<![CDATA[rss-Business & Economics]]> All Rights Reserved for The Cairo post <![CDATA[Business & Economics]]>]]> 100 29 <![CDATA[EGX ends Monday in red, market cap. Loses LE2.29B]]>
The benchmark EGX 30 declined 0.43 percent, or 60.94 point, to close at 14,178.51 points.

The equally weighted index EGX 50 dipped 0.57 percent, or 11.84 points, to end at 2,050.14 points.

The small and mid-cap index EGX 70 decreased 0.12 percent, or 0.63 points, to close at 536.11 points, and the broader index EGX 100 lessened 0.10 percent, or 1.42 points, to 1,417.02 points.


Market capitalization lost LE 2.29 billion, recording LE 715.58 billion, compared to LE 717.87 billion in Sunday's session.

The trading volume reached 136.32 million shares, traded through 17,003 transactions, with a turnover of LE 438.47 million.

Foreign investors were net buyers at LE 12.49 million, while Egyptian and Arab investors were net sellers at LE 11.81 million, and LE 680,624, respectively.

Egyptian and Arab individuals were net sellers at LE 11.25 million, and LE 4.79 million, respectively, while foreign individuals were net buyers at LE 859,183.

Arab and foreign organizations bought at LE 4.12 million, and LE 11.63 million, respectively., while Egyptian organizations sold at LE 563,472.

Gulf Canadian Real Estate Investment Co., Canal Shipping Agencies, and General Company for Land Reclamation, Development & Reconstruction were top gainers of the session by 6.74 percent, 5.01 percent and 4.36 percent, respectively.

Meanwhile, Arab Valves Company, El Arabia Engineering Industries, and Sabaa International Company for Pharmaceutical and Chemical were top losers of the session by 5.14 percent, 4.21 percent, and 4.19 percent, respectively.

EGX recorded a semi-collective rise during Sunday's session, as EGX 30 rose 0.24 percent, EGX 70 climbed 0.38 percent, EGX 100 increased 0.25 percent, while EGX 50 inched down 0.06 percent.
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10/21/2019 4:43:01 PM
<![CDATA[Trade exchange bet. Egypt, India hit $4.5B]]>
Nassar added Monday that India's investments in the Egyptian market amounted to $3.3 billion through 50 projects operating in the fields of manufacturing, construction, agriculture, garments, auto parts, chemicals, food industries, services, pharmaceuticals, plastics, energy and renewable energy.

This came during a meeting held by Nassar, with Rahul Kulshreshth, the Indian ambassador in Cairo.

Nassar pointed out the importance of boosting trade exchange rates between the two countries to upgrade the distinguished political relations that have bound Egypt and India for decades.
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10/21/2019 4:30:31 PM
<![CDATA[Egypt exports 172.8B feet of LNG in 2018/19]]>
The company's annual report of the fiscal year 2018/2019 said that 45 gas shipments were exported during the last fiscal year.

Exports of natural gas through the Arab gas pipeline resumed during the last fiscal year as of September 2018. According to the report, the import of liquefied gas was stopped as of September 2018, and the gas unit was dispensed.

Egypt currently has two liquefied natural gas (LNG) facilities in both Edco and Damietta. With gas production amounting to around 6.4 billion cubic feet per day, Egypt achieved self-sufficiency of gas by the end of September 2018, aiming to become a regional hub of energy.

On Feb. 26, Petroleum Minister Tarek el-Molla said that 2018 witnessed the completion of new stages to increase the production of natural gas from four major fields in the Mediterranean Sea.

He clarified that these fields were put on the production map with investment of more than $27 billion and production rates of 6.5 billion cubic feet per day expected upon the completion of all stages, noting that what has been achieved is the result of the completion and development of natural gas projects.

Egypt’s main contributor to gas supply is Zohr gas Field, the biggest gas field in the Mediterranean, with an estimated production of 30 trillion cubic feet. Also, gas production from the Noras gas field increased to around 1.2 billion cubic feet per day (bcf/day).

Egypt has recently signed several oil agreements for the exploration of oil and gas in several areas, including the Mediterranean, Western desert, Nile Delta and the Gulf of Suez.

In fiscal year 2018/2019, the targeted investments in petroleum sector are estimated at LE 145.6 billion ($8.12 billion), marking 15.5 percent of the year’s total investments.

Natural gas investments represent 91 percent of petroleum investments, which amounts to LE 132.8 billion.
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10/21/2019 4:29:17 PM
<![CDATA[Mohamed Maait named best finance min. in MENA, North Africa for 2019 – GlobalMarkets]]>
The announcement was made on the fringe of the annual meetings of World Bank (WB) and IMF in Washington, the statement added.

GlobalMarkets, also, honored Deputy Finance Minister for Fiscal Policies Ahmed Kouchouk and Assistant Minister of Finance for Capital Markets Operations Khalid Abdel Rahman for their chairmanship of the best sovereign debt management unit in the Middle East and North Africa, the statement noted.

This was the culmination of the finance minister's fruitful and effective efforts that greatly contributed to recovering the national economy.

Responding to the news, Maait said receiving such awards is clear evidence of the political leadership's strong support for all government's financial policies to advance the Egyptian economy and enhance public services as well as to improve citizens’ standards of living, the statement read.]]>
10/21/2019 3:02:03 PM
<![CDATA[CBE issues LE 3.75B in T-bonds Monday]]>
The T-bonds were offered in two installments, with the first valued at LE 2.2 billion with a five-year term and the second worth LE 1.5 billion with a 10-year term.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in September, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 100 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 13.25 percent, 14.25 percent, and 13.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.


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10/21/2019 2:09:24 PM
<![CDATA[Global renewable power capacity to rise by 50% in five years: IEA]]>
Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.

Solar PV will account for nearly 60% of this growth and onshore wind 25%, the IEA’s annual report on global renewables showed.

The share of renewables in power generation is expected to rise to 30% in 2024 from 26% today.

Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment since last year’s report, the IEA said.

“Renewables are already the world’s second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals,” said Fatih Birol, the IEA’s executive director.

“As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV,” he added.

The cost of generating electricity from distributed solar PV (PV systems on homes, commercial buildings and industry) is already below retail electricity prices in most countries.

Solar PV generation costs are expected to decline a further 15% to 35% by 2024, making the technology more attractive for adoption, the IEA said.

However, policy and tariff reforms are needed to ensure solar PV growth is sustainable and avoid disruption to electricity markets and higher energy costs, the report said.

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10/21/2019 12:27:46 PM
<![CDATA[Oil prices fall as global demand concerns grow]]>
Global benchmark Brent crude LCOc1 was down 57 cents at $58.85 a barrel by 0944 GMT. U.S. West Texas Intermediate crude oil CLc1 declined 39 cents to $53.39 a barrel.

U.S. and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month, hoping to resolve a trade war that has rumbled on over the last year, slowing global economic growth.

But adding to tensions, China is now seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating back to the Obama era, a published document showed.

“A rebound in upside potential looks unlikely at this stage given that bullish catalysts are in short supply,” said Stephen Brennock of oil broker PVM. “Only a meaningful U.S.-China trade agreement or deeper OPEC cuts will change the negative status quo, neither of which seem to be forthcoming.”

The Organization of the Petroleum Exporting Countries, Russia and other oil producers, an alliance known as OPEC+, agreed in December to cut supply by 1.2 million barrels per day (bpd) from the start of this year.

Russia, the world’s second-largest oil producer, said on Sunday it did not meet its supply reduction commitment in September because of an increase in natural gas condensate output as the country prepared for winter.

Additionally, talks between OPEC members Kuwait and Saudi Arabia to resume oil production from joint fields in the Neutral Zone between the two countries, with capacity of 500,000 barrels per day, could mean more supply returning to the market.

China’s economic growth slowed to 6% year-on-year in the third quarter, its weakest in 27-1/2 years.

However, a 9.4% year-on-year increase in China’s refinery throughput for September signaled that petroleum demand remained robust.

“This level of crude intake would imply that every province had simultaneously processed close-to-record volumes of crude based on their historical regional reporting,” JBC analysts said in a note.

European shares opened slightly higher on Monday and UK government bond yields rose as investors remained hopeful that Britain would be able to avoid a disorderly exit from the European Union.

Analysts have said any British-EU agreement that avoids a no-deal Brexit should boost economic growth and oil demand.

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10/21/2019 12:21:51 PM
<![CDATA[Facebook open to currency-pegged stablecoins for Libra project]]>
David Marcus, who heads the Libra project for Facebook, told a banking seminar the group’s main goal remained to create a more efficient payments system, but it was open to looking at alternative approaches for the currency token it would use.

“We could do it differently,” he said. “Instead of having a synthetic unit ... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc,” Marcus told the panel.

“We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form,” he said. “That is one of the options that should be considered.”

Marcus said he was not suggesting currency-pegged stablecoins were the group’s new preferred option.

“What we care about is the mission and there are a number ways to go about this,” Marcus told Reuters after the panel, adding that the Libra needed to “demonstrate a lot of agility.”

The Facebook-led project suffered severe setbacks earlier this month, as major payment companies Mastercard Inc (MA.N) and Visa Inc (V.N) became the latest partners to quit the group behind the project.

Other key members that have pulled out included Stripe, eBay Inc (EBAY.O) and Booking Holdings Inc (BKNG.O) and PayPal Holdings Inc (PYPL.O).

Global policymakers and regulators have also worry that creation of a new synthetic global currency could upend the global financial system, threaten users’ privacy, and facilitate money laundering.

Group of 20 finance leaders on Friday agreed to set strict regulations on cryptocurrencies and said such stablecoins should not be issued until various global risks were addressed.

Marcus told Reuters that Facebook was still aiming for a June 2020 launch of Libra, but acknowledged it could miss that target due to regulatory hurdles.

“We’ll see. That’s still the goal,” Marcus told Reuters when asked if the recent departure of several major partners from the project would delay the planned 2020 launch.

“We’ve always said that we wouldn’t go forward unless we have addressed all legitimate concerns and get proper regulatory approval. So it’s not entirely up to us,” he said.

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10/21/2019 12:19:47 PM
<![CDATA[Vested Summit kicks off in Egypt on Nov. 9]]>
This year, the summit brings Emmy-nominee and world-renowned host of National Geographic’s Brain Games, Jason Silva, for the first time to Egypt who will be this year’s ambassador for ‘#ConsciousTech’ and the main guest speaker for the summit.

The World's Largest ConsciousTech Summit is scheduled to cover three main tracks; Investment, Technology and SuperPowers, targeting global and regional audiences and speakers from over 25 countries, and around 1,500 delegates with more than 50+ speakers, and 100 start-ups.

Among the global line-up of speakers during this year’s summit are Wael El Hatow, CEO at ERC; Nikolaos Mavridis, Founder & Director of Interactive Robotics and Media Lab and Creator of Ibn Sina Robot; Manish Behl, Founder of Mindfulness India Summit; Bassima Abdelrahman, co-chair at the World Economic Forum, Caroline Julien, President at CREO, a studio that creates immersive experiences and digital content using VR/AR; Reza Kazemipour, Founder & General Partner at 179 two Capital and Liam Martin, Co-Founder of Running Remote.

Last year, Vested Summit brought together around 500 delegates from around 20 different nations stemming a #ConsciousTech movement that brought awareness to a new type of tech startups that focused on generating real impact.

“We believe that 70% of world growth will come from emerging markets in the next few years. That’s why we want to build a community of #consciousTech stakeholders. These are the rebels willing to take a risk to solve real-world problems,” Salma El Hariry, Founder of Vested Summit said.

Vested Summit is powered by SkaleUp Ventures and its strategic partner and main sponsor: Egyptian resorts company - Sahl Hasheesh and in partnership with The Events Boutique, the official Events Management Partner and The Publicist Inc, the official PR Partner.



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10/20/2019 5:52:27 PM
<![CDATA[Nasr: Egypt keens on cooperation with USIDFC]]>
The USIDFC is a US state-owned corporation meant to encourage American companies to invest in emerging markets worldwide, Nasr said during a meeting Sunday with CEO of USIDFC Adam Boehler, on the sidelines of the annual meetings of the World Bank (WB) in Washington.

It also helps create job opportunities and provides training programs for the local labor force, she added

During the meeting, the two officials mulled the outcome of the recent get-together between Prime Minister Moustafa Madbouli and Boehler.

The two sides agreed that the USIDFC would finance Egypt's public and private sector companies operating in the fields of transportation, desalination, renewable energy, and small and medium-sized enterprises (SMEs).

The minister pointed out that Egypt-USIDFC cooperation aims to promote SMEs to create more jobs.

For his part, Boehler praised President Abdel Fattah El Sisi's initiative to invest in human capital, highlighting USIDFC willingness to cooperate with Egypt in the coming period.]]>
10/20/2019 5:43:58 PM
<![CDATA[Gov't targets supporting growth path, cutting inflation in coming phase]]>
Delivering a speech at the G20 finance ministers' meeting in Washington, Ma'it added that the government adopted a new package of incentives to increase exports, and developed a dynamic system for industrial lands, in addition to introducing a simplified and attractive taxation regime to back small and medium-sized enterprises.

The government will also work on automating all public services, besides enhancing human development and social protection, through raising spending on the sectors of health and education and honing the skills of workforce, especially young people and women, he noted.

Ma'it stressed that the government will proceed with the economic reform program to increase the competitiveness of the country's economy, with focusing on the sectors of manufacturing and exports and giving more investment opportunities to the private sector.

He stressed the pivotal role played by the private sector in bolstering the economic growth, citing the recent legislative reforms taken by the government to create a conducive business environment.

He underlined that the economic reform program bore fruit, as the country's economy saw a growth rate of 5.6% in the past fiscal year.

He predicted that the national economy will register a growth rate of 6% in the fiscal year 2019/20, especially in light of an expected increase in private consumption and the private sector's investments, in addition to the significant recovery of tourism sector and the operation of the newly-discovered gas fields. ]]>
10/20/2019 5:38:29 PM
<![CDATA[Islamic Corporation’s operations in Egypt hit LE 5.17B]]>
Qaisi explained that operations cover areas related to exports for exporters and investors in Egypt, according to a statement issued by the Ministry of Investment.

This came during a meeting with Investment Minister Sahar Nasr on the sidelines of the annual meetings of the World Bank in Washington.

According to Qaisi, the Corporation has issued 150 insurance policies worth $1.84 billion since its establishment for Egyptian exporters and banks to support exports.

The two sides discussed increasing the Corporation’s support to the private sector.
Discussions also covered expansion plans in Egypt, through several axes, namely providing insurance support for infrastructure projects in the Egyptian market, and supporting the Egyptian state's orientation towards the African market, and encouraging the flow of foreign direct investments to the Egyptian market, the two sides agreed to support the institution to Egypt in promoting investment opportunities abroad.

He stressed that everyone is looking forward to investing in Egypt, pointing out that the Foundation is constantly striving to contribute effectively to development in Egypt and to create an effective framework for action through which to achieve this, expressing his aspiration to a successful and prosperous partnership with Egypt over the coming years.

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10/20/2019 5:34:45 PM
<![CDATA[EGX starts week on mixed note]]>
The benchmark EGX 30 rose 0.24 percent, or 33.59 point, to close at 14,239.45 points.

The small and mid-cap index EGX 70 increased 0.38 percent, or 2.03 points, to close at 536.74 points, and the broader index EGX 100 jumped 0.25 percent, or 3.48 points, to 1,418.44 points.

On the other hand, the equally weighted index EGX 50 inched down 0.06 percent, or 1.16 points, to end at 2,061.98 points.

Market capitalization gained LE 12 million, recording LE 717.87 billion, compared to LE 714.85 billion in Thursday’s session.

The trading volume reached 103.03 million shares, traded through 16,069 transactions, with a turnover of LE 336.24 million.

Foreign investors were net buyers at LE 15.71 million, while Egyptian and Arab investors were net sellers at LE 14.49 million , and LE 1.22 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 28.11 million, LE 4.03 million, and LE 1.73 million, respectively.

Egyptian, Arab and foreign organizations bought at LE 13.61 million, LE 2.82 and LE 17.43 million, respectively.

El Kahera El Watania Investment, Raya Holding for Financial Investments , and Gulf Canadian Real Estate Investment Co. were top gainers of the session by 9.78 percent, 7.41 percent and 7.23 percent, respectively.

Meanwhile, Saudi Egyptian Investment & Finance, Alexandria National Company for Financial Investment, and Misr Beni Suef Cement were top losers of the session by 3.79 percent, 3.50 percent, and 3.36 percent, respectively.

EGX recorded a semi-collective rise during Thursday’s session, as EGX 30 inched down 0.02 percent, while EGX 50 climbed 0.88 percent, EGX 70 increased 0.61 percent, and EGX 100 jumped 0.53 percent.

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10/20/2019 3:40:30 PM
<![CDATA[Petroleum min. opens JODI conf.]]>
He made the remarks during the 14th international conference of JODI which is held in Cairo on October 20-21.

Mulla highlighted the importance of the JODI which is an international collaboration to improve the availability and reliability of data on petroleum and natural gas.

Mulla stressed Egypt's interest in exchanging information and expertise in the energy domain.

Meanwhile, Secretary General of the International Energy Forum (IEF) Sun Xiansheng hailed Egypt's interest in supporting the initiative, citing the efforts being exerted to develop natural resources in the eastern Mediterranean region.

The two-day meeting is meant to come up with an action program which will be adopted until 2025.

He noted that the initiative is backed by more than 100 states.

This biennial JODI conference plays a key role in the JODI development cycle which aims to continually advance the global energy data transparency agenda in support of stable energy markets as advocated by IEF Ministers, G20 leaders, and other stakeholders. ]]>
10/20/2019 3:04:54 PM
<![CDATA[Egypt launches Ain Sokhna-Mombasa shipping line]]>
The line will offer a full range of transport and logistics services to global traders working with East African countries, Tawfik added.

Tawfiq made the remarks during his participation in a conference on governance index in Africa that was organized by the Egyptian Center for Economic Studies.

The shipping line is part of Gosoor Project adopted by the Public Enterprise Ministry to enhance foreign trade between Egypt and Eastern and Central African states.

The project aims, in its first phase, to provide an integrated logistics and transportation services chain for external trade and industry with East African countries through companies under the public business sector ministry, in addition to providing a goods insurance service, Tawfik said.

The second stage of the project is to be finalized in the second quarter of 2020 and will include assembly and custom clearance services at ports, exhibitions and the establishment of a marketing and mediation company in partnership with domestic banks and private sector investors, he added.]]>
10/20/2019 2:59:51 PM
<![CDATA[Finance Ministry cashed LE4.4B for service bodies in September]]>
In a statement released on Sunday, the Finance Ministry said a sum of LE 4.4 billion has been approved as urgent financial allowances during the month of September.

The sum was channeled for the Supply Authority, the National Railway Authority as well as the Holding Company for Potable Water and Sanitary Drainage and the General Authority for Health Insurance and others to fulfill their obligations towards citizens, it added.]]>
10/20/2019 2:53:38 PM
<![CDATA[European Bank for Reconstruction and Development invests $5B in Egypt]]>
In a statement issued by Ministry of Investment Sunday, Chakrabarti added that the bank's investments in Egypt represent more than 50 percent of its investments in Africa, which are currently focused on Egypt, Tunisia and Morocco.

He affirmed that the bank is committed to supporting Egypt in its reform efforts.

This came during a meeting with the Minister of Investment and International Cooperation, Sahar Nasr, on the sidelines of the World Bank's annual meetings held in Washington.

The two sides discussed increasing cooperation between Egypt and the Bank in infrastructure and transport projects under Egypt's presidency of the African Union presidency. Moreover, they also discussed encouraging the private sector to participate in these projects and exploiting the promising investment opportunities in Africa that need infrastructure.

For her part, the Minister expressed Egypt's aspiration to strengthen cooperation and partnership relations with the Bank in areas such as transport, metro and rail development, small and medium enterprises, electricity and increasing support to the private sector.

Chakrabarti stressed the bank's keenness to increase cooperation with Egypt in promoting economic integration in the African continent through increasing the inflows of the bank's investments in it, especially in infrastructure projects.

Nasr pointed out that infrastructure is the main engine of economic growth and attracting new investments in Egypt and Africa, in areas such as transport and energy, which is considered the best investment that provides services to citizens.

She further invited the President of EBRD to participate in the Africa 2019 Forum, which will be held under the auspices of President Abdel Fatah El Sisi on Nov. 22 and 23 in the new administrative capital. A number of heads of state, government and ministers will attend the forum from Africa, businessmen and investors Forum all over the world.

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10/20/2019 2:40:22 PM
<![CDATA[Egypt joins World Bank's Global Infrastructure Program]]>
The Ministry said in a statement Sunday that the funds were distributed between public and private institutions, in several sectors, most notably water and sanitation, energy, transport and communications.

This came during Egypt’s participation, represented by Minister of Investment Sahr Nasr, in the annual meetings of the World Bank in Washington.

The ministry explained that the projects of the program contributed to the delivery of electricity, water, sanitation and natural gas services to homes, and improved the efficiency of production and distribution of infrastructure services, and provided funding and technical support for projects to develop and rehabilitate ports, airports and railways.
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10/20/2019 2:37:39 PM
<![CDATA[EGX ends feasibility study on commodities exchange]]>
A statement by the EGX said Sunday that it is keen on learning from successful experiments in Africa and Asia in this regard.

It cited success stories of the bourses of Ethiopia, India, Iran and Ghana.

An EGX team had inspected a number of depots at logistics zones and got firsthand information about factors needed to establish a commodities exchange, according to the statement.

The team was concerned with electronically connecting the warehouses with the EGX and outlining exchange, risk management and control programs, the statement said.

It added that a firm will be named within days and should be tasked with managing Egypt's commodities exchange.]]>
10/20/2019 2:33:45 PM
<![CDATA[CBE to issue Le 18.75 in T-bills Sunday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 9 billion with a 91-day term and the second is worth LE 9.75 billion with a 266-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in September, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 100 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 13.25 percent, 14.25 percent, and 13.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.]]>
10/20/2019 11:42:18 AM
<![CDATA[Leather exports decline in 8 months due to global demand]]>
He added in a statement that the decline in exports was also a result of the decline in the quality of leather in Egypt due to the lack of sponsorship of livestock in Egypt, which caused a negative impact on exports despite the rise in production in rubiky.

Serg called for the Ministry of Agriculture and Veterinary Quarantine to take into account the situation of livestock in Egypt, as the decline in the quality of leather means a deterioration in animal health.

He pointed out that other reasons include not to move on export subsidies procedures so far, despite the application of the system since last July, but without activating on the ground, as well as not to activate the support of the opposition, which caused the cancellation of many commercial missions.

Trade and Industry Minister’s adviser for national projects Yasser el Maghrabi said Wednesday that Egypt will host the Pan African Leather Fair on June 21-23, 2020.
The fair will be organized by the Cairo Development & Investment Company in cooperation with Egypt International Exhibition Center, and under the auspices of the Trade and Industry Ministry, the Leather Export Council of Egypt, and the Federation of the Egyptian Industries’ Leather Chamber.
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10/19/2019 3:46:40 PM
<![CDATA[New customs law simplifies procedures, reduces goods' cost: Min]]>
It clarified that the new draft aims to simplify procedures, reduce the cost of goods, and reduce the time of customs release, through the optimal use of modern technology and the localization of international experiences in the application of the «single window» system, and the gradual transition from paper-based to digital environment.

"For the first time, an electronic system for tracking goods will be established to follow their steps until the final release stage. With the possibility of pre-querying customs duties prior to the arrival of the goods, allowing the exchange of secured information and data electronically between the Customs Authority and the authorities of the State or third parties with which it has concluded agreements, and the introduction of a risk management system; In accordance with established controls; in order to simplify the procedures and speed of customs release," it noted.

it added that the new draft customs law targets to encourage the national industry, reduce the cost of domestic production and maximize its competitiveness in the international markets.

The new draft customs law aims to encourage national industry, reduce the cost of domestic production and maximize its competitiveness in world markets, the statement added." It includes the advantage of installment of the customs tax due on machinery, equipment, devices, production lines and accessories that do not enjoy any exemptions or reductions in tariffs when they are engaged in production, against the payment of an additional tax calculated as a percentage of the value of the unpaid customs tax for each month or part of it."

The statement pointed out that the draft law includes new facilities for dealers with customs, including: the development of a new system for the settlement of customs disputes, allowing grievance to the administration before resorting to arbitration; in order to prevent the aggravation of disputes between the owners of goods and the Customs Authority, and establish consensual solutions to many problems through a joint committee Include both parties to the conflict.

It explained that the new draft law exempts the import of government and university hospitals, equipment, medical supplies, medicines, blood products, serums, family planning methods and dairy children from customs duties; in order to fulfill the constitutional obligations to provide health care to citizens.

The statement said that the draft law included the principle of non-prejudice to exemptions decided by other laws in force to prevent duplication, such as the Sports Law and the Rights of Persons with Disabilities Act, and other laws that establish customs exemptions.

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10/19/2019 3:45:05 PM
<![CDATA[Egypt is 1st destination for foreign investment in Africa: World Bank]]>
Minister of Investment Sahar Nasr clarified in a statement that maintaining Egypt's position came as a result of the improvement of the business climate, represented in governmental programs, in addition to gradual increasing private sector's investment, as well as enhancing economic growth.

She noted that all these factors helped in re-locating Egypt on the global investment map.

This came during Nasr 's participation, in a session on the next generation of reforms in the Middle East and North Africa, during the annual meeting of the World Bank Group on the Middle East and North Africa, held in Washington.

Investment clarified that her state implemented legislative and institutional reforms which led to eliminate of burocureacy and increasing participation, and simplifying business.
"Companies are being set up faster and more efficiently, with a real partnership between the public and private sectors and significant private investment in major projects, including the energy sector, and new cities," she noted.

The minister said that Egypt is the first country in the Middle East and Africa to have a strategy for digital transformation, where digital transformation plans are a key component of the country's strategy for social and economic development.

She stressed that the elements of development in the digital transformation in Egypt are concentrated in the development of ICT infrastructure, upgrading the efficiency of government services, and the implementation of projects of smart cities and communities, with priority to invest in human capital and create an environment that supports technological innovation and creativity.

On Wednesday, Minister of Investment Sahar Nasr discussed with the World Bank the provision of $500 million for the pollution control and solid waste management project in Egypt.

Nasr added in a statement that Egypt is also discussing with the World Bank raising the level of partnership to support the health and education sectors in Egypt.
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10/19/2019 3:43:50 PM
<![CDATA[CBE governor: Egypt’s banking system enjoys high liquidity ]]>
He said that the Egyptian minister of petroleum has just told him that US energy giant Exxon Mobil will strengthen its presence in Egypt by pumping more investments into projects in the Egyptian market.

He shed light on the efforts exerted by the bank to digitalize financial services and press ahead with the county’s plans for expanding financial inclusion and modernizing the payments system, noting that Egypt now has a banking system that is strong and flexible and has legislation that will bring about more accountability to the banking system and the central bank in addition to a new streamlined licensing mechanism as well as better consumer protection regulations.]]>
10/19/2019 11:44:05 AM
<![CDATA[Egypt urges WB, IMF to support regional integrity in Africa]]>
Addressing the Intergovernmental Group of 24 on International Monetary Affairs and Development in Washington, Nasr called on the WB and International Monetary Fund to expand investments in the region.

The minister said that Egypt's vision to face the slowdown in global economic growth and trade tensions is to achieve more economic integration and continue to take the path of reform to make our economies more competitive and attractive for investment, to achieve the aspirations of the world countries in growth and development.

Nasr explained that the Egyptian government has implemented a comprehensive economic and social reform program to promote sustainable growth, alleviate poverty, create good jobs, enable the private sector to promote growth, and provide opportunities for all sectors of society to participate in the economy, especially women and young entrepreneurs.

The Minister added that President Abdel Fattah al-Sisi, as the chairman of the African Union, has set the achievement of regional economic integration as a top priority.

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Nasr also discussed Wednesday with the World Bank the provision of $500 million for the pollution control and solid waste management project in Egypt.

Nasr added in a statement that Egypt is also discussing with the World Bank raising the level of partnership to support the health and education sectors in Egypt.

For his part, World Bank Vice President for the Middle East and North Africa Farid Belhadj affirmed that Egypt is a very important country for the bank’s fields of work.

“Therefore the World Bank is keen to contribute effectively to the efforts exerted to achieve development in Egypt, especially in the field of infrastructure, in light of the economic and legislative reform that contributed to improving the investment climate in Egypt,”Belhadj explained.]]>
10/18/2019 4:15:54 PM
<![CDATA[World's largest wastewater treatment plant in Bahr al-Baqar finds funder]]>
As per the new deal, the fund will inject $284 million for the second phase after it had financed the first stage with $230 million, the statement said, adding that a mission from the Fund will visit Egypt in the coming few weeks to finalize the negotiations of the new deal.

In mitigation, Egypt is building the sewage water treatment plant to face water shortage that could affect around 0.5 million people in Sinai. The plant, which will treat sewage and agricultural wastewater of the longest drain (Bahr al-Baqar 1 drain), located in the east of Suez Canal. It will produce 5 million cubic meters per day to cultivate 250,000 feddans.


In case you missed it…

In mitigation: Egypt builds the largest wastewater treatment plant to face water scarcity

CAIRO - 13 October 2018: In mitigation, Egypt will build the largest sewage water treatment plant to face water shortage that could affect around 0.5 million people in Sinai.




]]>
10/18/2019 1:44:19 PM
<![CDATA[IMF: Egypt used $12B loan effectively]]>
At a press conference in Washington DC, on Thursday, she said that Egypt’s usage of the loan has been reflected on the indicators of the economy positively, amid great support for social protection programs.

She also pointed out that Egypt is determined to continue work on reforms, stressing that reducing energy subsidies enabled the government to allocate more money for sectors of education, health and human development.

Georgieva explained that she met with Egypt’s Prime Minister Mostafa Madbouly few days ago, as they highlighted the importance of enhancing private sector role in the Egyptian economy through the participation of youth in economic development.

Egypt has achieved significant economic indicators through its reform program implemented over the past three years, most notably the declining in public, and the decrease of unemployment and inflation rates, stressing that the IMF is currently studying further cooperation with Egypt during the coming period.

Madbouly attended on Tuesday the World Bank and the IMF meetings that run from October 14-20 in Washington, USA.

Madbouly also met with US officials and representatives of the business and financial sectors along with heads of major US companies.
]]>
10/17/2019 10:14:20 PM
<![CDATA[With semi-collective rise, EGX adds LE 2.88 billion to market cap.]]>
The benchmark EGX 30 inched down 0.02 percent, or 3.37 point, to close at 14,205.86 points.

On the other hand, the equally weighted index EGX 50 climbed 0.88 percent, or 17.93 points, to end at 2,063.14 points.

The small and mid-cap index EGX 70 increased 0.61 percent, or 3.24 points, to close at 534.71 points, and the broader index EGX 100 jumped 0.53 percent, or 7.47 points, to 1,414.96 points.

Market capitalization gained LE 2.88 billion, recording LE 717.85 billion, compared to LE 714.96 billion in Wednesday's session.

The trading volume reached 393.78 million shares, traded through 24,386 transactions, with a turnover of LE 869.12 million.

Egyptian investors were net buyers at LE 25.03 million, while Arab and foreign investors were net sellers at LE 12.28 million , and LE 12.75 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 54.58 million, LE 19.84 million, and LE 7.94 million, respectively.

Egyptian and Arab organizations bought at LE 79.61 million, and LE 7.56 million, respectively, while foreign organizations sold at LE 20.69 million.

Medinet Nasr Housing, Arabia Investments Holding, and Qatar National Bank Alahly were top gainers of the session by 6.85 percent, 4.63 percent and 4.57 percent, respectively.

Meanwhile, Gharbia Islamic Housing Development, Wadi Kom Ombo Land Reclamation, and Sharkia National Foodwere top losers of the session by 7.66 percent, 5.78 percent, and 4.33 percent, respectively.

EGX ended Wednesday in green, as EGX 30 rose 1.06 percent, EGX 50 climbed 1.35 percent, EGX 70 increased 1.37 percent, and EGX 100 jumped 1.22 percent.
]]>
10/17/2019 3:36:11 PM
<![CDATA[CBE to issue LE 19B in T-bills Thursday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 9.5 billion with a 182-day term and the second is worth LE 9.5 billion with a 357-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in September, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 100 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 13.25 percent, 14.25 percent, and 13.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.
]]>
10/17/2019 1:34:19 PM
<![CDATA[Egyptian industries federation, German health alliance mull coop.]]>
The FEI detailed in a press statement on Wednesday that the delegation, which is currently on a visit to Germany, and the alliance mulled cooperation in the domains of nursing, vaccines and systems of managing hospitals as well as smart programs used in the health sector in Germany.

Both sides agreed that a delegation of the GHA will pay a visit to study the Egyptian market and explore investment opportunities in this sector in the country, the statement added.]]>
10/17/2019 12:56:56 PM
<![CDATA[Egypt to host Pan African Leather Fair in June 2020]]>
The fair will be organized by the Cairo Development & Investment Company in cooperation with Egypt International Exhibition Center, and under the auspices of the Trade and Industry Ministry, the Leather Export Council of Egypt, and the Federation of the Egyptian Industries’ Leather Chamber.

This is the first fair of its kind in Africa and the Middle East, el Maghrabi said, adding that the event would help enhance the leather industry in Egypt, and increase its level of competitiveness in regional and international arenas.]]>
10/17/2019 12:52:36 PM
<![CDATA[Egypt’s mango exports rise up to 15211 tons]]>
The Central Department of Agricultural Quarantine's report on the movement of Egyptian agricultural products' exports showed an increase in the exports of mango to 15211 tons. Also, more discussions and talks are taking place by the Ministry of Agriculture's officials to open new markets and increase exports to several countries.

Head of the Central Department of Agricultural Quarantine Ahmed al-Attar told Egypt Today that Egypt’s mango exports meet all the international requirements, pointing out that opening more foreign markets will contribute to increasing the total fruit exports, especially in South Africa.

In April 2019, Egypt announced exporting more than 20 food products and crops worth $408 million, according to the General Organization for Export and Import Control (GOEIC).GOEIC published a list of all exported agricultural and processed food products, classifying them into three groups.

First: Fresh and dry citrus, potatoes, cheese, wheat, and chocolate.Second: Frozen vegetables, onions, garlic, dried and fresh mango, guava, figs, dates, synthesized tobacco, and sugarcane.Third: peanut, pastries, fruit juices and fresh tomatoes.
In a similar vein, Egypt's exports of fresh strawberries reached 22,400 tons during the period from January 1 to March 16, Attar said.

Attar added that all exports of fresh strawberries are subject to all the procedures and requirements of quarantine, adding that the procedures of exporting agricultural products, especially vegetables and fruits,are strictly enforced in all markets of the world.]]>
10/17/2019 11:05:32 AM
<![CDATA[Net foreign transactions on EGX hit LE 21 billion: Farid]]>
Farid added Wednesday that the economic reform witnessed in Egypt is one of the boldest reform plans that dealt with the causes of the budget deficit, issuing the new investment law and improving the economic environment as well as the management of state assets.

This came during the session “Investing in financial instruments”, held within the activities of the second day of “Egypt Can” conference.

Farid said that the State has carried out rapid remedies to ease the burden on some social classes, enabling them to face the repercussions of the reform process, stressing that it was necessary to search for sources of funding for the success of these programs.

He pointed out that the stock market has witnessed diversification in various fields, which also confirms the confidence of the foreign investor in the Egyptian investment climate and market.

Farid noted that the process of encoding the investor also contributed to the revival of the stock market, pointing out that the stock exchange is one of the State's most important tools to revitalize investments in Egypt and allow different classes to trade and make profits.

Farid explained that most small projects are not registered in the stock market because of its legal status and the owners'desire to stay without development, noting that the volatility in the stock market is not negative, but represents investment opportunities and gains for participants.
]]>
10/17/2019 10:43:24 AM
<![CDATA[Egypt, WB discuss allocating $500M for solid waste management]]>
Nasr added in a statement that Egypt is also discussing with the World Bank raising the level of partnership to support the health and education sectors in Egypt.

This came during Nasr’s meeting with World Bank Vice President for the Middle East and North Africa Farid Belhadj on the sidelines of the World Bank and IMF annual meetings in Washington.

Nasr pointed out that the topics of discussion came in line with Egypt's future vision and President Abdel Fatah El-Sisi's instructions to invest in the human element.

The minister clarified that Egypt is currently cooperating with many partners to develop entrepreneurial projects, especially those supporting women and youth, stressing Egypt's keenness to strengthen the role of the private sector in development through participation in financing projects that support development efforts.

For his part, Belhadj affirmed that Egypt is a very important country for the bank’s fields of work.

“Therefore the World Bank is keen to contribute effectively to the efforts exerted to achieve development in Egypt, especially in the field of infrastructure, in light of the economic and legislative reform that contributed to improving the investment climate in Egypt,”Belhadj explained.]]>
10/17/2019 10:37:48 AM
<![CDATA[Huawei Announces Q3 2019 Business Results]]>
Huawei has maintained its focus on ICT infrastructure and smart devices, and continued to boost the efficiency and quality of its operations. This contributed to increased operational and organizational stability and solidified the company's performance in the first three quarters of 2019.

In the consumer business, Huawei's smartphone business has grown steadily. Huawei's smartphone shipments in the first three quarters of 2019 exceeded 185 million units, representing a year-on-year increase of 26%. The company also saw rapid growth in other new businesses like PCs, tablets, wearables, and smart audio products.

The Vision smart screen, featuring unique innovations in software and hardware, was also launched in Q3, gaining high acclaim from the industry and consumers. A more robust ecosystem that focuses on consumers and delivers a more seamless intelligent experience across all major user scenarios is now taking shape.

The Huawei Mobile Services ecosystem has also developed rapidly, covering more than 170 countries and regions. It has attracted over 1.07 million registered developers worldwide.

To date, Huawei has signed more than 60 commercial contracts for 5G with leading global carriers and shipped more than 400,000 5G Massive MIMO active antenna units (AAUs) to global markets. The production and supply of Huawei’s optical transmission, data communication and IT products grew steadily.

In the enterprise business, the company launched the Huawei Horizon Digital Platform. This converged, open, and efficient platform was built on Huawei's extensive technological experience. With it, Huawei aims to work with customers and partners to build a foundation for the digital world, creating a digital transformation industry worth trillions of US dollars. This platform will also help various sectors like government, public utilities, finance, transportation, and electricity to speed up their digital transformation.

By the end of Q3 2019, more than 700 cities, 228 Fortune Global 500 companies, and 58 Fortune Global 100 companies had selected Huawei as their partner for digital transformation.]]>
10/17/2019 10:27:16 AM
<![CDATA[Industry is 1st way to achieve development boom: Minister]]>
Assar affirmed, "Industry is the milestone," and the first way to achieve a development boom in any country.

The minister added that Egypt played its role in stimulating investors and creating an encouraging investment climate, referring that the time has come for the private sector to play its role and stressing that the ministry is keen to involve the private sector in all its projects.

Assar praised the capabilities of "Egypt Can" conference to invite Egyptian investors abroad to achieve an industrial boom in Egypt, a case similar to the Asian Tigers.
This came during a session held at “Egypt Can” conference, entitled “Investment Opportunities in Egypt".

For his part, Co-Founder and Managing Director of the Citadel Foundation Hisham el-Khazindar said that Egypt has witnessed significant financial and structural changes during the previous phase.

“Now we are in a very different situation, and Egypt is capable of accommodating new investments after laying down the infrastructure,” Khazindar stated, calling for the need to shed light on the achievements in various sectors.

In a related context, Head of the Suez Canal Economic Zone Yahya Zaki stated that a number of foreign investors visited the economic zone and found real investment opportunities there. He noted that the economic zone spans on an area of 460 square kilometers, and includes six ports and four industrial zones, underlining that the region has witnessed major development in infrastructure.

Moreover, Head of Mut Company Michael Knight pointed out that Egypt enjoys great capabilities that qualify it to be at the forefront of the industrialized countries in the region, asserting that his company, in cooperation with the Ministry of Military Production, expects abundant possibilities ahead.

"We made fully armored vehicles in Egypt within the military production plants," he said, lauding Assar's great support for investors. Knight added that the priority goes to producing what Egypt imports before seeking to export, noting that imports cost Egypt annually about $60 billion.

"We make an Egyptian loader with the same efficiency as the American counterpart, and agreed with Geely to manufacture a 100 percent Egyptian car,” he revealed.

Also, Co-owner and Head of Trend Group, specialized in designing and executing trade sector projects, called for getting rid of “the white-man privilege” and using locally-manufactured products, clarifying that this is the best feature of South Africa.

“Egypt Can” is a series of conferences held annually with the aim of giving Egyptian expats the opportunity to present their visions of different fields of development, and their proposals to improve various sectors.

The Ministry of State for Immigration and Expatriates Affairs, and the Ministry of Planning and Administrative Reform organized this edition, which was announced earlier to adopt the investment and development theme.

]]>
10/16/2019 6:04:21 PM
<![CDATA[PM praises Egypt's keenness on launching technical support program with IMF]]>
During a meeting with Malpass here, Egyptian Prime Minister Mostafa Madbouli praised cooperation with the World Bank that has been going on for years and contributed to implementing the national social housing program and the pioneering Benban solar energy projects and others.

The meeting was attended by the ministers of investment and international cooperation, petroleum, finance and trade and industry and Egypt's ambassador to the US.

Asked about Egypt's priorities in the coming phase, the premier said the government gives great attention to promoting the participation of the private sector in economic activities and focuses on ongoing plans to reform the industrial sector and boost small and medium-sized enterprises.

As for improving the customs systems, the Finance Minister reviewed measures that have been implemented so far including amendments introduced to the customs law and the steps taken to digitize customs services.

Petroleum Minister Tarek el Molla cited the ambitious project adopted by the Egyptian government to convert old diesel-operated microbuses to run on natural gas or on diesel/natural gas to make the best use of the country's resources of natural gas.

He voiced hope that the World Bank would contribute to funding the project whether in the conversion program or the establishment of natural gas fuel stations.]]>
10/16/2019 5:42:10 PM
<![CDATA[Minister: We cooperate with FAO for improving food security]]>
He added in his speech at a ceremony on the occasion of the World Food Day, that his ministry is cooperating with the Food and Agriculture Organisation (FAO) for implementing a project of improving food security, nutrition and dietary habits of the Egyptian family.

Lack of food is a problem that is spreading in developing countries, he said, adding that the national 100 Million Healthy Lives Initiative revealed that up to seven million Egyptians are suffering from obesity.]]>
10/16/2019 5:06:24 PM
<![CDATA[ Investment in Egypt opens door to exports to various regions: PM ]]>
During a working lunch hosted by the American-Arab Chamber of Commerce, on the sidelines of his current visit to the US, Madbouli expounded available investment opportunities in Egypt and the incentives it offers to investors as well as the economic achievements of the government particularly as regards reducing the total budget deficit, the decline in the inflation rate to its lowest level in years and the decrease in the unemployment rate.

The attendees included representatives of US and Arab companies operating in the United States and the Middle East, the Central Bank Governor and the ministers of investment and international cooperation, petroleum, finance, ICT, trade and industry and Egypt's ambassador to the US.]]>
10/16/2019 5:03:45 PM
<![CDATA[EGX enters green zone, adds LE7.5B to market cap.]]>
The benchmark EGX 30 rose 1.06 percent, or 148.41 point, to close at 14,209.23 points.

The equally weighted index EGX 50 climbed 1.35 percent, or 27.31 points, to end at 2,045.21 points.

Moreover, the small and mid-cap index EGX 70 increased 1.37 percent, or 7.18 points, to close at 531.47 points, and the broader index EGX 100 jumped 1.22 percent, or 16.95 points, to 1,407.49 points.

Market capitalization gained LE 7.47 billion, recording LE 714.96 billion, compared to LE 715.49 billion in Tuesday’s session.

The trading volume reached 269.55 million shares, traded through 22,320 transactions, with a turnover of LE 827.24 million.

Foreign investors were net sellers at LE 79.38 million, while Egyptian and Arab investors were net buyers at LE 51.74 million , and LE 27.64 million, respectively.

Egyptian and foreign individuals were net sellers at LE 16.15 million, and LE 4.11 million, respectively, while Arab individuals were net buyers at LE 1.74 million.

Egyptian and Arab organizations bought at LE 67.88 million, and LE 25.9 million, respectively, while foreign organizations sold at LE 75.26 million.

Alexandria Spinning & Weaving (SPINALEX), El Ahli Investment and Development, and The Egyptian Company for Construction Development-Lift Slab were top gainers of the session by 7.47 percent 7.35 percent and 7.04 percent, respectively.

Meanwhile, Delta Sugar, Medical Packaging Company, and National Real Estate Bank for Development were top losers of the session by 3.28 percent, 2.77 percent, and 2.52 percent, respectively.


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10/16/2019 4:01:51 PM
<![CDATA[Egypt to sign contract with Siemens to build two wind stations]]>
The source added that the Cabinet agreed to contract with Siemens Germany to implement those projects under the BOO system and with the same contractual terms of the last tender for a wind station.

“The first wind power plant is expected to have a capacity of 180 megawatts and the second to have a capacity of 320 megawatts,” the source said.

It is worth mentioning that Egypt's 2030 strategy aims to generate 20 percent of the national electricity grid from renewable energy by 2022.The total capacity of the electricity grid is 56, 000 megawatts.

The total amount of electricity generated from renewable energy in Egypt has reached 6,000 megawatts.

The Egyptian governmenthas adopted the strategy of incorporating renewable energy in the mix a few years ago to reduce reliance on traditional energy resources through expanding in solar, wind and hydraulic power projects in cooperation with the private sector.

Egypt signed a memorandum of understanding with Siemens during the Egyptian Economic Development Conference held in Sharm El-Sheikh in March 2015. The memorandum aimed to prepare a master plan to strengthen and develop the electricity grid until 2025.

The master plan includes solutions to problems in the electricity sector, taking into account the sector’s generation capacities of traditional, coal, nuclear, and renewable energies, as well as the required stations and lines to absorb the produced capacities.

In 2016, the Egyptian Electricity Holding Company signed contracts with Siemens to implement three combined-cycle power plants with a total capacity of 14,400MW. The three power plants are in Borollos, BeniSuef, and the New Administrative Capital. The new energy projects are established in cooperation with the German company Siemens and its local partners Orascom and Elsewedy Electric.

The financing package for the Siemens’ part of the €6bn contracts was structured by Siemens Financial Services (SFS)—this includes a tailored guarantee concept.

In June 2016, Siemens signed agreements worth €8bn for high-efficiency natural gas-fired power plants and wind power installations that will boost Egypt’s power generation capacity by more than 50 percent, compared to the currently installed base. The projects will add additional 16.4 gigawatts (GW) to Egypt’s national grid to support the country’s rapid economic development and meet its growing population’s demand for power.

Siemens will also deliver up to 12 wind farms in the Gulf of Suez and west Nile areas, comprising around 600 wind turbines and an installed capacity of 2GW.

CEO of Siemens Egypt praised the improvement in the investment climate in the country, adding that the government’s clear vision and plan for long-term development of Egypt is a sign that the future holds further improvements.

Egypt is now resolutely setting the course for sustained development and economic growth with the Sustainable Development Strategy: Egypt Vision 2030, serving as a roadmap for making Egypt a strong and stable economy on the long-term.

Siemens has also extended a long-term contract to provide service and maintenance, as well as component upgrades at the Nubaria, Talkha, and El-Kureimat power stations.

The 10-year extension calls for Siemens to continue providing service and maintenance for eight SGT5-4000F gas turbines and the associated generators. In addition to long-term service and maintenance, the scope of the agreement for the three power stations includes modernizations, upgrade measures, and lifetime extensions for eight gas turbines designed to achieve optimal performance.
]]>
10/16/2019 3:51:59 PM
<![CDATA[Egypt negotiates with Kuwait increasing oil imports to 1M barrels per month]]>
Egypt imports from Kuwait 2 million barrels of crude oil per month and about 1.2 million tons of petroleum products.

In July, Petroleum Minister Tarek al-Molla told Nova that the three-year contract between Egypt and Kuwait would be renewed next January.

On August 31, Egyptian Ambassador to Kuwait Tareq el-Qouni said that a number of joint cooperation agreements were signed in Kuwait during President Abdel Fatah al-Sisi's official visit.

Qouni said that Sisi’s visit to Kuwait is the third since he assumed the presidency in June 2014; the first visit was on January 5, 2015, while the second was on May 7, 2017.

The volume of Kuwaiti investment inflows in Egypt amounts to US$4.7 billion, and Kuwait is ranked fifth in the list of investing countries in Egypt.

The trade exchange between the two countries reached 52.9 percent in 2018, and the volume of financing of the Kuwait Fund for Development in Egypt amounted to $3.3 billion.
]]>
10/16/2019 2:00:20 PM
<![CDATA[IMF expects Egypt economy to grow 5.9% in year to end of June]]>
Analysts have hailed Egypt for tough economic reforms tied to a three-year, $12 billion loan programme with the IMF agreed in late 2016, which has been disbursed in full.

The reforms included devaluing the currency by about half, cutting energy subsidies and introducing a value-added tax. Those changes have left many of Egypt’s nearly 100 million citizens struggling to make ends meet.

In its World Economic Outlook, the Fund brought down its 2019/2020 forecast for consumer price inflation to 10% from 12.3% six months ago.

Egypt said its economy grew by 5.6% in the 2018/19 year, slightly above the IMF’s estimate of 5.5%, unchanged from April.

The World Bank forecast on Thursday that Egypt’s economy would grow by 5.8% this fiscal year and estimated it grew 5.6% in 2018/2019, matching the government’s figure.

The IMF forecast Egypt’s current account deficit would widen to 2.8% of GDP this fiscal year from its 1.7% estimate in April. It also widened its estimate for last year’s current account deficit to 3.1% from 2.4%.

The IMF improved its expectations for unemployment in Egypt, predicting it would fall to 7.9% this fiscal year, down from its estimate of 8.3% six months ago. It also estimated unemployment in 2018/19 at 8.6%, below its April expectation of 9.6%.

“A loss of reform momentum would reduce growth and potential output and put pressure on unemployment, given the fast-increasing labor force,” the IMF said in its final review of Egypt’s reform programme, written in July and released this month.

“The transition to a transparent market-based economy will require further broadening and deepening of reforms and their sustained implementation beyond the current program, particularly regarding long-standing problems of weak governance, rent seeking, vulnerabilities to corruption, and the heavy presence of the state in the economy.”

The IMF said last year that Egypt will have a working age population of 80 million by 2028. Creating jobs for so many people will be a challenge for a country with a notoriously bloated and inefficient public sector, and where the state controls vast swathes of the economy.]]>
10/16/2019 1:16:18 PM
<![CDATA[GACIC CEO praises economic growth in Egypt]]>
In statements to MENA correspondent in Berlin, Noether said Germany supported Egypt's growth through the German investments and took all the appropriate measures to direct the German companies to increase their businesses in Egypt, adding that Egypt's growth could be a backbone for all the African continent.

He also praised the development in Egyptian-German relations over the past years, noting that stability in Egypt is not at the economic level only but at the political level as well. He cited the German-Egyptian relations in the field of energy through Egypt's clinching partnership with Siemens Company, asserting that such partnership was the biggest of its kind in the company's history.

Siemens has already established three mega power stations in three Egyptian cities in a record time, Noether added.

He also pointed out that Germany has presented several training programs to Egypt through the Federal Ministry of Economic Cooperation and Development, the German Development Agency and Siemens Academy for Vocational Training.

Such programs have already qualified 5,000 Egyptian youths, including engineers and technicians, in the various technical specializations over the past five years, he added.

As regards cooperation between Germany and Egypt in the field of railways, Noether said upgrading the Egyptian railway network is a priority for the Egyptian government, adding that German companies are really interested in this issue and an agreement has been reached in this regard during a visit made by Egyptian Prime Minister Mostafa Madbouli to Berlin three months ago and a visit by Transport Minister Kamel el Wazir to Germany in the past week.]]>
10/16/2019 1:13:45 PM
<![CDATA[Finance Ministry denies imposing new tax on cigarettes, soft drinks]]>
In a statement posted on its official Facebook page on Tuesday, the ministry denounced these reports as baseless, saying the government is working to stabilize tax policies.

The statement noted that some news websites misinterpreted the remarks of the finance minister, in which he said that some Arab states resorted to slapping taxes on cigarettes and soft drinks when needed to increase health insurance funding.]]>
10/16/2019 1:05:42 PM
<![CDATA[Finance min. heads for Washington to attend WB, IMF meetings]]>
According to a statement released by the Finance Ministry, Maait is scheduled to hold talks with the World Bank officials on taxes and customs to facilitate trade operations.

The finance minister will also meet with COMESA finance ministers and central bank governors to discuss the latest economic situation in the member states, it added.

He is due to convene with the finance ministers of Kuwait and South Sudan to probe means of fostering bilateral cooperation and increasing joint investments, the statement read.

The minister and his accompanying delegation are scheduled to meet with senior officials from a number of international banks, including Deutsche Bank, Standard & Poor's, Standard Chartered, Emirates NBD and HSBC to review the future outlook on the country's economy, by presenting the latest projections for growth rates and the balance of payments, in addition to inflation and interest rates, the statement noted.

He is to meet with the head of UK's Royal Mint to discuss boosting bilateral cooperation in the field of coin minting, the statement said.

The finance minister will convene with international credit rating institutions, including Fitch and Moody's to address the current Egyptian economic situation, in addition to holding meetings with finance ministers and bank governors of the G20 and Golden Man Sachs Group, the statement added.

The minister will also meet with a delegation from the Organization for Economic Co-operation and Development and Morgan Stanley to discuss the progress made in macroeconomic, as well as means of attracting further foreign investments and achieving balance between investment in treasury bills and bonds, besides the issuance of domestic bonds against international issues.

On the sidelines of the IMF meetings, the Global Market will honor Maait as the best finance minister in the Middle East and North African for 2019. ]]>
10/16/2019 12:39:46 PM
<![CDATA[BDI chief terms Egypt as promising country]]>
Egypt has a market that is luring the German investors, Kempf added.

On the sidelines of his meeting here with a delegation of the Federation of Egyptian Industries (FEI), Kempf told MENA that the talks resulted in fruitful outcome.

Egypt is a key strategic and economic partner to Germany and is considered as a bridge that is linking Europe with Africa, Kempf said.

He added that Egypt's presidency of the African Union encouraged German investors to resume business in Africa.

Kempf expressed his optimism over the economic developments in Egypt. ]]>
10/16/2019 12:38:09 PM
<![CDATA[PM, IMF chief discuss mutual cooperation in Washington]]>
The meeting comes as part of a previous agreement to outline a new map for cooperation between Egypt and the IMF.

Madbouli arrived in Washington earlier in the day, leading a ministerial delegation to the annual meetings of the World Bank and the International Monetary Fund that are held on October 14-20.

The Egyptian prime minister will meet during his visit with US officials and representatives of the business and financial sectors along with heads of major US companies.

He will also deliver Egypt's speech at the meetings that will take up financial stability around the world. ]]>
10/16/2019 12:35:51 PM
<![CDATA[Google, Reddit defend tech legal protections ahead of Congress hearing]]>
Senior executives from Google, Reddit, the Electronic Frontier Foundation and legal experts are due to face questions on Wednesday in Congress about the 1996 Communications Decency Act, which critics say shields tech companies from dealing with threatening, violent, dangerous or bullying content.

Lawmakers from both major political parties have said Congress could make additional changes to the law to restrict companies’ immunity. Last year, Congress made it easier for prosecutors and sex-trafficking victims to sue social media networks, advertisers and others that kept exploitative material on their platforms.

At issue is Section 230 of the act, which generally provides immunity to online platforms for content posted by users, although companies can still be held liable for content that violates criminal or intellectual property law.

Advocates say the law has helped the rapid growth of internet companies over the past 20 years and encouraged free expression.

Katherine Oyama, Google’s global head of intellectual property policy, said Section 230 incentivizes “action against harmful content” and Google has more than 10,000 people working on content moderation.

Without Section 230, search engines, video sharing platforms, blogs and other providers would “either not be able to filter content at all (resulting in more offensive online content, including adult content, spam, security threats, etc.) or would over-filter content (including important cases of political speech),” Oyama said in written testimony.

The U.S. House Energy and Commerce committee released written testimonies ahead of Wednesday’s hearing, which is titled “Fostering a Healthier Internet to Protect Consumers.”

Reddit CEO Steve Huffman said Section 230 has incentivized “good faith attempts to mitigate the unavoidable downsides of free expression.

“While these downsides are serious and demand the attention of both us in industry and you in Congress, they do not outweigh the overwhelming good that 230 has enabled.”

Huffman said that “all-or-nothing moderation simply isn’t feasible,” given the fact Reddit handles more than 750,000 posts and 6.3 million comments per day across over 130,000 active communities.

Danielle Keats Citron, a Boston University law professor, said courts had stretched Section 230’s legal shield far beyond what it was intended for, and instead has been used “to immunize

platforms from liability even though they knew about users’ illegal activity, deliberately refused to remove it, and ensured that those responsible for the illegality could not be identified.”

In June, Republican Senator Josh Hawley introduced legislation to remove immunity large tech companies receive under Section 230 unless they submit to an external audit that proves their algorithms and content-removal practices are politically neutral.]]>
10/16/2019 12:33:00 PM
<![CDATA[Broadcom ordered to stop exclusivity deals till EU probe ends]]>
The European Commission had in June warned Broadcom of a possible interim measure. The company, whose chips power smartphones, computers and networking equipment, is a major supplier to Apple (AAPL.O).

“This will prevent serious and irreparable harm to competition likely to be caused by Broadcom’s conduct, which prima facie infringes EU competition rules,” the Commission said.

The Commission said Broadcom has 30 days to comply with the order, which is valid for up to three years.

The competition enforcer’s concerns center on Broadcom’s deals with six TV set-top box and modem makers which result in the companies buying various chips exclusively or quasi-exclusively from the company.

Contentious practices include tying rebates or other benefits to exclusive or minimum-purchase requirements. Reuters reported on Oct. 4 that the Commission would order Broadcom to suspend these practices.

Interim measures are rare and are only issued if the Commission has reason to believe that companies will squeeze out or marginalize rivals before it can wrap up its investigations which can take several years.]]>
10/16/2019 12:31:27 PM
<![CDATA[Markets falter as Brexit approaches its endgame]]>
Hopes of a breakthrough lifted markets on Tuesday, but investors turned more cautious stance after looking for a deal during the night that never came.

“Most of the good news that could have been anticipated has been priced in, and now there’s caution it seems on whether we get a deal today or not,” said Kallum Pickering, senior economist at Berenberg.

The pound was GBP=D3 down 0.5% against the dollar with investors trading volatility levels not seen since the 2016 June Brexit referendum.

The pound had strengthened by close to 5% over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the Oct. 31 deadline.

The pan-European STOXX 600 retreated 0.3%. Britain's domestically focused midcaps .FTMC, a gauge of Brexit anxiety, fell 1%.

Earlier, shares rose in Asia. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.5%. MSCI’s gauge of stocks across the globe was flat.

“Even though we are most optimistic that a deal does happen, we don’t think the most likely outcome is that it happens by October 31, so you would be looking at some form of extension and potentially elections,” said, Andrew Sheets, chief cross asset strategist at Morgan Stanley.

Third-quarter earnings are expected to show an overall decline in earnings, which could also weigh on morale, Sheets said. Morgan Stanley had a below-consensus view on how companies would fare this quarter, he said.

Europe’s companies are struggling with uncertainties ranging from Brexit and the U.S.-China trade war to Germany’s manufacturing recession.

Companies listed on the STOXX 600 index are now expected to report a decline in third-quarter earnings of as much as 3.7%, worse than the 3% expected a week ago, according to I/B/E/S data from Refinitiv.]]>
10/16/2019 12:29:19 PM
<![CDATA[Trade between Egypt, EU hit € 27 bn in 2018: min.]]>
She added that Egypt's continued efforts to ensure gender equality fall within the framework of partnership and cooperation with the EU.

The minister was addressing a celebration held by the Swedish embassy in Cairo, in tandem with the EU mission in Cairo, to mark the launch of the "EU Initiative on Gender Equality and Empowerment of Women", according to a statement issued by the Planning Ministry .

European Union Ambassador to Egypt Ivan Surkos alongside Sweden's Ambassador to Egypt Jan Thesleff were present at the celebration.

Minister Saeed pointed out to the importance of the time-honored relations binding Egypt and the EU that entail coordination and cooperation in various fields.

The EU is a key partner of Egypt's in the sectors of trade, investment, primary education and scientific research, the minister added.

As for the political empowerment of women, Saeed said that the government managed to take the number of female ministers up by 25 percent, the highest record in Egypt's history.

Also, the number of female lawmakers increased to 15 percent, compared with only two percent in 2011, the minister added.]]>
10/15/2019 1:21:20 PM
<![CDATA[57,000 tons of Russian wheat unloaded at Port Said ports]]>
In a statement, the authority said that seven container ships arrived to East Port Said port and five other ships have sailed.

Three container ships and a cargo ship left West Port Said port, the authority added.]]>
10/15/2019 1:15:54 PM
<![CDATA[Finance min.: Health insurance system enjoys strong political will]]>
Addressing a press conference on Monday following the inauguration of the temporary headquarters of the General Authority for Comprehensive Health Insurance, Maeit noted that President Abdel Fattah El Sisi always closely follows up the developments in the new system to ensure perfect implementation.

The Health, Military Production, and Communications Ministries exert tremendous efforts to render this project successful, he said.

The comprehensive health insurance system is based on separating between the service provider, the funding body, and the control body, the minister stated, adding the new system allows the participation of private sector medical providers.

Replying to a question on the current economic situation, the minister said the Egyptian pound is improving and the budget deficit is targeted to reach 7.2 percent by the end of the current fiscal year and achieve a primary surplus of 2 percent.]]>
10/15/2019 11:34:41 AM
<![CDATA[Fitch praises Egypt’s decision on interest rate cuts]]>
Fitch said in a press release on Monday that September's cut in the Central Bank of Egypt's discount rate to 13.75%, could provide a much-needed boost to private-sector lending, provided positive economic momentum continues.

Fitch said that pent-up private sector credit demand was high thanks to robust economic growth, expecting GDP growth of 5.5% in 2019 and in 2020.

“Government lending still represents a large share of total bank lending at about 29%, but greater exposure to private-sector lending would diversify banks' business models, encouraging a gradual reduction of government loans and bond holdings,” the note said.

“Private-sector customers provide banks with good opportunities for revenue growth and diversification, particularly through fee income and cross-selling. Higher exposure to the private sector would not necessarily compromise banks' underwriting standards or weaken their asset quality. The private sector includes several large, well-established businesses, notably in construction, real estate development, telecommunications and textiles,” the note added.]]>
10/14/2019 9:13:03 PM
<![CDATA[How will inflation decline affect economy? ]]>
Shafei clarified in a statement that the rate of inflation in urban areas fell to 4.8 percent to the lowest level since November 2012, and core inflation fell to 2.6 percent in September, compared to 4.9 percent in August.

He added that on a monthly basis, inflation recorded -2.3 percent compared to 0.4 percent in the previous month, which means that the pace of commodity price rises has stalled.

He stressed that the decline in inflation to these levels may push towards an interest rate cut of about 1 percent at the next meeting of the Central Bank on November 14, 2019.

Shafei explained that this would have a positive impact on the debt of the government borrowed weekly to fill the budget deficit, pointing out that the interest rate cut also affects the decisions of investors to enter the Egyptian market, as well as the decisions of local investors to conduct investment expansions.

He said that after the liberalization of the exchange rate, interest rates in Egypt were raised to unprecedented figures to rein in inflation, and indeed the decline in monthly and annual inflation.

This decline in rates strongly supports the trend of rate cuts, and a wave of monetary easing from the central bank, which positively reflects on investment and the economy as a whole, according to Shafei.

"The decline of inflation has important impacts on the economy,” he noted, clarifying that any decline in inflation directly reflects on the decisions of expansionary companies, as well as on decisions of foreign investors, who monitor several indicators when making an investment decision, especially growth rates, inflation and interest, as well as consumption and market size.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that annual inflation fell to 4.8 percent in September, compared to 7.5 percent in August and 15.4 percent in the same month of 2018, recording the lowest rates in about seven years.

After inflation's decline, will CBE cut rates in November?

CAIRO - 14 October 2019: Registering a fourth consecutive monthly decline, Egypt's inflation rates opened speculation once again in September about the expectations of the possible decision of the Central Bank of Egypt's Monetary Policy Committee (MPC) on interest rates at its November meeting.




Additional Reporting:Islam Said
]]>
10/14/2019 5:41:27 PM
<![CDATA[Egypt aims to put SCZone on global investment map:SCZone chief]]>
He received a delegation of Egyptian expats and key investors, who will take part in “Egypt Can” conference, to kick off on Oct. 15-17 in Suez governorate, in the presence of Immigration Minister Nabila Makram and Planning Minister Hala el Saeed.

Zaki said the Egyptian state works to achieve this goal through providing a favorable atmosphere for investments, removing obstacles and facilitating free flow of information necessary for projects.

He added that the SCZone, one of the national projects, is a promising zone that aims to turn into a global logistic hub to contribute to boosting Egyptian and global economy.]]>
10/14/2019 5:04:32 PM
<![CDATA[4B-projects underway in Upper Egypt: Min.]]>
Sharawi added in a statement that the first phase plan includes covering a large number of villages with integrated water and sanitation services, developing the road network, covering polluted canals and waterways, and developing the local economy.

According to the minister, the plan will be executed through raising the efficiency and annexation of industrial zones, the development of archaeological and tourist areas and the providing veterinary services.

He pointed out that the majority of these projects have already been completed and the rest are expected to be completed by June 30, 2020.

This came during a meeting between Sharawi and a delegation from the World Bank at the end of their visit to Cairo after conducting a mid-term evaluation of the local development program in Upper Egypt, partly financed by the World Bank with a loan of $500 million and a contribution from the Egyptian government worth $457 million.

The minister pointed out that the World Bank mission worked over the past two weeks, where they visited Sohag and Qena and held several meetings and workshops with Sharawi and a number of senior officials in the ministries of planning, industry and local development as well as the Office of Program Coordination.

Sharawi stated that the program aims to make a qualitative leap in development in the governorates of Qena and Sohag by intensifying government investments, creating a supportive and enabling environment for investment and economic and social development, and laying down a strong infrastructure to serve development.

The World Bank delegation commended the remarkable progress made by the program in the two governorates over the past period in competitiveness, infrastructure and services.

They also noted that the program has witnessed an improvement in the institutional framework, local management assessments, planning and development in technological centers, clusters and industrial zones, as well as in drinking water and sanitation projects and roads that have been established, significantly changing the lives of citizens in the two governorates.

]]>
10/14/2019 4:39:18 PM
<![CDATA[EGX flags in red during Monday]]>
The benchmark EGX 30 declined 0.28 percent, or 39.71 point, to close at 14,180.76 points.

The equally weighted index EGX 50 dipped 0.57 percent, or 11.72 points, to end at 2,039.91 points.

Moreover, the small and mid-cap index EGX 70 decreased 0.53 percent, or 2.8 points, to close at 530.03 points, and the broader index EGX 100 lessened 0.43 percent, or 6.1 points, to 1,405.95 points.

Market capitalization lost LE 3.43 billion, recording LE 715.09 billion, compared to LE 718.52 billion in Sunday’s session.

The trading volume reached 203.84 million shares, traded through 19,350 transactions, with a turnover of LE 565.76 million.

Foreign investors were net sellers at LE 57.66 million, while Egyptian and Arab investors were net buyers at LE 42.15 million , and LE 15.51 million, respectively.

Egyptian and foreign individuals were net buyers at LE 22.64 million, and LE 74,062, respectively, while Arab individuals were net sellers at LE 4.24 million.

Egyptian and Arab organizations bought at LE 19.5 million, and LE 19.75 million, respectively, while foreign organizations sold at LE 57.74 million.

Upper Egypt Flour Mills , Nozha International Hospital, and Medical Packaging Company were top gainers of the session by 8.12 percent 7.13 percent and 6.52 percent, respectively.

Meanwhile, Middle & West Delta Flour Mills, El Ahram Co. for Printing and Packing, and Sabaa International Company for Pharmaceutical and Chemical were top losers of the session by 8.71 percent, 6.38 percent, and 3.86 percent, respectively.

EGX ended Sunday's session on mixed note, as EGX30 declined 0.57 percent, EGX 50 dipped 0.15 percent, while EGX 70 climbed 0.66 percent, and EGX 100 increased 0.25 percent.
]]>
10/14/2019 4:37:04 PM
<![CDATA[Egypt cuts stock exchange fees in bid to boost investments]]>
The decision will now be sent to the cabinet for final approval, the FRA said in a statement.

The FRA approved cutting trading service fees to 0.005% from 0.00625%, clearing and settlement fees to 0.0100% from 0.0125% and stock market commissions to 0.0100% from 0.0120%.

The cost charged to investors for trading insurance would also fall to 0.005% from 0.010%. Trading service fees on bonds listed on the stock exchange will be reduced to become half the trading service fees on shares following the adjustment.

Other regional stock exchanges have similarly been reducing investor costs. These include the Abu Dhabi Securities Exchange, which reduced commissions by as much as 90% on July 1.

The Egyptian government plans to sell shares in some 23 state-owned companies on the stock exchange, as part of a plan to raise 80 billion Egyptian pounds ($4.93 billion) by selling minority stakes at the local stock market. The program has been repeatedly delayed, including due to emergeing market turbulence last year.

($1 = LE 16.2300)]]>
10/14/2019 3:25:59 PM
<![CDATA[Egyptian delegation visits Siemens Gas Turbine plant in Berlin]]>
CEO of Siemens Egypt Emad Ghali reviewed the company's activities in Cairo, as well as cooperation with Germany in the field of wind energy and vocational training.

The delegation got firsthand information about advanced German technologies in the electricity and energy sector.

The Egyptian delegation is on a mission to promote joint investment opportunities, particularly in terms of establishing emerging firms. ]]>
10/14/2019 3:23:36 PM
<![CDATA[CBE issues LE 4.25B in T-bonds Monday]]>
The T-bonds were offered in two installments, with the first valued at LE 2.25 billion with a three-year term and the second worth LE 2 billion with a seven-year term.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in August, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.
]]>
10/14/2019 2:30:26 PM
<![CDATA[After inflation’s decline, will CBE cut rates in November?]]>
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that annual inflation fell to 4.8 percent in September, compared to 7.5 percent in August and 15.4 percent in the same month of 2018, recording the lowest rates in about seven years.

The decline in inflation rates came because of year-on-year price stability, the strength of the pound and a more cautious spending behavior, in addition to a slight increase in food commodity prices by 0.3 percent (YoY), compared to 6.9 percent in August, which was supported by a monthly decline of about 1.8 percent.

The investment Bank, Beltone Financial, stressed that easing inflationary pressures along with the strong macroeconomic situation will allow the monetary easing cycle to continue in the current period. Beltone expected inflation to average 4.2 percent in the fourth quarter of 2019, so it raised its forecast for the next rate cut at the MPC meeting on November 14, 2019 to range from 50-100 basis points.

Beltone also predicted that interest rates will be cut by 300 basis points in 2020, justified by several factors: Foreign flows in fixed income instruments after the impact of interest rate cuts on revenues, the performance of net foreign assets at banks and the Central Bank of Egypt, and the exchange rate of the Egyptian pound against the dollar that ranges between LE 1 6-17.

Prime Investment Bank expected MPC to cut the overnight deposit rate by 100 basis points at the November meeting. Prime attributed the reasons for its expectation to the weak inflation rates that would still fully support further interest rate cuts at the next meeting.

Shuaa Capital confirmed that the CBE has a 'choice' for further easing in 2019.

However, whether the CBE will take advantage of this option or not, is a multi-factor. It clarified that the CBE may prefer to keep interest rates if it prefers a cumulative reduction by 3.5 percent, and if calculated for a future rise within one year.

Moreover, head of research at Cairo-based investment bank EFG Hermes Mohamed Abu Basha told Bloomberg that Egypt’s central bank has embarked on rate cuts that could be second only to Turkey among emerging markets this year and next, according to BNP Paribas SA. “After reducing official borrowing costs by 250 basis points in the past two months, it is likely to deliver 100 basis points of easing at its next meeting in November.”

“Still, inflation may pick up after a few months and end the year between 8 percent and 9 percent,” according to Abu Basha.

“The real interest rate will be inflated in the next three months due to the base effect,” he said. “However, investors should pay attention to the December inflation figure to assess the sustainable real rate.”
]]>
10/14/2019 12:01:05 PM
<![CDATA[FRA launches regional plan to encourage green economy]]>
He said the financial centers in Africa have a good opportunity to transfer African countries into global green financial hubs once funds are provided.

Umran was speaking before representatives of member states of the UN Environment Program (UNEP)-convened International Network of Financial Centers for Sustainability (FC4S) in Geneva.

He said the FRA represents Egypt in the network, adding that Egypt is one of five African countries contributing to the regional plan of action of the FC4S.

The FC4S, a global network of 30 financial centers, aims at allowing financial centers to exchange expertise and mainstream green and sustainable finance both locally and internationally.

In just over two years, the UN Environment Program (UNEP)-convened International Network of Financial Centers for Sustainability (FC4S) has grown from a small movement into one that includes major financial centers from across the world.

These centers met in Geneva to set out a new strategy aiming to align their investments with the Paris Agreement and the Sustainable Development Goals – both of which need a major boost in funding to achieve their objectives. ]]>
10/14/2019 11:37:16 AM
<![CDATA[Natural gas delivered to 21 districts in 8 governorates: minister]]>
This comes as part of the ministry's plan to provide 1.2 million housing units with natural gas this fiscal year, he added in a statement.

Fresh ways are taken to accelerate the plan's pace including an installment payment for connection fees, Molla said.

Up to 4,613 cars have been converted to run on compressed natural gas instead of gasoline in September; the highest rate since a related project was launched, he added.]]>
10/14/2019 11:31:17 AM
<![CDATA[Egypt, Toyota Tsusho discuss manufacturing natural gas-powered microbuses ]]>
During his meeting with President and CEO of Toyota Tsusho Mr. Ichiro Kashitani, Prime Minister Mostafa Madbouli emphasized Egypt’s keenness to best utilize its resources by reducing diesel exports’ expenses and transferring diesel-fueled vehicles to natural gas-powered ones or to bi-fuel vehicles that are capable of running on two fuels (natural gas and gasoline) through offering payment facilities.

Mabdouli further stressed that the transfer process needs to be implemented through manufacturing companies that working on Egypt’s soil, in order to enhance local manufacturing, and transfer expertise, according to a cabinet press statement about the meeting. He also ensured that the government is serious in its plans to implementing the transfer process through providing funding programs and incentives to encourage owners of old microbuses.

These ambitions go the lines with the government’s latest unveiled plan in August, aiming to turn 50,000 vehicles into gas-powered annually.

Mabdouli also stressed the government’s readiness to discuss the details of the implementation of the program and accelerate the process according to a specific schedule.

For their part, Toyota Tsusho delegation presented their proposal of “manufacturing high quality microbuses in a way that will meet the Egyptian government’s converting the fuel-powered vehicles.”

In a previous interview with Business Today Egypt magazine, Toyota Tsusho Kashitani explained his company’s strategy about using diversified fuels, based on the global trend to electrification, while maintaining an environment-friendly technology.

“In order to realize the fuel transfer plan by government, natural gas field development would be necessary to be accelerated and we are ready to support it by expansion of the offshore rig project as referred above,” Kashitani added during the interview.

To read the full interview with CEO of Toyota Tsusho Mr. Ichiro Kashitani, check this:

Exclusive Interview: Toyota Tsusho seeks to expand investments in Egypt's energy, automobile

CAIRO - 21 September 2019: Being the trading arm of Toyota group, one of the largest Japanese companies, Toyota Tsusho Corporation seeks to expanding investments in Egypt's areas of natural gas, power and automobile.




The meeting was attended by Investment Minister Sahar Nasr, Japanese Ambassador to Cairo Masaki Noke and a number of Toyota officials and leaders.

The fuel prices experienced its final wave of increase in July, when Egypt applied its final tranche of gradual subsidy cuts. The subsidy scrap plan was part of a major economic reform program launched in Egypt including the introduction of the value-added tax (VAT) aiming to bridge the budget deficit.

Egypt's budget for current fiscal year 2019/2020 revealed the reduction of fuel subsidies to LE 52.96 billion, down from LE 89.07 billion in 2018/2019. ]]>
10/13/2019 6:15:01 PM
<![CDATA[EGX starts week on mixed note]]>
The benchmark EGX 30 declined 0.57 percent, or 81.8 point, to close at 14,220.47 points.

The equally weighted index EGX 50 dipped 0.15 percent, or 3.01 points, to end at 2,051.63 points.

On the other hand, the small and mid-cap index EGX 70 climbed 0.66 percent, or 3.47 points, to close at 532.83 points, and the broader index EGX 100 increased 0.25 percent, or 3.51 points, to 1,412.05 points.

Market capitalization lost LE 872.08 million, recording LE 718.52 billion, compared to LE 719.39 billion in Thursday’s session.

The trading volume reached 144.38 million shares, traded through 15,855 transactions, with a turnover of LE 345.26 million.

Arab investors were net buyers at LE 1.37 million, while Egyptian and foreign investors were net sellers at LE 473,068, and LE 897,108, respectively.

Egyptian and foreign individuals were net buyers at LE 6.24 million, and LE 518,534, respectively, while Arab individuals were net sellers at LE 2.18 million.

Egyptian and foreign organizations sold at LE 6.7 million, and LE 1.4 million, respectively, while Arab organizations bought at LE 3.56 million.

General Silos & Storage, AJWA for Food Industries Company Egypt, and Northern Upper Egypt Development & Agricultural Production were top gainers of the session by 10 percent 7.62 percent and 6.44 percent, respectively.

Meanwhile, Al Tawfeek Leasing Company-A.T.LEASE, GMC Group for Industrial, Commercial & Financial Investment, and Elsaeed Contracting& Real Estate Investment Company SCCD were top losers of the session by 9.31 percent, 4.66 percent, and 4.08 percent, respectively.

]]>
10/13/2019 3:55:18 PM
<![CDATA[After inflation’s decline, will CBE cut rates in November?]]>
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that annual inflation fell to 4.8 percent in September, compared to 7.5 percent in August and 15.4 percent in the same month of 2018, recording the lowest rates in about seven years.

The decline in inflation rates came because of year-on-year price stability, the strength of the pound and a more cautious spending behavior, in addition to a slight increase in food commodity prices by 0.3 percent (YoY), compared to 6.9 percent in August, which was supported by a monthly decline of about 1.8 percent.

The investment Bank, Beltone Financial, stressed that easing inflationary pressures along with the strong macroeconomic situation will allow the monetary easing cycle to continue in the current period. Beltone expected inflation to average 4.2 percent in the fourth quarter of 2019, so it raised its forecast for the next rate cut at the MPC meeting on November 14, 2019 to range from 50-100 basis points.

Beltone also predicted that interest rates will be cut by 300 basis points in 2020, justified by several factors: Foreign flows in fixed income instruments after the impact of interest rate cuts on revenues, the performance of net foreign assets at banks and the Central Bank of Egypt, and the exchange rate of the Egyptian pound against the dollar that ranges between LE 1 6-17.

Prime Investment Bank expected MPC to cut the overnight deposit rate by 100 basis points at the November meeting. Prime attributed the reasons for its expectation to the weak inflation rates that would still fully support further interest rate cuts at the next meeting.

Shuaa Capital confirmed that the CBE has a 'choice' for further easing in 2019. However, whether the CBE will take advantage of this option or not, is a multi-factor. It clarified that the CBE may prefer to keep interest rates if it prefers a cumulative reduction by 3.5 percent, and if calculated for a future rise within one year.

Moreover, head of research at Cairo-based investment bank EFG Hermes Mohamed Abu Basha told Bloomberg that Egypt’s central bank has embarked on rate cuts that could be second only to Turkey among emerging markets this year and next, according to BNP Paribas SA. “After reducing official borrowing costs by 250 basis points in the past two months, it is likely to deliver 100 basis points of easing at its next meeting in November.”

“Still, inflation may pick up after a few months and end the year between 8 percent and 9 percent,” according to Abu Basha.

“The real interest rate will be inflated in the next three months due to the base effect,” he said. “However, investors should pay attention to the December inflation figure to assess the sustainable real rate.”
]]>
10/13/2019 3:44:53 PM
<![CDATA[Egypt's trade deficit declines to $4.21 in July]]>
In its monthly bulletin on foreign trade data, CAPMAS said that exports dropped 5.7 percent to reach $2.22 billion in July 2019, compared to $2.35 billion during the same month of 2018.

The bulletin attributed the decrease of exports to the decline in the exports of crude oil by 9.3 percent, petroleum products by 32.6 percent, fertilizers by 15.5 percent, and furniture by 22.6 percent.

Meanwhile, exports of some other commodities witnessed a hike in July such as fertilizers, which increased by 9.7 percent, plastics by 21.4 percent, pasta and various food preparations by 8.1 percent and fresh fruits by 31.5 percent.

As per imports, the bulletin showed a decline of 14.8 percent to hit $6.42 billion in July of the current year, compared to $7.53 billion in July 2018.

CAPMAS ascribed this decrease to the drop in imports of petroleum products by 24.6 percent, raw materials of iron or steel by 37.2 percent, wheat by 22.3 percent, plastics by 6.2 percent, and motor vehicles by 10 percent.

On the other hand, imports of other commodities showed a rise such as meat by 19.9 percent, corn by 10.8 percent, soybeans by 19.9 percent, and mobile phones by 23.6 percent.

In June, Egypt's trade balance deficit declined to $3.38 billion, compared to $4.33 billion in June of 2018, marking a drop of 21.9 percent

]]>
10/13/2019 1:46:24 PM
<![CDATA[Egypt to become trade substitute for Israel: Palestinian PM]]>
Shtayyeh stressed that Palestine is seeking to expand the trade exchange and enhance the trade volume between Egypt and Palestine.

In his phone call with Amr Khalil in "dmc Evening ",Shtayyeh added that the Paris Economic Agreement allows the import of cement,construction materials in all its forms, agricultural crops and electrical appliances from Egypt.

Shtayyeh revealed that a list of goods imported by Palestine from Israel will be presented to the Egyptian side as the alternative market, pointing out that Palestine will coordinate with Egypt for possible cooperation in the gas field and all oil-related issues.

Palestine consumes a monthly bill of approximately 3 million liters of gasoline a day currently imported from Israel but will be arranged with the Iraqi, Jordanian or Egyptian side.

The Palestinian prime minister explained that the trade balance between the two neighboring countries does not exceed $160 million, which is unsatisfactory and does not reflect the strong ties between the two nations.

It is worth mentioning that Prime Minister MoutafaMadbouli met with his Palestinian counterpartShtayyeh on Oct. 7 in Cairo, where they discussed the bilateral relations and issues of mutual concern, according to a statement from the Egyptian cabinet.

Shtayyeh, who is heading a big ministerial delegation, visitedEgypt upon the invitation of his Egyptian counterpart.

Shtayyeh's acceptance of Madbouli's invitation to form a high-level delegation, comprising 12 ministerial portfolios, demonstrates the former's keenness to build bridges of political and executive cooperation between the two countries and to bring these links to the highest levels of coordination, said Palestinian Ambassador to Egypt Diab al-Louh.

In September 2019, President Sisi affirmed Egypt's keenness on the restoration of the legitimate rights of the Palestinian people and the establishment of their independent state, in accordance with the international accords.

Sisi met with Abbas, Egyptian Presidential Spokesman BassamRadi said, on the sidelines of the meetings of the United Nations General Assembly in New York.

For his part, Abbas expressed his appreciation for Egypt's efforts and historic unchangeable stance towards the Palestinian cause, highlighting the depth of relations between the peoples of the two countries.

Abbas also praised the Egyptian efforts to achieve reconciliation between Palestinian factions, affirming willingness to continue the coordination with Egypt on various issues of mutual concern, Radi said.

The presidents also discussed the developments of a number of regional and Arab issues.
]]>
10/13/2019 12:58:54 PM
<![CDATA[Egypt achieves primary surplus of LE7.1B in Q3]]>
The results of the fiscal performance showed that the governmental investments amounted to LE24.9 billion in the same period, of which about LE22 billion investments funded by the Treasury, with an increase of 20 percent compared with the same period of previous fiscal year, added Mait.

According to the minister, the public debt is already declining; the ratio of government debt to GDP has dropped from 108 percent at the end of June 2017, to 90.2 percent in June 2019.

President Sisi directed to continue exerting efforts to reduce public debt and budget deficit, and to provide a stable environment that promotes confidence in the performance and Egyptian economic ability to attract more investments, said Presidential Spokesperson Bassam Radi in a statement.

On September 12, 2019, the Central Bank of Egypt (CBE) revealed in its monthly bulletin that domestic public debt rose 18.8 percent or LE 97 billion by the end of March 2019 to hit LE 4.2 trillion, up from LE 3.5 trillion in the same month of the prior year.

The bulletin showed that the domestic public debt represented 79 percent of the gross domestic product (GDP) by the end of March, compared to 77.1 percent by the end of 2018.

(US $1 = LE16.29)]]>
10/12/2019 7:17:39 PM
<![CDATA[Egypt seeks daily oil production of 700,000 in 2019/2020 - minister]]>
During a meeting with heads of some petroleum companies on Friday at Badr-3 oilfield in the Western Desert, Molla affirmed the importance of boosting the current oil production capacity and implementing the proposed programs and plans to be positively reflected on Egypt's economy.

The minister directed the companies' heads to follow up the implementation rates, carry out plans and projects and overcome all challenges, according to a statement released by the ministry.

He stressed the necessity of biding by he rules of the occupational safety and health and environmental protection.]]>
10/12/2019 12:32:08 PM
<![CDATA[The road to success: AKAM Developments' Journey]]>
Akam developments was established in 2018 from the coalition of three real estate giants; Residence Real Estate Development, Benyat Egypt and Al-Muhaid Group.
We met with Edrees Mohamed to hear all about Akam Developments, its projects and its plan.

Akam is a striving Development company with an innovative vision, can you tell our readers what makes Akam Developments unique?
Our company was established on a new belief. Unfortunately, the focus of companies is how to provide a good housing unit, which is necessary, but what about the client’s needs? This question was the foundation of our company. Akam has a vision of the future tailored according to detailed studies of the market needs and priorities of its clients. This vision is based on building new communities that create perfect living spaces and building a compound that allows the client to enjoy their daily routine.

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Tell us more about ‘Scenario New Capital’ and the studies conducted before the execution of the project…
The boost for Akam was to design a project in the New Capital, Scenario, the story of Scenario was a result of several cumulative studies spanning across the past 10 to 15 years. we discovered what the clients seek for in a perfect compound. The studies stated that for that to happen a development company must provide the following; save them time, save them cost, and provide them with inexpensive entertainment. It sounded impossible but we found a way around it.

How did you manage to save time in your client’s lives inside the compound?
The main idea behind helping our clients is to save them time. We listed all possible obstacles that can stand in the way of our client’s happiness and we provided solutions. We built a gym in all buildings and connected the gym with the nursery. We also created an application where they can check on their kids all the time. Furthermore; the Central Kitchen, is a concept where you can buy frozen food or buy ready-made meals with efficient prices.

How do you save them cost?
We provide entertainment inside the compound; cinemas, restaurants, playgrounds, pools, and coffee-shops. We also created ballrooms for events that you can reserve for free. The compound will be full of services that will entertain our residents and save them money

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Did the studies require specific demands in the design of the compound?
Modern architecture has something for everyone. Even if your taste may veer towards the opposite side of the design spectrum— there are still elements of modern design that will appeal to you. There is no dearth of colors to jazz up the exterior walls of Scenario. However, a combination of colors seems to catch everyone’s attention immediately. It gives the façade of a building a very contemporary look.

How will you help the client increase their income while living in the compound?
It is simply by creating a community inside the compound where all residents are connected. Many doctors, lawyers, and accountants will be living in Scenario. The managing team of the compound is there to connect the residents with each other, and when someone provides a service, will gain money in return. That’s how you help your clients gain extra money while building a community

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What is the major problem in the Development sector now?
After the economic reform the income of the clients didn’t increase to meet the escalation of the prices. So instead of buying a unit worth 2X they buy a unit worth X. We are the only company in Egypt that can say we invented a solution for this dilemma. The studies required that a housing unit must consist of three bedrooms, three toilettes, a reception, a living room, and two balconies, this used to be done in units from 190 up to 300 meters, we made that happen and yet the unit’s size starts from 165 meter, we fulfilled the client’s needs and didn’t exceed their budget.

We thank Mr. Edrees for such an inspiring interview, and we wish him and AKAM Developments all the best of luck. ]]>
10/12/2019 12:27:07 AM
<![CDATA[Administrative Capital chance for economic partnership: US delegation]]>
The delegation was accompanied by Egyptian Minister of Investment and International Cooperation Sahar Nasr, the ministry said on Thursday.

The delegation affirmed their country's keenness to pump more investments in Egypt in light of the recent legislative reforms carried out by the Egyptian government.

They also praised the new administrative capital project as it represents an opportunity for a great economic partnership between Egypt and America.

The US delegation visited the new headquarters of Egypt's House of Representatives currently under construction, Al-Fattah Al-Alim Mosque, one of the biggest mosques in the Arab world, as well as the Cathedral of the Nativity, the largest cathedral in the Middle East.

For her part, Sahar Nasr stressed the strength of the strategic and economic relations between Egypt and the US, praising the role played by Congress in strengthening partnership between the two countries, especially in the economic field.

Nasr said that the Egyptian state is working to attract investments in major national projects that respond to the needs of citizens and work to create job opportunities for youth and women.]]>
10/11/2019 2:54:35 PM
<![CDATA[CBE policies aim at ongoing reduction of inflation rates: IMF]]>
In its fifth and final revision of the performance of the Egyptian economy, the IMF expected that inflation will further go down to around five percent.

The IMF said in its report that enhancing social protection is one of the priorities of the Egyptian government since starting its economic reform program.

It added that social protection policies are focusing on important sectors such as health, education and infrastructure]]>
10/11/2019 1:14:02 PM
<![CDATA[Tanneries center to be established in Robeiki leather city]]>
This falls within the framework of a project for moving tanneries from Sour Magra el-Oyoun to Robeiki.

It marks an important step for upgrading leather industry in Egypt.

Nassar said the project is meant to depend on the local industry to secure all needed equipment and machines for operating, maintaining and developing the leather industry.

It would reduce leather imports, he said, noting that the leather industry is expected to witness a breakthrough in the coming period.]]>
10/10/2019 2:49:17 PM
<![CDATA[Dabaa nuclear plant to help transfer modern tech at home: Minister]]>
Shaker made his remarks at the opening session of the second edition of the Nuclear Industry Suppliers Forum, which kicked off earlier today in Cairo.

As per the NPP project's execution contacts, the minimum for local component for the first nuclear unit has been set at 20 percent, the minister said, noting that the figure will reach 35 percent for the fourth unit.

Shaker asserted that the political leadership in Egypt and Russia attach constant attention to this mega national project due to its strategic importance to both countries.

The forum is held as part of the two countries's efforts to bolster cooperation ties, which date back to the mid-20th century, Shaker said.

Minister of Military Production Mohamed al Assar, First Deputy Director General for Corporate Development and International Business of ROSATOM Kirill Komarov and Head of the Egyptian Nuclear Power Plants Authority (NPPA) Amgad El-Wakeel attended the session along with a host of senior officials from several global companies involved in the nuclear industry.]]>
10/9/2019 1:11:44 PM
<![CDATA[Saudi Aramco says full oil production capacity will return by end of November]]>
Aramco’s maximum production capacity is 12 million barrels per day (bpd), though the OPEC kingpin has been pumping significantly below that level as part of a coordinated agreement OPEC and non-OPEC producers to lower output and keep a floor under falling oil prices, according to CNBC.

The CEO of the world’s largest oil company expressed his concern over an “absence of international resolve” against the perpetrators of September 14 drone and missile attacks on Aramco facilities that forced the company to shut down half of its production and sent crude prices up nearly 20%.

“An absence of international resolve to take concrete action may embolden the attackers and indeed put the world’s energy security at greater risk,” Nasser said. ]]>
10/9/2019 12:22:03 PM
<![CDATA[Orascom Development Egypt becomes institutional investor's only Egyptian “most honored company” ]]>


The executives of ODE, the only Egyptian company to receive the award, scored three of the top ranking positions from a pool of talented executives from 369 companies in Europe, Middle East and Africa.



bishara taweel

Khaled Bichara, their CEO , reigned first in the “Best CEO” category. “We are very pleased as a team to get acknowledged for our communication efforts by the buy and sell-side professional community,” expressed Bichara. “Maintaining ongoing and trusted discussions with the market has always been one of our top priorities when communicating our equity story,” he added.



Ashraf Nessim, their CFO, came third in the “Best CFO” category and their Head of Investor Relations (IR) and Strategic Project Management, Sara El Gawahergy, scored third in the “Best IR Professional” category.



This ranking is a result of Institutional Investor’s independent, in-depth, performance assessment of the quality and effectiveness of the 369 companies’ communication and investor outreach activities based on detailed feedback from influential market players in the global investment community.



The detailed feedback emerged this year from more than 12,000 buy-side and sell-side professional votes which were cast to nominate over 990 executives from 396 companies across more than 20 sectors. “We will continue to work diligently to ensure transparent and reliable reach to the investor community. Open communications is key to us and we are therefore truly delighted by our team’s performance in these rankings,” emphasized Bichara.



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10/8/2019 6:55:29 PM
<![CDATA[Gov't investments reach LE 140B in 2019: Madbouli]]>
This came during the premiere’s speech at the plenary session of the House of Representatives chaired by Ali Abdel-Al with the presence of members of the government to discuss the problems facing the Egyptian citizen.

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He stated, "The government knows very well that it needs to take huge steps to improve the system of wages and pensions," adding that the most important thing for Egypt is to maintain the same economic growth rate, create jobs, and invest in health, education and all services.

Madbouli revealed that the government covered about 38 percent of the sanitation services in Egypt's villages on June 30, 2019 and is expected to reach 42 percent by June 30, 2020. “In 2014, the volume of sanitation coverage in Egyptian villages was estimated at only 11 percent," he said.

Madbouli announced that the government started to automate the social security project and unify the social security program with the Solidarity and Dignity initiative, saying that the aim of these projects is for social security to reach eligible families.

The president has previously issued directives for enhancing social protection, which included increasing the minimum wages and pensions, Madbouli pointed out, reiterating that the state raised the amounts allocated for the Takaful and Karama project from LE17, 500 billion to LE18 billion.

The prime minister explained that certain problems have been in existence for 30-40 years, including the development of education and health sectors. The premiere asserted that he personally gathered information about hospitals in need of development in Beni Suef during his last visit to the governorate.

Furthermore, Madbouli said that up to 260,000 surgeries have been carried out to end the patient waiting lists. This is in addition to the presidential initiative “100 Million Health” and the initiative on women's health that are aimed at improving health care for Egyptians.

Prime Minister Madbouli added that up to LE 6.6 billion are allocated for improving the living conditions of around 1,000 villages within the framework of the Decent Life initiative.

“The national projects that are being implemented provided jobs for around 5 million citizens,” Madboui stated, clarifying that the administrative apparatus is overloaded with 5 million employees, while the actual needs do not exceed 40 percent of this figure.

Additionally, the premiere pointed out that work is now underway in 14 new cities, adding that these cities include industrial compounds and residential units for around 9 million citizens.

Madbouli referred to the New Administrative Capital whose land has had no value until the implementation of the capital, when its market value hit trillions of pounds.
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10/8/2019 4:37:26 PM
<![CDATA[Shoukry hails development of economic relations with Germany]]>
This came during his meeting with Head of the Foreign Affairs Committee of the German Bundestag Norbert Röttgen.

The minister stressed the importance of encouraging more companies to enter the Egyptian market and benefit from the promising investment opportunities in Egypt, which reflects the outstanding level of bilateral relations and the status of Germany.

Röttgen noted that Egypt welcomed German companies seeking to pump investments in the country. The German official called for further expanding cooperation horizons and lauded Egypt's role in maintaining security and stability in the Middle East.

During the meeting, Shoukry viewed Egypt's vision on regional files, including the challenges in Syria, Libya, Yemen, and the Gulf.
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10/8/2019 2:23:17 PM
<![CDATA[Egypt supports Tanzania’s Rufiji Dam: Electricity min.]]>
The statement said that the Egyptian political and diplomatic leadership seeks to promote relations with Africa by prioritizing the continent’s goals, supporting it with the needed technical assistance, and developing human resources and capabilities based on mutual interests to achieve a win-win situation.

The statement came following a visit by Tanzanian Minister of Electricity Medard Motogolo Kalemani and an escorting delegation to Egypt, where he met with his Egyptian counterpart Mohamed Shaker.

For his side, Minister Shaker presented Egypt’s capabilities in electricity and renewable energy sector, and measures taken to secure sufficient electricity amid the challenges of the past period.

He also highlighted Egypt’s keenness to promote renewable energy projects, utilizing its natural resources of solar and wind energy. He further shed light on one of the major energy projects in southern Egypt, Aswan, which is Benban Solar Park, an under construction photovoltaic power station with a planned total capacity of 1650 MWp, which corresponds to an annual production of approximately 3.8 TWh.

Furthermore, the bilateral discussions tackled the updates of the construction of Stiegler's Gorge Dam in Tanzania, which will have a capacity of 2,100 Megawatts, and is meant to boost Tanzanian economy. The dam can open the door for Egyptian companies to execute further projects in Tanzania or other African states.

“The Egyptian electricity sector is committed to engaging with the Tanzanian counterpart to implement this important project through sharing technology, expertise and empowering the local participation in the execution process of the project,” said Minister Shaker.

The dam will be built by a coalition of The Arab Contractors Egyptian Company and El Sewedy Electric at a cost of $3.6 billion. Stiegler's Gorge Hydroelectric Power Station is expected to produce 5,920 GWh of power annually to fill the electricity and energy shortage in the country.

Minister Shaker added that the electricity sector organizes around 116 training programs that can be replicated and adjusted to Tanzania’s needs.

Shaker said that measures are currently being taken to establish the first hydropower plant in the Middle East in Mount Ataqawith a capacity of 2400 MW to generate electricity from water stations using pumping and storage technology, aiming to utilize the energy produced from new and renewable sources, store them and then use them when needed.
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10/8/2019 2:16:14 PM
<![CDATA[Amr Mansi: A Man of Many Hats]]>
Would you define yourself as an entrepreneur?

If an entrepreneur is a person who strongly believes in an idea and follows it undoubtedly, then I think everyone should be an entrepreneur nowadays. In our fast changing world, our aspirations and dreams have to evolve to match the universe’s pace. When I first started my career as an athlete, I had no intentions to pursue a career in events; however, over the years I have marched steadily towards a path of trial and error that has led me to this sit down. You do not necessarily need to start with all of the needed skills; instead, you keep working on what you have, on what you know. No one is ever born a CEO; but each one has a vision that he aspires to achieve, it is what drives you to keep working until you reach your goals.

Is there any relation between being an athlete and your career path?

As an athlete, you learn at a very early stage to dedicate all of your hours and energy to a goal bigger than yourself. Working hard and smart is something that all athletes know really well. With that in mind, I believe that the first time I realized the gravity of acclaimed events was while watching Ahmed Barada excel at a squash tournament. That day I went home and decided to become a professional squash player just like him.

After years of indulging in squash tournaments and achieving my dream of becoming one of the top 50 World Tour PSA players as well as leading the U19 Egyptian Squash team to winning their World Squash Championship in 2014, I realized the importance of international tournaments in Egypt and their role in fostering a younger generation and inspire future athletes.

Following seven incontestably successful editions, El Gouna International Squash Open became one of the world’s biggest squash events, which I have managed through I-Events; leading us to organize several other events that support young local talents in their respective fields and portray the best possible image of Egypt to the world.

When first establishing your events agency, what criteria did you follow to stand out from other event-planning companies?

At I-Events we are always keen on developing new concepts and formats as we highly believe in the cultural and international impact our events can have on modern societies. We have an unwavering agenda to identify and advocate new talents in various industries, while our team works hard to connect the local scene with its international encounter. So far, our events, which garnered international and local interest, have successfully raised the general awareness about previously marginalized topics.

Amr Mansi 2
Amr Mansi


How did you manage to transform squash tournaments and El Gouna Film Festival from promising ideas to sustainable running businesses?

Having a vision and being determined to handle and overcome any challenges are two main factors for the success of any project. In addition to these elements, finding the right team and investing in each promising calibre is also essential. In parallel, I believe that attracting and leveraging sponsors is also vital to the success of any idea.

It is an every-day job to look for new ideas, attract the right sponsors, pitch the most ambitious concepts and maintain the interest of the top supporters year after year. With El Gouna International Squash tournament, our main target was to foster new talents and promote Egypt’s global image in the sports field. We hosted all types of tournaments for both men and women in addition to the Masters matches.

As for El Gouna Film Festival, we were keen to help new generations understand and appreciate cultural diversity, through local and international films.

We have also introduced the Cinegouna Platform, which is a film industry-oriented creative hub for minds and markets. The hub was created with the objective of nurturing and strengthening promising Egyptian and Arab cinema projects and filmmakers.

What was your criteria when recruiting your current team?

Art of management entails hiring passionate calibres who continuously seek success, creating harmony amidst the team and working tirelessly to capitalize on the teams’ talent.

My current team, which was designed to be diverse and non-traditional, includes a high percentage of youth as well as local and international experts in their respective fields. This formula in itself promotes cultural exchange; with young calibres bringing fresh ideas and those with former experience bringing their knowledge from different parts of the world.

It never fails to amaze me how our team manages to smoothly work together despite coming from such different backgrounds. Today, these experts is capable of organizing and running major events with international standards; that positively influence our modern societies.

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Amr Mansi


How did you manage to nurture the team’s fresh talent while still getting acquainted with the industry?

It takes a real leap of faith to fully trust your team and its collective knowledge. After finding the right team, you must always let these professionals fly as high as possible, and that is what I tend to do. Each one of my partners and team members is specialized in a certain aspect. From my side, I work hard to keep up with the international industries and expand my personal knowledge in order to be able to support the team’s ventures as much as I can.

What advice would you give those trying to organize impactful events?

The Egyptian market is still in need of unique ideas that can attract local and international audiences. This country gathers many hidden talents in various areas and events are only as impactful as their potential to discover and support fresh talents. In my humble opinion, the key to making an impact on the public is creating events with well-oriented content that raise awareness on a certain industry and educate the public about its aspects through attractive and engaging activations.

Tell us more about World Open by the pyramid

The CIB Egyptian Squash Open is a men’s squash tournament held in the Giza Plateau; in front of the Pyramids. Founded in 1996, it is part of the PSA World Tour, which is regarded as one of the most prestigious events in squash. After the remarkable success of El Gouna International Squash Open, we were keen to spread this sport across the country and leverage on the sudden increased national interest. Accordingly, we brought back the tournament after a very long hiatus in 2016 and we are currently working on the rapidly-approaching new season.

How did the government support your plans and goals?

Government support has also reinforced our determination to shed light on Egypt and what the country has to offer. During the past few years, the world has taken a front seat to experience a stellar destination, El Gouna, and we have worked hard to contribute in the export this positive image.

What are the near future plans?

Our top priority at the moment is to maintain the success we have achieved these past few years, in the events management field. As you probably know, we are currently working on the third edition of El Gouna Film Festival as well as a new season of Al-Ahram International. In addition to these projects, we intend to further develop our ongoing impactful events; attract bigger international interest and shed more light on local talents.

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10/7/2019 6:38:56 PM
<![CDATA[Switzerland’s Head of Economic Cooperation, Development at SECO to visit Cairo]]>
Ambassador Furrer will inform key government stakeholders about the strategic priorities of SECO as well as the opportunities and challenges of the SECO portfolio in Egypt.

Alongside his meetings with top officials, he will also visit El Sewedy Technical Academy, where a project co-financed by Switzerland and the European Bank for Reconstruction and Development is being implemented to enhance employability and job market access of young women and men in Egypt. Ambassador Furrer will moreover attend a high-level panel discussion on trends, perspectives and solutions related to urban inequalities in Egypt, to be held at the premises of the Swiss Embassy.

“We can achieve positive and tangible results together with the Government of Egypt and our project partners that make a difference to the lives of many ordinary Egyptians,” said Ambassador Furrer.

Forty years ago, in 1979, Switzerland and Egypt concluded a partnership to stimulate economic cooperation and investments, and bring support to the most vulnerable people among the Egyptian population. Projects at the time focused on infrastructure. Today, Switzerland’s development projects in Egypt have expanded greatly to include diverse activities in the fields of democratic processes and human rights, inclusive sustainable economic growth and employment, and migration and protection. Switzerland supports Egypt’s comprehensive reform agenda as set out in its 2030 Egypt Vision.

Ambassador Furrer will also address the guests of the Swiss National Day reception at the residence of Swiss Ambassador to Egypt Paul Garnier on October 9 around the landmark 40-year celebration of Swiss-Egyptian development cooperation. Throughout this 40-year timeframe some 700 million Swiss francs have been invested in more than 200 projects across Egypt to boost infrastructure, develop the private sector, and empower civil society, among other initiatives. Some of the highlights of Switzerland’s development programme successes in Egypt include provision of reliable radiology services that have benefitted 1.8 million patients and provision of support to three microfinance institutions with 450,000 clients and an outstanding portfolio of 110 million Swiss francs.

Ambassador Furrer has been Head of SECO’s Economic Cooperation and Development division since 1 October 2015. He is also Delegate of the Swiss Federal Council for Trade Agreements. SECO’s focus areas for Egypt for the 2017-2020 period include infrastructure financing, private sector investments, trade promotion and macro-economic support. The last bilateral official visit of Ambassador Furrer to Cairo was in May 2018.
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10/7/2019 2:29:48 PM
<![CDATA[UAE telecom du sees no evidence of ‘security holes’ in Huawei's 5G technology: CTO]]>
“Huawei is our partner in rolling out our 5G network... From a security perspective.. we have our own labs in the UAE and we visit their labs... we have not seen any evidence that there are security holes specifically in 5G,” Albalooshi said.

Washington has been warning allies against using the Chinese company’s equipment, which it says presents a security risk.

Huawei has repeatedly denied the U.S. allegations, which were raised earlier this month during a visit by Federal Communications Commission Chair Ajit Pai to Saudi Arabia, the United Arab Emirates, and Bahrain, all of which use Huawei equipment.

When asked about U.S. threat that it will stop intelligence-sharing with nations that use Huawei equipment, Alabooshi said it is a concern.

“Of course, this is definitely a concern.. but such a thing is the government’s decision. We follow our government’s roads and we are governed by the regulator,” he said.]]>
10/6/2019 4:00:30 PM
<![CDATA[Fed's Powell repeats U.S. economy "in a good place"]]>
“While not everyone fully shares economic opportunities and the economy faces some risks, overall it is — as I like to say —in a good place. Our job is to keep it there as long as possible,” Powell said in brief remarks introducing a “Fed Listens” event at the U.S. central bank’s headquarters in Washington.

The Fed cut interest rates for the first time in more than a decade in July and did so again at its subsequent policy meeting in September in what Powell and some others have characterized as “insurance” against risks to the economy.

U.S. job growth increased moderately in September and the unemployment rate dropped to near a 50-year low, the Labor Department reported on Friday, allaying concerns the economy is nearing recession.

There is disagreement within the Fed’s interest rate setting committee on whether there is a need to further lower borrowing costs. The benchmark overnight lending rate is currently in a target range between 1.75% and 2.0%.

U.S. consumer spending, a recent bright spot with outsized importance given it accounts for roughly 70% of economic activity, has shown signs of slowing while earlier this week a key index of manufacturing activity tumbled to a more than 10-year low in September as trade tensions weighed on exports.

The Trump administration’s 15-month trade war with China has also caused a downturn in business investment.

Investors currently see a roughly 80% probability the Fed will cut rates by another quarter percentage point at its next policy meeting on Oct. 29-30, according to an analysis of Fed funds futures contracts compiled by the CME Group.]]>
10/5/2019 2:56:28 PM
<![CDATA[IMF expert lauds decision reducing fuel products prices in Egypt]]>
In press statements, he noted that amending the prices of fuel products in Egypt comes in accordance with the mechanism of automatic pricing that was announced in July.

The mechanism allows for increasing or decreasing some fuel products every three months, he added. ]]>
10/4/2019 1:29:00 PM
<![CDATA[Egypt decreases fuel prices by 25 piasters per liter]]>
Industrial-use mazut price was lowered by EGP 250 per ton, putting the price of the ton at EGP 4,250.

These decisions come as a result of the declining at Brent Crude oil barrel prices on the international market between July to September 2019, averaging about $62 per barrel.

In other news, the USD has witnessed a decline against the Egyptian pound, achieving LE 16.31 to USD 1.

The committee added in its statement that this decision also comes within its commitment to apply the automatic pricing mechanism on some petroleum products, like many countries around the world.

The ‘automatic pricing mechanism’ aims at adjusting the sale prices of some petroleum products in the local market every three months, based on two key determinants in the domestic market, namely Brent Crude oil price and the change in the value of the USD against the Egyptian pound, according to the statement.

These two key determinants come beside other fixed charges and costs, which are being adjusted annually in September after the approval of the previous fiscal year budget by the Central Auditing Organization.

The committee also stressed in its statement that it will continue to follow closely on developments of international oil prices, along with the prevailing exchange rate in the domestic market, as it will be completely committed to the “automatic pricing mechanism."

The committee further affirmed that the main goal is to create a clear mechanism and vision for “individuals, companies and institutions” regarding the trend of prices of petroleum products in the domestic market.

Egypt has adopted the automatic pricing mechanism since last July aiming to provide flexibility to enable state institutions to provide the best service for all citizens.]]>
10/3/2019 10:19:50 PM
<![CDATA[4 ministers, WB mission discuss project on combating pollution, managing solid waste]]>
There are 3,500 buses roaming the streets of Cairo in addition to small buses that are operated with gasoline or diesel which pollute the air, Minister of Local Development Mahmoud Shaarawy said.

Within five years, these vehicles will be operated by natural gas to decrease greenhouse gas emissions, he said, adding that taxis will be operated by natural gas as well.

A new system will be started to manage solid waste, he added.

Meanwhile, Minister of Investment Sahar Nasr asserted the importance of the WB's support to the project of combating pollution, adding that the project aims at decreasing pollution in Cairo to improve the environmental circumstances locally and internationally.

Minister of Environment Yassmine Fouad asserted the importance of the fruitful cooperation programs between the Ministry of Environment and the WB in the issues of climate change and air pollution within the past two years.

Also, Transport Minister Kamel el Wazir said that the Ministry of Transport has a plan to decrease the emissions and protect the environment in Cairo and a number of other governorates.

The WB is keen on supporting the Egyptian strategy to limit pollution especially in Cairo and offering support to the projects that contribute to improving the living conditions of the people, Wes said. ]]>
10/3/2019 6:02:03 PM
<![CDATA[Egypt first investment-magnet country in Africa - African bank]]>
A report by the bank on Thursday attributed Egypt's ranking to the improvement in the business environment in the country.

The bank based its assessment on six sectors; financing, mining, information technology, industry, construction and retail trade. ]]>
10/3/2019 6:00:43 PM
<![CDATA[Emaar Properties hails Egypt's economic climate]]>
In a press conference Thursday, he said efforts continued during the past period to settle the dispute between Al Nasr Housing and Development Company, which is an affiliate of the Public Business Sector and Emaar Misr company on the Moqattam plateau project within the framework of keenness to encourage the private sector to launch more projects.

He said his company will launch more projects in the real estate sector to invest more funds in Egypt, pointing out that the company is studying more investment chances in Egypt.]]>
10/3/2019 5:59:26 PM
<![CDATA[New banking bill drafted upon Sisi's request to enhance banking stability: CBE governor]]>
At a press conference, Amer said the outlines of the bill were approved by the cabinet on Wednesday.

The proposed law is focusing on the central bank governance and it regulates cooperation between the central bank, government and authorities tasked with monitoring the financial sector.

The new bill comes as part of an integrated economic reform program that aims at changing the central bank's policies to help the country achieve development plans, create jobs and encourage investments.

The central bank succeeded in changing its policies and making them more interactive with the economic and monetary conditions, he said, adding that international institutions are following up all details related to the economic and monetary reform program in Egypt.

According to many reports released by international institutions, Egypt's economic reform program is the best in International Monetary Fund (IMF) history.

Egypt's reputation is now better than what it has been before 2011 and there is unprecedented turnout on international bonds released by the government, Amer said.]]>
10/3/2019 5:58:20 PM
<![CDATA[PM: Egypt's economy showed strength despite global economic challenges]]>
In a press conference at the cabinet headquarters Thursday, the prime minister said the cordial settlement of a legal dispute between Al Nasr Housing and Development Company, which is an affiliate of the Public Business Sector, and Emaar Misr company on the Moqattam plateau project took place within the framework of the government's keenness to encourage the private sector to launch more projects.

He said the government is keen on solving all problems as soon as possible to the benefit of all sides, pointing out that the government has managed to resolve settlement contracts' problems in many sectors such as oil and gas.

On the state support to the industry sector, he said the cabinet on Wednesday took an important decision to issue a new price for gas and energy consumed by heavy industry including iron, ceramics, cement and aluminium industries.

He said the government provided LE 100 million to pay the dues of junior exporters to encourage small industries.]]>
10/3/2019 5:57:06 PM
<![CDATA[Germany looks forward to more achievements in renewables with Egypt: JCEE]]>
Nesel further ensured that Germany is looking forward tomore achievements with the Egyptian Ministry of Electricity.

In light of the launch of the fourth phase of the activities organized by the Egyptian-German Joint Committee on Renewable Energies and Energy Efficiency (JCEE), Nesel added that the coming period will witness lots of cooperation with the African continent in the renewable energy field.

He also explained that Egypt’s climate makes it a good place for developing renewable energy.
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10/3/2019 2:42:34 PM
<![CDATA[Profile: Ayman Seliman named executive manager of Sovereign Fund]]>
Seliman holds a Masters degree in International Business and Finance and a Bachelor's degree in Economics with a minor in Software Science from the American University in Cairo.

He worked as the executive head of Gemini Holding investment company. He also has extensive experience in various fields, including communications, software development and e-commerce, and Sun Spark plug for construction, as well as real estate development and food industries.

Prior to joining Gemini Holding, he headed the strategic planning team of Orascom Telecom, where he led the development of the company's business strategy.

Seliman had earlier worked for investment banks for six years.

LE 200-billion-SWF

Egypt, in March, published the regulations of the state’s Sovereign Wealth Fund (SWF) in the Egyptian Gazette, which marks the start of its immediate operation, Minister of Planning Hala el-Saeed said.

Saeed noted that the fund represents a sovereign investment fund wholly owned by Egypt, has an independent legal personality and enjoys financial independence as well as administrative and financial edema independent of the State.

According to the minister, the objectives of the fund are to contribute to sustainable economic development, which is mandated with the establishment or capital increase of companies or funds; to invest in securities and financial instruments; secure credit facilities; issue bonds and other financial and debt instruments; purchase, sell, lease, or exploit fixed assets; and loan or guarantee investment funds and their affiliated companies.

The decree requires the SWF to ensure its investment policy is consistent with top notch environmental and social responsibility as well as governance practices.

Financial resources of the fund include the fund’s capital which amounts to LE 200 billion as an authorized capital and an issued capital of LE 5 billion, in addition to assets and investment revenues of the fund.

Saeed said earlier that the Sovereign Wealth Fund is one of the most important mechanisms to achieve sustainable development as it is considered a long term investment.

The draft law of the fund , which aims to manage and make use of the state’s assets with a capital of LE 200 billion,was approved by the government in April 2018.]]>
10/3/2019 2:30:10 PM
<![CDATA[CBE to issue LE 18.75B in T-bills Thursday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 9 billion with a 91-day term and the second is worth LE 9.75 billion with a 266-day term.
T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in August, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.

]]>
10/3/2019 1:31:53 PM
<![CDATA[Presidential decree okays int'l grant for Abu Rawash WWTP]]>
The grant, which was inked on Mach 25, conducts a fiscal study on the project of treating waste generated by Abu Rawash wastewater treatment plant (WWTP) .

The House of Representatives approved the agreement of the grant on June 24.

The presidential decree was published in the gazette]]>
10/3/2019 1:24:35 PM
<![CDATA[Gov't: Natural gas used in some industries may be re-priced]]>
This decision falls within the framework of the economic, environmental, political and social changes in the local market and as per the provisions of Law no. (196/2017) for the Regulation of Gas Market Activities.

In statements on Thursday, the cabinet said that it approved the new pricing at 6 dollars per one million BTU for the cement industry and 5.5 dollars per one million BTU for iron, steel, aluminum, copper, ceramics and porcelain industries]]>
10/3/2019 1:22:24 PM
<![CDATA[Military Production Min., Hungarian Amb. talk further cooperation]]>
This meeting is considered an activation of further cooperation discussed by the two sides in September, in the presence of Balazs Hendrich, CEO of HEPA Hungarian Export Promotion Agency, who affirmed the increasing willingness of Hungarian companies to cooperation with Egyptian companies, including that of the military production for their distinctive technical and technological capabilities, special cadres and excellent infrastructure.



September's meeting in Cairo was also attended by a delegation of representatives of 21 Hungarian companies.

Hendrich expressed the desire to strengthen trade relations between the two countries, expecting that the next phase will witness intensive moves by the two governments and the business community in Egypt and Hungary to strengthen economic partnership and implement joint investment projects.

Representatives of the Hungarian companies reviewed their areas of work, during the meeting, and also reviewed areas of cooperation in which military production companies can participate in their implementation.

The Hungarian ambassador hailed the bilateral relations with Egypt, which is reflected in the high-level meetings between officials of the two sides.

Kveck also praised the economic and industrial cooperation between Egyptian and Hungarian companies, stressing the need to establish new bilateral partnerships in various manufacturing fields between Egyptian and Hungarian companies.

The ambassador hailed the stability currently witnessed by Egypt, and the African country's vital role in the consolidation of peace and stability in the region.

The two sides discussed ways to open new horizons for cooperation in various fields such as steel production, agricultural machinery, construction of wastewater treatment plants, implementation of water purification units, power generation units, and cybersecurity and insurance systems.
]]>
10/3/2019 11:34:50 AM
<![CDATA[New cities’ facilities may be offered to investors in B.O.T.]]>
Deputy Chairman of the authority Abdel Moteleb Emara said in a meeting with real estate developers on Tuesday that the reason behind such considerations is the large size of utilities needed.

However, the official affirmed that all utility projects in new cities are are not behind schedule and that the upgrading of water plants in existing cities will conclude in three months at a cost of LE1.5 billion.

In the meeting, the developers presented the difficulties they face while working in new cities, including the state’s delay in delivering utilities. Such delay constitutes a burden that is added to the high prices of land and building materials causing a hike in residential units’ prices. As a result of not introducing facilities, customers abstain from paying the installments on time.

Developers urged setting a mechanism for land offerings so that their prices match the demand highlighting that residential units whose prices vary between LE1.5 million and LE2 million increased without being driven by any market need. That is why real estate sales slowed in the second quarter of 2018 as the units offered target a saturated market segment and do not match the financial status of the majority of citizens.

The developers pointed out that the price of the land constitutes around 50 percent of each unit’s price urging that the land pricing mechanism takes into consideration other capital costs so that the units’ prices match consumers’ purchasing power.

The other problems include the delay in land registration for up to one year, the phenomenon of turning residential units in ground floors into commercial units, the delay in finishing utilities on time, and the vague plan of water networks renovation. The developers also demanded the establishment of water recycling projects that can serve in watering the gardens and cleaning.

They finally underlined the necessity to build units that fulfill the housing needs of all social categories. Hence, the official affirmed that the authority studies not designating specific residential densities and just designate the percentage of built areas.
]]>
10/2/2019 10:00:00 AM
<![CDATA[Production of oil, gas hikes in July, consumption declines]]>
CAPMAS added in a report that the consumption of oil and natural gas declined to 6.6 million tons in July on a year-on-year basis.

The report revealed the decline in the imports of butane gas during the month of July, reaching 126,700 tons, compared to a rate of 176,000 tons during the same month of the previous year, with a decrease of 49,300 tons.

Consumption of butane decreased to 266,400 tons YoY and production dropped to 148,400 tons.

The report revealed that the average rate of production of diesel in Egypt last July reached 571,000 tons, with an average consumption of 1.1 million tons during the same month of the previous year. The rate of decline reached 100,000 tons during the month.

The average domestic consumption of natural gas decreased during July to 4.1 million tons, compared to an average consumption of 4.2 million tons during the same month of the previous year, according to the report, and the volume of consumption of petroleum products during July amounted to 2.4 million tons.

Over the past 5 years, the petroleum sector has been committed to reducing the quantities imported of the main petroleum products (gasoline, diesel and butane), in addition to the development of plants to achieve the strategic goal of turning Egypt into a hub for refining crude oil and trading petroleum products.
]]>
10/1/2019 4:00:46 PM
<![CDATA[Egypt restored subsidies for 1.8 million since February: ministry]]>
The statement follows a tweet by Egyptian President Abdel Fattah al-Sisi on Sunday in which he said he understood the negative impact of subsidy cuts for some citizens.

The program provides subsidized goods to more than 60 million out of Egypt’s population of nearly 100 million.
]]>
10/1/2019 2:54:23 PM
<![CDATA[Moody's: Egypt's GDP growth expected to reach 5.8% in 2020]]>
In a report, Moody's Investors Service forecast that CBE would continue in interest rate cut policy in 2020, supported by the decrease in the inflation rate.

Moody's hailed CBE's Monetary Policy Committee's decision to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 100 basis points (one percent) to 13.25 percent, 14.25 percent, and 13.75 percent respectively.

The decision is positive for the banking sector, enhancing the business community's trust and economic growth.

Interest rate cut and decline in inflation will encourage capital expenditures. This, in turn, will promote consumer spending by boosting the interest-bearing debts' ability in light of the government funds by reducing the interest rate bill.

Moody's Investors Service expected credit rates growth by more than 15 percent in 2020, adding the nonperforming loan (NPL) dropped to 4.1% of total loans in March 2019.

Earlier in August, the Central Agency for Public Mobilization and Statistics (CAMPAS) announced that Egypt's annual inflation rate went down 6.7 percent. ]]>
10/1/2019 12:31:20 PM
<![CDATA[EIB: EIB's investment in Egypt reaches €8.7B in 95 projects]]>
EIB's investments in the Egyptian market recorded €8.7 billion in more than 95 priority projects in different sectors, including renewable energy, transportation, sanitation, small and medium enterprises (SMEs), Scannapieco noted.

The EIB is to boost human capital investments, in light of President Abdel Fattah El Sisi's initiative to invest in human capital.

Moreover, the EIB planned to bolster investment in infrastructure, Egypt's private sector, besides SMEs aiming to achieve sustainable development goals.

The remarks came during the 19th edition of dedicated European Investment Bank's (EIB) Conference to the Mediterranean region, which took place in Beirut on Monday.

Egypt is to continue to exert efforts to foster cooperation between the north and the south to achieve regional economic development, and offer more job opportunities, Egypt's Minister of Investment and International Cooperation Sahar Nasr said during the conference.

She also confirmed Egypt's support to all initiatives, which promote cooperation between the Mediterranean countries.]]>
10/1/2019 12:27:39 PM
<![CDATA[Egypt not facing any problem in paying off debts: CBE]]>
All the dues are being paid back on time, Abulnaga added, noting that the Egyptian economy has become capable of yielding resources that can secure foreign currency.

In statements to MENA on the fringe of Beltone Access conference that currently takes place in Dubai, the Abulnaga named that resources that secure foreign currency as the Suez Canal, tourism, exports, investments alongside successful reform measures.

In August, the CBE announced that Egypt managed to pay off 25 billion dollars in debts and loan interests from March 2017 till March 2019. ]]>
10/1/2019 12:24:43 PM
<![CDATA[ Egypt to participate in 4th Trade Expo Indonesia 2019: amb.]]>
“Egypt is one of the main non-traditional trading partners for Indonesia. The Indonesia-Egypt trade volume in the past 5 years has always recorded a positive trend, ranging from USD 1.2-1.5 billion $ annually. And Egypt is the biggest Indonesian trading partner in Africa,” he said in his speech.

He added that both countries held the 6th round of bilateral consultation on June 27, 2019 and resulted in forming the Joint Trade Committee (JTC) to establish the legal framework of trade cooperation between the two sides.

20190929_194026
Indonesian musician plays during the celebration of the 74th Anniversary of the Independence of the Republic of Indonesia- Egypt Today/Samar Samir


Mr. Fawzy highlighted the embassy’s efforts in promoting Indonesian tourism in Egypt through holding trips for Egyptian travel agencies and journalists to reflect their experience of enjoying Indonesia touristic places in their home over the last three countries.

“We have also organized Familiarization Trip or Famtrip to tourism destinations in Indonesia for tour operators and travel agents from Egypt as well as for media people. In addition, we have conducted some travel gatherings to further promote tourist visits from Indonesia to Egypt and vice versa. All these are undertaken to bring Indonesian and Egyptian people closer to each other,” he said.

20190929_195801
Indonesian ambassador to Egypt Helmy Fawzy, his spouse, Egyptian guests of honor pose for a photo- Egypt Today/Samar Samir


He said that 6,300 Indonesian students are having their academic education at Al-Azhar University, adding that the number increased to around 7,500 students this year.

Mr. ambassador also expressed his country’s welling to expand cooperation with Egypt in the field of information, communication and technology (ICT), besides, in various infrastructures such as roads, factories, cities, ports, dams, and economic zone in Egypt and other African countries.

“Egypt has sustainable water management and modern irrigation system that increase yields with lower cost. Indonesia could take a lesson from Egypt as a best practice to implement the irrigation system,: Mr. ambassador said.

Egyptian Minister of Water Resources and Irrigation Mohamed Abdel Atti, Minister of Supply and Internal Trade Ali El-Moselhy, Deputy Speaker of the House of Representatives Mahmoud El Sherif, and Deputy Chief Justice of the Supreme Constitutional Court of Egypt Adel Omar Sherif were Guests of Honor.

Indonesia got its independence on the 17th of August 1945 from Netherlands. It is a country of multi-ethnic, multi-religious, and multicultural nation which has more than 17.000 islands, more than 300 ethnic groups, more than 700 languages and 6 different major religions.

“In terms of contributing to the global peace and security, as one of the non-permanent members of the UN Security Council for the period of 2019 – 2020, Indonesia is fully aware that the primary responsibility of the non- permanent member of the UN Security Council is not an easy endeavor,” he said.

Traditional Indonesian songs, musics, and dances were performed during the celebration, which was attended by other ambassadors to Egypt and their spouses.
]]>
9/30/2019 7:40:58 PM
<![CDATA[Egypt to use landfill gas to produce electricity]]>
Minister of Local Development Mahmoud Shaarawy stated on Sept. 28 that the country will use the methane gas emitted by sanitary landfills in electricity production, consequently generating revenues to the state.

The private and public sectors will be key partners in the new landfill gas projects, he said, adding that the projects would be run by the private sector. Small enterprises and other non-governmental organizations will also be partners in the projects.

Periodic checkupswill be conducted every three months to evaluate the participating companies and sectors, Shaarawy said.

Concerning the solid waste management, the minister said the government's plan on the management would last for 4year; the first phase will focus on the infrastructure to establish many factories to recycle solid waste by 60 percent, he said, adding that the plan targets 80 percent of recycling.

The state-owned Central Agency for Public Mobilization for Statistics (CAPMAS) announced that Egypt has achieved an energy surplus as the consumption declined from 35.9 megawatt/hour in the first quarter of 2019 to 35.1 megawatt/hour. Also, electricity produced in the same period reached 43.8 megawatt/hour, compared to 71.8 megawatt/hour, CAPMAS added in data issued on June 30.

“Egypt has a large electricity reserve, which reflects the stability of the electricity supply and meets both the citizen and the investor’s needs,” Ministry of Electricity Spokesperson Ayman Hamza told"Sabahak Masry" talk show on MBC channel on Sunday.
]]>
9/30/2019 11:09:34 AM
<![CDATA[Pioneers Holdings’ consolidated profits surge 70.7% in H1-19]]>
The company’s audited consolidated financial statements revealed that revenues hiked77.4 percent, recording LE 6.903 billion in the period of 2019, compared to LE 3.892 billion during 2018’s period.

It ascribed the profit growth to the rise in the industrial activity’s revenues which hitLE 2.05 billion during the January-June period of 2019, compared toLE 1.552 billion in the same period of 2018.

Moreover, the indicators showed that the company’s real estate sector generated revenues of LE 2.8 billion, up from LE 2.3 billion in the period of 2018, and the general and marketing expenses declined to LE 359.7 million from LE 493 million.

As per standalone results, the company turned to losses of LE 124.3 million during the first half of 2019, compared to profits of LE 9.87 million during the first half of 2018.

During the first half of 2019, the company accomplished profits of LE 456.79 million, compared to LE 371.67 million during the same quarter of 2018.

Pioneers Holding operates within the Diversified Financials sector focusing on Investment Banking and Brokerage. It has subsidiaries operating across North America, Northern Africa and Middle East.




]]>
9/29/2019 2:54:40 PM
<![CDATA[CBE to issue LE 18.7B in T-bills Sunday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 9.2 billion with a 91-day term and the second is worth LE 9.5 billion with a 273-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in August, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.
]]>
9/29/2019 1:18:51 PM
<![CDATA[Strong gains by Egypt Exchange during morning trading]]>
The market capital gained EGP 21 billion to reach EGP 716.4 billion.

The EGX 30 benchmark index increased by 3.79 percent, recording 14,382.68 points.

The broader EGX 70 index of the leading small and mid-cap enterprises (SMEs) rose by 3.37 percent, closing at 516.64 points.

The all-embracing EGX 100 index also inched up by 3.47 percent, standing at 1,386.04 points.]]>
9/29/2019 11:40:25 AM
<![CDATA[Sisi reviews executive status of housing projects nationwide]]>
The Higher Council for Planning in August approved allocating 15,000 feddans for setting up a new city in Bani Mazar in the Upper Egyptian Minya Governorate, on the west bank of the Nile, in a meeting chaired by Prime Minister Mostafa Madbouli, MENA cited Cabinet Spokesman Nader Saad as saying.

Also, the council approved setting up poultry investment projects in the governorates of Luxor, New Valley, North Sinai and Qena along with other areas, added the spokesman.

President Sisi, during Saturday's meeting, ordered continuing work to complete the housing and utilities projects according to the timetables and the quality standards that have been contracted, provided that these projects represent a positive change to the life of, including providing them with advanced services, the Egyptian presidential spokesman Bassam Radi said.

Concerning projects currently being implemented in the roads sector, Sisi said it must include all basic services, and urged providing the best services to allow the smooth movement of vehicles and provide security and safety for citizens.

Minister of Housing Assem al-Gazzar reviewed, during the meeting, the executive status of the projects of Upper Egypt's new cities of West Qena, New Aswan, New Al-Fashn, New Mallawi, Nasser City, West Assiut, New Toshka, New Nagaa Hammadi, and New Luxor.

He stressed that the construction work proceeds according to the planned implementation schedules.

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9/29/2019 11:03:57 AM
<![CDATA[Sisi orders accelerating reforms of business sector companies]]>
President Sisi's remarks were made during his meeting with Prime Minister Mostafa Madbouli and Minister of Public Business Sector Hisham Tawfiq.]]>
9/28/2019 4:15:46 PM
<![CDATA[6,200 projects implemented at cost of EGP 490 bln in 2018/2019 - ministry]]>
The projects have been completed at a total cost of EGP 490 billion.

The ministry added that they include 32 national projects at a cost of EGP 54 billion, 202 projects as part of Decent Life initiative worth EGP 944 million, in addition to 34 others under the Upper Egypt Local Development Program at a cost of EGP 222 million.

As many as 4,400 projects have been finalized under local development programs in governorates at a total cost of EGP 10.8 billion, it said.

The ministry noted that it has set up the first database for performance indicators in all governorates, it noted.]]>
9/28/2019 3:29:13 PM
<![CDATA[Acwa Power may build desalination plants in Egypt]]>
The prime minister pointed out in the meeting, attended by Minister of Electricity and Renewable Energy Mohamed Shaker, that Egypt seeks to count on desalination to supply drinking water to coastal areas.

Madbouly stated that the government has recently introduced a number of desalination plants that produce more than three million cubic meters daily, and that there is a need for plants having similar total capacity.

Saline Turning Clear

The annual water deficit in Egypt is 21 billion cubic meters. The gap is bridged through imports in the form of food, water recycling, and underground water. There is a need for further sustainable solutions to secure the water needs of agriculture, land reclamation, and citizens in border governorates.




The prime minister told Abou Neyan that Acwa Power has to submit an offer to accomplish and operate the prospective plants. The plan is that the state will purchase the desalinated water from the company.

The chairman of the Saudi company highlighted that his firm currently builds the world’s largest desalination plant in Abu Dhabi with a capacity of 950,000 cubic meters per day in addition to a power station. He added that Acwa Power is the largest producer of water and electricity in Oman, and the producer of 40 percent of desalinated water in Saudi Arabia.

Abou Neyan underlined that the production cost of a cubic meter of desalinated water has declined at present, and that his company is ready to build advanced desalination plants that meet the growing needs of the Egyptian states confirming that the offer will be submitted next week.

Acwa Power already has investments in Egypt embodied in solar stations with a capacity of 160 MW and initial cost worth $190 million in Aswan’s Benban Solar Park. That is in addition to another solar project in Aswan’s Kom Embo having a capacity of 200 MW as well as a combined-cycle power plant worth $1 billion.
]]>
9/27/2019 12:59:40 PM
<![CDATA[Oil prices headed for weekly loss on demand jitters]]>
Brent LCOc1 fell 6 cents to $62.68 a barrel by 0919 GMT, while U.S. crude CLc1 rose 18 cents to $56.59 a barrel. But both were down 2.6% on a weekly basis.

Brent, which is on course for its biggest weekly loss in seven weeks, is just above its level before Sept. 14 attacks on Saudi facilities that initially halved the kingdom’s production.

Sources told Reuters this week that Saudi Arabia had restored capacity to 11.3 million barrels per day. Saudi Aramco has yet to confirm it is fully back online.

“The political risk premium in crude prices has largely evaporated,” Jefferies analysts said in a note.

The International Energy Agency (IEA) said on Friday it might cut its growth estimates for global oil demand for 2019 and 2020 should the global economy weaken further.

“It will depend on the global economy. If the global economy weakens, for which there are already some signs, we may lower oil demand expectations,” IEA Executive Director Fatih Birol told Reuters.

In China, the world’s second largest economy and top importer of crude, industrial firms reported a contraction in profits in August.

A surprise 2.4 million-barrel build in U.S. crude inventories last week also weighed on prices.

Key oil freight rates from the Middle East to Asia rocketed as much as 28% on Friday in the global oil shipping market, spooked by U.S. sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude out of Iran.

The COSCO vessels are equal to about 7.5% of the world’s fleet of supertankers, Refinitiv data showed.

Emerging details connected to the impeachment inquiry into U.S. President Donald Trump also helped dent demand sentiment, analysts said.
]]>
9/27/2019 12:49:18 PM
<![CDATA[SoftBank likely to funnel $1 billion more into WeWork after delayed IPO: FT]]>
The plan would increase the Japanese firm’s initially planned investment of $1.5 billion in WeWork as part of the agreement, giving the U.S. company the right to receive the money in April next year in exchange for Class A common stock.

SoftBank and its Saudi-backed Vision Fund are WeWork’s biggest backers and have already funneled more than $10 billon into the U.S. company, including the promised $1.5 billion.

The potential new investment from SoftBank could unlock more financing options for WeWork, which is in talks for a $3 billion to $4 billion loan from a consortium of banks contingent on it raising additional capital, FT added.

A new deal would reduce the price per share at which SoftBank acquires WeWork stock, giving it a larger stake in the unprofitable property group, FT said on Wednesday, citing people briefed on the matter. It was unclear how renegotiations would affect the Japanese group’s valuation of its investment, FT said.

WeWork declined to comment on the report. SoftBank did not immediately respond to a request for comment.

SoftBank invested in WeWork parent We Company at a $47 billion valuation in January, but investor skepticism led to a potential IPO valuation of as low as $10 billion earlier this month, Reuters reported.

The startup postponed its IPO last week, and on Tuesday, its co-founder Adam Neumann resigned as CEO, giving up the majority of his voting control after SoftBank and other shareholders turned on him.

WeWork appointed two insiders as co-CEOs and said Neumann will stay on the board as non-executive chairman.

We Company said it is evaluating the “optimal timing” for an IPO.

In the run-up to the planned IPO, investors questioned WeWork’s corporate governance standards, as well as the sustainability of its business model, which relies on a mix of long-term liabilities and short-term revenue.

The lowered valuation is a blow to SoftBank as it tries to amass $108 billion for its second Vision Fund. Reuters sources said it was likely that SoftBank would have to pony up more cash to support its biggest bet, or take a writedown in case of an IPO.

SoftBank’s stock is down 8% since the beginning of this month.

The renegotiation of the warrant agreement is one of several options being considered, FT said.

The talks are in early stages and SoftBank, led by billionaire Masayoshi Son, could decide against investing altogether, the business daily said.]]>
9/27/2019 12:47:53 PM
<![CDATA[Reasons behind CBE's decision on cutting interest rates]]>
The discount rate was also lowered by 100 basis points to 13.75 percent.

CBE reviewed the reasons behind this decision in a press release.

Statement of CBE on cutting interest rates

"The Monetary Policy Committee (MPC) decided to cut the Central Bank of Egypt’s (CBE) overnight deposit rate, overnight lending rate, and the rate of the main operation by 100 basis points to 13.25 percent, 14.25 percent, and 13.75 percent, respectively. The discount rate was also cut by 100 basis points to 13.75 percent.

Annual headline and core inflation continued to decline to record 7.5 percent and 4.9 percent in August 2019, respectively, the lowest rates in more than six years.The decline continued to be supported by the containment of inflationary pressures as well as favorable base effects,as monthly inflation recorded 0.7 percent in August 2019 compared to 1.8 percent in August 2018.

Real GDP growth continued to increase slightly to record a preliminary estimate of 5.7 percent in 2019 Q2 and 5.6 percent in fiscal year 2018/19, the highest in eleven years. Meanwhile,the unemployment rate continued to decline to record 7.5 percent in 2019 Q2, thereby narrowing by almost 6 percentage points from its peak in 2013 Q4.

Globally, the expansion of economic activity continued to weaken,financial conditions eased,and trade tensions continued to weigh on the outlook. International oil prices remain subject to volatility due to potential supply-side factors that include geopolitical risks.

As incoming data continued to confirm the moderation of underlying inflationary pressures, the MPC decided to cut key policy rates by 100 basis points. This remains consistent with achieving the inflation target of 9 percent (±3 percentage points) in 2020 Q4 and price stability over the medium term.

The path for future policy rates remains a function of inflation expectations, rather than of prevailing inflation rates. Accordingly, the pace and magnitude of future policy rates adjustment will continue to be subject to confirmation that inflation expectations are anchored at target levels that are consistent with disinflation and price stability over the medium term.

The MPC closely monitors all economic developments and will not hesitate to adjust its stance to preserve monetary stability."
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9/26/2019 6:02:57 PM
<![CDATA[CBE cuts interest rates 100bps during September]]>
The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 13.25 percent, 14.25 percent, and 13.75 percent, higher than economists’ expectations.

Moreover, credit and discount rates were declined to 13.75 percent from 14.75 percent.
Analysts went for cutting the rates due to the harsh decline in inflation in August and the continuation of the global monetary easing cycle support Egypt's trend to prolong cutting the rates, but they expected it not to be as aggressive as it was in August.

On August 22, the Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points. The overnight deposit rate, the overnight lending rate and the rate of the main operation were cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.

Earlier, Senior Economist at SHUAA Capital Esraa Ahmed expected CBE to continue the easing, referring that "all factors are favorable for a not-so-aggressive rate cut, perhaps 50-100bps."

"There is a reason we say 'almost', as the CBE may prefer to pause its 'strategic' long-term easing process for some 'tactical' reasons," Ahmed added in a research.
By hitting the lowest levels in 6years, both headline and core inflation leave an ample area of real interest rates, which hovers again around 6.75 percent, according to Ahmed.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier that Egypt’s annual consumer price inflation declined to 6.7 percent in August 2019, compared to 13.6 percent in August 2018. Moreover, annual core inflation rate declined to 4.9 percent in August 2019, from 5.9 percent in August 2018.

"That is, the CBE can comfortably cut rates while maintaining tight positive interest rates," Ahmed stated.

Ahmed added that the latest cuts by the Fed and the ECB, China, Indonesia, Turkey, and a potential cut by BoJ in October—all make favorable winds for a similar move in Egypt.

"In general, we do not find the recent adverse developments in the global oil market much worrisome. After a short-lived hike in oil prices, Brent crude has retreated again to the early 60’s a barrel, well below the $68 planned in Egypt’s budget," Ahmed stated regarding oil prices.

"Speaking of oil, we do not see any increase in the fuel retail prices for Egypt’s consumers, coinciding with the expected implementation of the pricing mechanism in Q4 2019. Rather, we seethe stronger EGP and relatively low global oil prices during Q3 2019 (July-September) suggest that any price shifts could be downwards. That is, we rule out inflationary pressures stemming from any price shifts … for now," Ahmed added.

She clarified that the Egyptian stock market’s recent heavy losses triggered by fears of some political risk could ring the bell for the CBE, anticipating that CBE may try to avoid any similar outflow from treasuries,with lower yields potentially hurting foreign investors’ appetite in the coming period.

"Although there is a possibility that the CBE could prefer holding rates for 'tactical' reasons waiting for a better timing, we think – according to our view and in view of the above factors – the overall picture is conducive to a 50-100bps rate cut," Ahmed noted.

Macroeconomic analyst at Prime Holding Mona Bedair expected in a report Wednesday that CBE would cut the rates by 0.5-1 percent during September's meeting,adding that the decline in inflation and the global easing cycle open the door for more rate cuts in Egypt.

Bedair clarified that the current inflation environment and the global monetary easing cycle offer a golden opportunity for CBE to maintain the monetary easing cycle.

Will CBE continue its easing cycle Thursday?

CAIRO - 26 September 2019:The harsh decline in inflation in August and the continuation of the global monetary easing cycle support Egypt's trend to prolong cutting the rates during September's meeting on Thursday, Sep. 26. Analysts go for cutting the rates but expect it not to be as aggressive as it was in August.




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9/26/2019 4:17:33 PM
<![CDATA[Will CBE continue its easing cycle Thursday?]]>
Analysts go for cutting the rates but expect it not to be as aggressive as it was in August.

On August 22, the Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points. The overnight deposit rate, the overnight lending rate and the rate of the main operation were cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.

Senior Economist at SHUAA Capital Esraa Ahmed expected CBE to continue the easing, referring that "all factors are favorable for a not-so-aggressive rate cut, perhaps 50-100bps."

"There is a reason we say 'almost', as the CBE may prefer to pause its 'strategic' long-term easing process for some 'tactical' reasons," Ahmed added in a research.

By hitting the lowest levels in 6years, both headline and core inflation leave an ample area of real interest rates, which hovers again around 6.75 percent, according to Ahmed.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier that Egypt’s annual consumer price inflation declined to 6.7 percent in August 2019, compared to 13.6 percent in August 2018. Moreover, annual core inflation rate declined to 4.9 percent in August 2019, from 5.9 percent in August 2018.

"That is, the CBE can comfortably cut rates while maintaining tight positive interest rates," Ahmedstated.

Ahmed added that the latest cuts by the Fed and the ECB, China, Indonesia, Turkey, and a potential cut by BoJ in October—all make favorable winds for a similar move in Egypt.

"In general, we do not find the recent adverse developments in the global oil market much worrisome. After a short-lived hike in oil prices, Brent crude has retreated again to the early 60’s a barrel, well below the $68 planned in Egypt’s budget," Ahmed stated regarding oil prices.

"Speaking of oil, we do not see any increase in the fuel retail prices forEgypt’s consumers, coinciding with the expected implementation of the pricing mechanism in Q4 2019. Rather, we seethe stronger EGP and relatively low global oil prices during Q3 2019 (July-September) suggest that any price shifts couldbe downwards. That is, we rule out inflationary pressures stemming from any price shifts … for now," Ahmed added.

She clarified that the Egyptian stock market’s recent heavy losses triggered by fears of some political risk could ring the bell for the CBE, anticipating that CBE may try to avoid any similar outflow from treasuries,with lower yields potentially hurting foreign investors’ appetite in the coming period.

"Although there is a possibility that the CBE could prefer holding rates for 'tactical' reasons waiting for a better timing, we think – according to our view and in view of the above factors – the overall picture is conducive to a 50-100bps rate cut," Ahmed noted.
Macroeconomic analyst at Prime Holding Mona Bedair expected in a report Wednesday that CBE would cut the rates by 0.5-1 percent during September's meeting,adding that the decline in inflation and the global easing cycle open the door for more rate cuts in Egypt.

Bedair clarified that the current inflation environment and the global monetary easing cycle offer a golden opportunity for CBE to maintain the monetary easing cycle.

In a survey of 15 economists conducted by Bloomberg, they all went for a rate cut during September's meeting, but analysts are split about just how much easing the central bank can afford. In August, policy makers delivered a cut of 150 basis points, the first in six months and their biggest since 2017.

"Most see a decrease on Thursday of 1 percentage point in the benchmark deposit rate to 13.25 percent, with other expectations ranging between 50 and 200 basis points," according to Bloomberg.

Bloomberg stated that Standard Chartered Plc lowered its call from 150 to 100 basis points, saying Egypt’s central bank is “likely to opt for a cautious cut" as “media reports of protests in Egypt risk unnerving markets.”

An independent economist in Cairo Rehamel-Desoki predicted a cut of between 50 and 100 basis points, citing “global economic conditions and political developments,” which could prompt a slower easing cycle, according to Bloomberg.

A “more conservative outcome could be to hold rates unchanged this meeting until market volatility subsides and to embark on a more accelerated easing cycle into the fourth quarter or early in 2020,” Desoki said.

A Mideast economist told Bloomberg that “a larger-than-expected drop in inflation and looser global policy will allow the central bank to continue its easing cycle. But, recent political protests might get in the way of deeper rate cuts.”

Moreover, All 11 economists polled by Reuters predicted a cut. Five said the Central Bank of Egypt would clip rates by 100 basis points (bps), three predicted 150 bps and another three 50 bps.

]]>
9/26/2019 3:51:18 PM
<![CDATA[EGX ends week in green, market cap. gains LE7.3B]]>
The benchmark EGX 30 hiked 1.93 percent, or 262.51 point, to close at 13,857.12 points.

The equally weighted index EGX 50 rose 1.10 percent, or 21 points, to end at 1,929.56 points.

The small and mid-cap index EGX 70 climbed 0.75 percent, or 3.71 points, to close at 499.82 points, and the broader index EGX 100 increased 0.93 percent, or 12.29 points, to 1,339.59 points.

Market capitalization gained LE 7.3 billion, recording LE 695.79 billion, compared to LE 688.48 billion in Wednesday's session.

The trading volume reached 267.29 million shares, traded through 26,041 transactions, with a turnover of LE 965.98 million.

Egyptian investors were net sellers at LE 143.12 million, while Arab and foreign investors were net buyers at LE 131.1 million, and LE 12.02 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 75.68 million, LE 6.48 million, and LE 2.88 million, respectively.

Arab and foreign organizations bought at LE 137.59 million, and LE 14.91 million, respectively, while Egyptian organizations sold at LE 67.44 million.

Zahraa Maadi Investment & Development, Northern Upper Egypt Development & Agricultural Production, and Samad Misr -EGYFERT were top gainers of the session by 9.49 percent 8.33 percent and 7.99 percent, respectively.

Meanwhile, Gharbia Islamic Housing Development, Nozha International Hospital, and Alexandria Containers and goods were top losers of the session by 7.57 percent, 2.42 percent, and 2.24 percent, respectively.

EGX ended Wednesday's session in green, as EGX30 jumped 1.25 percent, EGX70 climbed 0.64 percent, and EGX100 hiked 0.92 percent.
]]>
9/26/2019 3:33:54 PM
<![CDATA[Cabinet denies raising income tax in new draft law]]>
In a press release on Thursday, the center said it contacted the Finance Ministry, which categorically dismissed these reports as "baseless".

The ministry said the new income tax bill does not include any fresh increase, adding that it was only drafted to introduce amendments to some vague articles in the current law.

It added that the Egyptian Tax Authority has already finalized the first copy of the new income tax bill.

The ministry appealed to all mass media outlets and social media users to seek accuracy before spreading these groundless reports to avoid sparking the public opinion. ]]>
9/26/2019 3:09:27 PM
<![CDATA[EGX adds LE 9.3B to market cap. during morning transactions]]>
The benchmark EGX 30 hiked 2.34 percent, , to reach at 13,912.26 points.

The small and mid-cap index EGX 70 rose 0.88 percent, to hit 500.5 points, and the broader index EGX 100 climbed 1.26 percent, to 1,337 points.

EGX ended Wednesday's session in green, as EGX30 jumped 1.25 percent, EGX70 climbed 0.64 percent, and EGX100 hiked 0.92 percent.

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9/26/2019 12:17:32 PM
<![CDATA[CBE to issue LE 19B in T-bills Thursday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 9.25 billion with a 182-day term and the second is worth LE 9.75 billion with a 364-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in August, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.

]]>
9/26/2019 12:00:05 PM
<![CDATA[World Bank chief lauds Egypt's success in economic reform]]>
Malpass, during the meeting, praised Egypt's success to overcome many of the difficulties it faced during the past years and also hailed the country's success in implementing the economic reform program, which helped improve various economic indicators.

The WB's chief also affirmed the bank's keenness to enhance the growing frameworks of cooperation with Egypt, including many projects in various fields, such as infrastructure, transport, sanitation, energy, education, technical training, health, private sector development, and small, medium and micro enterprises.

For his part, President Sisi said that Egypt has taken major steps toward achieving economic reform, implementing giant developmental projects and empowering women and youth. He affirmed that such accomplishments were achieved thanks to security, economic and political stability endorsed by the Egyptian people.

Sisi also stressed that the state will continue to take the necessary steps to expand the social protection network in order to alleviate the burdens of reform.

Malpass, for his part, affirmed the Bank's supportive stance towards the Egyptian reform and development programs as a model for the region and developing countries.

The meeting also touched on ways to intensify cooperation between Egypt and the World Bank towards achieving development in Africa, in light of Egypt's presidency of the African Union this year, through supporting development finance policies to achieve growth in the continent, supporting all African countries, and coordinating the positions of countries before the financing institutions, as well as establishing joint regional projects that contribute to the development of infrastructure and promote integration between the countries of the continent, and increasing the volume of trade and joint investments.

Sisi has arrived in New York on Saturday morning, and has held meeting with a number of presidents and leaders, including a tripartite meeting with Jordanian King Abdullah II and Iraqi President Barham Salih, where they discussed the Palestinian cause.

The Egyptian president also met with his US counterpart, where President Donald Trump said the relationship with Egypt is “better than ever before” in terms of trade and business. Trump also said he would discuss Libya with Sisi.

Sisi delivered a speech at the Health Care session of UNGA, where he emphasized the highly successful anti-Hepatitis C campaign in Egypt, and also at the Sustainable Development Summit.

Enterprises agreement<\b>

Egypt and the World Bank, in May, signed an agreement worth $200 million to support entrepreneurs and small and medium enterprises at the end of the visit of Malpass to Egypt.

The agreement was signed by Country Director for Egypt, Yemen and Djibouti at the World Bank Marina Wes and Minister of Investment and International Cooperation Sahar Nasr at the temple of Philae in Aswan.

The minister stated that the agreement will focus on increasing the volume of credit available to SMEs and enhancing their access to credit. "The Motivating Entrepreneurship for Employment" project aims to remove any obstacles faced by young people and women when starting a business, according to the minster.

Nasr added that the project will finance training opportunities for new companies across the project's life cycle to build the necessary skills and capabilities.

This project aims to increase the founding capital, capital in the early stage and risk capital available to innovative startups facing higher risks and new SMEs with significant potential for growth and job creation. It will invest $50 million in private-managed venture capital funds such as investment funds, venture capital funds, and investment companies to build the early stages of the investment system in Egypt.]]>
9/26/2019 11:01:35 AM
<![CDATA[French wheat offered lowest at Egypt's GASC tender -traders]]>
The General Authority for Supply Commodities (GASC,) said on Tuesday it was seeking an unspecified quantity of wheat for shipment between Oct. 26 and Nov. 5.

In its most recent international wheat tender on Sept. 18, GASC bought 180,000 tonnes of Russian wheat for shipment Oct. 21-31.

Traders gave the following breakdown of the offers presented in dollars per tonne on a free-on-board (FOB) basis:

* Glencore: 60,000 tonnes of French wheat at $194.40

* Casillo: 60,000 tonnes of French wheat at $195.68

* Agro AST: 60,000 tonnes of Russian wheat at $196.45

* Lecureur: 60,000 tonnes of French wheat at $196.50

* Posco International: 60,000 tonnes of Russian wheat at $198.50

* Posco International: 60,000 tonnes of Russian wheat at $198.95

* Grain Export: 60,000 tonnes of Russian wheat at $199.25

* Hakan: 55,000 tonnes of Ukrainian wheat at $199.95

* ADM: 55,000 tonnes of Russian wheat at $200.75

* Louis Dreyfus: 60,000 tonnes of Ukrainian wheat at $200.77

* Hakan: 60,000 tonnes of Ukrainian wheat at $201.95

* ADM: 55,000 tonnes of Russian wheat at $202.75

* Cargill: 55,000 tonnes of Russian wheat at $203.00

* Glencore: 55,000 tonnes of Russian wheat at $203.30

* Aston: 55,000 tonnes of Russian wheat at $205.50

* GTCS: 60,000 tonnes of Russian wheat at $208.00

Traders said the following were the best offers including cost and freight (C&F):

* Agro AST: 60,000 tonnes of Russian wheat at $196.45 and $16.85 freight equating to $213.30

* Grain Export: 60,000 tonnes of Russian wheat at $199.25 and $15.12 freight equating to $214.37

* Posco International: 60,000 tonnes of Russian wheat at $198.50 and $16.85 freight equating to $215.35

* Glencore: 60,000 tonnes of French wheat at $194.40 and $21.25 freight equating to $215.65

* Posco International: 60,000 tonnes of Russian wheat at $198.95 and $16.85 freight equating to $215.80

* Casillo: 60,000 tonnes of french wheat at $195.68 and $21.25 freight equating to $216.93 Results are expected later on Wednesday. ]]>
9/25/2019 4:40:13 PM
<![CDATA[Implementation of ‏€15M grant deal with EIB started in 6 governorates: official]]>
In statements to MENA on Wednesday, Massoud added that contracts have been signed for implementing infrastructure projects in six governorates; namely Assiut, Menoufia, Alexandria, Port Said, Sharkeya and Giza with a view to creating an atmosphere favorable for the growth of small-sized projects.

Massoud noted that a loan worth 45 million euros was also signed for financing small-sized projects.

The value of the contracts signed with the six governorates hit EGP 113 million for the first phase, while the remaining sum will be delivered as part of the second phase in 2021, Massoud said.

The draft law of small and medium-sized enterprises (SMEs), which will be submitted to the House of Representatives during its coming session, aims to regulate tax and non-tax incentives related to the micro, small and medium-sized projects in addition to the incentives offered to companies and facilities supporting such projects, he pointed out.

The SMEs bill also sets out several factors that will help integrate both official and unofficial sectors, he said. ]]>
9/25/2019 4:28:04 PM
<![CDATA[Egypt’s non-oil exports hit $17.06B in 8 months]]>
The ministry clarified in a report that the increase of exports reflected positively on declining trade deficit by $80 million during the eight months compared to the same period of the prior year.

According to the report, the drop came as a result of the ministry’s efforts to support local products within its framework to deepen local industry and promote foreign trade.

Head of the General Organization for Export and Import Control (GOEIC) Ismail Gaber stated that three export sectors recorded an observed growth during the eight months, including Food sector which rose by 7.5 percent, to $2.03 billion, compared to $1.88 billion during the same period of 2018.

Gaber added that the agriculture sector's exports climbed 8 percent, reaching $1.76 billion, compared to $1.63 billion in the same period of 2018. Also, exports of ready-made garments increased to $1.1 billion, up from $1.04 million during the compared period of 2018, according to Gaber.

The head of GOEIC stated that six export councils recorded a decline in their imports, including the furniture sector whose imports declined 61 percent, reaching $345 million, compared to $883 million in the same period of last year.

Furthermore, imports of books and artistic works reached about $19 million, compared to $25 million in the eight months of 2018, with a decline of 24 percent, and imports of building materials recorded a decline of 11 percent to $6.017 billion, compared to about $6.799 billion during the same period last year.

Gaber added that the imports of the chemical products sector decreased 4 percent to $5.48 billion, down from $5.7 billion, while imports of the leather products sector lessened 3 percent to register $114 million, compared to about $118 million.

“Imports of food products sector achieved a decrease of 1 percent, recording $3.73 billion, compared to $3.75 billion during the same period last year 2018,” he stated.

There are five countries whose markets accounted for 34 percent of the total Egyptian exports, including the United States with a value of $1.46 billion, the UAE with $1.26 billion, Saudi Arabia with $1.156 billion, Turkey with $1.09 billion and Italy with a value of $896 million, according to Gaber.

On the most important countries exporting to the Egyptian market during the past 8 months, Gaber referred that among the five countries that accounted for 41.5 percent of the total Egyptian imports are China with $7.196 billion, followed by the United States with $3.039 billion, and Germany with $2.45 billion.

He further clarified that Egypt's imports from Italy recorded $2.267 billion and that Russia came last with a value of $1.889 billion.

GOEIC stated earlier that Egypt's non-oil exports rose by around $75 million, recording $1.964 billion during August 2019, compared to $1.619 billion during the same month of 2018.

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9/25/2019 4:01:35 PM
<![CDATA[Domty signs LE 100M-medium term loan contract with CIB]]>
Domty stated in a filing to the Egyptian Exchange (EGX) that the loan proceeds will be used to finance the company’s future expansion and capital expenditures for the company’s new product.

“Such financing shall be available for withdrawal within 12 months from the date of the first withdrawal or the withdrawal of the total loan, whichever comes first,” the company noted.

According to the filing, the loan shall be repaid in 20 quarterly installments, starting after a grace period of six months from the date the withdrawal period ends, with the last installment due after 75 months from the date of the first withdrawal.

Domty accomplished profits of LE 66.3 million during the first six months of 2019, compared to LE 98.13 million, including minority rights, during the same months of 2018.

Arabian Food Industries Co. operates within the food, beverage & tobacco sector focusing on packaged foods & meats.
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9/25/2019 3:58:46 PM
<![CDATA[ITIDA Agrees with Valeo to inaugurate 2 Global Shared Services Centers in Egypt]]>
The signing ceremony came in light of Minister of Communications and Information Technology Amr Talaat's visit to France to open doors for French/Egyptian economic collaborations in the field of communications and information technology.

The agreement was inked by Eng. Hala El-Gohary, CEO of Information Technology Industry Development Agency (ITIDA), and Eng. Wael Abouelmaaty, Senior General Manager of Valeo Egypt and Group’s Software Delivery Services Director, in the presence of Mr. Ehab Ahmed Badawi, the Egyptian Ambassador to France, and Mr. Marc Vrecko, President of Comfort & Driving Assistance Systems Business Group at Valeo.

Dr. Amr Talaat highlighted the importance of enhancing strategic cooperation with multinational organizations planning to expand in Egypt, which conforms to the Ministry’s strategy to increase the quantity and quality of Egyptian ICT exports and creating more job opportunities for our youth. According to His Excellency, the agreement is a new testimony that Egypt’s investment climate is drastically improved and strengthens Egypt’s position as a regional leader in the IT and value-added services.

Meanwhile, Eng. Abouelmaaty declared: “With this agreement, Valeo is not only increasing its current engineering workforce in Egypt, which had reached over 2000 engineers but is also witnessing yet another tremendous expansion by harboring operations for all of Valeo's 5 Business Groups. With the establishment of the Global Smart Shared Service Center for Valeo Services Business Group, Valeo Egypt teams will put in motion the business group’s after-market digitization strategy and will serve as a transversal entity for the Group's Information Systems operations. The two centers will focus on cutting edge technologies including AI, data science, big data, cloud, and serverless infrastructure."

As stated by Eng. Hala El-Gohary, the agreement stems from the strategic cooperation between ITIDA and Valeo Egypt, and come in line with our plans to create fruitful partnerships with renowned multinational companies with a focus on those working in the field of value-added services to establish global services centers in Egypt. She added that such collaborations provide more work opportunities for our talents, boost the Egyptian IT sector growth and competitiveness on a global scale.

According to the MOU, Valeo will put in motion a Smart Shared Service Center that focuses on delivering the after-market digitalization strategy of Valeo Services Business Group, enabling the development of data science, digital content, and technical content.

Furthermore, Valeo will inaugurate a Global IS Shared Services Center that serves the Group’s global information system operations. The center’s scope includes big data management, business process automation, ERP modules development & integration, Google Cloud Platform Application Development, business intelligence & insights development services, and other related IS infrastructure services.

The agreement enables ITIDA and Valeo Egypt to work collaboratively on building Egyptian calibers’ capacity by providing world-class training on the latest ICT and electronics technologies and creating jobs for young professionals in training.
]]>
9/25/2019 3:54:15 PM
<![CDATA[Egypt to float 5-6 companies on EGX: Prime minister]]>
By the end of February, Egypt floated a stake of Eastern Company on EGX, and the public and private offerings on the course were completed Wednesday, March 6, with a total value of LE 1.72 billion.

In 2018, Egypt delayed listing shares of state-owned companies on the Egyptian Exchange, such as the 4.5 percent stake of Eastern Company slated for October. The government attributed the delay to volatility in the global market, noting that if the shares had been floated, they would have failed to be covered at proper valuation.

In 2016, Egypt announced the launch of the government’s IPO program offering shares over three to five years in several state-owned companies in fields such as petroleum, services, chemicals and real estate.

As part of the economic reform program, the government targets offering 15-30 percent of stakes in state-owned companies on the stock exchange (EGX) to increase funding to Egyptian companies, maximize the benefit from state assets, and attract local and foreign capital flows to Egypt.

Madbouli stated some economic figures during his visit to Beni Souif Governorate to inspect two projects to develop slums.“Egypt achieved an economic growth rate of 5.6 percent during 2018/2019, hitting the highest level in 10 years,” he said, adding that inflation rate declined to 14.4 percent.

The prime minister also statedthat unemployment rate dipped to 7.5 percent, referring that this rate is the lowest in 15 years, noting that his government is aware of all bureaucratic procedures, and is working on solving problems that might face the investors in Egypt.

“Around 4 million job opportunities were provided over the past period,” he revealed.
As per Education, Madbouli noted that a technological university willbe established in every governorate within the framework of focusing on technological universities.He further clarified that 57 treatment plants will be completed by the end of 2020, pointing out that the axis of Adly Mansour costs LE1.2 billion and will be opened soon.

“Seven axes have been executing during current fiscal year,” he stated.

As per his meeting with parliament members in BeniSeuif, the prime minister discussed several files including sanitation projects for villages and raisingthe efficiency of roads.

Mabouliclarified thata plan has been set topaveroads over a period of 3 years with an investment of LE 35 billion to raise the efficiency of roads and the development of internal roads for villages, cities and governorates.


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9/25/2019 3:18:28 PM
<![CDATA[EGX gains EGP 13 billion]]>
The market capital recorded gains estimated at EGP 13 billion to reach EGP 678.4 billion.

The EGX 30 benchmark index jumped 1.25 percent to close at 13,334.94 points.

The broader EGX 70 index of the leading smaller and mid cap enterprises (SME) rose by 0.64 percent, reaching 486.25 points.

The all-embracing EGX 100 index followed suit with 0.92 percent, taking the index up to 1,305.62 points. ]]>
9/25/2019 2:28:26 PM
<![CDATA[EGX continues losses for 3rd session in row, market cap. Loses LE 21.83B]]>
The benchmark EGX 30 dipped 4.24 percent, or 582.99 point, to close at 13,170.2 points.

The equally weighted index EGX 50 declined 3.82 percent, or 73.52 points, to end at 1,852.45 points.

The small and mid-cap index EGX 70 lessened 3.36 percent, or 16.79 points, to close at 483.14 points, and the broader index EGX 100 decreased 3.07 percent, or 40.98 points, to 1,293.67 points.

Market capitalization lost LE 21.83 billion, recording LE 672.28 billion, compared to LE 694.11 billion in Monday’s session.

The trading volume reached 304.66 million shares, traded through 29,040 transactions, with a turnover of LE 1.07 billion.

Foreign investors were net sellers at LE 273.93 million, while Egyptian and Arab investors were net buyers at LE 244.47 million, and LE 29.46 million, respectively.

Egyptian and Arab individuals were net buyers at LE 46.52 million, and LE 3.59 million, respectively, while foreign individuals were net sellers at LE 3.59 million.

Egyptian and Arab organizations bought at LE 197.95 million, and LE 20.74 million, respectively, while foreign organizations sold at LE 270.33 million.

Arabian Food Industries (DOMTY), Orascom Construction PLC, and El Ezz Porcelain (Gemma) were top gainers of the session by 2 percent 1.23 percent and 1.03 percent, respectively.

Meanwhile, Alexandria Cement, El Obour Real Estate Investment, and Arab Valves Company were top losers of the session by 9.92 percent, 9.87 percent, and 9.85 percent, respectively.

In Monday, EGX ended session in red for the second time in row, as EGX30 dropped 1.47 percent, EGX50 lessened 2.07 percent, EGX70 decreased 1.79 percent, and EGX100 dipped 1.72 percent.
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9/24/2019 5:09:10 PM
<![CDATA[Q&A on Egypt’s commodity exchange]]>
Egypt Today reviews more details about this exchange in Q&A form.

Q: What is a commodityexchange?

A: A commodity exchange is a legal entity that determines and enforces rules and procedures for trading standardized commodity contracts and related investment products. A commodity exchange also refers to the physical center where trading takes place.

It is a market in which products and commodities are sold in bulk.

In fact, the first fruit and vegetable exchange was established in Badr City, Beheira Governorate, in Unit No. 1 to store vegetables and fruits, instead of markets, where goods are spoiled. It is an integrated enterprise with an industrial and a commercial part.

Q:What is the economic importance of the commodity exchange?

A: “The commodityexchange will contribute to putting Egypt on the global map of commodity trading, through the planned stock exchange to exploit its strategic location and contribute to attracting foreign capital,” Prime Minister MostafaMadbouli said on Sep. 22.

Madbouli added that it will also increase the state's ability to plan its needs of basic commodities that may be traded in the regulated market.

He emphasized that the importance of establishing a commodity exchange in Egypt is to protect small farmers by collecting, classifying and pricing their production.

Madbouli added that it also pushes to create transparency in pricing and thus contribute to reducing inflation resulting from fluctuating commodity prices, in addition to enhancing the ability to export products ofsmall farmers after issuing a birth certificate for products traded on the exchange.

Q: How is the commodity exchange launched?

The government is currently coordinating with banks to announce the establishment of the commodity exchange next October, as Minister of Supply Ali Meselhistated that it was agreed that the share of the commodities exchange would be 60 percent for the government and 40 percent for the private sector, clarifying that the general framework was agreed upon with the Egyptian stock exchange.

Prime Minister Madbouliheld a meeting to follow up the steps of establishing the commodity exchange in Egypt in the presence of Minister Meselhi, President of the Federation of Chambers of Commerce Ibrahim al-Arabi, Chairman of the Egyptian Stock Exchange Mohamed Farid, and officials of a number of concerned parties.

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9/24/2019 4:32:07 PM
<![CDATA[Numbers about natural gas activities in Egypt]]>
The following are the most important figures that drew the map of natural gas activity in the last period:

1- Launching aninternational tender for oil and gas exploration in 10 sectors in the Red sea.

2- Signing Noor Marine Agreement, with investments of research and exploration amountingto about $85 million.

3- The value of investments in the field of research, development and operation of natural gas activity reached about $3.7 billion during 2018/2019.

4- Egypt's natural gas production has risen to unprecedented rates.

5- Total production of natural gas has reached about 2,336 billion cubic feet during the year with a growth rate of about 21 percent.

6- The entry of a number of new gas field development projects to production, the most important of which is the development of Zohr field, where the rate of production reached about 2.7 billion cubic feet/day in August 2019, before the planned date by about 4 months.

7- Achieving self-sufficiency of gas after receiving the last shipment of liquefied gas at the end of September 2018.

8- Covering the needs of the local market of gas for various sectors of the state after providing 2,178 billion cubic feet for domestic consumption.

9- Exports of natural and liquefied gas hit 226 billion cubic feet, with an increase of 18 percent, compared to the target with a value of $1.2 billion.

10- Gas delivery to1.230 million housing units, with an increase of 23 percent, compared to the planned numbers.

11- The number of gas cylinders that have been replaced by natural gas reached about 22.14 million cylinders.The gas was delivered to 1841 commercial consumers and 40 factories during 2018/2019, in addition to converting about 32.28 thousand cars to work with natural gas during the same year.


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9/24/2019 4:30:50 PM
<![CDATA[Egypt accepts LE5.8B from selling T-bonds, revealing positive results: Min.]]>
The ministry clarified that the bids exceeded the target value of the 5-year term bonds by 4.2 times and exceeded the target value of the 10-year term bonds by 3 times.

CBE, on behalf of the Ministry of Finance, issuedLE 2.5 billion in treasury bonds on Sep. 23. The T-bonds were offered in two installments, with the first valued at LE 1.25 billion with a five-year term and the second worth LE 1.25 billion with a 10-year term
The total offers received by the Ministry of Finance reached about LE 9 billion, with an interest rate less than 14.5 percent.

The results of the bond issuance exceeded the expectations of the experts, reflecting a number of positive indicators, the most important of which is receiving offers from foreign investors to buy Egyptian bonds with ten-year terms, the Finance Ministry said in a statement on Sep. 24.

The statement added that this reflects the confidence of foreign investors in the stability and strength of the Egyptian economy and the success of the comprehensive economic and social reform program implemented by the Egyptian government.

The ministry pointed out that the success of the offering also reflects the positive outlook Egypt enjoys with international, regional and local investment funds and banks and the positive outlook for the future performance of the Egyptian economy.

According to the ministry, the public debt is already declining; the ratio of government debt to GDP has dropped from 108 percent at the end of June 2017, to 90.2 percent in June 2019.

Furthermore, the statement pointed out that the ministry targets rates of 83 percent by the end of June 2020, and 77.5 percent by the end of June 2022, with the extension of the average of maturity to be 4 years during the current fiscal year, and 5 years in the coming periods.
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9/24/2019 4:29:21 PM
<![CDATA[Madbouli stresses support for private sector as development partner]]>
He made the remarks on Tuesday while inspecting El Araby Group factories complex in the industrial zone in the Upper Egypt governorate of Beni Suef.

Al Araby Group deputy chairman Ibrahim el Araby posted the premier on the action plan of the factories' complex in the Beni Suef industrial zone.

El Araby said the 3.4-billion-pound complex includes 12 factories and will create 11,000 jobs.

The factories will produce refrigerators, washing machines, fans and air conditioners in addition to producing motors and components of these apparatus. ]]>
9/24/2019 2:36:38 PM
<![CDATA[Egypt’s non-petroleum exports climb to $1.96B in August]]>
Issued Monday,the data stated that six exports councils have observed an increase in their exports, including the Agriculture Export Council whose exports reached $77 million, compared to$67 million inthe same period oflast year.

The exports of the Export Council for Engineering Industries logged $176 million in August, compared to $166 million during the same month in 2018.

Moreover, the exports of the Food Export Council rose to $197 million, and the exports of the Export Council for Building Materials, Refractory and Metallurgy Industries hiked to $383 million in August 2019.

The datapointed out that the exports of the Export Council of garments rose to $130 million, compared to $129 million in August 2018. Also, exports of the Export Council of Books and Artistic Works reached about $1.494 million, compared to $1.487 million in August 2018, according to the revealed data.

GOEIC said earlier that Egypt’s non-petroleum exports registered $13.037 billion in the first half of 2019.

]]>
9/24/2019 1:07:34 PM
<![CDATA[Telecom Egypt has no short-term plan to offer additional stake on EGX]]>
The company added in a filing to EGX that the major shareholder in the Egyptian telecom operator said that listing an additional stake is still being considered. It is currently working on several operating axes which will reflect the fair value of the share price.

According to the company, the current structure is based on five main business units, which are broadly divided into two sectors: the retail customer services business and the wholesale customer services business.

Telecom Egypt recorded profits of LE 2.133 billion during the first half of 2019, compared to LE 2.061 billion in the same half of 2018.

Telecom Egypt operates within the telecommunication services sector, focusing on integrated telecommunication services. It has subsidiaries operating across British Islands, Western Europe, Northern Africa and Middle East.


]]>
9/23/2019 6:49:38 PM
<![CDATA[Egypt’s non-petroleum exports climb to $1.96B in August]]>
Issued Monday, the data stated that six exports councils have observed an increase in their exports, including the Agriculture Export Council whose exports reached $77 million, compared to $67 million in the same period of last year.

The exports of the Export Council for Engineering Industries logged $176 million in August, compared to $166 million during the same month in 2018.

Moreover, the exports of the Food Export Council rose to $197 million, and the exports of the Export Council for Building Materials, Refractory and Metallurgy Industries hiked to $383 million in August 2019.

The data pointed out that the exports of the Export Council of garments rose to $130 million, compared to $129 million in August 2018. Also, exports of the Export Council of Books and Artistic Works reached about $1.494 million, compared to $1.487 million in August 2018, according to the revealed data.

GOEIC said earlier that Egypt’s non-petroleum exports registered $13.037 billion in the first half of 2019.

]]>
9/23/2019 4:48:03 PM
<![CDATA[Agricuture minister probes joint projects with South Sudan]]>
The meeting, which was held at the headquarters of the Ministry of Agriculture in Cairo, was attended by the supervisor of joint African farms at the ministry, Maher el Maghraby.

They discussed means to establish a joint farm in South Sudan and grow vegetable and fodder crops as well as training South Sudanese farmers on animal fattening projects.

The minister stressed the importance of his ministry's role in Africa through establishing joint projects in African countries.]]>
9/23/2019 4:40:54 PM
<![CDATA[EGX continues its loss for 2nd session]]>
The benchmark EGX 30 dipped 1.47 percent, or 204.92 point, to close at 13,753.19 points.

The equally weighted index EGX 50 declined 2.07 percent, or 40.66 points, to end at 1,925.97 points.

The small and mid-cap index EGX 70 lessened 1.79 percent, or 9.09 points, to close at 499.93 points, and the broader index EGX 100 decreased 1.72 percent, or 23.39 points, to 1,334.65 points.

Market capitalization lost LE 8.19 billion, recording LE 694.11 billion, compared to LE 702.3 billion in Sunday’s session.

The trading volume reached 336.47 million shares, traded through 31,907 transactions, with a turnover of LE 1.27 billion.

Foreign investors were net sellers at LE 213.78 million, while Egyptian and Arab investors were net buyers at LE 202.45 million, and LE 11.33 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 67.56 million, LE 5.12 million, and LE 2.22 million, respectively.

Egyptian and Arab organizations bought at LE 270.01 million, and LE 16.46 million, respectively, while foreign organizations sold at LE 211.56 million.

Samad Misr -EGYFERT, Cleopatra Hospital Company, and Egyptian for Tourism Resorts were top gainers of the session by 4.99 percent 4.71 percent and 4.15 percent, respectively.

Meanwhile, Misr Beni Suef Cement, Cairo Oils & Soap, and El Obour Real Estate Investment were top losers of the session by 12.79 percent, 9.46 percent, and 9.40 percent, respectively.

In Sunday, EGX witnessed a rough decline, as EGX30 dropped 5.32 percent, EGX50 lessened 6.88 percent, EGX70 decreased 5.66 percent, and EGX100 dipped 5.68 percent.
]]>
9/23/2019 3:32:36 PM
<![CDATA[Thomas Cook’s bankruptcy related to England branch only: Source]]>
The source clarified to Egypt Today that the company’s branches in Germany, Belgium and Switzerland, are operating normally to date, and there is no news about their fate.
"We are waiting for the next hours,” he stated.

He explained that Thomas Cook tourists in Egypt will be evacuated until the financial matters are resolved, according to the company's announced plan. While no date has yet been set to return them, the matter is considered in full within the company's plan, he noted.

On Monday, Chief Executive Officer of Thomas Cook Peter Fankhauser apologized for the liquidation of the world’s oldest travel company.

“We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers. Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable,” he said in a statement.

“It is a matter of profound regret to me and the rest of the board that we were not successful. I would like to apologize to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years. Despite huge uncertainty over recent weeks, our teams continued to put customers first, showing why Thomas Cook is one of the best-loved brands in travel,” the statement added.

Thomas Cook, the world's oldest travel company, employs around 22,000 people, including 9,000 in the United Kingdom, whose jobs are threatened immediately after the company ceases to operate.
]]>
9/23/2019 3:11:57 PM
<![CDATA[Beltone Financial organizes conference on investment opportunities in Egypt next week]]>
In a statement received by MENA, Beltone Financial said the conference aims at updating Gulf and international investment funds with the latest developments in the Egyptian economy in light of the economic reform program introduced by Cairo as well as expounding the latest investment opportunities in various sectors so as to boost the Egyptian Stock Exchange lure foreign investments.

The conference will also shed light on the positive outcome of the economic reform program carried out by the Egyptian government which has recently succeeded in reducing inflation rate to 7.5 percent in August 2019 down from 14.4 in the same period the previous year, added the statement.

Beltone Financial has already organized several investment forums over the past years in the US in cooperation with New York Stock Exchange and in the UK in cooperation with London Stock Exchange.]]>
9/23/2019 2:39:55 PM
<![CDATA[CBE issues LE 2.5B in T-bonds Monday]]>
The T-bonds were offered in two installments, with the first valued at LE 1.25 billion with a five-year term and the second worth LE 1.25 billion with a 10-year term.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in August, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.
]]>
9/23/2019 12:55:58 PM
<![CDATA[Key dates in the history of tour company Thomas Cook]]>
Thomas Cook needed to find another 200 million pounds ($250 million) on top of a 900 million pound package it had already agreed, to see it through the winter months.

Peter Fankhauser, the chief executive of Thomas Cook however, apologized, in a Monday statement for the liquidation of the company.

Following are key dates from the history of Thomas Cook:

1841 - Thomas Cook organizes his first excursion, a rail journey from Leicester in central England to the neighboring town of Loughborough. A special train carries some 500 passengers a distance of 12 miles and back for a temperance (anti-alcohol) meeting.

1855 - Thomas Cook’s first continental tour. He takes two parties from the eastern English port of Harwich to Antwerp, then to Brussels, Cologne, Heidelberg, Strasbourg and, finally, to Paris for the International Exhibition.

Cook offers a complete holiday “package” (comprising travel, accommodation and food) for the first time. Thomas also offers a foreign exchange service for the first time.

1865 - Thomas Cook opens his first high-street shop in Fleet Street, London.

1874 - Thomas Cook launches “Cook’s Circular Note” a precursor of the travelers check, in New York.

1896 - Thomas Cook & Son is appointed Official Passenger Agent for the first modern Olympic Games in Athens.

1919 - Thos Cook & Son, as the company was then known, is the first travel agent in Britain to advertise pleasure trips by air.

1928 - Frank and Ernest Cook, the two surviving grandsons of Thomas Cook, retire, selling the business to the Compagnie Internationale des Wagons-Lits et des Grands Express Européens.

1948 - Becomes state-owned under the British Transport Holding Company.

1972 - Privatized and bought by a consortium of Britain’s Midland Bank, Trust House Forte and the Automobile Association.

1990 - Thomas Cook becomes the world’s leading foreign exchange retailer when it acquires the retail foreign exchange operations of Deak International.

1992 Westdeutsche Landesbank, Germany’s third largest bank, and the LTU Group, Germany’s leading charter airline, acquire the Thomas Cook Group from Midland Bank.

1994 - Thomas Cook acquires Interpayment Services Limited, a subsidiary of Barclays bank, to become the largest supplier of travelers checks outside the United States.

1994 - Thomas Cook sells its travel management business to American Express.

1999 - The European Commission approves the merger of Thomas Cook and Carlson Leisure Group’s UK travel interests.

2001 - Thomas Cook completes the sale of its Global and Financial Services division to Travelex.

2001 - Thomas Cook is acquired by the German travel company Condor & Neckermann, which changes its name to Thomas Cook AG.

2007 - Thomas Cook AG and MyTravel Group plc merge to form Thomas Cook Group plc, bringing a stronger Nordic focus with the incorporation of the Ving, Spies and Tjäreborg businesses.

2011 - Thomas Cook merges its UK retail operations with those of the Co-operative Group and the Midlands Co-operative Society, creating the UK’s largest chain of travel agents.

2015 - Thomas Cook Group plc announces a new strategic partnership with Chinese investment group Fosun International Limited.

May 16, 2019 - Company issues its third profit warning in less than a year, saying discounting and higher fuel and hotel costs will hurt it during the peak summer season.

Aug 2018, 2019 - Thomas Cook agrees the main terms of a rescue package that will see Fosun Tourism take over its tour operations and creditor banks and bondholders acquire its airline.



]]>
9/23/2019 11:11:23 AM
<![CDATA[Thomas Cook CEO on liquidation: "I apologise"]]>
Following are his comments in a statement:

“We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers. Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.


“It is a matter of profound regret to me and the rest of the board that we were not successful. I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years. Despite huge uncertainty over recent weeks, our teams continued to put customers first, showing why Thomas Cook is one of the best-loved brands in travel.

“Generations of customers entrusted their family holiday to Thomas Cook because our people kept our customers at the heart of the business and maintained our founder’s spirit of innovation.

“This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world.”

]]>
9/23/2019 11:02:00 AM
<![CDATA[Trade exchange between Egypt, China hits $7.69B in 7 months]]>
In a statement on Monday, the administration said Chinese exports to Egypt stood at dlrs 6.94 billion in the aforementioned period.

Chinese imports from Egypt recorded dlrs 750 million.]]>
9/23/2019 10:46:35 AM
<![CDATA[Commodities exchange to put Egypt on global map of trading: PM]]>
Madbouli added that it will also increase the state's ability to plan its needs of basic commodities that may be traded in the regulated market.

This came during Madbouli’s meeting to follow up the steps of establishing the commodities exchange in Egypt in the presence of Minister of Supply and Internal Trade Ali al-Mesalhi, President of the Federation of Chambers of Commerce Ibrahim al-Arabi, Chairman of the Egyptian Stock Exchange Mohamed Farid, and officials of a number of concerned parties.

He emphasized that the importance of establishing commodities exchange in Egypt is to protect small farmers by collecting, classifying and pricing their production.

Madbouli added that it also pushes to create transparency in pricing and thus contribute to reducing inflation resulting from fluctuating commodity prices, in addition to the ability to export products to small farmers after issuing a birth certificate for products traded on the exchange.

For his part, Mesalhi stated that Egypt is working on establishing commodities exchange in October.

He added that it was agreed that the share of the commodities exchange would be 60 percent for the government and 40 percent for the private sector, clarifying that the general framework was agreed with the Egyptian stock exchange.

The supply minister stressed that the establishment of the commodities exchange is linked to the logistic areas, and their whereabouts, which is an important part of the internal trade system.

The minister pointed out that there is continuous cooperation with the Federation of Chambers of Commerce and the Egyptian Stock Exchange in this regard.

According to Mesalhi, there are currently 18 areas in Egypt, and logistical areas or distribution chains are being constructed. He noted that the smallest of these areas spans over 25 feddans.

“Six more areas are ready to be launched,” he stated.



]]>
9/22/2019 5:38:14 PM
<![CDATA[Egypt to establish commodities exchange in October]]>
Mesalhi added in a statement on Sunday that it was agreed that the share of the commodities exchange would be 60 percent for the government and 40 percent for the private sector, clarifying that the general framework was agreed upon with the Egyptian stock exchange.

He stressed that the establishment of the commodities exchange is linked to the logistic areas, and their whereabouts, which is an important part of the internal trade system.

The minister pointed out that there is continuous cooperation with the Federation of Chambers of Commerce and the Egyptian Stock Exchange in this regard.

According to Mesalhi, there are currently 18 areas in Egypt, and logistical areas or distribution chains are being constructed. He noted that the smallest area spans over 25 feddans.

“A further six areas are ready to be launched,” he stated.
]]>
9/22/2019 5:34:27 PM
<![CDATA[EGX30 recorded roughest drop since June 2016, losing 783.96 pts]]>
The benchmark EGX 30 dipped 5.32 percent, or 783.96 point, to close at 13,958.11 points.

The equally weighted index EGX 50 declined 6.88 percent, or 145.27 points, to end at 1,966.63 points.

The small and mid-cap index EGX 70 lessened 5.66 percent, or 30.55 points, to close at 509.02 points, and the broader index EGX 100 decreased 5.68 percent, or 81.82 points, to 1,358.04 points.

Market capitalization lost LE 35.73 billion, recording LE 702.3 billion, compared to LE 738.03 billion in Thursday’s session.

The trading volume reached 323.26 million shares, traded through 25,781 transactions, with a turnover of LE 837.56 million.

Foreign investors were net buyers at LE 153.68 million, while Egyptian and Arab investors were net sellers at LE 103.85 million, and LE 49.83 million, respectively.

Egyptian and foreign individuals were net sellers at LE 50.82 million, and LE 14.03 million, respectively, while Arab individuals were net buyers at LE 2.03 billion.

Egyptian and Arab organizations sold at LE 53.02 million, and LE 51.86 million, respectively, while foreign organizations bought at LE 167.72 million.

Gharbia Islamic Housing Development, Alexandria New Medical Center, and Misr Beni Suef Cement were top gainers of the session by 8.66 percent, 2.11 percent and 0.53 percent, respectively.

Meanwhile, Porto Group, Asek Company for Mining - Ascom, and Misr Hotels were top losers of the session by 11.62 percent, 11.16 percent, and 9.95 percent, respectively.

EGX has suspended Sunday its trading session for 30 minutes after the broader index EGX 100 fell 5 percent for the first time since November 2016.

The bourse flagged in red during the mid-session of Sunday, amid Egyptian selling.

In Thursday, EGX ended session on mixed note, as EGX30 inched down 0.02 percent, EGX70 lessened 0.23 percent, EGX100 decreased 0.04 percent, while EGX50 rose 0.92 percent.
]]>
9/22/2019 4:47:16 PM
<![CDATA[Trade mission including 40-50 Saudi companies to visit Egypt in Oct.]]>
Sholah added to Egypt Today that eight Iraqi companies came to Egypt during the last period to discuss opportunities to import furniture from Egypt, in light of the decline in demand in the external market, due to the absence of producers from important international exhibitions.

He explained that participation in foreign exhibitions was suspended nearly two years ago due to the high cost, which explains the decline in this sector’s exports during the first seven months of 2019.

Furniture exports recorded $158 million during the first seven months of the year, compared to $204 million during the same months of the prior year, with a decrease of 23 percent.

]]>
9/22/2019 4:36:09 PM
<![CDATA[Trading on EGX halted for 1st time since 2016]]>
This decision came as a result of the 5 percent drop of EGX100, the bourse clarified, adding that trading activity will resume at 13:12 Cairo time.

EGX flagged in red during the mid-session of Sunday, amid Egyptian selling.

The benchmark EGX 30 dropped 4.53 percent, or 668 point, to reach 14,073 points. The equally weighted index EGX 50 declined 6.27 percent, to hit 1,979.5 points.

The small and mid-cap index EGX 70 lessened 4.99 percent, to log 512.7 points, and the broader index EGX 100 decreased 5 percent, to 1,467.9 points.

The trading volume reached 178 million shares, traded through 18,500 transactions, with a turnover of LE 580.8 million.

Egyptian investors were net sellers at LE 181.5 million, while Arab and foreign investors were net buyers at LE 128.9 million, and LE 52.6 million, respectively.
]]>
9/22/2019 3:27:30 PM
<![CDATA[EGX flags in red during Sunday’s mid-session]]>
The benchmark EGX 30 dropped4.53 percent, or 668 point, to reach 14,073 points.

The equally weighted index EGX 50 declined6.27 percent, to hit1,979.5 points.

The small and mid-cap index EGX 70 lessened 4.99 percent, to log512.7 points, and the broader index EGX 100 decreased 5 percent, to 1,467.9 points.

The trading volume reached 178 million shares, traded through 18,500 transactions, with a turnover of LE 580.8 million.

Egyptian investors were net sellers at LE 181.5 million, while Arab and foreign investors were net buyers at LE 128.9 million, and LE 52.6 million, respectively.

As per stocks, Commercial International Bank decreased 3.92 percent to LE 77.25.

Alexandria Mineral Oils Company (AMOC), Sidi Krir, and Iron and Steel were top losers of leading stocks by 11.2 percent, 10.3 percent and 10 percent, respectively.

In Thursday, EGX ended session on mixed note, as EGX30 inched down 0.02 percent, EGX70 lessened 0.23 percent, EGX100 decreased 0.04 percent, while EGX50 rose 0.92 percent.
]]>
9/22/2019 1:51:47 PM
<![CDATA[Egypt to host meetings of emerging markets, WFE for first time]]>
Omran's remarks were made at the end of International Organization of Securities Commissions (IOSCO) meetings held in Russia's Saint Petersburg city.

IOSCO meetings covered the latest developments in the emerging markets as well as challenges facing them especially with the use of regulatory technologies (Regtech) and financial technological systems (Fintech) in view of the importance of achieving the sustainable development goals.

In a statement released Sunday by FRA, Omaran said that participants in the meetings of the stock exchange monitors asserted the illegitimacy of cryptocurrencies, warning against using them in the emerging markets and the risks of using them in any financial transactions.

In 2017, Omran said Bitcoin use in Egypt is illegitimate noting that FRA allows merely transactions involved in the financial control laws.

He added that modifications, which Egypt has introduced in its Capital Market Law, stipulated that any impermissible activity is illegal and imposes a penalty on anyone practicing it.

IOSCO is an association of organizations that regulate the world’s securities and futures markets. Members are typically primary securities and/or futures regulators in a national jurisdiction or the main financial regulator from each country. Egypt maintains its seat in IOSCO's board for the third round in a row after winning in elections that were held in April 2018.]]>
9/22/2019 1:23:04 PM
<![CDATA[CBE to issue LE 18.7B in T-bills Sunday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 9.7 billion with a 266-day term and the second is worth LE 9 billion with a 91-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in August, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.
]]>
9/22/2019 12:10:31 PM
<![CDATA[CAPMAS: Egypt-US trade exchange up 8 percent in 1st half of 2019]]>
In a statement on Sunday, CAPMAS said Egypt's exports to the US stood at dlrs one billion in the first half of 2019 against dlrs 841.784 million in the same period in 2018 at a 19.9 percent rise.

Egyptian imports to the US recorded dlrs 2.7 billion in the first six months of 2019 at a 4.1 percent uptick in comparison with the same period in 2018.

The net US investments in Egypt in the first half of the 2018-2019 fiscal year reached dlrs 1.70 billion at a 5.2 percent rise in comparison with the same period in the 2017-2018 fiscal year.]]>
9/22/2019 11:19:46 AM
<![CDATA[Mulla: Egypt's natural gas production rises to highest level in Sept.]]>
In the past two years, natural gas industry greatly developed, the minister said, citing the export of Egypt's natural gas surplus and the development of value-added industries.

During the general assembly meeting of the Egyptian Natural Gas Holding Company (EGAS), the minister asserted President Abdel Fatah El Sisi's full support of the oil sector and his keenness on following up the implementation of natural gas projects in the country.

For his part, EGAS Chairman Osama el Bakly said
Egypt's natural gas production hits a record of 7.2 billion cubic feet in September.]]>
9/21/2019 11:45:44 AM
<![CDATA[Exclusive Interview: Toyota Tsusho seeks to expand investments in Egypt's energy, automobile]]>
In June President Abdel Fatah al-Sisi stressed, during a meeting with Toyota Tsusho CEO, that Egypt possesses the necessary capabilities to represent a pivotal aspect for all Japanese industries, and could be their gateway into various markets in Africa, the Middle East and Europe, primarily for Japan’s car industry, capitalizing on the free trade area agreements Egypt shares with these countries.

Business Today Egypt conducted an email interview with President and Chief Executive Officer of Toyota Tsusho Mr. Ichiro Kashitani, who opened up on the corporation’s investments in Egypt over the past 10 years, and the corporation’s outlook on the automobile market in the North African country. Mr. Kashitani assumed the office of president and CEO in April 2018.

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President Sisi during his meeting with President and Chief Executive Officer of Toyota Tsusho Mr. Ichiro Kashitani - Press photo


First, bt provides in the below lines a quick glimpse on the corporation:


What is Toyota Tsusho?

Established in 1948, it is a member of the Toyota Group, which comprises 17 companies, including the Toyota Motor. It is the group’s sole general trading company, which develops the business in seven operating divisions: Metals, Global Parts & Logistics, Automotive, Machinery, Energy & Project, Chemicals & Electronics, Food & Consumer Services, Africa.

Toyota Tsusho has two-fold business models, first is trading, which relies on providing information services, logistics, financing, risk management and other functions for import/export and domestic trading businesses. And the second is the business investment, where the company accelerates its investments in promising business fields and markets, in collaboration with their partners around the world.

bt: During your meeting with the Egyptian president Abdel Fatah al-Sisi in Osaka in June, you discussed your desire to expand your investments in Egypt in oil exploration and the automotive industry; could you please tell us about the opportunities you see in these fields?

Kashitani: In the past 10 years Toyota Tsusho Corporation (“TTC”) made investment in Egypt for the following three projects with total scale of USD 1 billion;
1) To own and operate 2 offshore natural gas development Jack up rigs
2) To conduct CKD production of Toyota vehicles
3) To build and operate 250 MW wind power station.

In Osaka meeting, we, TTC emphasized our strong interest in expanding investment in each of the foregoing areas in light of our expectation of the big potential growth in energy and automobile industries in Egypt.


bt: How do you see the future of the automobile market in Egypt?

Kashitani: In Egypt, Toyota brands, including Corolla and Hiace, have been popular for a long time, and Fortuner is locally produced for the growing SUV market globally. The automobile market in Egypt is the second largest market in Africa, behind South Africa, and we believe it has the potential to become a 300,000- unit market in the near future. We would like to introduce vehicles to the market which meet customer needs while seeking additional sales opportunities.


bt: Egypt is seeking to transform to electric cars, announcing it has introduced a number of electric buses in its transport system. Would you tap in the government’s plan to transform to electric vehicles, aiming to export to Arab, African and European markets?

Kashitani: Toyota Motor Corporation is promoting vehicle electrification with the aim of creating a sustainable mobility society. We will proceed to study the introduction of electrified vehicles in Egypt in line with customer’s needs in the future.


bt: After the Egyptian government has completely removed fuel subsidies in July, what do you think about the proposed plans to transfer fuel-powered cars to be powered with natural gas?

Kashitani: Based on the global trend to electrification, Toyota Motor Corporation has strategy of environmental technology which is based on the ideas of using diversified fuels. We continue to consider how to address this issue, depending on the needs of the regions, countries and their policies.

Meanwhile, in order to realize the fuel transfer plan by government, natural gas field development would be necessary to be accelerated and we are ready to support it by expansion of the offshore rig project as referred above.


bt: How do you see Egypt has supported Japanese investors, and what facilities/incentives do you think Egypt should provide to help expand your investments in the country?

Kashitani: The automobile industry has a wide range of businesses. We believe that the key support is not only for completed car manufacturers but also for auto part suppliers. On the other hand, tariffs on vehicles manufactured in Europe was abolished this year, which has an adverse effect on vehicles produced locally in Egypt. Nevertheless, we are looking forward to additional support from the Egyptian government in terms of nurturing automobile production domestically.

For energy sector, Japanese government is willing to support potential investment from Japan through its various institutes such as JBIC, JICA, NEXI, JOGMEC, etc. Egyptian government is kindly requested to flexibly react to requirements by them.


bt: What discussions of Toyota Tsusho participation in oil refining and petrochemicals fields result in?

Kashitani: As we understand immediate increase of local production of Gasoline and Diesel is vital to meet rapid demand in transportation sector, we have shown keen interest in supporting new refinery construction with financing. In accordance with Egyptian government request, we conducted pre-study under Japanese government financial aid and has been talking with Japanese partners of construction and financing. Since Osaka meeting, we have been waiting for further instruction from Egyptian government to move forward on fast track basis.


bt: Toyota Tsusho has been operating in Egypt since 1925, and it sees the country as its gateway to Africa. How do you think Egypt’s chairmanship of the African Union would help expand your work in Africa?

Kashitani: We appreciate President Sisi’s activity during TICAD 7 as AU Chairman. In turn, we, as Chairman of Japan - Egypt Business Council, are always promoting strategic position of Egypt for export basis for COMESA (or AfCFTA) and EU to Japanese companies. We have started export of Egyptian products to Kenya and other countries and wishes to do more. ]]>
9/21/2019 11:33:55 AM
<![CDATA[Hungary's HEPA, Egypt's Military Production Minister Talk Cooperation]]>
Egypt's Minister of Military Production Mohamed el Assar received Hendrich in the capital Cairo, the ministry said in a statement on Thursday (Sep. 19), in the presence of the Hungarian Ambassador to Cairo Péter Kveck and a delegation of representatives of 21 Hungarian companies, to discuss ways of enhancing joint cooperation between the two sides.

Hendrich expressed the desire to strengthen trade relations between the two countries, expecting that the next phase will witness intensive moves by the two governments and the business community in Egypt and Hungary to strengthen economic partnership and implement joint investment projects.

Representatives of the Hungarian companies reviewed their areas of work, during the meeting, and also reviewed areas of cooperation in which military production companies can participate in their implementation.

The Hungarian ambassador hailed the bilateral relations with Egypt, which is reflected in the high-level meetings between officials of the two sides.

Kveck also praised the economic and industrial cooperation between Egyptian and Hungarian companies, stressing the need to establish new bilateral partnerships in various manufacturing fields between Egyptian and Hungarian companies.

The ambassador hailed the stability currently witnessed by Egypt, and the African country's vital role in the consolidation of peace and stability in the region.

The two sides discussed ways to open new horizons for cooperation in various fields such as steel production, agricultural machinery, construction of wastewater treatment plants, implementation of water purification units, power generation units, and cybersecurity and insurance systems.

me1

In June, Chairman of the Arab Organization for Industrialization (AOI) Abdel Moneim el-Tarass discussed in a meeting with the Hungarian Ambassador, Kveck, and CEO of Tungsram Group Joerg Bauer means of boosting bilateral cooperation in the field of manufacturing energy-saving LED light bulbs and street lighting lamps, in addition to producing water and gas meters.]]>
9/20/2019 10:56:15 AM
<![CDATA[Egyptian tuk-tuk start-up Halan to expand to Ethiopia]]>
The company, which targets underserved communities, is also expanding to more cities in the Egyptian governorates of Sharqeya, Daqahleya, Damietta, Qena and Gharbeya this year, said CEO and founder Mounir Nakhla.

Halan’s app allows customers to request motorbike or tuk-tuk rides, or order food or goods for delivery via motorbikes or cargo tricycles. Founded in November 2017, it already operates in around 20 to 25 cities in Egypt and Sudan.

“Halan completes a few million rides per month, almost half a million of which are in food deliveries,” Nakhla said, adding ride-hailing trips had increased 55% and food deliveries more than quadrupled in the year to date.

Nakhla, who has a background in microfinance, hopes Halan will become “pan-African” and said he saw tremendous opportunity for growth on the continent.

“Adama is a very small place in Ethiopia, about 150 km away from Addis Ababa, and it has a lot of two-wheelers and three-wheelers,” Nakhla said.

“It’s a great place to test our product in Ethiopia. We’ve already done tens of rides there in the form of testing, and we’ve got a team on board.”

The city has less than 1,000 vehicles whose drivers Halan will try to recruit to its platform “before launching countrywide,” Nakhla said.

Halan has delivery partnerships with fast food chains like McDonald’s, KFC and Pizza Hut in Egypt. It is now targeting smaller restaurants in the underserved areas it focuses on.

The app has around 10,000 active drivers per month in total, Nakhla said. He added that Egypt has around 700,000 tuk-tuks on its streets. Uber has 90,000 monthly active drivers in Egypt.

Halan is in the midst of a so-called Series B funding round, Nakhla said, declining to disclose a timeline or targeted amount.

The start-up has raised “slightly less than $20 million” to date, Nakhla said. It employs more than 100 people.

Gojek, an Indonesian ride-hailing and e-payments company, inspired Nakhla to found Halan after he met Gojek founder and CEO Nadiem Makarim in Indonesia in 2017.

When asked if Halan would eventually go public, Nakhla said: “Our current main focus is to grow the company exponentially in a sustainable manner, while adding value to the community.”]]>
9/20/2019 8:03:24 AM
<![CDATA[North Korea faces lowest crop harvest in 5 years]]>
In its latest quarterly Crop Prospects and Food Situation report, the UN Food and Agriculture Organization (FAO) said the poor harvest of the country’s main crops, rice and maize, means 10.1 million people are in urgent need of assistance.

“Below-average rains and low irrigation availability between mid-April and mid-July, a critical period for crop development, mainly affected the main season rice and maize crops,” the FAO said. The report, which covers cereal supply and demand around the world and identifies countries that need external food aid, didn’t disclose detailed estimates of production by volume.

North Korea has long struggled with food shortages and a dysfunctional state rationing system, and state media has in recent months warned of drought and other “persisting abnormal phenomena.”

The crops shortfall comes as the country bids to contain the spread of African swine fever in its pig herd, following confirmation of a first case in May.

The disease, fatal to pigs though not harmful to humans, has spread into Asia — including South Korea — since first being detected in China last year, resulting in large-scale culls and reduced production of pork, a staple meat across the region including in North Korea.

The FAO report followed earlier UN assessments this year that the isolated country’s food production last year fell to its lowest level in more than a decade amid a prolonged heatwave, typhoon and floods.

South Korea has pledged to provide 50,000 tons of rice aid to its northern neighbor through the UN World Food Programme (WFP). But its delivery has been delayed by Pyongyang’s lukewarm response amid stalled inter-Korean dialogue and denuclearization talks with the United States, Seoul officials said.

In July, the North’s official KCNA news agency said a campaign to mitigate the effects of drought was under way by digging canals and wells, installing pumps, and using people and vehicles to transport water.

But North Korea has told the United Nations to cut the number of its staff it deploys in the country for aid programs. citing the “politicization of UN assistance by hostile forces.”

Sporadic famines are common in North Korea, but observers said a severe nationwide famine in the 1990s killed as many as a million people.]]>
9/20/2019 7:58:01 AM
<![CDATA[E-commerce taken off in Egypt but needs more achievements: Mashtal founder]]>
Harouny emphasized the importance of having digitalized business, stating that any business that doesn't have any digital component will not succeed.

"Anything that is involved in retail can be translated to online nowadays, but infrastructure of e-commerce needs more achievements, so internet speed is definitely a very big concern," he also referred to challenges that the sector face in Egypt.

He elaborated that internet speed needs to be improved, adding that another challenge is payment gateways. “They exist but need to be much easier,” he said.

“One of the things that slows this process down is the payment gate, so this is something that I'd love to see improved in Egypt because electronic payment will make the process much faster and easier, and it will be a huge support for e-commerce industry," Harouny stated.

Haroun clarified that the purpose of e-commerce is that people effortlessly will be able to go through shopping experience, pick what they want, click a button and to have it delivered to the doorstep.
As per e-commerce laws and regulation; Haroun commented that at least there is a dialogue and a discussion about how to frame laws regarding e-commerce.

“I don't see that there will be a problem, it's moving forward, a bit slow but as long as there is a discussion and moving forward clearly, I'm optimistic, I think formalizing any business will be everyone's benefit," he stated.

The clear laws and frameworks are; the easier for people to do and conduct their business, according to Haroun. “It's important to have framework controls commerce on internet.”

Regarding Mashtal Garden Centers, Haroun said that the project started two years ago, aiming to serve people who want to have gardening projects or others who already have their existing projects.

“Most of gardening stores are outside Cairo or they are informal business where there is lack of transparency,” he stated clarifying the importance of his project.

According to Haroun, Inspiration for Mashtal is that to be able to give people a beautiful shopping experience, where they can go online and find everything they need from A-Z to start and implement their gardening projects.

]]>
9/19/2019 8:39:09 PM
<![CDATA[Volume of trade exchange between Egypt, US records $5.3B within 7 months]]>
The deficit between Egypt and the US decreased by 8.7 percent within the same period.

The total value of Egypt exports to the US increased by 37.5 percent from January to July in 2019 reaching $1.9 billion, the ECS said in a statement on Thursday.

The Egyptian petroleum exports to the US increased to $662.9 million from January to July, the statement said.

The Egyptian imports from the US reached $3.46 billion in 2019 in comparison to $3.09 billion in the same period in 2018 with an increase of 11.8 percent, the statement added. ]]>
9/19/2019 4:49:31 PM
<![CDATA[Egypt, Italy sign LE 360M deal to establish 10 farm silos]]>
The agreement falls within the framework of the third phase of the Italian-Egyptian Debt Swap (IEDS) Program.

The deal was signed by Investment and International Cooperation Minister Sahar Nasr and Italian Ambassador in Cairo Giampaolo Cantini along with Chairman of the Egyptian Holding Company for Silos and Storage (EHCSS) Sherif el Basili in the presence of Supply Minister Ali el Meselhi.

The EHCSS will be responsible for establishing the three silos in the wheat production areas in three governorates; namely Sharqia, Menofia and Minya.

Nasr said that the deal comes under the third phase of the IEDS, which aims to reduce Egypt's foreign debt towards Italy via using the debt in implementing development projects to improve the living standards of the Egyptian citizens.

The total value of the program hits 350 million euros, she said, asserting the close and deeply-rooted strategic and economic relations between Egypt and Italy.]]>
9/19/2019 4:45:06 PM
<![CDATA[Trade exchange bet. Egypt, Hungary hits $260M in 2018]]>
The ministry added on Sept. 19 that the Egyptian exports hit $140 million, while imports reached $120 million during 2018, clarifying that the trade balance surplus logged $20.3 million.

The ministry also announced that the most important items of Egyptian exports to Hungary are electrical appliances, vegetables, seeds, ceramics, plastics, and fertilizers, stating that the most important imports are machinery, equipment, electrical appliances and organic chemicals.

Moreover, it affirmed that there are great opportunities to enhance joint economic cooperation between Egypt and Hungary, especially in the industrial sectors.

It further stressed that the importance of stimulating business circles in both countries to take advantage of trade and investment opportunities and access regional markets, especially as Egypt is a major hub for the Middle East and North Africa's markets and Hungary is a gateway to the markets of the European Union countries.

"The Egyptian-Hungarian Business Forum is an important platform for reviewing opportunities for joint economic cooperation and translating all initiatives into concrete projects that serve both Egyptian and Hungarian economists," the ministry said at the Egyptian-Hungarian Business Forum.

It added that that the forum contributes to strengthening the partnerships between the Egyptian and Hungarian business communities in all fields of trade, industry and investment.

The ministry also pointed to the pivotal role of the private sector in both countries in achieving economic development, creating job opportunities and adding value to the national economy, referring to its keenness to provide full support to the Hungarian business circles to take advantage of the opportunities available in the Egyptian economy.

"The ministry has taken concrete steps to enhance industrial cooperation and technology transfer with various partners at the regional and global levels," it stated, clarifying that it is currently preparing a national industrial strategy that includes the establishment of a number of industrial clusters in various governorates of the republic.

The ministry also called for exerting concerted efforts to enhance economic and trade cooperation between Egypt and Hungary in the coming phase, stressing the importance of reachingdeals and agreeing on concrete cooperation projects between the business communities of the two countries during the business forum.

For his part, Hungarian Minister for Parliamentary Affairs Levente Magyar affirmed the strength of the historical and strategic relations between Egypt and Hungary in various political and economic fields.

Magyar affirmed the importance of exerting more joint efforts to strengthen relations between business communities of the two countries in preparation for the kick-off of joint projects and pumping new investments in both countries.

Magyar added that there are partnerships between Egyptian and Hungarian companies in several areas, led by the 100-year cooperation between the Egyptian companies and the Hungarian company Tongsram.

He pointed out that the Hungarian government supports trade and investment partnerships with Egypt as a pivotal country in the Middle East and Africa, and backsthe political and economic reform efforts currently being implemented by the Egyptian Government.
]]>
9/19/2019 4:41:49 PM
<![CDATA[Nasr talks about ministry's strategy to increase local, foreign investments]]>
The ministry's "Fekretak Sherketak" (your idea is your company) initiative and the Egyptian Entrepreneurship Investment Company (EEIC) come as part of this strategy, said Nasr during a meeting organized by the Egyptian Society for Investment.

The EEIC, also known as "Egypt Ventures", is a startup fund that invests in early-stage funds, incubators and venture capital funds and also invests directly in fast growing startups.

President of Egyptian Exchange Mohamed Farid, who was present at the meeting, underlined the importance of the money market in boosting economic growth.

He said some world companies like Uber and Facebook resorted to releasing their shares in the money market to get more financing. ]]>
9/19/2019 4:16:10 PM
<![CDATA[More petroleum, gas excavations to take place in Red Sea within coming period]]>
Among the companies applying for the tender are Shell, ExxonMobil, Statoil, Dragon Oil, Russian Rosneft and Total France.

Molla gave the remarks during a meeting of the general assembly of Ganoub El Wadi Petroleum Holding Co.

Meanwhile, Molla said the ministry continues to carry out a package of petroleum projects in Upper Egypt to secure their local needs.

Also, the ministry continues to extend natural gas pipelines to Upper Egypt governorates, he said, adding that the number of gas beneficiaries in these governorates has increased.]]>
9/19/2019 4:14:46 PM
<![CDATA[EGX ends Thursday on mixed note with turnover of LE 1.24B]]>
The benchmark EGX 30 inched down 0.02 percent, or 3.03 point, to close at 14,742.07 points.

The small and mid-cap index EGX 70 lessened 0.23 percent, or 1.23 points, to close at 539.57 points, and the broader index EGX 100 decreased 0.04 percent, or 0.57 points, to 1,439.86 points.

On the other hand, the equally weighted index EGX 50 rose 0.92 percent, or 19.32 points, to end at 2,111.9 points.


Market capitalization lost LE 256.84 million, recording LE 738.03 billion, compared to LE 738.28 billion in Wednesday's session.

The trading volume reached 198.17 million shares, traded through 23,364 transactions, with a turnover of LE 1.24 billion.

Arab investors were net sellers at LE 52.56 million, while Egyptian and foreign investors were net buyers at LE 10.74 million, and LE 41.82 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 10.69 million, LE 41.71 million, and LE 1.28 million, respectively.

Egyptian and foreign organizations bought at LE 21.43 million, and LE 43.09 million, respectively, while Arab organizations sold at LE 10.85 million.

Wadi Kom Ombo Land Reclamation, General Company for Land Reclamation,Development & Reconstruction, and Gharbia Islamic Housing Development were top gainers of the session by 9.99 percent, 9.32 percent and 8.96 percent, respectively.

Meanwhile, Raya Contact Center, Pyramisa Hotels, and Egyptian International Tourism Projects were top losers of the session by 9.96 percent, 4.79 percent, and 3.45 percent, respectively.


]]>
9/19/2019 3:48:52 PM
<![CDATA[Assar confers with HEPA chairman on boosting bilateral cooperation]]>
Hungarian Ambassador in Cairo Péter Kveck and representatives of 21 Hungarian companies attended the meeting.

Assar posted the Hungarian delegation on industrial potentials of firms affiliated with his Ministry and reviewed possible cooperation in steel production, the manufacture of agricultural equipment and the establishment of drinking water purification units.

The meeting was held on the fringe of an Egyptian-Hungarian business forum which aims to shed light on cooperation between the two countries. ]]>
9/19/2019 3:04:51 PM
<![CDATA[US dollar price down in major Egyptian banks]]>
At the National Bank of Egypt and Banque Misr, the dollar rate declined by three piasters, recording LE 16.27 for buying and LE 16.37 for selling.

At the Commercial International Bank, the dollar rate went down by two piasters, registering LE 16.24 for buying and LE 16.34 for selling.

The dollar price dropped by three piasters to LE 16.25 for buying and LE 16.35 for selling at the Arab African International Bank.

At the National Bank of Greece, the dollar exchange rate shrank by one piaster to record LE 16.28 for buying and LE 16.38 for selling. ]]>
9/19/2019 3:01:06 PM
<![CDATA[Oil prices rise as Saudi supply risks come into focus]]>
Brent crude futures gained $1.44 to $65.04 a barrel by 0958 GMT, while U.S. West Texas Intermediate crude was up 89 cents at $59 a barrel.

Earlier this week Saudi Arabia set out a timeline for a resumption of full operations, saying it had restored supplies to customers at levels prior to the attacks by drawing from its oil inventories.

But it said it would restore its lost production by the end of this month, and bring its output capacity back to 12 million barrels per day by the end of November.

Saudi Arabia, the world’s leading oil exporter, has said the crippling attack on its oil sites was “unquestionably sponsored” by regional rival Iran. ]]>
9/19/2019 2:59:31 PM
<![CDATA[Egypt, Saudi Arabia agree on information accessibility for boosting coop.]]>
This came during a meeting hosted by Chairman of the Council of Saudi Chambers (CSC) Sami bin Abdullah al Obaidi at the premises of the council in Riyadh.

During the meeting, the attendees reached an agreement under which the Egyptian side will provide the Saudi one with all updates regarding legislation and measures governing the environment of business and investment in Egypt, the FEI said in a statement issued on Thursday.

Also, Egypt will exchange with Saudi Arabia lists of commodities required by their local markets and work together to maximize the added value of goods and promote manufacturing in Egypt.

Meanwhile, the Egyptian side called on its Saudi counterpart to post it on the available investment opportunities in the kingdom.

The Egyptian delegation will wrap up, later in the day, its visit to Saudi Arabia after visiting a number of factories operating in various fields, in tandem with the Saudi Authority for Industrial Cities and Technology Zones. ]]>
9/19/2019 2:58:26 PM
<![CDATA[NBE to chair China-Arab inter-Bank alliance 2nd meeting mid-2020]]>
The decision was made during a meeting grouping senior officials of the banks taking part in the alliance which was held in the Chinese city of Yinchuan, the capital of Ningxia Hui autonomous region, a statement issued by the NBE on Wednesday read.

The alliance, which was established in July 2018, comprises China Development Bank (CDB), NBE, Lebanon’s Fransabank, Morocco’s BMCE bank and First Abu Dhabi Bank (FGB).

The banking consortium aims to foster cooperation between the CDB and Arab banks in various economic fields, especially in the domains of energy, infrastructure, electricity, telecommunication and industrial complexes with the aim of benefiting all member banks.

The first session of the inter-bank association, which was held in China, set a framework for cooperation among the alliance banks throughout the coming period with the aim of establishing stable and long-term financial relations, NBE chairman Okasha said.

A bid by the NBE to host the second session, scheduled for the second half of 2020, was unanimously approved by the attendees of the first session, making the NBE the first bank to chair the inter-bank association meeting held outside China.

Okasha believes that naming Egypt the host country of the upcoming session underscores the positive economic growth observed nationwide, thanks to the economic reform program and relevant measures adopted by the county.

It also reflects trust of the international institutions in Egypt's economy along with the pioneering role of the NBE in backing the country's economic measures, Okasha added.]]>
9/19/2019 12:45:21 PM
<![CDATA[CBE to issue LE 19B in T-bills Thursday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 9.5 billion with a 357-day term and the second is worth LE 9.5 billion with a 182-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Earlier in August, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.

A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.

Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.

The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.

]]>
9/19/2019 12:24:57 PM
<![CDATA[ Moharram & Partners on community dialogue with private sector]]>
Moharram added to Egypt Today, on the sidelines of Egypt's second annual E-Commerce Summit held in Cairo on Tuesday Sep. 17, that one of the giant companies returned to operate in Egypt as part of foreign direct investment during the last three months, as a result of negotiations held in some occasions such as this summit.

He affirmed the importance of turning Egypt into a regional hub of e-commerce through having strong e-commerce sector, emphasizing the importance of having negotiations with private sector and e-commerce companies on laws and legislation.

CEO of Moharram and Partners clarified that the first edition of the summit, held in 2018, was the first policy dialogue on laws and legislation related to e-commerce.

The year “2018 witnessed a real leap of legislation, as government and parliament worked on data protection law, and cyber security law,” he said, adding that they are currently working on e-commerce transaction law.

He elaborated that as a result of reaching an agreement related to data protection and cyber security laws during the last period, all parties will be able to reach another agreement on new e-transaction law.

According to Moharram, the regulation of trading and processes on the internet is a challenge as the world is trying to figure out how to do so, but “we shouldn’t be afraid because Egypt has high-level legislators, so all what we have to do is to listen to each other.”

Moharram also pointed out that private sector has specific point view and applied techniques while legislators focus on specific goals.

“Such summit is a good start, and it’s important to continue holding such events, to send messages to investors and reassure their concerns including tax policies on the sector,” he stated.

On Tuesday, Sep. 17, CEO of Information Technology Industry Development Agency (ITIDA) Hala el-Gohary inaugurated the second edition of the Summit in Egypt. The summit was organized by robusta, which supports the provision of technology and technology solutions for multiple sectors.

A number of deputy ministers, government and major private sector companies' officials, and entrepreneurs attended the summit, with the participation of a large number of Egyptian and international companies in more than 15 different sectors.

The second E-commerce summit aims to identify the latest innovations and global trends in the field of digital transformation and its impact on the Arab region, and open the door for dialogues between the government and the private sector through a single platform that brings together the most important players and influencers in E-commerce and digital transformation.

The second edition of the summit mainly focuses on discussing three main axes, including strategies for working in E-commerce and the latest global trends, and payment methods and logistics, one of the most important services driving the digital trade.

The third axis covers the purchasing experience of the customer and how to develop it to cope with the global digital transformation by exploiting the latest technological innovations.]]>
9/18/2019 9:59:21 PM
<![CDATA[Employee happiness: How much does unhappiness cost your business?]]>
Employees today have choices—lots of them. According to the Staples Annual Workplace Survey, 80% of workers believe that employers have a responsibility to keep employees mentally and physically well. The simple lesson: If you want to keep the best and the brightest, create a happy work environment.

The Science Behind Happiness At Work


Evidence from psychology, leadership and management studies, and even neuroscience supports that not only is it possible to find happiness at work, but that doing so is unambiguously good. Happier employees do better on all fronts, from day-to-day health to productivity to career advancement, and this consistently perks up the bottom line for the organization as a whole.

According to Gallup’s recent State of the Global Workplace report, 85% of employees are not engaged or actively disengaged at work, they see work as something to be endured, not enjoyed! The cost of unhappy or disengaged staff can be far-reaching and Gallup has identified 8 areas that this marvel can affect: Customer Loyalty/Engagement – Profitability – Productivity - Staff Turnover - Safety Incidents – Wastage – Absenteeism – Quality. According to Caleb Papineau, an author of the blog Tinypulse; lost productivity among workers cost around $1 trillion globally each year, which is a shocking revelation for the world economy.

The Link Between Happiness and Productivity


As stated by Delivering Happiness, the world’s leading Culture coaching and consulting company that was behind the Dubai Happiness initiative, a happy workplace contributes to the business’ success, it increases the productivity by 21%, align your team and increase retention by 41%, and also it grows sales by 37%!

In light of these findings, companies such as Google started to invest more in employee support, and employee satisfaction has risen as a result. For Google, it rose by 37%.

As a result, employees started to look for job opportunities that can also provide happiness in the workplace, and in an effort to help them, recruiting website CareerBliss recently released its annual list of the 50 happiest companies in America. The list includes well-known companies such as American Express, Apple, Microsoft and Nike, as well as other large and mid-size companies.

MV Office
Mountain View’s offices in New Cairo was a design collaboration with Delivering Happiness and CallisonRTKL

In Egypt, there is unfortunately little work on the importance of happiness as an input to economic processes or measures such as productivity.

One of the earliest Egyptian companies to tackle this notion was Mountain View, the real estate developers, who partnered with Delivering Happiness to establish their culture transformation program. On September 22, 2019, they, along with Delivering Happiness and CallisonRTKL, are also sponsoring the first conference of its kind in Egypt and the Middle East that will address the “Happiness at Work” phenomenon, shedding light on using the Science of Design and Happiness in creating office spaces.

Tips For Your Company To Achieve Happiness For Its Employees


Elevating the happiness of your team is not an easy task, but it is one that is worth you venturing in to raise the productivity of your business. We’ve laid out the top tips for making your workplace a happy one:

Deliver Praise and Recognition Often
Feeling underappreciated at work is the #1 reason employees leave their jobs? Number one! Beating out low salary, limited vacation days and not enough flexibility for life outside of work.

Make Work/Life Balance a Priority
Team members need to have a clear understanding that you value them as a loyal employee and as a person who has a life outside of work that is just as important.

Hire Happy Personalities
Hire people who can bring laughter to the workplace and will improve productivity and motivation for the whole office as that happy, optimistic outlook is contagious.

Refrain from Micromanaging
Employees who feel trusted and supported, without being hovered over, are statistically more relaxed and confident in the job they do.

Launch an Individual Development Plan
You can use an IDP to develop a better understanding of your team’s professional and personal goals including their strengths and areas they want to improve on.

Let’s spread the happiness, and bear its fruit.
]]>
9/18/2019 6:21:35 PM
<![CDATA[Dollar edges higher before Fed decision]]>
Against the yen JPY=, the dollar edged up 0.1% to 108.23 yen, just below a seven-week high of 108.37 yen tested overnight. The dollar index against a basket of other currencies .DXY crept 0.2% up to 98.43.

With recent economic data proving to be strong — a Citigroup U.S. economic surprise index .CESIUS is holding at its highest levels this year — some market participants are buying the dollar in case the Fed signals a more confident view.

“All in, we think the meeting outcome risks disappointing market expectations, which are perhaps leaning toward a more dovish outcome, resulting in a renewed bid for the dollar,” Scotiabank strategists said.

The dollar has been driven more by trade tensions between Washington and Beijing this year than by U.S. monetary policy. The dollar has gained nearly 1% against the yen since the last rate cut in July.

Morgan Stanley strategists believe that any dollar upside is likely to be capped, because market expectations are not overly dovish and a trade deal between the United States and China seems likely.

A retreat in global oil prices also restored some calm to markets. Oil prices fell in Asia, extending Tuesday’s 6% decline, after Saudi Arabia’s energy minister said the kingdom had tapped stockpiles to restore oil supplies to where they stood before weekend attacks shut around 5% of global output.

The euro edged 0.2% lower at $1.1049, about 1% above the $1.0927 it reached last week, the lowest in more than two years.

After the Fed releases its policy decision, attention will turn to the Bank of Japan’s meeting ending on Thursday, to see whether it eases policy, too.

Deepening negative rates will be an option if the BOJ eases, although the central bank may accompany that with measures to mitigate the pain on financial institutions, sources have told Reuters.]]>
9/18/2019 2:42:03 PM
<![CDATA[Egyptian-German economic relations 'strategic': minister]]>
Economic relations between Egypt and Germany reached unprecedented levels thanks to the visits of President Abdel Fattah El Sisi to Germany over the past period, he added.

Nassar made the remarks during an expanded meeting with head of Association of German Chambers of Commerce Eric Schweitzer with the participation of head of the Arab-German Chamber of Commerce and Industry Jan Noether.

Germany is Egypt's most important trade partner and the ministry seeks to benefit from the German expertise in developing the national industry, he said.

He underlined the importance of boosting cooperation as regards holding trade exhibitions in Cairo, citing Cairo's hosting of Pacprocess exhibition for Africa and the Middle East.

Pacprocess is a comprehensive and highly-targeted exhibition that addresses the requirements of the food, beverage, confectionery, bakery, pharmaceutical, cosmetics, non-food, and industrial goods sectors in the Middle East and Africa region.

Held for the first time in Egypt, from December 9 to 11 at the Cairo International Convention and Exhibition Center, the event capitalizes on mega opportunities in one of the major economic hubs in North Africa, which also serves as the gateway to regional markets.

The head of the German Association of Chambers of Commerce said the current stage witnesses unprecedented cooperation between Egyptian and German businessmen.

Efforts are now focused on luring more German investments to the Egyptian market, especially in the field of auto manufacturing and renewable energy projects.

He said the federation groups 79 chambers and has 140 branches in 92 countries worldwide.]]>
9/18/2019 2:32:07 PM
<![CDATA[French CCI organizes technical employment forum in November]]>
In a statement released on Wednesday, the French CCI said the forum comes as part of the efforts exerted to reduce unemployment rates in Egypt.

The forum gathers around 30 local and French companies operating in Egypt.

The statement also noted that the forum comes as part of a protocol signed between the French CCI in Egypt and the Ministry of Sport and Youth and the Ministry of Education.]]>
9/18/2019 2:24:11 PM
<![CDATA[EgyptERA: How did Egypt regulate its electricity market?]]>
In 2015, the Egyptian Electric Utility and Consumer Protection Regulatory Agency (EgyptERA) became an autonomous institutional entity in charge of handling and developing electricity activities involving producers, transmission operators, distribution companies and end users.

In order to enhance its capacities to take on the additional responsibilities stipulated in the new law, EgyptERA approached the Association of Mediterranean Energy Regulators (MEDREG) to facilitate and develop regulatory practices that are coherent for the energy market in the country.

In Egypt’s case, EgyptERA asked for MEDREG’s support to reinforce its capacity in Tariff settings, prevention of conflict of interest, consumer disputes, and market competition measures. To take the first step, EgyptERA undertook an assessment of its independence duties and enforcement powers, accountability, transparency, and internal organization.

In September 2015, a peer review, started by MEDREG, resulted in critical recommendations in June 2016. A 2-year implementation phase ensued based on the peer review recommendations, and concluded in 2018.

In 2019, MEDREG regulators and country members, Algeria, Egypt, Israel, Jordan, Morocco and Palestine, are gathering on September 19 in Brussels to share the latest changes and reforms that their respective national energy market witnessed after regulatory cooperation.

EgyptERA will be represented by Shaimaa Abdel Azim, a senior economist and a manager at the Licensing and performance evaluation department at the Egyptian regulatory agency.

In order to understand Egypt’s case and experience in regulating its energy market, Egypt Today interviewed Salma Hussein, the general manager of the Licensing and performance evaluation department at EgyptERA, who spoke about the peer review process, recommendations and the effect of the collaboration with MEDREG on consumer protection.

MEDREG gathers 27 energy regulators from 22 countries, spanning over the European Union (EU), the Balkans and the MENA region and including Albania, Algeria, Bosnia-Herzegovina, Croatia, Cyprus, Egypt, France, Greece, Israel, Italy, Jordan, Lebanon, Libya, Malta, Montenegro, Morocco, the Palestinian Authority, Portugal, Slovenia, Spain, Tunisia and Turkey.

Why are regulators important for consumers?

Ensuring cost-effective and affordable electricity tariffs were among the challenges that Egypt need to overcome seeking best international practices.

MEDREG’s work is explained on its official website as acting as “a collaborative platform for regulators to exchange technical knowledge, while reinforcing their regulatory capacity in accordance with the standards of the Mediterranean community.”

Discussing why collaboration with MEDREG, an EU co-funded association, was important, Salma Hussein explained that regulators are important for consumers for several reasons.

She outlined that they help “set rules and procedures ensuring due protection of consumer rights, and confirm that electric power is securely supplied to consumers, through careful review- in coordination with the authorities of concern.”

According to Hussein, regulators further ensure consumer protection through “a complaint management system, and initiatives aimed at increasing consumer awareness, while setting technical quality principles and other standard measures on the performance of the various electricity services.”

What is the process of Peer review?

As explained by MEDREG, a peer review is an analysis undertaken by fellow energy regulators “peers” of another regulator. An analysis of Egypt’s case was carried out by a team of experts from the EU and non-EU regulators, all members of MEDREG.

For her part, Hussein cited four stages as part of the peer review phase Egypt has witnessed as shown in the figure below.

figure - electricity
Egypt's peer review steps with MEDGRE - Photo via Salma Huseein



What did Egypt need from MEDREG?

The analysis and recommendations provided by MEDREG’s peer review activity were meant to support the opening of a competitive Egyptian electricity market for the benefit of the consumers and industry.

Moreover, the collaboration was important “to identify ERA strengths, make ERA legal powers and competences fully effective in order to ensure that fair rules applied to all electricity market players and to receive suggestions through proposed measures to improve regulatory actions,” Hussein said.


Good regulatory principles

MEDREG identified six principles that EgyptERA wanted to comply with, which are:

1- Independence from national and regional government so decisions of regulators cannot be influenced.

2- Competences, where duties and powers constitute a minimum set of competences defining the specific responsibilities of a regulator.

3- Accountability, referring to how the regulator takes on the responsibility and is able to demonstrate outcomes and results of its regulatory action.

4- Transparency, which helps others understand the regulator’s work, and enhances proactive stakeholder engagement.

5- Enforcement, which ensures market participants’ compliance with rules.

6- Internal organization, to have clear decision-making processes.


Recommendations

Hussein said that MEDREG’s recommendations based on the peer review period covered six areas, which are: Tariff Methodology, Prevention of Conflict of Interest, Consumer Protection and Power to Settle Dispute, Ability to Regularly Report to the Government and General Public on Unbundling and Market Competition Measures, Consultation Process, and Establishment of a more Regular, Formal and Rigorous Communication with Consumers, Associations and Press.

In 2018, the Jordanian Energy Regulatory Authority EMRC followed the steps of EgyptERA and initiated a review of its electricity licensing procedure currently being carried out by MEDREG members. The final analysis and recommendations were concluded by the end of the year 2018.


Main results

Generally speaking, Hussein said that after the peer review, EgyptERA was able to have a clear assessment of the current situation of energy market in Egypt, and could analyze the gap to define next steps.

EgyptERA effectively became competent in tariff setting, as it started a comprehensive reform of its tariff setting supported by the EU technical assistance program following a first round of reforms that were implemented in 2014.

Effectively able to settle disputes, EgyptERA was helped by Italian and Greek regulators through a twinning project, an EU instrument for institutional cooperation carried out in 2017. The twinning project helped EgyptERA set and design the different market phases and monitoring processes.

MEDREG’S recommendations contributed to the improvement of other regulatory aspects of EgyptERA like defining a clear policy to prevent potential conflicts of interest. EgyptERA is financially independent per law, but the members of the board are appointed by the prime minister and the minister acts as the chairman of the board.

Consumers and other stakeholders were not involved in all phases of the decision-making process through public consultation on draft documents. After peer review, a consultation process was adopted, and conducted on different regulatory issues: preliminary consultations on the market, deep consultations on Renewable Energy FIT projects and other consultations were conducted on industrial tariff.

Salma Hussein said that most of MEDREG’s recommendations were fulfilled, adding that market issues are currently being processed.]]>
9/18/2019 12:57:54 PM
<![CDATA[Saudi output could bounce back in weeks after attack]]>
Falling precipitously since Monday’s high of $71.95 per barrel, Brent crude is now trading at $65.44, recouping about four percent of a nearly 20-point spike after the drone attacks.

The drop in prices comes on the heels of an optimistic report that Saudi Aramco would carry out repairs faster than expected and resume full production in “two to three weeks.” ]]>
9/18/2019 11:28:58 AM
<![CDATA[Egypt’s Growth rate highest in 10 yrs]]>
Unemployment reached 13.2 and the growth rate in 2013/2014 was at 2.9 percent, so the rate surpasses that of emerging and developing markets, Kamali said, referring to The Economist’s ranking of Egypt in the third place among worldwide growth rates.

During a meeting organized by the Egyptian Junior Businesspeople on the sidelines of the African Development Bank’s (AFDB) vice chairman Wale Shonibare, Kamali presented Egypt’s efforts in rural areas to fill economic, social and environmental gaps.

The visit will push cooperation between Egypt and African nations forward to accomplish trade and administrative reforms as part of the 2030 vision, Kamali added.

He also highlighted legislative and institutional reforms to attract investors and infrastructure projects.

Inflation in Egypt unprecedentedly decreases to 7.4 percent, allowing the Central Bank to reduce loan interests, he continued.]]>
9/17/2019 4:56:39 PM
<![CDATA[E-commerce summit provides opportunity for community dialogue-OLX]]>
Gobran clarified on the sidelines of the E-commerce summit that very few opportunities are available for such discussions, emphasizing the importance of the summit.

“Community dialogues to discuss several laws between government and private sector popped up during last year,” she noted.

Gobran added that E-commerce transactions law would work on clarifying ambiguous areas related to online trading. This law should target merging informal sectors with the formal economy without intimidation, Gobran stressed.

CEO of Information Technology Industry Development Agency (ITIDA) Hala el-Gohary inaugurated the second edition of the Summit on Tuesday, Sep. 17, in Egypt. The summit was organized by robusta, which supports the provision of technology and technology solutions for multiple sectors.

A number of deputy ministers, government and major private sector companies' officials, and entrepreneurs attended the summit, with the participation of a large number of Egyptian and international companies in more than 15 different sectors.

The second E-commerce summit aims to identify the latest innovations and global trends in the field of digital transformation and its impact on the Arab region, and open the door for dialogues between the government and the private sector through a single platform that brings together the most important players and influencers in E-commerce and digital transformation.

The second edition of the summit mainly focuses on discussing three main axes, including strategies for working in E-commerce and the latest global trends, and payment methods and logistics, one of the most important services driving the digital trade.

The third axis covers the purchasing experience of the customer and how to develop it to cope with the global digital transformation by exploiting the latest technological innovations.

]]>
9/17/2019 4:46:28 PM
<![CDATA[Egyptian individuals' selling cast shadows on EGX, market cap. loses LE10.39B]]>
The benchmark EGX 30 declined 1.45 percent, or 217.79 point, to close at 14,752.45 points.

The equally weighted index EGX 50 declined 2.53 percent, or 55.07 points, to end at 2,109.24 points.

The small and mid-cap index EGX 70 inched down 1.43 percent, or 7.88 points, to close at 542.63 points, and the broader index EGX 100 decreased 1.61 percent, or 23.57 points, to 1,443.67 points.

Market capitalization lost LE 10.39 billion, recording LE 738.71 billion, compared to LE 749.1 billion in Monday’s session.

The trading volume reached 266.62 million shares, traded through 30,024 transactions, with a turnover of LE 960.79 million.

Egyptian investors were net sellers at LE 78.89 million, while Arab and foreign investors were net buyers at LE 30.24 million, and LE 48.65 million, respectively.

Arab and foreign individuals were net buyers at LE 1.43 million, and LE 2.76 million, respectively, while Egyptian individuals were net sellers at LE 94.47 million.

Egyptian, Arab, and foreign organizations bought at LE 15.58 million, LE 28.81 million, and LE 45.89 million, respectively.

El Nasr for Manufacturing Agricultural Crops, Arab Pharmaceuticals, and Memphis Pharmaceuticals were top gainers of the session by 17.07 percent, 5.63 percent and 3.61 percent, respectively.

Meanwhile, Alexandria National Company for Financial Investment, Edita Food Industries S.A.E, and Rowad Tourism (Al Rowad) were top losers of the session by 9.45 percent, 9.28 percent, and 8.68 percent, respectively.

EGX ended Monday’s session in red for the second session in row, as EGX 30 dipped 0.35 percent, EGX 50 declined 0.93 percent, EGX 70 inched down 0.63 percent, and EGX 100 decreased 0.47 percent.
]]>
9/17/2019 3:42:19 PM
<![CDATA[US dollar exchange rate down at major Egyptian banks]]>
At the National Bank of Egypt and Banque Misr, the dollar rate declined by one piaster, recording EGP 16.32 for buying and EGP 16.42 for selling.

At the Commercial International Bank, the dollar rate went down by two piasters, registering EGP 16.28 for buying and EGP 16.38 for selling.

The dollar price declined to EGP 16.30 for buying and EGP 16.40 for selling at the Arab African International Bank.

At the National Bank of Greece, the dollar exchange rate went down to EGP 16.33 for buying and EGP 16.43 for selling.]]>
9/17/2019 3:16:09 PM
<![CDATA[Egypt ranks 3rd in economic growth rates: Planning min.]]>
Saeed said that Egypt came in third rank as regards the increase in economic growth rates, according to The Economist magazine.

Saeed's remarks came on Tuesday in an address read out on her behalf by Deputy Planning Minister Ahmed Kamali during a ceremony organized by the Egyptian Junior Business Association (EJB) on the sidelines of the visit of Vice President of African Development Bank (AfDB) for Power, Energy, Climate Change and Green Growth Wale Shonibare.

Saeed pointed out to the decrease in unemployment rate to reach 8.1% during the first quarter of 2019 in comparison to 13.2% in 2014.

She said that Shonibare's visit represents an opportunity to achieve coordination between AfDB and the Egyptian government within the framework of cooperation between Egypt and the African states.

Egypt is following a clear strategy that aims at achieving sustainable development in the energy sector (2018-2030), she said.]]>
9/17/2019 3:09:08 PM
<![CDATA[2nd edition of E-commerce summit kicks off on Sept. 17]]>
The summit was inaugurated by CEO of Information Technology Industry Development Agency (ITIDA) Hala el-Gohary, and organized by robusta, which supports the provision of technology and technology solutions for multiple sectors.

A number of deputy ministers, government and major private sector companies' officials, and entrepreneurs attended the summit, with the participation of a large number of Egyptian and international companies in more than 15 different sectors.

In her opening speech, Gohary said that the number of dealers on E-commerce platforms all over the world reached about 1.8 billion people by the end of 2018, and the number is expected to increase to mark nearly a quarter of the world population.

She added that the number of internet users in Egypt reached nearly 40 million, which affects the growth of the E-commerce sector locally, pointing out that the sector has been growing for two years.

“Egypt ranks the highest among its peers in the MENA in internet use. That’s why solid measures, such as 5 percent subsidies on exports for e-commerce businesses and technical support for rising, have been implemented,” CEO of ITIDA stated.

“There are government incentives to support e-exports as well as startups, where the authority embraced about 16 percent of startups in Egypt, and launched several important initiatives to support creativity, entrepreneurship and youth training,” Gohary added.

The second E-commerce summit aims to identify the latest innovations and global trends in the field of digital transformation and its impact on the Arab region, and open the door for dialogue between the government and the private sector through a single platform that brings together the most important players and influencers in E-commerce and digital transformation.

The second edition of the summit mainly focuses on discussing three main axes, including strategies for working in E-commerce and the latest global trends, and payment methods and logistics, one of the most important services driving the digital trade.

The third axis covers the purchasing experience of the customer and how to develop it to cope with the global digital transformation by exploiting the latest technological innovations.
]]>
9/17/2019 2:26:40 PM
<![CDATA[Egypt allocates LE6B for new export stimulus program]]>
The allocated money for the exportation stimulus increased by L.E. 2 billion in the state’s budget to reach L.E. 6 billion, he clarified, adding “It has been agreed [to adopt] the initiative of 10 percent reimbursement for the exporters.”

“The government is working on finding solutions to all problems that exist for a long time; for example, putting an end to the differences between the Ministry of Finance and the Ministry of Social Solidarity regarding the pension, and between the Ministry of Finance and the Ministry of Electricity,” he said.

A total of L.E. 800 million was monitored as tax arrears after conducting a survey, Madbouli added, saying that pieces of lands on six million square meters will be offered for establishing the industrial zones.

The export stimulus initiative aims at enhancing local manufacturing, the prime minister said, adding that a government team was formed to facilitate the process of customs clearance for the products.]]>
9/17/2019 11:11:23 AM
<![CDATA[No immediate problem in Japan oil supplies after attacks on Arabia's Aramco]]>
Sugawara has previously said that Japan has oil reserves that are enough to cover more than 230 days of domestic consumption and the ministry will cooperate with the International Energy Agency and other nations and provide the necessary supply of oil, through such means as the coordinated release of its reserves if necessary, Kyodo reported.

Oil prices rose nearly 15% on Monday, with Brent logging its biggest jump in over 30 years amid record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom’s production in half.]]>
9/17/2019 10:51:47 AM
<![CDATA[Egypt's military production minister, German amb. talk strategic partnership]]>
The credentials of ten newly-appointed ambassadors to Egypt were earlier received on Monday by President Abdel Fattah al-Sisi, including that of German ambassador Cyrill Nunn.

The minister, during the meeting, affirmed the need to enhance the strategic partnership in all fields between the two sides.

The meeting discussed ways to strengthen bilateral cooperation in various fields, including the production of security gates and baggage inspection systems, besides cooperation in trash recycling, building and construction, and equipping fire engines, rescue vehicles and ambulances.


For his part, the German ambassador praised the expertise and capabilities of Egyptian military production companies, expressing his happiness of the fruitful cooperation and mutual trust. He also praised the important role played by the ministry in supporting the Egyptian state's development plan.

Nunn also hailed the state of stability Egypt currently witnesses as a result of the efforts exerted by the state to combat terrorism and improve the security situation.

He stressed that the relations between the two sides are witnessing a positive development and a desire to establish industrial partnerships in various fields, especially in light of the Egyptian state's keenness to provide a supportive climate for investment, attract further investments from international companies.

President Sisi received on Monday the credentials of ten newly-appointed ambassadors to Egypt, presidential spokesperson Bassam Radi said in a statement.

The president welcomed the new diplomats, wishing them success in their diplomatic mission in Cairo.

He reiterated Egypt's keenness on boosting cooperation with their countries in all domains, the statement added.

The new ambassadors represent Ukraine, Ghana, Cote d'Ivoire, China, Germany, Estonia, Norway, Bosnia and Herzegovina, Greece and Singapore.

In the same context, a new chairman of the State Council Counselor Mohamed Hossam al-Din and Prosecutor General Hamada el Sayyed Mohamed Abdel Fattah also swore before the president. The president convened with them following the oath-taking ceremony.

During their meeting, Sisi underlined the importance of continued work to ensure people's rights and freedoms under the constitution, Radi also said.

According to the spokesperson, the president bestowed the Order of the Republic of the First Class on former State Council chairman Ahmed Abdel Aziz Ibrahim and former prosecutor general Nabil Ahmed Tawfiq Sadiq, expressing appreciation of their strenuous efforts in serving the nation during their term in office.
]]>
9/16/2019 5:27:03 PM
<![CDATA[Dollar exchange rate down at Egypt's major banks]]>
At the National Bank of Egypt and Banque Misr, the dollar rate declined by two piasters, recording LE 16.33 for buying and LE 16.43 for selling.

At the Commercial International Bank, the dollar rate went down by two piasters, registering LE 16.30 for buying and LE 16.40 for selling.

The dollar price declined to LE 16.31 for buying and LE 16.41 for selling at the Arab African International Bank.

The dollar price declined to LE 16.34 for buying and LE 16.44 for selling at the National Bank of Greece. ]]>
9/16/2019 4:48:48 PM
<![CDATA[Banque Misr: CBE initiative helps achieving development, reducing unemployment]]>
Within the framework of the initiative, Banque Misr provides distinct financing schemes ranging from LE 1 million up to LE 20 at a 5 percent simple diminishing return to cater for the needs of the small- and medium-scale enterprises (SMEs).

During his participation in a workshop on financing SMEs in the Arab region, which is organized by the CBE and the Arab Monetary Fund, Etreby said that the CBE compelled banks operating in Egypt to allocate 20 percent of their loan portfolios to SMEs as part of its initiative.

He added that different measures taken by the CBE led to the success of the initiative. ]]>
9/16/2019 4:36:03 PM
<![CDATA[CBE gov.: We give top priority to spurring financial inclusion rates]]>
Amer's remarks came in a speech delivered by his deputy Lobna Helal during a workshop organized by the Arab Monetary Fund in collaboration with the CBE on financial inclusion and supporting small and medium-sized enterprises in the Arab world.

The CBE governor underlined the importance of paying more attention to assessing the levels of financial inclusion on a regular basis and creating the suitable regulatory and legislative environment for promoting a risk-based approach so as to integrate all segments of the society into the formal financial system while guaranteeing the rights of bank clients.

He also called for raising awareness about the importance of financial inclusion by launching initiatives to reach target groups, stressing the need to ensure the provision of financial services at an appropriate cost and in a fair manner.

Amer stressed as well the need for providing a supportive environment, through backing entrepreneurs and promoting innovative projects, as well as strengthening the business climate.

The CBE governor also asserted the necessity of upgrading the technological infrastructure necessary to support and stimulate the use of electronic payment methods, with a view to transforming into a less cash-based economy and establishing a center for financial technology (Fintech Hub).

Meanwhile, Amer praised the Arab Monetary Fund's continued efforts to address all challenges facing the Arab banking sector, which resulted in the formation of an Arab working team on strengthening financial inclusion.]]>
9/16/2019 4:32:41 PM
<![CDATA[Planning min.: LE6.3B allocated for "Decent Life" presidential initiative]]>
While inspecting El Nas Hospital for Children in Shubra El Khayma district of Qalyubia governorate, el Saeed added that her ministry pays great attention to service projects, especially those related to education and health.

She noted that the ministry is ready to meet all needs of the hospital, with the aim of offering the best health care services to children.

During her inspection tour, she lauded capabilities available at the hospital, which she described as an excellent model of partnership among the civil society, the private sector and the government.

El Nas charity hospital is the largest children's hospital in the Middle East and Africa, with a capacity of about 600 beds.

It contains 10 operating theaters, 140 intensive care units, 4 cardiac catheterization units, and 48 outpatient clinics. ]]>
9/16/2019 4:25:09 PM
<![CDATA[EGX30 leaves 15K levels, market cap. loses LE2.5B]]>
The benchmark EGX 30 dropped 0.35 percent, or 52.99 point, to close at 14,970.24 points.

The equally weighted index EGX 50 declined 0.93 percent, or 20.32 points, to end at 2,164.31 points.

The small and mid-cap index EGX 70 inched down 0.63 percent, or 3.47 points, to close at 550.51 points, and the broader index EGX 100 decreased 0.47 percent, or 6.92 points, to 1,467.24 points.

Market capitalization lost LE 2.5 billion, recording LE 749.1 billion, compared to LE 751.63 billion in Sunday’s session.

The trading volume reached 178.94 million shares, traded through 23,180 transactions, with a turnover of LE 1.53 billion.

Foreign investors were net sellers at LE 111.13 million, while Egyptian and Arab investors were net buyers at LE 31.72 million, and LE 79.41 million, respectively.

Egyptian and foreign individuals were net sellers at LE 879,448, and LE 1.46 million, respectively, while Arab individuals were net buyers at LE 28.91 million.

Foreign organizations sold at LE 109.66 million, while Egyptian and Arab organization bought at LE 32.59 million, and LE 50.5 million, respectively.

El Nasr for Manufacturing Agricultural Crops, Misr Hotels, and Egyptians Housing Development & Reconstruction were top gainers of the session by 13.20 percent, 5.25 percent and 3.69 percent, respectively.

Meanwhile, Samad Misr -EGYFERT, AJWA for Food Industries company Egypt and Alexandria Flour Mills were top losers of the session by 5.45 percent, 4.91 percent, and 4.28 percent, respectively.

EGX ended Sunday’s session in red, as EGX 30 dipped 0.58 percent, EGX 50 declined 0.63 percent, EGX 70 inched down 0.45 percent, and EGX 100 decreased 0.44 percent.
]]>
9/16/2019 4:19:38 PM
<![CDATA[Britain to provide Egypt £13 million through World Bank]]>
"The fund is a four-year extension of the £15 million technical assistance program," Morrison elaborated, explaining that this will enhance economic opportunities and encourage investment in Egypt, aiming to promote inclusive economic growth.

“Egypt is a country of great importance to the United Kingdom, and I am pleased to announce the extension of our excellent program with the World Bank,” Morrison stated.
With the long-term partnership between the two countries, this extension reflects our commitment to supporting Egypt through successful reforms to build a strong economy, he added.

For his part, Britain's Ambassador to Cairo Geoffrey Adams said that cooperation with Egypt was on the rise and that the program would renew Britain's commitment to investing in Egypt's future to support development priorities.

This came during Morrison’s meeting with Minister of Investment Sahar Nasr on Sept. 16 in the presence of British Ambassador to Cairo and supervisor of the European sector in the ministry Reda Baybars.

The Ministry of Investment and International Cooperation announced that British investments in Egypt recorded $47.4 billion through 1816 companies operating in the state.

The ministry clarified that the two sides discussed increasing British investments in Egypt, referring to the Egyptian-British cooperation in financing development projects, especially in the field of human capital development, through launching education programs and health care initiatives. This is in addition to the future cooperation with Britain in the transport, and small and medium enterprises sector.

The meeting touched on Britain's preparations to host the African Investment Conference in January 2020, and to cooperate with Egypt in light of the chairmanship of President Abdel Fatah al-Sisi to the African Union.

Minister Nasr invited the British minister to participate in the 2019 Africa Conference, which is being held under the auspices of President Sisi in the New Administrative Capital on November 22-23, 2019.

]]>
9/16/2019 3:53:31 PM
<![CDATA[British Investments in Egypt hit $47.6B]]>
This came during Minister of Investment Sahar Nasr's meeting with Minister for Middle East and North Africa Affairs and Minister for International Development of the United Kingdom Andrew Morrison during his visit to Egypt.

The ministry emphasized in a press release the importance of increasing British investments in Egypt to include various fields such as education, vocational training, small and medium enterprises, entrepreneurship and transport, which would contribute to the creation of more jobs.

The ministry clarified that the two sides discussed increasing British investments in Egypt, referring to the Egyptian-British cooperation in financing development projects, especially in the field of human capital development through launching education programs and health care initiatives. This is in addition to the future cooperation with Britain in the transport, and small and medium enterprises sector.

The meeting touched on Britain's preparations to host the African Investment Conference in January 2020, and to cooperate with Egypt in light of the chairmanship of President Abdel Fatah al-Sisi to the African Union.

Minister Nasr invited the British minister to participate in the 2019 Africa Conference, which is being held under the auspices of President Sisi in the new administrative capital on November 22-23, 2019.

On the sidelines of the World Bank (WB) Spring Meetings held in April, Nasr discussed with UK Department for International Development Permanent Secretary Matthew Rycroft boosting economic cooperation and UK investments in Egypt that hit $46 billion, with up to 1,816 British companies operating in the country.

During April’s meeting, Nasr underscored Egypt's keenness on fostering strategic relations with the UK and enhancing economic and investment cooperation in various spheres such as education, health, SMEs and entrepreneurship.
]]>
9/16/2019 3:49:54 PM
<![CDATA[Increasing competitiveness of EGX will attract foreign, local investment: Farid]]>
Farid clarified Monday that increasing the competitiveness of the Egyptian market is an important tool to attract foreign and domestic investments to the Egyptian economy.

"Capital markets play a major role in strengthening the state's plans for economic and social development by helping companies in various economic sectors to access the necessary financing and increase their business volume, thus creating new jobs and increasing the productive capacities of the country," he stated.

This came during signing an MOU with Alexandria University to increase awareness of capital market among students.

Farid commented that signing the MoU with Alexandria University will support the bourse’s efforts to raise the level of knowledge in the society, especially among the new generations of university graduates. He clarified that this long-term investment in university graduates does not only take place at the theoretical level, but also includes organizing competitions and training them on systems that simulate the process of trading and investment in EGX.

The chairman of EGX pointed out that joint working groups will be formed between the EGX and Alexandria University to develop the mechanisms, controls and executive procedures necessary to achieve the objectives of the agreement.
]]>
9/16/2019 3:47:15 PM
<![CDATA[Biggest oil price surge since 1991 as 'locked and loaded' U.S. points finger at Iran for attack]]>
The Iran-aligned Houthi movement that controls Yemen’s capital claimed responsibility for the attack, which damaged the world’s biggest crude oil processing plant. Iran denied blame and said it was ready for “full-fledged war”.

Two sources briefed on the operations of state oil company Saudi Aramco told Reuters it might take months for Saudi oil production to return to normal. Earlier estimates had suggested it could take weeks.

Oil prices surged by as much as 19% before coming off peaks. The intraday jump was the biggest since the 1991 Gulf War.
Prices eased after Trump announced that he would release U.S. emergency supplies, and producers around the world said there were enough stocks stored up to make up for the shortfall.

“There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!” Trump said on Twitter on Sunday.

U.S. Energy Secretary Rick Perry pinned the blame squarely on Iran for “an attack on the global economy and the global energy market”.

“The United States wholeheartedly condemns Iran’s attack on Saudi Arabia and we call on other nations to do the same,” he said in a speech to an annual meeting in Vienna of the U.N. nuclear watchdog IAEA. He added that he was confident the oil market “is resilient and will respond positively”.

While Iran has denied blame for the attacks, its Yemeni allies have promised more strikes to come. Houthi military spokesman Yahya Sarea said the group carried out Saturday’s pre-dawn attack with drones, including some powered by jet engines.

“We assure the Saudi regime that our long arm can reach any place we choose and at the time of our choosing,” Sarea tweeted. “We warn companies and foreigners against being near the plants that we struck because they are still in our sights and could be hit at any moment.”

U.S. officials say they believe that the attacks came from the opposite direction, possibly from Iran itself rather than Yemen, and may have involved cruise missiles. Wherever the attacks were launched, however, they believe Iran is to blame.

“There’s no doubt that Iran is responsible for this. No matter how you slice it, there’s no escaping it. There’s no other candidate,” a U.S. official said on Sunday, speaking on condition of anonymity.

Saudi Arabia and Iran have been enemies for decades and are fighting a number of proxy wars, including in Yemen where Saudi forces have been fighting against the Houthis for four years.

Tension in the oil-producing Gulf region has dramatically escalated this year after Trump imposed severe U.S. sanctions on Iran aimed at halting its oil exports altogether.

THREATS

For months Iranian officials have issued veiled threats, saying that if Tehran is blocked from exporting oil, other countries will not be able to do so either. However, Iran has denied any role in specific attacks, including bombings of tankers in the Gulf and previous strikes claimed by the Houthis.

Foreign Ministry spokesman Abbas Mousavi called the U.S. accusations of Iranian involvement in Saturday’s attacks “unacceptable and entirely baseless”.

Russia and China both said it was wrong to jump to hasty conclusions about who was responsible for the attack. Britain also stopped short of ascribing blame but described the assault as a “wanton violation of international law”.

Washington has imposed its “maximum pressure” strategy on Iran since last year when Trump pulled out of an international deal that gave Tehran access to world trade in return for curbs on its nuclear program.

U.S. allies in Europe oppose Trump’s strategy, arguing that it provides no clear mechanism to defuse tensions, creating a risk that the foes could stumble into war.

Trump has said his goal is to force Iran to negotiate a tougher agreement and has left open the possibility of talks with President Hassan Rouhani at an upcoming U.N. meeting. Iran says there can be no talks until Washington lifts sanctions. Its foreign ministry said on Monday Rouhani would not meet Trump.

The giant Saudi plant that was struck cleans crude oil of impurities, a necessary step before it can be exported and fed into refineries. The attack cut Saudi output by 5.7 million barrels a day, or around half.

Saudi Arabia is not only the world’s biggest oil exporter, it has a unique role in the market as the only country with enough spare capacity to increase or decrease its output by millions of barrels per day, keeping the market stable.

Big countries such as the United States and China have reserves designed to handle even a major outage over the short term. But a long outage would make markets subject to swings that could potentially destabilize the global economy.

Russia and an OPEC source said on Monday there was no need for an extraordinary meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+ that has orchestrated a supply-curbing deal.

Russian Energy Minister Alexander Novak told reporters there was enough oil in commercial stockpiles to cover the shortfall.







]]>
9/16/2019 1:55:25 PM
<![CDATA[Brazil’s exports to Egypt hit $791.5M in 1st half of 2019]]>
Hanoun added on Sept. 15 that Egyptian exports to Brazil amounted to 542,068 tons of goods with a total value of $135.98 million, and that the total trade exchange hit about $927.5 million.

This came during the Egyptian-Brazilian Business Forum that was attended by Brazilian Minister of Agriculture, Livestock, and Supply Tereza Cristina, and was held with the participation of 25 Brazilian companies operating in the meat, poultry, animal wealth and agricultural crops sectors.

Hanoun pointed to the high rates of import and export in Brazil during the first half of 2019, where the volume of Brazilian trade exchange with Arab countries reached $2.390 million during this period. He also noted that Brazil's total exports to Arab countries rose by 15.1 percent during the first six months of 2019 to reach $6 billion.

For his part, President of the General Federation of Chambers of Commerce and President of the Cairo Chamber of Commerce Ibrahim al-Arabi revealed that Brazil and Egypt cooperate in several areas, including the cement, transport and logistics sectors in Egypt, pointing to Egypt's investment in the agricultural sector in Brazil.

Arabi said during his meeting with the Brazilian companies that more than 11 percent of the imported products come from Brazil, as 60 percent of the inputs and products is imported from Brazil at $1 billion.

He pointed out that there are promising investment opportunities in various other sectors to increase cooperation between both countries not only in the commercial field, but in economic and industrial sectors.
]]>
9/16/2019 12:24:14 PM