amwalalghad :: MENA News

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        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        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        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        

News - MENA News

Amwal Al Ghad English - 2016-04-19 08:26:32
The United States will send more troops to Iraq and will put them closer to the front lines of battle there to advise Iraqi forces in the war against Islamic State militants. U.S. defense officials said on Monday that Washington will deploy about 200 additional troops, mostly as advisers for Iraqi troops as they advance towards Mosul, the largest Iraqi city still under Islamic State control. "As we see the Iraqis willing to fight and gaining ground, let's make sure that we are providing them more support," U.S. President Barack Obama said in an interview with CBS News. "My expectation is that by the end of the year, we will have created the conditions whereby Mosul will eventually fall," Obama said. The United States has also authorized the use of Apache attack helicopters to help the Iraqis as they can provide quicker air support and precision fire. The advisers will accompany Iraqi units of about 2,500 troops moving closer to the front lines of battle. Until now, the advisers were limited to larger divisions of about 10,000 troops located further back from the battlefield. The change will allow them to offer quicker advice to Iraqi troops as they try to retake Mosul, likely facing stiff resistance from an entrenched enemy. But it could also leave the U.S. advisers more vulnerable to enemy mortars and artillery. "This will put Americans closer to the action," U.S. Defense Secretary Ash Carter said. "Their whole purpose is to be able to help those forces respond in a more agile way." The decision to enlarge the U.S. military force was made in close concert with Iraqi authorities, said Carter, who met U.S. commanders and Iraqi officials including Prime Minister Haider al-Abadi on a visit to Baghdad. Iraq is engulfed in a political crisis over anti-corruption reforms that is crippling state institutions and threatening to slow the campaign against the militants. The increase raises the authorized troop level in Iraq to 4,087, not including special operations personnel, some logistics workers and troops on temporary rotations. The Pentagon will also provide up to $415 million to Kurdish peshmerga military units, who have played an important role in pushing back Islamic State in northern Iraq. Part of that funding will likely be spent on basics like food, said Lieutenant General Sean MacFarland, head of the U.S.-led coalition battling Islamic State. "Right now the peshmerga are not getting enough calories to keep them in the field," MacFarland said. The increase is the latest move by the United States, which invaded Iraq in 2003 to overthrow Saddam Hussein, to step up its campaign against the hardline Sunni jihadists. Since December, Iraqi forces trained by the U.S. military and backed by coalition air strikes have taken back territory from Islamic State, which seized swathes of Iraq and Syria in 2014. ESCALATING SUPPORT Some U.S. troops already in Iraq will be shifted to establishing logistics for Iraqi forces as they move towards Mosul, Carter said. These include supply lines, particularly important as Mosul is 400 km (250 miles) north of Baghdad. Most of the new U.S. advisers, who will make up the bulk of the new troops, will be Army Special Forces, as are the about 100 advisers now in Iraq. The rest of the troops announced on Monday include support crew for the Apaches and security forces to protect the advisers. The United States will also deploy an additional long-range rocket artillery unit to support Iraqi ground forces in the battle for Mosul, Carter said. Two such batteries are already in place in Iraq. The officials did not rule out the possibility that lasting success might require further U.S. commitments. "If it doesn't take us all the way, we'll come back and have another discussion and ask for more if we need to," McFarland said. More»
Amwal Al Ghad English - 2016-04-18 08:59:00
Several of Syria's key opposition factions said Monday they were launching an armed response to what they alleged were regime "violations" of a ceasefire agreement in the war-torn country. "After the increase of violations by regime forces that included targeting displaced people and continuous bombing of residential neighbourhoods, we declare the start of the battle in response," said a statement signed by 10 armed rebel groups. The truce, brokered by Russia and the United States, has seen violence dip significantly across Syria but fighting has recently flared in several regions, particularly around second city Aleppo. Among the groups to sign the Monday statement was Jaish al-Islam, the most powerful rebel faction in Eastern Ghouta, an opposition stronghold east of Damascus. More»
Amwal Al Ghad English - 2016-04-17 09:21:21
The United States on Saturday transferred nine Yemeni men to Saudi Arabia from the U.S. military prison at Guantanamo, including an inmate who had been on a hunger strike since 2007, under a long-sought diplomatic deal between Washington and Riyadh, U.S. officials said. The transfer, which took place just days before President Barack Obama's visit to Saudi Arabia for a summit of Gulf Arab allies, marked the latest step in his final push to close the controversial detention center at the U.S. naval base in Cuba before he leaves office in January 2017. The Saudis agreed, after lengthy negotiations that at one point involved Obama and Saudi King Salman, to take the nine Yemenis for resettlement and put them through a government-run rehabilitation program that seeks to reintegrate militants into society, the officials said. The group announced by the Pentagon was the largest shipped out of the Guantanamo Bay prison since Obama rolled out his plan in February aimed at shutting the facility. But he faces stiff opposition from many Republican lawmakers as well as some fellow Democrats. There are now 80 prisoners at Guantanamo, most held without charge or trial for more than a decade, drawing international condemnation. More»
Amwal Al Ghad English - 2016-04-17 09:07:30
Saudi Arabia will announce on April 25 a comprehensive plan to prepare the kingdom for an era in which it does not rely heavily on oil, Bloomberg quoted deputy crown prince Mohammed bin Salman as saying. The “Vision for the Kingdom of Saudi Arabia” will include developmental, economic, social and other programs, Prince Mohammed told Bloomberg. Part of the vision, a package of economic reforms known as the National Transformation Plan (NTP), will be launched a month or 45 days after this month’s announcement, he was quoted as saying. The NTP includes asset sales, tax increases, spending cuts, changes to the way the state manages its financial reserves, an efficiency drive, and a much bigger role for the private sector. More»
Amwal Al Ghad English - 2016-04-17 08:17:00
Failed attempts to oust the speaker of parliament and a fresh ultimatum from an influential Shia cleric have left Iraq in a state of political limbo. Backroom negotiations continued late into the night Saturday between Iraq's powerful political blocs after lawmakers attempting to oust speaker Selim al-Jabouri failed to maintain quorum. A simmering political crisis in Baghdad escalated this week when parliament failed to approve a new Cabinet lineup presented by Prime Minister Haider al-Abadi. The shakeup was just the most recent effort by al-Abadi to salvage promises of reform first made last August in the form of austerity measures that he claimed would also help combat corruption. Following the Cabinet vote delay, parliamentarians staged a sit-in Wednesday demanding the country's top political leadership step down, including the speaker and prime minister. The protest quickly descended into a brawl with the country's elected leadership throwing punches and water bottles. Eventually the scuffles subsided and no one was seriously hurt. Hours after the failed vote in parliament Saturday, Shia cleric Moqtada al-Sadr issued a handwritten statement giving parliament 72 hours to vote in a new Cabinet. "If these conditions are not met then let it be known that the people will decide," al-Sadr wrote. Al-Sadr credits his ability to mobilize thousands across Baghdad and the country's Shia south to stage protests and a sit-in in Baghdad with pressuring al-Abadi to move forward with the initial Cabinet reshuffle earlier this month. However, many Iraqis blame the lawmakers themselves for squandering billions in oil money, leaving the country with crumbling infrastructure and abysmal services more than 10 years after the US-led invasion and the lifting of international sanctions. Sunni lawmaker Mishan al-Jabouri, who has assumed a lead role in the anti-corruption protest within parliament, was himself convicted of embezzling millions of dollars in 2007. Al-Jabouri evaded his prison sentence of 15 years by fleeing to Syria and was only allowed to return to Iraq in 2012 after being issued an amnesty decree under then-Prime Minister Nouri al-Maliki. This year Iraq was ranked one of the 10 most corrupt countries in the world, according to Transparency International, an international monitoring group. More»
Amwal Al Ghad English - 2016-04-17 07:46:27
Syria's opposition has rejected a proposal from the UN envoy that would have kept Bashar al-Assad as president during a political transition, with three deputies of his opponents' choosing. UN envoy Staffan de Mistura told Syria's opposition attending peace talks in Geneva that the proposal could end the "vicious cycle" of debate over a transitional period to end the war, a source told AFP on Saturday. On the ground, tens of thousands of Syrians are at risk of being displaced as clashes between rebels and militants intensified in the country's north. The escalating fighting across swathes of Aleppo province has threatened to collapse a fragile ceasefire and derail the latest round of indirect negotiations in Switzerland between the regime and opposition. More»
Amwal Al Ghad English - 2016-04-17 07:29:11
At least five Yemeni policemen were injured on Sunday when they foiled a suicide car bomb attack on the airport in the southern city of Aden, police said. They said the policemen opened fire at a car that was traveling at high speed towards the airport. It exploded near the checkpoint wounding five policemen. More»
Amwal Al Ghad English - 2016-04-16 14:46:05
A concerted United Nations effort aimed at ending nearly 13 months of war in Yemen sees peace talks resuming on Monday, but with a ceasefire barely holding. Previous attempts have failed to stop the fighting which has killed thousands of people, forced almost 2.8 million from their homes and raised regional tensions. A ceasefire that came into effect on Sunday at midnight to pave the way for the talks in Kuwait has been violated numerous times. But the Iran-backed rebel Houthis, the government, and the United Nations, which sponsored the ceasefire, have avoided talk of it collapsing, as happened with three earlier truces. The ceasefire does not apply to jihadist groups, which have exploited the chaos to strengthen their hold in the south. The coalition led by Iran's regional rival Saudi Arabia early this week described ceasefire violations as "minor". The coalition began air strikes in March last year to support Yemen's government. Briefing the Security Council Friday ahead of the talks, UN envoy Ismail Ould Cheikh Ahmed, who has conducted months of shuttle diplomacy, said Yemen has "never been so close to peace". More»
Amwal Al Ghad English - 2016-04-14 12:51:17
In late February, several hundred Saudi officials, company executives and foreign consultants gathered in a luxury Riyadh hotel to discuss how Saudi Arabia's economy could survive an era of low oil prices. One company manager at the event told Reuters that officials from about 30 Saudi government bodies manned booths in which they described their challenges. Corporate bosses were encouraged to "figure out ways to do partnerships to address those needs, to offer feedback, to complain, and to plan future ventures or even just future meetings," the manager said. "It was like a private sector version of a national parliament." The workshop was part of Saudi government attempts to work out how to restructure the economy so it no longer relies on oil. The National Transformation Plan (NTP), as Riyadh has dubbed the changes, is expected to be unveiled in the next few weeks. Much is still secret. Ministries have refused to discuss plans in detail and Western consultancies contacted by Reuters declined to confirm their involvement, let alone policy details. Officials, consultants and executives, though, say the five-year program is both ambitious and risky. It includes asset sales, tax increases, spending cuts, changes to the way the state manages its financial reserves, an efficiency drive, and a much bigger role for the private sector. Such changes have been talked about for years but never put into action. One reason to think this time could be different is that policy-making has in the past year shifted away from conservative bodies such as the finance ministry and central bank. Power is now concentrated in a new 22-member Council of Economic and Development Affairs, formed after King Salman took the throne in January 2015. The Council is chaired by his son, Deputy Crown Prince Mohammed bin Salman, who is about 30. In his role as defense minister, Prince Mohammed launched Saudi Arabia's military intervention in Yemen in March 2015. Now, he wants to shake up economic policy. "Since the foundation of the kingdom there has been no government-led program that innovates in this way," said Mohamed al-Afif, a veteran banker who now runs Cash Solutions, a boutique financial services firm. CONSULTANTS AND WHATSAPP People familiar with the NTP said it was born late last year in discussions between Prince Mohammed and a few other top officials. At the time, oil was sinking below $30 a barrel, about half the low point that had been expected. That saddled the kingdom with an annual budget deficit near $100 billion and strengthened the case for radical changes. While Prince Mohammed is the ultimate decider, he has chosen Economy and Planning Minister Adel al-Fakieh, a former food industry executive and mayor of Jeddah, to help with the detail. As labor minister between 2010 and 2015, Fakieh overcame opposition from business to policies that pushed companies to hire more Saudis. People involved in the NTP say Fakieh, 57, uses WhatsApp on his mobile phone obsessively, conducting chats with dozens of groups until the small hours. Riyadh is spending tens of millions of dollars on foreign consultants for the NTP. London-based Source Global Research estimated in March that total Saudi spending on consultancies – mostly by the government or state-linked bodies – grew over 10 percent in 2015, from $1.06 billion in 2014. Consultants and ministry officials, many of them young Saudis with Western degrees, work at the Khozama office building in Riyadh, thrashing out policy in as many as 40 groups known as "delivery labs". The plans are heavy on jargon-labeled targets requiring ministries to hit rigid budget and reform goals, according to documents seen by Reuters. MODELS One model is neighboring United Arab Emirates, which began radical reforms by cutting gasoline subsidies last year, people familiar with the Saudi plan said. Another model is Malaysia, which in 2010 moved to diversify beyond commodity exports and attract more foreign investment. Consultancy McKinsey & Co played a major role in the Malaysian plan and is now at the center of the Saudi effort. The NTP echoes Malaysia's program in three ways. It puts a single body in charge of implementation to force better cooperation between ministries. It seeks feedback from the private sector early, even during planning. And it aims to boost the private sector's share of investment, something Saudi planners consider vital as oil revenues sag. Riyadh wants private firms to develop tourism facilities on some of its islands, plans to create "free zones" with minimal red tape near airports, and even wants private investment in some schools. New infrastructure such as roads and port facilities will be constructed under build-operate-transfer contracts, in which private firms finance the projects and then operate them to recoup their investments. "The government will take no risk anymore, it will only provide opportunities," said a Saudi economist who attended a recent workshop. The NTP will also speed up Saudi Arabia's long-running but slow-paced privatization program. Up to 5 percent of national oil giant Saudi Aramco will be sold to the public, Prince Mohammed says, possibly raising tens of billions of dollars. Also on the block: chunks of other companies in up to 18 sectors, including healthcare, mining and transport. Management of the country's financial reserves will become more aggressive, according to officials and consultants. The central bank, which acts as the kingdom's sovereign wealth fund, holds $584 billion of foreign assets, mostly in conservative investments such as bank deposits and U.S. Treasuries. In the future, privatization proceeds will be invested in corporate assets around the world, generating income and obtaining access to technology and expertise. Saudi officials have been visiting the Abu Dhabi Investment Authority – which has over $700 billion invested in developed and emerging market equities, fixed income, private equity, real estate and infrastructure – to see how it works, sources said. Prince Mohammed told Bloomberg last month that one fund, the Public Investment Fund (PIF), would be expanded to control over $2 trillion eventually. The fund is now believed to have about $100 billion of assets. DEADLINE Top officials are reviewing proposals which all the ministries involved were required to submit by March 31, two sources said. "Everyone is waiting for the NTP announcement for a clue about how things will operate going forward," said a Western diplomat who monitors the economy. There are many skeptics. Some say the NTP is too late. Local capital markets are too small to absorb a privatization program so attracting foreign money will be vital. But investors are wary of Saudi Arabia's prospects given the low oil price. Eliminating the budget deficit by 2020 will require an additional $100 billion in spending cuts and tax increases – equivalent to about 16 percent of gross domestic product. That could stifle growth and deter the investment the NTP seeks. Some plans are headline-grabbing but may involve little real change. For example, the PIF will take over assets such as Saudi Aramco but won't be able to reinvest that wealth unless it sells big pieces of the firm, which would be tough for financial and political reasons. And then there's the mixed fortunes of some of the models Saudi Arabia has looked at. "Most of the economic transformation programs in various countries didn't succeed or diverged immensely from the original plans," said prominent Saudi economist Ihsan Bu Hulaiga. Malaysia, for instance, has increased the private sector's share of investment modestly, to 64 percent in 2014 from 52 percent in 2009. But the country's currency has plunged along with commodity prices, something Riyadh wants to avoid. Many question the role of highly paid consultants. "You have people in their 30s with laptops helping to determine the direction of the country," said one foreign consultant. "The potential for change has certainly gone up, but so has the risk." Some Saudis think an economic shake-up could lead to the kind of social changes many foreign business executives believe are needed to modernize Saudi's economy: allowing women to drive, for instance, or opening up the legal system. The planning itself suggests some openness to change. Senior officials, normally given to opulent robes, regularly come to workshops in simple clothes, say some attendees. And unusually, female consultants are working closely with men. More»
Amwal Al Ghad English - 2016-04-14 08:38:11
Jordanian security services on Wednesday closed the Amman headquarters of the Muslim Brotherhood, the country's main opposition force, a security source and lawyer for the movement said. "Jordanian security searched the headquarters of the Muslim Brotherhood and evacuated it before sealing off the entrance with red wax," lawyer Abdelkader al-Khatib told AFP. "This is clearly a political decision in line with what is happening in the region," he added. A security source told AFP that the movement's headquarters were "closed on the order of the governor of the capital as the Brotherhood did not obtain legal authorisation" for its activities. The Jordanian authorities view the Brotherhood as an illegal organisation because its licence was not renewed in accordance with a political parties law adopted in 2014. The Jordanian branch of the Muslim Brotherhood, which was formed in Egypt in 1928 and has affiliates across the region, has wide grassroots support in the kingdom. More»