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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        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        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        Universal For Paper and Packag   4.94        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        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        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        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        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        

News - Egypt News

Amwal Al Ghad English - 2015-03-18 07:47:43
The first phase of a national initiative for community, human and local development called “Your Project” (Mashrou’ak) was launched Tuesday with approximately EGP 3bn worth in investments, a Cabinet statement said. “The initiative targets providing opportunities of employments to youth in all governorates, realising sustainable development, eliminating emigration from villages to cities, elevating life qualities in Egypt besides establishing the concept of citizenship and directing the youth to the right path in order to create a new generation of young investors,” said Minister of Local Development Adel Labib. The first phase of the initiative includes 11 governorates, such as Giza, Upper Egypt and border governorates, according to Labib. He added that the second phase of the initiative will begin next week in the northern governorates. Approximately EGP 3bn will be pumped as down payment in those 11 governorates to implement small- and medium-projects for youth in several sectors, Labib noted. The value will be funded through coordination between the ministry and several banks including the National Bank of Egypt (NBE), Banque Misr, the Nasser Social Bank  (NSB) and the Principal Bank for Development and Agriculture Credit (PBDAC). Labib said the “initiative will include three tracks; expanding existing projects, governorate-focused projects and untraditional ideas”. Prime Minister Ibrahim Mehleb and a number of ministers and governors were present at the launch of the initiative, which took place in Qena on Tuesday. Presidents of universities, chairmen of several Egyptian banks, the President of Arab Exporters Union and heads of agencies in the Ministry of Local Development and civil society organisations also attended the launch. More»
Amwal Al Ghad English - 2015-03-17 11:45:44
Egypt's public prosecutor stated on Tuesday that a police officer shot and killed woman activist Shaimaa Sabbagh, whose death last January during a protest marking the 2011 popular uprising caused an outcry. The prosecutor referred the police officer to the criminal court, a rare action against the country's security forces, The Egypt Independent reported. More»
Amwal Al Ghad English - 2015-03-17 09:04:17
A senior leader in the ruling authority of the Gaza Strip, Hamas, Mahmoud Al-Zahar said they are seeking better relations with the Egyptian government, in a seminar held in Gaza on Sunday. The seminar was held by the non-governmental Centre for Political and Development Studies in Gaza. It witnessed a large turnout of politicians and media personnel, as well as university students, to discuss the paradoxes of the Egyptian and European stance towards Hamas, local Palestinian press reported. More»
Amwal Al Ghad English - 2015-03-17 08:36:53
A court in Egypt is seeking the death penalty for the Muslim Brotherhood’s top leader Mohamed Badie and 13 other members. The defendants are charged with inciting chaos and planning attacks on police and army institutions two years ago during a violent dispersal of sit-ins staged by supporters of ousted President Mohamed Morsi. The court has formally refered the case to the country’s highest Islamic legal official, known as the Grand Mufti. That’s the first step in imposing a death sentence. Death sentences are required to be refered to the Mufti before any execution may take place. Once the court issues a final verdict, and that’s set for April 11, the defendants may appeal it. Morsi, Egypt’s first freely elected leader, was forcibly removed from office by President Abdel Fattah al-Sisi when he was army chief, following mass protests against Morsi’s rule. Sisi has described the Brotherhood as a major security threat and has designated it a “terrorist group.” The Brotherhood says it is committed to peaceful activism and has nothing to do with recent Islamic militant violence. More»
Amwal Al Ghad English - 2015-03-17 07:33:24
The UAE’s prepaid sector is on track to top US$18 billion in the next five years, according to Douglas Blakey, Group Editor for Consumer Finance at the event organiser’s, Timetric Financial Services. Blakey was speaking ahead of the upcoming Prepaid Summit: Middle East later this week in Dubai. Visa is on-board as the event’s sponsor, for the sixth year running. “The Middle East is experiencing rapid growth in the prepaid sector, with the UAE, Saudi Arabia and Egypt leading the way. “This has been driven by top-down support for electronic payroll systems rather than cash-based systems, alongside a rapid surge in the use of the internet and mobile devices,” he said. Blakey predicts that growth will bring in its wake ‘innovative, practical payment solutions developed by nimble service providers across all complementary payment services’. “It is an exciting time to be involved in a sector that is able to seamlessly sync the consumer’s ability to pay across financial, retail, government and leisure spend,” Blakey stated. He confirmed that more than 150 global and regional industry players within the prepaid sector are expected to attend the event, set to take place on March 18 at the Westin Dubai Mina Seyahi. More»
Amwal Al Ghad English - 2015-03-16 08:40:37
Sudanese capital Khartoum will host a trilateral summit for Egypt, Ethiopia and Sudan on 23 March, state news agency MENA reported. Sudanese Foreign Minister Ali Karti said on Saturday that Egyptian President Abdel-Fattah El-Sisi, Ethiopian Prime Minister Hailemariam Desalegn and Sudanese President Omar Bashir would attend the summit to sign a final agreement on Ethiopia’s Grand Renaissance Dam after talks were held between the three countries earlier this month. Karti described the upcoming agreement as "historic." The summit will be also attended by the water and foreign ministers, Karti told MENA. The Sudanese president and Ethiopian prime minister headed their countries' delegations at the Egypt's Economic Conference in Sharm El-Sheikh. Egypt fears Ethiopia's Grand Renaissance Dam, of which 40 percent is built, will adversely affect its share of the Nile's water. Ethiopia is building the dam on the Blue Nile, the river's most significant tributary, supplying most of its water. The Ethiopian 6,000 megawatt dam, set to be Africa's largest, is expected to be fully completed by 2017. More»
Amwal Al Ghad English - 2015-03-16 08:34:02
At the close of a three-day international economic summit in Sharm El-Sheikh, Egypt seems to have succeeded in marketing itself as a business-friendly environment, securing billions of dollars in investment and aid. Egypt signed deals worth a total of $60 billion during the conference, Egyptian prime minister Ibrahim Mahlab said at the closing ceremony. Investment deals worth $36.2 billion were signed, Mahlab said, in addition to $18.6 billion for engineering, procurement and construction (EPC) contracts and loans totalling $5.2 billion. Egypt's wealthy Gulf allies Saudi Arabia, the United Arab Emirates, Kuwait and Oman pledged an additional $12.5 billion in aid and investments. Four years of political turmoil in Egypt have taken their toll on the economy, including in the tourism sector, one of the country's main sources of foreign currency. At the conference, Egypt however posed as a confident country open to business and willing to undertake tough economic reforms. Despite near-daily media reports of low-impact explosives in the Egyptian capital and nationwide over the last few months, around 2,000 delegates from 112 nations, including 30 heads of state and executives of multinational companies, attended the event. The UAE-based companies claimed the lion's share of all the different signed deals. Most of the announced investments went to the energy and real estate sectors, while little investment appears to have gone to agriculture and industry. The largest deal was signed with energy giant British Petroleum, which committed to investing $12 billion in natural gas fields in the West Nile Delta. “Egypt needs at least $200-300 billion to produce real hope,” President Abdel-Fattah El-Sisi said in a speech on Sunday. During his speech, he repeated his trademark slogan of “Long Live Egypt,” to the echo of young organizers who had previously posed with him for a selfie. El-Sisi said Egypt would hold a similar economic conference annually and invited all attendees to visit again next year. A new capital and an industrial hub The government has revealed plans for a new Egyptian capital to be built on an area of 700 square kilometres east of Cairo, at a total cost of $45 billion. The city will be located between Cairo and the planned Suez Canal hub north west of the Gulf of Suez, flanked on both sides by two of Egypt’s major highways, the Suez Road and the Ain Sokhna Road. The city will include 1.1 million residential units to house five million inhabitants and an administrative area with a presidential palace, ministries, government bodies and embassies, as well as a financial district. A new company called Capital City Partners (CCP) will be responsible for the development plans for the new city. CCP is co-founded by Mohamed El-Abbar, a business tycoon and the chairman of the Emirati construction company Emaar. No bid for the mega-project was made public before the government presented its plans at the conference. The government also elaborated on the investment opportunities within one of two large projects linked to the Suez Canal: the Suez Canal industrial and logistics hub. The project, to stretch across the three governorates of Port Said, Ismailia and Suez, will require $15 billion to be spent on utilities. The project is expected to attract $220 billion of investments over 15 years, according to earlier statements. The second large project linked to the Suez Canal is a new parallel waterway expected to more than double the canal's revenues by 2023. Making Egypt 'investor-friendly' Two days before the conference, Egypt’s El-Sisi ratified a long-awaited investment law in the continued absence of an elected parliament. The law empowers one government body to act as a one-stop-shop from which investors can receive the necessary approvals for their projects, instead of directly dealing with a staggering 78 different government bodies issuing various permits. Despite being investor-friendly, the law raised questions over some provisions giving the government freer rein in dealing with public land and property. According to the law, starting from April 2015, authorities have the liberty to hand over state-owned land and property free of charge to investors for five years for development purposes in areas to be specified by the president and the cabinet. The government has undertaken a series of economic reforms, including the tough step of lifting subsidies on energy products last summer, a move that raised the fuel products prices by up to 80 percent. Also aiming to stimulate investments, the government last week cut the income tax ceiling to 22.5 percent for individuals and corporations, from the current level of 30 percent. Questioned 'inclusiveness' As the government announced deals worth billions of dollars at the conference, concerns were raised about how inclusive these projects were, or to what extent they would trickle down to benefit the general population. While economic growth under former president Hosni Mubarak amounted to 7.2 percent in 2008/2009, it did not affect the larger population which remained poor, with high levels of unemployment, social injustice and inequality of wealth distribution. Recent statistics indicate that more than a quarter of Egypt's population of nearly 90 million live below the poverty line, while another 20 percent hover around it. During the conference, the government shed light on its economic policy for the coming period: a free market with an initial promise to pay attention to inclusiveness in education and healthcare projects. At the conference, both International Monetary Fund managing director Christine Lagarde and World Bank managing director Sri Mulyani Indrawati stressed the need for Egypt's growth to be inclusive in order to be sustainable. More»
Amwal Al Ghad English - 2015-03-16 08:37:46
A strong Egyptian economy is the mainstay of democracy and stability in the region, British ambassador to Egypt said on Sunday at an international investment conference in the Red Sea resort of Sharm El-Sheikh. Egypt, whose economy has been hammered by four years of political turmoil since the 2011 uprising, hopes that the global gathering conveyed an image of stability and draws back foreign investors scared off by the turmoil. "If you want to see democracy, security and stability in this region, you have got to have a strong Egyptian economy," British Ambassador John Casson said in an interview with Ahram Online. "If you want to cope with problems of energy, poverty and climate in this region you need Egypt priming." With British companies having invested $25 billion in Egypt since 2011, Britain's financial support is never going to falter, added Casson. The ambassador said that the global investor summit, which concludes on Sunday, is a "golden opportunity" for Egypt to show the business opportunities it has for investors as a "huge central economy to the region" and to set "clear reform plan" to create a better investment climate. More»
Amwal Al Ghad English - 2015-03-16 07:45:42
Abu Dhabi-based clean energy firm Masdar has signed a memorandum of understanding to support the growth of Egypt's power generation, with a solar plant likely to be its first project. The non-binding agreement has been signed by Masdar, Saudi-based ACWA Power and the Egyptian Electricity Holding Company (EEHC), a statement said. According to the MoU, the partners will evaluate 2 GW of renewable energy projects, including 1.5GW of solar and 500 megawatts of wind. The first project that will be considered is a 200MW solar photovoltaic plant. Dr Mohamed Shaker El-Markabi, Egypt’s Minister of Electricity And Energy, said: "Egypt is committed to meeting our rising energy needs and encouraging economic growth by developing new power generation in our country. "We appreciate the partnership of companies, such as Masdar, ACWA Power and EEHC, which will explore the development of new renewable energy and natural gas facilities to provide electricity for Egyptian homes and businesses." More»
Amwal Al Ghad English - 2015-03-16 07:40:05
Egypt's state oil company signed an agreement to join Kuwait Energy in developing an oil field in southern Iraq, the company's first foray into upstream work outside of Egypt, the Egyptian oil minister said on Sunday. "This is a formal contract, not a memorandum of understanding, and our share is 10 percent of the share of the contractor (Kuwait Energy)," Oil Minister Sherif Ismail said at an investment conference in the resort town of Sharm el-Sheikh. "This is the first time for Egyptian companies to get into research and exploration beyond the borders of Egypt," Ismail said of the deal between the Egypt General Petroleum Corporation (EGPC) and Kuwait Energy. Kuwait Energy and its partner in the project Dragon Oil discovered oil in the northern Basra field in September. The field is located in Basra in exploration block 9, Kuwait Energy executive chairman and managing director Mansour Aboukhamseen said. A joint statement said that with this deal EGPC became a partner with Dragon Oil and Kuwait Energy in the Block 9 licence in which Kuwait Energy is the operator. No details were given about the value of EGPC's investments in the field or what its role would be alongside the two other shareholders. More»