.13 billion euros). Tamar holds 250 bcm of natural gas, and lies 80 kilometers (43 nautical miles) west of the northern Israeli port city of Haifa. US giant Noble Energy owns 36 percent of Tamar, with four other Israeli partners holding smaller shares. Tamar's discovery, along with the twice-as-large Leviathan gas field, shifted Israel from costly and unreliable imports to a growing self-sufficiency and the potential to become an energy exporter. Several months ago, the Israeli government approved a new plan allowing up to 40% of what it extracts from the gas fields to be exported. Prime Minister Binyamin Netanyahu has said exports would bring in some $60 billion to state coffers over the next 20 years; Israel's natural gas finds are expected to sharply reduce its dependence on imports. Last month, Noble and its partners signed a letter of intent to supply Jordan's National Electric Power Company Ltd with 487 bcm of natural gas from Leviathan over 15 years. The move was met with opposition from 40 Jordanian MPs. Egypt's gas contract with Israel was the largest trade deal between the two former foes who signed a peace treaty in 1979, with the first exports launched in 2008. It also marks a resurgence in cooperation between the two countries, which saw a souring of relations during the brief rule of the Muslim Brotherhood during 2012, but has recently turned back around after Islamist president Mohamed Morsi's ouster. Egypt and Israel have already cooperated on security issues, both regarding terror from Hamas and a rise in Islamism in the Sinai desert. More»