<![CDATA[rss-Business & Economics]]> All Rights Reserved for The Cairo post <![CDATA[Business & Economics]]>]]> 100 29 <![CDATA[Business News Wrap-Up]]>EGX ends 3rd week of February in green

The Egyptian Exchange (EGX) ended the third week of February in green, amid Egyptian buying.

The benchmark EGX30 increased 0.49 percent, or 74.43 points, to end at 15,318.92 points.

Restaurants, Hotels, Suez Canal record highest revenues in Q1



The Central Agency for Public Mobilization and Statistics (CAPMAS) said in its monthly bulletin that the Restaurants and Hotels sector and the Suez Canal sector recorded the highest revenues among all sectors during the first quarter (Q1) of Fiscal year 2017/2018.

Dollar exchange rate shows varied performance at major banks



The US dollar exchange rate showed varied performance during morning transactions at major banks on Thursday.

The dollar exchange rate dropped one piaster recording LE 17.59 for buying and LE 17.69 for selling at the National Bank of Egypt.

Egypt’s 10 concessions to drill for gas in Mediterranean Sea



Egypt is moving towards self-sufficiency in gas and becoming the Middle East’s energy hub, with expectations to stop importing liquefied gas by June 2018, after the production of its giant gas field, Zohr, began last December.

Egypt Today reviews the concession areas in the Mediterranean Sea and the companies working on them.

CBE issues LE 16B in T-bills Thursday



The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue LE 16 billion in treasury bills on Thursday.

The T-bills are to be offered in two installments, with the first valued at LE 7.5 billion with a 182-day term and the second worth LE 8.5 billion with a 357-day term.

Egypt Post offers ATM cards with no minimum charge



Egypt Post’s Board Chairman Essam al-Saghir said Wednesday that Egypt Post launched an ATM service for citizens with no minimum charges, adding that an ATM card could be issued with a balance of LE 10 ($0.57).

Egypt agrees to finance Japanese schools with $175.7M



Prime Minister Sherif Ismail witnessed the signing of a concessional financing agreement by the Japanese government in the framework of the Egyptian-Japanese Education Partnership Program to support and establish Japanese schools in Egypt with total support of $175.7 million.



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2/22/2018 5:43:00 PM
<![CDATA[EGX ends 3rd week of February in green]]>
The benchmark EGX30 increased 0.49 percent, or 74.43 points, to end at 15,318.92 points.

The small and mid-cap index EGX70 rose to 856.10 points, with a 0.13 percent 1.14 point increase, and the broader index EGX100 edged up 0.01 percent, marking 2047.29 points.

The equally weighted index EGX50 increased by 0.11 percent, or 2.93 points, closing at 2676.88 points.

Market Capitalization gained LE 3.8 billion, recording LE 883.46 billion, compared to LE 879.59 billion in Wednesday’s session.

The trading volume reached 320.14 million shares traded through 26,745 transactions with a turnover of LE 1.27 billion.

Egyptian investors were net buyers at LE 78.08 million while Arab and foreign investors were net sellers at LE 35.59 million and LE 4.49 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 20.24 million, LE 17.35 million and LE 41.13 million, respectively.

Egyptian organizations bought at LE 98.33 million while Arab and foreign organizations sold at LE 18.24 million and LE 1.37 million, respectively.

Trans Oceans Tours (TRTO), Mohandes Insurance (MOIN) and Nile Pharmaceuticals and Chemical Industries-Nile (NIPH) were top gainers of the session with 12.50 percent, 9.27 percent and 8.17 percent, respectively.

Rakta Paper Manufacturing (RAKT), Medical Packaging Co SAE (MEPA) and Orange Egypt for Telecommunications (OREG) were top losers of the session with 3.79 percent, 3.77 percent and 3.37 percent, respectively.

The Egyptian exchange ended Wednesday session on a mixed note, EGX30 increased 0.17 percent, EGX70 decreased 0.47 percent, EGX100 stood at Monday’s level, marking 2047.06 points, and EGX50 leveled off 0.66 percent.
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2/22/2018 4:40:46 PM
<![CDATA[Restaurants, Hotels, Suez Canal record highest revenues in Q1 ]]>
The bulletin showed that the revenues of the Restaurant and Hotel sector grew 50.8 percent in the first quarter of this fiscal year, recording LE 19.9 billion, compared to LE 13.2 billion in Q1 of 2016/2017.

The revenues of Suez Canal reached LE 12.2 billion, compared to LE 11.5 billion in Q1 of the prior year, with a 6.1 percent increase.

The bulletin showed that the revenues of the Service sector increased by 3.1 percent as it recorded revenues of LE 43.3 billion in the first quarter of 2017/2018, compared to LE 42 billion in the same period of 2016/2017.

Revenues of the Agricultural sector reached LE 125.1 billion, compared to LE 121.5 billion in Q1 of 2016/2017.

The Information Bulletin is a monthly statistical bulletin issued by the Central Agency for Public Mobilization and Statistics (CAPMAS). It includes various data on population, financial, economic and social indicators, among others.


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2/22/2018 3:45:06 PM
<![CDATA[Egypt’s 10 concessions to drill for gas in Mediterranean Sea]]>
The Italian energy company Eni discovered in 2015 Zohr gas field in the Shorouk concession with around 850 billion cubic meters of gas.

In 2010, the US Geological Survey estimated in a study that the gas reserves in the Eastern Mediterranean Sea are about 345 trillion cubic feet of gas.

The study added that it also contains huge amounts of oil reserves of 3.4 billion barrels of oil, along with large amounts of gas liquids.

Egypt's natural gas reserves in the Mediterranean and the Nile Delta reach about 122 trillion cubic feet of natural gas.

In addition to the discovery of 30 trillion cubic feet of gas in Zohr field, Egypt is drilling for gas in different areas in the Mediterranean Sea.

Egypt Today reviews the concession areas in the Mediterranean Sea and the companies working on them.

gas fields
Map of the Egyptian gas fields in the Mediterranean Sea.


The Italian energy company Eni and its concession areas

The Italian Company has three concessions in the Mediterranean Sea; the first is Al Shorouk where it discovered Zohr gas field, approximately 190 kilometers north of Port Said in an area of 100 square meters (39 sq mi) and at a depth of 1,450 meters (4,760 ft).

In addition to Al Shorouk Concession, Eni is working on North Leil and Karawan concessions in the west of Zohr field.

British Petroleum has three concessions

British Petroleum Company is working on three concession areas in the Mediterranean Sea; the first is North al-Maks area, in west of Zohr field, the second is North el-Taneen, and the third is al-Tabya area in the south of Zohr field.

Moreover, BP holds 100 percent interest in the Atoll concession, and the company announced that the project was delivered seven months ahead of schedule and 33 percent below the initial cost estimate.

The project in the East Nile Delta is pumping out 350 million cubic feet of gas per day (mmscfd) and 10,000 barrels per day (bpd) of condensate.

Three concessions are drilled by the Italian Company Edison

The Italian Company Edison is drilling on three different concessions which are North Theka and Ras Habi in the south of Zohr field, while its third concession is in the north of Port Fouad and in the east of Zohr Field.

While the remaining concession in the Mediterranean Sea is in Northern Arish, located in the southeast of Zohr, and is operated by Dana Gas.

Minister of Petroleum Tarek el-Molla said earlier that Egypt accomplished four important projects for gas production in 2017 which are Torres and Libra, Atoll, Norse and Zohr.

These four projects added 1.6 billion cubic feet of gas per day to raise Egypt’s daily production to 5.5 billion cubic feet a day.

Deputy Chairman of the Egyptian Natural Gas Holding Company (EGAS) for production and fields’ development Mohamed Abdel Azim said earlier that Egypt’s natural gas production will reach some six billion cubic feet a day by the end of fiscal year 2017/18.

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2/22/2018 2:36:09 PM
<![CDATA[Dollar exchange rate shows varied performance at major banks]]>
The dollar exchange rate dropped one piaster recording LE 17.59 for buying and LE 17.69 for selling at the National Bank of Egypt.

The dollar exchange rate stood at LE 17.63 for buying and LE 17.73 at Banque Du Caire and the Arab African International Bank.

At Bank of Alexandria, the dollar exchange rate stood at LE 17.63 for buying and LE 17.73 for selling.

At Banque Misr, the dollar exchange rate stood at LE 17.58 for buying and LE 17.68 for selling.

The dollar exchange rate dropped by two piasters registering LE 17.65 for buying and LE 17.75 for selling at Abu Dhabi Islamic Bank. ]]>
2/22/2018 1:53:40 PM
<![CDATA[CBE issues LE 16B in T-bills Thursday]]>
The T-bills are to be offered in two installments, with the first valued at LE 7.5 billion with a 182-day term and the second worth LE 8.5 billion with a 357-day term.

T-bills are usually issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 370 billion, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.
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2/22/2018 12:47:47 PM
<![CDATA[GE eyes $4B in asset sales, has no plans to sell stock: CFO]]>

Chief Financial Officer Jamie Miller, speaking to an investor conference organized by Citigroup in Miami, did not elaborate on the planned asset sales. The disposals could cut cash flow by less than $500 million in 2019, but would have no impact in 2018, she said.

GE has said it plans to sell its transportation unit, which makes railway locomotives; the iconic lighting division that makes bulbs for consumers, and a connections business that sells motors, generators and automation and electrical grid equipment.

Miller said GE does not plan to quickly sell its 62.5 percent stake in oilfield services business Baker Hughes (BHGE.N) before the expiration of a two-year lockup period, reversing an earlier stance that had cast uncertainty around Baker Hughes. Baker Hughes shares rose on Wednesday.

Speaking at an another investor conference in Miami, organized by Barclays, Miller said GE has no plans to raise equity to strengthen its balance sheet.

Miller said the company has gone through a “fairly deep dive into the different elements of the company. And we have no plans for an equity raise. It’s not been discussed,” Miller said.

GE’s chief executive officer, John Flannery, last month spurred speculation about a possible break-up of the 126-year-old conglomerate when he said GE was considering “all options.”

Miller said Flannery was talking about capital allocation. “We’re examining everything,” she said. “But it doesn’t mean we don’t run the company extraordinarily well, and it doesn’t mean it’s to the exclusion of other stakeholders, too.”

Miller warned of “a little bit more noise” before GE Power recovers from a 45 percent profit drop last year. She called 2018 “a reset and stabilization year” for the division, which makes power plants and equipment.

”Turning it around “will take a good 12 to 18 months,” Miller said. She declined to predict when GE Power would regain the double-digit profit margins it had in 2016.

“I think in the next couple of years, we will have good line of sight to that shift,” Miller said.]]>
2/22/2018 12:07:47 PM
<![CDATA[Emaar continues to buoy Dubai, ex-dividend Qatar Islamic Bank tumbles]]>
Emaar, which had been trading near 14-month lows, surged 3.2 percent on Wednesday in its heaviest volume this year as some funds returned to the stock, apparently attracted by undemanding valuations compared to emerging market peers.

On Thursday morning the stock climbed a further 1.9 percent in unusually heavy trade, helping to lift Dubai’s stock index by 0.9 percent.

Saudi Arabia’s index edged up 0.1 percent in the first half-hour with Al Jazira Bank adding 0.5 percent after the securities regulator approved its request to conduct a 3 billion riyal ($800 million) rights issue.

In Qatar, the index sank 0.8 percent as Qatar Islamic Bank went ex-dividend, tumbling 4.9 percent. ]]>
2/22/2018 11:55:56 AM
<![CDATA[Asian stocks slip as U.S. rate risk sours sentiment, dollar holds gains]]>
The dollar held onto most of its overnight gains courtesy of higher Treasury yields, though the sudden shift to safety also spurred demand for the Japanese yen.

E-Mini futures for the S&P 500 ESc1 lost 0.3 percent and FTSE futures FFIc1 slid 0.8 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.8 percent, with most of the region in the red.

Japan's Nikkei .N225 shed 1.1 percent, with office equipment maker Ricoh (7752.T) down more than 5 percent on news it was conducting impairment tests.

Chinese markets were in a better mood, returning from their long holiday break with a gain of 2 percent for the Shanghai blue-chip index .CSI300.

On Wall Street, the Dow .DJI had ended Wednesday down 0.67 percent, while the S&P 500 .SPX fell 0.55 percent and the Nasdaq .IXIC 0.22 percent. [.N]

The retreat came after minutes of the Federal Reserve’s last policy meeting showed the usual concerns that inflation might disappoint, but also an expectation of faster economic growth due to fiscal stimulus.

In particular, members agreed that “the strengthening in the near-term economic outlook increased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate.”

That led investors to narrow the odds on faster hikes with a host of Fed fund futures <0#FF:> hitting contract lows. Three rate rises are now almost fully priced in for this year, compared to two as recently as December.

“Participants saw a more favorable outlook as supporting gradual rate hikes,” noted Barclays analyst Michael Gapen.

“Since then, more stimulus has arrived and there is some tentative, though not conclusive, evidence of stronger wage and inflation data,” he added. “We continue to expect four rate hikes in 2018 and 2019.”

THE THREE PCT BARRIER

That risk was not welcome in the Treasury market, where yields on 10-year notes touched their highest in four years, and those on two-year paper the highest in nine.

Yields on 10-year debt US10YT=TWEB were last trading at 2.94 percent and creeping ever closer to 3 percent - a huge psychological milestone for bulls and bears alike.

For once, the lift in yields seemed to benefit the U.S. dollar which edged up to 90.123 .DXY against a basket of currencies after having rallied 0.3 percent overnight.

The euro slipped to $1.2274 EUR=, from a $1.2359 top on Wednesday and looked in danger of testing its February trough at $1.2204.

The next hurdle will be minutes from the European Central Bank’s last meeting with markets wary in case there is more talk of an eventual winding back on stimulus.

The dollar fared less well on the yen as the Japanese currency caught a safe-haven bid, falling back to 107.32 JPY= from an early 107.68.

The euro skidded to its lowest on the yen in three months at 131.57 EURJPY= and risked cracking major support at its 200-day moving average of 131.12.

Higher bond yields were a deadweight on gold, which pays no return, and left the metal stuck at $1,323.88 an ounce XAU=.

In oil markets, U.S. crude futures CLc1 fell 61 cents to $61.06 a barrel, while Brent LCOc1 lost 48 cents to trade at $64.94.]]>
2/22/2018 10:56:04 AM
<![CDATA[German court to decide on fate of 15 million diesel cars]]>
Diesel-engine cars have been in the spotlight since Volkswagen (VOWG_p.DE) in 2015 admitted to cheating exhaust tests, triggering a regulatory and legal backlash against diesel emissions, which contain particulate matter and nitrogen oxide (NOx) and are known to cause respiratory disease.

Environmental group DUH has sued Stuttgart in Germany’s carmaking heartland, and Duesseldorf over levels of particulate matter exceeding European Union limits.

The German states have appealed against the decisions, leaving Germany’s federal administrative court in Leipzig to rule on whether such bans are legal.

Environmental groups say levels of particulate matter exceed the EU threshold in at least 90 German towns and cities.

Carmakers have sought to avert a total ban with an agreement to overhaul engine management software on 5.3 million diesel cars as a way to clean up German cities.

Environmental groups have called software updates insufficient and have lobbied for cars with Euro-6 and Euro-5 emissions standards to receive hardware updates of their exhaust treatment systems.

German auto safety group ADAC said that hardware retrofits of Euro-5 vehicles cost between 1,400 and 3,300 euros and can cut diesel pollution by up to 70 percent.

Retrofits would prove extremely costly for carmakers and an outright diesel ban could trigger a fall in vehicle resale prices, also known as residuals, which are used as a benchmark for pricing leasing and finance contracts.

“The decline in diesel residuals toward the end of 2017 showed a clear acceleration, ending the year at 52.6 percent, having started the year at 56 percent,” analysts at Evercore ISI said in a note on Wednesday.

Evercore ISI forecasts a 5 percent fall in diesel residual values could result in a drop of 1.6 billion euros ($2 billion) in operating profit across eight European and U.S. carmakers.]]>
2/22/2018 10:51:49 AM
<![CDATA[Egypt Post offers ATM cards with no minimum charge]]>
Saghir added that this service allows online purchasing inside or outside Egypt, referring that it can be used through any bank’s ATMs.

The chairman told Egypt Today that citizens can get the ATM card from any post office for LE 25 with their national IDs.

Egypt Post has around 400,000 branches in Egypt with 24 million customers.

On October 2017, Egypt Post decided to supersede postal savings books with ATMs in post offices in all governorates nationwide as of October.

Such a decision has been taken after the success of the experimental process held in Cairo and Giza post offices in August.

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2/22/2018 3:00:00 AM
<![CDATA[Egypt agrees to finance Japanese schools with $175.7M]]>

The agreement was signed by Minister of Education Tarek Shawqi and Chairman of the Japanese International Cooperation Organization (JICA) Shinichi Keitao.


Minister of Investment and International Cooperation Sahar Nasr has signed an exchange of notes on the concessional financing agreement of the government of Japan with Japanese Ambassador to Egypt Takihiro Kagawa.


The agreement aims to strengthen the Egyptian-Japanese educational partnership program by providing necessary support to the human resources working in the sector.


The provided support will develop the educational process through the transfer of Japanese expertise in the educational sector of Egypt at different age levels to improve the quality of educational services provided to students in Egyptian-Japanese schools.


During a visit to Japan in March 2016, President Abdel Fatah al-Sisi met with Japanese Prime Minister Shinzo Abe and announced a joint partnership in education, built upon applying the Japanese education model “Tokkatsu”, which consists of class activities, club activities, pupils' council activities and school events.


The Japanese education model was proven successful in 12 schools in 2016-2017 in Cairo, Giza and Qalyubia governorates, leading up to the decision to generalize the system, Chairman of the General Education Sector Reda Hegazy stated in April.

The Japanese experience has included ten activities a day, such as the collection of garbage by students once a day in the morning; monitoring the daily feeding habits of each student; heeding music, arts and painting; spreading awareness of personal hygiene; and developing teamwork skills.
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2/22/2018 12:10:00 AM
<![CDATA[United Company for Pharmaceutics honored at BT 100 ceremony]]>
Being one of the largest distributors of pharmaceuticals in Egypt and the Middle East, UCP, headed by Hossam Omar, was awarded as one of the top ten economic entities for its leading role in manufacturing medicines and contributing with the Ministry of Health in solving the crisis of medicines in Egypt.

In his speech on behalf of the head of the company, Mohamed Galal, executive manager of UCP, hailed the organization of the ceremony, asserting the recovery of the Egyptian economy as a result of the latest implemented major projects in accordance with the directions of President Abdel Fatah al-Sisi. Moreover, Galal called the investors to increase investment projects in Egypt, enjoying the secured investment climate.

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BT100 honors Egyptian tycoons and key business figures - Egypt Today

Walid Elbansly, finance manager of the company, said that UCP is proud of being a part of this celebration, calling for fruitful cooperation in the coming period to promote investment in Egypt.

He thanked Khaled Salah, editor-in-chief of Youm7 and head of the editorial council of Business Today Egypt, for his amazing organization of the ceremony.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation Sahar Nasr, Minister of Communications and Information Technology Yasser Al-Qadi and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National Bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr and e-payment solution provider Fawry. Other companies include Hesham Talaat Mustafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in the Egypt 2030 Vision.
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2/21/2018 7:19:56 PM
<![CDATA[Chairman of the FSA Mohammed Omran awarded at bt100]]>
Omran's deputy, Khaled el-Nashar, received the award on his behalf.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.]]>
2/21/2018 5:24:48 PM
<![CDATA[Chairman of EGX Mohamed Fareed awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.]]>
2/21/2018 5:21:23 PM
<![CDATA[Head of Consumer Protection Agency Atef Yacoub awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
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2/21/2018 5:18:37 PM
<![CDATA[IDA Chairman Ahmed Abdel Razik awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
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2/21/2018 5:15:58 PM
<![CDATA[Minister of Public Enterprise Khaled Badawy awarded at bt00]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
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2/21/2018 5:11:53 PM
<![CDATA[Security, infrastructure top priority for Egypt ]]>
This number will require more than 60 million job opportunities, Mahlab said in a meeting with the students of the Faculty of Medicine at Alexandria University.

The presidential aide noted that security and infrastructure are a high priority for Egypt.

Meanwhile, Mahlab revealed that unemployment rate in Egypt has dropped to 11.3 percent, adding that the foreign investments in the country have registered $7.9 billion.

He also indicated that the Suez Canal revenues have recorded $49.6 billion.

Separately, Mahlab uncovered that the number of projects implemented so far has totaled 3,195 at a cost of LE 667 billion.]]>
2/21/2018 5:09:26 PM
<![CDATA[Railway revenues increase to LE 164.1M in January]]>
The number of passengers decreased last month to 20.7 million, compared to 21.1 million in January 2017 and 20.4 million in December 2017, according to the statement.

The amount of goods transferred by the railway recorded 541,200 in January 2018, compared to 437,800 in January 2017 and 424,400 in December 2017.

Meanwhile, train accidents increased last month to 187 accidents, compared to 105 accidents in January 2017.

In 2017, the Egyptian National Railways Authority signed an agreement to purchase 100 train engines worth $575 million from General Electric (GE).

The Egyptian Railways Authority’s budget in fiscal year 2017/18 is LE 3 billion.

Minister of Transportation Hesham Arafat said in a June statement that it should have been LE 9 billion in order to continue developmental projects.

The Egyptian National Railways Authority’s revenues increased 16 percent in June 2017, achieving LE 149.6 million, compared to the LE 128.8 million recorded in June 2016.
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2/21/2018 5:06:20 PM
<![CDATA[Minister of Planning Halal el-Saeed awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/21/2018 5:04:46 PM
<![CDATA[Presidential aide: Egypt implemented 3,195 projects cost LE 667bln]]>
Mahlab also revealed during a meeting with the students of the Faculty of Medicine at Alexandria University, that Egypt’s population is estimated to reach 184 million by 2052. This number will require more than 60 million job opportunities.

The presidential aide noted that security and infrastructure are a high priority for Egypt.

Meanwhile, Mahlab revealed that unemployment rate in Egypt has dropped to 11.3 percent, adding that the foreign investments in the country have registered $7.9 billion.

He also indicated that the Suez Canal revenues have recorded $49.6 billion.]]>
2/21/2018 4:46:46 PM
<![CDATA[Minister of ِIndustry Tarek Kabil awarded at bt100]]>
Chairman of the Industrial Development Authority Ahmed Abdel Razik received the award on Kabil's behalf.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/21/2018 4:32:49 PM
<![CDATA[Minister of ِAntiquities Khaled el-Anany awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
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2/21/2018 4:23:42 PM
<![CDATA[EGX ends Wednesday on a mixed note]]>
The benchmark EGX30 increased 0.17 percent, or 25.23 points, to end at 15,244.49 points.

The small and mid-cap index EGX70 decreased to 854.96 points, with a 0.47 percent or 4.01 point increase, while the broader index EGX100 stood at Monday’s level, marking 2047.06 points.

The equally weighted index EGX50 leveled off 0.66 percent, or 17.65 points, closing at 2673.95 points.

Market Capitalization gained LE 406.75 million, recording LE 879.59 billion, compared to LE 879.18 billion in Tuesday’s session.

The trading volume reached 305.1 million shares traded through 27,201 transactions with a turnover of LE 1.88 billion.

Arab investors were net sellers at LE 753.32 million while Egyptian and foreign investors were net buyers at LE 59.41 million and LE 693.91 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 24.36 million, LE 37.92 million and LE 196,551, respectively.

Arab organizations sold by LE 791.25 million while Egyptian and foreign organizations bought by LE 35.05 million and LE 693.71 million, respectively.

El Ahram for Printing and Packing (EPPK), Egyptian Satellites Co SAE (EGSA) and Medical Packaging Co SAE (MEPA) were top gainers of the session by 8.96 percent, 8.91 percent and 7.07 percent, respectively.

National Company for Housing for Professional Syndicates (NHPS), Ghabbour Auto SAE (AUTO) and Rubex International for Plastic and Acrylic Manufacturing (RUBX) were top losers of the session by 9.02 percent, 7.55 percent and 6.55 percent, respectively.

The Egyptian Exchange (EGX) ended Tuesday's session on a mixed note, amid Egyptian selling.

The benchmark EGX30 increased 0.40 percent, the small and mid-cap index EGX70 rose a 0.61 percent, and the broader index EGX100 leveled 0.60 percent. However, the equally weighted index EGX50 decreased by 0.18 percent.
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2/21/2018 4:10:11 PM
<![CDATA[Dollar exchange rate stable at major banks in Egypt]]>
The dollar rate reached LE17.60 for buying and 17.70 for selling at the National Bank of Egypt.

At Banque Misr, the dollar rate stood at LE 17.58 for buying and 17.68 for selling.

The dollar exchange rate stood at LE 17.63 for buying and 17.73 for selling at the National Bank of Greece and the Arab African International Bank.

At the Commercial International Bank (CIB), the dollar exchange rate stood at LE 17.59 for buying and 17.69 for selling.

The dollar rate inched one piaster up to stand at LE 17.63 for buying and 17.73 for selling at Baque Du Caire.

The dollar exchange rate reached LE 17.65 for buying and LE 17.75 for selling Al Baraka Bank.

At Abu Dhabi Islamic Bank, the dollar exchange rate went up to record LE 17.67 for buying and LE 17.77 for selling. ]]>
2/21/2018 3:13:10 PM
<![CDATA[Al Hokair Subsidiary wins usufruct right of ‘Magic Land’ ]]>
The company added that Al Hokair subsidiary will pump investments worth $30 million in the project for 30 years.

The statement clarified that the value of the right of use is ($678,000) per year, with an annual increase of LE 300,000 and five percent of the gross profit before amortization.

Egyptian Media Production City Co SAE (known as Media Production City) is a public company, listed on Egyptian Exchange (EGX) since September 1999.

Media Production City operates within the media sector and focuses on movies and entertainment. It has four subsidiaries operating across Egypt working on movies and entertainment, application software, hotels, resorts and cruise lines and broadcasting. Media Production City is based in 6th of October city, Egypt and was established in January 1997.


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2/21/2018 3:09:10 PM
<![CDATA[Sisi supports investment efforts: Minister]]>
In statements during a ceremony at which President Abdel Fattah El Sisi inaugurated an investor services center in the Ministry premises, she added that the move indicates that President Sisi is supporting efforts for enhancing investment in Egypt.

She added that the investment climate in Egypt before 2014 was suffering from so many problems as there was no clear leadership to outline a defined vision and an investment strategy.

Minister of Investment and International Cooperation Sahar Nasr added that after 2014, when President Sisi assumed power, things changed and Egypt had a clear vision and a national project.

She added that after 2014, Egypt started its economic reform program of which creating a propitious investment atmosphere was a major pillar.

Problems facing investors led to a decrease of investments and the national economy in general was moving backward, she added.

The government has undertaken a swift action for economic reform in an effort to improve the investment climate in Egypt, she said, adding that a strategy was outlined to attain this goal.

This strategy, she added, was based on modernizing investment laws, creating institutions that are capable to implement these laws and improving the infrastructure.

Minister of Investment and International Cooperation Sahar Nasr said that the new investment law offered several incentives to investors.

The new law is treating on equal footing men and women and Egyptian and foreign investors, she pointed out.

International indicators show that investors have an easy access to the Egyptian market, she said, noting that what is more important is that investors can go out of the market as easy as they entered it.

Legislative amendments and financial inclusion contributed to supporting the investment sector, she said, adding that the ministry has also managed to settle several investment problems and disputes.

This led to attracting much more investments, she boasted.
]]>
2/21/2018 1:55:30 PM
<![CDATA[Minister of Communications Yasser el-Kady awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/21/2018 1:32:02 PM
<![CDATA[Minister of Investment Sahar Nasr awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/21/2018 1:29:57 PM
<![CDATA[Minister of Health Ahmed Emad el-Din awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/21/2018 1:28:25 PM
<![CDATA[Minister of Environment Khaled Fahmy awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/21/2018 1:25:18 PM
<![CDATA[Orange Egypt losses decrease to LE 1.6B in 2017]]>
The company’s revenues increased 7.51 percent to achieve LE 12.67 billion in 2017, compared to LE 11.79 billion in the prior year.

Meanwhile, the company’s standalone results recorded losses of LE 1.49 billion in 2017, compared to LE 2.46 billion, marking a 47.97 percent decrease.

Orange suffered LE 1.7 billion in losses in nine months from January to September in 2017.

The company attributed the losses to the rise of loans as well as the increase of the interest rates with 600 points in 2017, which reflected on the cost of the loans.

The statement added that the rise of inflation and currency flotation increased the costs of the company, which reflected on the losses of the year.

Orange Egypt for Telecommunications (known as: Orange) is a public company, listed on the Egyptian Exchange (EGX) since May 1998.

Orange operates within the Telecommunication Services sector focusing on Wireless Telecommunication Services. It has six subsidiaries operating across Egypt. Orange is based in Cairo, Egypt, and was established in March 1998.


]]>
2/21/2018 1:24:13 PM
<![CDATA[Minister of Electricity Mohamed Shaker awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/21/2018 1:23:09 PM
<![CDATA[Minister of Youth Khaled Abdel Aziz awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/21/2018 1:20:48 PM
<![CDATA[Dollar hits one-week high as focus shifts to Fed]]>
The dollar index, which measures the greenback against a basket of peers, was up 0.2 percent. The index has bounced almost 1 percent so far this week, after slumping 1.5 percent the previous week to its lowest level in three years [/FRX].

MSCI’s world index of stocks was down 0.1 percent, set for its third straight decline this week, as a down day in Europe offset earlier gains in Asia.

Investor attention is on the minutes of the Fed’s last policy meeting in late January, due later in the day. The last readings of U.S. wages and inflation came in higher than expected, with some blaming the numbers for prompting a violent selloff in stocks earlier this month.

“Markets are particularly sensitive to inflation, and we think the odds that the minutes reinforce the narrative of firming inflation are high,” said Elsa Lignos, RBC’s global head of FX strategy.

“We think there is a high probability that the Fed moves the dots to four hikes in 2018 (from three) near-term and that the minutes could be another step in that direction.”

The U.S. currency has been weighed down by a variety of factors this year, including concerns that Washington might pursue a weak dollar strategy and the perceived erosion of its yield advantage as other countries start to scale back their easy-money strategies. Confidence in the dollar has also been shaken by mounting worries over the U.S. budget deficit.

U.S. Treasury yields helped to strengthen the dollar, rising as the bond market braced for this week’s $258 billion deluge of new government debt. The two-year Treasury yield touched 2.282 percent, the highest since September 2008. [US/]

Increased government borrowing has put upward pressure on Treasury yields. The Treasury Department has issued more debt in anticipation of a higher deficit from last year’s major tax overhaul and a budget deal that will increase federal spending over the next two years.

The stronger dollar weighed on commodities, with Brent crude futures losing 1 percent to $64.61 per barrel and U.S. crude oil futures also slipping 1 percent to $61.16.

U.S. crude hit a near two-week high the previous day on news of inventory declines at a key storage hub and from expectations that top OPEC producers could extend cooperation beyond 2018. [O/R].

Spot gold touched a one-week low of $1,329.42 an ounce, having declined 1.4 percent so far this week.

DOWN DAY FOR STOCKS

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7 percent after slipping earlier in the session following the U.S. market losses, which snapped a six-session winning streak.

Chinese financial markets will resume trading on Thursday after being shut for the past week for the Lunar New Year.

Japan’s Nikkei trimmed earlier gains but still ended the day 0.2 percent higher.

Australian stocks were nearly flat and South Korea’s KOSPI gained 0.55 percent. Hong Kong’s Hang Seng rose 1.2 percent.

European shares retreated in early trading, under pressure from a continued rise in bond yields, with pan-European STOXX 600 index down 0.6 percent and Germany’s DAX falling 0.2 percent.

Bond yields did not rise across the board however - lower- than-expected readings of purchasing manager surveys in France, Germany and the euro zone all came in lower than expected, stabilizing euro zone bond markets [GVD/EUR].]]>
2/21/2018 1:20:35 PM
<![CDATA[Minister of Finance Amr al-Garhy awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/21/2018 1:17:55 PM
<![CDATA[Housing Minister Moustafa Madbouli awarded at bt100]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/21/2018 1:14:27 PM
<![CDATA[CBE Governor Tarek Amer awarded at bt100]]>
Deputy Governor of CBE Gamal Negm received the award on Amer's behalf.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/21/2018 1:08:57 PM
<![CDATA[ACA chairman lauds economic reforms adopted by Sisi]]>
Indeed, sacrifices have been made in the process, Erfan acknowledged as he addressed a ceremony marking the inauguration of an investor service center, the first in Egypt.

The country had to deal with the outcome of decades of bureaucracy and archaic laws that were used by some - whether with good or bad intentions - to cast doubt on any serious investor wishing to establish successful projects, Erfan said.

But president Sisi insisted on a "comprehensive confrontation ... with the aim to break the stalemate ... and support every step that would give hope to Egyptians," he noted.

Erfan talked about a strong infrastructure and competitive currency, assuring that the funding deficit is subsiding and the investment climate is safe and encouraging.]]>
2/21/2018 12:41:54 PM
<![CDATA[Sisi says government not part of gas deal with Israel ]]>
During the inauguration of two investors’ centers on Wednesday, Sisi described progress made in terms of gas finds in Egypt by “scoring a goal.”

Commenting on Egypt’s import of gas from Israel per a deal with the private Egyptian company Dolphinus, Sisi said that the government is not part of the deal. He further lauded the huge attention to the issue by the Egyptians since the news surfaced.

Around 64 BCM of natural gas from Israel’s Tamar and Leviathan reservoirs will be exported to private Egyptian company Dolphinus over a decade for $15 billion, according to a Monday statement by Delek Drilling, one of the two companies leading gas projects in reservoirs.

The agreement stipulates that the supply will continue until 2030 or until the 64 billion cubic meters have been fulfilled, whichever is sooner.

Sisi clarified that Egypt consumes around $12 -13 million of petroleum derivatives per year.

The two newly opened investors’ centers are located in 6 of October city in Giza governorate and Gamasa city in northern Delta. Through these centers, investors will be able to finalize all related regulations without dealing directly with the Ministry of Investment.

Sisi urged to make the best use of gas in petrochemical industries, which in return will be an added-value, instead of solely using it as a fuel, which brings the lowest revenue.

Sisi noted that a new law recently passed by the parliament guarantees Egypt’s benefit from the gas, either by manufacturing or exporting it to other countries.

The Egyptian Parliament passed a new law to regulate the activities of the gas market; the law will help attract the private sector to invest in storing and selling natural gas directly to consumers.



Egypt is expected to stop importing liquefied gas by June 2018, after the production of its giant Zohr gas field began by the end of 2017; Zohr contains about 850 billion cubic meters (30 trillion cubic feet) of gas.

In addition to Zohr, Egypt accomplished three other gas production projects which are Torres and Libra, Atoll, and Norse.

These four projects added 1.6 billion cubic feet of gas per day to raise Egypt’s daily production to 5.5 billion cubic feet a day.

Deputy Chairman of the Egyptian Natural Gas Holding Company (EGAS) for production and fields’ development Mohamed Abdel Azim said earlier that Egypt’s natural gas production will reach some six billion cubic feet a day by the end of fiscal year 2017/18.

The new discoveries are expected to turn Egypt into a net exporter of natural gas as the country is expected to halt gas imports by mid 2018.

]]>
2/21/2018 12:39:14 PM
<![CDATA[Live streaming: Sisi inaugurates two Investors' centers ]]>
The event is attended by Prime Minister Sharif Ismail, Minister of investment Sahar Nasr and government officials

In the below link a live streaming of the inauguration



Sub-investors’ centers offer services and facilities to investors rather than dealing directly with the Ministry of Investment and International Cooperation.

Investor Centers provide services as the procedures to establish a firm, its contract, documentation, licensing and the commercial register.]]>
2/21/2018 10:49:21 AM
<![CDATA[Food products' prices expected to be stable in local market]]>
In statements to MENA on Wednesday on the fringe of Gulfood 2018, he hailed a recent decision by the Central Bank of Egypt on downing the interest rate as contributing to stabilizing prices and boosting investments in the industrial sectors.

Gulfood is the world's largest annual food trade show, its 23rd edition taking place in Dubai on Feb 18-22, 2018.

He said the food sector's investments hit LE 500 billion in 2017.

The sector's growth rate is expected to range between 8 to 10 percent in 2018, he said.

Gazairi said there are more than one million workers serving in the sector.

He hailed the recent laws issued by the Egyptian government as positively affecting the industrial sector in general and the food industry in particular.

He deemed the laws of investment, industrial license and food safety as the most important legislation for luring investments in the coming period and improving the quality of local products to be able withstand international competition.]]>
2/21/2018 10:07:37 AM
<![CDATA[Volkswagen, German union IG Metall reach wage agreement]]>
IG Metall did not provide details of the agreement but has called a news conference at 10 a.m. local time (0900 GMT).

The union had threatened earlier this month to cripple vehicle production at Volkswagen, incensed by an offer from management to raise pay for staff at western German plants by no more than 2.2 percent over 12 months, about a third of the 6 percent it was seeking.]]>
2/21/2018 10:00:38 AM
<![CDATA[Qualcomm deals blow to Broadcom's bid with sweetened NXP deal]]>
The new deal puts pressure on Broadcom to decide if it will stick with a stipulation in its bid that Qualcomm does not raise its offer for NXP. It could strengthen Qualcomm’s defenses because it allows its shareholders to better assess the standalone value of Qualcomm as an alternative to a deal with Broadcom.

Qualcomm shares fell 1.3 percent to $63.99, significantly below Broadcom’s latest $82 per share cash-and-stock offer unveiled on Feb. 5, as investors saw the new NXP deal as increasing the chances of Qualcomm repelling Broadcom.

Broadcom said on Tuesday it was evaluating its options in response to Qualcomm’s move and noted that the revised price for NXP was well beyond what Qualcomm has repeatedly characterized as “full and fair.” It called the new deal a transfer of value from Qualcomm shareholders to NXP shareholders.

In an interview with Reuters, Qualcomm’s presiding board director Tom Horton argued that the revised deal with NXP represented value for Qualcomm shareholders irrespective of the outcome of the takeover battle with Broadcom.

“It makes Qualcomm stronger and more profitable and diversified if there is no deal with Broadcom, and if we do decide to pursue a sale the same is true, more value would accrue to the Qualcomm shareholders,” Horton said.

Qualcomm raised its offer for NXP from $110 to $127.50 per share in cash. In exchange, it received binding agreements from nine NXP stockholders that collectively own more than 28 percent of NXP’s outstanding shares to support the deal. These include hedge funds Elliott Advisors (UK) Ltd and Soroban Capital Partners LP, which had spearheaded opposition to the NXP deal.

NXP’s shares rose 6 percent to $125.56. The stock had traded above the original offer price for nearly seven months, reflecting expectations among investors that Qualcomm’s offer would be raised.

NXP shareholders have to tender their shares in an offer that is currently set to expire on March 5, though Qualcomm has repeatedly pushed back this deadline as it awaits clearance from China’s MOFCOM, the only regulator globally needed to approved the deal that has yet to do so. The Chinese New Year holiday this month has delayed this review.

Under the new terms agreed with NXP’s board, the deal with Qualcomm is contingent on 70 percent of NXP’s shares being tendered, instead of the 80 percent threshold required in the earlier agreement signed in October 2016. Once this threshold is reached, Qualcomm can take over the entire company through a “second-step” transaction mechanism.

The new NXP deal came less than a week after Broadcom and Qualcomm executives met face-to-face for the first time to discuss the differences between the two sides. Qualcomm called the meeting constructive but reiterated it had several concerns over price and regulatory risk.

The acquisition of NXP will help Qualcomm to expand in the fast-growing market for chips used in automobiles and reduce its dependence on the competitive smartphone market.

The takeover battle between Qualcomm and Broadcom is at the heart of a race to consolidate the wireless technology equipment sector, as smartphone makers such as Apple Inc (AAPL.O) and Samsung Electronics Co Ltd (005930.KS) use their market dominance to negotiate lower chip prices.

Singapore-based Broadcom is mainly a manufacturer whose connectivity chips are used in products ranging from mobile phones to servers. San Diego-based Qualcomm primarily outsources the manufacturing of its chips which are used for the delivery of broadband and data, a business that would significantly benefit from the rollout of 5G wireless technology.

To put pressure on Qualcomm, Broadcom has put forward six nominees up for election at Qualcomm’s March 6 shareholder meeting to replace the majority of the company’s eleven-member board of directors.

Proxy advisory firm Glass Lewis on Tuesday recommended Qualcomm shareholders vote for all six director nominees Broadcom has put forward.

Last week, Institutional Shareholder Services Inc (ISS) had recommended for the election of four Broadcom nominees. While this recommendation would fall short of Broadcom’s nominees winning a majority on Qualcomm’s board, ISS said such a vote by Qualcomm shareholders would offer a reasonable path to a negotiated deal that would deliver value.

“ISS and Glass Lewis only influence a minority of our shareholders. They belie the fact that the Qualcomm board is doing everything it can in the furtherance of the interests of its shareholders. The ISS and Glass Lewis reports are also dated because they came out before certainty was secured on the NXP deal,” Horton said.]]>
2/21/2018 9:58:15 AM
<![CDATA[Japan to buy at least 20 more F-35A stealth fighters: sources]]>
“In view of budgets and production schedules a new acquisition of around 25 planes is appropriate,” said one of the sources with knowledge of the plan. The sources asked not to be identified because they are not authorized to speak to the media.

The sources said buying complete aircraft from the United States, at about $100 million each, will save Japan about $30 million per airframe.

The purchase will add to an earlier order for 42 of the fighters, most of which are being constructed at a “final assembly and check out” plant in Japan operated by Mitsubishi Heavy Industries (7011.T), the country’s leading defense contractor.

That plant is one of only two such factories outside the United States. The other, in Italy, is operated by Leonardo Spa (LDOF.MI).

As China fields ever more advanced aircraft, including stealth planes, and as North Korea pushes ahead with its nuclear weapon and ballistic missile programs, adding F-35s will further increase Japan’s reliance on U.S. military technology to give it an edge over potential foes in East Asia.

Japanese military planners are also considering buying F-35Bs, the vertical takeoff and landing (VTOL) version of the aircraft. Those models can operate from small islands skirting the East China Sea or from ships such as the Izumo-class helicopter carriers.

“We have not yet made any plan and we are evaluating what fighter aircraft we need,” Itsunori Onodera said at a news briefing on Tuesday when asked whether Japan planned to buy more F-35s.

Onodera’s ministry will release two defense reviews by the end of the year that will outline Japan’s security goals and military procurement plans for the five years beginning in April 2019.

The first of the 42 F-35As ordered by Japan’s Air Self Defence Force (ASDF) are being deployed to Misawa Air Base in northern Japan. Japanese government officials and Lockheed Martin executives are set to attend a ceremony there on Saturday to mark the entry of the first Japanese F-35 into service.

The F-35 accounts for about a quarter of Lockheed Martin’s total revenue. The company is hiring 1,800 workers for its Fort Worth, Texas, factory to build a fleet that is expected to grow to more than 3,000 jets worldwide. Lockheed Martin is scheduled to nearly triple annual production to more than 160 jets by 2023.

The first Japanese F-35s will replace aging F-4 Phantom fighters that date back to 1960s. The next batch will allow Japan to retire some of the aging 200 F-15s flown by the ASDF that are the main interceptor workhorse of the nation’s air defenses.

Japan also wants to build its own stealth fighter, dubbed the F-3, although the high cost of military aircraft development means it will probably need to find foreign partners to share the expense.]]>
2/21/2018 9:55:30 AM
<![CDATA[GM proposes $2.8 billion, 10-year investment in South Korea]]>
The plan comes as the Detroit carmaker and the South Korean government discuss restructuring options at loss-making GM Korea, one of GM’s largest offshore operations.

Last week, the U.S. automaker announced it would shut down a factory in Gunsan, southwest of Seoul, and said it was mulling the fate of its three remaining plants in South Korea.

The proposal is on top of a more than $2.2 billion debt-for-equity swap GM is offering to get financial support and tax benefits from Seoul. Reuters reported the details of that part of the plan on Tuesday.

The official with direct knowledge of the matter said GM had asked South Korea to inject funds into GM Korea through state-run Korea Development Bank (KDB), which holds a 17 percent stake in the unit. On that basis, KDB would provide around $476 million in investment.

However, the official said a close look into GM’s proposal was needed to determine whether the investment plan was sufficient to rescue the unit, which directly employs some 16,000 workers.

South Korea’s trade minister also told parliament the government has asked for an audit into GM’s “opaque” management in the country.

“By opaque we mean the high rate of profits to raw material costs, interest payments regarding loans and unfair financial support made to GM’s headquarters,” said Paik Un-gyu.

Paik said the South Korean government needed reassurance from GM on its long-term commitment in the country before it would commit funds.

GM Korea did not immediately respond to requests for comment.

MOUNTING LOSSES

GM’s decision to close it Gunsan plant was the latest in a series of steps it has made to put profitability and innovation ahead of sales and volume.

Since 2015, GM has exited unprofitable markets including Europe, South Africa and Russia.

GM laid out a plan to invest around 3 trillion won in South Korea and said KDB, the second biggest shareholder, should provide about one sixth of the total, the head of the company’s Korean union told Reuters, citing a plan the company had briefed union members on.

A South Korean lawmaker earlier confirmed GM had put forward a proposal including the investment plan and the debt-to-equity swap.

In return, GM requested South Korea take part in financing the investment and raising capital, according to a statement by Jung You-sub, the lawmaker from Bupyeong, where GM runs its biggest factory in South Korea.

On Tuesday, Barry Engle, head of GM’s international operations, met with a government-appointed task force in Bupyeong and told reporters the company wanted to stay in South Korea.

Engle has asked for a meeting on Thursday with the trade minister, Paik told lawmakers.

KDB has said the automaker has not shared sufficient information about its finances or the cause of its mounting losses, according to officials from the bank and government officials.

South Korea was for years a low-cost export hub for GM, producing close to a fifth of its global output at its peak.

But the automaker’s decision to exit other unprofitable markets have exacerbated problems for GM Korea, which used to build many of the Chevrolet models GM once offered in Europe.

GM Korea posted a total of 1.9 trillion won in net losses between 2014 and 2016.]]>
2/21/2018 9:50:22 AM
<![CDATA[Apple in talks to buy cobalt directly from miners: Bloomberg]]>
The iPhone maker is seeking contracts to buy several thousand metric tons of cobalt for five years or longer, Bloomberg reported, citing an anonymous source.

Cobalt prices have skyrocketed of late due to an expected growth in demand for electric vehicles powered by lithium-ion batteries.

Apple may end up deciding not to go ahead with a deal, the report said, citing another source.

Apple was not immediately available for comment outside regular business hours.]]>
2/21/2018 9:46:43 AM
<![CDATA[South Korea regulator flags deal for cryptocurrency industry]]>
The regulator said on Tuesday that it hopes to see South Korea - which has become a hub for cryptocurrency trade - normalize the virtual coin business in a self-regulatory environment.

“The whole world is now framing the outline (for cryptocurrency) and therefore (the government) should rather work more on normalization than increasing regulation,” said Choe Heung-sik, chief of South Korea’s Finance Supervisory Service (FSS), told reporters.

The latest news suggests authorities might adopt a lighter regulatory touch, a step change from the justice minister’s warnings in January that the government was considering shutting down local cryptocurrency exchanges, throwing the market into turmoil.

FSS has been leading the government’s regulation of cryptocurrency trading as part of a task force.

Cryptocurrency operators see Choe’s comments as positive step for the industry’s plans for self-regulation.

“Though the government and the industry have not yet reached a full agreement, the fact that the regulator himself made clear the government’s stance on co-operation is a positive sign for the markets,” said Kim Haw-joon of the Korea Blockchain Association.

South Korea banned the use of anonymous bank accounts for virtual coin trading as of January 30 to stop cryptocurrencies being used in money laundering and other crimes.

Three local banks including Shinhan Bank, Industrial Bank of Korea, NH Bank, are currently offering cryptocurrency accounts to around five local virtual coin exchanges.

Choe said that Kookmin Bank and KEB Hana Bank may have also put in place an appropriate system, though they haven’t as yet started handling transactions.

“I hope they (the banks) no longer fear authorities once they have the right system,” Choe added.

An official from FSS told Reuters tough regulatory oversight of illegal trade in cryptocurrencies will remain in place.

Bitcoin BTC=BTSP, the world's most heavily traded cryptocurrency, is now changing hands at a three-week high of $11,160 on the Luxembourg-based Biststamp exchange after falling as low as $5,920.72 in early February.

South Korean electronics giant Samsung has already started production of cryptocurrency mining technologies, local media reported in January.]]>
2/21/2018 9:44:31 AM
<![CDATA[Asian stocks gain, dollar extends recovery]]>
But spreadbetters expected European stocks to follow Wall Street’s lead and open lower, with Britain’s FTSE slipping 0.3 percent and Germany’s DAX and France’s CAC losing 0.6 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7 percent after slipping earlier in the session following the U.S. market losses, which snapped a six-session winning streak.[.N]

“Some investors in (Asia) are returning from the Lunar New Year break and trying to catch up after seeing the U.S. share markets make gains during their absence,” said Kota Hirayama, senior market economist at SMBC Nikko Securities in Tokyo.

“If Chinese shares rise when trading resumes tomorrow, that could lift the region further.”

Trading in Chinese financial markets will resume on Thursday after being shut for the past week for the Lunar New Year.

Japan’s Nikkei trimmed earlier gains but held on to end the day 0.2 percent higher.

Australian stocks were nearly flat and South Korea’s KOSPI gained 0.55 percent. Hong Kong’s Hang Seng rose 1.2 percent.

U.S. Treasury yields rose as the bond market braced for this week’s $258 billion deluge of new government debt. The two-year bill yield touched 2.282 percent, the highest since September 2008. [US/]

Increased government borrowing has applied steady upward pressure on Treasury yields. The Treasury Department has issued more debt in anticipation of a higher deficit from last year’s major tax overhaul and a budget deal that will increase federal spending over the next two years.

The dollar benefited from the higher yields, with its index against a basket of six major currencies edging up to a one-week high of 89.904.

The index has bounced 0.9 percent so far this week after slumping 1.5 percent the previous week to a three-year low.

The U.S. currency has been weighed down by a variety of factors this year, including concerns that Washington might pursue a weak dollar strategy and the perceived erosion of its yield advantage as other countries start to scale back their easy money strategies.

Confidence in the dollar has also been shaken by mounting worries over the U.S. budget deficit.

But the greenback managed to find bids once the dust began to settle after last week’s tumble.

“We are seeing the dollar being bought back after last week’s slide. The steady U.S. economy and the possibility of the Fed accelerating its rate increases will likely keep fuelling the dollar’s rebound, particularly against the euro and yen,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo.

Later on Wednesday, investors will turn their attention to the minutes of Fed’s last policy meeting in late January. Analysts said a hawkish tone to the minutes could prompt markets to price in the risk of a faster U.S. interest rate hikes and help lift the dollar further.

The dollar extended an overnight surge and gained 0.45 percent to 107.800 yen. The euro fell 0.1 percent to $1.2323 following losses of 0.55 percent the previous day.

The Australian dollar lost 0.4 percent to $0.7852 and the New Zealand dollar dipped 0.2 percent to at $0.7333.

The stronger dollar weighed on commodities, with Brent crude futures losing 0.8 percent to $64.73 per barrel and U.S. crude oil futures slipping 1 percent to $61.15.

U.S. crude hit a near two-week high the previous day on news of inventory declines at a key storage hub and from expectations that top OPEC producers could extend cooperation beyond 2018.

Spot gold touched a one-week trough of $1,327.90 an ounce, having declined 1.4 percent so far this week.]]>
2/21/2018 9:40:47 AM
<![CDATA[Misr El Kheir Foundation honored at BT 100 ceremony ]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation Sahar Nasr, Minister of Communications and Information Technology Yasser Al-Qadi and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National Bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr and e-payment solution provider Fawry. Other companies include Hesham Talaat Mustafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in the Egypt 2030 Vision. ]]>
2/20/2018 10:02:03 PM
<![CDATA[BT100 honors EFG Hermes for performance in asset management]]>
Nabil Moussa received the Crystal Award during the ceremony organized by BT magazine held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.

]]>
2/20/2018 9:59:26 PM
<![CDATA[BT100 honors OUD for innovation, creativity in real estate ]]>
Mohamed Mohamed Farid Khamis received the Crystal Award during the ceremony organized by BT magazine held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 9:54:51 PM
<![CDATA[EJB honored at bt100 ceremony ]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 9:54:28 PM
<![CDATA[Amr El Seginy receives bt100 Award]]>
The young Prodigy was awarded for his Remarkable role in the business environment in Egypt.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.]]>
2/20/2018 9:49:08 PM
<![CDATA[BT100 honors Orascom Construction for leading performance on EGX]]>
Ehab Mohab received the Crystal Award during the ceremony organized by BT magazine held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 9:47:15 PM
<![CDATA[Ahmed El Beheiry receives bt100 Award]]>
Chief Executive Officer of Telecom Egypt El Beheiry was honored for his company’s Leading performance on the EGX in the ICT sector.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 9:42:25 PM
<![CDATA[VP of Pharco Cooperation honored at bt100 ceremony ]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 9:41:21 PM
<![CDATA[BT100 honors Hyde Park Developments for market share growth]]>
Chief Executive Officer Amin Serag received the Crystal Award during the ceremony organized by BT magazine held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 9:38:09 PM
<![CDATA[Unites Company of Pharmacists honored at bt100 cermony]]>
The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 9:35:32 PM
<![CDATA[BT100 honors Emaar Misr for CSR initiative in the real estate]]>
Chief Executive Officer Mohamed El Dahan received the Crystal Award during the ceremony organized by BT magazine held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 9:30:55 PM
<![CDATA[Ayman Ismail receives bt100 Award]]>
Chairman of the Board of Directors and Chief Executive Officer of DMG Mountain View Ayman Ismail was honored for his successful partnership with the Government in the Real estate sector.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 9:30:49 PM
<![CDATA[BT100 honors Jumia Egypt for innovation, creativity ]]>Cairo – 20 February 2018: Jumia Egypt was honored by “Business Today” magazine Monday night, February 29, during the 15th Annual BT100 Awards for its leading innovation and creativity in the ICT sector.

CEO Hesham Safwat received the Crystal Award during the ceremony organized by BT magazine held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 9:24:59 PM
<![CDATA[Rixos' Nasser Abdul Latif honored at bt100 cermeony]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/20/2018 9:20:45 PM
<![CDATA[BT100 honors OPPO for remarkable market share growth]]>Cairo – 20 February 2018: OPPO Electronics Corporation was honored by “Business Today” magazine Monday night, February 29, during the 15th Annual BT100 Awards for its remarkable market share growth in the ICT sector.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 9:19:21 PM
<![CDATA[CFC's marketing manager Henwa Naguib honored at bt100 ceremony]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/20/2018 9:16:22 PM
<![CDATA[GUPCO honored at bt100 for successful partnership with Gov't]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/20/2018 9:12:25 PM
<![CDATA[BT100 honors Vodafone Egypt]]>
Chief Executive Officer at Vodafone Egypt, Alexandre Froment-Curtil, received the Crystal Award on behalf of the company during the ceremony organized by “Business Today” magazine.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 9:09:03 PM
<![CDATA[ENI honored at BT100 for market share growth ]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. Remarkable market share growth in the petroleum services sector]]>
2/20/2018 9:06:54 PM
<![CDATA[Presentation Group CEO receives BT100 Crystal Award]]>
Kamel received the “Crystal Awards BT100” during the ceremony held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 8:57:31 PM
<![CDATA[ABE head Al Sayed Qaiser receives BT100 Crystal Award]]>
Qaiser received the “Crystal Awards BT100” during the ceremony held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 8:50:31 PM
<![CDATA[Ahmed Hiekal receives bt100 Award]]>
The Chairman of Qalaa holdings was honored for his influential role to expand Egyptian investments base.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 8:50:19 PM
<![CDATA[Careem honored at BT100 for innovation leader in automotive sector ]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/20/2018 8:48:05 PM
<![CDATA[Albatross Chairman receives BT100 Crystal Award]]>
Abu Ali received the “Crystal Awards BT100” during the ceremony held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 8:43:22 PM
<![CDATA[Mansour Automotive awarded at BT100 ]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/20/2018 8:40:52 PM
<![CDATA[Ashraf Salman receives bt100 Award]]>
The former Minister was honored for his influential role to prepare Egyptian environment for investments during his time at the office.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 8:39:22 PM
<![CDATA[Hazem Hegazy receives BT100 Crystal Award]]>
Hegazy received the “Crystal Awards BT100” during the ceremony held at the Four Seasons Hotel Nile Plaza.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 8:38:23 PM
<![CDATA[BT honors Rooya Group chairman Hisham Shokry at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Hisham Shokry, Chairman of Rooya Group for Real Estate Investment, for his prominent contributions in the development of the real estate sector.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 8:35:20 PM
<![CDATA[Shell Egypt honored at BT100 for market share growth ]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/20/2018 8:35:11 PM
<![CDATA[BT honors Banque Misr deputy chairman Sahar al-Damaty at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Sahar al-Damaty, deputy managing director of Banque Misr, for her prominent contributions to the development of the banking sector.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 8:32:24 PM
<![CDATA[Halawani Bros honored at BT100 for leading role in FMCG sector ]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/20/2018 8:30:32 PM
<![CDATA[BT honors OHD non-executive chairwoman Manal Hussein at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Manal Hussein, non-executive Chairwoman at Orascom Hotels and Development, for her prominent contributions to the development of the real estate sector.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 8:27:34 PM
<![CDATA[Select Group head receives BT100 Crystal Award]]>
Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.

]]>
2/20/2018 8:21:41 PM
<![CDATA[BT honors Arab Investment Bank Hany Seif El-Nasr at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Chairman of the Arab Investment Bank Hany Seif El-Nasr, for his prominent contributions to the development of banking services and SMEs.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 8:21:21 PM
<![CDATA[BT honors Bavarian Auto Group Chairman Farid El-Tobgy at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Bavarian Auto Group Chairman Farid El-Tobgy for his prominent contributions to the development of the autos manufacturing field.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 8:17:45 PM
<![CDATA[Edita honored among Egypt's top 100 companies]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/20/2018 8:15:07 PM
<![CDATA[BT honors Oriental Weavers owner Farid Khamis at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday founder of Oriental Weavers Mohamed Farid Khamis for his prominent contributions to Egypt's economy development.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 8:14:28 PM
<![CDATA[BT honors Amer Group founder Mansour Amer at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Founder and CEO of Amer Group Holding Co. Mansour Amer, for his prominent contributions to the development of the real estate sector.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 8:07:46 PM
<![CDATA[BT100 honors Tatweer Misr CEO Ahmed Shalaby]]>
Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.
]]>
2/20/2018 8:07:31 PM
<![CDATA[Raouf Ghabbour receives bt100 Crystal Award]]>
The prominent Egyptian businessman, investor and public figure leading performance on the EGX in the automotive sector.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 8:06:53 PM
<![CDATA[Mohamed Abou El Enein receives bt100 Crystal Award]]>
The prominent Egyptian businessman, investor and public figure received an award for his pioneering role in the economy during 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 8:04:56 PM
<![CDATA[Nestlé Egypt honored at BT100 for market share growth ]]>CAIRO –20 February 2018: Moutaz Al Hout, chairman and CEO of Nestlé Egypt was honored on Monday for the company's remarkable market share growth in the FMCG sector.

Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision. ]]>
2/20/2018 8:03:13 PM
<![CDATA[BT honors Vodafone EG legal director Ayman Essam at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday External Affairs and Legal Director at Vodafone Egypt Ayman Essam for his prominent contributions to the development of the telecommunication sector.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 8:02:27 PM
<![CDATA[Mahmoud El Araby honored during bt100 Awards ceremony]]>
The prominent businessman, and Chief Executive Officer of El-Araby Group, received an award for the company’s pioneering role in the economy during 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 8:02:11 PM
<![CDATA[Hisham Talaat Moustafa honored during bt100 Awards ceremony]]>
The prominent businessman received an award for his Pioneering projects in the real estate sector for almost 4 decades. His company was also awarded for the same reason.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.

]]>
2/20/2018 7:59:00 PM
<![CDATA[BT honors Sama Co. owner Hassan Rateb at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Sama Co. owner Hassan Rateb, for his prominent successful contributions to the investment and real estate sectors.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 7:55:53 PM
<![CDATA[Unilver's Ashraf Bakry honored at BT100]]>CAIRO –20 February 2018: Ashraf Bakry, managing director of Unilever Mashreq was honored on Monday at BT100, among other influential figures and companies that are actively operating the business and economics sphere in Egypt

Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.


]]>
2/20/2018 7:53:52 PM
<![CDATA[Ahmed Abou Hashima honored during bt100 Awards ceremony]]>
The prominent businessman, and founder of Egyptian Steel, Egyptian Cement & Egyptian Media, took home an award for his efforts in the innovative technology in eco-friendly production in the industrial sector during 2017. Egyptian Steel was also awarded for all their positive impact on the economy during 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 7:53:26 PM
<![CDATA[BT honors HDB CEO Fathy El Sebai at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Fathy El Sebai, Chairman of Housing and Development Bank, for his prominent successful government partnership in the banking sector. He received two awards.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 7:48:51 PM
<![CDATA[Hussein Sabbour honored during bt100 Awards ceremony]]>
The Chairman and Managing Director of Al Ahly Real Estate Development Company and Engineers development and construction company, who has unparalleled vision in his field, received an award for his important role in 2017’s economic turn to the better.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 7:47:37 PM
<![CDATA[Schneider Electric named top cooperative company with Gov't]]>
On Monday, Walid Sheta, regional director of Schneider Electric appointed was honored at BT100, among other 100 top influential figures and companies that are actively operating in the business sphere.

Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.
]]>
2/20/2018 7:45:20 PM
<![CDATA[BT honors 57357 CEO Sherif Aboulnaga at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Dr. Sherif Aboulnaga, CEO of Children's Cancer Hospital Egypt 57357, for his Charity work and social support.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 7:43:11 PM
<![CDATA[Naguib Sawiris honored during bt100 Awards ceremony]]>
The prominent businessman received an award for his important role in 2017’s economic turn to the better. During his short speech, Sawiris thanked Business Today for an amazing event, highlighting the importance of such event.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 7:41:22 PM
<![CDATA[BT100 honors Samsung executive vice president ]]>
Barakat received two awards and gave a speech during the event for his company’s successful participation in the ICT sector.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.

BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.




]]>
2/20/2018 7:34:51 PM
<![CDATA[BT honors Ta'lim Co. CEO Mohamed El Rashidi at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Mohamed El Rashidi, CEO of Ta'lim Co. for Administrative Services, for his role in developing the education field.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 7:32:41 PM
<![CDATA[Mohamed El-Etreby takes home bt100 Crystal Award]]>
The Chairman at Banque Misr (S.A.E.) who has been in the sector for more than 35 years took home an award for Leading innovation and creativity in the banking sector. The bank also took home an award for their noticeable efforts during 2017 in the sector.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 7:31:34 PM
<![CDATA[Arafa Holding receives award at BT100]]>
Egypt’s leading economics magazine Business Today (BT) held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.]]>
2/20/2018 7:31:10 PM
<![CDATA[BT honors Egyptian Centers for Renting Shopping Centers CEO Badrawi]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Ahmed Badrawi, CEO of the Egyptian Centers for Renting and Managing Shopping Centers Co., for his role and efforts in supporting the Egyptian economy and remarkable market share growth in the real estate development sector.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 7:27:08 PM
<![CDATA[Hassan Abdalla, AAIB honored in bt100 Awards ceremony]]>
The Vice Chairman & Managing Director of the ‎Arab African International Bank took home an award for his outstanding Corporate social responsibility (CSR) initiative in the banking sector in 2017. Abdalla also received an award on behalf of the Arab African International Bank for their outstanding efforts during 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 7:26:23 PM
<![CDATA[BT honors Pepsico GM Mohamed Shelbaya at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Mohamed Shelbaya, general manager of PepsiCo., for his role and efforts in supporting the Egyptian economy and leading innovation and creativity in the FMCG sector.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 7:20:12 PM
<![CDATA[bt100 honors Hisham Ezz Elarab, CIB]]>
The chairman of the Commercial International Bank (CIB) received the award for leading performance on the EGX in the banking sector. He also received an award on behalf of CIB for their efforts in developing the business sector during 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 7:19:49 PM
<![CDATA[ bt100 ceremony honors Hisham Okasha, NBE]]>
The Executive Chairman at National Bank of Egypt - S.A.E. received the award for his leading role in the banking sector, specially investment banking, and his profitability margins in the banking sector. Okasha also received an award on behalf of the National Bank of Egypt for its leading role in the banking sector during 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 7:16:49 PM
<![CDATA[BT honors Etisalat Misr CEO Hazem Metwally at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Hazem Metwally, CEO of Etisalat Misr, for his role and efforts in supporting the Egyptian economy.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 7:15:28 PM
<![CDATA[El Swedy Electric honored at BT100 ]]>
Egypt’s leading economics magazine Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.

The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.
]]>
2/20/2018 7:12:32 PM
<![CDATA[E-SICO Chairman Mohamed Salem receives BT100 Crystal Award]]>
E-SICO recently launched the first Egyptian- manufactured smartphone "SICO". Commenting on that, Salem said SICO mobile phones represent the first local brand in the industry as the percentage of local component is 45 percent, noting that it would be manufactured by the company's factory in New Assiut Park, with LE 400 million in investments, according to MENA.

Egypt’s leading economics magazine Business Today held an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine honored 50 companies and 50 figures in a prestigious awards ceremony held on Monday, February 19.
]]>
2/20/2018 6:59:31 PM
<![CDATA[Alaa Ezz receives bt100 Crystal Award]]>
The Secretary General of Federation of Egyptian Chambers of Commerce, Alaa Ezz Amin received the award for his leading role in developing the business sector. Ezz has had a great impact on the business sector during 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/20/2018 6:55:07 PM
<![CDATA[BT honors Visa's North and West Africa GM Tarek Al-Husseini at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday Tarek Al-Husseini, Visa's regional manager for North and West Africa, for his leading innovation and creativity in supporting the Egyptian economy.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


]]>
2/20/2018 6:53:09 PM
<![CDATA[Mohamed Zaki El Sewedy takes home bt100 Crystal Award]]>
The chairman of the Federation of Egyptian Industries (FEI) received the award for his leading role in developing the industrial sector. Sewedy has had an exceptionally important role in the Egyptian economy during 2017.

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.




The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.


]]>
2/20/2018 6:45:03 PM
<![CDATA[BT honors e-finance CEO Ibrahim Sarhan at 15th BT100]]>CAIRO – 20 February 2018: Egypt’s leading economics magazine Business Today honored on Monday E-finance CEO Ibrahim Sarhan for his role in supporting the Egyptian economy.


Business Today held on Monday the 15th edition of its award ceremony “BT100” to honor top 50 influential figures and 50 innovative companies positively impacting the Egyptian economy in 2017.


The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.


E-finance provides state of the art Electronic Payment Solutions and Business Integration & Optimization services to the government and financial sectors in a secure environment according to the international security standards.


]]>
2/20/2018 6:42:11 PM
<![CDATA[Business News Wrap-Up]]>Zohr production won’t stop commercial gas imports: Min.


Minister of Petroleum Tarek al-Molla said in a TV statement that the production of Egypt's new giant field, Zohr, will not stop existing commercial contracts to sell and purchase natural gas.


Housing minister discusses investment in new cities with Sawiras



Minister of Housing, Utilities and Urban Communities Mostafa Madbouli said that investment chances in the new cities are the best in the current stage.

During a meeting with businessman Naguib Sawiras Tuesday, the minister said the real estate investment sector achieved successes during the past years.

Egypt, Portugal probe fostering coop. on communications, tech.



Minister of Communications and Information Technology Yasser el Kady discussed with Portugal’s Secretary of State for Internationalization Eurico Dias prospects of bilateral cooperation in the fields of communications and information technology.

Egypt's commitment to multilateral commercial system: Min.



Minister of Industry and Trade Tarek Kabil on Tuesday asserted Egypt's full commitment to the multilateral commercial system, given the fact that Egypt is a founder of the World Trade Organization (WTO).

EGX ends mid-week session on mixed note amid Egyptian selling



The Egyptian Exchange (EGX) ended the mid-week session on a mixed note, amid Egyptian selling.

The benchmark EGX30 increased 0.40 percent, or 61.14 points, to end at 15,219.26 points.

Governmental IPOs don’t face any obstacles: ministry



First Undersecretary of the Ministry of Public Enterprise Sector Ahmed Hassouna said that the governmental IPOs that are expected to be issued this year don’t face any obstacles.

Hassouna added at the Capital Market Summit that about 38 companies were issued as initial public offerings in the 1990s and were covered by a large percent, which reflects no worries about the new offerings.

Telecom Egypt signs agreement with Orange Data for 3 years



Telecom Egypt Company (WE) signed a commercial agreement with Orange Data for three years to offer infrastructure and transmission services through Telecom Egypt's network.

The agreement stipulates that Orange Data will use Telecom Egypt’s fixed internet services network.

Dollar exchange rate shows varied performance at major banks



he US dollar exchange rate showed varied performance during morning transactions at major banks on Tuesday.

The dollar exchange rate stood at LE 17.60 for buying and LE 17.70 for selling at the National Bank of Egypt and Bank of Alexandria.

CEC expects chemical exports to hit $5.5B in 2018



Egypt's chemical exports are expected to hit $5.5 billion by the end of the year, supported by the economic stability and government's keenness to provide urgent solutions to urgent problems, Chairman of the Chemical Export Council (CEC) Khaled Abu El Makarem said Monday.

Egypt's food industry investments hit LE 500B in 2017



Egypt's Chamber of Food Industries Chairman Ahsraf el Gazairi said the sector's investments hit LE 500 billion in 2017.

The sector's growth rate is expected to range between 8 to 10 percent in 2018, he said in statements on the fringe of Gulfood 2018.

]]>
2/20/2018 5:13:00 PM
<![CDATA[Housing minister discusses investment in new cities with Sawiras ]]>
During a meeting with businessman Naguib Sawiras Tuesday, the minister said the real estate investment sector achieved successes during the past years.

Madbouli said the New Urban Communities Authority is preparing a large number of plots of lands in new cities for carrying out real estate projects, pointing out that the housing ministry is interested in enabling a company owned to Sawiras to invest in the real estate domain.

For his part, Sawiras said his company wants to invest in the real estate sector in the new cities.

He pointed out that the company has been launching projects in many countries such as Egypt, Cyprus, Britain, Greece and the United State using world consultancy offices for carrying out the projects.]]>
2/20/2018 5:03:39 PM
<![CDATA[Egypt, Portugal probe fostering coop. on communications, tech.]]>
The meeting between the two officials, attended by Portuguese Ambassador to Egypt Madeleine Fischer and a delegation of businessmen from both countries, witnessed an agreement by both sides on the importance of cooperation on investing in human and technological cadres, the ministry said in a statement Tuesday.

Kady reviewed the communications sector's achievements over the past period and its contribution to boosting the national economy.

On that score, he pointed out to the first Egyptian-manufactured smart phone SICO, of which local components account for 45 percent.

He gave one as a gift to the Portuguese official.

Meanwhile, Dias emphasized the importance of strengthening economic relations between Egypt and Portugal in light of the good ties binding the two countries.]]>
2/20/2018 4:59:56 PM
<![CDATA[Egypt's commitment to multilateral commercial system: Min.]]>
Addressing a WTO meeting in Geneva, he said that Egypt is also an active party to the General Agreement on Tariff and Trade (GATT).

He underlined the necessity of preventing unfair protectionist policies in international trade.

Egypt is well aware of the important role undertaken by international trade in enhancing economic growth and improving the living conditions of peoples, he said, adding that Egypt has adopted clear trade policies with a view to achieving integration with the world economic order and encouraging tapping new markets at the local, bilateral regional and multilateral levels.

Egypt has experienced major developments at the political and economic levels since 2005 where the economic growth rate in the period from 2005-2011 hit 5-7 percent annually.

In 2011, growth rate plummeted after January revolution due to sluggish economic activities and political fluctuations, he added.

The current economic program that is adopted by the Egyptian government is based on achieving holistic economic stability, introducing structural reforms for reviving the national economy and enhancing social protection programs, he expounded.

These measures included liberalizing the exchange rate, creating more jobs and reforming the taxation system, he pointed out.]]>
2/20/2018 4:50:00 PM
<![CDATA[Emirates NBD Egypt launches youth initiative for 2nd year]]>
The youth-centric initiative targets to introduce youth to the financial world and integrate them into the banking system by encouraging innovative product and service development, Emirates NBD Egypt said in a press release.

The bank launched the "Future Intelligence Program" in October, in participation with students of many Egyptian Universities, including the American University in Cairo, the German University in Cairo, the Arab Academy for Science, Technology and Maritime Transport, Cairo University, the British University in Egypt and Misr International University.

“Emirates NBD Egypt’s program has helped shed light on innovative minds and we hope that it will support and empower Egyptian university students to contribute to the development of their country. These students will also enjoy potential employment opportunities in the bank’s various departments,” Chief Operating Officer at Emirates NBD Egypt Fouad Mohamed said.

The program gave young Egyptians the opportunity to showcase their innovative ideas to develop the banking sector as well as their creative financial solutions, according to the release.

The bank announced this year’s top three winners and the first place team was awarded a cash prize of LE 50,000 and the opportunity to attend a training program at the bank’s headquarters in Dubai.

The second and third place winners received LE 30,000 and LE 20,000, respectively. Finally, the audience chose a team which came in the fourth place and won LE 10,000.

Emirates NBD Egypt said that the cash prizes will be used to fund students’ innovative ideas and equip them with the necessary tools to develop their projects to help improve the banking system and explore new financial solutions.
]]>
2/20/2018 4:42:45 PM
<![CDATA[EGX ends mid-week session on mixed note amid Egyptian selling]]>
The benchmark EGX30 increased 0.40 percent, or 61.14 points, to end at 15,219.26 points.

The small and mid-cap index EGX70 rose to 858.97 points, with a 0.61 percent or 5.19 points increase, and the broader index EGX100 leveled up 12.26 points or 0.60 percent, up to 2047.06 points.

However, the equally weighted index EGX50 decreased 0.18 percent, or 4.78 points, closing at 2691.60 points.

Market Capitalization gained LE 2.76 billion, recording LE 879.18 billion, compared to LE 876.41 billion in Monday’s session.

The trading volume reached 268.18 million shares traded through 28,164 transactions with a turnover of LE 1.22 billion.

Egyptian investors were net sellers at LE 146.26 million while Arab and foreign investors were net buyers at LE 79.81 million and LE 66.45 million, respectively.

Egyptian and Arab individuals were net sellers at LE 37.56 million and LE 19.75 million, respectively, while foreign individuals were net buyers at 4.75 million.

Egyptian organizations sold by LE 108.7 million while Arab and foreign organizations bought by LE 99.56 million and LE 61.69 million, respectively.

Al Baraka Bank - Egypt (SAUD), National Company for Housing for Professional Syndicates (NHPS) and El Ahram for Printing and Packing (EPPK) were top gainers of the session by 8.85 percent, 7.28 percent and 7.03 percent, respectively.

International Company for Investment and Development (ICID), Ibnsina Pharma (ISPH) and MM Group for Industry and International Trade (MTIE) were top losers of the session by 7.56 percent, 5.45 percent and 4.89 percent, respectively.

The Egyptian Exchange witnessed a semi-collective rise of its indices by the end of Monday’s session as the benchmark EGX30 rose 0.75 percent, or 192.19 points, to end at 15,158.12 points.
]]>
2/20/2018 3:44:53 PM
<![CDATA[Palm Hills Developments receives 'Crystal Awards BT100']]>
Being the top-performer in 2017, the award was accepted by Palm Hills Developments’ Co-Chief Executive Officer, Tarek Abdel Rahman.

The award committee monitors the top 50 companies with the highest performance in the Egyptian Exchange, in which Palm Hills Developments led with a record-breaking stock performance.

Tarek Abdel Rahman stated, “Palm Hills Development's success in winning this award confirms the leadership and superiority of the company's projects, which was mirrored on the performance of its shares in the Egyptian Exchange. Additionally, this award fuels the company with added confidence to continue our successful strategy in the Egyptian market, while putting us in front of a greater responsibility that needs further effort and dedication in order to maintain this leadership.”

Tarek Abdel Rahman added, “The indicators of the company’s shares in the Egyptian Exchange reflects its vision and strategy, which focuses on building integrated urban communities which gained customer’s trust over the years. We aim to maintain our leadership through the completion of all our projects, according to the highest international standards and the set schedule.”

In 2017, Palm Hills Development achieved a net sales amount of EGP10.5 billion, which is 40% more than that of 2016; while the net profit from the company’s activities reached EGP 700 million.

Palm Hills Developments is considered the top company in the Egyptian market, in terms of quality, implementation rate and sales volume. In addition, the company has a land portfolio of 41 million square meter. This came after the partnership contract with the Ministry of Housing, to develop 3 Thousand Acres in 6th of October; which mirrored on the performance of the stocks in the exchange market, to be on the forefront of the 50 best performers in the Egyptian Exchange.

Business Today honors the Crystal Awards BT100 annually to honor companies that are exceptional in performance and vision, and have a solid involvement in the development, advancement and boost of the economy.

The above is a press release issued by Palm Hills Developments and doesn't necessarily reflect the editorial policy of Egypt Today.]]>
2/20/2018 3:41:27 PM
<![CDATA[Governmental IPOs don’t face any obstacles: ministry]]>
Hassouna added at the Capital Market Summit that about 38 companies were issued as initial public offerings in the 1990s and were covered by a large percent, which reflects no worries about the new offerings.

Hassouna denied that the public sector business law hampers the governance of public business companies.

He asserted that the government insists on the partnership with the private sector, referring that the government’s desire is clearly reflected in the privatization process, which the government intends to apply through the new proposals for a large number of companies contributed by the private sector.

Hassouna called on private investment banks to practice governance in their financial operations, as well as Insurance Holding Company in managing its financial portfolio.

The Initial Public Offerings program is conducted under the supervision of the Ministry of Investments.

It covers a period of three to five years, aiming at offering partial stakes in some state-owned companies on the Stock Exchange. It will serve as a main tool to attract local and foreign capital flows to Egypt.

The Egyptian Association for Finance and Investment Studies (EGFIN) organizes the Annual Capital Markets Summit on February 20, 2018 under the theme “The role of reforms in restoring growth and the vision of the capital market 2030”.

The summit addresses the government’s vision of the role of the Egyptian Exchange (EGX) in the finance system and the legislative framework to support the role of the capital market and increase its volume and provide liquidity suitable for the flow of capital to support achieving the desired economic growth.

It discusses the readiness of a number of private companies to put on the stock exchange as well as a presentation of one of the success stories in the market and how the capital market contributed to increasing the size of the company and supporting its continuity.

]]>
2/20/2018 2:43:08 PM
<![CDATA[Telecom Egypt signs agreement with Orange Data for 3 years]]>
The agreement was signed by Telecom Egypt's managing director and CEO Ahmed el-Beheiry and Chief Executive Officer of Orange Egypt for Telecommunications S.A.E. Jean Marc Harion.

The agreement stipulates that Orange Data will use Telecom Egypt’s fixed internet services network.

Telecom Egypt’s statement pointed out that there is no immediate financial effect of this agreement, but it’s expected to increase the company’s revenues on the middle term as the pricing of the new services depends on the quota.

Telecom Egypt's managing director Beheiry said the agreement will boost the strategic partnership and the volume of trade exchange between the two companies, adding that it will also maximize benefits accrued from the current growth in the data usage rates.

For his part, Chief Executive Officer of Orange Egypt Harion hoped that the agreement will help in removing all hurdles to fixed internet access services.

At the beginning of February, Telecom Egypt signed transmission and infrastructure services agreement with Vodafone Egypt for three years.

The agreement with Vodafone guaranteed minimum revenue of LE 2.37 billion for Telecom Egypt over the tenure of the agreement.

On the other hand, Telecom Egypt reached a final settlement with Etisalat Misr in regards to a dispute on international calls' services.

The settlement covered the amounts gained from the start of rendering services to Etisalat Misr and until June 13, 2017.

According to the settlement, Telecom Egypt would pay $48 million to Etisalat Misr to mitigate an exposure of more than $100 million.

Telecom Egypt is the first total telecom operator in Egypt providing all telecom services to its customers including fixed and mobile voice and data services.

Aside from its mobile operation "WE", the company owns a 45 percent stake in Vodafone Egypt.

For Orange, it operates within the Telecommunication Services sector focusing on Wireless Telecommunication Services. It has six subsidiaries operating across Egypt. Orange is based in Cairo, Egypt, and was established in March 1998.
]]>
2/20/2018 12:46:42 PM
<![CDATA[Dollar exchange rate shows varied performance at major banks]]>
The dollar exchange rate stood at LE 17.60 for buying and LE 17.70 for selling at the National Bank of Egypt and Bank of Alexandria.

The dollar exchange rate went up by two piasters, recording LE 17.62 for buying and LE 17.72 at Banque du Caire.

At the Arab African International Bank, the dollar exchange rate stood at LE 17.63 for buying and 17.73 for selling.

At Banque Misr, the dollar exchange rate stood at LE 17.58 for buying and LE 17.68 for selling.

The dollar exchange rate recorded LE 17.66 for buying and 17.76 for selling at Abu Dhabi Islamic Bank.]]>
2/20/2018 12:38:23 PM
<![CDATA[OPEC, non-OPEC producers to study long-term cooperation in June]]>
Suhail al-Mazroui said the UAE, OPEC’s biggest producer Saudi Arabia and non-OPEC Russia supported extending cooperation beyond 2018.

The Organization of the Petroleum Exporting Countries next meets in June in Vienna and non-OPEC producers participating in a supply-reduction agreement which took effect in January 2017 are expected to attend.

He said that trust that has been built up has made decisions much easier.

Mazroui said it was too early to say how the cooperation will work exactly and whether oil production management would be maintained.

But he added that market monitoring was the bare minimum the group would do to help avoid gluts or shortages.

The idea of extending cooperation beyond 2018 when the current oil cut agreement expires has prompted many analysts to say that OPEC and Russia are effectively creating a wider super group, with Moscow becoming a near-permanent OPEC member.

“I never said super group. The name isn’t important. What’s important is how we keep it together,” Mazroui said.

“I don’t want to concentrate on one country but definitely Russia is a very important partner in the group.”]]>
2/20/2018 12:28:28 PM
<![CDATA[Dollar continues recovery from three-year lows]]>
The greenback has decoupled from U.S. Treasury yields since the start of the year, skidding to its lowest levels since late 2014 against a basket of major currencies despite 10-year Treasuries approaching 3 percent for the first time in four years.

That correlation breakdown has puzzled many investors. Economists have explained it by saying that the reasons for the rise in yields have not so much been driven by expectations for higher interest rates and stronger growth, but worries about runaway inflation that have caused a selloff in both the dollar and Treasuries.

But on Tuesday, the dollar rose just over half a percent against its index to 89.569, as 10-year U.S yields climbed back up to 2.92 percent.

“The dollar finally seems to be getting some support from higher US bond yields,” said ACLS Global strategist Marshall Gittler, adding that he saw further strength in the dollar against the yen in particular.

Any positive impetus from rising U.S. interest rates has been offset by a barrage of bearish factors in recent months.

Initially, the view that other central banks would catch up with the Federal Reserve in tightening policy this year was cited as a reason for the dollar’s underperformance.

Then came comments from U.S. Treasury Secretary Steven Mnuchin who stoked concerns the United States could pursue a weaker dollar policy as its trade deficit rose to highest level in almost a decade.

Mounting worries about the U.S. budget deficit, which is projected to balloon to more than $1 trillion in 2019 amid a government spending splurge and large corporate tax cuts, have also undermined the greenback.

Economists say U.S. President Donald Trump’s tax cuts and spending plans could backfire by overheating an already strong economy, causing an unwanted pick-up in inflation.

Against the yen, the dollar climbed half a percent to 107.09 yen, having bounced back from a 15-month low of 105.545 set on Friday.

Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said there seemed to be some short-covering in the dollar in the wake of its recent fall.

“We’ve got a lot of Fed speakers...this week. I think that could be a reason why we’re seeing some of the short dollar positions pared back,” Innes said.

He added, however, that the dollar could come under pressure if this week’s U.S. government bond auctions were to show sluggish investor demand for U.S. debt.

The euro eased 0.4 percent to $1.2360, backing down from Friday’s three-year high of $1.2556.]]>
2/20/2018 11:37:44 AM
<![CDATA[CEC expects chemical exports to hit $5.5B in 2018]]>
Addressing the CEC's 12th meeting, Abu El Makarem added that the sector's exports grew by 33 percent last year to reach $ 4.46 billion despite the high cost of production inputs, and the effects of the exchange rate liberalization.

He cited also the conflicts in some countries such as Syria, Yemen, Libya and Iraq, which are among the most important markets for the Egyptian chemical industry.

Many of the sector companies have been able to achieve an increase in sales in the domestic market to meet its needs after the decline of imports, CEC chairman said.

Exports to the Kenyan market rose by 5 percent compared to the previous year, thanks to the opening of a 50,000 square meters logistics center to export goods to neighboring countries through Mombasa port, he added. ]]>
2/20/2018 11:21:42 AM
<![CDATA[Zohr production won’t stop commercial gas imports: Min.]]>
Molla added to DMC TV channel that a recently-approved law encourages the private sector and global companies to operate in Egypt.

The Egyptian Parliament passed a new law to regulate the activities of the gas market; the law will help attract the private sector to invest in storing and selling natural gas directly to consumers.

This statement came after the announcement of importing around 64 billion cubic meters of natural gas from Israel’s Tamar and Leviathan reservoirs.

Delek Drilling, one of the two companies leading gas projects in the reservoirs, said on Monday that the private Company Dolphinus will import gas from their reservoirs for over a decade for $15 billion.

The agreement stipulates that the supply will continue until 2030 or until the 64 billion cubic meters have been fulfilled, whichever is sooner.

Spokesman of the Ministry of Petroleum Hamdy Abdel Aziz said that Egypt is moving forward to implement its strategy to become a regional center for the trade and circulation of gas.

Abdel Aziz added that the government took steps to liberalize the gas market in Egypt and sat a framework that allows the private sector companies to trade in gas within the requirements and approvals of the regulatory department for gas market activities.

The spokesman clarified that the Ministry of Petroleum is not involved in the private sector agreements, confirming that any requests for licenses will be examined through the applicable regulations.

Egypt is expected to stop importing liquefied gas by June 2018, after the production of its giant Zohr gas field began by the end of 2017; Zohr contains about 850 billion cubic meters (30 trillion cubic feet) of gas.

In addition to Zohr, Egypt accomplished three other gas production projects which are Torres and Libra, Atoll, and Norse.

These four projects added 1.6 billion cubic feet of gas per day to raise Egypt’s daily production to 5.5 billion cubic feet a day.

Deputy Chairman of the Egyptian Natural Gas Holding Company (EGAS) for production and fields’ development Mohamed Abdel Azim said earlier that Egypt’s natural gas production will reach some six billion cubic feet a day by the end of fiscal year 2017/18.

The new discoveries are expected to turn Egypt into a net exporter of natural gas as the country is expected to halt gas imports by mid 2018.
]]>
2/20/2018 11:06:45 AM
<![CDATA[Gulf stocks mostly weak in early trade but Saudi firm]]>
Funds have been rotating into Saudi Arabia ahead of events such as MSCI’s decision in June on whether to upgrade Riyadh to emerging market status, and the planned listing of Saudi Aramco late in the year.

The Saudi stock index was 0.2 percent higher after 55 minutes of trade with gainers outnumbering losers by a ratio of more than two to one.

Saudi Printing & Packaging gained 2.1 percent after winning a 45.6 million riyal ($12.2 million) tender from the education ministry to print syllabuses.

Arabian Cement climbed 1.7 percent after proposing a second-half dividend of 1 riyal per share, continuing to pay a dividend despite reporting that annual net profit almost halved. For the second half of 2016, it had paid 2 riyals.

But Saudi British Bank fell 1.3 percent after reporting a 16.3 percent rise in fourth-quarter net profit to 706 million riyals, missing analysts’ average forecast of 946.5 million riyals.

Dubai’s index fell 0.6 percent, once again depressed by weak real estate stocks, with Emaar Properties down 1.0 percent.

But GFH Financial rose 2.4 percent after saying a board meeting had rejected the resignation of Jassim Alseddiqi, chief executive of Abu Dhabi Financial Group, from the board. This appeared to suggest that business ties between GFH and ADFG would continue.

In Abu Dhabi, the index fell 0.2 percent but Abu Dhabi National Energy, which has been rising sharply since it reported nearly two weeks ago that it swung to an annual profit, jumped a further 9.0 percent in active trade.

In Qatar, the index slipped 0.4 percent; Widam Food plunged 5.9 percent as it went ex-dividend.

But Aamal Holding gained 2.3 percent after saying Doha Cables, a fully owned subsidiary of Senyar Industries Qatar, in which Aamal is 50 percent shareholder, was awarded a 1.24 billion ($341 million), two-year contract by Qatar General Electricity & Water Corp to supply power cables.]]>
2/20/2018 11:03:18 AM
<![CDATA[Egypt's food industry investments hit LE 500B in 2017]]>
The sector's growth rate is expected to range between 8 to 10 percent in 2018, he said in statements on the fringe of Gulfood 2018.

Gulfood is the world's largest annual food trade show, its 23rd edition taking place in Dubai on Feb 18-22 2018.

Gazairi said there are more than one million workers serving in the sector.

He hailed the recent laws issued by the Egyptian government as positively affecting the industrial sector in general and the food industry in particular.

He deemed the laws of investment, industrial license and food safety as the most important legislation for luring investments in the coming period and improving the quality of local products to be able withstand international competition.]]>
2/20/2018 10:01:01 AM
<![CDATA[Global mining deals jump 15% by value in 2017: EY]]>
Mining and metals deals totaled $51 billion last year, up 15 percent from 2016 and dominated by coal and steel transactions, although the volume of transactions fell 6 percent.

“The focus for most of the sector in 2017 was consolidating balance sheet strength and maintaining capital discipline,” EY said in a quarterly report on the sector, published on Monday.

Coal transactions surged 156 percent to $8.5 billion as the world’s move to renewables prompted miners to shift away from thermal coal.

One of the biggest coal deals last year was Rio Tinto’s (RIO.L) sale of its Coal and Allied mines to Australia’s Yancoal (YAL.AX) for $2.7 billion.

Steel deals doubled to $13.3 billion, mainly comprising large Chinese mergers and divestments in Latin America, while gold transactions fell 34 percent to $7.3 billion.

Money raised by mining companies from stock exchange listings rose to $2.8 billion, the highest in six years but paltry compared to the $17 billion raised in 2011 at the height of the commodities boom.

For the coming year EY expects deals to be fueled by the industry’s return to investment-led strategies aimed at building portfolios rather than divestment-oriented deals that dominated in 2017.

“We expect to see more deals in 2018 as investment-led strategies begin to dominate, but the return of transformational consolidation across the industry is unlikely as capital discipline is maintained,” said EY global mining and metals transactions leader Lee Downham.

Prices of commodities such as copper, zinc, coal and iron ore surged for a second straight year in 2017 on a combination of dwindling supply and higher demand.

There will be renewed pressure on miners this year to participate in battery technology and reduce reliance on fossil fuels, EY said, while the drive to focus on business in lower risk jurisdictions should influence deals in precious metals.]]>
2/20/2018 9:57:11 AM
<![CDATA[World stocks break recovery streak with U.S. and China closed]]>
In a day of relatively quiet trading owing to market holidays in the United States and China, losses in Europe weighed on stocks globally, which had earlier been propped up by gains in Japan.

European markets had opened positive, setting up the MSCI world index for its sixth day of gains but, by afternoon, the pan-European STOXX index had slipped over half a percent.

A poor update from Reckitt Benckiser hit the consumer staples sector, outweighing gains among financials and strength in steel makers after the U.S. outlined proposals for hefty import curbs.

Shares in Tenaris, Outokumpu and Arcelor Mittal - which have facilities in the United States - were the biggest gainers in Europe, up between 1 and 4 percent.

The MSCI world index, which tracks shares in 47 countries, was down 0.1 percent. The index has recovered nearly half what it lost between late January and last week’s low. The 4.3 percent gain it ultimately posted last week was its best weekly performance since December 2011.

INFLATION FEARS

January’s two-week rout, triggered by worries about a rise in U.S. inflation, had wiped more than $6 trillion off the value of global stock markets.

The sell-off took place despite global growth was helping to improve the corporate earnings outlook.

Just before the plunge, world shares were trading at 16.66 times expected earnings, the highest levels since 2004, according to Thomson Reuters Datastream. They are currently at 15.33 times.

“Investors knew market volatility would be low as the U.S. and Canada celebrate public holidays, and that weighed on enthusiasm in this part of the world,” said David Madden, markets analyst at CMC Markets. “Dealers decided to lock in their profits from week.”

Equity investors have drawn some reassurance from a fall in the VIX - a measure of implied volatility on the S&P 500 index, also known as Wall Street’s “fear gauge”.

The index has remained below 20 for three days, last reading at 19.46. It spiked to a 2-1/2-year high of 50.3 two weeks ago, a jump that caused massive losses among investors who had bet equity markets would stay stable on a combination of solid economic growth and moderate inflation.

Greek government bond yields dipped after a ratings upgrade from Fitch that highlighted improving sentiment towards the indebted southern European state. Italian bonds came under pressure from jitters ahead of next month’s election.

Bond yields across the euro zone were broadly higher in the absence of any fresh drivers. [GVD/EUR].

The minutes of the Fed’s last policy meeting, held amid the equities tumble on Jan. 30-31, are due on Wednesday. Besides the outlook on rates, markets will be keen to see what, if anything, the Fed makes of the gyrations in markets.

DOLLAR EDGES UP

The dollar edged up from three-year lows against a basket of currencies.

The euro stood at $1.2396, backing down from Friday’s three-year high of $1.2556.

The dollar traded at 106.53 yen, bouncing back from its 15-month low of 105.545 set on Feb. 16 [FRX/].

The U.S. currency has been weighed down by various factors, including worries about widening U.S. trade and budget deficits and speculation that Washington might pursue a weak dollar strategy.

There is also talk that foreign central banks may be re-allocating their reserves out of the dollar.

Commodities, which enjoyed gains as the dollar weakened, were steady as it edged up.

Oil prices hit their highest level in nearly two weeks, lifted by the recovery in stocks and by tensions in the Middle East.

U.S. West Texas Intermediate crude rose 1.2 percent to $62.47 per barrel.

Brent crude rose over 1 percent to $65.63 per barrel.

Gold was flat.]]>
2/20/2018 9:53:23 AM
<![CDATA[Uber suspends service in Morocco after two years]]>
Uber has already halted services in Norway and Finland as it waits for the regulatory framework to change in those countries, a sign of the less pugnacious approach the company is taking toward local authorities.

The U.S. ride-hailing company has faced bans, restrictions and protests around the world as it disrupts conventional taxi services. But its new chief executive, Dara Khosrowshahi, has struck a more conciliatory tone after a string of controversies that emerged under the former CEO, Travis Kalanick.

“Since we launched in Morocco over two years ago, there has been a lack of clarity about new platforms like Uber and how they fit into the existing transport model,” Uber said in a statement.

The company has engaged with policymakers to find a solution but “despite consistent dialogue ... we have yet to see any constructive progress on the regulations and can safely say we have exhausted all measures.”

Uber will halt its services in Casablanca on Friday. It said services would resume as soon as new rules were in place.

Morocco only recognizes conventional taxis and has no provisions for private hire vehicles.

Uber has had to suspend its service using non-professional drivers in several European cities like Paris and Brussels, but it still operates a licensed service there.

Khosrowshahi, who took over at Uber last year, said in October that “regulating services like Uber is totally appropriate”.

Uber has 19,000 regular riders in Morocco and 300 drivers, who will be provided with financial support over the next two weeks.

“We are committed to supporting the hundreds of drivers that have benefited from the economic opportunities of using the Uber app. We will be working closely with them through this difficult transition,” Uber said.]]>
2/20/2018 9:49:38 AM
<![CDATA[KFC closes most of its UK stores due to chicken shortage]]>
The problem arose at the weekend after the chain switched its delivery contract to DHL, forcing the majority of its 900 outlets in Britain to shut.

“We’ve brought a new delivery partner onboard, but they’ve had a couple of teething problems – getting fresh chicken out to 900 restaurants across the country is pretty complex,” KFC said on its website.

“We won’t compromise on quality, so no deliveries has meant some of our restaurants are closed, and others are operating a limited menu, or shortened hours.”

DHL blamed the delivery delays on “operational issues”.

“We are working with KFC and our partners to rectify the situation as a priority and apologise for any inconvenience this may have caused,” a spokeswoman said.]]>
2/20/2018 9:48:02 AM
<![CDATA[Oil markets mixed as U.S crude, Brent move in opposite directions]]>
U.S. West Texas Intermediate (WTI) crude futures were at $62.38 a barrel at 0518 GMT, up 70 cents, or 1.1 percent, from their last settlement.

Traders said the higher WTI prices were a result of reduced flows from Canada’s Keystone pipeline, which has been operating below capacity since late last year due to a leak, cutting Canadian supplies into the United States.

Outside North America, Brent crude eased on the back of a dip in Asian stocks and a stronger dollar, which potentially curbs demand as it makes fuel more expensive for countries using other currencies domestically.

Brent crude futures were at $65.48 per barrel, down 19 cents, or 0.3 percent, from their last close.

The opposing price direction of the two main crude benchmarks has sharply reduced WTI’s discount to Brent, to around $3.22 per barrel on Tuesday, down from over $7 in late 2017.

Overall, oil markets remain well supported due to supply restraint by the Organization of the Petroleum Exporting Countries (OPEC), which started last year in order to draw down excess global inventories.

OPEC Secretary-General Mohammad Barkindo said on Monday the organization registered 133 percent compliance with agreed output reduction targets in January.

Barkindo said compliance last year stood at 107 percent.

Global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an “encouraging environment”, Barkindo added.

“OPEC and Russia continue to support the production cuts that are due to expire at the end of this year, and they assure markets that there will be an orderly ramp up of production once the cuts expire,” said William O‘Loughlin, investment analyst at Australia’s Rivkin Securities.

While most of OPEC, especially its de-facto leader Saudi Arabia, is showing strong support for the production restraint, non-OPEC producer Russia has shown signs it may at some stage gradually start to increase output again.

Saudi Arabia - not least in an attempt to give the planned listing of its state-owned oil giant Saudi Aramco - a boost, is keen for Russia and other producers to keep withholding supplies to prop up prices.

But soaring U.S. production is threatening to erode OPEC’s efforts.

Last week, the amount of U.S. oil rigs drilling for new production rose for a fourth straight week to 798, in an indication that U.S. crude output, already at a record 10.27 million bpd, may rise further.

The United States late last year became the world’s second biggest oil producers, only slightly behind Russia and ahead of top exporter Saudi Arabia.]]>
2/20/2018 9:42:08 AM
<![CDATA[Samsung to slash OLED production as iPhone X demand disappoints]]>
Samsung Display, the panel-making unit of Samsung Electronics, now plans to make OLED panels for 20 million or fewer iPhones at the South Chungcheong plant in the January-March quarter, significantly lower than its initial goal of supplying panels for 45 million to 50 million iPhones, the Nikkei reported.

Samsung Electronics stock fell as much as 2.3 percent in morning trade, while shares of Japanese OLED component makers, such as Hodogaya Chemical Co (4112.T) and Hirata Corp (6258.T), also declined.

Samsung Display has yet to set a production target for the April-June period, but a further cutback is possible, the Nikkei reported, without citing sources.

A spokesman for Samsung Display declined to comment.

Apple will halve its iPhone X production target for the first three months of the year to around 20 million units, the Nikkei reported last month, adding to growing concerns about weak sales of the $999 phone.

The iPhone X was the first phone to get a major design overhaul since the launch of the iPhone 6 in 2015, and many expected it to lead to blockbuster sales.]]>
2/20/2018 9:38:09 AM
<![CDATA[Refiner goes belly-up after big payouts to Carlyle Group]]>
Although little oil flowed, plenty of money did.

Under a deal Philadelphia Energy Solutions (PES) signed in 2015, the refiner paid minimum quarterly payments of $30 million to terminal owner North Yard Logistics LP - even if little crude arrived. Much of that cash, in turn, flowed to the investors that own both PES and North Yard, led by the Carlyle Group, a global private equity firm with $178 billion in assets.

The deal in effect guaranteed lucrative payouts to Carlyle regardless of whether the refinery benefited from the arrangement. When oil market conditions made the rail shipments unprofitable later that year, the refinery took heavy losses while its investors continued to collect large distributions for two more years.

The rail contract exemplifies the financial demands Carlyle imposed on PES in the years leading up to the refiner’s bankruptcy in January. The Carlyle-led consortium collected at least $594 million in cash distributions from PES before it collapsed, according to a Reuters review of bankruptcy filings. Carlyle paid $175 million in 2012 for its two-thirds stake in the refiner.

More than half the distributions to the Carlyle-led investors were financed by loans against PES assets that the refiner now can’t pay back, the filings show. The rest came from the refiner’s operating budget and payments PES made under the terminal deal to North Yard, a firm with no offices or employees that PES spun off in 2015.

PES has blamed its bankruptcy on environmental regulations that require all U.S. refiners to cover the costs of blending corn-based ethanol into the nation’s gasoline. But the ill-fated train terminal deal and other large payouts to investors played key roles in the refiner’s collapse, according to filings and five current or former PES employees who were involved in the refinery’s decision-making. The employees spoke to Reuters on condition of anonymity.

The investor payouts, along with a slump in refining economics, left PES unable to cover its obligations under the decade-old U.S. Renewable Fuel Standard or the loans it took to finance the distributions to Carlyle, the filings show.

PES had $600 million in debt and $43 million in cash on hand when it filed bankruptcy last month. It now hopes to restructure and continue operations, which employ about 1,100 people.

Carlyle Group spokesman Christopher Ullman declined to comment on whether the distributions or the rail-terminal deal contributed to the refiner’s bankruptcy. PES spokeswoman Cherice Corley defended the payments to Carlyle and said the biofuels regulations played a “significant” role its collapse.

“We feel our capital structure was appropriate, and any suggestion that it was the cause of our restructuring is completely ignoring the significant effect of the flawed Renewable Fuel Standard (RFS),” Corley said.

Other refiners and Pennsylvania officials have also blamed biofuels regulation for the South Philadelphia refinery’s failure, triggering renewed debate about the program on Capitol Hill.

Refiners without the necessary blending facilities, such as PES, are required to purchase regulatory credits, known as RINs, from firms that do such blending. The cost of compliance for PES rose from $13 million in 2012 to $218 million in 2017 as prices increased for the credits, which are traded in an open market.

The refiner, however, failed to pay a large portion of that obligation. In addition to its conventional debt, PES still owes the U.S. Environmental Protection Agency (EPA) regulatory credits worth about $350 million, an amount tied to the fuel it produced over the past two years, according to filings. The firm stopped buying RINs last year - and instead sold them to other refiners for what likely amounted to tens of millions of dollars, Reuters reported in November.

The corn and ethanol lobby has pushed back on the argument that biofuels regulation sunk PES, pointing out that other refiners governed by the same law are raking in their highest profits in years. The refinery’s failure had more to do with the hefty profits it paid to Carlyle as its cash reserves dwindled and its debt soared, said Brooke Coleman, head of the Advanced Biofuels Council.

“The Carlyle Group looks more like a corporate raider than a savior in this deal,” Coleman said.

Carlyle would not lose any of its gains on the PES investment under the refiner’s proposed restructuring plan, which has the support of almost all creditors, according to filings. PES also asks the bankruptcy court to entirely absolve its $350 million obligation to the EPA.

EPA spokeswoman Liz Bowman declined to comment on the delinquent PES credit obligations, citing the bankruptcy proceedings.

CARLYLE RECOUPED INVESTMENT WITH DEBT

Carlyle bought its stake in PES as many other East Coast refineries were closing down because of weak margins. The previous owner, Sunoco - now Energy Transfer Partners (ETP.N) - contributed the refinery’s assets and became a non-controlling partner.

The $175 million Carlyle paid was its only investment in PES, filings show, and the firm soon recouped its acquisition costs through a loan against the refinery.

At the direction of its investor-controlled board, PES borrowed $550 million in March 2013 and paid $200 million of that to investors, according to bankruptcy filings.

PES then spent $100 million building the rail terminal that year and $30 million in 2014 to double its capacity. At the time, U.S. oil production was skyrocketing as improved drilling technology unlocked new reserves in places such as North Dakota. Carlyle saw an opportunity to tap this cheaper supply and wean PES off costly imports.

The plan worked well at first, in 2013 and 2014, and PES posted earnings of about $500 million for the two years combined.

In January 2015, PES spun off the terminal, creating North Yard as a separate firm. PES then signed a ten-year agreement with North Yard to pay $1.95 for each barrel unloaded and agreed to a minimum quarterly volume of 170,000 bpd, guaranteeing the $30 million quarterly payments to North Yard. For any barrel PES unloaded above the threshold, the refinery paid North Yard 51 cents.

The system was designed to reward PES for success, but had no contingency plan to protect the refiner against the failure that would quickly follow the deal. The rail terminal has averaged just 58,000 bpd since the contract was signed, according to figures provided to Reuters by energy intelligence service Genscape, because Carlyle and PES could no longer access crude at prices low enough to make the rail shipments profitable.

That left PES paying millions of dollars to Carlyle, through North Yard, for oil shipments it never received.

BAD BET ON CHEAP CRUDE

Carlyle’s purchase of PES and the rail terminal investment were bets that U.S. oil would remain cheap relative to imports. A glut of domestic production had caused U.S. crude to sell at a deep discount to imported barrels, with the gap averaging about $8.60 between 2012 and 2015.

But by late 2015, an oil price rebound slashed the domestic discount to less than $3 a barrel – not enough to cover the cost of a long rail journey.

PES nonetheless continued to pay North Yard a total of $298 million between 2015 until August 2017, filings show. The Carlyle-led investor group received $151 million, in eight distributions, of the total paid to North Yard.

In November of that year, PES took on more debt to finance more payouts to investors, borrowing a total of $160 million in two loans against the rail terminal and delivering the proceeds its Carlyle-led backers, filings show.

Corley, the PES spokeswoman said terminal investment more than paid for itself during its more profitable period. But for last two years, PES said in filings, the refinery remained largely cut off from the cheap crude it needed to survive.

“Perversely, it became cheaper to transport crude oil from North Dakota to points in Western Europe than it was to transport the same crude oil to Philadelphia,” the firm said.]]>
2/20/2018 9:34:00 AM
<![CDATA[Over half of Japan firms do not plan base pay rise this year]]>
In a monthly Reuters Corporate Survey, just less than half said they would raise pay and most in this group said the increase would be similar to last year’s level of about 2 percent.

Prime Minister Shinzo Abe and the Keidanren business group have sought a 3 percent wage rise to encourage consumption and inflation, key elements of Abe’s bid to vanquish the country of years of deflation.

A rise in fourth-quarter GDP reported last week marked Japan’s longest continuous economic expansion since the 1980s but significant wage rises remain elusive even though the labor market is its tightest in about four decades.

In the past four years, major companies agreed to raise wages about 2 percent at annual wage negotiations with labor unions, a benchmark that sets the tone for talks across the country.

The bulk of that - about 1.8 percent - comes automatically under Japan’s seniority-based employment system. Anything beyond that is a hike in “base pay.”

But many firms are wary of raising wages as it commits them to higher fixed personnel costs, so they prefer to pay one-off bonuses instead.

The survey was conducted between Jan 31 and Feb 14 on behalf of Reuters by Nikkei Research. Of some 240 companies that responded, 52 percent said they would not raise base pay.

“It would leave a burden when the business environment turns for the worse,” wrote a manager at a transport equipment maker in the survey.

The remaining 48 percent said they intended to raise base pay, but 76 percent of this group said the rise would be the same as last year. About 14 percent saw pay rises exceeding last year, while 10 percent said they would undershoot last year’s increase.

The firms intending to boost wages cited returning a portion of profits to employees and motivating workers. Some even cited government pressure.

“We have no choice but to raise base pay because of policies by the government and Keidanren,” wrote a manager of another transport equipment firm.

VIRTUALLY FROZEN

In Japan, base salary accounts for the bulk of monthly wages. Rises in base pay had been virtually frozen since the early 2000s amid persistent deflation.

Several economists have forecast major companies would agree this year to base pay increases of around 0.5-0.6 percent, which with the seniority-based automatic salary rise would bring overall wage growth to around 2.3-2.4 percent.

“Keidanren set an unusually high target of 3 percent for wage hikes and the government has expanded tax incentives for companies raising wages,” said Yuichiro Nagai, economist at Barclays Securities, which forecast a wage hike of 2.3 percent.

Still, 52 percent of respondents said the 3 percent target was unrealistic and 7 percent said it was “out of the question.” Some 41 percent said it was realistic.

Asked the same question in the December poll, 31 percent said it was realistic, 61 percent said it was unrealistic while 7 percent called it “out of question.”]]>
2/20/2018 9:30:36 AM
<![CDATA[GM offers $2.2B debt for equity swap in return for Seoul's support]]>
The restructuring proposal comes after the Detroit automaker announced last week that it would shut its plant in the city of Gunsan, southwest of Seoul, by May and decide the future of the remaining three plants in the country within weeks.

The debt for equity swap would allow GM’s business in South Korea to continue operating. It was not immediately clear how the deal would affect the interest of the state-run Korea Development Bank, which owns 17 percent of GM Korea.

GM’s decision was the latest in a series of steps it has made to put profitability and innovation ahead of sales and volume. Since 2015, GM has exited unprofitable markets including Europe, Australia, South Africa and Russia.

It was not immediately clear how much fresh capital GM has demanded from the South Korean government to keep operating its Korean business, which employs nearly 16,000 people.

But one of the sources said GM had asked Seoul to provide financial support worth over $1 billion, while several sources said GM wanted its South Korea factory sites designated as special foreign investment zones that would make the company eligible for tax breaks for seven years.

“GM says it will recapitalize its Korean unit, and in return it’s asking South Korea to accept its packaged proposal that includes government support worth over $1 billion,” the person said, declining to be named due to the sensitivity of the subject.

A GM Korea spokesman said the company would continue to work with the government and labor union to secure support for its viability plan.

On Tuesday, Barry Engle, head of GM’s international operations, met with a task force headed by a ruling party lawmaker from Bupyeong, where GM Korea has its biggest manufacturing plant, to discuss its restructuring plan.

After the meeting, Engle told reporters the company wanted to stay in South Korea and fix the business.

“It is certainly our preference to stay and to fix the business and continue to be an important part of the Korea economy,” he said. “I‘m encouraged by the discussions and I am optimistic that that is an outcome that together we can achieve.” He declined to comment further on the discussions between GM and the South Korean government.

A South Korean lawmaker, Kim Sung-tae, said Engle told the lawmakers that the company planned to produce two new models in South Korea.

Engle did not elaborate on whether GM’s plan for the two new car models were dependent on government support for the automaker, said Kim, who attended the meeting.

South Korean government officials said it was too early to decide on any financial backing, as it wanted to conduct due diligence before committing fresh investment.

The tensions also come at a difficult time for U.S.-South Korean relations given U.S. President Donald Trump’s determination to renegotiate the U.S.-Korea Free Trade Agreement.

Korea Development Bank believes the auto maker has not shared sufficient information about its finances or the cause of its mounting losses, according to officials from the bank and government officials.

“They have requested for help and a thorough audit of the situation is among many preconditions before any public funds can be set aside,” a government official told Reuters, requesting anonymity due to the sensitivity of the matter, referring to GM.

Another government official said GM had not filed an official application yet to get its South Korea factory sites designated as foreign investment zones, but it was “testing waters” to check the possibility.

South Korea was for years a low-cost export hub for GM, producing close to a fifth of its global output at its peak.

But the automaker’s decision to exit other unprofitable markets have exacerbated problems for GM Korea, which used to build many of the Chevrolet models GM once offered in Europe.

GM Korea posted a total of 1.9 trillion won ($1.8 billion) in net losses between 2014 and 2016.]]>
2/20/2018 9:26:33 AM
<![CDATA[Asian stocks slip after European surge fades, dollar extends bounce]]>
Spreadbetters expected a mixed start for European stocks, with Britain’s FTSE seen rising 0.1 percent, Germany’s DAX dropping 0.1 percent and France’s CAC dipping 0.07 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.25 percent. Australian stocks were little changed, South Korea’s KOSPI lost 1.2 percent and Hong Kong’s Hang Seng dropped 0.4 percent.

Japan’s Nikkei retreated 1 percent after three successive days of gains.

The pan-European STOXX index fell 0.6 percent on Monday following a three-day ascent, dragged down by falls in consumer staples stocks. [.EU]

U.S. markets were closed on Monday for a holiday, and the focus will be on whether Wall Street can maintain its recovery once trading resumes.

The Dow gained 4.5 percent last week, winning back more than half of the territory lost during a sharp downturn earlier in the month.

“Whether other markets can continue their recovery depends to a large degree on how U.S. stocks perform,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.

“Volatility will also have to keep settling for the broader recovery to continue,” he said.

The VIX index - Wall Street’s “fear gauge” measure of market volatility - has slipped below 20, less than half the 50-point peak touched earlier in February.

Upbeat prospects for global growth helped lift world stocks to record highs earlier this year, although slow wage increases have been a common issue for many economies.

For example Japan has marked its longest economic expansion since the 1980s but wage increases have remained elusive amid long stretches of deflation. A monthly Reuters survey showed that more than half of companies in the world’s third largest economy do not plan to raise base pay in annual wage talks in coming months.

DOLLAR PULLS AWAY FROM 3-YEAR LOWS

The dollar index against a basket of six major currencies was 0.3 percent higher at 89.346, continuing its rebound from a three-year low of 88.253 set on Friday.

The dollar added 0.15 percent to 106.760 yen and the euro dipped 0.15 percent to $1.2387 .

Oil prices were mixed, with reduced flows from Canada pushing up U.S. crude while Brent sagged on the back of weaker Asian stocks and the dollar’s bounce.

U.S. crude futures were 1 percent higher at $62.32 per barrel after touching $62.74, the highest since Feb. 7. Brent lost 0.35 percent to $65.45 per barrel.

Overall, oil markets remain well supported due to supply restraint by the Organisation of Petroleum Exporting Countries (OPEC).

“OPEC and Russia continue to support the production cuts that are due to expire at the end of this year, and they assure markets that there will be an orderly ramp up of production once the cuts expire,” said William O‘Loughlin, investment analyst at Australia’s Rivkin Securities.

Spot gold slipped 0.4 percent to 1,341.06 an ounce, weighed by the dollar’s bounce.]]>
2/20/2018 9:22:16 AM
<![CDATA[15th Annual BT100 Awards: Reactions, Photos and More]]>
While Egypt is witnessing significant economic progress thanks to the government reform program, the Business Today’s yearly awards represents an important break in the action, when, for an evening, all the economic sectors can focus needed attention on the success stories of economic sectors and state institutions, and more take for granted.

محمد الأتربي رئيس مجلس إدارة بنك مصر
Chairman of Banque Misr Mohamed El Etriby-Egypt Today

The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.

مصطفى مدبولى وزير الإسكان
Minister of Housing Mustafa Madboli-By Egypt Today

For the first time this year, Business Today Magazine awards pioneering corporate entities from various business sectors: financial, industrial, real estate, telecommunications, and food sectors in terms of their rapid development that enabled them to contribute significantly in enhancing Egyptian economy and increasing the GDP.

عنانى
Minister of Antiquities Khaled EL-Anany receives BT 100 Award-by Egypt Today

Here’s a smattering of images from the awards show stage, the backstage pressroom and red carpet, as well as remarks from some of the night’s winners, all smiles, laughs, hugs and backslaps:


BT Honors Ministers And Major Companies In 15th Edition Of BT100 | Facebook

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Business Today is Egypt's first, and leading, English economics magazine. With over 25 years in the Egyptian market, Business Today managed to gain a solid readership from influential market leaders; including businessmen, managers, government officials and investors.

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2/20/2018 2:05:34 AM
<![CDATA[Business Today honors top innovative companies at 15th BT100]]>
The awarded companies included OPPO Electronics Corporation, Jumia Egypt and Nestle Egypt for their remarkable market share growth in 2017.

Other companies like Palm Hills and Orascom Construction were honored for their leading performance on the Egyptian Exchange (EGX) last year.

Moreover, EFG Hermes and Beltone were awarded tonight for their outstanding performances in asset and IPO management at the EGX.

Naguib
delivers a short speech after receiving his BT100 award Naguib Sawiris

For the Corporate and Social Responsibility (CSR) Awards category, BT100 honored the leading e-payment network Fawry; Unilever Middle East, a transnational consumer goods company; and Arafa Group for their outstanding impact on society.

Meanwhile, Halwani Bros received special recognition award being a pioneer in the fast-moving consumer goods (FMCG) sector.

PSX_20180219_214256
File: BT100 honors Egyptian major businessmen - Egypt Today

The event hosted more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.



It was held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

WhatsApp Image 2018-02-19 at 9.10.25 PM
File: BT100 honors Egyptian major businessmen - Egypt Today

The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.
]]>
2/19/2018 11:07:45 PM
<![CDATA[Key business figures awarded at BT 100 ceremony]]>
The ceremony awarded Egyptian officials such as Minister of Finance Amr El-Garhy, Minister of Investment and International Cooperation Sahar Nasr, Chairman of the Board of Directors of the Central Bank of Egypt Tarek Amer, Minister of Housing Moustafa Madbouly and Minister of Planning Hala Said.

Hassan Abdullah, CEO and vice chairman of Arab African International Bank, also received an award at BT100, along with Hany Seif El-Nasr, chairman of Arab Investment Bank, and Hazem Metwally, CEO of Etisalat Misr.

Various business tycoons were awarded for their influential role in enhancing the Egyptian economy, such as businessman Naguib Sawiris and chairman of Egyptian Steel Company Ahmed Abou Hashima.

The ceremony also awarded other business tycoons for their influential role in enhancing the Egyptian economy, including Fabio Cavanna, managing director at oil industry company ENI.

From the automotive sector, BT 100 awarded Saher Hashem from Shell Egypt for her role in the company’s remarkable market share growth in the automotive sector. The ceremony also honored Lotfy Mansour from Mansour Automotive for the company’s outstanding CSR initiative in the automotive sector and Ramy Kato from Careem Egypt.

Sabry El Sharkawy, managing director at Gulf of Suez Petroleum Company (GUPCO), was awarded for his efforts to build a successful partnership with the government to enhance the petroleum services sector.

The BT100 ceremony also awarded Henwa Naguib, senior marketing manager of mall management at Al-Futtaim Group's Cairo Festival City Mall, for her leading innovation and creativity in the retail sector. The ceremony also awarded Nasser Abdul Latif from Rixos, Mohamed Galal from United Company of Pharmacists, Sherine Abbas Helmy from Pharco Pharmaceuticals, Amr El Seginy from EJB and Mohamed Abdel Rahman from Misr El-Kheir Charity.
]]>
2/19/2018 10:23:50 PM
<![CDATA[Egypt to export gas supplied by Israel in energy hub plan]]>
An Egyptian government official told Reuters the deal does not entail that Cairo will import natural gas; rather, “international private companies will import gas from abroad in the framework of their own needs, and will liquefy and export them again.”

Egypt is planning to acquire self-sufficiency in gas in 2018 with the Zohr gas field and other fields in the Egyptian Mediterranean and the Delta, and turn into a major exporter of its own.

On Feb. 13, the Egyptian cabinet issued the executive statute of a law issued in September 2017 to regulate the gas market, allowing private companies to operate in the field. The agreement awaits prerequisite regulatory and government approvals in both countries, according to the contract. The gas price will be based on a price formula linked to the Brent oil barrel prices.

The means of supply is still being studied; hence, the date of transmission has not yet been determined. Possible options are the East Mediterranean Gas Company’s pipeline from Arish to Ashkelon, which has repeatedly been attacked, and the Jordanian-Israeli pipeline.

However, the agreement stipulates that the supply will continue until 2030, or until the 64 BCM have been fulfilled, whichever is sooner.

“The export deals establish Egypt’s status as a regional energy center, which allows the supply of gas both to the Egyptian domestic market and for export,” said Yossi Abu, CEO of Delek Drilling.

“Concurrently with the implementation of the transactions, we are continuing to promote additional agreements,” Abu added in the statement.

“This is the first time since the signing of peace treaties in the Middle East that such significant deals between the countries have been signed,” Israeli Energy Minister Yuval Steinitz said in a statement, adding that the agreement “is expected to strengthen bilateral relations.”
]]>
2/19/2018 7:25:28 PM
<![CDATA[PM, Siemens AG mull investment opportunities in Egypt]]>
During the meeting, that touched on the current cooperation between Egypt and Siemens AG, the company’s CEO commended Egypt’s cooperation efforts that resulted in several prominent mega projects, not only with the company, but also within the framework of its economic ties with Germany.

He also voiced his company’s keenness on boosting cooperation and investments in various spheres in Egypt.

The Egyptian prime minister said that the development march of Egypt’s infrastructure has not ended yet, but a new phase that includes several investment opportunities in mega and major projects has started, affirming that the state seeks to upgrade and promote all services to cope with the international standards.

Ismail voiced Egypt’s keenness to continue its partnership with its foreign partners on the principles of transparency and mutual interest.

The meeting also took up progress of work at energy projects currently being implemented by Siemens AG in Egypt, along with proposals to establish new projects in the field of renewable and clean energy. Siemens AG expressed readiness to implement new projects in the wind power generation field.

The prime minister made several proposals for cooperation in railways sector that included establishing rail lines for electric trains to link between several areas nationwide.

Both sides discussed the possibility of buying new tractors as part of Egypt’s efforts to upgrade the current railway network.

For his side, Kaiser pointed out that his company will ink a memorandum of understanding with the universities of Cairo, Ain Shams and Alexandria worth 120 million dollars in the field of technical training.
]]>
2/19/2018 6:54:28 PM
<![CDATA[Business News Wrap-Up]]>Capital Market law amendments are positive credit for banks: Moody’s


Moody's Investors Service said that law amendments in the Capital Markets Act that the Egyptian parliament voted on last Thursday, is credit positive for banks because the increased capital market activity will raise banks’ income from their debt capital markets business while also providing funding options.

Last Tuesday, the Egyptian parliament passed law amendments to the Capital Markets Act that will deepen the financial markets in Egypt by facilitating sukuk issuance and investors’ ability to hedge, making the country a more appealing investment destination to foreign investors.

Egypt to set local buying price for wheat in March



Egypt will set its local buying price for wheat in March, one month ahead of the harvest, the ministry of agriculture said on Monday.

3 projects to be established for dates' production in Egypt



Secretary-General of the Khalifa International Award for Date Palm and Agricultural Innovation Abdul Wahab Zayed said the UAE government would implement three projects for the production of dates in Egypt at total investments amounting to LE 40 million.

EGX ends Monday on a semi-collective rise, gains LE 8.14B



The Egyptian Exchange (EGX) witnessed a semi-collective rise of its indices by the end of Monday’s session and Market Capitalization gained LE 8.14 billion.

The benchmark EGX30 rose 0.75 percent, or 192.19 points, to end at 15,158.12 points.

Majid Al Futtaim to open 100 Carrefour stores in Egypt



Ministry of Investment and International Cooperation and the National Service Project of the Armed Forces signed a cooperation protocol with Majid Al-Futtaim to establish 100 Carrefour retail stores in different governorates of Egypt.

Dollar exchange rate stable at Egypt's major banks



The US dollar exchange rate was relatively stable during morning transactions at major banks Monday.

The dollar price reached LE 17.60 for buying and 17.70 for selling at the National Bank of Egypt, Banque Du Caire, Bank of Alexandria and the Commercial International Bank (CIB).


Qabil leaves for Geneva for WTO trade policy review



Trade and Industry Minister Tarek Qabil left for Geneva on Monday, leading a high-level delegation to take part in the World Trade Organization (WTO)'s trade policy review meetings.

Trade exchange bet. Egypt, Sweden reaches €644M in 2017



Minister of Industry and Trade Tarek Kabil stated that the volume of trade exchange between Egypt and Sweden recorded €644 million ($799.04 million) in 2017.

Bank deposits increase 43.1% in 2016/2017



Bank deposits increased 43.1 percent in fiscal year 2016/2017 on a year on year basis to record LE 3027.8 billion, the Central Agency for Public Mobilization and Statistics (CAPMAS) said in an official statement Monday.

Egypt officially launches its 1st smartphone 'SICO' nationwide



Minister of Communications and Information Technology Yasser el-Qadi and Minister of Supply and Internal Trade Ali Moselhi launched the first Egyptian- manufactured smartphone "SICO" on Sunday.

CBE issues LE 2.5B in T-bonds Monday



The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue LE 2.5 billion ($141.45 million) in treasury bond on Monday. ]]>
2/19/2018 5:13:00 PM
<![CDATA[Capital Market law amendments are positive credit for banks: Moody’s]]>
Last Tuesday, the Egyptian parliament passed law amendments to the Capital Markets Act that will deepen the financial markets in Egypt by facilitating sukuk issuance and investors’ ability to hedge, making the country a more appealing investment destination to foreign investors.

“The law’s amendments include the introduction of futures trading, a commodities exchange, allow the establishment of privately owned stock exchanges, and reduce listing fees to 0.005% from 0.002% to encourage smaller companies to list on an exchange,” Moody’s added in a report.

Moody’s clarified that the amendments also facilitate sukuk issuance, set higher penalties for violations of the law and set up a federation for non-banking financial companies similar to the Federation of Egyptian Banks.

The report noted that Egyptian capital markets are underdeveloped relative to other African peers.

“Egypt ranks 14th among the 17 African countries in Barclays Africa Group 2017 Financial Market Index, which uses a variety of parameters, both qualitative and quantitative, to record the openness and attractiveness of countries across the continent to foreign investment,” Moody’s pointed out.

“Although Egypt is the largest Arab country by population, the sukuk market is inactive, something the authorities are aiming to address with the revised law,” the report stated.

The report added that increasing the products offered and investors’ ability to hedge will increase Egypt’s attractiveness to foreign investors, which would provide additional funding options for banks.

Moody’s said that Egyptian banks are financed mainly by deposits, which accounted for 71 percent of non-equity liabilities as of October 2017.

“The income banks earn from their debt capital markets activity will increase, diversifying their operating income, which is heavily reliant on interest income earned from investment in government bonds,” the report clarified.

Moody’s referred to Local SMEs, which account for around 80 percent of GDP and 75 percent of employment; cite a lack of access to credit as a main impediment to their growth.

“Despite the central bank’s initiative, loans to SMEs remain low at around 10 percent of total loans,” according to Moody’s estimates.
]]>
2/19/2018 5:02:41 PM
<![CDATA[Egypt to set local buying price for wheat in March]]>
The world’s biggest wheat importer did not specify whether it would retain a system where it ties the local buying price to world prices, or return to an system where it subsidises farmers at a set price above world prices.

Last year Egypt procured about 3.6 million tonnes of wheat under the new pricing scheme.

The ministry said consumption of wheat used for its bread subsidy programme stands at about 9 million tonnes per year. ]]>
2/19/2018 4:34:40 PM
<![CDATA[3 projects to be established for dates' production in Egypt ]]>
In statements to MENA on Monday, Zayed said the first project will be for the development and operation of Siwa dates factory, which has already put Egyptian dates on the international market's map.

The second project is related to a dates factory that will be inaugurated in the New Valley governorate within six months at a cost of LE 15 million.

Regarding the third project, it will be connected with drawing up a strategy for making Egypt a hub for planting, processing and exporting dates, the UAE official noted.

Meanwhile, Zayed stressed the importance of the Siwa dates exhibition, which attracts many exporters especially from Asia and helps in opening new markets for Egyptian dates in different parts of the world.]]>
2/19/2018 4:26:27 PM
<![CDATA[EGX ends Monday on a semi-collective rise, gains LE 8.14B]]>
The benchmark EGX30 rose 0.75 percent, or 192.19 points, to end at 15,158.12 points.

The equally-weighted index EGX50 added 0.48 percent, or 32.32 points, closing at 2696.38 points and the broader index EGX100 edged up 0.03 percent or 2.19 points, to reach 2034.80 points.

The small and mid-cap index EGX70 decreased 0.11 percent, by losing 1.58 points, to end at 853.78 points.

Market capitalization gained LE 8.14 billion by the end of the session, recording LE 876.4 billion ($49.59 billion), compared to LE 868.28 billion in Sunday’s session.

The trading volume reached 262.65 million shares traded through 30,748 transactions with a turnover of LE 1.34 billion.

Egyptian and Arab investors were net sellers at LE 46.14 million and LE 23.1 million, respectively, while foreign investors were net buyers at LE 69.25 million.

Egyptian and Arab individuals were net sellers at LE 11.99 million and LE 30.03 million, respectively, while foreign individuals were net buyers at LE 15.2 million.

Arab and foreign organizations bought by LE 6.9 million and LE 54.05 million, respectively, while Egyptian organizations sold by LE 34.15 million.

Al Ezz Dekheila Steel - Alexandria (IRAX), National Company for Housing for Professional Syndicates (NHPS) and Samad Misr (SMFR) were top gainers of the session by 9.80 percent, 8.80 percent and 8.38 percent, respectively.

While Obour Land for Food Industries (OLFI), Misr National Steel SAE (ATQA) and Raya Contact Center (RACC) were top losers of the session by 9.92 percent, 8.06 percent and 6.54 percent, respectively.

On Sunday, organizational purchases pushed the Egyptian Exchange (EGX) to end in green, the benchmark EGX30 increased 0.53 percent, or 79.63 points, to end at 15,045.56 points.

]]>
2/19/2018 4:01:17 PM
<![CDATA[Majid Al Futtaim to open 100 Carrefour stores in Egypt]]>
The protocol was signed by Minister of Investment and International Cooperation Sahar Nasr, Regional Chairman of Majid Al Futtaim in Egypt Abdullah al Nuqrashi, Director of the National Service Project of the Armed Forces Mustafa Amin.

Minster Sahar Nasr said that this protocol came within the framework of implementing the directives of President Abdel Fatah el-Sisi to pump new investments that support the provision of commodities, including basic commodities, to Egyptian citizens with high quality and low prices.

Nasr added that this protocol will help in reviving the Egyptian economy and providing direct and indirect job opportunities.

She added that these retail stores will be established with the system of investment zones which provides incentives and privileges to the investor, ultimately reflecting on the interest of the citizen.

Regional Chairman of Majid Al Futtaim in Egypt Nuqrashi commented that signing this protocol reflects Majid Al Futtaim‘s commitment to support the Egyptian social and economic development.

Majid Al Futtaim currently has 37 Carrefour retail stores in Egypt, providing a wide range of high quality products with competitive prices to combat the price inflation that the Egyptian society faces.

]]>
2/19/2018 2:03:27 PM
<![CDATA[Dollar exchange rate stable at Egypt's major banks]]>
The dollar price reached LE 17.60 for buying and 17.70 for selling at the National Bank of Egypt, Banque Du Caire, Bank of Alexandria and the Commercial International Bank (CIB).

At the Arab African International Bank, the dollar exchange rate stood at LE 17.63 for buying and 17.73 for selling.

The dollar price also registered LE 17.64 for buying and 17.74 for selling at the National Bank of Greece and LE 17.58 for buying and 17.68 for selling at Banque Misr.

The dollar exchange rate reached LE 17.65 for buying and LE 17.75 for selling Al Baraka Bank.

While, at Abu Dhabi Islamic Bank, the dollar exchange rate went up to record LE 17.66 for buying and LE 17.76 for selling.]]>
2/19/2018 2:00:19 PM
<![CDATA[Qabil leaves for Geneva for WTO trade policy review]]>
The periodical meetings will kick off on Tuesday and run for three days at the organization's headquarters and with the participation of all 164 members.

In statements, Qabil said the Trade Policy Review of Egypt aims at providing a chance to each member state to review the economic reforms and trade policies Egypt has been adopting to boost its economy and their impact on world trade.

This review comes 15 years after the 2005 review and it is of great significance as it sends important messages to Egypt's international and regional trade partners and economic institutions that the Egyptian economy is recovering and that Egypt is committed to its international obligations, he added.

Preparations for Egypt's Trade Policy Review took one year and a half during which delegations of the WTO visited Egypt twice and held meetings with all officials concerned, he added.

Over two days, the WTO will review the outlines of Egypt's economic performance and reforms adopted by the country to push forward its economy and improve the investment climate. ]]>
2/19/2018 1:16:57 PM
<![CDATA[Trade exchange bet. Egypt, Sweden reaches €644M in 2017]]>
Kabil added that the Swedish investments in Egypt reached a $141 million dividend on 146 projects in different sectors.

This came during a session with the Minister of European Union Affairs and Trade in Sweden Ann Linde, who is currently visiting Cairo.

The Egyptian minister pointed out that Egyptian exports to Sweden included carpets, fruits, vegetables, foodstuffs, clothing, furnishings, ceramics and glass while the imports included wood, electronics, vehicles, paper, dairy products and medicines.

Kabil noted that Egypt seeks to encourage Swedish companies to invest in the Egyptian market and to benefit from the available investment opportunities.

For her part, the Minister of European Union Affairs and Trade of Sweden Ann Linde said that Egypt is an important trading partner for Sweden in the Middle East and Africa, clarifying that Egypt is one of the top 26 countries in the Swedish government's export strategy.

She noted that number of Swedish companies in Egypt started their expansions in the Egyptian market as ABB Company that seeks to participate in the implementation of electrical linking projects between Egypt and a number of countries in the region, such as Saudi Arabia, Greece and Cyprus.
]]>
2/19/2018 12:40:46 PM
<![CDATA[MIDEAST STOCKS- Region barely moves]]>
The Abu Dhabi index slipped 0.2 percent as Waha , which had been trading near 10-month highs, pulled back 4.1 percent. It proposed a 2017 cash dividend of 15 percent, down from 20 percent for 2016.

Dubai edged down 0.1 percent as amusement park operator DXB Entertainments, which has been in a downtrend for six weeks, dropped 2.0 percent.

Courier Aramex, which had surged in the last few days on strong fourth-quarter earnings, pulled back 3.2 percent.

Saudi Arabia’s index was flat after an hour but Saudi Industrial Export, which deals in bulk commodities and chemicals, jumped its 10 percent daily limit for a fourth day in row, to 222.60 riyals.

The stock has been massively volatile in recent years, plunging from a peak of above 1,000 riyals hit in 2013, but the company could play a role in an export boom which the government hopes to engineer as part of economic reforms.

Qatar’s index edged up 0.1 percent as Mesaieed Petrochemical, the most heavily traded stock, jumped 5.5 percent. Late last week the company reported a slight rise in annual profit and a hike in its dividend to 0.7 riyal per share from 0.6 riyal.]]>
2/19/2018 11:29:20 AM
<![CDATA[Bank deposits increase 43.1% in 2016/2017]]>
The statement showed that bank deposits for the family sector rose 46.6 percent in 2016/2017 to reach LE 1938.8 billion and the deposits for the private sector leveled up 31.1 percent, amounting to LE 455.5 billion.

For public service sector, the deposits increased 40.4 percent to record LE 384.3 billion in 2016/2017.

CAPMAS added that the bank credit jumped 51.3 percent in 2016/2017 on a year on year basis, recording LE 1427.5 billion.

Credit balances granted to the public business sector reached LE 475.1 billion in 2016/2017, marking a 79.2 percent increase, and the credit balance for the private sector rose 47.1 percent to achieve LE 676.2 billion in the same year.

Bank’s excess liquidity rebounded 36.5 percent to record LE 1600.3 billion in 2016/2017, according to the CAPMAS statement.

CAPMAS attributed the increase in excess liquidity to the rise of the deposits over the granted credit.
]]>
2/19/2018 11:24:15 AM
<![CDATA[Egypt officially launches its 1st smartphone 'SICO' nationwide]]>
Chairman of the Egyptian Silicon Industries Co. (E-SICO) Mohamed Salem said SICO mobile phones represent the first local brand in the industry as the percentage of local component is 45 percent, noting that it would be manufactured by the company's factory in New Assiut Park, with LE 400 million in investments, according to MENA.

The smartphone will also be distributed regionally in the African and Middle Eastern markets, with a regional guarantee, Salem added.

E-SICO is expected to be priced at an average of LE 2,000 ($112); the foreign components in the device are provided through partnership with China.

SICO Technology is planning to acquire 5 percent of Egypt’s mobile phones market share in the first year of selling.

The company’s technical centers will be in Cairo, Giza, Alexandria, Assiut, Sharkia and Luxor governorates.

Mobile phones subscription in Egypt recorded 110 percent by January 2017, with 98.2 million users, according to the Ministry of Communications and Information Technology.

Meanwhile, mobile internet users registered 26.16 million subscriptions in the same month.

]]>
2/19/2018 10:43:41 AM
<![CDATA[CBE issues LE 2.5B in T-bonds Monday]]>
The T-bonds are to be offered in two installments, with the first valued at LE 1.5 billion with a three-year term and the second worth LE 1 billion with a seven-year term.

For the current fiscal year, the budget deficit is estimated to record LE 370 billion, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.
]]>
2/19/2018 9:55:33 AM
<![CDATA[India's Reliance, global tech to invest $9.3B in industrial area]]>
More than 20 global firms including Cisco, Siemens, Corning Inc., HP, Dell, Nokia and Nvidia had agreed to invest in the project with Reliance, India’s largest listed company by market value, he said.

“When we contacted globally reputed technology companies to participate in this initiative, we received an instant and enthusiastic response,” Ambani said.

Reliance entered the telecoms business in September 2016, upending the sector with cut-price data and free voice service. Reliance has invested more than $30 billion in it telecoms unit Jio.]]>
2/19/2018 9:38:32 AM
<![CDATA[Stock volatility: back with a bang and here to stay]]>
Stock market volatility spiked to a multi-year high in the selloff and some products that flourished in low volatility collapsed. A higher-volatility environment means the 1 percent stock market swings of the past two weeks will become commonplace, strategists said.

It is something that investors will have to get used to. The Cboe Volatility Index .VIX, the most widely followed barometer of expected near-term volatility for stocks, last year logged a historically low average of 11.

“We expect the current shock to herald a higher volatility regime,” said Jim Strugger, derivatives strategist at MKM Partners in New York.

The VIX reached a 2-1/2-year high of 50.30 on Feb. 6. Since then it has slipped to 17.60, still well above the record low of 8.56 hit in November.

“Fear has come down dramatically but certainly not to the level of complacency seen pre-correction,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

“VIX futures seem to indicate that the VIX could trend down from current levels to maybe as low as 15 over the next couple of months, but there are few, if any, signs we’ll see 10 again any time soon,” he said.

The VIX is derived from the price of S&P 500 options and is an indicator of investors’ collective estimate of near-term gyrations for the benchmark stock index.

With the S&P 500 at 2,744, a VIX of 15 implies a daily move of the index of 21.54 points, or close to 0.8 percent, Frederick said.

There have been eight days this month when the S&P 500 logged a single-day move of more than 1 percent, compared with eight days in all of 2017.

“You are probably going to be bopping up and down based on stuff that happens,” said Phil Orlando, chief equity market strategist at Federated Investors in New York.

Several high-profile U.S. investors including Jeffrey Gundlach, known as Wall Street’s Bond King, and hedge fund manager Douglas Kass from Seabreeze Partners Management Inc see more stress ahead for stocks.

To be sure, a higher floor to volatility would not necessarily mean an end to the bull market in equities. The three years when the VIX logged its highest annual average, 1999, 2003 and 2009, coincided with 20 percent or bigger gains for the S&P 500.

“The velocity of the shift is what really matters here,” said Michael Purves, chief global strategist at Weeden & Co. “And the velocity of that shift is slow.”

“There’s no reason stocks can’t range higher with some higher volatility,” he said.

Ever-growing herds of volatility sellers and investors looking to buy the dip have quashed each instance of higher volatility over the last few years.

Despite the recent shock that led to the shuttering of popular exchange-traded products used to bet on stock market calm, traders are pouring money into that trade again.

The ProShares Short VIX Short-Term Futures ETF (SVXY.P), which gains as long as volatility declines or stays low, has drawn about $418 million on a net basis since Feb. 6, the day the VIX peaked, according to ETF.com data.

But things may be a little different this time. The Federal Reserve is shrinking its balance sheet and raising interest rates. U.S. corporate earnings could be the other factor to watch.

Analysts expect S&P 500 earnings to keep rising for the next few profit periods, peaking at 21.3 percent growth in the third quarter and moving to 17.8 percent growth in the fourth quarter, according to Thomson Reuters data.

“When earnings growth starts to roll over and go from positive growth to negative growth, a deceleration, you see volatility increase in the market place,” said Nick Kalivas, senior equity product strategist at Invesco PowerShares, in Chicago.

“I have been counseling clients to think about using products like low volatility or quality to help essentially mitigate some of the downside risks that are present,” he said.

Sharper equity market gyrations could serve up opportunities for stock pickers to shine.

“That will place more of an emphasis upon the quality of active management and stock picking, asset allocation and all the stuff that theoretically we get paid for because we are good at,” Orlando said.]]>
2/19/2018 9:31:03 AM
<![CDATA[Saudi Arabia's cabinet approves bankruptcy law]]>
Modern bankruptcy legislation does not currently exist in Saudi Arabia, creating difficulties for struggling companies seeking to restructure debt with creditors since the 2009 global financial crisis and, more recently, the dip in oil prices.

The kingdom is embarking on an intensive drive to overhaul its economy - including updating outdated laws - as it seeks to create an investor-friendly climate to push through a multi-billion dollar pipeline of asset sales such as the initial public offering of Saudi Aramco, expected to be the world’s largest public share sale.

“The timing is excellent,” said Bader al-Busaies, managing partner at Al Suwaiket and Al Busaies law firm.

“Lots of companies are facing financial difficulties. Before it was either liquidation or stakeholders had to inject money. The new law is an alternative solution - the international practice has proven that insolvency law offers a good solution for companies.”

King Salman endorsed the bankruptcy law after the cabinet approved it, the sources said, citing a document dated last week.

The Ministry of Commerce and Investment did not immediately respond to a request for comment, and it was not clear when the law would be promulgated and take effect.

Saudi Arabia’s Shura Council, a top advisory body to the government, in December approved a draft of the law which consisted of 231 articles in 17 chapters. It regulated bankruptcy procedures such as settlements and liquidation, for individuals as well as local and foreign companies, according to a government statement at the time.

No details of the framework of the law have yet been released but an earlier draft version created a provision whereby approval of a debt restructuring deal could be achieved if at least two-thirds of creditors approved the plan.

That might help to resolve existing distressed debt disputes such as one faced by Ahmad Hamad Algosaibi and Brothers (AHAB), a local conglomerate which currently has two-thirds of creditors’ support for its debt proposal.

AHAB and another company, Saad Group, defaulted in 2009 in Saudi Arabia’s biggest financial meltdown, leaving international and regional banks and other creditors owed about $22 billion.]]>
2/19/2018 9:21:18 AM
<![CDATA[Asian shares extend global recovery, volatility subsides]]>
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, having recovered more than 40 percent of their losses from late last month to last week’s low.

Japan’s Nikkei gained 1.3 percent.

Trading is expected to be slower than usual due to market holidays in the United States as well as Greater China.

On Wall Street, the S&P 500 rose marginally on Friday to mark its biggest weekly increase in five years, although earlier gains evaporated after a 37-page indictment filed by U.S. Special Counsel Robert Mueller charged 13 Russians and three Russian companies for meddling in the 2016 U.S. presidential election.

MSCI’s index of stock markets across the globe gained 4.3 percent last week, the best weekly performance since December 2011.

The rebound came after a two-week rout that wiped off more than 10 percent of value at one point, triggered by worries a rise in U.S. inflation may boost dollar funding costs.

The sell-off came as the corporate earning outlook improved on the back of strong global growth, bringing down equity valuations off their highs hit earlier this year.

Just before the market ructions in late January world shares were traded at 16.66 times the expected earnings, the highest levels since 2004, according to Thomson Reuters Datastream. They are currently at 15.33.

“The stocks’ valuation has become cheaper to levels that are on par with the assumption that long-term U.S. bond yields will shoot up to 3.15-3.20 percent,” said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.

The U.S. 10-year Treasuries yield rose to four-year high of 2.944 percent last week, compared to 2.411 percent at the end of last year.

The two-year U.S. yield hit its highest level since 2008 last week as investors bet the Federal Reserve will raise interest rates at its next policy meeting in March.

The minutes of the Fed’s last policy meeting, held amid the equities tumble on Jan. 30-31, are due on Wednesday. Besides the outlook on rates, markets will be keen to see what if anything the Fed makes of the gyrations in markets.

A fall in the Vix index, a gauge of expected volatilities in U.S. stocks, also helped underpin improving sentiment.

The recent sell-off is believed to have been amplified by a jump in the Vix as many players are thought to have adjusted their portfolio in line with the change in volatilities.

“The latest rout was driven more by forced selling of such players as risk parity strategies and Commodity Trading Advisors (CTAs). Their selling appears to be over,” said Mizuho’s Kuramochi.

In the currency market, the dollar stabilized off its three-year lows against a basket of currencies.

The euro stood at $1.2426, backing down from Friday’s three-year high of $1.2556.

The dollar traded at 106.24 yen, bouncing back from its 15-month low of 105.545 set on Feb 16.

The U.S. currency has been weighed down by a barrage of factors, including worries about widening U.S. trade and budget deficits and speculation Washington might pursue a weak dollar strategy.

There is also talk that foreign central banks may be reallocating their reserves out of the dollar.

The weaker dollar propped up commodities.

U.S. West Texas Intermediate crude rose 1.2 percent in Monday Asian trade to $62.43 per barrel, extending their rebound from 1 1/2-month low of $58.07 set on Feb. 9.]]>
2/19/2018 9:17:49 AM
<![CDATA[For timing of Aramco IPO, watch forward oil price curve]]>
Many industry experts are focusing on the current level of oil prices. However another key consideration for Saudi officials in floating up to 5 percent of the state oil producer is where they see prices in one to two years’ time, two sources close to the IPO said.

The Riyadh government is carefully analyzing the future price curve structure in oil markets because it regards prices further out as an important element in achieving a high valuation in what could be the biggest initial public offering in history, the sources told Reuters.

Ideally, so-called long-dated prices for one and two years ahead need to move at least $10 higher - to around $70 per barrel - for the government to be happy to launch the listing, said the sources, who declined to be named as the information is confidential.

“When will the ideal moment come?” said one of the sources. “Maybe you should also look at the forward curve for oil ... as the forward curve will be key for investors valuing Aramco.”

The Saudi energy ministry and Saudi Aramco did not immediately respond to a request for comment.

Many considerations are likely to influence the IPO timing, and the final decision may rest with Crown Prince Mohammed bin Salman. But if long-dated prices at around $70 are an important factor, this could indicate a listing may be some way away.

Brent oil futures for March 2019 are valued now at $60.60, about a $4 discount to the $64.50 current - spot - price, and for two years away at $57.70.

Saudi officials have given few clues about the IPO, with energy minister Khalid al-Falih and finance minister Mohammed al-Jadaan saying only that the government will proceed when “the time is right”.

Spot and long-dated prices often do not move together. Immediate prices are more influenced by developments such as politically driven supply outages or natural disasters, while prices further down the curve are more affected by broader expectations of supply and demand, factoring in issues such as OPEC output policy and the rise of electric vehicles.

Spot prices rose to a three-year high above $70 in January but have since slid nearly 15 percent together with a broader decline in the stock markets due to fears about global inflation as well as renewed concerns about rising U.S. oil production.

The concern about long-dated prices could also cast OPEC kingpin Saudi Arabia’s oil-supply policies in a new light.

The kingdom has orchestrated a global oil output cut deal to support prices, a move which Reuters has previously reported was partly driven by a desire to maximize Aramco’s valuation for the IPO.

Falih has repeatedly said he sees OPEC cuts lasting until the end of 2018 and even then that the exit would be very gradual - comments that helped support not only near-term but also longer-dated prices.

‘SWEET SPOT’

The Saudi government says Aramco is worth $2 trillion and aims to list on one or more foreign stock exchanges in addition to Riyadh.

Saudi sources have said the listing on a local bourse could happen before the international listing. It is not clear if the forward oil price indicator will be a key consideration for the timing of a local listing.

The IPO is a central part of the crown prince’s reform drive aimed at restructuring the kingdom’s economy and reducing its dependence on oil revenue. The prince is also one of the architects of the output production pact between OPEC and Russia.

While Saudi officials think $60 per barrel is a reasonable price for oil in the long term, the rally at the start of 2018 has provided an incentive to bump up the Aramco valuation, according to a third source close to the IPO.

“$60 is a sweet spot. But now they are making hay while the sun shines,” the source said.

He added however that, inside Aramco, concerns were also rising that a prolonged rally could again spur U.S. shale production too much and lead to a loss of Saudi market share.

“A rally to the $70s carries the seeds of its own destruction,” the source said.]]>
2/19/2018 9:12:45 AM
<![CDATA[Business News Wrap-up]]>Business Today Egypt to honor top 100 companies, figures Monday

Egypt’s leading economics magazine Business Today is holding an award ceremony “BT100” to honor top influential figures and companies positively impacting the Egyptian economy in 2017.

This year, the magazine will honor 50 companies and 50 figures in a prestigious awards ceremony that will be held on Monday, February 19.

Egypt to issue Eurobonds worth $3-4B in 2018/19



Deputy Finance Minister Ahmed Kojak told Al-Arabiya television network on Sunday that Egypt aims to sell Eurobonds worth $3-4 billion in the fiscal year 2018/2019.

€22M Solar cell station to be inaugurated on Feb.25



The Solar cell station project in the new city of Borg El Arab will produce electric energy as well as desalination of existing sea water and will provide water and electricity to a village with a population of 1,000.

EGX gains LE 4.49M amid organizational purchases



Organizational purchases pushed the Egyptian Exchange (EGX) to end Sunday in green for the second consecutive session, supported by the Monetary Policy Committee’s decision to cut the interest rate by 1 percent.

The benchmark EGX30 increased 0.53 percent, or 79.63 points, to end at 15,045.56 points.

Egypt’s gas production to reach 6B cubic feet daily by June



Egypt’s natural gas production will reach some six billion cubic feet a day by the end of fiscal year 2017/18, Deputy Chairman of the Egyptian Natural Gas Holding Company (EGAS) for production and fields’ development Mohamed Abdel Azim said Sunday.

Elsewedy’s subsidiary to develop 1.4M square meter in Sadat City



Elsewedy Electric Co. SAE (SWDY) announced that its subsidiary SDM Company for Development and Management, signed a contract to develop 1.4 million square meters in Sadat City for LE 266 million ($15.04 million).

]]>
2/18/2018 7:00:00 PM
<![CDATA[Planning Min. discusses Egypt’s vision 2030 with AUC students]]>
The three-day event discussed the vision of students from AUC and 37 Egyptian university regarding Egypt’s Vision 2030, sustainable development plan, where they reviewed the best projects in four fields of Education, Energy, Environment and Economy by teams of students from public and private Egyptian Universities.

“These activities and especially simulation models, not only provide the needed scientific skills for students but also develop their leadership, teamwork and analytical skills,” Al-Said said during the ceremony.

The minister reviewed with students and academics attended the ceremony Egypt’s economic conditions and the results of the latest economic reform measures, saying: “Egypt has faced so many challenges. We have devised an economic reform program in 2016, which might be the strongest and the most difficult in Egypt’s history, yet we have witnessed an increase in growth rates from 3.6 per cent last year to 5.3 per cent this year. The inflation rates have also decreased from 33 per cent to 17 per cent.” El Said said that the government has allocated 85 billion towards social protection, “Unemployment rate have reached 12.9 per cent before the floatation of the Egyptian pound, but now it has decreased to 11.3 per cent.”

Al-Said said that the strategy of 2030 is based on partnership with the civil society and the private sector, stressing that “the government can’t do everything on its own.” She also said that an important factor for the success of the 2030 strategy is youth involvement.]]>
2/18/2018 6:49:05 PM
<![CDATA[‘Egyptian Sport Fund’ launched to support sports in Egypt ]]>
The fund’s target will go in line with a plan to achieve international excellence in sports through providing technical and financial support to the players and funding workshops to train them in order to prepare Egyptian players whom are capable of competing in international competitions.

The fund targets 70 beneficiaries in the first three years. It also aims to collaborate with Egyptian sports federations to contribute in the funding. The Egyptian Sport Fund is a private property fund for a period of 16 years, which can be extended.

The fund has LE 5 million in paid capital, paid by Banque Misr. The fund will then issue initial public offering (IPO) with a value of LE 250 million in the first half of the year, as part of a plan to raise LE 1 billion over three stages.

The first IPO will be issued in March 2018. The Egyptian Sport Fund was launched in a press conference on Monday in the presence of Prime Minister Sherif Ismail.
]]>
2/18/2018 6:28:16 PM
<![CDATA[€22M Solar cell station to be inaugurated on Feb.25]]>
Egypt searches for clean energy to produce electric power for factories and houses during the upcoming years, in order to save power and preserve the environment.

Solar cell station project in the new city of Borg El Arab is the most important project to produce electric energy as well as desalination of existing sea water and will provide water and electricity to a village with a population of 1000.

The solar cell station is the first project in Egypt of its kind with specified technology.
The station consists of solar panels moving in the direction of the sun throughout the day until it absorbs the largest amount of energy during the morning and is equipped with mirrors to help in absorbing the thermal energy.

It also has tubes for melting salt, which works at 550 degrees celsius, which help in melting salt and running turbines in addition to generating steam, which helps in desalination and produce 250 cubic meters of fresh water per day.

Director of the project Amr Amin said that this project is a joint research between the Academy of Scientific Research and the European Union, with a cost of €22 million.

Amin added that solar cell project is a joint alternative between Egyptian and Italian researchers, clarifying that Egyptian researchers had training sessions in Italy to be able to run the station.

Amin pointed out that the station will be inaugurated on February 27 in a presence of a delegation from European Union and joint research centers and companies from Italy, Egypt and Europe.

He added that the target of this project is to transfer the renewable energy technology to Egypt. He also stressed that the project will create an opportunity for Italian investment in Egypt, as solar cells companies have the desire to exist in Egypt and to produce clean energy in the country.

Project coordinator from the Italian side Alberto Giacconi said that the project got international patents, adding that this project is remarkable and will achieve great success in Egypt in the field of solar energy.
]]>
2/18/2018 6:19:29 PM
<![CDATA[Egypt to issue Eurobonds worth $3-4B in 2018/19]]>
Last week, Ministry of Finance announced that Egypt succeeded in issuing Eurobonds worth $4 billion on three tranches; three, five and 30 years.

The purchase requests exceeded $12 billion in the first few hours after the issuance despite the volatility of the international stock markets, the statement said.

Kojak confirmed that Egypt's return to the international bond market is the first since May 2017, adding that the Egyptian government has issued Eurobonds worth $4 billion on three different maturities, a five-year term of $1.25 billion, with an annual return of 5.58 percent; a 10-year term of $1.25 billion, with an annual yield of 6.59 percent and a 30-year maturity of $1.5 billion and an annual return of 7.9 percent.

Meanwhile, Finance Minister Amr el-Garhy said that Egypt will start talks this month with European banks to issue euro denominated Eurobonds.

The value of the issue is expected to be €1-1.5 billion and will be sold next April, he added.

Egypt issued $7 billion in Eurobond sales in January and May 2017 on the global bond market, both of which were oversubscribed, according to the Ministry of Finance.

Egypt has embarked on a bold economic reform program that included the introduction of taxes, such as the value added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.

The country has floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF).

Egypt is to receive a fourth disbursal of that loan, worth $2 billion, in June or July of 2018, the Finance Ministry said in previous statements, bringing the total it has received to $8 billion. The IMF agreed in December 2017 to the third disbursal, also worth $2 billion.
]]>
2/18/2018 5:34:09 PM
<![CDATA[Business Today Egypt honors top 100 companies, figures Monday]]>
This year, the magazine will honor 50 companies and 50 figures in a prestigious awards ceremony that will be held on Monday, February 19.

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The event will host more than 600 attendees, including state ministers, headed by Finance Minister Amr El-Garhy, Minister of Housing and Urban Communities Mustafa Madbouly, Minister of Electricity Mahmoud Shaker, Minister of Investment and International Cooperation, Sahar Nasr, Minister of Communications and Information Technology Yasser El-Kady and Minister of Health and Population Ahmed Emad El-Din Rady.

The ceremony is held under the auspices of a number of pioneering corporate entities from various business sectors, including the National bank of Egypt, the African International Bank, PepsiCo, CIB, Banque Misr, and Fawry, the e-payment solution provider. Other sectors include Hesham Talaat Mostafa Group, Jumia, Hyde Park, Ghabbour Auto, Aptech, Taaleem and WE.

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The ceremony’s awards selection was based on a comprehensive study conducted in accordance with financial and economic standards set by Business Today Magazine’s economic specialists and experts.

The awarded entities were selected based on their overall performance in the past year, impact on the economic progress, stock exchange performance, creativity with practical solutions, sustainable public-private partnerships and alignment with the goals outlined in Egypt 2030 Vision.

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BT100 awards ceremony

"BT100 Award Ceremony is just a part of our organization's contribution to honor pioneering companies for their important and effective role in promoting the Egyptian economy,” said Khaled Salah, Editor-in-Chief of Youm7 and Head of Editorial Council of Business Today Egypt.

“It is also an important awards ceremony that intends to motivate and enhance business leadership and performance in the country, marking economic impact on the country in the process,” he added.

The country’s most prominent projects and investments have been highlighted in the magazine over the past year, with thorough research into the degree of influence and economic impact the companies and figures have invested in each respective industry.

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The awards aim to celebrate the exceptional success that has developed valuable contribution in the country, as well as resonating influence and motivation for other companies to impact economic prosperity in the future.

For the first time this year, Business Today Magazine awards pioneering corporate entities from various business sectors: financial, industrial, real estate, telecommunications, and food sectors in terms of their rapid development that enabled them to contribute significantly in enhancing Egyptian economy and increasing the GDP.

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Business Today is Egypt's first, and leading, English economics magazine. With over 25 years in the Egyptian market, Business Today managed to gain a solid readership from influential market leaders; including businessmen, managers, government officials and investors.

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]]>
2/18/2018 5:25:50 PM
<![CDATA[EGX gains LE 4.49B amid organizational purchases]]>
The benchmark EGX30 increased 0.53 percent, or 79.63 points, to end at 15,045.56 points.

The equally-weighted index EGX50 rose 0.73 percent, or 19.5 points, to close at 2683.56 points.

The small and mid-cap index EGX70 leveled up 0.30 percent, or 2.54 points, closing at 854.74 points and the broader index EGX100 edged up 0.08 percent, or 1.66 points, to reach 2034.27 points.

Market capitalization gained LE 4.49 billion, recording LE 868.27 billion, compared to LE 863.78 billion in Thursday’s session.
Egyptian and foreign investors were net sellers at LE 48.06 million and LE 27.67 million, respectively, while Arab investors were net buyers by LE 75.73 million.
Egyptian, Arab and foreign individuals were net sellers at LE 85.1 million, LE 940,650 and LE 32.99 million, respectively.

Egyptian, Arab and foreign organizations bought by LE 37.01 million, LE 76.67 million and LE 5.33 million, respectively.

El Obour Real Estate Investment (OBRI), Arafa for Investment and Consultancies (AIVC) and Arab Moltaqa Investments (AMIA) were top gainers of the session by 9.01 percent, 8.70 percent and 7.77 percent, respectively.

While Wadi Kom Ombo Land Reclamation (WKOL), National Company for Housing for Professional Syndicates (NHPS) and Modern Waterproofing (WATP) were top losers of the session by 4.9 percent, 4.47 percent and 3.85 percent.

On Thursday, The Central Bank of Egypt lowered the interest rate by 1 percent as the inflation rates keep going downhill for the first time since November's flotation.

The Egyptian Exchange (EGX) ended Thursday in green, with profits exceeding LE 10 billion. The benchmark EGX30 increased 1.08 percent or 159.98 points, to close at 14,965.93 points.
]]>
2/18/2018 3:42:46 PM
<![CDATA[Dollar exchange rate varies during morning transactions at major banks]]>
The dollar exchange rate declined to LE 17.60 for buying and LE 17.70 for selling at Banque Du Caire, Bank of Alexandria and the Commercial International Bank (CIB).

At the National Bank of Egypt, it stood at LE 17.60 for buying and LE 17.70 for selling.

At the Arab African International Bank, the dollar exchange rate went up by two piasters, recording LE 17.63 for buying and LE 17.73 for selling.

The dollar price remained unchanged at Banque Misr, recording LE 17.58 for buying and 17.68 for selling.]]>
2/18/2018 3:26:39 PM
<![CDATA[Egypt’s gas production to reach 6B cubic feet daily by June ]]>
Abdel Azim said in press statements that nine projects for gas production are underway, including the completion of the first phase of Egypt’s giant Zohr gas field, which delivered its first gas in December.

This is in addition to the completion of the second phase of developing the north Alexandria and west Mediterranean fields, developing Nooros gas field in the Nile Delta and accelerating exploration in the Katameya concession in north Damietta, he added.

Egypt’s gas production currently stands at 5.5 billion cubic feet a day, after adding some 1.6 million cubic feet as a result of starting production from four projects, according to Petroleum Minister Tarek el-Molla.

The new discoveries are expected to turn Egypt into a net exporter of natural gas as the country is expected to halt gas imports by mid 2018.

Egypt has been intensifying natural gas exploration activities recently.
Last week, Egypt’s Ministry of Petroleum signed an agreement with oilfield services company Schlumberger to conduct a seismic survey in the Gulf of Suez.

Molla said that the Suez region is a promising area that requires more work and studies to further discover the oil and gas it possesses.

On Thursday, EGAS said it will issue a tender for onshore and offshore natural gas exploration in nine blocks.

The tender, which includes six offshore and three onshore blocks, will be issued before June 2018.

EGAS has put a plan to issue tenders for natural gas exploration annually, especially in the Mediterranean, which the company considers as a promising area for natural gas.
]]>
2/18/2018 3:03:23 PM
<![CDATA[Elsewedy’s subsidiary to develop 1.4M square meter in Sadat City]]>
In January, Elsewedy announced that SDM won the bid for developing 1.4 million square meters in Sadat City. SDM made an offer to the Industrial Development Authority (IDA) as part of a tender for the development of industrial areas in Sadat City.

SDM Company for Development and Management is specialized in developing industrial areas.

Elsewedy Electric Co. SAE (known as Elsewedy Electric) is a public company, listed on Egyptian Exchange (EGX) since May 2006. Elsewedy Electric operates within the Capital Goods sector focusing on Electrical Components and Equipment. It has 37 subsidiaries operating across Northern Africa, Eastern Africa, the Middle East and Southern Europe. Elsewedy Electric is based in Cairo, Egypt and was established in June 2005.

The total capital of Elsewedy is LE 2.18 billion divided over 218.4 million shares.

]]>
2/18/2018 2:06:01 PM
<![CDATA[LE 7.12B value of micro funding activities by end of 2017: Omran]]>
He referred to reports that micro funding reached more than LE 7.12 billion by the end of 2017 with a growth rate of 59 percent, compared with the same period in 2016 when the figure was LE 4.49 billion.

The growth in the value of micro funding has reflected positively on the number of beneficiaries to reach around 2.260 million clients with a 24 percent increase by 2017, compared with only 1.8 million clients by the end of 2016, Omran said in a statement.

The map of funded commercial activities monitored a progress of 61.4% in market quota with funding value worth LE 4.37 billion serving 1.51 million clients, he added.]]>
2/18/2018 1:19:36 PM
<![CDATA[QNB sells a stake in the Egyptian unit, raises its capital ]]>
QNB plans to reduce its 97.125 percent stake in QNB Alahli to 95 percent.

The bank clarified that the sale is intended to comply with the rules of listing on the Egyptian Exchange, which requires that the free float shall not be less than 5 percent.

The Extraordinary General Assembly of QNB Alahli agreed to raise its issued and paid capital to LE 9.79 billion from LE 8.9 billion by LE 890 million from the general reserve and bonus shares, with one bonus share for every 10 shares.

The ordinary general meeting (OGM) approved to distribute a cash dividend of LE 0.80 per share for 2017 profits.

QNB Alahli recorded profits of LE 4 billion in 2017, compared to LE 4.18 billion in 2016, recording a 4 percent decrease.

Qatar National Bank Alahli (known as: QNB Alahli) is a public company, listed on the Egyptian Exchange since July 1996. QNB Alahli operates within the banking sector. It has seven subsidiaries operating across Egypt. QNB Alahli is based in Cairo, Egypt and was established in April 1978.
]]>
2/18/2018 12:42:43 PM
<![CDATA[Most major Gulf bourses edge up, Shuaa continues slide in Dubai]]>
The Saudi index was up 0.5 percent after 55 minutes with blue-chip bank Al Rajhi gaining 0.9 percent. National Medical Care Co rose 1.3 percent after proposing to resume dividend payments for 2017.

But Buruj Cooperative Insurance sank 6.3 percent after reporting a 62 percent decline in fourth-quarter net profit, as gross written premiums fell.

Qatar gained 0.3 percent, helped by a 1.6 percent rise in drilling rig provider Gulf International Services . Abu Dhabi also added 0.3 percent as Abu Dhabi National Energy Co increased 1.6 percent.

In Dubai, however, the index slipped 0.6 percent as Shuaa, which has been in a downtrend for six weeks, lost 4.5 percent and GFH Financial, the most heavily traded stock, fell 1.5 percent.

Courier Aramex added 0.9 percent to 4.69 dirhams, heading for a fourth straight day of gains. It has been rising from one-year lows since it reported strong fourth-quarter earnings. On Thursday it broke resistance on the January peak of 4.55 dirhams, triggering a double bottom formed by the December and February lows and pointing up to around 5.0 dirhams. ]]>
2/18/2018 11:58:03 AM
<![CDATA[NBE, Banque Misr issue savings certificates with 17%, 15% returns]]>
The duration of the 17 percent certificate is one year - 12 months - with a quarterly turnover and an annual return of 17 percent.

The duration of the 15 percent certificate is three years with a monthly turnover.

The Chairman of Banque Misr Mohamed el-Etrabi told Youm7 that Banque Misr’s board of directors decided last Thursday to cancel the 20 percent and 15 percent savings certificates and to issue new certificates with 17 percent and 15 percent turnover.

On Thursday, The Central Bank of Egypt lowered the interest rate by 1 percent as the inflation rates keep going downhill for the first time since November's flotation.

The bank cut its overnight deposit rate to 17.75 percent from 18.75 percent and its overnight lending rate to 18.75 percent from 19.75 percent.
]]>
2/18/2018 11:55:53 AM
<![CDATA[CBE issues LE 15B in T-bills Sunday]]>
The T-bills are to be offered in two installments, with the first valued at LE 7 billion with a 91-day term and the second worth LE 8 billion with a 273-day term.

T-bills are usually issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 370 billion, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.
]]>
2/18/2018 11:48:52 AM
<![CDATA[EGX gains LE 5.7B in first 5 minutes of Sunday]]>
Market Capitalization gained LE 5.7 billion after five minutes of the beginning of Sunday’s session, to record LE 869.5 billion.

The Benchmark EGX30 rose 1.08 percent and the equally weighted index EGX50 increased 0.97 percent.

The small and mid-cap index leveled up 0.35 percent and the broader index EGX 100 edged up 0.46 percent.

On Thursday, The Central Bank of Egypt lowered the interest rate by 1 percent as the inflation rates keep going downhill for the first time since November's flotation.

Egyptian economists expected that the Egyptian Exchange will benefit the most from the decision of the Central Bank of Egypt (CBE) to cut the interest rate on deposits and loans by 1 percent.

Speaking to MENA, Chairman of Masters Securities Mohamed Fathi said that the interest rates cut decision is a clear-cut message from the central bank that more deductions are expected within the coming period, especially after the CBE succeeded in bringing down inflation rates from 35 percent to 17 percent.

Managing director of one of the Bourse's securities companies, Sameh Hilal, was upbeat that the Egyptian Bourse will witness more investments within the coming period after the CBE's decision.

Hilal expected that the main index of Bourse will surmount 15,500 points this week.
The bank cut its overnight deposit rate to 17.75 percent from 18.75 percent and its overnight lending rate to 18.75 percent from 19.75 percent.

Arab and foreign purchases pushed the Egyptian Exchange (EGX) to end Thursday in green, with profits exceeding LE 10 billion.

The benchmark EGX30 increased 1.08 percent or 159.98 points, to close at 14,965.93 points.
]]>
2/18/2018 11:17:51 AM
<![CDATA[Egypt, Uzbekistan review trade, economic cooperation]]>
The delegation discussed with Trade and Industry Ministry Undersecretary Ahmed Antar ways of boosting trade and economic cooperation between the two countries and establishing joint projects, the diplomat told MENA on Sunday.

During the talks, Antar stressed keenness on cooperation with Uzbekistan in the fields of automotive, textile and electric products.

The Uzbek team signed a cooperation protocol with the
Cairo Chamber of Commerce and a memo with the Egyptian Businessmen's Association to enhance trade exchange, the diplomat said.

He added that the embassy organized meetings between Egyptian and Uzbek businessmen to discuss joint deals.]]>
2/18/2018 11:07:06 AM
<![CDATA[EGAS arranges delivery of 3 LNG cargoes ]]>
Petroleum Minister Tarek el Molla announced last year that Egypt planned to import 80 cargoes of liquefied natural gas during the fiscal year 2017/2018 that began in July.

Egypt is expected to stop importing liquefied gas by June 2018, as the country’s giant Zohr gas field began its production by the end of 2017.

Minister of Petroleum Molla clarified that Egypt accomplished four important projects for gas production in 2017 that will add 1.6 billion cubic feet of gas per day.

These projects are north of Alexandria’s fields Torres and Libra, Atoll, Norse and Zohr.
Zohr is an offshore natural gas field located in the Egyptian sector of the Mediterranean Sea, containing about 850 billion cubic meters (30 trillion cubic feet) of gas.

Atoll Field which is located in the North Damietta Offshore concession, contains an estimated 1.5 trillion cubic feet of gas and 31 million barrels of condensates.

The minister of petroleum pointed out that Egypt is witnessing positive steps in the energy field, including the law regulating the new gas market and the national project of Egypt to become a regional center for the trade and circulation of gas and oil, which is moving at a steady pace.

Last year, Egyptian Parliament passed a new law to regulate the activities of the gas market; the law will help attract the private sector to invest in storing and selling natural gas directly to consumers.

]]>
2/18/2018 10:50:51 AM
<![CDATA[Three held as $1.8 billion fraud ripples through Indian banks]]>
Gokulnath Shetty and Manoj Kharat are suspected of steering fraudulent loans to companies linked to billionaire jeweler Nirav Modi and entities tied to jewelry retailer Gitanjali, which is led by Modi’s uncle, Mehul Choksi.

India’s Income Tax department warned in an internal note seen by Reuters that domestic banks could take a hit of more than $3 billion from loans and corporate guarantees provided to Modi and Choksi.

The arrests, late on Friday, came two days after India’s second-largest state-run lender said it had been hit by massive fraud, sending its share price tumbling.

The accusations against the two relatively junior PNB officials were detailed in the lender’s disclosure, and also contained in a preliminary police report.

The Central Bureau of Investigation (CBI) also arrested a third person, Hemant Bhat, whom a source described as the “authorized signatory” of the companies tied to Nirav Modi.

All three appeared before a hot, packed courtroom in Mumbai on Saturday afternoon, where they were ordered to remain under police custody until March 3 to allow the CBI to continue its investigation. No charges have yet been laid.

“CBI must get fair chance to investigate this very serious offence, which has consequences for the country’s economy,” said judge S R Tamboli, as PNB employee Shetty shifted nervously and blinked frequently. The other two stood passively.

Family members of the accused present at the court defended them, saying they were innocent.

Kharat’s uncle told Reuters the PNB employee was “just following orders of superiors” and added “he wasn’t aware of what he is doing”.

PROBE WIDENS
A police source said six more PNB employees were “being examined” after the CBI conducted additional searches at the PNB’s branch in southern Mumbai where the alleged fraud took place.

Police sources say Modi, whose high-end jewelry has been worn by Hollywood stars including Kate Winslet, and Choksi left India last month and their whereabouts are unknown. Neither Modi nor Choksi have so far commented on the allegations.

Gitanjali has previously denied Choksi’s involvement in the fraud and said he would take “necessary legal action” to get his name removed from the police case.

TV station NDTV on Friday reported Modi was at a suite in a New York hotel, citing household staff who answered the door.

On Saturday, a police source said that the CBI had sent a notice through Interpol in a bid to help locate Modi.

Meanwhile the Enforcement Directorate, India’s financial crime agency, said on Saturday it conducted additional searches at 21 locations of companies tied to Modi, seizing 250 million rupees ($3.89 million) in precious stones, metals and jewelry.

Both authorities have conducted dozens of raids since PNB disclosed the fraud, targeting PNB, Modi and Choksi, with the Enforcement Directorate now having seized diamonds, gold and jewelry worth 56.7 billion rupees.

A tax department spokeswoman told Reuters officials had seized 29 properties and 105 bank accounts linked to Modi.

FINANCIAL IMPACT

The biggest bank fraud in India’s history has sent rumbles through India’s financial system, raising fears about the scale of problems in the banking sector that is already saddled with $147 billion of soured debt.

PNB said on Friday it was running an audit of its systems to prevent a recurrence of such a fraud, but did not see a long-term hit to its operations. The bank, which has $120 billion in total assets, has lost more than a fifth of its market value since it disclosed the fraud.

The Hindu newspaper reported on Saturday that the Central Vigilance Commission, which investigations corruption in the government, has summoned senior officials of the Reserve Bank of India and the Finance Ministry to assess how all internal checks and balances failed to detect the fraud.

PNB officials were also summoned, the report said, citing an official aware of the development.

The RBI did not reply to an emailed request for comment. A Finance Ministry spokesman was not immediately reachable.

Scrutiny of banks’ technical systems will intensify even further after India’s City Union Bank Ltd (CTBK.NS) on Saturday said it had suffered three “fraudulent remittances” of nearly $2 million that had been pushed through the SWIFT financial platform.

The case was reminiscent of the $81 million cyber heist that hit Bangladesh’s central bank in 2016.

($1 = 64.2400 Indian rupees)]]>
2/18/2018 9:34:00 AM
<![CDATA[Indian banks may take more than $3 billion hit from PNB fraud]]>
As of March 2017, banks had extended loans and guarantees worth 176.32 billion rupees ($2.74 billion) to companies tied to billionaire jeweler Nirav Modi and his uncle Mehul Choksi, the tax department said in a note seen by Reuters.

Since then, the loans and guarantees would have increased over the past year and the total “hit” to Indian banks “may well exceed” $3 billion, according to an internal note prepared by the tax authority on its preliminary investigation into India’s biggest bank fraud case.

According to a complaint by PNB, the biggest fraud in Indian banking history involved two junior officials at a Mumbai bank branch issuing “letters of undertaking” to firms linked to Modi and Choksi for them to obtain credit from overseas branches of other Indian lenders.

The bank said these fraudulent transactions had taken place over a number of years and amounted to $1.77 billion.

None of these letters of undertaking - essentially credit guarantees - were recorded on the bank’s internal software system and instead were transmitted through the SWIFT interbank messaging system, “thus avoiding early detection of fraudulent activity”, the tax note said.

It said that Choksi’s Geetanjali Gems and its subsidiaries led by Choksi dealt with 32 banks. Among those that offered credit to Choksi and Modi, famous for his chain of stores stretching from New York to Beijing, were the Union Bank of India, Allahabad Bank and Axis Bank, the tax note said.

Union Bank of India (UNBK.NS), another state-run lender, said on Friday it has an exposure of $300 million as a counter-party lender. Axis Bank (AXBK.NS), a private sector lender, has said it has sold all its exposure related to the fraud.

Among the findings of the tax department was that several firms in which Modi and his uncle were involved had people of limited means listed as majority partners. Those people were not identified in the tax department note.

The total loans in the three firms of Modi, Stellar Diamond, Solar Exports and Diamonds ”R Us was 39.929 billion Indian rupees, while total capital of the partners was 4 billion Indian rupees, it said.

It said the three firms’ “trade receivables”, or the amount being billed to customers, were “much higher than total turnover of the three companies involved in the fraud, which shows that goods are being sold for related party and are either over-invoiced or not coming at all”.

Modi and Choksi have not made any comment so far. Federal police say they both left India in early January and there whereabouts are unknown.]]>
2/18/2018 9:29:07 AM
<![CDATA[Tesla delays, tax credit concerns spur sales of Chevy Bolts]]>
Last week Tesla told some holders of Model 3 reservations that they would not get their cars until 2019, eliciting howls of complaint on Tesla online fan forums. Tesla declined to comment.

GM dealers in California, the top U.S. market for electric vehicles, say brisk demand for Bolts is driven in part by frustrated Tesla buyers who are afraid they will lose a $7,500 electric vehicle tax credit if they wait. The tax credit drops in value and eventually disappears once Tesla sells 200,000 electric vehicles in the United States, which Edmunds analyst Jeremy Acevedo expects Tesla to hit by the fall.

Tesla’s Model 3 production troubles give rival auto makers a chance to snatch customers. Tesla has said that the net number of refundable $1,000 reservations for Model 3s was stable late last year and grew in recent weeks, with hundreds of thousands in line. But some buyers are running out of time or patience.

Chevrolet dealer Yev Kaplinskiy said his dealership located between San Francisco and Silicon Valley sold 15 Bolts last weekend, after Tesla’s latest delay.

“We’re getting the Tesla people who wanted their Model 3,” Kaplinskiy said. “We ask them, ‘What other cars are you interested in?’ They’re mostly Tesla. But they want the car now. They don’t want to wait.” Some of the weekend buyers had turned to Chevy because of the most recent Tesla delay, he said.

Chevrolet sent an email to some prospective buyers this week, announcing in bold case, “Bolt EV: Now available.”

The Bolt and Model 3 both start at about $35,000 and can travel more than 200 miles (322 km) on an electric charge, although the Tesla and its Chief Executive Elon Musk have received much more media attention.

While Tesla is struggling with production of the Model 3, GM sold 23,297 Bolts in 2017, with monthly sales mostly rising. Kelley Blue Book reported that Bolts are in relatively short supply as measured by days in inventory, which fell to 42 in January from a high of 65 in August. By comparison, the Nissan Motor Co Ltd (7201.T) Leaf, an electric car with shorter range, was in inventory for 202 days.

graph

Last Wednesday, some of those who made early reservations for the base version Model 3 received emails from Tesla saying their vehicles would not be delivered until early 2019, delayed from 2018.

“I‘m feeling extremely fleeced by Elon - guy secured an interest free loan from me (reservation payment) for a car I hadn’t seen before reserving, and just told me that it might be another year before I should receive it,” wrote one person from Seattle, “206er”, who was among a handful on TeslaMotorsClub.com saying they were cancelling reservations after the new delay.

Reuters was unable to contact the posters or confirm that they were cancelling reservations.

“My objective...was always a $35,000 Tesla for the price of a decently optioned Civic (with full federal tax credit),” 206er added.

Tesla is closing in on 200,000 U.S. electric vehicle sales thanks to the popularity of its luxury Model S sedan and Model X SUV. If it hits 200,000 U.S. electric vehicle sales in the third quarter, then the $7,500 tax credit would phase out in stages over 2019. GM also is getting close to the limit, having sold nearly 170,000 plug-in cars, including Bolts, Volts and others, through the end of last year, Green Car Reports estimated.

Sonoma Chevrolet General Manager Ken Scholl, said the subsidy had been a key draw for Bolts and a concern for those who had given up on a Tesla. “If I had 50 (Bolts) in December, we would have sold every one,” he said.
]]>
2/18/2018 9:26:27 AM
<![CDATA[Judge approves Takata's U.S. bankruptcy plan]]>
Takata and its U.S. unit, TK Holdings Inc, filed for bankruptcy last year in the wake of the largest automotive recall in history. The company’s air bags can inflate with too much force and spray metal fragments, and have been linked to hundreds of injuries and at least 22 deaths.

”We are pleased that Judge (Brendan) Shannon has approved what we believe to be fair options for current and future victims of Takata airbags that provide swift resolution and allow victims to try to move on with their lives,” said a statement from the Motley Rice law firm.

The law firm represented more than two dozen injured drivers in the U.S. bankruptcy case.

The U.S. unit’s reorganization plan will include funds provided by automakers to help compensate those injured by the air bags.

On Friday, a lawyer for Takata’s U.S. unit told the bankruptcy court in Wilmington, Delaware, that the U.S. government will complete its review of the planned sale of Takata’s non-air bag businesses by March 26.

The non-air bag inflator businesses are being sold to Key Safety Systems, a unit of China’s Ningo Joyson Electric Corp (600699.SS).]]>
2/18/2018 9:22:27 AM
<![CDATA[Proxy advisory firm ISS says Qualcomm should negotiate sale to Broadcom]]>
Qualcomm has been seeking to walk a fine line between resisting Broadcom’s acquisition approach, which it says undervalues it and is fraught with regulatory risks, and demonstrating to shareholders and proxy advisory firms such as ISS that it is willing to engage to secure a better deal if possible.

In a report published late on Friday, ISS recommended to Qualcomm shareholders that they vote for four out of the six board director nominees that Broadcom has put forward for election at Qualcomm’s shareholder meeting on March 6.

While this recommendation would fall short of Broadcom’s nominees winning a majority on Qualcomm’s 11-member board, ISS said such a vote by Qualcomm shareholders would offer a reasonable path to a negotiated deal that would deliver value.

“The tenor of (Qualcomm‘s) engagement leading up to the present raises questions as to whether the incumbent (Qualcomm) board is committed to playing its part in attempting to maximize the offer,” ISS said in its report.

Broadcom first unveiled an unsolicited $70 per share cash-and-stock offer in November, which Qualcomm rejected. It raised its offer to $82 per share in cash and stock on Feb. 5 and offered other concessions, including paying an $8 billion breakup fee in the event regulators thwart the deal, which would be the technology sector’s largest-ever acquisition.

ISS said it did not recommend voting for all six Broadcom nominees because Qualcomm’s board would then be less inclined to drive a hard bargain with Broadcom in deal negotiations. ISS recommended that Broadcom nominees Samih Elhage, Julie Hill, John Kispert and Harry You should be elected as Qualcomm board directors.

Qualcomm on Friday called a Feb. 14 meeting with Broadcom constructive and opened the door to more talks, but continued to reject the proposed deal.

As of Saturday afternoon, no new meeting between the two companies had been scheduled, according to people familiar with the matter. Broadcom and Qualcomm representatives offered no immediate comment.

The takeover battle is at the heart of a race to consolidate the wireless technology equipment sector, as smartphone makers such as Apple Inc and Samsung Electronics Co Ltd use their market dominance to negotiate lower chip prices.

Singapore-based Broadcom is mainly a manufacturer whose connectivity chips are used in products ranging from mobile phones to servers. San Diego-based Qualcomm primarily outsources the manufacturing of its chips which are used for the delivery of broadband and data, a business that would significantly benefit from the rollout of 5G wireless technology.

ISS said in its report that Broadcom’s latest $82 per share cash-and-stock bid, which Broadcom CEO Hock Tan has called its best and final offer, does not appear to be clearly superior to Qualcomm’s potential standalone value in the short term. ISS added, however, that the offer seemed to represent a reasonable starting point for negotiations.

Even though both companies “have adopted strategies that do not lend themselves to fluid negotiations,” a deal between them is possible, ISS said. It suggested that Qualcomm shareholders could gain greater exposure to the deal’s potential upside if they were to receive more of the combined company.

ISS also said it appeared more likely than not that Broadcom and Qualcomm, with their collective experience and resources, can find a reasonable path to regulatory approval, despite Qualcomm’s current concerns about antitrust risk.

NXP DEAL

Qualcomm is currently seeking to complete a $38 billion deal to acquire NXP Semiconductors NV, which is still pending regulatory approval. NXP shares ended trading on Friday at $118.50, significantly above Qualcomm’s $110 per share all-cash offer, as some NXP shareholders, led by activist hedge fund Elliott Management Corp, have called on Qualcomm to raise its price.

Broadcom has said its acquisition offer is contingent on either Qualcomm buying NXP at currently disclosed terms of $110 per share in cash or the deal being terminated.

ISS said in its report that Qualcomm could negotiate provisions with Broadcom to close the NXP deal at a mutually agreed price, which would provide Qualcomm with the “next-best safety net of diversification” in the event the deal with Broadcom falls through.

China’s MOFCOM is the only regulator globally required to approve the Qualcomm-NXP deal that has yet to do so. With the start of the Chinese New Year public holiday this week, Qualcomm may now delay its decision on raising its offer for NXP until after the March 6 Qualcomm shareholder meeting.]]>
2/18/2018 9:19:22 AM
<![CDATA[Ministers review economic developments in meeting with Sisi ]]>Governor of the Central Bank of Egypt (CBE) reviewed during the meeting the latest measures of cutting interest rates by one percent after cooling inflation.

Sisi stressed on the importance of the comprehensive implementation of the reform program in a way that will allow it to continue to create positive results for the economy, especially in terms of increasing growth rates, generating jobs and curbing budget deficit.

In light of President Sisi’s periodic follow up on the government’s efforts in providing essential goods, the meeting reviewed the measures that are currently taken to increase the number of government outlets in various governorates.

The meeting also discussed the status of a number of national projects that are being implemented in different fields.

In a separate meeting on Saturday, President Sisi has met with Housing Minister Mostafa Madbouly to follow up on ongoing construction projects in the country.

The meeting was part of the follow-up of the housing projects in new cities in different parts of the country including the new administrative capital.

Madbouly told the president that the works are going on as scheduled. He also reviewed designs of a number of districts in the new capital.
]]>
2/17/2018 8:00:00 PM
<![CDATA[Business News Wrap-up]]>Egypt seeks to boost its car industry: Min.

Egypt seeks to boost its car industry by revising the local component percentage in car manufacturing so that it reflects the capacity of this vital industry, Trade Minister Tarek Kabil said Saturday.

Egypt achieves trade surplus with Tunisia of $317M in 2017



Egypt achieved a surplus of $317 million with Tunisia in 2017, compared with $123 million in 2016, with an increase of 157.7 percent, Trade Minister Tarek Kabil said Saturday.

Gov’t to raise women’s participation in workforce to 35% in 2030: Min.



The government is planning to raise women’s participation in the workforce from 22.8 percent in 2014 to 25 percent by 2020 and 35 percent by 2030, Planning Minister Hala al-Saeed said Saturday.

Egyptian bourse to benefit the most from CBE interest cut decision: Experts



A number of Egyptian economists stressed on Saturday that the Egyptian Exchange will benefit the most from the decision of the Central Bank of Egypt (CBE) to cut interest rate on deposits and loans by one percent.

FM urges Berlin to launch negotiations on implementing 2nd tranche of dept swap deal



Egyptian Foreign Minister Sameh Shoukry urged German Deputy Finance Minister Jens Spahn to start negotiations on the implementation of the second tranche of the current dept swap agreement worth EUR 170 million as well as to sign a new dept swap deal.

Trade exchange between Egypt, Russia registers $6.7B in 2017



The volume of trade exchange between Egypt and Russia hiked 62 percent year-on-year in 2017, registering $6.7 billion, Russian trade representative in Cairo Nikolai Aslanov said Saturday.

]]>
2/17/2018 7:07:32 PM
<![CDATA[Egypt achieves trade surplus with Tunisia of $317M in 2017]]>
Egypt’s non-petroleum exports to Tunisia increased by 40.7 percent in 2017, reaching $187.2 million compared to $133 million in 2016, he added.

Kabil said that the significant rise in exports comes on the back of an increase in the competitiveness of Egyptian products in the Tunisian market and to the trade agreements between both countries, which facilitate trade flow.

Head of the Egyptian Commercial Service Ahmed Antar said that the rise in exports comes in light of the efforts of the commercial office in Tunisia.

Antar said that exports to Tunisia in 2017 included iron and steel, food products, cotton, textiles, appliances and machinery, among others.

By the end of 2014, Tunisian investments in Egypt reached some $35 million in the fields of petroleum services, tourism, food industries, land reclamation, transport, cars spare parts and light industries, while the Egyptian investments in Tunisia reached $2.2 million.

Tunisia is ranked 54th among the countries investing in Egypt, according to Egypt’s State Information Service.

The two countries signed several trade agreements, including the Agadir Agreement for the Establishment of a Free Trade Zone between the Arabic Mediterranean Nations that was signed in Morocco in 2004, with the aim of establishing a free trade area between Jordan, Tunisia, Egypt and Morocco.

They are also parties to the Pan-Arab Free Trade Area, which came into effect on January 1, 2005.

]]>
2/17/2018 5:45:25 PM
<![CDATA[Sisi follows up implementation of new construction projects]]>
The meeting was part of the follow-up of the housing projects in new cities in different parts of the country including the new administrative capital, said presidential spokesman Bassam Rady.

Madbouly told the president that the works are going on as scheduled. He also reviewed designs of a number of districts in the new capital.

Housing units will be available for all categories in the planned city, said the minister, citing the establishment of 470,000 units for low and middle-income people there.

Other works including all capabilities and utilities in the new cities were also reviewed by Madbouly.]]>
2/17/2018 5:37:05 PM
<![CDATA[Egypt seeks to boost its car industry: Min.]]>
He said that the Egyptian market has all capabilities that qualify it to be a main industrial and logistic hub for manufacturing cars in the Middle East and Africa.

This came during the inauguration of Maz truck production line at the Helwan Machinery and Equipment Company, established in cooperation with Belarusian Maz company.

Kabil said that the car industry is one of the most important sectors for Egypt’s economy as it feeds more than 13 industrial sectors and creates 86,000 direct and indirect jobs, garnering an investment of $3 billion.

He added that his ministry seeks to create a car industry that is based on manufacturing, rather than assembling auto parts.

Kabil said that the new production line is a realization to what have been agreed upon during the joint meeting of the Egyptian Belarusian Trade Committee in the Belarusian capital Minsk in May 2017.

The inauguration ceremony was attended by Minister of State for Military Production Mohamed el-Assar, Minister of Transport Hisham Arafat and Belarusian Ambassador to Egypt Sergei Rachkov.
]]>
2/17/2018 4:51:54 PM
<![CDATA[Egyptian bourse to benefit the most from CBE interest cut decision: Experts]]>
They also expected that the bourse will benefit from decisions by state-run banks to stop the issuance of high-yielding savings certificate of 20 interest rate.

Speaking to MENA, the economic experts said the Egyptian bourse offers the best alternative investment chances for Egyptians, expecting that the bourse will be able to lure more investments within the coming period after the CBE decision.

Chairman of Masters securities Mohamed Fathi said the interest cut decision is a clear-cut message from the central bank that more deductions are expected within the coming period, especially after the CBE succeeded in bringing down inflation rates from 35 percent to 17 percent.

Also, the current economic stability in Egypt and the rise of foreign cash reserves are clear evidences that the national economy is recovering and its problems are about to end, he added.

Sameh Hilal, managing director of one of the bourse's securities companies, was upbeat that the Egyptian bourse will witness more investments within the coming period after the CBE decision.

He expected that the main index of the bourse will surmount 15,500 points this week.

Also the return of Russian tourists to Egypt later this month will boost the bourse, he added.

The Egyptian central bank cut its main interest rates by one percent on Thursday for the first time since its decision to float the Egyptian currency in 2016 as inflation sinks to its lowest levels in at least a year.

The bank cut its overnight deposit rate to 17.75 percent from 18.75 percent and its overnight lending rate to 18.75 percent from 19.75 percent.]]>
2/17/2018 3:20:00 PM
<![CDATA[FM urges Berlin to launch negotiations on implementing 2nd tranche of dept swap deal]]>
In a meeting with Spahn, on the fringe of Munich Security Conference 2018, Shoukry lauded Germany’s support of the Egyptian economic reform program in light of offering a EUR 500 million loan to support Egypt’s 2017/2018 general budget.

The Egyptian top diplomat stressed Egypt’s keenness on boosting German investments in the country, especially in light of the development leap it is expected to witness thanks to the current mega projects being implemented, said Egyptian Foreign Ministry spokesman Ahmed Abu Zeid.

Shoukry voiced Egypt’s appreciation for the Egyptian-German development cooperation, that enabled both sides to sign several technical and financial agreements for years 2015-2016-2017, saying the development sector is considered a pillar for the distinguished relations between both countries, the spokesman noted.

For his side, Spahn affirmed that Egypt has proven that it is a stable and strong partner for Germany, expressing his country’s keenness on promoting such economic and development cooperation, Abu Zeid cited.]]>
2/17/2018 3:18:49 PM
<![CDATA[Gov’t to raise women’s participation in workforce to 35% in 2030: Min.]]>
She added that the government aims to achieve equality between men and women in regards to rights and opportunities, through reducing the number of breadwinning women living under the poverty line to 12 percent in 2020 and to zero percent by 2030.

Percentage of breadwinning women living under the poverty line in 2013 stood at 26.3 percent.

These statements came during Saeed’s participation in the Egyptian Businesswomen Association’s fourth annual conference in Cairo.

Saeed said that her ministry has implemented measures that help empower women and has provided many training programs that enhance working women’s capabilities so that they can compete in leadership positions.

The minister said that women and youth are “priorities” in Egypt’s sustainable development strategy “Egypt 2030”, which aims to achieve gender equality.

Entitled “Women Success Partners”, the Egyptian Businesswomen Association’s fourth annual conference sees the participation of more than 150 businesswomen from various countries as well as representatives of Egyptian and international companies.

The conference is taking place from February 17-21 in the governorates of Cairo and Luxor.
]]>
2/17/2018 2:10:59 PM
<![CDATA[Trade exchange between Egypt, Russia registers $6.7B in 2017]]>
In statements to MENA, Aslanov indicated that Russia’s exports to Egypt in 2017 recorded $6.2 billion, while Moscow’s imports from Cairo were estimated at $505 million, according to the Federal Customs Service of Russia.

These figures are unprecedented in the history of trade relations between the two countries, he said.

Wheat represents 23 percent and metals constitute 11 percent of the Russian exports to Egypt, at a value of $1.4 billion and $703 million respectively, Aslanov revealed.

Meanwhile, fruit accounts for 41 percent of the Egyptian exports to Russia ($209 million), while vegetables represent 36 percent of Cairo’s exports to Moscow ($180 million), he added.

Separately, Aslanov said Russia’s cumulative investments in Egypt totaled $4.6 billion by the end of December 2017, of which 60 percent was allocated to the petroleum and gas sectors.

The Russian official noted that 80 Russian delegations visited Egypt in 2017, compared to 54 similar delegations in 2016, to discuss cooperation in several fields, including the establishment of a Russian industrial zone in Egypt in addition to implementing gas and petroleum projects.]]>
2/17/2018 12:43:08 PM