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 Shabaan, Sanaa Allam - 2014-07-23 13:11:04
Egypt's Ceramica la Beauté and Majestic Purslina firms which affiliated to Al Omaraa For Ceramic Production Group Eye attaining EGP1billion sales within this year. Commercial director for the group Gamal Fouad asserted that his group seeks increasing its sales with about 20% in compared to the last year through pumping EGP300 million investments via launching two new plants in Tenth of Ramadan and Quweisna-Cairo. Furthermore, the group aims making its production capacity of the two plants 85.000 meter Ceramic per day, noting that it seizes 20% from the Egyptian Ceramic industry market. More»
Amwal Al Ghad English - 2014-07-23 09:35:53
Egypt's steel companies have filed a petition against rebar and wire rod imports from China, Turkey and Ukraine, one of its top steelmakers said on Tuesday, the latest move in a years-long quest to protect the fledging industry from low-priced imports. Egyptian Steel and other major steelmakers have submitted a request for the government to re-introduce anti-dumping duties on imports of rebar and wire rod, used in the construction industry, Ahmed Abou Hashima, chief executive of Egyptian Steel said in an interview. The filing was made in May. The industry moved quickly after former army chief Abdel Fattah al-Sisi won the country's presidential vote, putting a military man back in power after the brief hiatus of Islamist control. It comes at a critical time for Egypt's steel industry, which is still recovering from political turmoil, and for a global market struggling with low prices and overcapacity due to lackluster demand. "How can (foreign) rebar and wire rod enter Egypt with zero customs? We have very high-tech industries in Egypt, especially in steel, but we must protect them (from foreign imports)," Abou Hashima said. "We have to change from customers to industrials: that's the only way a country can grow." According to steel industry body Worldsteel, Egyptian steel output fell at an annual rate of 8 percent in the first four months of 2014, to 2.05 million tonnes, after rising just 1.9 percent last year amid the turmoil surrounding the overthrow of former Islamist President Mohamed Mursi. The industry sees dumping duties as necessary after Sisi slashed energy subsidies to factories in an effort to salvage ruinous government finances. "The new government has a lot of issues on hand, so we want to make sure that the issue does not die out and remains on top of their agenda," Abou Hashima said. Calls for the government to re-introduce previously short-lived dumping duties started last year after the government dropped tariffs in June after just six months. The petition in Egypt comes after other countries, including the United States, successfully imposed protection duties on imports of steel rebar. In April this year, the U.S. Commerce Department set preliminary duties on millions of dollars worth of imports from Mexico and Turkey after producers alleged foreign competitors were selling steel rebar at unfairly low prices. Previously, Egypt's Industry Ministry confirmed that no import duties were in place on imports from Turkey, the world's top steel rebar exporter, but declined to comment on whether or not the government was considering such a measure. Egyptian Steel is planning to expand its annual capacity to over 2 million tonnes by late 2016 from 355,000 tonnes now. More»
Amwal Al Ghad English - 2014-07-23 09:29:10
A tender to construct Egypt's first nuclear power plant will now be launched by the end of 2014. The tender for the El-Dabaa plant was originally scheduled for earlier this year. Ibrahim El-Osery, the Ministry of Electricity's adviser for nuclear energy, told the Daily News Egypt newspaper that a global tender for the El-Dabaa plant would be launched by the end of 2014. He was quoted as saying, "One of the tender's conditions is that whoever wins will take the responsibility of financing the project until its implementation." El-Osery said Egypt will pay for the implementation expenses after operations start. He noted, "The costs Egypt saves when using nuclear energy, as opposed to conventional energy, will be used to pay for the project." Back in 1983 the El-Dabaa site on the Mediterranean coast was selected for a nuclear plant, but this scheme was scrapped after the Chernobyl accident. However, in 2006, the same site was named in plans to build a 1000 MWe reactor for electricity generation and water desalination by 2015, in a $1.5-$2 billion project that would be open to foreign participation. Early in 2010 the proposal had expanded to four plants by 2025, the first costing about $4 billion and being on line in 2019 or 2020. However, plans were put on hold in 2011 until the political situation stabilised following the ousting of former president Hosni Mubarak. Local tribal families were reported to have occupied the site of the planned plant in early 2012, damaging existing infrastructure. However, late last year, they relinquished the site to the Egyptian armed forces. According to the state-owned Al-Ahram newspaper, the Egyptian Army Corps of Engineers began an EGP13 billion ($1.8 billion) project in May to complete rehabilitation of the plant's infrastructure. This work - including an administrative building, laboratories, storage units, workshops, and water and electricity utilities - is scheduled to be completed by early September. More»
Amwal Al Ghad English - 2014-07-23 09:01:10
The number of foreigners working in Egypt decreased 12 percent in 2013 to almost 14,699 from around 16,713 the prior year, according to a statement released on Tuesday by state-run statistics agency, Central Agency for Public Mobilization and Statistics (CAPMAS). Some 35 percent of foreign workers in Egypt come from non-Arab Asian countries, 28 percent come from Europe and 28 percent from Arab countries. The biggest percentage of foreigners working in Egypt, around 28 percent, occupies high positions including executives. They are followed by technicians and assistant specialists who comprise some 23 percent of all foreign workers in the country. Palestinians top other nationalities in the private sector with around 2,247 Palestinians comprising some 15 percent. They are followed by some 1900 workers from Bangladesh. Egypt’s unemployment rate remained unchanged in the first quarter of 2014 at 13.4 percent. Almost 70 percent of unemployed people were aged between 15 and 29, and more than 79 percent hold diplomas or university degrees. More»
Amwal Al Ghad English - 2014-07-22 13:21:27
The Egyptian Customs Authority announced on Sunday that it would impose export fees on the raw materials of marble, granite and sands as ordered by the state's trade ministry in an attempt to optimize the added value of their finished products. The decision also includes placing a ban on exporting mineral raw materials Quartz, Talc, Manganese and Feldspar. According to the ministry's decision that was issued last week, each tonne of raw marble and granite will be levied by EGP 200 in exporting fees, however a tonne of any kind of exported sands will face a fee of EGP 50. "The imposed fees aim at reducing the exports of these products but we have yet to calculate the expected revenues as we will wait for the exporters reactions," Magdy Abdel Aziz, the head of the central department at the cargo customs section of Cairo airport, told Ahram Online. "I don’t think fees will spook exporters from their business, they aren't too high," he said. Egypt's exports of raw marble and granite have risen from 2.1 million tonnes in 2007 to 2.9 million tonne last year, recording EGP 2.4 billion ($348 million) in revenues. More»
Amwal Al Ghad English - 2014-07-22 13:13:58
The Egyptian government has reached an agreement with foreign oil firms to pay off all of its arrears by 2017 instead of its previous plan to pay EGP 21 billion ($3 billion) out of a total of EGP 42 billion ($6 billion) by that time, a source familiar with the matter told Ahram Online. The source added that the ministry of petroleum plans to pay EGP 10.5 ($1.5 billion) by this September to companies including BG group and British Petroleum. Egypt's debt to foreign oil companies decreased to EGP 41.3 ($5.9 billion) in June from EGP 42.7 ($6.1) billion the prior month; Tarek Al-Molla, the head of Egyptian General Petroleum Corp (EGPC), told Reuters on Monday. The decrease was merely EGP 1.4 billion ($200 million) despite the payment of EGP 10.5 billion ($1.5 billion) at the end of last year. But as foreign oil firms increase their investments and explorations in Egypt; their entitlements in the Egyptian government rise, said the source. This month, Egypt's Prime Minister Ibrahim Mahlab finalised an investment deal with the CEO of British Petroleum (BP), allowing it to invest EGP 70 billion ($10 billion) in gas fields over the next four to five years, according to Al-Ahram's Arabic news website. The fields, discovered by BP, are estimated to hold 5 trillion cubic feet of gas and produce 1.2 million cubic feet per day – equivalent to 20 percent of Egypt's current daily gas production. Several companies had suspended operations in Egypt last year due to the political turmoil that followed ousting President Mohamed Morsi on the back of a popular uprising. Last July, General Motors, Electrolux and BASF temporarily closed facilities in Egypt, citing the unstable security situation. BG Group and BP pulled out non-essential expatriate staff a month later, reported Reuters. The government is working to get firms to invest in extraction and exploration, activities desperately needed to help address a severe energy crunch. Egypt has been in an energy crisis over the past three years, most evident in frequent electricity blackouts. Several government officials have attributed the power cuts to a growing fuel subsidies bill and declining gas production. More»
Eslam Salah - 2014-07-22 12:20:56
General Authority for Free Zones and Investment (GAFI) Vice President Wafaa Sobhy asserted that dairy industry represents one of the most important food industries in Egypt as more than EGP4.5 billion has been pumped in the sector throughout 373 facilities working in various governorates. Dairy industry is related directly to the agricultural sector and livestock sector through breeding animals which represents the first and fundamental source for raw milk, and it will be integrated with the paper products , cardboard , plastic bottles and glass, and with transport sector, refrigeration , transportation, restaurants, hotels and other nutrients  sectors for the industry and the beneficiary. This comes during the workshop which organized by GAFI in Arab Academy for Science, Technology and Maritime Transport in Alexandria governorate in cooperation with Chamber of Commerce, Industry & Agriculture of Zahle & Bekaa Lebanon in addition Anima Investment Network. Sobhy stressed that there is an important strategy for dairy sector as it is the most important component of food. This initiative will hold in the frame of LACTIMED project that contribute to verify dairy products in Egypt development of packaging materials with small-scale producers and manufacturers along with it is playing a vital  role in providing job opportunities and enhancing the innovative spirit. More»
Amwal Al Ghad English - 2014-07-22 12:16:50
Suez Cement (SUCE.CA), Egypt's biggest listed cement maker by market value, recorded a first half consolidated net profit worth 312 million Egyptian pounds , 20% down from the same period a year earlier. In H1/2013, Suez Cement's consolidated net profit hit 388.7 million Egyptian pounds. Meanwhile, the company attained standalone net profit amounting to 416.1 million Egyptian pounds, versus 549.7 million Egyptian pounds last year. More»
Amwal Al Ghad English - 2014-07-22 11:03:08
Egypt's National Drilling Company (NDC) (NDRL.CA) reported a 43% decline in its first half net profit which recorded $853.7 thousand. In 2013, the company registered a fall of 69.55% in its net profit which reached $3.215 million, compared to $10.558 million a year earlier. More»
Amwal Al Ghad English - 2014-07-22 09:06:18
The economist behind a plan to unlock at least $380 billion worth of assets from Egypt's black market says President Abdel Fattah al-Sisi must first restore another asset that has depreciated over the years: the trust of a wary public. That is a tall order in a country where the government has chronically neglected basic duties, in many cases leaving citizens to fend for themselves and find ways around laws and bureaucracy that hinder more than help. But Peruvian economist Hernando de Soto, who has been consulted by dozens of world leaders on private property reform over the last 25 years and has met with Sisi three times since May, is confident the president will use a narrow window of opportunity to address Egyptians' pervasive suspicion of government. "Egyptians don't trust their own administration," de Soto told Reuters. "They're not going to hand in names or data, so you've got to start by establishing credibility." He has given Sisi a plan outlining specific changes to the bureaucracy and legal code needed to integrate an estimated 60 percent of the population into the system by registering and documenting ordinary Egyptians' assets. He predicts such reforms could more than double economic growth rates within five years by giving people access to credit and the protections of legal status. Forecasts for Egypt's growth this year range between 2 and 2.5 percent. De Soto's initiative is part of efforts to restore public finances, attract foreign investment and revive an economy battered by three years of political turmoil and unrest, and is expected to be implemented alongside others including from U.S. consultancy Strategy& and investment bank Lazard (LAZ.N). Sisi is also standing by other ambitious initiatives, such as one to build 48 new cities in the desert. De Soto said in an interview that Sisi had begun appointing officials to form an agency which would run a communications campaign aimed at building consensus for the reforms and ensuring their implementation. The presidency did not respond to Reuters' requests for comment. But a statement from Sisi's campaign released two weeks before elections in May said the candidate had met with de Soto to discuss "a vision for the future of the informal economic sector in Egypt". Sisi has already expended some political capital on tax hikes and subsidy cuts. Previous governments have talked about reforming the economy without much effect. De Soto met with officials from President Hosni Mubarak's government a decade ago and all the candidates in the 2012 presidential elections, including Morsi of the banned Muslim Brotherhood. Obtaining buy-in from a public that may not like the status quo but has repeatedly felt cheated by empty government promises is the first step of de Soto's plan - and likely its biggest obstacle for Sisi. De Soto predicts it will take about a year. "I think [Sisi] has realized what his historic moment is and he really wants to turn the country around," de Soto told Reuters by telephone from Lima. "It's got to be relatively quickly because you've got to take advantage of expectations being high now." BREAK THE INERTIA The symptoms of informality, which de Soto calls "a disease of government", are unavoidable in Egypt. Unlicensed vendors flood the streets, hawking everything from clothes and electronics to vegetables and seafood. The microbuses that many Egyptians rely on for transport skirt meaningful regulation. Whole districts spring up inside major cities and operate beyond government control, a phenomenon that has become regarded as normal. Meanwhile, Egypt's massive public sector puts up red tape in the way of millions of Egyptians who resort to living and working beyond the law. Loss of faith in central government was a main cause of the 2011 uprising that ended Mubarak's 30 years in power. Mistrust only increased in the following years, as police abandoned their posts, and officials avoided making decisions they feared could land them in jail. The key to his plan, said de Soto, is for Sisi to "create enough enthusiasm for the idea of being able to work within a system where everybody obeys the law... That allows you to break the inertia." Since he announced he would run for office, Sisi has adopted a rhetoric which appeals to Egyptians to help him save the country from collapse through hard work and sacrifice. "The president would be saying and identifying for them what the obstacles are, how government intends to go about [removing them], and he will ask for help," said de Soto. If Sisi succeeds, the economist says he has prescriptions available based on five years' of research on Egypt's informal sector conducted before the 2011 uprising, which a team from his Institute for Liberty and Democracy (ILD) think tank has recently updated. "It's very precise: point by point, office by office, norm by norm," he said, declining to reveal details. Legal revisions and changes to bureaucratic protocol are clearly part, but not all, of the program. The ILD's website lists among its achievements implementing or inspiring property titling initiatives from Thailand to Russia which it says have increased access to credit and reduced poverty. "This is where most of the country's resources that can give you ... the high growth rates are," said de Soto. "It's the informal economy." More»