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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        Canal Shipping Agencies   7.39        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        Egyptian for Tourism Resorts   0.69        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        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        

Egypt News

Egypt completes 94.8% of New Suez Canal Dry Digging


Published 2015-03-26 17:34:31| Amwal Al Ghad English

Dry drilling operations on Egypt’s new canal in Suez are ongoing, the country’s Armed Forces asserted on Thursday, saying 94.8% of works are accomplished so far. In a statement released on Thursday, the armed forces announced that 218 million cubic metres were drilled in the new canal. Egyptian government plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project to expand trade along the fastest shipping route between Europe and Asia. This giant project will be the creation of a new Suez Canal parallel to the current channel of a total length of 72 kilometres (44.74 miles). In September 2014, Egyptian President Abdel Fattah al-Sisi issued a decree to govern the financing of the 60 billion Egyptian pound project through investment certificates. The decree pledged the National Egyptian Bank, Banque Misr, Banque Du Caire and the Suez Canal Bank to issue investment certificates with multiple categories to use their outcome in financing the project. The project is implemented under the supervision of the armed forces. While launching the project, Sisi said digging the new bifurcation to the canal would be completed within a year, instead of a previous deadline of three years. The certificates were first issued September 4 and were available for purchase at four national banks. The outcome of the certificates would be deposited in the Suez Canal Authority's account at the Central Bank. The government had announced that five-year investment certificates with an interest rate of 12 percent would be used to finance the project. Certificates were chosen to finance the 60 billion Egyptian-pounds project as they do not grant certificate-holders ownership rights. Eight working-days later, Egypt has managed to raise the sum it needs to finance the project, $8.5 billion. Meanwhile, cargo weights and number of ships that passed through the Suez Canal during the past three days hit a new record, Mamish said on Sunday. About 162 vessels transited the Suez Canal, carrying a total of cargo of 9.700 million tons in the past three days, Mamish made the remarks during a tour of the new Suez Canal project.
International News
U.S.-led coalition warplanes launched their first airstrikes against Islamic State targets in Tikrit on Wednesday, officials said, coming off the sidelines to aid Iraqi forces fighting alongside Iran-backed Shi'ite militia on the ground. The decision to give air support to the Tikrit campaign pulls the United States into a messy battle that puts the U.S.-led coalition, however reluctantly, on the same side of a fight as Iranian-backed militia in a bid to support Iraqi forces and opens a new chapter in the war.
MENA News
Tehran and Washington share an interest in re-establishing state authority in Iraq, but in Yemen their agendas diverge Just to set the scene: In Iraq on Wednesday, U.S. warplanes began providing air cover to Iranian-backed militias in Tikrit, in a joint effort against the Islamic State of Iraq and greater Syria (ISIS) coordinated through the Iraqi government. On the same day, 1,200 miles to the south in Yemen, the U.S. was providing guidance to Saudi pilots bombing Shia insurgents who are supported by Iran. So the U.S. was bombing Iran’s enemies in one country, and helping to bomb Iran’s allies in another. Meanwhile, in Switzerland, American and Iranian diplomats were resuming their intense talks about how to contain Tehran’s nuclear program. Both sides insisted the negotiations were confined to matters atomic, nothing else. And that’s a good thing, because the ever-complex Middle East has never looked more so than it does at this moment. And yet, in an important way, Wednesday’s events are wonderfully clarifying. March 26, 2015 may go down in history as the day that Arab states came out into the open to fight, putting their names and ordnance into a conflict that had been carried out by shadowy armed groups the governments quietly equipped, sheltered and cosseted, previously preserving a deniability that only muddied the situation even further. Saudi Arabia declared it sent 100 warplanes to strike targets inside Yemen, and now has 150,000 troops standing by at the border. The intervention was backed by nine other nations, and the announced “logistical and intelligence” support of Washington, where the Saudis chose to convene the news conference revealing the campaign. The governments lined up behind the Saudis were all fellow Sunni governments—Egypt, Jordan, Sudan, Morocco, Pakistan, United Arab Emirates, Qatar, and Kuwait, several providing planes of their own. Egypt, according to a fresh report, is also preparing to send troops. The only holdout from the Gulf was Oman, which prides itself on maintaining the trust of Iran: the sultan of Oman played the role of mediator when U.S. and Iranian diplomats secretly met there to talk about formally launching the nuclear negotiation. So the divide is clearly Sunni v. Shia, the same tension that created ISIS and has torn asunder Iraq and Syria. Iran’s foreign minister kindly pointed this out in an interview with Iran’s state-run satellite channel Al-Alam: “We have always warned countries from the region and the West to be careful and not enter shortsighted games and not go in the same direction as al-Qaeda and Daesh,” said Mohammad Javad Zarif, referring to ISIS by its Arabic initials. The warning was a bit disingenuous, given Iran’s role as overlord of the Shia side of the divide. Tehran has been an essential ally of the Shi’ite-inflected Syrian regime led by President Bashar Assad, and a major player in Iraq, where on Thursday, three of the Shi’ite militias it backs announced they were dropping out of the fight for Tikrit, to protest the new American role in the battle. In Yemen, Tehran is the primary sponsor of the Houthi tribe, providing training, arms and money. The Houthis were once largely confined to the country’s north, seat of its Zaidi brand of Shi’ism, but in September they took over the capital city of Sana. After linking up with Ali Abdullah Saleh, the longtime Yemeni president who was deposed during the Arab Spring, the Houthis marched on the southern port of Aden, where the elected president, Abed Raggo Mansour Hadi had been holed up before fleeing Yemen by boat ahead of Wednesday’s airstrikes. He was later seen meeting with the Saudi defense minister. In peace, Yemen is an amazing country to visit. It doesn’t look like anywhere else on Earth, except maybe the illustrations in a storybook. It’s also an ideal example of what happens when a state collapses—or really, never coalesces in the first place. And that lesson really explains what the United States is doing in both Yemen and Iraq. States were designed to bring coherence to human affairs, first and foremost by monopolizing the use of violence. In Iraq the government of Saddam Hussein used to manage that coherence—albeit brutally. And then the U.S. invasion of 2003 dismantled Iraq’s military, and distributed political power on sectarian lines. Now, in the battle against ISIS, which rushed into the void left by a state that has continued to fail, the U.S. finds itself joining Iran in an effort to re-establish the power of the weak central government in Baghdad. That government is dominated by Iraq’s Shi’ite majority—as well as by Tehran, which does not want chaos on the long border the two countries share. Yemen, on the other hand, has never really managed to function as a state. It was two countries—plain old Yemen in the north, and the People’s Democratic Republic of Yemen in the south—as recently as 1990, when the collapse of the Soviet Union brought the cleavage to an end. Tribal authority has often trumped the state’s. And the country’s long border is with Saudi Arabia, that seat of Sunni power, and great regional rival of Tehran. Yemen, known as Arabia Felix, or “Happy Arabia” was so close to the Saudi kingdom that the border was not even demarcated until June 2000, in an agreement signed by Saleh, who like two-thirds of Yemenis, is Sunni. So the Iranians are not terribly bothered by turmoil in Yemen, especially if the turmoil ends—as it looked like it might—with the Houthis more or less in charge, by dint of their new alliance with Saleh, and the large sections of the Yemeni military that remain loyal to him. But the end is not yet in sight, and in the meantime, al-Qaeda has maintained its most lethal branch in Yemen, and ISIS has been making its mark, claiming responsibility for the March 20 bombings of Shi’ite mosques that killed more than 130 people. The ensuing chaos forced 100 U.S. advisers off the air base from which they operated the drones that searched for al-Qaeda targets. Those U.S. advisers are likely to return in some form behind elements of the 150,000 Saudi troops on the Yemen border awaiting orders from King Salman, photographed in his war room surrounded by generals in chocolate chip desert fatigues. The uniforms, pattrened after American combat fatigues, say a lot: First, about where the U.S. is in this fight. “We are establishing a Joint Planning Cell with Saudi Arabia to coordinate U.S. military and intelligence support,” the White House said in a statement. The other use of uniforms? Making clear, for a change, who’s actually fighting.