<![CDATA[rss-Business & Economics]]> All Rights Reserved for The Cairo post <![CDATA[Business & Economics]]>]]> 100 29 <![CDATA[Egypt keen to develop cooperation with Vietnam: minister]]>
This came during the talks the minister held here on Wednesday with a member of the Communist Party of Vietnam and his accompanying delegation.

Sharaawy lauded the great progress that Vietnam achieved at the economic and development levels through the country's modernization experience.

The two sides discussed prospects of cooperation in several domains, particularly in the decentralization experience and creating job opportunities as well as training and qualifying local cadres.

The talks touched on activating the fraternity agreement between Luxor and a Vietnamese city and supporting the Vietnamese presence in the African continent in light of Egypt's current chairmanship of the African Union.

The Vietnamese official asserted his country's keenness on beefing up joint investments in all economic fields, noting that Hanoi seeks to promote trade exchange with Cairo as well as to address the current trade imbalance.

Vietnam attaches importance to importing several Egyptian products, he stressed. ]]>
12/11/2019 5:25:54 PM
<![CDATA[Trading on Rameda starts Wednesday]]>
“Trading commenced on Rameda (RMDA.CA) with a celebration of company number 215 on EGX’s main market platform. in the presence of Rameda’s management, EGX’s Chairman Mohamed Farid Saleh and EGX management,” EGX said in a statement.

EGX added public and private offering covered 376,60 million shares representing 48.99 percent of the company’s total shares with a price of LE 4.66/share and with a total value of LE 1,754,983,960; LE 1.6 billion for private placement and LE87.7 million for public placement.

“The IPO resulted in allocating 18.83 million shares representing 5 percent of the total shares offered, while the private placement allocated 357,77 million shares representing 95 percent,” it clarified, adding that the private placement was oversubscribed by 1.2 times and the IPO by 36 times.

Farid welcomed the company number 215 to EGX’s platform, stressing that EGX’s management is working to improve the trading environment and simplify the listing procedures to enhance liquidity and raise the efficiency and depth of the Egyptian Capital Market.

Farid added that EGX’s management continues to provide all forms of support to the companies aiming for financing and growth.

CEO of Rameda Pharmaceuticals Amr Morsi expressed his pride in the result of the offering and joining EGX, which is a vital achievement in the company's growth plan and an endorsement of the company’s value in the market. He thanked his colleagues and all the parties responsible for the successful implementation of the company's offering.

Since 2011, the company has embarked on an ambitious expansion strategy, resulting in positioning Rameda Pharmaceuticals among the leading pharmaceutical companies in the Egyptian market.


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12/11/2019 5:12:36 PM
<![CDATA[Egypt receives $70B on its int’l bond issuance]]>
Amer added in his speech at the Egypt-UAE Business Forum that the volume of requests received on these issues reached nearly $70 billion. He said that confidence in the Egyptian economy increased significantly during the last period, which was demonstrated by the demand for international issuances, the last of which was the launch of bonds for a period of up to 40 years.

Amer continued that the key to attracting investment is solving the liquidity crisis, transferring profits and providing complete freedom when it comes to financial flows.

The CBE governor explained that Egypt's growth rate is one of the highest in the world, which attracted investment. Amer stressed that the economic reform program led by President Abdel Fatah al-Sisi pushed the economy forward and contributed to its growth and development.

In another context, Amer pointed out that banks in Egypt now give returns on the rights of shareholders, at rates ranging from 30 to 40 percent, and sometimes reaching 50 percent. “These returns give a positive message about investment opportunities in Egypt, and contribute to easily increase money flows to the banking sector,” he stated.





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12/11/2019 5:08:43 PM
<![CDATA[Industry min. urges laying down new road map for Egypt-UAE economic partnership]]>
Addressing the first edition of the Egyptian-UAE trade and investment forum, he said there is ongoing coordination with UAE officials to promote industrial partnerships.

The convocation of the joint business council offers a chance for reviewing vistas of future cooperation, highlighting the role of businessmen in this respect.

He added that the Egyptian government is adopting a strategy that encourages private sector investments, noting that it also works on activating trade agreements with many countries.

The minister noted that continued coordination and cooperation between Egypt and the UAE positively affected trade exchange between the two countries.

The volume of trade exchange between the two sides reached $3 billion in 2018 with Egyptian exports standing at $1.9 billion.]]>
12/11/2019 2:08:16 PM
<![CDATA[Washington keen on pumping investments into Egypt: US delegation]]>
The delegation, during a meeting with Investment Minister Sahar Nasr, lauded the current national projects in Egypt, saying they provide a chance for setting up big economic partnership between Cairo and Washington.

Dana Tyrone Rohrabache, former member of the House of Representatives and former president of 'Friends of Egypt" group, was among the delegation.

The US investments in Egypt total $22.8 billion.

Rohrabache said many US companies are planning to invest their money in building factories for the production of environment-friendly plastic and building materials]]>
12/11/2019 2:05:25 PM
<![CDATA[UAE envoy: Egypt enjoys good investment opportunities]]>
Addressing the Egypt-UAE Forum for Trade and Investment, he added that the industrial sector is one of the major fields for increasing investments and enhancing joint cooperation.

Egypt is a strategic partner of the UAE while the UAE is one of the most important 10 trade partners of Egypt at the world level, he pointed out.

The two countries, he noted, are seeking to enhance joint cooperation through signing joint agreements and protocols that exceeded 50 in number.

The Egyptian government is exerting much efforts for improving the investment atmosphere through upgrading infrastructure and amending laws regulating investment in the country, he added. ]]>
12/11/2019 2:02:34 PM
<![CDATA[3 manufacturing MoUs signed with Belarus ]]>
Both ministers witnessed the signing of three MoUs between the companies of the Military Production State Ministry and Belarusian companies. An MoU was signed by Military Factory 200 and Amkodor, which manufactures loaders and heavy equipment needed for construction works and road pavement. The MoU states that the latter would transfer to the former the manufacturing technology adopted in the sector.

An MoU was signed by Factory 999, Bobruisk Agromash, and the Egyptian Agriculture Development Co. to produce and distribute agricultural equipment. Another MoU involved Factory 999 and RUE “Vitebskenergo” in the sector of greenhouse establishment.

Minister Assar and the Belarusian delegation also discussed updates on the existing partnerships as Factory 999 jointly produces lorries with Minsk Automobile Plant (MAZ), which also collaborates with Factory 909 in manufacturing diesel engines and train engines.

Both parties agreed to get involved in export targeting African and Arab markets given the many trade agreements Egypt is part of. Furthermore, the Belarusian side expressed eagerness to transfer technology and offer training to the Egyptian side, praising the capabilities of the ministry’s companies.
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12/11/2019 1:51:54 PM
<![CDATA[Egypt, Belarus sign 3 agreements, says diplomat]]>
Three cooperation agreements have been inked in the fields of manufacturing agricultural equipment, the production of silos and manufacturing of crane components, Terentiev told MENA.

He said that Utupin, during his visit to Egypt over the past three days, held talks with Minister of Military Production Mohamed el Assar on boosting industrial and trade cooperation between the two countries.

Utupin also visited the industrial zone in east Port Said and met with Chairman of the Suez Canal Economic Zone (SCZone) Yahia Zaki, the diplomat added. ]]>
12/11/2019 11:33:45 AM
<![CDATA[Family Business: The Hidden Gem]]>
Family Business in a Nutshell

“As a start, I want to clarify the difference between a family business and a start-up. A family business is one that has been going on for at least two generations. A start-up is the first phase of a family business. We are talking about someone who founded something, and then, when a second generation joins the business, we consider this more or less a family business, especially if they are in top management or managerial positions,” Assistant Professor for Entrepreneurship, Strategic Management and Innovation at The American University in Cairo Ashraf Sheta tells Business Today Egypt.

Sheta adds that family businesses operate in low-velocity and high-velocity sectors. Answering a question on the industries where family businesses usually work, Sheta says there are no statistics; however, he observes that family businesses mostly exist in low-velocity industries defined as “industries where changes are not very intense.” Examples include agriculture, grocery, and food processing. On the contrary, high-velocity industries are complex and experience intense changes, Sheta clarifies.

Although the majority of family businesses fall into the SMEs category, “There are family businesses that grow to become corporates in Egypt,” Sheta says, citing the examples of Nahdet Misr Publishing Group, Hassan Allam Properties, Orascom Group, and Mansour Group. In those companies, family members own either 100% of the shares or a majority of the shares.

Explaining the factors that influence the continuity of a family business, Professor Sheta names family dynamics, governance, succession, professionalism, and ownership.

“Family dynamics, the relationship between family members, are very important and can be a major challenge. The more generations we have, the more complex it is. We are talking about family as a social unit, and social units are all about relationships…Complex relationships can exist between siblings, cousins or distant relatives. These are all related to family dynamics. This is a qualitative issue and can be very challenging,” Sheta explains.

As for governance, the professor clarifies, “In Egypt, we do not have the idea of governance in our mindset. When we talk about governance, we talk about bodies that support governance such as boards of directors, family councils, family meetings, family assemblies, advisory boards.”

“Succession challenges include nepotism, altruism, and unfairness. We ask ourselves what is the criteria for successor selection, the methodology to choose a successor, and what challenges the successor may face. We ask ourselves how the other family members in the business will accept such succession. How will employees accept such a succession?” Sheta points out.

“As for professionalism, it’s also important how non-family members can be treated within family business,” Sheta says, adding that such a question is pertinent to other questions like if there will be a separation between ownership and management, if non-family members will be on top management or not, and what employment mechanisms will be adopted.

Sheta highlights that ownership becomes more complex through generations and that its structure is often determined within “cultural boundaries” such as selecting the eldest son or family members who are part of the management for full or majority ownership.

Answering the question on the barriers women might face in starting a business that survives for at least two generations, Professor Sheta tells Business Today Egypt , “There are cultural barriers [women face], and the intensity of these barriers varies between Upper Egypt and Lower Egypt in terms of allowing females into the business.”

“Some people might think that women are not a good fit for businesses operating in tough industries like manufacturing, marble extraction. However, we have very successful examples of women starting family businesses such as Nahdet Misr, where the CEO is a woman. Gender inequality in family business is part of gender inequality existing in the work environment at large,” he explains.

Preparing young generations of the family to work in the business starts with intensive knowledge of the business. If a family member chooses to join the business, they will rotate jobs in the business, and they have to start from the bottom.

Sheta stipulates that 80-90% of businesses in the economy will shut down if they are not sufficiently institutionalized or if they fall short on governance, which affects continuity.

Family Corporate and Family Constitution

appliances

The success of Elaraby Group in running a “family” business is remarkable and inspirational, given the number of years that have passed and the number of family members belonging to four generations. The continuity of the corporate can be attributed to accomplishing governance and the company’s Family Constitution, as clarified by COO of Elaraby Group Mohammad Abd El-Gayed El Araby.

The Elaraby Group COO stated in a recent lecture at the American University in Cairo (AUC) that the company was founded by three brothers in 1964 to operate in the sectors of stationary and home appliances retail. Elaraby had become Toshiba’s licensee in Egypt in 1974. The beginning of the corporate organization as we know it today was in 1980, after Elaraby started manufacturing Toshiba fans.

At present, the total number of family members is almost 150, distributed over four generations. Due to the now-abolished inheritance tax, the corporate had to become a shareholding company where 18 second-generation family members currently hold shares. The Elaraby Group COO highlighted that the family’s constitution stipulates the shares must be exclusively owned by family members.

The second-generation business owner was eager to achieve governance, and so in 2004 its members studied courses on governance and family business. The major lesson they learnt was, “The preservation of original values set by the founders because the decline of those values would not maintain success.” Another principle the family members adopt is justice as pivotal in management.

The constitution supports the success and career choices of family members. The constitution recommends young family members to work elsewhere for around two years where they can make mistakes and avoid repeating them when they join the family business. If they start their career in the family business, it is very possible that workers will cover up their mistakes, which may have a negative impact on the business, Elaraby Group COO explained. However, there are two conditions that must apply to the other place where they work. It has to be operating in related sectors and it has to be larger.

A Family Council, whose members are elected and serve two-year terms, was introduced in 2006 to manage family affairs. The rules of the first election mandated that the descendants of the three founding brothers had to be represented. In later elections, that condition was eliminated so that voters would only pick members who represent their interests. Older generations ensure creating memories among younger ones by living in one building and holding events where they can engage in activities together.

The Family Council ensures that the family members are periodically assessed with the aim of providing them with the necessary training when needed, so they would stand out when compared to non-family members. Family members who do not want to join the business still enjoy the right to receive family-funded training in any field of choice. Yet, older generations do not cease trying to convince them to be part of a family business as they suggest funding a business for them or partnering with them. The family also considers establishing a fund that finances enterprises for fourth generation members, if they present feasibility studies. In return, the fund would hold 25% of shares to guarantee a significant role in the decision-making process.

Not just a business, It’s history

marble


Tamer Zein El Abedin comes from a long bloodline of stone producers and is the third generation owner and Chairman of Almotassem Zein Marble and Granite Factory and the CEO of the Flora Ranches residential compound.

“It was difficult for me to decide early on [whether to join my family’s business or not] since I did not have the experience to understand the pros and cons of either decision,” he tells Business Today Egypt of his early years in business. “However, I knew from early on that I wanted to be an engineer, and that is what I studied in my university years. It also gave me time to fine-tune what I really wanted in my career. During my undergraduate years, I would spend the summer vacation at the family business to test the waters. By the time I was graduating from university, I had already understood that I’m more wired for the private and family business,” Zein Al-Abdeen says.

Speaking about how he prepared, Zein AlAbdeen says, “This business was established by my maternal grandfather. I was fortunate to receive a lot of mentoring and guidance from my mother, who is an engineer with a lot of hands-on experience in that field.”

“At the beginning we kind of had a vision and a master plan for my learning curve. It involved numerous layers of learning to become competent and independent pairing me with experienced people. Responsibilities were given to me gradually and in adequate doses. I was also fortunate enough in the sense that she gave me space to try new things and practice new ideas and approaches,” Zein Al Abdeen elaborates.

Zein Al Abdeen’s contribution started with taking up a share of others’ tasks, then he began to offer more efficient solutions to fulfill regular duties, and now he also works on strategic matters such as product line developments or market share increases. The young businessman has never worked elsewhere, but he sat for internships at his clients’ and suppliers’ facilities so as to better understand their needs. He also learned “how to maximize the output from whatever equipment or materials they’re supplying.”

As for what he anticipates from younger generations, Zein Al Abdeen says he sees two very important expectations. One is a positive, consistent desire towards learning and improving. The other is resilience and discipline.

From Business to Family Business

Pizza


Mohamed Badawy began his career with the aim of starting a business separate of his family’s, but he then held a deep conviction about the importance of preserving the family’s business. Badawy holds a bachelor’s degree in law from Cairo University, and began working at a young age while he was still a student. He also worked in media production right after his graduation, learning skills that proved beneficial throughout his career. While he chose not to mention the name of his family business, he explains that he eventually joined it later in his career.

Badawy managed his friend’s business - operating in the field of programming - for a while and that’s how he realized that having a business is quite profitable. However, he discarded the idea for some time as he worked for a media agency that gave him a good job offer. Simultaneously, his father had a very large business in the food service industry that ran many restaurant chains and branches. Whenever Badawy faced challenges and wanted to join the family business, his father would encourage him to remain in the agency until he learnt more. After his resignation, he started his own business in the field of media production, but many declined to retain his company’s services because it was not registered and could not provide invoices.

“In 2013, my father had an idea for a branch in Cairo Festival City, but did not have enough funding so offered me to join them. I accepted. Based on this ownership, I gradually got involved in the management. We opened two other branches and I became in charge of supervising them,” Badawy says, although he chose not to reveal the name of his family’s business.

“We initially were not eager to involve nonfamily members in the business, because of lacking trust. We attempt to assume tasks typically performed by professionals in respective realms. When my father got ill, we decided to sell shares and bring in professionals to manage financials in particular, as my father had been the expert in that field. As a result, I had more free time. I did not have to be physically present at the branches. I would receive daily reports, based on which I made decisions. I also took up a 9- to-4 job in the American University in Cairo,” Badawy recalls.

The seasoned business expert firmly believes “no one would care for the business like the family.” Explaining this further, he says each party can contribute by taking on the tasks that are relevant to their passion. “I would love that my kids join the business but I would not compel them to do so,” he tells Business Today Egypt.

Shapes of Family Business

Hisham, whose name was changed as he spoke on condition of anonymity, is a second generation owner of a family business operating in the plastic industries sector. Explaining how he entered the business, Hisham says, “At first, I didn’t want to, but then I changed my mind. I didn’t want to because I thought I wouldn’t find my field of interest there, but then I changed my mind when I found a lot of fields that I am interested in.”

House-Keeping-Plastic-Products


As for how he was prepared and what he added to the business, Hisham says, “My father would take me to work since first grade. That way the work would sink in little by little.” Later on, he worked on improving the computer systems, developing the enterprise resource planning (ERP) system, updating the database system, adding new big customers, and improving the final product’s quality. In his family business, non-family members hold managerial positions and have significant agency to make changes as long as it is in the scope of their department.

Hisham, who has never worked elsewhere, adds, “I am currently satisfied because there are several things that I know I can still add and improve the business with. Also, leaving the family business is not an option right now because no one can make up for my role.”

Clothing


Dina, whose name was changed as she spoke on condition of anonymity, is a second-generation manager of a family business working in the field of fast fashion. Dina has worked in the business since her teenage years, knowing she would definitely be part of her family’s enterprise in the long term. She did not face significant difficulties when she first entered and has long worked to add structure to the business.

Dina says “there were problems over succession and management” and that she hopes to quit her job in the family business. However, she expects from younger generations to undergo “extensive training” in their time running the business. As with Hisham’s business, non-family members are given major roles in the company.]]>
12/10/2019 7:38:07 PM
<![CDATA[Egypt seeks exporting furniture to US, Canada]]>
She held a meeting with Damietta Governor Manal Awad and businessman Karam Khalil, who is living in the US, along with investor Antony Ramhin, the director of a furniture factory in Canada.

The talks took up exporting Egyptian furniture to the US and Canada according to the needs of the markets in the two countries.

Makram said in press statements that these efforts are made according to directives by President Abdel Fattah El Sisi to promote Egyptian products abroad and encourage investments. ]]>
12/10/2019 4:10:21 PM
<![CDATA[Protocol with UAE company to establish two solar, wind-operated power plants]]>
The signing ceremony was attended by Minister of Electricity and Energy Mohamed Shaker and UAE ambassador in Cairo Gomaa Mubarak.

Minister Shaker said the two deals came within the framework of the strategy of the Ministry of Electricity and Energy to boost dependence of renewable energy, pointing out that during the past five years 28,000 megawatts had been added to electricity grid, a big part of it came from renewable energy,

By the end of next year the total amount of renewable energy would hit 6,600 megawatts, he added, calling on the UAE company to expedite the operation of the new plants.

The minister pointed out that the establishment of the new plants would contribute to providing clean energy to about 430,000 housing units.]]>
12/10/2019 4:07:55 PM
<![CDATA[Egyptian, Arab purchases pushes EGX into green zone Tuesday]]>
The benchmark EGX 30 rose 0.49 percent, or 66.5 points, to close at 13,509.02 points.

The equally weighted index EGX 50 hiked 0.65 percent, or 12.55 points, to end at 1,958.16 points

The small and mid-cap index EGX 70 increased 0.67 percent, or 3.51 points, to close at 526.58 points, and the broader index EGX 100 inched up 0.52 percent, or 7.15 points, to 1,376.2 points.

Market capitalization gained LE 1.86 billion, recording LE 694.75 billion, compared to LE 692.88 billion in Monday’s session.

The trading volume reached 86.77 million shares, traded through 15,653 transactions, with a turnover of LE 534 million.

Foreign investors were net sellers at LE 54.35 million, while Egyptian and Arab investors were net sellers at LE 52.67 million, and LE 1.67 million, respectively.

Egyptian and Arab individuals were net buyers at LE 15.98 million and LE 2.73 million, respectively, while foreign individuals were net sellers at LE 7.8 million.

Arab and foreign organizations sold at LE 1.05 million, and LE 46.52 million, respectively, while Egyptian organizations bought at LE 36.68 million.

National Real Estate Bank for Development, Nasr Company for Civil Works, and Arab Moltaka Investments Co were top gainers of the session by 9.86 percent, 7.30 percent and 6.83 percent, respectively.

Meanwhile, Al Tawfeek Leasing Company-A.T.LEASE, Sues Canal Company for Technology Settling, and Societe Arabe Internationale De Banque (SAIB) were top losers of the session by 8.06 percent, 5.85 percent, and 4.72 percent, respectively

On Monday, EGX ended trading in red, as EGX30 lessened 0.38 percent, EGX50 declined 0.44 percent, EGX70 dropped 0.14 percent, and EGX100 dipped 0.22 percent.

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12/10/2019 3:59:57 PM
<![CDATA[Egypt’s annual core inflation declines to 2.1% in November: CBE]]>
Core inflation discounts or strips out certain categories that are considered more volatile.

CBE said in a statement on its website Tuesday that the core inflation recorded a monthly rate of -0.1 percent in November 2019, compared to 1.1 percent in October 2019, and 0.5 percent in November 2018.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier that Egypt’s annual consumer price inflation recorded 2.7 percent in November 2019, compared to 15.6 percent in November 2018

Inflation has surged in Egypt since the flotation of the Egyptian pound in November 2016, reaching a high record level in July 2018 due to energy subsidy cuts, and gradually easing since July 2019.

Egypt targets an inflation rate of 10.5 percent in fiscal year of 2019/2020 and was targeting 13 percent in 2018/2019 budget.

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12/10/2019 3:13:55 PM
<![CDATA[Egypt’s annual inflation hits 2.7% in November: CAPMAS]]>
In October, Egypt’s annual consumer price inflation declined to 3.1 percent in October 2019, compared to 4.8 percent in September 2019.

On a monthly basis, inflation decreased 0.5 percent in November, recording 104.6 points, compared to 1 percent in October, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

CAPMAS attributed the decrease in inflation to the decrease in prices of some commodities during the month, as vegetables prices dipped by about 4.3 percent, dairy and fruits by 3.5 percent, fish by 1.8 percent, meat by 1.7 percent, cereals and bread by 1.3 percent, culture and entertainment by 2.1 percent, and transportation by 0.4 percent.

It also referred to the increase in the prices of the clothing and footwear by 1.3 percent.
At the urban level, the annual inflation rate for November 2019 rose to 3.6 percent, down from 3.1 percent in October.

Earlier, CAPMAS revealed that inflation during January-to-July period of 2019 recorded 11.7 percent, compared to the same period of 2018. In the period from January to December 2018, the inflation rate hit 14.1 percent.

The International Monetary Fund (IMF) expected Egypt’s inflation to reach 14 percent in 2019 and 7 percent in 2023.

Inflation surged in Egypt since the flotation of the Egyptian pound in November 2016, reaching a high record level in July due to energy subsidy cuts, and gradually easing since July.
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12/10/2019 3:11:14 PM
<![CDATA[$690K deal to fund feasibility study of 'polyacetal' production project: Molla]]>
The US Trade and Development Agency (USTDA) awarded a feasibility study grant to the Egyptian Petrochemicals Holding Company (Echem), which represents the petroleum sector, he elaborated.

The grant deal was signed by USTDA’s Acting Deputy Director Todd Abrajano and Echem’s Chairman Saad Helal.

The signing ceremony was attended by Mulla and US Ambassador in Cairo Jonathan Cohen.

The Petroleum Ministry said in a statement on Tuesday that the minister discussed with USTDA officials the agency's contribution to infrastructure and value-added projects in the petroleum sector.

The project is the first of its kind in Egypt and Africa. Its production capacity is estimated at nearly 50,000 tons annually. The project depends on the locally produced methanol by "Methanex Corporation" in Damietta.

Polyoxymethylene (POM), also known as acetal, polyacetal, and polyformaldehyde, is an engineering thermoplastic used in precision parts requiring high stiffness, low friction, and excellent dimensional stability.

The material is widely used in the automotive and consumer electronics industry. ]]>
12/10/2019 1:55:56 PM
<![CDATA[Egypt, Belarus sign three cooperation agreements]]>
The first memorandum calls for supplying the Egyptian side with heavy equipment for paving roads and construction works while the second is about cooperation in agricultural development and the third is about cooperation in building silos.

The two ministers discussed at a meeting means of boosting joint cooperation in the domain of manufacturing trucks and agricultural tractors.

The two sides confirmed that joint cooperation will enable the two countries to have access to African and Arab markets in light of the free trade agreements between Egypt and a number of economic blocs.

The Belarusian minister expressed confidence in the technical capabilities of the Egyptian Ministry of Military Production and its companies.

He added that his country is interested in enhancing cooperation with the Egyptian side in many domains atop of which comes technology transfer. ]]>
12/10/2019 1:53:45 PM
<![CDATA[Egypt-UAE forum for trade, investment due in Cairo on Wed.]]>
In a statement released Tuesday the business council said the forum aims at boosting strategic cooperation between Egypt and the UAE to promote investments and encourage the participation of the private sector in both countries in their economic development process.

UAE Ambassador in Cairo Jumaa Mubarak al Junaibi, UAEIIC Secretary General Jamal Saif al Jarwan, Undersecretary of the UAE Ministry of Economy Abdulla al Saleh and Board Chairman of the Egyptian-UAE Business Council Gamal El Sadat will participate in the event.]]>
12/10/2019 1:50:46 PM
<![CDATA[ FRA seeks playing bigger role in non-banking financial activities: Omran]]>
Addressing the 2nd day of the authority's celebration marking its 10th anniversary, Omran said the authority seeks to provide necessary funding for economic expansion and ongoing national projects through its financial tools in various activities, referring to the capital market, the bourse, insurance, real estate funding and others.

He expressed satisfaction over the development in non-banking activities, noting the noticeable rise in the value of issued securities to exceed LE 1 trillion.]]>
12/10/2019 1:44:55 PM
<![CDATA[Egypt saves LE 650B through reform program ]]>
Ma’it clarified at the Chief Executives Conference that this happened by constructing new stations to generate electricity, and developing and establishing a strong network to transfer electricity to the governorates.

He added that the electricity problem was one of the biggest crises facing the Egyptian state in the past period, pointing out that three major axes had been working to end the problem.

The minister stated that the situation has completely changed and that Egypt is now at the door of exporting electricity to neighboring countries, achieving an increase in productivity versus consumption.

On another note, Ma’it said that the ministry is studying developing three new types of bonds for investors in the next 2 years with the aim of diversifying the state’s sources to control the deficit bill.

He pointed out that the new mechanisms include issuing green bonds, as well as sukuk, in addition to the possibility of offering bonds with variable returns.

The Cabinet approved the issuance of green bonds. "Offering green bonds requires several measures and programs, and if we prepare these requirements, we will announce the launch of these bonds this year," he referred.

Moreover, the minister added that the ministry has developed a plan to hedge the changes that occur in the global arena and the crises witnessed in the emerging markets, noting that the crises of those markets caused an outflow of more than $12 billion in investments in treasury bills during the period from September to December 2018.

Ma’it emphasized that Egypt’s situation and the rates of investment in government debt are safe compared to various emerging markets. This reflected positively on the government’s ability to pay those investments immediately in light of the serious desire of the state to abide by its pledges.

Also, the minister explained that the ministry is required to pay LE 160 billion for pensions, and LE 301 billion for salaries during the current fiscal year.
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12/10/2019 12:52:46 PM
<![CDATA[Oil minister confers with BP officials on new gas projects]]>
The meeting took up the company's activities in Egypt and the development of new gas projects as well as present and future plans.

In a statement released by the Ministry of Petroleum, the minister said the meeting covered available investment opportunities in Egypt and means of beefing up strategic cooperation between Egypt and BP in the coming phase in view of Egypt's strategy to become a regional energy hub and expand its petroleum projects.

Talks also covered cooperation in the field of exchanging expertise, raising quality standards, as well as training of cadres.

Looney, on his part, highlighted the achievements of BP in Egypt since it started its operations in the Egyptian market 55 years ago, praising the positive cooperation with the sector of petroleum and the attractive investment atmosphere in Egypt.

He asserted that the company is committed to expanding its fields of operation in Egypt and luring more investments to this vital sector, citing its activities in North Alexandria and Atoll gas field in Eastern the Mediterranean.

Looney also praised Egypt's role in establishing the East Mediterranean Gas Forum which contributed to beefing up cooperation among its member countries, asserting that BP will continue backing the oil sector in Egypt and contribute to training Egyptian cadres in its various business spots worldwide.]]>
12/9/2019 4:47:31 PM
<![CDATA[CBE industry initiative to raise GDP to 7.5% annually: official]]>
Growth rates will be up to 5.9 percent from 5.2 percent by the completion of the initiative, he told a press conference held here on Monday.

The CBE has launched over the past years other initiatives to boost the industry worth LE 15 billion, he said, referring to more than 865 factories receiving sums that went to increasing their capital and purchasing machinery and equipment.

Egypt's exports are planned to reach around $200 billion by 2030, compared with only $29 billion last year, he stressed.]]>
12/9/2019 4:43:39 PM
<![CDATA[EGX adds LE 1.69B to market cap. amid red trading]]>
The benchmark EGX 30 lessened 0.38 percent, or 51.17 points, to close at 13,442.52 points.

The equally weighted index EGX 50 declined 0.44 percent, or 8.65 points, to end at 1,945.61 points

The small and mid-cap index EGX 70 dipped 0.14 percent, or 0.72 points, to close at 523.07 points, and the broader index EGX 100 inched down 0.22 percent, or 3.04 points, to 1,369.05 points.


Market capitalization gained LE 1.69 billion, recording LE 692.88 billion, compared to LE 691.19 billion in Sunday’s session.

The trading volume reached 58.79 million shares, traded through 11,512 transactions, with a turnover of LE 431.32 million.

Egyptian investors were net buyers at LE 108.08 million, while Arab and foreign investors were net sellers at LE 4.14 million, and LE 103.94 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 38.41 million, LE 5.21 million and LE 4.78 million, respectively.

Egyptian and Arab organizations bought at LE 146.48 million, and LE 1.07 million, respectively, while foreign organizations sold at LE 99.15 million.

National Real Estate Bank for Development, Sabaa International Company for Pharmaceutical and Chemical, and Al Tawfeek Leasing Company-A.T.LEASE were top gainers of the session by 9.68 percent, 9.19 percent and 5.30 percent, respectively.

Meanwhile, Samad Misr -EGYFERT, Ismailia Development and Real Estate Co, and El Nasr For Manufacturing Agricultural Crops were top losers of the session by 8.06 percent, 5.85 percent, and 4.72 percent, respectively

On Sunday, EGX ended trading in red, as EGX30 lessened 0.94 percent, EGX50 declined 0.71 percent, EGX70 dropped 0.51 percent, and EGX100 dipped 0.73 percent.
]]>
12/9/2019 4:36:05 PM
<![CDATA[Egypt considering 3 bond offerings during 2019/20: finance minister]]>
The possible offerings could include issuing green, Islamic and variable-yield bonds, he added during a local financial newspaper conference.]]>
12/9/2019 4:18:51 PM
<![CDATA[American direct investment in Egypt records $22.8B in 2019 ]]>
Minister of Investment Sahar Nasr met with Deputy Director of the United States Agency for International Development Andrew Plett during his first visit to Egypt to review the Egyptian priorities for the coming period, in the presence of Director of the United States Agency for International Development in Egypt Sherry Carlin, and Investment Minister Assistant Sherihan Bakhit.

The meeting discussed increasing cooperation between Egypt and the United States Agency for International Development, as the total portfolio with the American side reached about $1 billion.

According to government data, about 1560 American companies operate in Egypt in various economic sectors, including oil and renewable energy, agriculture, foodstuffs, industry, telecommunications and information technology.

Egypt is also the largest recipient of American investment in Africa, and the second in the Middle East. According to the data, the total US capital in Egypt in the non-oil sectors amounted to about $2.6 billion, distributed among 1,268 companies.

The minister referred to the strategic relations between Egypt and the United States of America and the existing economic cooperation, which reflects the economic partnership between the two countries in the development sectors and projects that were prioritized according to the citizens' needs, and the Egyptian economic and social reform program.

She emphasized that the government's priorities are to empower youth and women, and support small and medium-sized enterprises as well as the drinking water and sanitation sector, while expanding social protection programs through the implementation of development projects in all fields such as infrastructure, developing and establishing new roads, social housing, health care, and education.

For his part, Plett praised the economic and social reform program and the measures taken by Egypt to improve the investment climate, noting that the United States Agency for International Development is proud to partner with Egypt in a number of projects, and is looking forward to a strong economic partnership with the country in the next stage in light of the economic successes and improvement in the business environment.

The bilateral agreements signed within the framework of the US economic assistance program amounted to $600 million from 2014 until now; $200 million were allocated to finance small and medium projects and entrepreneurship through the Egyptian-American Business Fund from 2014 until now.

The value of what America provided to Egypt was about $30 billion in aid since 1979.

Moreover, the volume of trade exchange between the two countries increased 34 percent to reach $7.5 billion in 2018, compared to $5.6 billion in 2017, and Egyptian non-oil exports to the American market increased by 14.8 percent, to reach $1.658 billion in 2018, compared to $1.444 million in 2017.

As per Us imports from Egypt, New Jersey came on top of the most important American states importing from Egypt in 2017, with imports amounting to about $270.4 million, followed by California with $231.6 million, Georgia with $193.7 million, New York with $189.5 million, and finally Texas with a value of $135.4 million.










]]>
12/9/2019 3:41:04 PM
<![CDATA[Saudi investors willing to take part in Egypt's Sovereign Fund: Min.]]>
The investors are members of the Saudi Egyptian Business Council, Saeed noted. Similar meetings are set to be held with Emirati investors as well, she added.

This came in a meeting with Prime Minister Mostafa Madbouli; Yehia Zaki, chairman of the Suez Canal Economic Zone Authority; Ayman Soliman, and the executive director of Egypt's Sovereign Wealth Fund.

The Minister revealed a decision to establish a number of sub-funds affiliated to the Sovereign Fund, in order to invest in a number of sectors, including a fund for renewable energy.

For his part, Soliman said that a number of meetings were held on the sidelines of the Investment for Africa Forum held earlier, affirming a consensus that Egypt was the first destination for investment in Africa in various sectors.

Soliman, who was named as the executive director of Sovereign Wealth Fund in October, earlier expressed hope to secure partnership with Saudi Arabia, Kuwait and Oman on the fund.

That came only few days after Egypt and the UAE announced establishing a new joint strategic platform, with total investment of $20 billion, through the Abu Dhabi Development Holding Company and Egypt’s Sovereign Wealth Fund.

In an interview with Bloomberg, Soliman said the desired partnership could take many forms, including the establishment of investment funds and platforms.

Soliman said the negotiations with Oman, in this regard, have reached much progressed stage, adding that they could be completed by the end of this year. Saudi Arabia and Kuwait also have the desire to invest in Egypt, Soliman asserted.

Referring to the platform reached with the Abu Dhabi Development Holding Company earlier in November, Soliman said that Egypt was willing to reach similar partnerships with the three Arab states.

The strategic platform was announced during President Abdel Fattah al-Sisi’s visit to the UAE, during which he met with Abu Dhabi Crown Prince Mohamed bin Zayed.

The partnership aims to establish strategic joint ventures, specialized funds or investment instruments, to invest in several sectors, most notably manufacturing, traditional and renewable energy, technology, food and real estate, tourism, healthcare, logistics, financial services, infrastructure and others, presidential spokesman Bassam Radi added.

Sheikh Mohamed bin Zayed announced the establishment of the platform on his Twitter account.

"Together with my brother, President Abdel Fattah El Sisi we launched a joint strategic investment platform between the UAE and Egypt worth $20 billion to implement vital economic and social projects for our brotherly countries," Mohamed bin Zayed wrote.]]>
12/9/2019 3:23:51 PM
<![CDATA[Planning minister meets Saudi delegation taking part in business talks in Egypt]]>
The meeting took up efforts to update Egypt's 2030 vision to better cope with economic changes following the implementation of the reform program in 2016, the minister said in a statement.

The updated strategy should also be in line with all international sustainable development goals and Africa's 2063 agenda, Saeid added.

She also touched upon efforts to automate government services and include digital transformation in Egypt's administrative reform plan with the aim to ease measures, reduce corruption and satisfy citizens.

A sovereign fund has been established to attract investments in accordance with a sustainable development strategy and Egypt's 2030 vision, the minister further said.

This should also help create jobs for youth and develop Egypt's resources to be used by current and future generations, Saeid added.

She also talked about efforts to improve the business climate in Egypt, and mechanisms to encourage investment and boost private sector contribution.

The Saudi delegation expressed interest in working with the fund, forming new partnerships and benefiting from growth opportunities in Egypt]]>
12/9/2019 2:33:42 PM
<![CDATA[Egypt, Germany sign 36-million-pound deal for agricultural cooperation]]>CAIRO, 9 December 2019: Egypt and Germany signed on Monday a 36-million-pound grant agreement to guarantee high-quality of agricultural production.

The agreement aims at improving the quality of agricultural products and setting up a platform for dialogue between the two countries' experts as regards agricultural production.

The agreement was inked by Investment and International Cooperation Minister Sahar Nasr and German Ambassador here Cyrill Nunn.

Nasr said the agreement will help boost the agricultural production sector and achieve food security.

The minister called on the German companies to pump more investments into the Egyptian market, noting that German investments in Egypt are estimated at 7.4 billion dollars.

There are 1,215 German companies operating in Egypt in the domains of petroleum, iron and steel, gas, communications, car manufacturing, chemicals and car components.

She lauded the size of cooperation between Egypt and Germany which now stands at two billion euros.

The German diplomat lauded economic reforms in Egypt, saying the Egyptian economy is progressing and this is clearly reflected in the growing trade volume between the two countries.

He also praised the improvement of Egypt's business climate that encourages German companies to increase investments in the country. ]]>
12/9/2019 2:31:44 PM
<![CDATA[Banque du Caire to sell stake on stock exchange in Q1 2020]]>
He made the announcement during his participation in the Arab Banking Conference, organized by the Union of Arab Banks.

Fayed said the move is aimed at increasing the bank's capital, noting that the high profits will contribute to the success of the initial public offering. ]]>
12/9/2019 2:29:29 PM
<![CDATA[Egypt’s industrial production value records LE 168.4B]]>
The Central Agency for Public Mobilization and Statistics (CAPMAS) clarified in its quarterly bulletin of industrial production of public and private enterprises for the first quarter (January-March) 2019 that food products manufacture contributed with the highest percentage in the total industrial production during the first quarter 2019, as it reached 22.7 percent.

Coke and refined petroleum products manufacture came second by 21.7 percent; then Iron, steel, precious metals and foundry manufacture by 17 percent of the industrial production value (excluding crude and refined petroleum), according to the bulletin.

“Production value of textile manufacturing and processing reached LE 5.6 billion for the first quarter of 2019, compared to LE 5.9 billion in the first quarter of 2018, with a decrease rate of 6.1 percent, while it reached LE 5.9 billion for the fourth quarter of 2018, with a decrease of 4.8 percent,” the report revealed.

CAPMAS attributed the decrease in the textile production to the availability of production stock.

Moreover, the bulletin added that the production value of the pharmaceutical, chemical, and medicinal plant products reached LE 9.8 billion for the first quarter of 2019, compared to LE 9.5 billion pounds for the first quarter of 2018,marking an increase rate of 3.5 percent.

According to the bulletin, this hike came due to an increase in the sales according to signed contracts, adding that it reached LE 8.8 billion in the fourth quarter of 2018, with an increase of 11 percent.

The report also showed that the production value of wearing apparel manufacture increased 17.9 percent, reaching LE 5.1 billion for the first quarter of 2019, compared to LE 4.3 billion for the first quarter of 2018, attributing the increase to the rise in export contracts. It added that production of wearing apparel reached LE 4.5 billion for the fourth quarter of 2018, with an increase of 12.5 percent.












]]>
12/9/2019 2:26:48 PM
<![CDATA[CBE issues LE 4B 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 1.75 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.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during Thursday's meeting, Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

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.



]]>
12/9/2019 1:37:58 PM
<![CDATA[Talaat Moustafa to issue LE 2B bonds ]]>
In response to a report published under the title "Talaat Mostafa is preparing a multi-issue sukuk program," Talaat Mostafa said in a statement to the Egyptian Stock Exchange that this comes in the framework of the company’s endeavor to diversify the sources of financing by entering the bond and sukuk market to finance the company's assets of recurring yield nature.

Talaat Moustafa Group Holding (TMG Holding) announced in November the hike of its consolidated profits by 9.9 percent during the first nine months of 2019, recording LE 1.37 billion, compared to LE 1.24 billion, including minority rights, in the same months of 2018.

The financial indicators showed that its revenues increased during the period of 2019 to reach LE 5.1 billion, compared to LE 4.74 billion in the same period of the prior year.

Talaat Moustafa Group Holding is a public company listed on the Egyptian Exchange (EGX) since November 2007.

TMG Holding operates within the real estate sector focusing on real estate development. It has 13 subsidiaries operating across Egypt.

The company’s capital is LE 20.63 billion that are dividend on 2.06 billion shares with a nominal value of LE 10 per share.

]]>
12/9/2019 12:56:27 PM
<![CDATA[Economic reform program reflected in positive figures: Ma’it]]>
"An initial surplus of 2 percent of GDP was achieved in 2019 instead of a primary deficit of 8.4 percent in 2014," the minister continued.

Ma’it added that the unemployment rate fell from 13.3 percent to 7.5%, and the inflation rate from 36 percent to 3.4 percent, while the growth rate increased from 4.4 to 5.6 percent. “We are targeting a growth rate of 7 percent by 2022."The foreign currency cash reserves have jumped from $12 billion in 2014 to more than $ 45 billion currently,” he revealed.

This came in the minister's speech delivered on behalf of Prime Minister Mustafa Madbouly during the annual Arab Banking Conference entitled “The implications of political fluctuations on the course of banking work.”

The minister explained that the economic reform program was based on raising the efficiency of public spending and rationalizing consumption and delivery of subsidies to those who deserve it through effective programs of protection and social support for the neediest groups. This is in addition to increasing spending on health and education from LE 115 billion in 2014 to LE 210 billion in 2019, and increasing food subsidies from LE 39.4 billion in 2014 to LE 87 billion in 2019.

He added that the largest social housing program in the world has been implemented for low and intermediate income people, where about 750,000 housing units have been delivered to their owners, explaining that the banking system is an original partner in implementing projects to support and improve the citizens' standard of living, as the central and commercial banks provided the necessary financing with a return reduced to 50 percent sometimes.

Ma’it pointed out that the stability of political conditions and economic growth are among the most important pillars of progress and development, and that it is not possible to achieve full political stability without a stable economy that is capable of providing the main needs and requirements of society, and ensures continuous improvement in the standard of living of citizens, and economic growth cannot be achieved without political stability.

He pointed out that political stability affects the economic situation of the country with its significant impact on investment decisions, whether for domestic or foreign investors; it also impacts the productivity and performance of individuals within the economic system, as political stability helps the state agencies perform their role and achieve their goals. He also stressed that the banking system plays a significant role because its tools affect the performance of projects, whether national, social or economic.


]]>
12/9/2019 12:52:54 PM
<![CDATA[EGX loses LE 3.99B on Sunday]]>
The benchmark EGX 30 lessened 0.94 percent, or 128.44 points, to close at 13,493.69 points.

The equally weighted index EGX 50 declined 0.71 percent, or 13.94 points, to end at 1,954.26 points

The small and mid-cap index EGX 70 dipped 0.51 percent, or 2.71 points, to close at 523.79 points, and the broader index EGX 100 inched down 0.73 percent, or 10.06 points, to 1,372.09 points.


Market capitalization lost LE 3.99 billion, recording LE 691.19 billion, compared to LE 695.19 billion in Thursday’s session.

The trading volume reached 427.69 million shares, traded through 13,922 transactions, with a turnover of LE 1.99 billion.

Foreign investors were net sellers at LE 876.99 million, while Egyptian and Arab investors were net buyers at LE 638.95 million, and LE 238.05 million, respectively.

Egyptian, Arab and foreign individuals were net buyers at LE 248.62 million, LE 163.06 million and LE 3.11 million, respectively.

Egyptian and Arab organizations bought at LE 390.32 million, and LE 74.98 million, respectively, while foreign organizations sold at LE 880.1 million.

Alexandria Cement, Sues Canal Company For Technology Settling, and Gulf Canadian Real Estate Investment Co. were top gainers of the session by 9.98 percent, 9.95 percent and 5.88 percent, respectively.

Meanwhile, Pyramisa Hotels, Middle & West Delta Flour Mills, and The Egyptian Company for Construction Development-Lift Slab were top losers of the session by 9.98 percent, 7.75 percent, and 7.39 percent, respectively

]]>
12/8/2019 4:14:39 PM
<![CDATA[Total dollar flows to Egypt hit $200B in 4 years: Tarek Amer]]>
Amer added in his speech at the Arab Banking Conference that the financial policy program achieved great positive results that crystallized in the stability of the monetary market and the decline in inflation, referring to the issuance of bonds of periods of up to 40 years.

He pointed out that the government is currently implementing a large project to advance the industrial sector.

"We hope the government will continue to support this important sector and will provide more tax incentives to the industrial sector," he added, noting that the CBE takes initiatives that support the industrial sector very seriously.

Amer stressed that consensus of the political leadership enabled us to overcome the financial crisis that Egypt suffered from years ago, stressing that political events in the region affect all economies because there are clear links between them.

"What happened in Egypt after 2011 reflected negatively on the economy and its indicators, as it led to the flight of investors, the disruption of financial markets and the rise in inflation rates," he stated, adding that the budget deficit jumped more than 16 percent.

Furthermore, CBE’s governor emphasized the importance of dealing with a flexible monetary policy and allowing capital movements because narrowing has negative consequences, including flight of funds.

The Annual Arab Banking Conference for 2019 kicked off on Sunday in Cairo under the theme of “Implications of the Political Fluctuations on Banking.”

The two-day conference - organized by the Union of Arab Banks - will tackle a host of topics, including reforms needed to achieve economic and social security, the role of government policies in promoting financial markets, implications of political fluctuations on banking, the impact of the international regulations’ pressures on traditional banking, and the 4th Industrial Revolution and the changes in banking resulting from financial technology.

It is worth mentioning that the term of Egypt’s Central Bank Governor Tarek Amer has been renewed atthe end of November. According to CBE law, the term of CBE governor can be renewed once to extend for additional 4 years. The new term will end in 2023.]]>
12/8/2019 4:06:27 PM
<![CDATA[Egypt to float Heliopolis Company for Housing on EGX by Q1 2020]]>
This came during the Chief Executives conference, which was held Sunday, under the title "The challenges of a low-interest economy,"where the minister affirmed that the only offering made under the program demonstrated the investors' appetite to invest

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.

“The most important thing after reducing interest rates is to organize the private sector in the form of institutional entities and enable the sector’s institutions to manage their affairs,” Tawfik stated.

The minister stated that the regulation of the private sector's work will serve small and medium enterprises. He also stressed that the interest rate in Egypt is still high, or rather the highest in the world.

Furthermore, the minister explained that reducing interest rates is not the only catalyst to attracting and increasing the volume of investments in Egypt, and there is still the ability to further reduce interest rates.

He pointed out that there is a great opportunity for electric cars in Egypt, especially that the European market is close to canceling the use of fuel in the near future, noting that negotiations with the Chinese side are going well and contacts are being made with the officials to find out their assessment of the visit that was made on Wednesday.

Tawfik discussed during his visit to Beijing in September the cooperation opportunities between Egypt and China in the field of manufacturing electric cars.]]>
12/8/2019 3:13:18 PM
<![CDATA[CBE to issue LE 18.5B 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 9.5 billion with a 273-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.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during Thursday's meeting, Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

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.


]]>
12/8/2019 1:47:03 PM
<![CDATA[Japanese delegation to open Tokyo markets to Egyptian citrus: official]]>
“The delegation will visit a number of citrus farms and filling and sorting stations, and will be introduced to the system used in agricultural exports for all world markets,” Attar said.

Attar told Egypt Today on Saturday that opening more foreign markets to Egyptian agricultural exports comes aso ne of the main tasks of the Central Departmentof Agricultural Quarantine.

Attar pointed out that the recent visit of the Egyptian agricultural delegation to Japan ensured the access of Egyptian citrus fruits to the country through the application of the international phytosanitary requirements of the Japanese market.

The Egyptian delegation also visited the Japanese ports and airports and stressed that the Japanese side has a strict agricultural quarantine.

During the visit, a meeting was held between the two delegations on the conditions and mechanisms of opening the Japanese market to Egyptian citrus and on studying the possibility of opening the Japanese market to other agricultural products in the future.

In January, the Cabinet's media center denied reports on a drop in Egypt's agricultural exports of citrus fruits, clarifying that Egypt's exports of citrus fruits had surged in 2018, as Egypt is reportedly the world's second exporter of citrus fruits.

In December 2018, Attar said that citrus fruits and potatoes are the most exported types in Egypt in 2018, adding that the country has exported about 1.7 million tons of citrus fruits since the beginning of the year.

He added that the country also exported around 800,000 tons of potatoes since the beginning of 2018.]]>
12/8/2019 1:45:25 PM
<![CDATA[Egypt tops list of countries concluding financing deals for startups - min.]]>
Egypt also jumped six places in the 2020 doing business report and 19 places in the enterprise startup index released by the World Bank, Sahar said during the sixth conference of bankers and businesspeople.

More than 600 CEOs of companies and banks in addition to businessmen are taking part in the conference.

Nasr noted that Egypt comes the first as an investment-magnet country in Africa for the second time in a row, according to the 2019 report by the Organisation for Economic Co-operation and Development.]]>
12/8/2019 12:29:01 PM
<![CDATA[Arab Banking Conf. kicks off]]>
The two-day conference - organized by the Union of Arab Banks - will tackle a host of topics, including reforms needed to achieve economic and social security, the role of government policies in promoting financial markets, implications of political fluctuations on banking, impact of the international regulations’ pressures traditional banking, and the 4th Industrial Revolution and the changes in banking resulting from financial technology.

Governor of the Central Bank of Egypt (CBE) Tareq Amer is attending the conference along with Finance Minister Mohamed Mait, Tourism Minister Rania el Mashaat and a number of heads of Arab banks and experts.]]>
12/8/2019 12:02:59 PM
<![CDATA[7th meeting of ministers of OPEC, non-OPEC countries launches in Vienna]]>
The Vienna-hosted meeting is the third ministerial one in a row since Thursday.

The meeting was attended by Saudi energy Minister Abdulaziz bin Salman bin Abdulaziz al Saud, his Russian counterpart Alexander Novak, OPEC Secretary-General Mohammad Barkindo, as well as Venezuelan Energy Minister and Head of the meeting Juan Pablo Perez Alfonzo.

"We are working to achieve sustainable development of the economic growth and to strike a balance between supply and demand in the oil market, the Saudi minister said.

He added that oil producers have continued negotiations to reach the best form of the joint cooperation agreement.

The meetings were attended by 24 representatives of OPEC member states to announce cooperation between OPEC and non-OPEC countries.

Meanwhile, Brazil and South Sudan participated in the inauguration of the conference for the first time as observers. ]]>
12/7/2019 3:11:34 PM
<![CDATA[Big European banks face call to end funding for firms building coal-fired plants]]>
The call comes as some 190 countries meet in Madrid to assess progress on the 2015 Paris Climate Agreement, which demands a virtual end to coal power by 2050.

A United Nations report last year said almost all coal-fired power plants would need to close by the middle of this century to curb a rise in global temperatures to 1.5 degrees Celsius, in line with the level scientists say is needed to stave off the worst effects of climate change.

“Some banks have pledged to not directly finance new coal plants but they are providing general finance to companies which are building new plants,” Katrin Ganswindt of German environmental pressure group Urgewald told Reuters.

Urgewald and BankTrack, an NGO focused on banks and the activities they finance, said an analysis of the 10 most active European lenders to companies which are still planning or developing new coal plants indicated total debt funding had risen to $56 billion between 2017 and the end of September 2019.

This compared with a calculation of $48 billion for the period 2014 to 2016, the pressure groups said in a report provided to Reuters on Thursday.

The 10 banks were Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Deutsche Bank, HSBC, ING, Nordea, Standard Chartered and UniCredit.

Most of those named said the report did not reflect their efforts to stop funding coal plant development or a commitment to lowering carbon emissions. Credit Suisse declined to comment.

Click to enlarge
Lending by European banks to utilities building coal-fired power plants



Britain’s Barclays said it no longer provides project finance to any new coal-fired power plants or expansions of existing ones and disagreed with some of the data:

“The report misrepresents and does not differentiate cases where Barclays finances a subsidiary investing in renewable energy, when its parent company may have other subsidiaries involved in coal, which have no relationship with Barclays.”
]]>
12/6/2019 1:39:27 PM
<![CDATA[German industry slump sparks renewed economic growth fears]]>
Industrial output dropped 1.7% on the month against expectations for a 0.1% rise, Statistics Office figures showed on Friday. Production of capital goods slumped by 4.4% on the month, the steepest decline in more than five years.

Europe's biggest economy is going through a soft patch as its export-oriented manufacturers struggle against a backdrop of trade friction, an ailing car industry and uncertainties over Britain's planned departure from the European Union.

"Now the trepidation starts again about GDP growth in the final quarter," said Jens-Oliver Niklasch, economist at Landesbank Baden-Wuerttemberg.

German industry now expects output in the coming months to fall more slowly than was foreseen a month ago, a survey of 2,300 firms in the sector by the Ifo economic institute showed.

In its 10th successive year of growth, Germany's economy has been relying on strong consumption as exports weaken, which resulted in a second-quarter GDP contraction of 0.2%.

The economy grew by just 0.1% in the third quarter, narrowly avoiding recession, which economists usually define as two consecutive quarters of negative growth.

"Trade conflicts, global uncertainty and disruption in the automotive industry have put the entire German industry in a headlock, from which it is hard to escape," said Carsten Brzeski, economist at ING.

The automobile association VDA said on Wednesday that it expected global car sales to fall by 5% this year and that the crisis would force German companies to cut more jobs in 2020.

Many economists have been urging the government to ditch its policy of incurring no new net debt, saying it should instead borrow to finance a stimulus package.

Conservative Chancellor Angela Merkel's right-left coalition government has rejected calls from industry groups and economists for a stimulus package to put the economy firmly back on a growth trajectory.

However, the new leftist leadership at the helm of the Social Democrats, Merkel's junior coalition partner, wants more investment in schools, infrastructure and digitalisation.

The coalition parties must now decide how far they will compromise to preserve their governing alliance until a 2021 election.

"The economic weakness in industry remains" the ministry said in a statement. "However, the latest developments in new orders and business expectations indicate that a stabilising trend could emerge in the coming months."

German business morale rose in November, Ifo said late last month.]]>
12/6/2019 12:59:27 PM
<![CDATA[Egypt receives 1st batch of General Electric’s tractors in Alexandria ]]>
The deal stipulates that the company will manufacture and support 100 new tractors to the Egyptian side.

This comes as part of Egypt’s moves to renovate the railway system including new locomotives, signals and crossings.

The minister said that the new tractors will be taken to the tractors maintenance workshops in the sorting area in Cairo to be examined.

The model tractor will be tested on railway railways on a distance of 75 thousand km, for a period of two months, to make sure it complies with the specifications set by the Egyptian Railway Authority.

The Ministry of Transportation overhauled 217 train stations between 2014 and 2019, as well as 480.6 kilometers of railroads, the government indicated in a report submitted to the Parliament in November.

The report shows the government’s achievements between June 2018 and June 2019 as examined by 25 committees at the House of Representatives, including those of planning, education, health, workforce, religious affairs, industry, economy, agriculture, and housing. Each will prepare a report evaluating the government’s work and putting forward demands by November 20. The reports will be discussed by the plenary session in order to draft a final report.

The Egyptian Railway Authority (ERA) signed with PRL (Progress Rail Automotives) a number of contracts worth $466.3 million after meeting with President Abdel Fatah al-Sisi last week.

The American company will supply 50 train engines over 22 months, will carry out long-term maintenance for 41 engines by June 30, and will upgrade 50 others within 30 months from the conclusion of the deal. The company will also provide maintenance services and spare parts for the 141 train engines for 15 years. The value of contracts will be secured through soft loans, except for $27 million that will be paid by ERA’s treasury.
]]>
12/5/2019 2:41:03 PM
<![CDATA[Egypt, EU agree on 9B Euro fund to develop institutional framework]]>
In a Thursday statement, Minister of Local Development Mahmoud Shaarawy announced that the agreement seeks to support the efficiency and excellence of local units and their ability to perform their tasks, in accordance with the rules of decentralization to enable them to respond effectively to the needs of the population and achieve sustainable development goals in various governorates of Egypt.

According to the agreement, the European Union will fund four programs that aim to improve women leaders’ skills through establishing a central unit to empower women in the ministry, in addition to regional units tasked with following up on women empowerment initiatives across governorates.

The programs also seek to implement a reform plan in the information centers and decision-making systems in governorates. They aim to support the centers to be main empowering tool for decentralized process. It also aims to raise governors’ and local leaders’ awareness about the local development plans, and help implement them efficiently and effectively.

The institutional development of financial capabilities of the local development fund is part of the goals of the EU-funded programs. They are concerned with developing a training program affiliated with the ministry, and boost collaboration with regional countries in local governing aspects.

In the statement, the Minister of Local Development stressed the importance of supporting and developing the institutional framework, restructuring local units and creating an integrated system that conforms to the requirements of decentralization and raising the efficiency of local systems.
]]>
12/5/2019 1:56:33 PM
<![CDATA[Sisi endorses decree approving loan deal with EBRD to buy 100 locomotives]]>
The 290-million-euro deal was signed in Cairo on June 19, 2017.

It was approved by the House of Representatives at its session on November 19, 2017.

The agreement entered into force as of October 18, 2019.

The decree was published in the gazette out Thursday.]]>
12/5/2019 1:27:27 PM
<![CDATA[Egyptian exports of building materials decrease this year]]>
According to the monthly report of the Building Materials Exports Council, exports of building materials increased in October by three percent reaching $459 million compared to $446 million in the same period last year.

The report indicated that the total exports of metallurgical industries in that period went down by 8.9 percent reaching $3 billion compared to $3.3 billion in the same period last year. ]]>
12/4/2019 5:21:03 PM
<![CDATA[Banque Misr, e-finance sign cooperation protocol]]>
The signing ceremony was attended by Chairman of Banque Misr Mohamed El-Etreby and CEO of e-finance Ibrahim Sarhan.

The step came in line with the bank's strategy to achieve digitization and financial inclusion, besides providing automated financial services to SMEs and Egypt's agricultural sector.]]>
12/4/2019 5:18:38 PM
<![CDATA[Minister: Egypt welcomes new oil investments]]>
In a statement by the ministry, he added that the new mineral resources law will contribute to attracting more international firms to this important field.]]>
12/4/2019 5:17:04 PM
<![CDATA[Egypt, China in talks over electric car production]]>
The two sides probed the memo of understanding to be signed in January 2020 on the production of electric vehicles, according to a statement by the ministry.

This will be followed by a feasibility study by the Holding Company for Metallurgical Industries on reviving Nasr Auto Production Company to produce, in cooperation with the Chinese side, electric vehicles.

Nasr Company is Egypt's state owned automobile company. It is the first Arab vehicle manufacturer.

The company stopped the production of passenger vehicles in 2009. The government decided to liquidate the firm after its debt reached almost LE2 billion in 2009. (MENA)]]>
12/4/2019 4:39:45 PM
<![CDATA[Rameda’s IPO oversubscribed 117%: CI Capital ]]>
The company referred that the IPO will be closed on Wednesday, Dec. 4.

Rameda Pharmaceutical Company announced on Nov. 27 floating 49 percent of its shares on the Egyptian stock exchange (EGX), hoping to raise LE 1.755 billion. Trading is expected to start on Dec. 11.

Rameda said that trading will be made in two tranches and will be priced at LE 4.66 per share.

The first tranche, representing a 5 percent stake, will be sold to small investors in a public offering, and the remainder will be sold in a private offering, according to Reuters.

On November 20, Chairman of the Egyptian Financial Regulatory Authority (FRA) Mohamed Omran said that the authority approved listing the shares of Rameda on EGX.

He clarified during a conference announcing the issuance of the first short-term securitization for the payment of Premium Card that the first tranche of the offering ranges between LE 2 billion and LE 2.5 billion. "According to the proposed schedule, the offering will be completed before the end of the year," he stated.

Rameda announced earlier its intention to offer a 35-45 percent stake in EGX by the end of last year through a capital increase and partial exits to shareholders.
]]>
12/4/2019 4:27:12 PM
<![CDATA[Foreign purchases push EGX into green zone]]>
The benchmark EGX 30 rose 1.23 percent, or 165.92 points, to close at 13,635.52 points.

The equally weighted index EGX 50 increased 2.20 percent, or 42.5 points, to end at 1,976.03 points, and the broader index EGX 100 inched up 1.43 percent, or 19.58 points, to 1,386.71 points.

The small and mid-cap index EGX 70 hiked 1.54 percent, or 8.06 points, to close at 529.93 points.

Market capitalization gained LE 7.93 billion, recording LE 696.35 billion, compared to LE 688.42 billion in Wednesday’s session.

The trading volume reached 105.19 million shares, traded through 17,451 transactions, with a turnover of LE 801.23 million.

Foreign investors were net buyers at LE 94.14 million, while Egyptian and Arab investors were net sellers at LE 84.54 million, and LE 9.59 million, respectively.

Arab and foreign individuals were net buyers at LE 64.74 million, and LE 118,684, respectively, while Egyptian individuals were net sellers at LE 15.6 million.

Egyptian and Arab organizations sold at LE 68.94 million, and LE 74.34 million, respectively, while foreign organizations bought at LE 94.02 million.

Alexandria Cement, Sues Canal Company for Technology Settling, and Torah Cement were top gainers of the session by 9.93 percent, 9.72 percent and 8.97 percent, respectively.

Meanwhile, Middle & West Delta Flour Mills, Upper Egypt Flour Mills, and Sabaa International Company for Pharmaceutical and Chemical were top losers of the session by 9.07 percent, 9.01 percent, and 4.56 percent, respectively.
]]>
12/4/2019 4:00:42 PM
<![CDATA[Nuclear power to make breakthrough in industry’s quality: Nuclear Authority]]>
Wakeel’s speech came at the Fifth Arab Forum on the Prospects of Electricity Generation and Desalination of Sea Water with Nuclear Power.

Wakeel pointed out that nuclear energy projects come among the biggest projects in Egypt, stressing that investment in these projects reflects the economy's strength and allows investors to confide in the Egyptian economy, which contributes to improving investment in the country.

He said that nuclear energy is an essential and indispensable option for the preservation of traditional non-renewable energy resources such as oil and natural gas,which also act as raw material for the petrochemical and fertilizer industries.

As a clean source of energy, nuclear energy plays a fundamental role in reducing carbon emissions,confronting global warming and preserving the environment.

On December 2, Prime Minister Mostafa Madbouli underlined the importance of nuclear energy as one of the strategic options to achieve sustainable development; Madbouli’s remark came during the opening session of the Fifth Arab Forum on the Prospects of Nuclear Power for Electricity Generation and Seawater Desalination.
]]>
12/4/2019 3:39:29 PM
<![CDATA[Egypt signs agreement with ITFC to support commodities by $1.1B]]>
The ministry added in a statement issued Wednesday that the agreement comes within the framework of the agreement worth $3 billion that was signed in January 2018 between the Ministry of Investment and International Cooperation and the International Islamic Trade Finance Corporation.

The signing was witnessed by Minister of Petroleum and Mineral Resources Tarek el-Molla, Minister of Investment and International Cooperation Sahar Nasr and Minister of Supply and Internal Trade Ali al-Moselhi.

Molla explained that the volume of financing provided by the corporation has significantly grown, adding that the areas of financing have expanded to include financing the import of petroleum and all petroleum products to meet the needs of the domestic market.

He stressed that Egypt's strategic partnership with ITFC represents an added value to the Egyptian economy and contributes to its ambitious program of economic reform and to achieving its objectives by providing the necessary financing to launch major development projects in all fields.

For her part, Minister Nasr said the agreement is a priority for the government to provide essential goods to 64 million citizens and serve them better.

Nasr added that the coordination efforts with the International Islamic Trade Finance Corporation focus on the supply of goods agreements besides oil agreements for the second year in row in light of the corporation's role in providing food security for citizens.

She stressed that the ministry's keenness to increase cooperation with the International Islamic Trade Finance Corporation aim to increase intra-trade and attract more investment to Egypt.

For his part, Minister Moselhi said that this agreement will contribute to securing the provision of foodstuff for citizens.
]]>
12/4/2019 2:41:35 PM
<![CDATA[Egypt’s foreign reserves hits $45.35B by end of November]]>
The current average of foreign reserves covers about 7.2 months of Egypt's commodity imports, which is higher than the global average of about three months of commodity imports.

Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.

The main function of the foreign exchange reserve, including its gold and various international currencies, is to provide commodities, repay the installments on interest rates of external debt, and to cope with economic crises.

Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.

The country floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF).

The IMF Executive Board approved in November 2016 a three-year extended fund facility (EFT) loan to Egypt worth $12 billion to support its economic reform program.
]]>
12/4/2019 12:55:42 PM
<![CDATA[Dabaa to be honorable example for Africa, Arab world: Rosatom manager]]>
Koftanov’s speech came during the second day of the fifth Arab Forum on the Prospects of Electricity Generation and Desalination of Sea Water with Nuclear Power.

Koftanov stated that Russia, represented by Rosatom, is doing its utmost to support and help Egypt in the success of its peaceful nuclear program to generate electricity. "When work has first started in Dabaa,Rosatom faced challenges in infrastructure,” he said,stressing that Rosatom's long experience in the construction of nuclear plants helped the project overcome these challenges.

In November, Chief Human Resources Officer at Rosatom Tatyana Terentyeva told Egypt Today that her corporation plans to train about 2,000 people of operational and maintenance personnel who will work in Al Dabaa Nuclear Power Plant starting early 2020.

“Training employees is our top priority. During the implementation of a project, we do our best to help partner countries on each step related to nuclear education,” Terentyeva affirmed.

“Together with the Egyptian side, we are working on updating the country's higher education system to ensure continuous training of young personnel for the developing nuclear industry in Egypt,” Terentyeva stated.

“Since 2014, there has also been a program of state scholarships under the government of the Russian Federation for Egyptian students wishing to master nuclear and engineering specialties in leading Russian universities. All 30 available places have been filled for class 2019/20. We are currently in the process of gauging how many available places we will have for class 2020/21,” Terentyeva added.

In 2014, Egypt and Russia announced their cooperation in the nuclear power field. On November 19, 2015, an agreement was finally signed between Cairo and Moscow that allows Russia to build a nuclear power plant in the Mediterranean city of Dabaa, with Russia extending a $25 billion loan to Egypt to cover the cost of construction. The loan will cover 85 percent of the plant, with Egypt funding the remaining 15 percent.

According to the deal, Russian nuclear firm Rosatom will finance and construct four third-generation reactors, with a capacity of 1,200 megawatts (MW) each, for a total of 4,800 MW. The plant will be built on approximately 12,000 feddans and is expected to create over 50,000 job opportunities.

Nuclear energy is part of the government’s plan to diversify its energy sources to prevent any future crisis resulting from shortages in electricity.

]]>
12/4/2019 12:06:00 PM
<![CDATA[10 projects inaugurated by President Sisi in Damietta ]]>
Damietta Furniture City stretches over 331 feddans, and houses 1,500 workshops whose size varies between 50 and 150 square meters, 150 large and complementary factories, 54 hangers, a research center that prepares marketing studies and tests furniture before exportation, and a shopping mall.

The ownership of the company that runs the mall will be held by Damietta for Furniture Co. (49%) and Military Production Company for Projects, Engineering Consulting, and General Supplies. All utilities have been introduced in the city that has been connected to other vital areas in the governorate.

Damietta for Furniture Co. is expected to offer the fifth phase of the city encompassing 250 workshops at LE6,950 per square meter. Contracts of 500 workshops were signed while only 375 have started work as the rest are finalizing procedures with banks funding their projects. Over the past four offerings, 1,200 applications have been sold.

Shata Transformers Station was built to feed Damietta Furniture City and Shata district with a capacity of 75 * 2 megavolts ampere and a cost of LE427.3 million.

The multi-purpose zone has cost LE1.4 billion and was constructed under the supervision of the Armed Forces Engineering Authority. It consists of quays extending over 630 meters and having a depth of 17 meters. The size of the yards is 50,000 square meters, and the capacity of the zone is around four million annually. The zone consists of firefighting pumps, drainage channels, OPS units that can supply ships with electricity, disposal for wastewater and ships waste oil, and PSVs.

Multi-purpose zone

The residential Buildings in Kafr Saad include 36 four-storey buildings, 432 residential units, and 576 shops. The roads are still being paved after electricity poles have been installed. The residential buildings in Daqahla Village house eight five-storey buildings having a total of 64 residential units and 32 shops.

The second phase of Dar Misr Project stretches over 30 feddans and encompasses 65 residential buildings having a total of 1,560 residential units, a market, and a mosque. The size of units varies between 100 and 150 square meters.

Dar Misr

Second Western Damietta Power Plant was upgraded introducing Air Cooled Condenser systems, and switching to the combined-cycle system to increase its capacity by 50 percent to become 750 MW and save 35 percent of gas used.

The Civil Education Center is aimed at hosting conferences, lectures, and training sessions targeted at youth. It stretches over 3,775 square meters, and houses 48 boarding rooms, an artificial-turf field, four halls with a capacity of 30 individuals each, a computer lab, restaurant, and an auditorium having a capacity of 200 individuals.

Civil Education Center
Civil Education Center


The cost of El Lessan Hotel construction is LE430 million and is currently run by Steigenberger. The hotel has five floors, 142 rooms, 16 suites, four halls and meeting rooms, a SPA, a beach, two swimming pools, restaurants, and cafeterias. The hotel stretches over 4,200 square meters and has a built-up area of 1,680 square meters. The hotel has a restaurant in the last fifth floor and a suite viewing both the Nile River and the Mediterrenean as well as a multi-purpose hall having a capacity of 700 individuals.

The expansion of Ras El Bar Wastewater Treatment Plant having a daily capacity of 50-75 square meters has cost LE220 million. It is planned to serve the dwellers of Ras Al Bar, Al Senaneya, and Eastern Damietta Port district.

Governor of Damietta Manal Awad stated that LE91 billion have been invested in the governorate since 2014 until present. Projects worth LE78 billion were accomplished while others having a value of LE13 billion are underway.

The governorate executed 29 projects in the health sector and 17 roads and bridges. The value of the former is LE833 million, and that of the latter is LE513 million. The coverage of wastewater network is 76 percent and is planned to become 85 percent by the end of 2020. All slums in the governorate will be eliminated from the governorate by the end of 2019 as dwellers are granted units in housing projects.
]]>
12/3/2019 1:18:46 PM
<![CDATA[Oil higher as Saudi pushes for further supply cuts]]>
Brent futures LCOv1 rose 43 cents to $61.35 a barrel by 0924 GMT on Tuesday. U.S. West Texas Intermediate crude CLc1 was up 44 cents at $56.40 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said.

Saudi Arabia is pushing the plan to deliver a positive surprise to the market before the initial public offering of state-owned Saudi Aramco, the sources said.

But it remains unclear if there is consensus within the group to achieve a deeper cut.

Russian Energy Minister Alexander Novak said on Tuesday he expected this week’s meeting to be constructive, but added that Moscow had yet to finalize its position.

Vagit Alekperov, CEO of Russia’s No.2 oil producer Lukoil (LKOH.MM) said it would not be expedient to deepen production cuts in the winter season, especially for Russia.

Goldman Sachs said on Monday that OPEC+ will likely extend output curbs through June, but expects the “uneventful” three-month extension to provide little support to prices.

The factors behind this view included a large increase in production from legacy non-OPEC projects and a still uncertain outlook for demand growth, it added.

The investment bank said it expected Brent to trade around $60 a barrel in 2020, “absent new growth or geopolitical shocks”.

OPEC ministers will meet in Vienna on Thursday and the wider OPEC+ group will gather on Friday.

Concerns about the inability of the United States and China, the world’s two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging U.S. economic data.

A senior adviser to President Donald Trump said a U.S.-China trade deal was still possible before the end of the year, adding that the first phase was being put to paper, although the talks have dragged on for weeks.

While OPEC may cut output, U.S. producers have been only too happy to meet any market shortfalls, with production setting successive records. Growth into 2020, though, may range between 100,000 bpd and 1 million bpd.

]]>
12/3/2019 12:26:04 PM
<![CDATA[Bourse loses LE 11.4 bn in Monday transactions]]>
The market capital lost about LE 11.4 billion, registering LE 692.5 billion, after transactions reached LE 1.5 billion.

The EGX 30 benchmark index declined by 1.76 percent, closing at 13,537.3 points.

The broader EGX 70 index of the leading small and mid-cap enterprises (SMEs) went down by 1.52 percent, standing at 526.92 points.

The all-embracing EGX 100 index retreated by 1.72 percent, recording 1376.29 points.]]>
12/2/2019 4:54:22 PM
<![CDATA[New Nissan CEO pledges better performance, cooperation with Renault]]>
Uchida became CEO of Nissan on Dec. 1, as Japan’s No. 2 car maker tries to recover from a profit slump and draw a line under a year of turmoil after the Carlos Ghosn scandal.

Nissan is betting that bringing new blood into its executive ranks will help to get the company back on track financially after years of aggressive expansion in the United States and other regions pummeled overall profitability.

The new executive team, which also includes CFO Stephen Ma and COO Ashwani Gupta, took the helm this month, a year after former chairman Ghosn was arrested on financial misconduct charges in Japan.

Known for his straight-talking manner and relentless focus on cost control, Uchida is Nissan’s third CEO since September, when Hiroto Saikawa, a protege of Ghosn, was forced to resign after he admitted to being improperly overpaid.

Uchida, 53, replaced Yasuhiro Yamauchi, a company veteran and former COO who stepped down as interim CEO at the end of November.

A big task lies ahead of him and his team. Nissan is bracing for its lowest annual profit in 11 years and has slashed its dividend by 65%. Its struggles come at a time when car companies desperately need scale to keep up with sweeping technological changes like electric vehicles and ride-hailing.

Earnings have been undercut, particularly in the United States, a key market, by years of heavy discounts and low-margin sales to rental firms as part of a strategy to raise market share, which has cheapened Nissan’s brand image.

Uchida must also salvage ties with Renault. Since Ghosn’s ouster as chairman of both companies, Nissan and Renault have squabbled over the selection of Nissan’s board members and executives, as well a proposed tie-up between Renault and Fiat Chrysler (FCA) (FCHA.MI) earlier this year, which ultimately failed.

Renault, which holds a 43.4% stake in Nissan after it saved the Japanese automaker from financial ruin two decades ago, has for years been pursuing closer ties with its bigger partner, only to be rebuffed by Nissan.

Nissan is implementing a global recovery plan under which it will axe nearly one-tenth of its workforce and cut global vehicle production by 10% through 2023 to rein in costs which it has said ballooned when Ghosn was CEO.

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12/2/2019 12:38:53 PM
<![CDATA[China's factory activity surprises with fastest expansion in three years: Caixin PMI]]>
But analysts remain concerned about deflationary risks in the sector, unconvinced that the worst is over yet for Chinese manufacturers. They say the sub-indexes of both surveys painted a picture of patchy recovery that will be difficult to sustain.

“The improvement last month was driven by different factors across the two manufacturing indices, making it hard to pinpoint the reason for the apparent uptick industrial activity,” Julian Evans-Pritchard, Senior China Economist, wrote in a note on Monday.

“We doubt this marks the start of a decisive rebound in activity,” he said.

The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) index rose to 51.8 in November from 51.7 in the previous month, marking the fastest expansion since December 2016, when it was 51.9. The 50-mark separates expansion from contraction on a monthly basis. Economists polled by Reuters had expected a dip to 51.4.

The survey and a similarly strong official PMI helped push Asian shares higher on Monday with China's bluechips .CSI300 rising as much as 0.68% before paring gains.

Total new orders and factory production remained at buoyant levels in November, although they both eased slightly from record highs in the previous month, when they grew the fastest in over six years and nearly three years, respectively.

Larry Hu, Chief China economist at Macquarie Group, cautioned that the improvement could be hit as many one-off tailwinds wear off, such as better sentiment on trade deal and warm weather. Business confidence slipped and companies were reluctant to replenish their inventories, worried about the uncertain outlook for demand and the prolonged China-U.S. trade war, the survey showed.

China’s official factory activity gauge on Saturday also surprised, returning to growth for the first time in seven months as domestic demand picked up in response to stimulus measures. But gains were slight and export orders sluggish.

The official survey focuses more on heavy industry than Caixin’s, which is believed to include firms that are more export oriented. The two surveys also cover different geographical areas.

The Caixin survey showed sub-index for new export orders came in at 51, marginally below that in October, when it was the highest since February 2018.

Resilience in the sector led to a notable recovery in the labor market in the month, with companies adding workers for the first time in eight months.

However, profit margins remained under pressure, with input costs continuing to rise while output charges fell, suggesting some firms are still cutting their prices due to fierce competition for sales.

“While growth is likely to stabilize in November, the overall downtrend will continue in months ahead,” Hu told Reuters.

MORE STIMULUS NEEDED?
The Chinese government has been trying to spur domestic demand for well over a year, largely through higher infrastructure spending and tax cuts, but the measures have been slow to gain traction.

Economic growth cooled to a near 30-year low of 6.0% in the third quarter.

“I think the rebound in headline PMIs may indicate the possibility that China will still be able to achieve above 6% growth rate in 2019,” Betty Wang, senior China economist at ANZ told Reuters.

“But the price subindices in the manufacturing PMI survey still declined, which suggests the deflationary risk in the manufacturing sector remains.”

To help avert a sharper slowdown, China has brought forward 1 trillion yuan ($142.07 billion) of the 2020 local government special bond quota to this year. The bonds are used largely to fund public works.

While China has cut some of its key lending rates in the last few months to reduce corporate financing costs, the reductions have been quite modest. Analysts believe policymakers are reluctant to unleash more aggressive stimulus out of concern it could heighten financial risks and add to a mountain of debt.

TRADE UNCERTAINTIES
Washington and Beijing said in October they were working on a “phase one” trade agreement, but initial market hopes for a quick deal are fading after weeks of conflicting headlines.

A deal could slide into next year as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.

Highlighting the tension, China’s Global Times newspaper said on Sunday that Beijing is demanding Washington removes existing tariffs, not just planned tariffs, as part of the deal, citing sources with direct knowledge of the trade talks.

Additional U.S. duties on Chinese exports are set to kick in on Dec. 15.

Months of protests in Chinese-ruled Hong Kong have also exacerbated tensions.

A trade deal has now stalled after the U.S. passed legislation backing protesters in Hong Kong, news website Axios reported on Sunday, citing a source close to Trump’s negotiating team.

]]>
12/2/2019 12:36:10 PM
<![CDATA[Exclusive: U.S. digs deeper into Deutsche role in Danske money laundering scandal- sources]]>
One source said the DoJ’s new line of inquiry is whether Deutsche (DBKGn.DE) helped move tainted money from Danske(DANSKE.CO), Denmark’s largest lender, into the United States. If proven, that could lead to steep financial penalties.

Officials from the DoJ, who have been working closely with Estonian prosecutors for around a year, have also begun cooperating with Frankfurt state prosecutors, the sources said.

The Frankfurt prosecutors have been exploring Deutsche’s role in processing payments for the Danish bank.

The DoJ’s focus on Germany’s largest bank and its work with Frankfurt prosecutors have not previously been reported.

A Danske spokesman said it continued to cooperate with the authorities in Estonia, Denmark, France and the United States.

The DoJ and Frankfurt state prosecutors declined to comment on the U.S. investigation, which two sources told Reuters is due to be completed next year.

Deutsche Bank’s spokesman said it had significantly improved controls in recent years.

“We have repeatedly stressed that we are in a good and constructive exchange with the authorities,” he added.

Danske’s admission last year that suspicious payments totaling 200 billion euros from Russia and elsewhere flowed through its branch in Estonia has triggered worldwide probes.

The bulk of these payments were processed by Deutsche, sources have previously told Reuters.

Although the Justice Department requested information from Deutsche last year relating to Danske transactions, at the time its executives believed that the investigation was focused onDanske and that the German bank itself was not a target.

However, Deutsche officials were made aware in recent months that the scope of the DoJ probe had broadened to the bank’s role in facilitating the Danske trades and its possible failure to report suspicious transactions quickly enough, one of the people said.

Deutsche has already paid nearly $700 million in fines by New York and British regulators in a separate money laundering case involving $10 billion in so-called mirror trades from Russia, which the DoJ is still investigating.

FOLLOWING THE MONEY

U.S. investigators have spoken to current and former Deutsche compliance staff in the U.S. who raised concerns over possible suspect transactions with supervisors but were ignored, two people said, adding that some involved Danske.

Estonian prosecutors are sharing their findings on Danske, hoping they will share in the proceeds in the event of U.S. fines, four people said.

One source said Estonian prosecutors are examining more than ten transactions involving up to $2 billion of suspect criminal funds in total. Reuters could not ascertain the details of those deals.

Deutsche alerted Germany’s money laundering data authority and state prosecutors in February to more than one million suspect money transfers, two people said, five years after a whistleblower raised the alarm at Danske.

Washington and Frankfurt are now asking what led to the delay and whether there were lapses as some of the contested money transfers, which were earlier singled out by compliance staff, are among those Deutsche later flagged, two people said.

Frankfurt prosecutors have also questioned Sylvie Matherat, Deutsche’s former top official in charge of anti-moneylaundering and the highest ranking of ten Deutsche bankers and executives they have interviewed.

Matherat, who left Deutsche this year, and the others were interviewed as witnesses whose first-hand knowledge is being drawn on to form an overall picture, the person said.

Matherat declined to comment. A Deutsche spokesman confirmed she had been interviewed as a witness.

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12/2/2019 12:34:22 PM
<![CDATA[EGX loses LE 1.15B of market cap. Sunday]]>
The benchmark EGX 30 lessened 0.50 percent, or 68.83 points, to close at 13,780.63 points.

The equally weighted index EGX 50 declined 0.51 percent, or 10.32 points, to end at 2,001.3 points, and the broader index EGX 100 inched down 0.11 percent, or 1.56 points, to 1,400.44 points.


On the other hand, the small and mid-cap index EGX 70 rose 0.34 percent, or 1.81 points, to close at 535.07 points.

Market capitalization lost LE 1.15 billion, recording LE 703.96 billion, compared to LE 705.11 billion in Thursday’s session.

The trading volume reached 79.72 million shares, traded through 13,673 transactions, with a turnover of LE 280.65 million.

Egyptian investors were net sellers at LE 38.82 million, while Arab and foreign investors were net buyers at LE 3.87 million, and LE 34.95 million, respectively.

Arab and foreign individuals were net buyers at LE 3.02 million, and LE 400,759, respectively, while Egyptian individuals were net sellers at LE 9.75 million.

Arab and foreign organizations bought at LE 844,305, and LE 34.55 million, respectively, while Egyptian organizations sold at LE 29.07 million.

Canal Shipping Agencies, Atlas for Investment and Food Industries, and Alexandria Containers and goods were top gainers of the session by 9.30 percent, 8.03 percent and 7.70 percent, respectively.

Meanwhile, El-Nile Co. for Pharmaceuticals and Chemical Industries, Belton Financial Holding, and Citadel Capital - Common Shares were top losers of the session by 5.43 percent, 5.29 percent, and 4.35 percent, respectively.


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12/1/2019 3:58:48 PM
<![CDATA[Sarwa Capital, Premium Int’l to establish joint customer finance venture]]>Caption: FILE - Sarwa Capital
Lead:

CAIRO - 1 December 2019: Sarwa Capital Holding for Financial Investments announced Sunday signing an agreement with Premium International for Credit Services (Premium Card) to establish a joint venture (JV) that will provide an innovative consumer finance product in Egypt.

The company clarified that under the deal, the new joint venture will be equally owned by the two companies and will start operating under a new brand name within the next few months after obtaining all the required approvals.

It stated that Premium Card has a wide experience in consumer finance industry with more than 120,000 customers and over 1 million annual transactions.“Sarwa has also provided a vast range of products, with a funding of more than LE 19 billion since 2002,” the statement noted.

Sarwa recorded profits of LE 292.22 million during the first nine months of 2019, compared to LE 263.32 million including minority rights during the same period of 2018.

As per Premium International for Credit Services, the company announced earlier in November the closing of Egypt’s first short-term securitization transaction, worth LE 167 million and backed by a portfolio of consumer card receivables in the total value of LE 184 million.
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12/1/2019 3:57:52 PM
<![CDATA[Orascom Investment turns into loss during 9 months of 2019]]>
The company’s indicators showed that the operating profits hit LE 1.09 billion during the 2019 period, compared to a loss of LE 1.18 billion during the compared period of 2018.

As per standalone results, Orascom turned into loss by LE 295.19 million, compared to profits of LE 175.1 million during January-September 2018.

During the third quarter of 2019, the company witnessed a regression in its profits to reach LE 61.15 million, compared to LE 1.21 billion during the same quarter of 2018.

The company recorded a consolidated loss during the first half of 2019 at LE 153.4 million, compared to loss of LE 141.2 million during the same half of 2018.

OIH’s current capital is worth LE 2.2 billion, distributed over 5.24 billion shares. Orascom Investment Holding works in the fields of GSM, media, cables and mobile communications in Egypt, North Korea and Lebanon.
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12/1/2019 1:55:09 PM
<![CDATA[CBE to issue LE 19B in T-bills Sunday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 9.25 billion with a 91-day term and the second is worth LE 9.75 billion with a 266-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.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during Thursday's meeting, Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

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.


]]>
12/1/2019 12:15:03 PM
<![CDATA[Central Agency For Organization and Administration participates in Cairo ICT]]>
The CAOA will exhibit a smart robot program depending on artificial intelligence. The first stage of the program will answer people's questions about the civil service law no 81 of 2016 and its executive statute.

Later on, the program will be fit out with information about other topics.

The program will be available on the agency's website and Facebook page.

During Cairo ICT, the agency will screen a video about the capabilities assessment and competitions center and the stages of laying down a mechanism for assessing capabilities and competitions. ]]>
12/1/2019 11:50:14 AM
<![CDATA[Cotton exports rise to 120.9% in 4th quarter of 2018-2019 agricultural season: CAPMAS]]>
CAPMAS said India is the largest importer of Egyptian cotton.

The agency said the total consumption rate of domestic cotton reached about 36,000 metric quintals during the fourth quarter of the agricultural season against 28,800 metric quintals in the corresponding period in the previous agricultural season.]]>
12/1/2019 11:45:22 AM
<![CDATA[Investments of UK companies in Egypt worth $ 47.8bn: min.]]>
The minister said that Egypt has investment opportunities in mega national projects like the Suez Canal Axis, New Alamein City and the New Administrative Capital.

She made the remarks during her participation in a meeting in London with 10 major British companies, under the title "Investment Opportunities in Egypt".

SCZone head, meanwhile, highlighted the investment opportunities of the Suez Canal Axis, noting that Egypt is seeking to lure more British investments during the coming period.

A number of British companies asserted - during the meeting - willingness to visit Egypt shortly for talks on potential investments.]]>
11/30/2019 2:13:04 PM
<![CDATA[Investment minister, EBRD official discuss boosting joint cooperation]]>
The two sides also tackled the bank's support to the auto industry in Egypt and to the regional integration projects in the African continent during Egypt's current chairmanship of the African Union (AU).

The minister voiced Egypt's keenness to consolidate cooperation and partnership with the bank in several fields including transport, developing railways and underground, small and medium-sized projects and energy, said a statement released on Saturday.

Nasr said she is keen that the bank increases its funding to the private sector to help beef up foreign direct investment in Egypt.

Meanwhile, Nelson lauded the successful partnership between Cairo and the EBRD which was crowned by choosing Egypt as the largest country of the bank's operations in the world thanks to the success it achieves at the economic level.

The EBRD is committed to backing Egypt's reform efforts and increasing its investments in the country which she said have hit about 5.3 billion euros through 99 projects, with the private sector receiving 58% of these investments.

Egypt receives more than 50% of the bank's total investments in Africa, she noted.]]>
11/30/2019 2:10:21 PM
<![CDATA[1st phase of electricity linkage with Sudan to enter service mid-Jan. ]]>
The following phases will enter service gradually in tandem with the rate of accomplishment on the Sudanese side, a source at the Ministry of Electricity and Renewable Energy told Egypt Today.

The official pointed out that the Egyptian Electricity Transmission Co. finished the overhead power lines in six months revealing that professionals from both countries are exchanging visits to accelerate finishing work in the project.

The extension of Toshky transmission plant, which is a double circuit transmission line stretching over 170 kilometers with a capacity of 220/66 kV, has been established and linked with Sudan’s Wadi Halfa in collaboration with Siemens. The first phase of the linkage was due to enter service in March but has been delayed.


Chairperson of the Egyptian Electricity Transmission Co. (EETC) Sabah Mashaly indicated in a press release in February that the cost of the project is LE32,550,000 and €562500. The statement explained that the network consists of air-insulated substations (AIS) to inhibit power loss. The amount of electricity to be transmitted is estimated to be 400 megawatts.

Electricity Ministry works on feasibility studies of Egypt-Cyprus power linkage

CAIRO - 26 February 2019: The Ministry of Electricity and Renewable Energy started working on the feasibility studies of the 3,000-megawatt project of electricity connection with Cyprus, a step forward after the ministry completed the study of the technical aspects of the project. Egypt-Cyprus electricity linkage is considered the first step to connect Egypt with Europe electrically.



]]>
11/30/2019 12:34:11 PM
<![CDATA[Egyptian businessmen mull enhancing trade exchange with Greece: Amb.]]>
The meeting came on the sidelines of the annual meeting of the Arab-Hellenic Chamber of Commerce and Development, according to a statement released by Foreign Ministry.

They also mulled establishing an Egyptian-Greek chamber of commerce to enhance trade exchange between the two countries.]]>
11/30/2019 12:21:50 PM
<![CDATA[Entry of private sector in rail freight transport essential - minister]]>
Wazir was delivering a speech on Friday during a dialogue session, organized by the British Egyptian Business Association (BEBA) in London in the presence of Investment Minister Sahar Nasr, Finance Minister Mohamed Maeit, and representatives of Egyptian and British companies.

The Egyptian transport sector witnesses a quantum leap, a matter which offers promising investment opportunities in this vital sector.

Wazir reviewed the Transport Ministry's plans to develop the railways and urgent measures taken to improve safety and security rates.

The minister spoke about details of the current projects which are being implemented in the railway system in Egypt, including buying new locomotives and developing new ones as well as opening new railway lines nationwide.

He expected that the railways would transport two million citizens daily after implementing the medium-term plan and four million after implementing the long-term plan.

Regarding the Metro, Wazir said in April 2020, the fourth stage of the Cairo Metro Line 3 will be finished and two monorails projects will begin in execution.

Concerning the roads, the minister pointed out that the first and second phases of the National Road Project (4,500 km) had been completed for EGP 75 billion in cooperation with Housing and Defense Ministries.

He also talked about the ministry's strategy to develop the maritime transport and logistics zones. ]]>
11/30/2019 11:09:06 AM
<![CDATA[Public, private sectors two wings of success - minister]]>
Nasr’s remarks came during a symposium in London, organized by the British Egyptian Business Association (BEBA). Nasr is among Egypt’s delegation, grouping Transport Minister Kamel el Wazir, Finance Minister Mohamed Maait and Chairman of the Suez Canal Economic Zone (SCZone) Yehia Zaki, aiming at boosting economic ties with the UK, promoting investment potentials and expounding the progress Cairo has been made recently after implementing its reform program.

The government sees the private sector as a main locomotive for economic growth, so it enacted several legislative reforms for improving the business climate and attracting more investments into the country.

She pointed out that Egypt established more free and investment zones nationwide and expanded the investor service centers, aimed at helping the investors in doing work.

Nasr highlighted that the United Nations Conference on Trade and Development (UNCTAD) affirmed that Egypt is the most attractive for foreign direct investment in Africa during H1 2019, as it has attracted FDI flows worth USD3.6 billion.]]>
11/30/2019 11:08:07 AM
<![CDATA[Increased intra-African trade, key to increase employment in North Africa]]>
At the conclusion of the 34th Inter-Governmental Committee of Senior Officials and Experts for North Africa (CIHFE), participants called the implementation of trade facilitation measures to be accelerated in North Africa in order to maximize the benefits and fulfill the AfCFTA potential, especially in the areas of investment and employment, ECA said in a statement issued on Friday.

Country representatives from Algeria, Egypt, Mauritania, Morocco, Sudan and Tunisia, academics and representatives of the private sector and civil society took part in this event, organized under the theme; "The African Continental Free Trade Area (AfCFTA) and Employment: The Impact of an Improved Trade Facilitation and Regional Integration in North Africa".

As North Africa struggles with high unemployment rates, is it possible to look at how countries can do more trade with each other? When 64% of imports come from the European Union, North African countries are essentially exporting their labour, said ECA Executive Secretary Vera Songwe in a video message to participants, adding that, the more African countries trade with each other, the more North African youths should be able to work.

“Africa is gifted with an abundance of natural and energy resources, outstanding geographical locations, as well as many ports that facilitate access to and within our African countries. Our region is also endowed with a wealth of human resources with a massive, 1.3 billion population, which constitutes a large market for African products and an abundance of labour which, if properly used, can enhance regional competitiveness, said the Egyptian Deputy Minister for Planning Affairs Ahmad Kamaly in a speech read on behalf of the Minister of Planning Monitoring and Administrative Reform Hala Elsaid.

“As African countries, we therefore need to work together – governments, private sectors and civil society – to maximize the use of our available resources and claim the benefits of the AfCFTA. To this end, there is a need for higher investment in infrastructure projects that can support intra African trade and investment so as to create decent and productive jobs for our nations, and to achieve inclusive and sustainable development”, he added.

“This session and the Expert Group Meeting are indeed an opportunity to lay the groundwork for a successful start of the AfCFTA [in North Africa]. This is an opportunity to collaborate more closely and reflect together on appropriate measures and operational recommendations to facilitate the promotion of intra-African trade and investment in the North African region and to contribute to the roadmap for the implementation of the AfCFTA”, said Kalthoum Hamzaoui, outgoing Chair of the ICSOE Bureau.

The ICSOE meeting provided member country representatives with an opportunity to take stock of the work carried out by the ECA Office for North Africa, its programme of work as well as its strategic orientations for the coming year.

Participants analyzed regional integration implementation in North Africa and identify how enhanced regional integration in North Africa can help rejuvenate the economic landscape and increase job creation through more sustainable and balanced growth.

In addition, participants reviewed the current socio-economic context and present recommendations on strategies to help accelerate the implementation of the Sustainable Development Goals and the Agenda 2063 in North Africa.

The United Nations Economic Commission for Africa (UNECA or ECA) was established in 1958 by the Economic and Social Council (ECOSOC) of the UN as one of the UN's five regional commissions, ECA's mandate is to promote the economic and social development of its member States, foster intra-regional integration, and promote international cooperation for Africa's development. ]]>
11/29/2019 2:43:20 PM
<![CDATA[Egypt, Kazakhstan relations saw remarkable growth over: ambassador]]>
During this period, the number of Kazakh tourists visiting Egypt increased by 25 fold and trade exchange between both countries was doubled, he added, pointing out that many joint development projects are expected to be implemented in 2020.

The Kazakh envoy was speaking during a ceremony held on Thursday to mark the 28th anniversary of the independence of Kazakhstan, in the presence of Assistant Foreign Minister for Asian Affairs Hany Selim and a galaxy of senior officials, public figures, ambassadors and diplomats accredited to Egypt.

Isagaliev underscored that Kazakhstan has outlined a political road-map promoting peaceful coexistence with regard to its regional and international relations via building bridges of friendship and cooperation.

Hailing ties binding Egypt with Kazakhstan as a real model of strong and successful bilateral relations, Isagaliev asserted that Egypt comes at the top of the countries having unique relations with his country.

Kazakhstan has added a new bright spot to its history this year after President Nursultan Nazarbayev stepped down, in a move to promote democracy, he said.]]>
11/29/2019 12:09:02 PM
<![CDATA[NAMP, German company ink memo in field of treating wastewater]]>
The memo aims at boosting cooperation in the field of treating sewage using SBR technology which depends on biological treatment.

The MoU comes within the framework of the keenness of the Ministry of Military Production to benefit from the potentials available at its companies and factories to implement national and developmental projects that serve the citizens and meet their needs, the minister said.

It also comes in light of the ministry's keenness on the transfer of modern technology to all its production units, he added.

Meanwhile, Director General of ATB Water Markus Baumann asserted that the water recycled using SBR system can be used for several purposes.]]>
11/28/2019 4:45:09 PM
<![CDATA[Africa future of global economy: African experts]]>
During a session of the first Arab-African Economic Conference on "Mutual Trade and Arab-African services", former Beheira governor Mostafa Hadhod said that Africa represents the promising future in face of the world's energy crisis.

He called for cooperation among Arab and African countries to utilize the resources of the continent in the energy sphere.

Vice Chairperson of the Arab Federation for Combating Forgery and Counterfeit Soaad Mohammed reviewed ways of promoting inter Arab-African trade, pointing out to the necessity of removing obstacles impeding the achievement of the Arab-African development.

Energy is one of the top promising domains towards the achievement of economic development, particularly in the renewable-energy sector, she added.

Earlier in the day, the first Arab African economic conference kicked off in Cairo. The event is organized by the Council of Arab Economic Unity (CAEU) in tandem with the Arab African Council for Integration and Development]]>
11/28/2019 4:43:40 PM
<![CDATA[Minister of Transportation takes a tour in Derby inviting foreign investment opportunities ]]>
A roundtable discussion was held and attended by the Egyptian Ambassador to London Tarek Adel, and Chairman of the British Egyptian Business Association (BEBA) Khaled Nosseir, as well as multiple international suppliers and contractors in the industry of maintenance, training and spare parts within railway and underground systems.

The minister inaugurated the discussions that are organized by Rail Forum Midlands at the Bombardier facility, and tackled the domestic challenges facing the railway and underground lines, and his strategic view to confront and improve them.

He said, “the weaknesses within the current railway and underground stations relative to infrastructure, inefficient maintenance, security against accidents, Human Resources have provided me with ample room for strategic improvements in the sector”.

He explained his strategic short term, intermediate and long term plans that centered around the need for financial investment support from international institutions, as well as domestic training and maintenance of Human Resources. These strategic plans included: creating clear authoritative decisions for disciplinary action to any wrong doings from either passengers or from workers, and this to ensure a safe and trustworthy transportation system. He further focused on maintenance through warehouses, efficient spare parts and utilizing investment opportunities sustainably.

“We received 260 locomotives from a recent tender, and we welcome companies to participate in an upcoming tender for 100 locomotives,” stated the minister.

The mobility industry is a game-changing field in Cairo, as the world's most rapidly growing city, cooperating with bombardier that has an expertise of over 25 years. From East Cairo to the new capital city, the new monorail will pass through the fifth settlement residential compounds, universities, and hospitals.

There will be environmentally-friendly rails, without interfering with other means of transportations with up to 45,000 passengers.]]>
11/28/2019 12:38:57 PM
<![CDATA[First African-Arab economic conf. kicks off]]>
The event is organized by the Council of Arab Economic Unity (CAEU) in tandem with the Arab African Council for Integration and Development as well as civil community, universities, research centers and banks.

The conference is meant to promote economic and social cooperation among Arab and African states through boosting joint investments and trade.

The talks will also tackle legislation that would enhance Arab-African cooperation.

The conference will underline the importance of using green energy resources in the Arab and African states in addition to adopting eco-friendly industrial mechanisms. ]]>
11/28/2019 12:09:35 PM
<![CDATA[Rameda floats 49% of its shares, hopes to raise LE 1.755B]]>
Rameda said that trading will be made in two tranches and will be priced at LE 4.66 per share.

The first tranche, representing a 5 percent stake, will be sold to small investors in a public offering, and the remainder will be sold in a private offering, according to Reuters.

On November 20, Chairman of the Egyptian Financial Regulatory Authority (FRA) Mohamed Omran said that the authority approved listing the shares of Rameda on EGX.

He clarified during a conference announcing the issuance of the first short-term securitization for the payment of Premium Card that the first tranche of the offering ranges between LE 2 billion and LE 2.5 billion. "According to the proposed schedule, the offering will be completed before the end of the year," he stated.

Rameda announced earlier its intention to offer a 35-45 percent stake in EGX by the end of last year through a capital increase and partial exits to shareholders.

The conference was attended by Founder and CEO of Premium International for Credit Services Paul Antaki, Co-Head of EFG Hermes' Investment Banking Division (IBD) Mostafa Gas, and CEO of Arab African International Bank Sherif Elwy.

]]>
11/27/2019 2:43:04 PM
<![CDATA[H&M-backed startup puts bacteria to work in green dyeing process]]>
Based in the English city of Norwich, Colorifix has attracted backing from the venture capital arm of Swedish fashion giant H&M (HMb.ST).

“We’re harnessing the ability of microbes in this case to be able to deposit and fix a pigment on to fabric,” Colorifix Chief Scientific Officer Jim Ajioka told Reuters.

Common dyeing, with synthetic pigments, involves large concentrations of hazardous chemicals such as chromium and other heavy metal salts and consumes vast amounts of energy and water, with contaminated wastewater a big source of pollution.

Colorifix said its method uses no hazardous chemicals and cuts water use by up to 90% depending on equipment, pigment and fabric, and is carried out at lower temperatures than common dyeing.

Shoppers’ growing awareness that apparel is one of the top-polluting industries is pushing image-conscious retailers to address the environmental impact of their clothes’ full life cycle. The dyeing stage has one of the biggest.

Colorifix, like French rival PILI, harvests a color gene in nature and inserts it into a bacterial cell, tricking it to fill up with the color as well as duplicate. In Colorifix’s dyeing process, cells jump onto the fabric and release the dye on it, after which the solution is briefly heated up to kill them.

Chief Executive Orr Yarkoni said Colorifix is about to launch industrial-scale trials in partnerships with fashion groups, including H&M, and textile manufacturers such as Switzerland’s Forster Rohner and India’s Arvind. The tests will be conducted at dye houses already supplying those brands.

“For the first pilots, I hope we have everything up and running by Christmas. We are starting on multiple sites simultaneously in Portugal, Italy and India,” Yarkoni said.

If these are successful, Colorifix expects to launch commercially its 5-ml batches of microbes bulging with color, in 2020.

Challenges include creating new hues on demand, maintaining standards of current processes and keeping costs down.

“The H&M group and Colorifix were in India this summer to, together with our production organization, see how we can develop the technique so that it can be applied to our production,” H&M spokeswoman Jeanette Mattsson said. “Given our size it takes more work to enable a scalable solution.”

Colorifix’s other backers include Swiss investment firm Challenger 88 and Cambridge University.

]]>
11/27/2019 2:08:40 PM
<![CDATA[BMW management and labor reach agreement to cut costs]]>
BMW had been in talks with labor representatives and its top suppliers as it seeks to achieve cost savings of more than 12 billion euros ($13.23 billion) by 2022.

The agreement involves reducing a payout scheme for workers based on company profits, as well changes to Christmas and other bonuses for some workers. The measures are effective from 2020.

The announcement comes a day after Volkswagen’s (VOWG_p.DE) luxury car unit Audi (NSUG.DE) said it would cut one in 10 jobs, freeing up billions of euros to fund its shift toward electric vehicle production.

“We have achieved a solution based on solidarity. This allows us to avoid drastic measures that others are currently taking to reduce their costs,” CEO Oliver Zipse said.

Carmakers have been struggling with an auto industry downturn, particularly in China, and the need to increase investment in electric vehicles as several countries move to eventually ban conventional combustion engines.

Rival Daimler (DAIGn.DE) as well as car suppliers Continental (CONG.DE) and Osram (OSRn.DE) have also recently announced staff and cost cuts.

]]>
11/27/2019 2:05:20 PM
<![CDATA[Global stocks nearing record highs on trade hopes]]>
Early European trading was subdued, with MSCI’s all-country world index now within 0.4%, or 2 points, of its record high from January 2018.

London, Frankfurt, Paris and Wall Street futures all rose, and though Shanghai struggled after Chinese industrial company profits shrank, Australian shares reached record highs and Japan’s Nikkei drew support from the growing likelihood of extra fiscal stimulus.

A senior Japanese ruling party official said on Wednesday he believed the government was striving to compile a supportive spending package worth about 10 trillion yen ($92 billion).

“Something will come out of the phase one (Sino-U.S. trade) talks,” said TD Securities Senior Global Strategist James Rossiter. “Rolling back tariffs to where they were in August, with the December ones put on hold or canceled maybe.”

But he said the two countries were unlikely to go beyond that, and China’s declining industrial profits underscored the economic strain exerted by the tensions.

In currency markets, the dollar was stronger against developed and emerging currencies, with dollar/yen holding above 109 and euro/dollar steady at $1.10.

That was despite softer-than-expected U.S. economic data on Tuesday, which showed a fourth straight monthly contraction in consumer confidence and an unexpected drop in new home sales in October.

Sterling GBP= scuttled sideways as pre-election opinion polls showed some narrowing of the Conservative lead over opposition parties, although Prime Minister Boris Johnson is still favored gain an overall majority.

The reaction to the polls squeeze has been modest as the prospect of another hung parliament raises the prospect of some form of coalition government made up of parties supporting a second Brexit referendum.

“So far, the market has been relatively complacent when it comes to the risks ahead,” said Thu Lan Nguyen, FX strategist at Commerzbank. “Yes, the Tories still have the lead, but they’re certainly not gaining.”

YouGov will release seat-by-seat predictions of the election outcome at 2200 GMT. The ‘multilevel regression’ and ‘post-stratification’ model accurately predicted the 2017 hung parliament, so it will be closely watched.

Polling is certainly not infallible though, Thu Lan Nguyen pointed out. Before the 2016 Brexit referendum, most surveys had predicted the UK would vote to remain in the European Union.

NO FEAR

Another signal of the rising market confidence was the CBOE VIX equity volatility index .VIX, the so-called fear gauge, subsiding to seven-month lows.

It is now less than half the level it was in August, when U.S.-China talks looked close to collapsing, and a third of last December’s level when stock markets were pulled lower by trade angst and rising interest rates.

Kay Van-Petersen, global macro strategist at Saxo Capital Markets in Singapore, said while Sino-U.S. trade headlines may be driving some tactical, near-term moves in the market, they were mostly just “noise”.

The broader market direction is “about the accommodative Fed and accommodative monetary policy and the fact that structurally the meta-trend is still lower in yields and rates,” he said.

China had seized on the plunge in borrowing costs to issue its biggest international bond ever on Tuesday.

Some analysts said a renewed fall in U.S. and European bond yields this week also pointed to more mechanical explanations beyond trade for rising equity prices.

U.S. Federal Reserve Chair Jerome Powell said on Monday that monetary policy was “well positioned” to support the strong U.S. labor market.

In emerging markets, traders were watching Brazil’s real, which fell to a record low, below the troughs of the 2015 recession, despite central bank intervention.

Among the main commodities, oil prices edged lower after reaching their highest since late September on the reassuring trade headlines. U.S. West Texas Intermediate crude was down 0.21% at $58.29 per barrel. Global benchmark Brent crude lost 0.11% to $64.20 per barrel.

Safe-haven gold changed hands at $1,458.33 per ounce on the spot market, down 0.2% on the day and heading for its worst month in almost three years after a 3.5% drop.

]]>
11/27/2019 2:03:22 PM
<![CDATA[Abu Dhabi, Kuwait sovereign funds plan investment in Aramco IPO: sources]]>
Abu Dhabi Investment Authority (ADIA) is weighing an investment of at least $1 billion, five sources familiar with the matter told Reuters. A final decision on the amount requires board approval, one of the sources said.

Kuwait Investment Authority (KIA) also plans to invest in the IPO, two of the sources said. The size of the potential deal was not immediately known.

An ADIA spokesman and Aramco declined to comment. KIA did not immediately respond to a request for comment.

State oil giant Aramco has struggled to attract a major cornerstone or anchor investor for its IPO, which could be potentially the world’s biggest if it exceeds $25 billion.

Aramco officials have visited Kuwait and Abu Dhabi, which have strong political ties with Riyadh, to discuss participating in the offering.

Aramco had cancelled marketing roadshows for its listing outside the Gulf region due to a lack of interest from foreign institutional investors, many of whom see Aramco’s valuation as expensive given concern over political, governance and environment issues.

ADIA and KIA manage a combined total of about $1.3 trillion in assets, according to the Sovereign Wealth Fund Institute, making them among the biggest sovereign funds in the world.

Two of the sources said ADIA was considering an investment of at least $1 billion, while two other sources gave a range of between $1.5 billion and $2 billion.

ADIA, estimated to have assets of nearly $700 billion, is chaired by the president of the United Arab Emirates. Its deputy chairman is Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, a close ally of Saudi Arabia’s crown prince.

Saudi Arabia aims to sell 1.5% of Aramco, valuing the company at between $1.6 trillion and $1.7 trillion - lower than the $2 trillion target initially sought by Crown Prince Mohammed bin Salman, who has made the offering a pillar of his ambitious drive for economic diversification.

Aramco kicked off the sale process on Nov. 3. Retail subscription hit 27.04 billion riyals ($7.21 billion) on Tuesday, lead manager Samba Capital said.

Aramco has said at least one-third of the sale is expected to be covered by retail investors, who have until Nov. 28 to sign up for the IPO. The institutional offering closes on Dec 4.

]]>
11/27/2019 2:01:49 PM
<![CDATA[Egypt signs "Yaoundé Declaration" on tax transparency: Finance ministry]]>
The move puts the country in a list of some African countries including, Cameron, Uganda, Ghana, Congo, South Africa, Morocco and Tunisia, the ministry said on its official Facebook page.

The declaration serves as an international cooperation document that encourages the signed African states to increase information sharing and promote transparency in tax dealings, as well as countering illicit cash flows, the ministry said.]]>
11/27/2019 2:01:04 PM
<![CDATA[Exclusive: China's ByteDance moves to ringfence its TikTok app amid U.S. probe - sources]]>
The Chinese technology company is seeking to provide assurances to the Committee on Foreign Investment in the United States (CFIUS) that personal data held by TikTok, which is widely popular with U.S. teenagers, is stored securely in the United States and will not be compromised by Chinese authorities, the sources said.

CFIUS, which reviews deals by foreign acquirers for potential national security risks, is looking into ByteDance’s $1 billion acquisition of social media app Musical.ly in 2017, which laid the foundations for TikTok’s rapid growth, Reuters reported earlier this month.

ByteDance’s response represents a key test of corporate China’s ability to operate businesses in the United States that handle personal data, as U.S. President Donald Trump’s trade war with China fans suspicion between the world’s two largest economies.

ByteDance is hoping to avoid the fate of Chinese gaming company Beijing Kunlun Tech Co Ltd (300418.SZ), which said in May it would agree to a CFIUS request to divest popular gay dating app Grindr following concerns about the security of personal data. It is also exploring exiting its investment in Grindr through an initial public offering.

ByteDance started to separate TikTok operationally before CFIUS approached it in October, because it wanted some of its staff to focus on TikTok, according to the sources.

It completed the separation of TikTok’s product and business development, marketing and legal teams from those of its Chinese social media app Douyin in the third quarter of this year, according to the sources, who requested anonymity to discuss the company’s internal arrangements.

During the summer, it also hired an external consultant to carry out audits on the integrity of the personal data it stores, the sources added. The company has said U.S. user data is stored entirely in the United States, with a backup in Singapore. It has also said that the Chinese government does not have any jurisdiction over TikTok content.

Following the approach by CFIUS, TikTok is making a new push to set up a team in Mountain View, California, that will oversee data management, according to the sources. This team will determine whether Chinese-based engineers should have access to TikTok’s database, and monitor their activity, the sources said.

TikTok is also hiring more U.S. engineers to reduce its reliance on staff in China, according to the sources.

It is not clear how effective these changes will be in appeasing CFIUS. A spokeswoman for the U.S. Treasury Department, which chairs CFIUS, said it does not comment on information relating to specific CFIUS cases.

“Shifting a company’s operations away from China, geographically and technically, can give CFIUS more comfort that the company is really independent of its Chinese owner and the Chinese government,” said Nevena Simidjiyska, a partner at law firm Fox Rothschild LLP who advises companies on CFIUS reviews and is not involved in the TikTok case.

U.S. CONCERNS

TikTok employs about 400 people in the United States, up from 20 people at the time of the Musical.ly acquisition, the sources said. Most of the new employees joined this year, as TikTok built its U.S. operations, the sources added. ByteDance has 50,000 employees around the world.

U.S. lawmakers called last month for a national security probe into TikTok, expressing concern that the Chinese company may be censoring politically sensitive content, and raising questions about how it stores personal data. Last week, U.S. Army Secretary Ryan McCarthy said the U.S. military is undertaking a security assessment of TikTok.

Facebook Inc (FB.O) CEO Mark Zuckerberg, whose social media platform competes with TikTok for younger users, has also criticized the app over censorship concerns.

The CFIUS probe is currently focused on the handling of personal data, rather than censorship, according to two of the sources. ByteDance views the CFIUS investigation as informal, and has not yet been subjected to an official review, one of the sources added.

Some of the personal data that TikTok stores, such as a person’s name, age, email address and phone number, is submitted by its users. Other information, related to a person’s location, is collected automatically, according to TikTok’s website. TikTok also stores user-generated content, such as photographs and videos.

Launched just two years ago, TikTok has been downloaded 1.5 billion times, making it the third most downloaded non-gaming app of the year, after Facebook’s WhatsApp and Messenger apps, according to research firm SensorTower.

ByteDance is one of China’s fastest growing startups. It owns the country’s leading news aggregator, Jinri Toutiao, as well as TikTok, which has attracted celebrities like Ariana Grande and Katy Perry.

ByteDance counts Japanese technology giant SoftBank Group Corp (9434.T), venture capital firm Sequoia Capital, and private equity firms such as KKR & Co Inc (KKR.N), General Atlantic and Hillhouse Capital Group as backers.

]]>
11/27/2019 2:00:10 PM
<![CDATA[Egypt’s production index for transformative, extractive industries up in September]]>
The index of pharmaceutical and chemical products increased to 230.07 in September, up 39.6 percent from 164.80 for August, the report said.

The total index for the manufacture of computers, electronics, optical products, and medical devices reached 210.78 in September down by 31.98% from 309.90 for August, CAPMAS reported.]]>
11/27/2019 1:59:34 PM
<![CDATA[Trade exchange between Egypt, Algeria hits dlrs 627 mn in 9 months]]>
The Trade Representation Office in Algeria said in a statement that Egypt's exports to Algeria (excluding oil products) were estimated at dlrs 433 million during the first nine months of the year, recording a rise of 12 percent, compared with dlrs 388 million in the previous year.

Meanwhile, Head of the Trade Representation Office in Algeria Minister Plenipoteniary Mohamed Hegazi said Egypt's exports to Algeria includes copper wires, textiles, food products, soya beans oil, urea carbamide, iron products, gas and marble.

Egypt's imports from Algeria includes oil products with a percentage of 94 during the mentioned period.

Trade balance tilts in favor of Egypt as it achieved a surplus of dlrs 241 million during the nine months compared with dlrs 21 million in the year before with a rise of 1,047 percent.]]>
11/27/2019 1:58:16 PM
<![CDATA[All you need to know about industrial complexes in El-Raswa]]>
These projects set a new record in the file of the giant national projects that the state has been working on recently in the comprehensive development plan 2030.

The Small Industries Complex in El-Raswa includes 118 factories with a total area of ​​181,000 square meters.

​​South Raswa industrial area spans over 43 acres; the government has completed the implementation of 118 new industrial units, where the small investor does not pay the full value of the factory, but pays only 25 percent and the rest of the amount is paid in installments through banks.

In March 2017, President Sisi instructed the government to establish factories for small investors, especially young people, with large banking facilities, in several governorates of Egypt, including Port Said.

The establishment of small and medium industrial complexes in El Raswa aims to provide more than 4,000 new industrial units for young investors, which includes factories for a number of key economic sectors, including furniture and garments, plastic, food, engineering and chemical industries, and simple construction materials, and medical supplies and textile industries.

About 22 fields are excluded in the new industrial complex in South Raswa, including butane cylinders, tire retreading, alcohol projects, smoke products, production of protein centers and slaughterhouses, fishmeal and organic fertilizer, as well as all energy-intensive industries that need the approval of the Supreme Energy Council.

President Sisi had earlier directed the governor of Port Said to provide all facilities to the youth to invest in the industrial complex.

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11/26/2019 7:59:17 PM
<![CDATA[Sisi hopes for successful implementation of health insurance system in Port Said]]>
This came during the inauguration a number of national projects in Port Said and North Sinai governorates.

For his side, Minister of Finance Mohamed Maait said that the new comprehensive health insurance system meets the needs of the Egyptian people for a better medical service as it covers the entire family treatment over an estimated period of time.

The minister added during his speech in the opening, “The average cost of treatment per person is LE 2,100, and if we cover the 100 million citizens, we will need LE 210 billion. Hence, we are gradually applying the system.”

He said that the average cost per person in the comprehensive health insurance system at the end of the next 15 years will reach LE 6,000 per person, which means that the cost of comprehensive health insurance for all citizens will reach LE 600 billion.

Maait explained that the system will be financed through the contributions of citizens, which represents 30 to 40 percent, and additional resources represented in the taxes on tobacco and cigarettes as well as the contribution of the State Treasury.

In a recorded speech during the opening, WHO Director-General Tedros Adhanom Ghebreyesus congratulated President Sisi and the Egyptian people on launching a universal health insurance system.

"I want to be with you, but I cannot. I send congratulations to you, your government and the Egyptian people on this wonderful occasion. You are writing a new chapter in your long history of achievements," Ghebreyesus said.

Ghebreyesus explained that the comprehensive health insurance law issued in 2018 is a major step forward and this is a right guaranteed by the 2014 constitution which says that every citizen has the right to comprehensive health insurance and if it goes right, it will extend to 58 percent of Egyptians.

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11/26/2019 7:56:02 PM
<![CDATA[EBRD provides €182.9M loan to EETC ]]>
EBRD clarified that this loan aims to support the development of a more resilient and robust electricity grid across Egypt.

“Demand for electricity in Egypt is expected to grow significantly over the next 10 years due to economic growth. The project will address Egypt’s key challenge in reaching its strategic objective in the energy sector by expanding the country’s electricity transmission network,” the bank stated.

The EBRD fund will facilitate the integration of 1.3 GW of new renewable energy into the Egyptian electricity system by connecting new renewable energy plants, with the help of new or refurbished high-voltage substations. “In addition, the investment will help in reducing electricity losses, thus saving 77,000 tons of CO2 emissions per year.”

EBRD added that it will also assist EETC and the electricity regulator in designing and structuring a regulatory framework for private-to-private projects, developing a new channel for the growth of the private renewable sector, which will further improve the sector’s competitiveness.

“This is linked to the electricity law that was passed in 2015, which sets out a roadmap for the liberalisation and reform of the power sector, driven by the government’s aim to generate 20 percent of Egypt’s energy from renewable sources by 2022,” the bank clarified.

According to EBRD, this project is also supported by the EBRD’s Southern and Eastern Mediterranean (SEMED) Multi-Donor Account (Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Taipei China and the United Kingdom) and is expected to be supported by the European Union through a €20 million grant.

EBRD announced earlier in November providing Suez Oil Processing Company (SOPC) a loan of $50 million to support the modernisation of Egypt’s oil industry by upgrading the oil refinery owned by SOPEC.

Egypt is a founding member of the EBRD. Since the start of its operations in Egypt in 2012, the bank has invested over €5.5 billion in 102 projects in the country. In 2018, Egypt was the largest economy where the EBRD invests, in terms of new commitments.


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11/26/2019 4:16:37 PM
<![CDATA[EGX loses LE 6.88B of market cap. Tuesday]]>
The benchmark EGX 30 lessened 1.38 percent, or 192.18 points, to close at 13,781.96 points.

The equally weighted index EGX 50 declined 1.21 percent, or 24.65 points, to end at 2,010.1 points.

The small and mid-cap index EGX 70 dipped 0.63 percent, or 3.36 points, to close at 530.89 points, and the broader index EGX 100 inched down 0.87 percent, or 12.31 points, to 1,398.27 points.

Market capitalization lost LE 6.88 billion, recording LE 701.05 billion, compared to LE 707.93 billion in Monday’s session.

The trading volume reached 108.16 million shares, traded through 24,986 transactions, with a turnover of LE 1.12 billion.

Egyptian investors were net buyers at LE 258.39 million, while Arab and foreign investors were net sellers at LE 30.29 million, and LE 228.09 million, respectively.

Egyptian and Arab individuals were net buyers at LE 119.71 million, and LE 27.18 million, respectively, while foreign individuals were net sellers at LE 353,489.

Arab and foreign organizations sold at LE 57.48 million, and LE 227.74 million, respectively, while Egyptian organizations sold at LE 138.68 million.

The Arab Dairy Products Co. Arab Dairy - Panda, Egyptian International Pharmaceuticals (EIPICO), and Egyptian Real Estate Group were top gainers of the session by 9.94 percent, 4 percent and 2.69 percent, respectively.

Meanwhile, Middle Egypt Flour Mills, Ismailia Development and Real Estate Co., Medical Packaging Company were top losers of the session by 17.44 percent, 6.94 percent, and 5.93 percent, respectively.

On Monday, EGX ended trading in red, as EGX30 lessened 0.54 percent, EGX 50 declined 0.48 percent, EGX 70 dipped 0.93 percent, and EGX 100 inched down 0.49 percent.
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11/26/2019 3:49:16 PM
<![CDATA[Chairman of SCZone reviews development stages of East Port Said Port]]>
Zaki said in his speech during the opening of a number of projects in the governorates of Port Said and North Sinai, in the presence of President Abdel Fatah al-Sisi, that the port witnessed 70 million cubic meters of dredging work, at a cost of more than LE 6 billion, paid by the Suez Canal Authority.

“The construction of the eastern and western sidewalks with a length of 5 km was also completed at a cost of LE 6.5 billion,” Zaki stated, adding that the squares behind the sidewalks were equipped at a cost of LE 3 billion.

Additionally, Zaki pointed out that the movement of goods in East Port Said Port increased by 17 percent, from 27.2 million tons in 2018 to 31.5 million tons in 2019, and that container traffic increased from 2.4 to 2.7 million containers, stressing that the port will be able to receive the world's largest vessels.

East Port Said Port received 83 giant ships in 2018 and is expected to receive 120 tankers by the end of 2019, marking an increase of 45 percent, according to Zaki. “In mid-December, three new lines will be introduced in Port Said area, which will increase the value of container handling by 15 percent,” Zaki noted.

President Sisi inaugurated on Tuesday a number of national projects in Port Said and North Sinai governorates.

The projects include July 3 tunnels in Port Said, which is one of the major national projects, as it links south Port Said with Sinai, besides connecting west of canal cities with its eastern parts to facilitate trade movement in Suez Canal regional area.]]>
11/26/2019 3:28:07 PM
<![CDATA[Egypt to establish 19K feddans of fish farms in East Port Said: Sisi]]>
"The financial cost of equipping this land is huge,” Sisi added during the inauguration of a number of projects in Port Said and North Sinai.

The president stated, "We are preparing the land of the economic zone for investment, which costs a large amount of money." He explained that a single phase of development in the region costs billions just to be able to offer the investor a piece of land to build the factory on.

President Sisi inaugurated Tuesday a number of national projects in Port Said and North Sinai governorates.

The projects include July 3 tunnels in Port Said, which is one of the major national projects, as it links south Port Said with Sinai, besides connecting west of canal cities with its eastern parts to facilitate trade movement in the Suez Canal area.


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11/26/2019 2:51:58 PM
<![CDATA[Cost of June 30 axis hits LE 8.5B: Sisi]]>
Sisi said that the development of East Port Saidhas been on the table for 15 years, but it has been postponed due to the large amount of funds required. He added that this project required infrastructure to serve it, including the land in East Port Said.

“Egypt worked on several road axes from and to the Suez Canal with huge efforts and large costs to have four industrial zones there and to facilitate the movement of traffic to and from the region,” Sisi explained.

“Funds spent in the region amount to LE 150 billion,” Sisi stated.

Housing Minister Assem el-Gazzar said that the June 30 axis is set to activate the internal trade movement, enhance the interdependence between four regions and reduce the journey time between the canal cities and Cairo. This is in addition to increasing the rate of safety and achieving the competitive advantage of the land,maximizing its economic value.

Gazzar added that the June 30 axis was jointly implemented by 50 national companies and 75,000 workers.

President -Sisi inaugurated Tuesday a number of national projects in Port Said and North Sinai governorates.

The projects include July 3 tunnels in Port Said, which is one of the major national projects, as it links south Port Said with Sinai, besides connecting west of canal cities with its eastern parts with the aim to facilitate trade movement in Suez Canal regional area.




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11/26/2019 2:38:24 PM
<![CDATA[Nexthink announces participation in CAIRO ICT]]>
“Digital transformation is a foundational change in how an organization delivers value to its customers,” Area VP - MEA, Nexthink Maged Eid, said.

“However, it is crucial for companies to recognize how important employees’ experiences are to their overall business. Nexthink’s technology has helped organizations transform their business by providing real-time visibility and insights, enabling their IT department to take a proactive approach to improving its IT performance and foster a positive employee experience. We look forward to participating in Egypt’s largest ICT exhibition and showcase our latest innovations," he added.

The company clarified that, during the exhibition, it will demonstrate the need for organizations to understand employees’ experiences in digital transformation projects to achieve business objectives and avoid costly project failures.

"According to reports, enterprises will spend almost $2 trillion annually on digital transformation strategies by 2022," the company added.

Moreover, Nexthink will address the need for employees to be placed at the forefront of an IT strategy as well as discuss recent IT trends. Nexthink will also showcase its recently-launched ‘Digital Experience Score,’ which combines hard data and employee feedback for organizations to continuously measure, benchmark (against peers and competitors) and improve digital employee experience with a defined set of metrics.

Nexthink operates in Digital Employee Experience Management, while CAIRO ICT is a yearly event covering exhibition, conference, consumer and corporate activities organized by Tradefairs International. It represents a platform for major launches from public and private sectors. Cairo ICT is a networking event to meet clients from important emerging markets of the region.






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11/26/2019 2:19:29 PM
<![CDATA[Goldman sachs sees sizable moves in interest rate cut in Egypt]]>
In another report reported by local media, Goldman Sachs said that cutting interest rates in Egypt would support long-term growth rates, but the government should cut the current interest rate by 200 to 400 basis points in 2020 to stimulate private investment.

The bank said in its report that the outlook for growth in Egypt is mixed, although the economy is growing by about 6 percent annually, but depends mainly on public investment in infrastructure projects.

It predicted that the key role played by the tourism and oil sectors will continue to stimulate growth in the short term, to offset weak consumption, private investment and slow productivity growth.

Goldman Sachs attributed the restrictive movement of non-oil exports to investment rates below the required and weak competitiveness, and administrative challenges.

It further noted that the expansion of the role of the state in the economy during the past period may portend the possibility of crowding out the private sector, but at the same time considered that the announcement of the beginning of the privatization program will change that situation.

As per inflation, it expected rates to reach 9 percent by the end of 2019, driven by the impact of the base year, to be between 9 and 10 percent next year, with the possibility of a further decline in the event if the government succeeds in eliminating supply bottlenecks in various commodities, especially food.

The US investment bank said the government appears determined to reduce public debt from 85 percent of GDP to 75 percent by 2022 by trying to structure the domestic debt market by linking up with the Euroclear platform.

It also predicted that the cost of debt servicing would decline in tandem with lower interest rates, allowing the government to increase its spending on infrastructure and human capital.

“The government is seeking to reach a new agreement with the International Monetary Fund by next March,” it noted.

In another report tackling global economics,









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11/26/2019 12:42:16 PM
<![CDATA[Fitch affirms Egypt’s rating at ‘B+’ with stable outlook]]>
Fitch clarified Monday that Egypt's ratings are supported by a recent track record for economic and fiscal reforms, and improvements to macroeconomic stability and external finances.

“While the ratings are constrained by still large fiscal deficits, high general government debt/GDP and weak governance scores (as measured by the World Bank governance indicators), which underscore political risks,” it added.

The report reviewed Egypt’s macroeconomic performance, describing it as “strengthened” further in 2019, with real GDP growth firming to 5.6 percent and inflation falling to single digits. Prudent monetary policy, base effects, lower oil prices and currency appreciation have fostered disinflation.

Fitch expected inflation to record 9.5 percent in 2019 and 8 percent in 2020/2021, down from 14.4 percent in 2018. As per interest rates, it anticipated that the Central Bank of Egypt (CBE) will seek to maintain positive real interest rates, marking a shift from the monetary policy stance before the reforms of late 2016.

“Real interest rates remain comfortably positive, even after the Central Bank of Egypt (CBE) has cut its main policy rate by a cumulative 450bp in 2019, to 12.25 percent,” it pointed out.

According to the report, lower interest rates should lend support to private-sector investment, employment and private consumption, while strong contributions from other drivers over the last two years may start to taper.

“We forecast real GDP growth will remain robust at around 5.5 percent in FY20 (the fiscal year ending June 2020) and FY21, with balanced risks to this forecast,” Fitch said.

Egypt is expected to remain committed to its reform programme, following completion of its $12 billion three-year Extended Fund Facility with the IMF, which officially ends in November 2019, it noted.

The report further reviewed that the government hit its fiscal targets in FY19, with preliminary numbers indicating a budget deficit of 8.2 percent of GDP, down from 9.7 percent in FY18, and a primary surplus of 2.0 percent of GDP, forecasting the budget deficit to narrow in FY20 to 7.6 percent of GDP higher than the government target of 7.2 percent.

“This still implies a further decline in government debt/GDP, to around 83 percent, an improvement of 20pp from the peak of 103 percent in FY17,” it stated.

The report also referred to foreign reserves and Egyptian pound, saying: “Foreign reserves were $45 billion at end-October, up from $42 billion at end-2018, helped by renewed portfolio inflows and substantial external borrowing (the government has issued USD8 billion of Eurobonds in 2019).”

“In addition, CBE reports USD6.1 billion of foreign-currency deposits, which are not included in official reserves. Foreign participation in EGP T-bills was the equivalent of USD15.2 billion at end-September (4%-5% of GDP; around 17% of the total stock of EGP T-bills), up from $10.7 billion at end-2018,” it added.

As per the Egyptian pound, it said that the pound has strengthened around 11percent against the US dollar YTD in 2019, following the cancellation of the profit repatriation mechanism in late 2018.

“The next test for exchange-rate flexibility will be when there is depreciation pressure. Given nominal appreciation and the ongoing positive inflation differential with trade partners, the Egyptian pound has appreciated more strongly in real effective terms (CPI-based), eroding some more of the competitiveness gains from the 2016 devaluation,” it referred.


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11/26/2019 12:32:10 PM
<![CDATA[Intra-African trade registers 15 percent in 2018: official]]>
Kamali's remarks were made during a session themed: "African continental free trade and workforce", held as part of the 34th edition of the Intergovernmental Committee of Senior Officials and Experts (ICSOE) for North Africa, hosted by the Upper Egyptian city of Aswan on November 25-28.

Economic indicators show a relatively weak trading volume in Africa, compared to intra-European trade and intra-Asian trade which hit 69 percent and 60 percent respectively in the same year of 2018, Kamali noted.

The official underlined the need to improve economic indicators in Africa to make the optimum use of relevant free trade agreements.

Africa’s infrastructure annual requirements amount to a whopping $130 to $170 billion, Kamali pointed out.]]>
11/26/2019 11:39:24 AM
<![CDATA[Tarek Amer's term as CBE governor renewed]]>
Previously, Capital Economics praised the success of Tarek Amer during his tenure as governor of the central bank, which will end on Nov. 26."His time at the helm of the CBE will be deemed a success."

"He has been instrumental in restoring macroeconomic stability over the past few years, taking the painful decision in 2016 to devalue the pound as well as steps to improve the CBE’s credibility," Capital Economics stated in a recent report.

The Monetary Police Committee's meeting on Nov. 14 was supposed to be Amer's last meeting.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during the-meeting held on Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively. Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.
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11/25/2019 5:26:16 PM
<![CDATA[Risk guarantee fund established to encourage investment in Africa]]>
Abdel Alim added that this fund will also enhance digital transformation and facilitate the work of African companies in Egypt, allowing them to benefit from the continuous development in the Egyptian economy.

Additionally, Abdel Alim pointed out that Africa 2019 Forum plays an important role in promoting the development process in Egypt and the African countries, stressing that the forum is a good platform to promote investment in Egypt.

Abdel Alim clarified that the forum will increase the volume of trade exchange between Egypt and the African countries, noting that the volume of trade exchange between Egypt and the African countries reached $4.2 billion during the first 8 months of 2018.
"Egyptian investments in African countries reached $10.2 billion in 2018 and will exceed this figure during the coming period," he stated.

Egypt’s Africa 2019 Conference kicked off on Friday under President Abdel Fatah al-Sisi’s auspices, with the participation of more than 2,000 international businesspersons, economic experts and entrepreneurs from Egypt and African countries. The two-day conference was held in the New Administrative Capital.


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11/25/2019 4:51:16 PM
<![CDATA[EGX30 leaves 14K levels amid Arab selling]]>
The benchmark EGX 30 lessened 0.54 percent, or 76.02 points, to close at 13,974.14 points.

The equally weighted index EGX 50 declined 0.48 percent, or 9.91 points, to end at 2,034.75 points.

The small and mid-cap index EGX 70 dipped 0.93 percent, or 5 points, to close at 534.25 points, and the broader index EGX 100 inched down 0.49 percent, or 6.98 points, to 1,410.58 points.

Market capitalization lost LE 2.56 billion, recording LE 707.93 billion, compared to LE 710.49 billion in Sunday's session.

The trading volume reached 95.4 million shares, traded through 15,905 transactions, with a turnover of LE 549.39 million.

Arab investors were net sellers at LE 58.09 million, while Egyptian and foreign investors were net buyers at LE 41.82 million, and LE 16.27 million, respectively.

Egyptian and foreign individuals were net buyers at LE 26.87 million, and LE 3.13 million, respectively, while Arab individuals were net sellers at LE 15.25 million.

Egyptian and foreign organizations bought at LE 14.95 million, and LE 13.14 million, respectively, while Arab organizations sold at LE 42.85 million.

Alexandria Cement, The Arab Dairy Products Co. Arab Dairy - Panda, and Belton Financial Holding were top gainers of the session by 10 percent, 9.56 percent and 3.85 percent, respectively.

Meanwhile, Egyptian Real Estate Group, Saudi Egyptian Investment & Finance, National Real Estate Bank for Development were top losers of the session by 7.47 percent, 6.34 percent, and 5.86 percent, respectively.

On Sunday, EGX ended trading in red, as EGX30 lessened 0.32 percent, EGX 50 declined 0.71 percent, EGX 70 rose 0.64 percent, and EGX 100 inched down 0.70 percent.
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11/25/2019 4:32:32 PM
<![CDATA[200MW solar plant to be established in Kom Ombo ]]>
He explained that a 200 MW solar plant will also be installed in the same area.

Khayyat added that several projects to establish solar and wind power plants with a total capacity of 2000 megawatts are still under study and that the financial closure of these projects will be finalized next June.

The renewable energy is expected to contribute 42 percent of the energy mix by the year 2035, said Khayyat, stressing that by the year 2022, the share of renewable energy in Egypt will reach 20 percent.

In August, a total of €19 million have been invested by the Renewable Energy Authority in the field of solar energy, and €150 million have been allocated to future projects.]]>
11/25/2019 4:28:44 PM
<![CDATA[French EDF Renewables partners with Egypt's KarmSolar]]>
KarmSolar is a developer and supplier of solar power in Egypt, and itplays a role in the emerging solar Independent Power Producer (IPP) market. The company secures PPAs and solar distribution contracts with large commercial, agricultural and industrial clients.

KarmSolar currently holds a portfolio in Egypt close to 170 MW of solar PV plant projects in operations, under construction and advanced development. These solar projects take part in achieving the Egyptian Government’s target that aims at generating 42 percent of its electricity from renewable resources by 2035, according to the EDF announcement.

The company clarified ina press release that upon this partnership its subsidiary will inject capital to take a strategic equity stake in KarmSolar through a reserved capital increase.

"This investment will allow KarmSolar to implement its ambitious development plan in the country,which includes expanding its portfolio of solar plants and providing power to commercial, agricultural and industrial clients through Power Purchase Agreements (PPAs) or distribution contracts," it stated.

In addition, this investment contributes to EDF Group's goal under the CAP 2030 strategy to double its renewable energy capacity worldwide to 50 GW net between 2015 and 2030, according to the company.

“We are delighted to establish this partnership to support KarmSolar in the delivery of its innovative business model. This partnership is fully in line with EDF Renewables strategy to offer relevant solutions helping commercial &industrial customers achieve their low carbon ambitions through the production and consumption of a competitive renewable energy," Executive VP International Operations for EDF Renewables, Frederic Belloy, said.

Belloyadded that this investment also comes in compliance with EDF international strategy, where North Africa represents a great potential for development. Following the recent commissioning of our 130 MWp solar power plants in Benban, the investment will further strengthen our long-term development strategy in Egypt.

For his part, CEO of KarmSolar Ahmed Zahran stated that this investment constitutes a new major step to support growth, expressing his company's confidence that EDF Renewables is the right partner to help take KarmSolar to the next phase of its expansion.

“Throughout our conversations with EDF Renewables, it was very clear that they believed in what we want to achieve – which is to promote renewable energy and to make solar power more accessible,”Zahran noted.

Moreover, Chairman of KarmSolar Amr el-Sawaf said, "This is a major milestone for the development of our company, that ambitions to propel its expansion forward. EDF Renewables is not only an investor, but a strategic partner whose global expertise will extend KarmSolar’s local reach and further increase its technical capabilities."

Sawaf added that this investment will also boost the private Egyptian solar market, thus supporting the government in implementing its vision of becoming a renewable energy hub for the region.

EDF Renewables has provided renewables solutions to environmentally-conscious commercial &industrial clients for more than 10 years now. The company's clients include Microsoft, Procter & Gamble, Kimberly-Clark, Yahoo, Nivea, Danone, Coca Cola, Nestlé, Wahaha, and Tesco.

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11/25/2019 4:02:29 PM
<![CDATA[Egypt to be in charge of developing African power grid: Minister]]>
Addressing the inaugural session of the Program for Infrastructure Development in Africa (PIDA) 2019 which kicked off in Cairo on Monday, minister Shaker said the project would enable African countries to achieve the optimal use of energy resources available in the continent through the establishment of a unified African energy market working on solving energy problems in African countries.

Minister Shaker conveyed the greetings of President Abdel Fattah El Sisi to the African event's participants.
.
The five-day event will focus on issues such as the connections between infrastructure and energy, infrastructure and job creation, infrastructure and agriculture and industrialization, infrastructure and trade/economic integration and infrastructure and health and education. ]]>
11/25/2019 3:38:00 PM
<![CDATA[Egypt, Norway discuss petroleum cooperation]]>
This took place during his meeting with Norwegian Ambassador here Lena Natasha Lind.

The two sides discussed boosting cooperation in the petroleum and gas domains.

The Norwegian diplomat expressed the desire of Norwegian companies to increase their investments in the petroleum domain, citing investments by Equinor energy company and other Norwegian specialized service companies.

She praised the contribution of the Norwegian company BGS in the two-dimensional seismic research and data processing project carried out for the Egyptian Natural Gas Holding Company (EGAS).

She invited Molla to attend the World Petroleum Conference and Exhibition to be held in Norway in August 2020. ]]>
11/25/2019 3:10:15 PM
<![CDATA[Amendments to Capital Market Law added new financial instruments: official]]>
Till now, three issuances of short-term securities were approved of maturity date not exceeding 2 years, he said in a statement released by the authority, hoping the other financial tools that were approved as part of the new amendments will see daylight soon.

As part of celebrations of the tenth anniversary of the FRA establishment, a roundtable meeting will be held next month with the participation of experts to shed the light on local and international challenges to money market, he said.

The roundtable will tackle ways of financing sustainable development.]]>
11/25/2019 3:08:00 PM
<![CDATA[Banque Misr signs €500M credit facility deal for financing SMEs]]>
The deal comes as part of Banque Misr’s move to diversify its funding channels to be used in financing SMEs, the bank said in a statement.

The three-year credit facility is expected to contribute to boosting the bank’s foreign exchange sources.

The deal is the second of its kind to be inked between the two banks in support of SMEs.

Banque Misr’s SMEs portfolio was estimated at LE 26 billion in September 2019, with an average growth rate of 120 percent in four years since the activation of a Central Bank of Egypt’s (CBE) initiative aimed at financing SMEs. ]]>
11/25/2019 2:24:45 PM
<![CDATA[CBE issues LE 4B in T-bonds Monday]]>
The T-bonds were offered in two installments, with the first valued at LE 2 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.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during Thursday's meeting, Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

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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11/25/2019 2:21:30 PM
<![CDATA[Egypt’s petroleum exports record $2.42B in Q1 2019/20]]>
The ministry attributed the decline in the value of the sector's exports from July to Sept. (2019-2020) to the global decline in prices, despite the 2.1-percent increase in quantities exported.

It pointed out that the value of imports of crude and petroleum products during this period amounted to about $2.7 billion, marking a decrease of about 13 percent, despite the 0.4 increase in imported quantities after the decline in the world price.

Egypt's non-petroleum exports hiked 3 percent during the first nine months of 2019, recording $19.201 billion compared to about $18.708 billion in the same period of 2018

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11/25/2019 11:15:39 AM
<![CDATA[Egypt’s 1st short-term securitization for LE 167M closed: Premium Int'l]]>
“The bond, which consists of a single 10-month tranche with a fixed coupon rate of 12.59 percent, received a 'Prime 1 Rating', the strongest amongst other Egyptian bond issuances as quoted by Middle East Ratings and Investor Services (MERIS),” the company clarified.

According to the company, the issuance is the first transaction of its kind under a securitization bond issuance program to be issued in favor of Premium International for Credit Services. The transaction was approved by the Financial Regulatory Authority FRA and falls under the new Short Term Debt Instrument decree no. 172 of 2018.

“The offering was successfully subscribed by AAIB for a 50 percent share, while the remaining 50 percent were subscribed by several prominent investment funds,” it added.

Premium International noted that a consortium consisting of the leading financial, banking and legal institutions collaborated jointly on this first short term securitization transaction in Egypt, where EFG-Hermes acted as lead arranger, book-runner and underwriter, while Arab African International Bank (AAIB) was tapped as underwriter, placement agent and custodian of the transaction. Dreny & Partners was the legal advisor and KPMG -the auditor for the transaction.

“Premium was a pioneer in introducing consumer credit back in 2002 with its innovative, first-of-its kind zero-interest and bank-free installment cards. We are proud to be the first company and originator of a short-term securitization transaction in Egypt and to achieve the highest credit rating, thanks to our unique and innovative debt collection strategy that ensures minimum default rates by consumers,” Founder and CEO of Premium International Paul Antaki said.

“This is the first tranche of Premium’s two-year program of issuing LE 2 billion short-term securitized bonds, an attempt to diversify the financing sources and to off load our balance sheet through monetizing LE 2.5 Billion worth of net present value of receivables associated with debt collection and consumer credit, “ Antaki added.

Co-Founder and Board Member of Premium Card Rami Antaki commented on the issuance, saying: “I am proud to add that the first asset-backed short-term bond issued by Premium International for Credit Services, received this highest rating, reflecting the cautious building over the years of a resilient and diversified portfolio of consumer card receivables, originated under our highly strict underwriting and servicing standards and procedures.

“The company will use proceeds from the transaction to improve Premium Card’s short-term liquidity position, strengthen its financial position, extend its borrowing limits with banks and support the company’s future growth plans.”

“Looking ahead, the offering is reinforcing our highly regarded status in the market by exposing our portfolio to international rating agencies," Rami Antaki added.

For his part, Co-head of investment banking at EFG Hermes Mostafa Gad said that EFG Hermes has taken the initiative to pave the way by issuing the first short-term securitization transaction under the new STDI decree, adding that not only is this issuance was the first of its kind from a tenor perspective, but also the first in the consumer finance industry.

“Setting up an independent team dedicated to debt capital markets came to execute our strategy of diversifying our services in markets where we already operate, parallel to our successful geographic expansion drive that has taken our world-class advisory services to newly-entered Frontier Emerging Markets. We look forward to working closely with Premium with regards to the remaining issuances under the first short term program, approved by the FRA in October, amounting to a total of LE2 billion over a period of 2 years,” added Gad.

Additionally, Vice Chairman and Managing Director of Arab African International Bank Sherif Elwy said, "We at Arab African International Bank highly believe in the great potential of the debt market and its existing instruments, as well as contributing to the introduction of new innovative instruments, which come in line with the general direction of the Financial Regulatory Authority (FRA) and the sentiment of the Egyptian financial sector. Therefore, we are honored to have joined forces with the reputable team that has worked on the release of the first issue of short-term securitized bonds in the Egyptian debt capital market.”

Elwy added that AAIB proudly shared its vast experience and knowledge gained from being an active player in many successful securitization transactions over the past years by undertaking the role of the underwriter, placement agent in addition to its important role as the transaction’s custodian. “Furthermore, AAIB's successful business partnership with Premium International for Credit Services and its deep understanding of its services and business model has unquestionably contributed to the accomplishment of this transaction.”

On Nov. 20, the Financial Regulatory Authority (FRA) approved a program issuing short-term securitization bonds worth LE2 billion, according to FRA Head Mohamed Omran. Omran added that, as a part of this program, FRA agreed to issue two short-term securitization bonds for Premium International for credit services.

Omran stated during a conference for announcing the issuance of the first short-term securitization for payment of Premium card that the first offering is worth LE 167 million, while the second will be worth LE 497 million.
]]>
11/24/2019 6:39:37 PM
<![CDATA[Uber expands Bus service across Egypt, exports it to 2 countries]]>
“We are deeply gratified to hear the President’s appreciation for Uber’s social and economic impact," Le Roux added, commenting on President Abdel Fatah el-Sisi’s speech during the investors’ round-table held in Africa 2019 Conference.

Le Roux explained that the company initially launched Uber Bus as a global-first in Egypt in response to the president’s request. “We are proud to be exporting the product to two other countries,” Le Roux revealed.

President Sisi said Saturday that he had talked with representatives of Uber Company to provide mass transportation service in Egypt amid new legislative laws being drafted by the government to facilitate the work of foreign transportation companies in Egypt.

Egypt’s Africa 2019 Conference kicked off on Friday under President Sisi’s auspices, with the participation of more than 2,000 international businesspersons, economic experts and entrepreneurs from Egypt and African countries. The two-day conference was held in the New Administrative Capital.


]]>
11/24/2019 5:24:07 PM
<![CDATA[Egypt’s exports to Peru rise 18% in 2018]]>
This came during a meeting held by the Egyptian minister of industry with his Peruvian counterpart Edgar Vasquez.

Nassar stressed the importance of enhancing economic cooperation between Egypt and Peru as the two countries are pivotal in Africa and Latin America, pointing out the possibility of utilizing the Peruvian market as a hub for Egyptian exports to South American markets, while the Egyptian market can act as as a gateway for Peruvian exports to African markets and the Middle East.

Nassarreferred to the possibility of achieving industrial and commercial integration between the two countries, especially in light of the great similarity between the economic conditions and components of both countries, indicating the availability of great investment opportunities for the Peruvian business community in the Egyptian market.

For his part, the Peruvian minister of foreign trade and tourism affirmed his country's keenness to strengthen economic cooperation with Egypt as the front of the African continent and a pivotal country in the Middle East.

Vasquez pointed out that his country is currently seeking rapprochement with the African continent through Egypt.He said Peru's economy is the sixth largest in South America and the Caribbean, with a domestic market of 32 million consumers.
]]>
11/24/2019 4:01:59 PM
<![CDATA[EGX starts week in red, losing LE 3.4B]]>
The benchmark EGX 30 lessened 0.32 percent, or 44.42 points, to close at 14,050.16 points.

The equally weighted index EGX 50 declined 0.71 percent, or 14.59 points, to end at 2,044.66 points.

The small and mid-cap index EGX 70 dipped 0.64 percent, or 3.5 points, to close at 539.25 points, and the broader index EGX 100 inched down 0.70 percent, or 9.94 points, to 1,417.56 points.

Market capitalization lost LE 3.4 billion, recording LE 710.49 billion, compared to LE 713.91 billion in Thursday’s session.

The trading volume reached 49.9 million shares, traded through 10,545 transactions, with a turnover of LE 252.47 million.

Egyptian investors were net buyers at LE 23.49 million, while Arab and foreign investors were net sellers at LE 7.4 million, and LE 16.09 million, respectively.

Egyptian and Arab individuals were net sellers at LE 13.52 million, and LE 1.12 million, respectively, while foreign individuals were net buyers at LE 166,000.

Arab and foreign organizations sold at LE 6.28 million, and LE 16.26 million, respectively, while Egyptian organizations bought at LE 37.01 million.

Atlas For Investment and Food Industries, Arab Pharmaceuticals, and Faisal Islamic Bank of Egypt - In US Dollars were top gainers of the session by 4.44 percent, 2.89 percent and 1.98 percent, respectively.

Meanwhile, Egyptian Real Estate Group, El Kahera Housing, Al Arafa For Investment and Consultancies were top losers of the session by 7.19 percent, 6.36 percent, and 5.98 percent, respectively.

On Thursday, EGX ended Thursday’s session on mixed note, as EGX30 lessened 0.91 percent, and EGX 50 declined 0.27 percent, while EGX 70 rose 0.44 percent, and EGX 100 inched up 0.01 percent.
]]>
11/24/2019 4:00:56 PM
<![CDATA[34th session of Intergovernmental Committee of Experts kicks off Monday]]>
“The conference will run until Thursday, Nov. 28, in Aswan,” the ministry added.

The ministry clarified that hosting the conference comes in light of the Egyptian Government's commitment to strengthening global development partnerships to achieve sustainable development goals and strengthen African intergovernmental ties in lightof Egypt's presidency of the African Union.

The ministry stressed the importance of the African Continental Free Trade Agreement because of its contribution to the flow of trade in goods and services, especially in light of the high level of tariff liberalization between African countries.

Previously, the Planning Ministry signed an agreement with the United Nations on arrangements for hosting the 34thsession of the Intergovernmental Committee of Experts for the Sub-regional Office for North Africa of the Economic Commission for Africa.

The conference will be attended by ECA member states, Egypt, Tunisia, Algeria, Morocco, Libya, Sudan and Mauritania, in addition to a number of UN agencies, governmental and non-governmental organizations, as well as staff of the United Nations Secretariat, and private sector entities.

]]>
11/24/2019 3:24:49 PM
<![CDATA[Oil Ministry: Consumption of 95-octane fuel increases by 74 % during 3 months]]>
This came in a report sent to Minister of Petroleum and Mineral Wealth Tareq el Molla on the outcome of the business activities of refining, infrastructure of the oil sector and natural gas projects over the mentioned period.

The report noted that consumption of petroleum products recorded 7.5 million tons, recording a decrease of 5.7 percent compared with the same period of the previous year.

Consumption of 80-octane fuel recorded a decrease of 9.5 percent during the three months, the report said, pointing out that consumption of 92-octane fuel registered a four percent increase and that of the 95-octane fuel rose by 74 percent due to consumers' turning to its use instead of the 92-octane as they are both very close in their prices.

Meanwhile, the report said consumption of natural gas reached more than 12 million tons during the three months, representing 62.3 percent of the local consumption with a decrease of 4.9 percent compared with the same period of the previous year.]]>
11/24/2019 3:00:26 PM
<![CDATA[CBE chooses consortium as financial adviser in deal to sell United Bank]]>
CBE owns 99.9 precent of the shares of United Bank and it is being restructured in preparation for the sale, as the CBE is not allowed to maintain ownership of any banks.

In a statement released on Sunday, CBE said the choice of the consortium has been made following the results of five bids submitted by a group of major international financial consulting companies wishing to act as advisers for the transaction.

The CBE's intention to sell shares of the United Bank was officially revealed in March 2016 as part of the country's banking reforms.

The sale of United Bank aims at turning it into a distinguished financial bank for micro- and small-scale projects after its board has initially approved its sale for a strategic investor, added the statement.

The sale also aims at luring financial institutions of expertise in the banking sector as well as propelling investment in the Egyptian market, added the statement.]]>
11/24/2019 2:57:22 PM
<![CDATA[CBE to issue LE 18.5B 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 9.5 billion with a 273-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.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during Thursday's meeting, Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

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.


]]>
11/24/2019 12:38:04 PM
<![CDATA[Trade exchange between Egypt, Nile basin countries increased by 25.4% in 2018]]>
This was stated in its annual bulletin for trade exchange between Egypt and its fellow Nile Basin countries in 2018 which presents and analyses the volume of trade (exports – imports) with Nile Basin countries, including Sudan, Ethiopia, Uganda, Congo, Kenya, Tanzania, Rwanda, Burundi, and Eritrea.

Sudan ranked first in terms of exports, with a value of dlrs 399.3 million in 2018, representing 33.3 percent of the total trade volume with the Nile basin countries. Kenya ranked second, followed by Ethiopia, Eritrea and Uganda.

CAPMAS noted that the total value of imports from Nile Basin countries reached dlrs 668 million in 2018, compared to dlrs 380 million in 2017, with an increase of 75.8%.

Kenya ranked first in terms of imports with a value of dlrs 287.3 million in 2018, representing 43 percent of the total imports of the Nile basin countries. Sudan comes second, followed by Congo, Ethiopia and then Uganda.

The most important items that were imported included coffee, tea, and spices as well as living animals, cotton, oil seeds, medical plants and fodder.]]>
11/24/2019 12:16:04 PM
<![CDATA[Sisi talks further cooperation with European Bank, Siemens]]>
Meeting Suma Chakrabarti, EBRD's president, on the sidelines of the Investment for Africa Forum in the New Administrative Capital, Sisi welcomed the bank's participation in the forum, which comes within the framework of its efforts to back the various developmental sectors in Africa, presidential spokesman Bassam Radi said.

Foreign Minister Sameh Shoukry and Minister of Investment and International Cooperation Sahar Nasr attended the meeting.

siemens

Sisi also met with Siemens CEO Joe Kaeser and expressed his appreciation to the German company's achievements concerning the implementation of developmental projects in Egypt, including the three power plants in Beni Suef, south of Cairo; the New Administrative Capital, east of Cairo; and in Kafr Al-Sheikh's Burullus in northern Egypt.

Sisi said that Siemens is considered an important partner for Egypt in the latter's development path.

The president expressed aspiration to continue and develop the existing partnership with Siemens in many areas related to the company's experience and activity, including rapid transit, rail development and renewable energy. He also expressed hope for the country to benefit from the company's capabilities in terms of the technical training.

Siemens has been one of Egypt's key partners since President Abdel Fattah al-Sisi took post in 2014.

In July 2018, Sisi arrived in the New Administrative Capital to inaugurate four national megaprojects in the electricity sector.

The projects include three giant power plants carried out by Siemens, in the new capital, Beni Suef, and Burullus with a total capacity of 14400 megawatts, or about 50 percent of the electricity grid, in addition to the world’s biggest Gabal al-Zeit wind station.

The wind power plant in Gabal El-Zeit consists of three projects, including 390 wind turbines, with a capacity of 580 megawatts (MW).

As per Beni Suef station, it’s built on an area of 500,000 cubic meters. The project consists of four blocks (cycle vehicle) and each cycle produces 1200 MW, bringing the total output of the plant 4800 MW, each block contains 2 gas turbines and 2 boilers to restore energy and steam turbine.

Beni Suef station contributes by around 20 percent of the total electricity bound to the national network of electricity, especially as it operates with the highest generation efficiency of the world up to 60 percent.

Egypt’s national strategy targets to bring the contribution of electricity from renewable energy to 20 percent by the year 2022.

Moreover, Burullus station, which exists on a land of 250 feddans, will pump 4800 megawatts on Egypt’s electricity grid.]]>
11/24/2019 11:11:52 AM
<![CDATA[Sisi in Africa 2019: AU leaders work on building intracontinental infrastructure]]>
“Africa’s infrastructure and natural resources represent great opportunities for the investors… African leaders determine and are able to change the continent to a better future for the youth,” he continued. “Development is a human right,” he said.

Development megaproject were not limited to only Cape Town-Cairo Road or VICMED, which aims to connect the Lake Vitoria with the Mediterranean Sea, but also to establish intracontinental infrastructure among more than 50 countries, he continued, shedding light on the importance of the technological and information connection.

President Sisi added that the cost of these projects could be estimated at $200 to $250 billion, calling on the international companies and financing institutions like the World Bank (WB) to invest in these megaprojects.

“Some African countries have been economically developed and the continent has a tremendous leap in the infrastructure sector,” President Sisi said, adding that the investments in this sector would substantially enhance development.

He said that Egypt is tremendously investing in this sector as the state spent LE 4 trillion on the infrastructure projects over the past five years.

President Sisi affirmed that if the developed countries helped the developing states to achieve development, it would result in preventing illegal migration and combating terrorism, saying “the situation should not be tackled only in an economic point of view, but also throughout security and humanitarian perspective,” he said.

“The terrorism kills hope and development, increases unemployment, ruins tourism and paralyzes the state,” he added, noting that Egypt continued its way towards development although it was facing terrorism.

He said that African countries have other fields and sector to which foreign investors could gravitate, noting that African countries that are enriched with mining resources could have an added value throughout manufacturing the raw materials instead of exporting them to other developed countries.

He noted that the absence of manufacturing the raw materials could embody a challenge against the development of these countries.

Sisi praised the efforts exerted by the German Company of Siemens in the Egyptian energy sector, calling for the international companies to take the German company as a model and to invest in other fields like industry and agriculture in Egypt.

Concerning the government’s reform plan for the transportation services, President Sisi said that he had talked with representatives of Uber Company to provide mass transportation service in Egypt amid drafting new legislative laws by the government to facilitate the work of foreign transportation companies in Egypt.

During the roundtable, Minister of Transportation Kamel al-Wazir commented that the government has drafted the Law of Transportation and Information Technology and is being currently discussed in the cabinet.

Under President Sisi’s auspices, Egypt’s Africa 2019 Conference kicked off on Friday, with participation of dignitaries and more than 2,000 international businesspersons, economic experts and entrepreneurs from Egypt and African countries. The two-day conference is being held in the New Administrative Capital.]]>
11/23/2019 9:46:11 PM
<![CDATA[Agreements worth LE10B signed in Africa 2019 ]]>
The signing ceremony took place during Africa 2019 forum held on November 22-23 in Egypt’s New Administrative Capital and attended by African heads of states, ministers, and 2,000 investors and development partners.

Two joint investment MoUs were closed with Djibouti and Angola while funding deals were finalized with Kuwait, France, China, EBRD, and EIB. It is worthy to mention that Egyptian investments in Africa stand at $11.3 billion while the value of African investments in Egypt is $3 billion.

The MoU with Angola is aimed at boosting cooperation in the sectors of agriculture, tourism, industry, infrastructure, mining, construction, and health. That is in addition to exchanging expertise not only in the aforementioned realms but also in respect of promoting investment opportunities. The MoU also suggests that both countries can get funding for joint projects from international institutions and development partners. The MoU with Djibouti is about joint economic cooperation and investments.

Three agreements worth $201 million were signed with EBRD to support the national electricity grid.

An agreement worth €45 million was signed with EIB to support SMEs.

A framework agreement with the French Development Agency (AFD) was amended.

The agreement is pertinent to the regulation of the work of the private sector in Egypt.

An agreement worth $82 million was signed with Kuwait Fund for Arab Economic Development to build the 4th horizontal road linking North Sinai with South Sinai.

An agreement worth $50 million was closed to fund the Suez Oil Company (SUCO) in order to improve the efficiency of its energy system and refinery.

Two contracts worth $430 million were signed with Noble Energy to supply energy to the pipeline of the East Mediterranean Gas Company and cooperate with Dolphinus Holdings in the realm of oil products.

A grant worth $42 million was signed with China within a financing program to fund the establishment of a center that assembles and tests satellites, launch Misr-Sat 2 performing remote sensing, develop the first and second phases of distance education and execute the third phase of the program, accomplish the feasibility studies of a vocational training center in SCzone, and supply equipment to the Chinese Technology College in Suez Canal University. The total value of Chinese grants to Egypt until now is $294 million.

Banque Misr and Sarwa Capital issued the first tranche of bonds worth LE4 billion on behalf of the New Urban Communities Authority to develop infrastructure. That tranche is worth LE500 million and was marketed among local and international banks and financial institutions.

The first tranche - worth $100 million - of a $500 million funding was signed by the International Islamic Trade Finance Corporation and Afreximbank to finance imports and exports of African states.

Lekela Power announced the beginning of the execution of West Bakr Wind Energy Farm worth $350 million. The farm has a capacity of 250 megawatts and offers 550 job opportunities. The company has $2 billion worth of investments in Africa and contemplates adding further $600 million over the next 2-3 years. The total capacity of its projects on the continent is 1,300 megawatts.

Africa 2019 is held on November 22-23 in Egypt’s New Administrative Capital and is attendee by African heads of states, ministers, and 2,000 investors and development partners.]]>
11/23/2019 4:22:37 PM
<![CDATA[EBRD funds Suez Oil Processing Company by $50M loan ]]>
EBRD added in a statement that this loan came to support the modernisation of Egypt’s oil industry by upgrading the oil refinery owned by SOPEC.

“The funds will be invested in improvements of the refinery’s operational efficiency and will enable SOPC to introduce cleaner fuel. The measures will reduce CO2 emissions by 289,000 tonnes, contributing to a better air quality in Egypt,” it clarified.

“The Bank’s support to SOPC will help realign the supply and demand of higher value added oil products and reduce the need for imports, “ it added.

EBRD President Suma Chakrabarti said in a statement Thursday that his bank is committed to supporting the government of Egypt in its development priorities and reform effort.

Chakrabarti added that the bank’s business in Egypt is growing steadily. "We are promoting sustainability and helping to forge strong links within countries and cross border here and in the other economies where we invest.”

EBRD President Suma Chakrabarti visits Egypt on Saturday, Nov. 23, to take part in high-profile meetings and participate in the Investment for Africa Forum in the country’s New Administrative Capital.


Egypt is a founding member of the EBRD. Since the start of its operations in Egypt in 2012, the bank has invested over €5.5 billion in 102 projects in the country. In 2018, Egypt was the largest economy where the EBRD invests, in terms of new commitments.



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11/23/2019 3:57:09 PM
<![CDATA[DFC provides Egypt with $430M in insurance to Natural gas projects]]>
The advancement of energy security will be achieved through rehabilitating a natural gas pipeline and transporting natural gas from fields offshore in Israel, Boehler explained.

Boehlar added during the Investment for Africa 2019 Forum currently held in Egypt that the insurance "will enable Noble Energy Inc. of Houston, Texas to restore the 90-kilometer EMG Pipeline running from the coastal city of Ashkelon, Israel and under the Mediterranean Sea to its destination in Al-Arish, Egypt."

According to Boehler, the insurance will also support the transport of 3 trillion cubic feet of natural gas over 15 years. The insurance contracts were signed this week after Noble Energy and its partners achieved financial close for the project.

“Strengthening energy security—which bolsters trade, supports investment, and improves quality of life—is critical to ensuring lasting prosperity and stability in Egypt,” said Boehler. “This project will help the country meet growing demand for reliable, low-cost energy in order to fuel sustained economic growth and create opportunities that have a stabilizing impact in Egypt and across the region.”

The signing ceremony included Boehler and U.S. Ambassador to Egypt Jonathan Cohen as well as Egyptian Prime Minister Moustafa Madbouly and Minister of Investment and International Cooperation Sahar Nasr.

“Egypt is a strategic partner to the United States. We are excited to support this critical investment in the country by an American company which will not only spur job creation and economic growth but also help provide reliable and affordable energy for the people of Egypt and others throughout the region,” said Cohen.

“Egypt welcomes this massive private sector investment and looks forward to the economic impact it will have for the Egyptian people,” said Nasr.

“The Dolphinus gas sales contracts and the EMG acquisition underpin delivery of natural gas from the Tamar and Leviathan fields in Israel into Egypt and represent a major milestone toward Egypt’s goal of becoming a regional energy hub. Both these transactions and the support from the U.S. Government provide further confidence in the long-term export market and growing cash flow from these premier assets,” said J. Keith Elliott, Noble Energy’s Senior Vice President, Offshore.

DFC announced in a statement that under the terms of the project, the gas will be purchased by Dolphinus Holdings, a gas trading company.

“The project will advance energy security in Egypt and support the country’s efforts to grow its economy by exporting gas to parts of Europe and other global markets. The pipeline being restored had initially been used to transport natural gas from Egypt to Israel but ceased operations in 2012,” it added.

DFC announced earlier that Boehler will exist in Egypt during Nov. 21 – 23, in order to promote U.S. investment, attend the Investment for Africa Forum, and strengthen regional relationships in pursuit of shared development goals in the region.

DFC clarified that this visit follows recent travel by Boehler to the Indo-Pacific, Latin America, and Sub-Saharan Africa to strengthen relationships with key partners and highlight DFC’s enhanced flexibility to support private sector investment in critical regions.

DFC's investments in Egypt currently exceeds $1.5 billion in sectors ranging from infrastructure to financial services and healthcare.

DFC is a new U.S. Government agency that combines and modernizes the Overseas Private Investment Corporation (OPIC) and USAID’s Development Credit Authority (DCA), with a more than doubled investment cap of $60 billion.

]]>
11/23/2019 3:46:03 PM
<![CDATA[British investors no more have 'gloomy outlook' in Egypt: BEBA Chairman ]]>
Discussing British investors' fear, Nossier told Egypt Today that they might be afraid of "unclear economic conditions," noting that the circumstances in Egypt have been improved lately.

One of BEBA's role is to illustrate the true picture of the situation in Egypt to the investors, Nossair stated.

“Britain is the largest investor in Egypt with investments in different fields including: Petroleum, Telecommunications, Financial services, and Pharmaceutical Industries," Chairman of BEBA noted.

He added that his association is working on attracting more investors to invest in other sectors, especially in infrastructure projects, as they are not benefiting from them.

As per BEBA role, Nossair said the association links the British investors with available opportunities in Egypt, and build a platform where they can meet their counterparts to cooperate and become partners whether through investments in the country or in the continent, in addition to facilitating obstacles to attract more investments.

All sectors will be included in the platform, he said.

"Egypt can be the gate of Africa and the Middle East for Britain after the Brexit, as its supply chain will be affected " Nossair pointed, clarifying that this can be achieved whether having Africa as a substitution of Europe, with no competitors to them there.

On Brexit, he stated that whether Britain achieved a deal or not with the European Union, Egypt can benefit from the new trade agreement it will get with Britain though maximizing benefits from by agreeing upon new articles of the agreement, especially in the agriculture as the agreement with EU has a maximum limit for exporting agriculture products to it.

In January 2020, Britain will hold a conference about investment in Africa, according to Nossair. "So the partnership between both countries is important to help the British side to enter the African markets."

"We have a service and industrial companies that have a lack of experience and previous work and the British side can offer that to get a win-win situation," he stated.

The Executive Director of BEBA Nadia Lamloum, who also participated in the seminar, said that the mission also focuses on services besides companies investments as education sector, noting that this sector is important to Egypt so there will be a connection with the British Universities.

Regarding BEBA's mission to Britain that will take place by the end of November, Nosseifsaid that it will include around 40 businessmen, in addition to Ministers of Investment, Transportation, and Finance, as well as the head of Suez Canal Economic Zone Yehia Zaki.

The mission will focus on sectors of Transportation, Health, Education, and Financial service.

Head of Suez Canal Economic Zone Yehia Zaki will announce available opportunities for investment in SCZone and contact with investors and companies to know their needs, according to Nossair.

Related to Transportation, Chairman of BEBA stated that Britain has successful programs in transportation system whether via land or sea, so Egypt can get benefit from this through the knowhow methodology.

The mission will also have a visit to Coventry University in United Kingdom, as to review the success story of having one of its branches now in Egypt.

The official opening of Coventry University's The Knowledge Hub (TKH) took place in Sep. 22 in Cairo’s New Administrative Capital. Coventry University is ranked among the top fifteen universities in the UK.

As per health, the mission will review Vodafone's investment in the pilot experiment of applying the Comprehensive Health Insurance in Port Said governorate.

"Health and Education sectors are very strong in Britain that Egypt can get benefit from," Nossair said.

Ministry of Investment and International Cooperation announced earlier that British investments in Egypt recorded $47.4 billion through 1816 companies operating in the state. ]]>
11/23/2019 3:26:43 PM
<![CDATA[EBRD chief praises progress on 3-year-old new capital project]]>
Chakrabarti said he was told by the Rwandan Prime Minister Édouard Ngirente that the constructions he had seen on Friday in the new capital take up to 10-15 years in other countries and not just three.

The EBRD president's statements came during a meeting with Prime Minister Mostafa Madbouly on Saturday on the sidelines of Africa 2019 forum held in NAC.

The prime minister affirmed that Egypt attempts to concert continental and international efforts to reinforce infrastructure projects in Africa, including the ambitious plan to achieve electricity linkage between Egypt, Sudan, and Ethiopia.

Africa 2019 is held on November 22-23 in Egypt’s New Administrative Capital and is attendee by African heads of states, ministers, and 2,000 investors and development partners.]]>
11/23/2019 2:55:38 PM
<![CDATA[EIB eager to fund education projects in Egypt]]>
In a meeting with Prime Minister Mostafa Madbouly on the sidelines of Africa 2019 forum, Scannapieco discussed on Saturday current and future cooperation with Egypt in the sectors of transportation, electricity, renewable energy, and water. The foreign official clarified that, in addition to funding infrastructure projects, the EIB is ready to finance social development endeavors in Egypt.

On the other hand, the prime minister underlined that Egypt is eager to boost the number and quality of technology universities and technical schools. Madbouly clarified that Egypt currently has three technology universities but aspires to establish at least one in each governorate.

The EIB vice-president expressed appreciation for the ties with Egypt that extends for more than 40 years, and congratulated the government for the outstanding performance of the Egyptian economy showcased by ranking institutions.

Scannapieco added that the purchase of T-bonds, whose duration is 40 years, by a large number of investors reflects a great trust in the Egyptian economy.

Africa 2019 is held on November 22-23 in Egypt’s New Administrative Capital and is attendee by African heads of states, ministers, and 2,000 investors and development partners.]]>
11/23/2019 2:28:56 PM
<![CDATA[Egypt has robust infrastructure that fulfills investors' needs: min.]]>
The minister added that Egypt is experiencing radical changes that put it on top of investment attractions in all sectors.

Nasr also pointed out to the legislative reforms undertaken to improve the investment environment, and facilitate administrative processes. The minister highlighted offering industrial lands having all utilities needed, making room for private investors in promising sectors, whether independently or in partnership with the government, and providing incentives for the private sector to take part in mega projects.

In parallel, a national plan for radical economic reforms has been accomplished with the support of international financial institutions, the minister said. Nasr explained that out of faith in the role of the private sector in the development process, the government has collaborated with development partners, banks, and development funds to secure soft loans for SMEs.

Africa 2019 is held on November 22-23 in Egypt’s New Administrative Capital and is attendee by African heads of states, ministers, and 2,000 investors and development partners.]]>
11/23/2019 2:08:26 PM
<![CDATA[PM clarifies government's role in expanding private sector investments ]]>
Madbouly highlighted that Egypt is on the right track as huge governmental investments have been pumped into infrastructure in partnership with the private sector over the past years. Those were channeled to energy, water, oil and gas projects.

The prime minister pointed out that a few years ago the government faced many challenges because of political instability. Madbouly added that legislative reforms along with the government's planning encouraged the private sector to expand investments in the country, which has given rise to remarkable results. "The private sector would not invest in the new capital without the participation of the government in planning the infrastructure. We were certain that the private sector would take part," the prime minister said.

Africa 2019 is held on November 22-23 in Egypt’s New Administrative Capital and is attendee by African heads of states, ministers, and 2,000 investors and development partners.]]>
11/23/2019 12:47:53 PM
<![CDATA[WB signs US$ 1.7 million grant to simplify licensing requirements]]>
The EASE Project and its additional finance are financed by the Middle East and North Africa (MENA) Transition Fund.

The project was initially launched in 2016 with the aim of increasing private sector investments and accordingly creating more private sector jobs through simplifying licensing requirements and availing transparent industrial land allocation processes.

The additional finance aims to enhance Egypt’s General Authority for Foreign Investments (GAFI)’s role in line with the new investment law as the main business entry point for all sorts of companies and the “one window” for providing certain licensing and permits activities to investors. This requires the development of a comprehensive and functional digital system to mainstream business procedures, connect the central and subnational levels, facilitate easy access to the system in all geographical areas and adopt international successful practices in provision of government services.

It will promote the electronic coordination and synchronization among relevant line ministries, local authorities at different governorates, and public entities that are involved in granting business licensing and permits; and establish a quality control system to guarantee its efficiency and effectiveness.

Nevertheless, it aims to enhance GAFI’s organizational structure and staff information technology capacity in order to efficiently operate the upgraded systems.]]>
11/23/2019 12:35:13 PM
<![CDATA[PM opens 2nd day of Africa investment forum]]>
Delegations of more than 35 African countries, representatives of international organizations and financial institutions – a top of which are the United Nations, the World Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Islamic Development Bank and the African Export–Import Bank – are taking part in the forum.

Premier Madbouli will take part in the first session of the forum that will tackle successful experiences of African countries towards attaining comprehensive development.

The second session, which is set to be attended by Trade Minister Amr Nassar, will highlight ways of stimulating investments towards achieving industrial transformation in the African continent.

A third session will be held on the role of women in building societies in Africa in light of the African Union's goal for empowering women and achieving equality with men.

Investment Minister Sahar Nasr is due to chair the fourth session that will address the prospects of joint Arab-African investment, in light of the African Continental Free Trade Agreement.

Meanwhile, the fifth session will discuss means of boosting digital conversion in Africa.

The sixth session will focus on investment opportunities in the field of renewable energy.

The seventh session will focus on potential investment in the continent's human capital. ]]>
11/23/2019 11:17:07 AM
<![CDATA[DFC chief: Egypt shows distinguished performance in energy investments]]>
Delivering a speech at the fourth edition of the Africa 2019: Investment for Africa Forum at the New Administrative Capital, Boehler noted that DFC pays special attention to investment in the energy sector in Africa, especially in Egypt.

The corporation shares with the Egyptian government in boosting investment in natural gas to ensure that all Egyptians are benefiting from it, he added. ]]>
11/23/2019 11:10:58 AM
<![CDATA[Govt: No hike in Suez Canal's transit tolls]]>
The center said in a statement Friday that it has contacted the Suez Canal Authority, which totally dismissed these reports, stressing that the transit tolls are the same as they have been for five years.

The authority added that it is keen to make the Suez Canal more competitive with alternative routes, noting that any hike in transit tolls is only imposed after extensive studies and is announced with absolute transparency.]]>
11/22/2019 3:22:20 PM
<![CDATA[South African trade minister in Cairo for Africa 2019 Conference]]>
The two-day event, organized by the Ministry of Investment and International Cooperation in cooperation with the foreign and trade ministries, is set to be attended by more than 66 figures.

The participants include Prime Minister Mostafa Madbouli, Foreign Minister Sameh Shoukry, Investment Minister Sahar Nasr, Electricity Minister Mohamed Shaker, Public Business Sector Minister Hisham Tawfiq and Trade Minister Amr Nassar.

The event is scheduled to be attended by some 2,000 local, African and foreign businesspersons and investors]]>
11/22/2019 12:34:01 PM
<![CDATA[DFC's CEO visits Egypt to promote U.S. investment, attend Africa 2019]]>
DFC clarified that this visit follows recent travel by Boehler to the Indo-Pacific, Latin America, and Sub-Saharan Africa to strengthen relationships with key partners and highlight DFC’s enhanced flexibility to support private sector investment in critical regions.

“Africa is home to immense untapped opportunity that will yield a more prosperous, stable, and secure future for communities across the continent,” said Boehler. “I look forward to joining regional government officials, business leaders, and investors in Egypt to identify avenues through which we can collaborate to achieve our shared vision for Africa.”

DFC clarified that in Egypt, Boehler will attend the Investment for Africa Forum in Cairo to underscore DFC’s commitment to the continent and will meet with regional business leaders to explore investment opportunities in priority areas such as infrastructure development and women’s economic empowerment.

"He will also seek to advance key agency initiatives, including Connect Africa, 2X Africa, and DFC’s new collaboration with the African Development Bank, all of which advance the goals of the Administration’s Prosper Africa effort to increase two-way investment and trade between the U.S. and Africa," it added.

Moreover, Boehler will hold meetings with high-ranking government officials to enhance cooperation in support of regional development, economic growth, and stability.

DFC's investments in Egypt currently exceeds $1.5 billion in sectors ranging from infrastructure to financial services and healthcare.

DFC is a new U.S. Government agency that combines and modernizes the Overseas Private Investment Corporation (OPIC) and USAID’s Development Credit Authority (DCA), with a more than doubled investment cap of $60 billion.

]]>
11/21/2019 8:44:01 PM
<![CDATA[EGX issues regulations for executing public, private placement]]>
EGX added in a statement that the issued executive procedures have allowed the competent committee of the Stock Exchange to change any of the regulatory dates for the offerings as justified by the offering manager and accepted by the bourse two working days prior to the end of the registration period.

It explained that the Financial Regulatory Authority shall be notified by the decision of the committee and a summary of the justifications submitted to the Stock Exchange before the implementation of the required amendment.

The statement pointed out that during the period of validity of the registration period, the bourse shall announce on the trading screens the coverage ratio of the private placement and the execution price as soon as the offer manager's statement is received.

"It shall also announce on the trading screens what is received from the Offering Manager in case of the availability of material emergency information and new information that will change the Offering Circular. That is subject to the authority's approval, which may publish reminder announcements regarding the Offering," it added.

According to the executive procedures, EGX automatically deletes the orders of the clients participating in the public offering and those who are registered in the private placement once the names and orders of the clients of the private placement system have been registered after the allocation process.

The statement referred that the activation of these procedures would give more clarity and organization to the public and private placements to facilitate the completion and follow-up of the implementation of the IPO operations.

]]>
11/21/2019 6:12:54 PM
<![CDATA[MoU on digitization, computation of gov't sectors signed]]>
The ceremony was attended by Minister of Local Development Mahmoud Shaarawi and Minister of Communication and Information Technology Amr Talaat.

The step is part of the national role played by Telecom Egypt in supporting the state's strategic plan and implementing the directives of the political leadership as regards finalizing the digitization and computation process in all government sectors, Talaat said following the signing of the MoU]]>
11/21/2019 4:58:24 PM
<![CDATA[MP: Egypt to top ME, African countries in luring oil investments]]>
A visit by representatives of nine Singaporean oil and gas companies to Cairo to explore potential cooperation and hold talks with leading Egyptian oil and gas companies, proves Egypt's success in luring international companies to pump investments in the petroleum field, the lawmaker said in a statement issued on Thursday.

He attributed the boom in the country's energy field to the major support it received by the President Abdel Fattah El Sisi and the achievements realized by Petroleum Minister Tarek el Mulla and the leaderships of his ministry.]]>
11/21/2019 4:56:35 PM
<![CDATA[Dollar prices stable at Egypt's major banks]]>
The dollar price has dropped by more than EGP 1.75 pounds since the start of 2019.

At the National Bank of Egypt and Banque Misr, the dollar rate remained stable, recording EGP 16.05 for buying and EGP 16.15 for selling.

At the Commercial International Bank (CIB), the dollar rate went up to register EGP 16.05 for buying and EGP 16.15 for selling

It remained unchanged to record EGP 16.06 for buying and EGP 16.16 for selling at the Arab African International Bank.

At the National Bank of Greece, the dollar rate stood at EGP 16.05 for buying and 16.15 for selling.]]>
11/21/2019 4:39:45 PM
<![CDATA[EBRD announces commitments to Egypt's development, reforms]]>
Chakrabarti added that the bank’s business in Egypt is growing steadily. "We are promoting sustainability and helping to forge strong links within countries and cross border here and in the other economies where we invest.”

EBRD President Suma Chakrabarti will visit Egypt on Saturday, Nov. 23, to take part inhigh-profile meetings and participate in the Investment for Africa Forum in the country’s New Administrative Capital.

Africa 2019 Forum will be held for two-days, and is set to kick off on Friday, Nov. 22.
During the forum, Chakrabarti will speak about “Boosting shared prosperity and economic growth.”He will also meet President Abdel Fatah al-Sisi and Minister of Investment and International Cooperation, Sahar Nasr.

Commenting on Africa 2019,Chakrabarti said, “We welcome the Investment for Africa Forum's goal, which is the promotion of inclusive and sustainable growth across the African continent.”

The EBRD delegation at the forum will include EBRD Managing Director for the Southern and Eastern Mediterranean Region Janet Heckman, and EBRD Deputy Head for Egypt Khalid Hamza. Several project agreements are planned to be signed during the visit.

Egypt is a founding member of the EBRD. Since the start of its operations in Egypt in 2012, the bank has invested over €5.5 billion in 102 projects in the country. In 2018, Egypt was largest economy where the EBRD invests, in terms of new commitments.

]]>
11/21/2019 4:03:14 PM
<![CDATA[EGX ends week on mixed note]]>
The benchmark EGX 30 lessened 0.91 percent, or 129.8 points, to close at 14,094.58 points.

The equally weighted index EGX 50 declined 0.27 percent, or 5.49 points, to end at 2,059.25 points.

On the other hand, the small and mid-cap index EGX 70 rose 0.44 percent, or 2.39 points, to close at 542.75 points, and the broader index EGX 100 inched up 0.01 percent, or 0.17 points, to 1,427.5 points.

Market capitalization lost LE 1.39 billion, recording LE 713.91 billion, compared to LE 715.29 billion in Wednesday's session.

The trading volume reached 119.31 million shares, traded through 18,284 transactions, with a turnover of LE 119.31 million.

Egyptian investors were net buyers at LE 28.05 million, while Arab and foreign investors were net sellers at LE 13.32 million, and LE 14.73 million, respectively.

Arab and foreign individuals were net buyers at LE 1.06 million, and LE 15.17 million, respectively, while Egyptian individuals were net sellers at LE 35.01 million.

Arab and foreign organizations sold at LE 14.38 million, and LE 29.89 million, respectively, while Egyptian organizations bought at LE 63.06 million.

El Kahera Housing , Cairo Pharmaceuticals, and Egyptian International Pharmaceuticals (EIPICO) were top gainers of the session by 9.04 percent, 8.02 percent and 5.91 percent, respectively.

Meanwhile, Wadi Kom Ombo Land Reclamation, GMC Group for Industrial Commerical and Financial Investments , Nozha International Hospital were top losers of the session by 6.85 percent, 6.08 percent, and 5.58 percent, respectively.

]]>
11/21/2019 4:01:32 PM
<![CDATA[Converting vehicles to CNG-fueled system achieves 'unprecedented' results: Min.]]>
This came in a report that was received by Petroleum Minister Tarek el-Molla on natural gas vehicles (NGVs) in Egypt.

According to the report, nearly 17,125 vehicles were converted to bi-fuel vehicles using CNG or LNG (Liquid Natural Gas) from July to October 2019.

Nearly 192 million cubic meters of natural gas were sold for dual-fuel vehicles, the report said. Two fueling stations were opened in September, it added.

A plan has been outlined and a committee was formed in accordance with the prime minister's decision to convert about 147,000 new taxis to natural gas-fueled cars, in addition to the establishment of 366 filling stations to supply these vehicles with CNG (Compressed Natural Gas) within three years starting of January 2020 at the rate of 50,000 vehicles annually.

A cooperation protocol was signed with the National Petroleum Company to add natural gas supply and conversion activity to its service stations. Nearly
20 contracts were signed to implement the first stage of the project.]]>
11/21/2019 3:30:06 PM
<![CDATA[CBE to issue LE 19.25B 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 9.75 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.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during Thursday's meeting, Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

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.
]]>
11/21/2019 2:21:36 PM
<![CDATA[HPE, Ingram Micro launch AI center in Egypt in collaboration with ITIDA]]>
The MoU stipulates that HPE equips a specialized laboratory in AI, in collaboration with ITIDA. HPE will provide the latest hardware and infrastructure, while ITIDA will take care of the lab location.

HPE, through the laboratory, will provide leading edge technologies directly in this lab or through connections with other (HPE and non HPE) sites. This aims to transfer expertise and spur innovation among Egyptian youth to produce and develop prototypes, in cooperation with HPE business network in the region, in particular, HPE similar laboratory in the UAE.

This is in addition to working on promoting and developing those prototypes and applications in the Middle East and Africa.

On the other hand, Ingram Micro will provide educational and practical training courses a training tracks for AI, around Computer Vision and Natural Language processing.

ITIDA, however, will promote the enablement activity within Egypt innovation agenda. It will also revise training curriculum and provide feedback, handle the courses implementation and the trainees’ selection process, as well as implementing the agreement terms within the agreed timeframe.

The MoU also stipulates that Ingram Micro Provides internship and employment opportunity for talented candidate who passed through the training and enablement tracks in the planned AI Center of Excellence that IngramMicro is intending to establish in Egypt.

The MoU is aimed at enhancing cooperation between the three parties to qualify calibers for working in modern digital technologies. This includes qualifying machines and computers to process natural languages through the deep learning of artificial neural networks, to help keep up with the local and regional labor markets. This will also create new jobs and transform Egypt into a hub of expertise and skills in this field.

The MoU was signed by ITIDA CEO Hala El Gohary, HPE-Egypt Managing Director Khalid Helmy, and the Head of Internet of Things (IoT) and AI Division for the Middle East and Africa region at Ingram Micro Tamer Abdel-Fattah.]]>
11/21/2019 2:13:16 PM
<![CDATA[Egypt’s sovereign fund seeks partnership with KSA, Kuwait, Oman]]>
This comes only few days after Egypt and the UAE announced establishing a new joint strategic platform, with total investment of $20 billion, through the Abu Dhabi Development Holding Company and Egypt’s Sovereign Wealth Fund.

In an interview with Bloomberg, Soliman said the desired partnership could take many forms, including the establishment of investment funds and platforms.

Soliman said the negotiations with Oman, in this regard, have reached much progressed stage, adding that they could be completed by the end of this year. Saudi Arabia and Kuwait also have the desire to invest in Egypt, Soliman asserted.

Referring to the platform reached with the Abu Dhabi Development Holding Company earlier in November, Soliman said that Egypt was willing to reach similar partnerships with the three Arab states.

The strategic platform was announced during President Abdel Fattah al-Sisi’s visit to the UAE, during which he met with Abu Dhabi Crown Prince Mohamed bin Zayed.

The partnership aims to establish strategic joint ventures, specialized funds or investment instruments, to invest in several sectors, most notably manufacturing, traditional and renewable energy, technology, food and real estate, tourism, healthcare, logistics, financial services, infrastructure and others, presidential spokesman Bassam Radi added.

Sheikh Mohamed bin Zayed announced the establishment of the platform on his Twitter account.

"Together with my brother, President Abdel Fattah El Sisi we launched a joint strategic investment platform between the UAE and Egypt worth $20 billion to implement vital economic and social projects for our brotherly countries," Mohamed bin Zayed wrote.
]]>
11/21/2019 12:47:17 PM
<![CDATA[Sisi urges German companies to benefit from investment chances, new projects]]>
This came during a meeting with President Sisi who has been in an official visit to Berlin to attend the G20 Compact with Africa initiative (CwA).

Germany's Economy Minister Peter Altmaier attended the meeting.

The heads of the companies praised the remarkable growth of the Egyptian economy, sponsored by the efforts and procedures adopted by the Egyptian government in this regard, presidential spokesman Bassam Radi said. They referred to the implementation of giant national projects, which can make Egypt a significant developmental partner at the international level.

They also expressed aspiration to discuss opportunities to enhance cooperation between the two countries, in light of the promising investment fields and opportunities in the African country.

President Sisi, for his part, expressed keenness to enhance bilateral relations of economic cooperation with German businessmen and companies, within a framework of mutual interests between the two countries.

Sisi referred to a number of huge investment projects implemented in Egypt including the Suez Canal Area Development Project, which includes many major industrial and logistic areas.

Altmaier, in a separate meeting on Wednesday, expressed his country’s appreciation to the bilateral relations with Egypt in the economic field, and voiced readiness for further bilateral cooperation, according to Radi.

Egypt’s Minister of Investment Sahr Nasr and her German counterpart, Gerd Müller, signed €300 billion agreements on Tuesday, on the sidelines of CwA.

Sisi, earlier on Wednesday, met with German Chancellor Angela Merkel in Berlin, during which Merkel praised the two countries' relations and cooperation, describing it as “unprecedented,” Radi said.

"Egypt is one of Germany’s main partners in the Middle East as it plays a key role in maintaining stability and security in the region," Merkel said.

For his part, Sisi praised the qualitative leap witnessed by the bilateral relations between Egypt and Germany in all fields.
]]>
11/20/2019 10:20:41 PM
<![CDATA[Altmaier says Germany keen to boost investment in Egypt]]>
Egypt’s Minister of Investment Sahr Nasr and her German counterpart, Gerd Müller, signed €300 billion agreements on Tuesday, on the sidelines of the G20 Compact with Africa (CwA) in Berlin.

Altmaier’s remarks came in a meeting with Egypt’s President Abdel Fattah El-Sisi, who has been in an official visit to Berlin, to attend the CwA.

The German minister praised Egypt’s special stance and significant role in the region, which contribute to achieving stability and progress in the region. He voiced Germany’s commitment to continue its partnership with Egypt.

Altmaier stressed his country's keenness to boost cooperation and joint projects between the two countries, and pumping further investments in Egypt.

President Sisi, for his part, hailed the special level of relations between Egypt and Germany in various fields, which allows further bilateral cooperation especially in the economic aspect.

He also praised the joint economic committee for its important role in increasing cooperation opportunities between the two countries in the economic field and investments. He expressed aspiration to attract further German investments to the African country.

The meeting reviewed aspects of joint cooperation between the two countries, in light of the continuous growth of Egyptian-German trade and economic relations, noting that Egypt is Germany's third largest trading partner in the Middle East.

It also dealt with the huge positive developments witnessed by the Egyptian energy sector, and the efforts to transform Egypt into a regional center for the circulation and transference of energy. This opens the door for further cooperation between Egypt and Germany in various fields including renewable energy.

Sisi, earlier on Wednesday, met with German Chancellor Angela Merkel in Berlin, during which Merkel praised the two countries' relations and cooperation, describing it as “unprecedented,” presidential spokesman Bassam Radi said.

"Egypt is one of Germany’s main partners in the Middle East as it plays a key role in maintaining stability and security in the region," Merkel said.

For his part, Sisi praised the qualitative leap witnessed by the bilateral relations between Egypt and Germany in all fields.]]>
11/20/2019 9:01:28 PM
<![CDATA[FRA seeks to issue green bonds in 2020]]>
Omran added that the authority offers a 50-percent discount on examining and studying green bond issuance in an initial procedure to encourage organizations and investors to invest in it.

Omran added during a conference announcing the issuance of the first short-term securitization for the payment of Premium Card that the authority gets 1 of 1,000 of the public issuance and 0.5 of 1,000 of the private issuance, and these amounts are cut in half in such a step.

He clarified that this step came as a result of the amendments of the Capital Market Law no. 17 of 2018, which were based on three axes, including short-term securitization, green bonds, and Sukuk.

Omran added on the sidelines of the press conference, that the authority seeks to promote such markets, especially short-term debt instruments, as it seeks to finance the capital cycle as a whole, whether through free capital or public capital, which is clear in the law of leasing, finance and collection, explaining that the duration of trading of such instruments starts from 7 days and a maximum of two years.

The conference was attended by Founder and CEO of Premium International for Credit Services Paul Antaki, Co-Head of EFG Hermes' Investment Banking Division (IBD) Mostafa Gas, and CEO of Arab African International Bank Sherif Elwy.

]]>
11/20/2019 5:44:10 PM
<![CDATA[Rameda to be listed on EGX before end of 2019]]>
He clarified Wednesday during a conference announcing the issuance of the first short-term securitization for the payment of Premium Card that the first tranche of the offering ranges between LE 2 billion and LE 2.5 billion.

"According to the proposed schedule, the offering will be completed before the end of the year," he stated.

Rameda announced earlier its intention to offer a 35-45 percent stake in EGX by the end of last year through a capital increase and partial exits to shareholders.

The conference was attended by Founder and CEO of Premium International for Credit Services Paul Antaki, Co-Head of EFG Hermes' Investment Banking Division (IBD) Mostafa Gas, and CEO of Arab African International Bank Sherif Elwy.
]]>
11/20/2019 5:37:25 PM
<![CDATA[Egypt studies issuing Sukuk during Q1 of 2020: Omran]]>
Omran clarified during a conference to announce the issuance of the first short-term securitization for the payment of Premium Card that the biggest challenge is offering green bonds, referring that it's related to SDG of sustainable growth.

He further noted that FR seeks to have a green-bond issuance during 2020.

He explained that this step came as a result of the amendments of the Capital Market Law no. 17 of 2018, which were based on three axes, including short-term securitization, green bonds, and Sukuk.

Omran added on the sidelines of the press conference, that the authority seeks to promote such markets, especially short-term debt instruments, as it seeks to finance the capital cycle as a whole, whether through free capital or public capital, which is clear in the law of leasing, finance and collection, explaining that the duration of trading of such instruments starts from 7 days to a maximum of 2 years.

The conference was attended by Founder and CEO of Premium International for Credit Services Paul Antaki, Co-Head of EFG Hermes' Investment Banking Division (IBD) Mostafa Gas, and CEO of Arab African International Bank Sherif Elwy.

In 2018, Egypt’s Parliament ratified the amendments of the Capital Market Law that aims to increase competitiveness and create a more inclusive economic climate. These amendments included offering more protection to minority stakeholders, especially in acquisition cases. It gives the power to the Egyptian exchange to lower registration fees for small businesses to encourage small companies to compete in the market.

The law also introduces Sukuks to the exchange market. Sukuks are bonds that are compliant with the Sharia law and put the foundation for establishing a union for securities companies.




]]>
11/20/2019 5:33:28 PM
<![CDATA[FRA approves short-term securitization bond program worth LE 2 billion]]>
Omran added Wednesday that, as a part of this program, FRA agreed to issue two short-term securitization bonds for Premium International for credit services.

Omran stated during a conference for announcing the issuance of the first short-term securitization for payment of Premium card that the first offering is worth LE 167 million, while the second will be worth LE 497 million.

He clarified that this step came as a result of the amendments of the capital market law no. 17 of 2018, which were based on three axes, including short-term securitization, green bonds, and Sukuk.

Omran added, on the sidelines of a press conference, that the authority seeks to promote such markets, especially short-term debt instruments, as it seeks to finance the capital cycle as a whole, whether through free capital or public capital, which is clear in the law of leasing, finance and collection, explaining that the duration of trading of such instruments starts from 7 days to a maximum of 2 years.

The conference was attended by Founder and CEO of Premium International for Credit Services Paul Antaki, Co-Head of EFG Hermes' Investment Banking Division (IBD) Mostafa Gas, and CEO of Arab African International Bank Sherif Elwy.

In 2018, Egypt’s Parliament ratified the amendments of the Capital Market Law that aims to increase competitiveness and create a more inclusive economic climate. These amendments included offering more protection to minority stakeholders, especially in acquisition cases. It gives the power to the Egyptian exchange to lower the registration fees in case of small businesses and encourage small companies to compete in the market.

The law also introduces Sukuks to the exchange market. Sukuks are bonds that are compliant with the Sharia law and put the foundation for establishing a union for securities companies.




]]>
11/20/2019 5:29:14 PM
<![CDATA[Egypt, Germany sign €300B agreements in Berlin]]>
Minister of Investment Sahr Nasr and her German counterpart Gerd Müller signed the agreements, according to a presidential statement.


41304-مصر-وألمانيا-توقعان-6-اتفاقيات-(3)
Minister of Investment Sahr Nasr and her German counterpart Gerd Müller singeing a €300 billion agreements in Berlin, 19 November 2019 - Press Photo

The signed agreements included two financial and technical cooperation agreements worth €44.9 million for FY2017, aiming to finance several projects in the fields of energy, rehabilitation of schools, education, employment promotion, small and medium enterprises, urban infrastructure and promotion of labor market access.

Additionally, two financial and technical cooperation agreements worth €101 million for FY2018 were signed to support projects in the fields of energy, SMEs, private sector innovation, drinking water and sanitation management, solid waste management, social development and employment.

58965-مصر-وألمانيا-توقعان-6-اتفاقيات-(2)


A €151.5 million protocol for FY2019 was signed between Egypt and Germany to finance several projects in the fields of electricity, renewable energy, technical education and employment, innovation in the private sector and small and medium enterprises.

Moreover, Nasr and Christine Bock, regional commissioner for the Middle East and Maghreb countries at the German Foreign Office, signed €2 million grant for the Ministry of State for Migration and Egyptian Affairs Abroad.

President Sisi arrived in Germany on Sunday to attend the G20-Initiative Compact with Africa (CwA) held on Tuesday. On the sidelines, he met with a number of German officials and delegations.

]]>
11/20/2019 2:05:56 PM
<![CDATA[Parliament approves 555,000 grant deal with EBRD to renew rail wagons]]>th, a €555,000 worth grant agreement with the European Bank for Reconstruction and Development (EBRD) to renew railway carriages.

The approval came after the Parliament reviewed a report by a joint committee regarding Presidential Decree no. 514/2019 on the agreement.

The non-repayable grant was signed between the Ministry of Investment and International Cooperation and the EBRD to pave the way for implementing another €290 million loan agreement with the bank to purchase 100 new locomotives, MENA reported.]]>
11/20/2019 7:40:00 AM
<![CDATA[Johnson & Johnson raises investments in Egypt to LE 2.3B]]>
Nassar said this step reflects the international business circles and multinational companies' interest to work in the Egyptian market as one of the most important markets in the Middle East and Africa.

He expressed the ministry’s keenness to promote the pharmaceutical industry as one of the strategic industries in the national economy in order to meet the needs of the local market and export to regional and international markets, according to Minister Nassar.

Nassar added in a statement that the Egyptian pharmaceutical products enjoy high quality and great competitiveness in the African market.

This came during a meeting with Ziger Verkotern, vice president of Johnson & Johnson International Pharmaceutical Industries for Europe, Middle East and Africa and Ahmed Khalil, director of Government Affairs and Policy for North Africa.

Nassar referred to the great investment opportunities in the Egyptian market in the field of producing medicine and health care products, which can be exported to the markets of neighboring countries and the African continent.

The minister pointed out the possibility of establishing projects for Johnson & Johnson International in cooperation with the Egyptian pharmaceutical sector in the African continent in light of the ministry's keenness to launch industries in a number of East and West African countries with Egyptian expertise and inputs.

According to the minister, Egypt's advantageous position can enable the company to access regional and international markets. The company can also exploit Egyptian ports on the Red Sea and the Mediterranean to reach countries of East Africa, Southeast Asia and Europe. He stressed that Egypt has a huge industrial base in the pharmaceutical sector that qualifies it to lead the pharmaceutical industry in the region.
]]>
11/19/2019 4:21:18 PM
<![CDATA[EGX continues its downtrend during mid-week session ]]>
The benchmark EGX 30 lessened 0.45 percent, or 65.13 points, to close at 14,313.46 points.

The equally weighted index EGX 50 declined 0.35 percent, or 7.24 points, to end at 2,062.18 points.

The small and mid-cap index EGX 70 dipped 0.12 percent, or 0.63 points, to close at 535.83 points, and the broader index EGX 100 dropped 0.25 percent, or 3.61 points, to 1,421.38 points.

Market capitalization lost LE 2.96 billion, recording LE 716.99 billion, compared to LE 719.95 billion in Monday’s session.

The trading volume reached 121.69 million shares, traded through 14,727 transactions, with a turnover of LE 558.2 million.

Egyptian investors were net buyers at LE 27.76 million, while Arab and foreign investors were net sellers at LE 19.96 million, and LE 7.8 million, respectively.

Egyptian, Arab and foreign individuals were net sellers at LE 12.18 million, LE 41.54 million and LE 682,710, respectively.

Egyptian and Arab organizations bought at LE 39.95 million, and LE 21.56 million, respectively, while foreign organizations sold at LE 7.12 million.

Northern Upper Egypt Development & Agricultural Production, Gulf Canadian Real Estate Investment Co., and Arabian Cement Company were top gainers of the session by 9.97 percent, 7.89 percent and 3.64 percent, respectively.

Meanwhile, General Company For Land Reclamation,Development & Reconstruction, Alexandria New Medical Center , and Alexandria New Medical Center were top losers of the session by 9.90 percent, 6.24 percent, and 3.01 percent, respectively.

On Monday, EGX entered the red zone, as EGX30 declined 1.22 percent, EGX50 dipped 1.15 percent, EGX70 decreased 0.94 percent, and EGX100 dropped 0.95 percent.

]]>
11/19/2019 4:19:54 PM
<![CDATA[LNG Edco’s production exceeds 90% of total capacity]]>
The volume of production of the liquefaction plant in Edco is expected to reach 100 percent in the coming period, the sources said.

The Egyptian Natural Gas Holding Company (EGAS) revealed in October that the amount of liquefied gas exported from liquefaction plants at Edco amounted to 172.8 billion feet in 2018/2019.

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.

LNG plant in Edco was launched in 2005 and is the largest project for liquefaction of natural gas in Egypt, where it includes two units for liquefaction of natural gas with a capacity of 4.1 million tons of gas per year for each unit.

Edco Natural Gas Liquefaction Plant is a joint venture between the General Petroleum Corporation (12 percent), the Egyptian Natural Gas Holding Company (EGAS) (12 percent), the British Gas Company (35.5 percent), the Malaysian Petronas Company (35.5 percent) and the French Enge Company Jazz de France previously (5 percent).
]]>
11/19/2019 4:18:42 PM
<![CDATA[Africa 2019 promotes investment opportunities in continent: Min.]]>
Nasr clarified that the forum will witness the announcement of development and investment agreements between development partners and the continent, in addition to providing opportunities for leaders and businessmen from the continent to discuss new agreements.

The minister pointed out that Egypt, as the current president of the African Union, is playing its role to support the development of the continent, noting that the forum sessions will address the issues of infrastructure, renewable energy, digital transformation in Africa, entrepreneurship, empowerment of women and investment in human capital.

Minister Nasr revealed that the two-day forum, which will kick off on Friday under the auspices of President Abdel Fatah al-Sisi, is an important step forward for the African continent in various fields.

Set to be held at the New Administrative Capital, the forum will be attended by many countries’ presidents, and heads of government, in addition to hundreds of ministers and businessmen, according to the minister.


Additional Reporting: Abdel Halim Saleem]]>
11/19/2019 4:16:07 PM
<![CDATA[CAPMAS: 32.2% increase in trade exchange between Egypt, COMESA]]>
In a report issued on Thursday on trade and economic ties between Egypt and the COMESA countries, CAPMAS said Egypt's exports to the COMESA states stood at dlrs 1.908 billion in 2018 compared with dlrs 1.628 billion in 2017 with an increase of 17.2 percent.

Egypt's imports from the COMESA states in 2018 hit dlrs 1.44 billion in 2018, compared to dlrs 605 million in 2017, with an increase of 72.6 percent.

The Common Market for Eastern and Southern Africa (COMESA) is a free trade area with twenty-one member states stretching from Tunisia to Eswatini. COMESA was formed in December 1994, replacing a Preferential Trade Area which had existed since 1981. Nine of the member states formed a free trade area in 2000 (Djibouti, Egypt, Kenya, Madagascar, Malawi, Mauritius, Sudan, Zambia and Zimbabwe), with Rwanda and Burundi joining the FTA in 2004, the Comoros and Libya in 2006, Seychelles in 2009 and Tunisia and Somalia in 2018.

COMESA is one of the pillars of the African Economic Community.

In 2008, COMESA agreed to an expanded free-trade zone including members of two other African trade blocs, the East African Community (EAC) and the Southern Africa Development Community (SADC).]]>
11/19/2019 1:17:47 PM
<![CDATA[2 Egyptian startups won $215K in Africa Netpreneur Prize Initiative]]>
It clarified in a statement that the Egyptian Startup Nawah Scientific won second place, rewarding $150,000 cash prize. Omar Sakr, founder and CEO of Nawah-Scientific pocketed the cash reward.

Egyptian startup Mumm also won $65,000, among the ten finalists, for its online platform that is connecting talented home-based cooks with hungry professionals to give them access to wholesome fresh homemade food, from the homechef’s kitchen.

"Nawah-Scientific is the first, private, multidisciplinary research center in Egypt catering for natural and medical sciences," the press release stated, clarifying that the Egyptian startup revolutionizes the scientific research ecosystem as scientists can carry a world-class level of research regardless of the equipment available in their labs.

"The company was incubated in the Information Technology Industry Development Agency (ITIDA)’s Technology Innovation and Entrepreneurship Center (TIEC) and in 2 years only, the company was able to create +110 jobs and delivered +45K meals to 7K customers, according to the company’s profile on TIEC’s website," it stated.

The Africa Netpreneur Prize Initiative is Jack Ma’s flagship entrepreneur program in Africa led by the Jack Ma Foundation.

ANPI noted that Entrepreneurship and tech innovation in Egypt has been growing in popularity and has become a key component of economic growth in the country.

The ICT innovation and entrepreneurship ecosystem in Egypt is thriving like never before and has recently witnessed remarkable growth and significant successes. In 2018, the UN selected Egypt to host the first African and Middle Eastern Technology Innovation Lab, UNTIL Egypt, according to the statement.

The statement stated that the ICT sector in Egypt has been witnessing unprecedented growth and is currently one of the fastest growing and one of the largest contributors to the country’s GDP growth with 4 percent. "The sector achieved a growth rate of 16 percent during the last fiscal year, with more than $3.7 billion annual export revenues."

A recent independent report ranked Egypt’s startup ecosystem as the first in the MENA region with respect to investment growth rate and second in terms of investment size. Other recent reports ranked the Egyptian ecosystem atop Africa for the number of high-potential startups, it referred.

"Many high-potential Egyptian startups work in deep technologies as advanced IC design, artificial intelligence and data analytics. Egypt has a vibrant edge in electronics innovation particularly due to hosting an increasing number of design houses employing over 5000 highly talented calibers. The country also hosts electronics manufactures, two of which are world-leaders included on the top-10 list," it added.
]]>
11/18/2019 5:36:07 PM
<![CDATA[Egypt's exports to AU countries reach $4.7B in 2018 - CAPMAS]]>
Algeria topped the list of African Union member states' importers of Egypt's products with its imports estimated at $979.2 million, followed by Libya and Morocco with imports amounting to $635.9 million, and $501.6 million, respectively, CAPMAS said in a statement.

The statement pointed out that Egyptian imports from the AU countries were to the tune of $2.2 billion in 2018, compared to $1.85 billion in 2017.

Algeria also dominated the list of AU exporters to Egypt in 2018, with exports hitting $398.1 million, followed by Kenya, Zambia, and Sudan with exports estimated at $287.3 million, $266.1 million, and $207.5 million, respectively. ]]>
11/18/2019 4:44:50 PM
<![CDATA[Egypt succeeded in luring investments of major US companies: petroleum min.]]>
He expressed appreciation for ExxonMobil over diversifying its operations and investments in Egypt after winning an exploration bid of a Mediterranean concession.

The minister affirmed the significance of the strategic partnership between Egypt and the US in the petroleum and gas domains as well as its role in promoting bilateral economic relations.

A memorandum of understanding signed last July on the exchange of the energy know-how and information honored the joint Egypt-US efforts in the energy sphere, the minister said while addressing the "Egyptian Petroleum and Gas: Massive Successes, Promising Opportunities" session that was held on the fringe of the US- Egypt Future Prosperity Forum organized by the US Chamber of Commerce.

Prime Minister Mostafa Madbouli, the ministers of planning and communication, US Assistant Secretary of Commerce for International Markets Affairs Ayan Steve along with a galaxy of Egyptian and US energy officials were present at the forum.

Minister Mulla reviewed progress achieved by the country's petroleum and gas industries throughout the previous five years - thanks to the government's economic reform program - that contributed to the improvement of the investment climate.

Egypt has turned out to be one of the region's top natural gas producers after attaining self-sufficiency in this aspect, strengthening gas exportation and recording the highest output in the country's history in August with 1.9 million barrels per day, the minister pointed out.

He added that the dues of the foreign oil companies have dropped by 80 percent in an achievement that prompted these firms to pump fresh investments in mega Egyptian oil and gas projects that are worth dollars 30 billion.

Over 65 agreements on intensifying exploration and production of oil and gas have been signed during the past five years, minister Mulla said, noting that his ministry succeeded in undertaking major refining and petrochemical projects as well as enhancing the efficiency of oil and gas transport.

The ministry has launched a program - the Enterprise resource planning (ERP) software for the oil and gas industry (upstream) – with a view to qualifying the youth and administrative human cadres of the petroleum sector, improving the decision making process and linking energy information, the minister added.]]>
11/18/2019 4:43:21 PM
<![CDATA[Finance Ministry auctions T-bonds worth LE 3.7B]]>
In an online statement, the ministry said it sold five-year T-bonds worth LE 2.25 billion, with an average yield of 13.837 percent.

The ministry also sold 10-year T-bonds valued at LE 1.5 billion, with an average yield of 13.797 percent. ]]>
11/18/2019 4:41:06 PM
<![CDATA[Egypt's exports of ready-made garments hit $456M in FY 2019/20: report]]>
In its monthly report, the council said that the exports of the sector to the US achieved an increase of 27 percent, recording $263 million in the first quarter of 2019, against 207 million dollars during the same period of 2018.

Meanwhile, Egypt's exports to Europe declined by 2 percent to register $137 million , the report added.

As for garment exports to Arab countries, they went up by 35 percent, recording $18 million in the first quarter of 2019, compared to 13 million dollars in the same period of 2018, the report noted.

The report showed that Germany came in the first place among European countries buying Egyptian garments, with imports of $26 million .]]>
11/18/2019 4:39:32 PM
<![CDATA[EGX flags in red Monday, loses LE 6.79B of market cap.]]>
The benchmark EGX 30 declined 1.22 percent, or 177.73 points, to close at 14,378.59 points.

The equally weighted index EGX 50 decreased 1.15 percent, or 24.1 points, to end at 2,069.42 points.

The small and mid-cap index EGX 70 dipped 0.94 percent, or 5.1 points, to close at 536.46 points, and the broader index EGX 100 dropped 0.95 percent, or 13.69 points, to 1,424.69 points.

Market capitalization lost LE 6.79 billion, recording LE 719.95 billion, compared to LE 726.75 billion in Sunday's session.

The trading volume reached 107.22 million shares, traded through 16,207 transactions, with a turnover of LE 535.06 million.

Foreign investors were net sellers at LE 11.93 million, while Egyptian and Arab investors were net buyers at LE 5.96 million, and LE 5.97 million, respectively.

Arab and foreign individuals were net buyers at LE 10.85 million, and LE 1.97 million, respectively, while Egyptian individuals were net sellers at LE 9.43 million.

Arab and foreign organizations sold at LE 4.88 million, and LE 13.9 million, respectively, while Egyptian organizations bought at LE 15.39 million.

Nozha International Hospital, Egyptian Satellites (NileSat), and Arabian Food Industries DOMTY were top gainers of the session by 6.72 percent, 4.82 percent and 2.67 percent, respectively.

Meanwhile, Egyptian Starch & Glucose, Alexandria Cement , and Marsa Marsa Alam For Tourism Development were top losers of the session by 7.55 percent, 7.34 percent, and 4.79 percent, respectively.

On Sunday, EGX ended trading in a semi-collective regression , EGX30 inched up 0.07 percent, while EGX50 dipped 0.56 percent, EGX70 decreased 0.85 percent, and EGX100 dropped 0.63 percent.
]]>
11/18/2019 4:32:33 PM
<![CDATA[Capital Economics praises success of Tarek Amer as CBE governor]]>
Capital Economics referred that Monetary Police Committee's meeting on Nov. 14 might be Amer's last meeting if his term is not renewed.

"He has been instrumental in restoring macroeconomic stability over the past few years, taking the painful decision in 2016 to devalue the pound as well as steps to improve the CBE’s credibility," Capital Economics stated in a recent report.

The report noted that the next governor will have a tough act to follow.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during the-meeting held on Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively. Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

On Interest Rates note, Capital Economics expected a further monetary easing in Egypt during the coming months after the 100 basis points cut in November's meeting.

"While we expect inflation to edge up in the near term, it will remain below the central bank’s target. As such, we continue to anticipate another 225bp of cuts by end-2020," it said in a report Egypt Today got a copy of.

The Central Agency for Public Mobilization and Statistics (CAPMAS) also announced that Egypt’s annual consumer price inflation declined to 3.1 percent in October 2019, compared to 4.8 percent in September 2019, with a monthly inflation up-tick from 0.3 percent to 1 percent.

The CBE said that Egypt’s annual core inflation rate rose to 2.7 percent in October 2019, from 2.6 percent in September 2019.

The report also thought that the easing cycle has further to run, expecting the overnight deposit rate to be lowered to 10 percent by the end of next year and to 9.50 percent by end-2021.




]]>
11/18/2019 4:25:15 PM
<![CDATA[Capital Economics anticipates Egypt to continue monetary easing cycle]]>
"While we expect inflation to edge up in the near term, it will remain below the central bank’s target. As such, we continue to anticipate another 225bp of cuts by end-2020," Capital Economics said in a report Egypt Today got a copy of.

The Central Agency for Public Mobilization and Statistics (CAPMAS) also announced that Egypt’s annual consumer price inflation declined to 3.1 percent in October 2019, compared to 4.8 percent in September 2019, with a monthly inflation up-tick from 0.3 percent to 1 percent.

The CBE said that Egypt’s annual core inflation rate rose to 2.7 percent in October 2019, from 2.6 percent in September 2019.

The report also thought that the easing cycle has further to run, expecting the overnight deposit rate to be lowered to 10 percent by the end of next year and to 9.50 percent by end-2021.

"In light of the sharp rate cuts and plunge in inflation in recent months, the consensus has swung closer to our view. But we still think that the easing cycle will be a little deeper than most currently anticipate," it stated.

Commenting on November's decision, the report stated that the further drop in inflation in October meant that it was never really in question that the MPC would cut rates during its meeting. "Policymakers also probably felt comfortable lowering interest rates given that the external backdrop has improved in recent weeks. As we’ve noted before, previous rate cuts in this cycle also came at a time when other EM central banks had been in easing mode."

"The MPC may have also wanted to push back against upward pressure on the pound," it stated, clarifying that the currency has been one of the best performers in the emerging world this year, rising by more than 10 percent against the dollar, which reflected in a steady appreciation of Egypt’s real effective exchange rate (i.e. the trade-weighted exchange rate adjusted for inflation differentials), which is now close to its average over the past decade.

The report noted that the erosion of external competitiveness may start to act as a headwind to economic growth.

Capital Economics anticipated inflation to rise during the coming period with the existence of good reasons for price pressures will remain weak.

"While we expect the pound to depreciate again soon, it is likely to be gradual. The previous inflationary effects of fiscal policy, including subsidies and large public sector wage increases, are unlikely to return. And the improvement in monetary policy-making will help to anchor inflation expectations and thus actual inflation," it added.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during the meeting held on Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

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.



]]>
11/18/2019 4:20:24 PM
<![CDATA[American investments in Egypt hit $7.6B]]>
"Through our relationship with Egypt, we support the private sector that can create jobs and achieve growth," Steve said Monday at the Business Forum organized by the American Chamber of Commerce.He further pointed out the importance of exchanging official visits to strengthen bilateral relations given Egypt's great importance in the region.

Steve stated that the US Chamber and the Joint Business Council are significant factors of support for the economic relations between the two countries."We are working together to strengthen economic relations between the two countries, especially in light of President Trump's keenness to stabilize the region and achieve sustainable growth," he said.

Minister of Trade and Industry Amr Nassar said earlier on Monday that trade exchange between Egypt and the United States of America reached $5.508 billion during the first nine months of 2019.

]]>
11/18/2019 2:38:50 PM
<![CDATA[Trade exchange bet. Egypt, USA records $5.5B in 9 months]]>
Nassar added in a statement that Egyptian-American economic relations are strategic and are based on a long history of joint cooperation in various fields of trade, industry and investment.

During the period from January to April 2019, trade exchange between Egypt and the US hit $2.966 billion, up by about 25.7 percent from the same period of 2018, the Egyptian Commercial Office in Washington stated in July.

This came during a meeting with Deputy Assistant Secretary for Manufacturing at the U.S. Department of Commerce’s International Trade Administration Ian Steve, who is currently visiting Cairo at the head of a high-level delegation of officials of the US government and representatives of 110 American companies in various fields.

The meeting reviewed the results of Prime Minister Mustafa Madbouli's visit to the US capital in October, which included high-level meetings with a number of US officials and representatives of the financial sector, and officials of major US companies, according to the statement.

Nassar pointed to the importance of boosting the bilateral relations to unprecedented levels, especially in light of the keenness of the political leadership in both countries to enhance the prospects of joint economic cooperation.

The minister further called on the United States of America to participate in the workshop "Made in Africa", which will be hosted in Cairo this week, to review the opportunities to enhance the industrial cooperation between African countries and their various partners around the world.

For his part, Steve stressed the US administration's keenness to strengthen economic relations with Egypt, as the Egyptian market represents a distinct destination for the American capital and a major hub for the access of US products to the markets of the Middle East and Africa.

Furthermore, Steve praised the success of the economic reform program implemented by the Egyptian Government and lauded the goals achieved by the program that exceeded expectations.

He pointed out that the presence of such a large number of major US companies within the delegation reflects the great interest paid by US companies to the Egyptian market as well as the African market in light of the US initiative "Prosperity for Africa", which aims to strengthen US-African cooperation during the next phase.
]]>
11/18/2019 2:36:05 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 2.25 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.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during Thursday's meeting, Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

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.
]]>
11/18/2019 1:12:28 PM
<![CDATA[Dice’s profits surge 107% in 9 months]]>
The company’s filing to the Egyptian Exchange (EGX) showed that sales hiked to LE 979.9 million during 2019 period, compared to LE 883.6 million in the compared period.

Dice’s profits decreased 1.2 percent during the first quarter of 2019, recording profits of LE 21.91 million, compared to LE 22.18 million during the same quarter of 2018.

In 2018, the company achieved a net profit of LE 160 million, compared to LE 178.4 million during the previous year.

Dice operates within the consumer durables & apparel sector focusing on textiles. It has subsidiaries operating across Egypt. It’s listed on EGX since July 2008.
Dice capital hit LE 53 million, distributed over 265 million shares.
]]>
11/17/2019 6:36:58 PM
<![CDATA[Egypt's trade deficit drops to $3.51 in August]]>
In its monthly bulletin on foreign trade data, CAPMAS said exports dropped 3 percent to reach $1.97 billion in August 2019, compared to $2.03 billion during the same month of 2018.

The bulletin attributed the decrease of exports to the decline in the exports of crude oil by 18.3 percent, fertilizers by 21 percent, petroleum products by 49.8 percent, and pasta and various food preparations by 19.8 percent.

Meanwhile, exports of some other commodities witnessed a hike in August such as readymade clothes, which increased by 1.1 percent; plastics by 1.9 percent; soap and cleaning preparations by 54.5 percent; fresh fruit by 23.3 percent; and tiles and sanitary ware by 31.2 percent.

Also, the bulletin showed a decline of 19 percent in the imports to hit $5.48 billion in August of the current year, compared to $6.76 billion in August 2018.

CAPMAS ascribed this decrease to the drop in imports of petroleum products by 33.3 percent, raw materials of iron or steel by 18.8 percent, plastics by 17.3 percent, wheat by 2.9 percent and motor vehicles by 10 percent.

On the other hand, imports of other commodities showed a rise such as meat by 33 percent, organic and inorganic chemicals by 6.5 percent, telephone sets for individuals by 19.6 percent, and iron ores and concentrates by 18.4 percent.

In July, Egypt's trade balance deficit declined to $4.21 billion, compared to $5.18 billion in July of 2018, marking a drop of 18.9 percent
]]>
11/17/2019 6:32:39 PM
<![CDATA[EGX ends Sunday in semi-collective regression]]>
The benchmark EGX 30 inched up 0.07 percent, or 10.78 points, to close at 14,556.32 points.

On the other hand, the equally weighted index EGX 50 decreased 0.56 percent, or 11.78 points, to end at 2,098.52 points.

The small and mid-cap index EGX 70 dipped 0.85 percent, or 4.63 points, to close at 541.56 points, and the broader index EGX 100 dropped 0.63 percent, or 9.11 points, to 1,438.68 points.

Market capitalization lost LE 1.33 billion, recording LE 726.75 billion, compared to LE 728.08 billion in Thursday’s session.

The trading volume reached 102.27 million shares, traded through 16,653 transactions, with a turnover of LE 452.76 million.

Egyptian investors were net buyers at LE 40.14 million, while Arab and foreign investors were net sellers at LE 12.87 million, and LE 27.27 million, respectively.

Egyptian and Arab individuals were net sellers at LE 14.52 million, and LE 13.05 million, respectively, while foreign individuals were net buyers at LE 438,581.

Egyptian and Arab organizations bought at LE 54.66 million, and LE 181,328, respectively, while foreign organizations sold at LE 27.71 million.

Sues Canal Company for Technology Settling, Raya Holding For Financial Investments, and October Pharma were top gainers of the session by 8.79 percent, 5.31 percent and 5.23 percent, respectively.

Meanwhile, Egyptian Starch & Glucose, Cairo Poultry, and Northern Upper Egypt Development & Agricultural Production were top losers of the session by 9.96 percent, 8.76 percent, and 8.23 percent, respectively.

On Thursday, EGX ended trading in red , EGX30 declined 0.43 percent, EGX50 dipped 0.27 percent, EGX70 decreased 0.24 percent, and EGX100 dropped 0.22 percent.
]]>
11/17/2019 4:07:28 PM
<![CDATA[Arabian Cement’s profits drop 85% in 9 months]]>
As per standalone results, the company recorded profits of LE 32.58 million during the first nine months of 2019, down from LE 215.1 million during the same months of 2018.

ACC announced earlier that its profits during the first six months of 2019 declined 88.1 percent, recording LE 25.3 million, compared to LE 212.77 million including minority rights during the same half of 2018.

Arabian Cement Company is listed on Egyptian Exchange (EGX) since March 2014. It operates within the materials sector focusing on Construction Materials. It has subsidiaries operating across Egypt, working on Trading Companies and Distributors, Coal and Consumable Fuels and Construction Materials.

]]>
11/17/2019 3:50:20 PM
<![CDATA[Talaat Moustafa hits profits of LE1.37B in 9 months]]>
The financial indicators showed that its revenues increased during the period of 2019 to reach LE 5.1 billion, compared to LE 4.74 billion in the same period of the prior year.

As per standalone results, the company accomplished profits of LE 71.26 million, compared to LE 22.7 million during the comparable period of the previous year.

During the first quarter of 2019, TMG Holding announced making a profit increase of 10.01 percent, to record LE 374.7 million, compared to LE 340.6 million during the same quarter of 2018.

In 2018, the company reached profits of LE 1.77 billion, compared to LE 1.32 billion in 2017, including minority shareholders’ rights.

Talaat Moustafa Group Holding is a public company listed on the Egyptian Exchange (EGX) since November 2007.

TMG Holding operates within the real estate sector focusing on real estate development. It has 13 subsidiaries operating across Egypt.

The company’s capital is LE 20.63 billion that are dividend on 2.06 billion shares with a nominal value of LE 10 per share.

]]>
11/17/2019 3:49:23 PM
<![CDATA[Finance Ministry defines priorities of 2020/21 draft budget ]]>
The issued rules, bases and assumptions must be taken into account by the units of the state administrative apparatus, local administration, and public service bodies when preparing budget estimates to ensure compliance with the constitutional deadlines for the preparation of the state budget.

The preliminary financial statement will be issued in the third quarter of the current fiscal year 2019-2020, the Finance Ministry said in a statement Sunday.

The ministry announced earlier some basic assumptions and financial targets for the fiscal year 2020/2021, which were contained in the publication of the preparation of the draft state budget for the next fiscal year.

The financial statement stated that the rules of preparation of the draft law of the state budget include the bases, assumptions and priorities that should be taken into account when preparing the general budget, with a focus on the basis of preparing estimates of wages, compensation of workers, the purchase of goods and services, benefits, subsidies, grants and social benefits.

Egypt targets a growth rate of 6.4 percent in fiscal year 2020/2021, and aims to reduce the overall deficit rate to 6.2 percent, aiming to reduce the public debt to GDP by 80 percent by completing the financial control measures to increase the competitiveness of the Egyptian economy.]]>
11/17/2019 3:31:19 PM
<![CDATA[CBE to issue LE 19B in T-bills Sunday]]>
The T-bills will be offered in two installments; the first installment is valued at LE 9.25 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.

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 for the third consecutive meeting in row by 1 percent or 100 basis points during Thursday's meeting, Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

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.

]]>
11/17/2019 3:29:09 PM
<![CDATA[Pharmaceutical sales hit LE 44.7B in 2019]]>
According to pharmaceutical sector data, Egypt's sales recorded EGP 44.7 billion in 2019, with a growth rate of eight percent, Salama added in a speech to the opening session of the 1st edition of a two-day pharmaceutical conference organized by Al-Ahram Establishment in Cairo under the auspices of Prime Minister Mostafa Madbouli

He noted that sales are expected to hit EGP 56,6 billion by 2022.

Based on these estimates, Salama said, the net sales for the current fiscal year have amounted to $2.5 billion, at $24.5 per capita.

Egypt is the largest populated country in the Middle East region, with a population of 100 million, making it a large market for pharmaceuticals and healthcare services, Salama said.

Themed "Challenges for the Pharmaceutical Industry", the conference is held in cooperation with the pharmaceutical division at the Egyptian Federation of the Chambers of Commerce (FEDCOC), the Egyptian Pharmaceutical Chamber, the Egyptian Pharmaceutical Association and the Egyptian Export Council of Medical Industries.]]>
11/17/2019 12:21:31 PM
<![CDATA[Egypt, Switzerland probe new cooperation strategy until 2024]]>
The value of the Egyptian-Swiss cooperation strategy as part of the economic cooperation framework deal between both countries is worth about 86 million Swiss francs until 2020.

During their meeting in Bern, both sides tackled boosting Egyptian-Swiss cooperation in educational, vocational training, health, renewable energy, infrastructure, water and sanitation fields.

The Swiss councilor said that he is scheduled to visit Egypt in February, leading a delegation of the Swiss companies so as to get acquainted with the investment opportunities in Egypt.

Nasr also met with Swiss State Secretary for International Finance at the Federal Department of Finance Daniela Stoffel. They hailed cooperation relations between the two countries in both public and private sectors.

They also probed fostering cooperation in the fields of entrepreneurship and small and medium-sized projects. ]]>
11/16/2019 3:12:27 PM
<![CDATA[Egypt, PRL sign train engines contracts worth $466.3M]]>
The American company will supply 50 train engines over 22 months, carry out long-term maintenance for 41 engines by June 30, and upgrade 50 others within 30 months since the conclusion of the deal. The company will also provide maintenance services and spare parts for those 141 train engines for 15 years. The value of contracts will be secured through soft loans, except for $27 million that will be paid by ERA’s treasury.

In July, ERA endorsed the technical specifications of two passenger railcars to be supplied by Transmashholding in September. Those are part of a contract to supply 1,300 railcars. One of the railcars will be tested in Hungary, so it will be granted the safety certification by the European Railway Agency. The other will be tested in Egypt. Afterwards, the first batch of railcars in the contract will be delivered in accordance with the timeline set by both parties.

The contract states that 650 railcars will be supplied from Hungary, 500 will be delivered by Russia, and 150 will be manufactured by Egypt under the supervision of Transmashholding. An Egyptian locomotive factory will be established as part of a plan to localize the locomotive industry in Egypt and transfer the know-how to workers, technicians, and engineers in the sector. The factory will produce the 150 railcars and also provide maintenance services.

The representatives of ERA and Transmashholding agreed to hold further visits and meetings to study the possibility of cooperation in rail infrastructure, mobile rail, workshops, new lines, and maintenance of existing railcars.

In the same month, an official source told Egypt Today that ERA needs 12 rail test machines to detect and repair defects in railroads revealing that contracts to purchase eight of those are being finalized.

ERA will receive four rail test machines worth €8.5 million by the end of 2020 supplied by an Austrian company with which a contract was signed a few months ago. The machines will enable the authority to better diagnose defects in the railroads which would increase the safety, and inhibit derailment accidents.
]]>
11/16/2019 11:55:10 AM
<![CDATA[Volkswagen to invest €60 bn by 2024 in future car models]]>
"The group plans to spend nearly 60 billion euros ($66 billion) on the future areas of hybridisation, electric mobility and digitalisation in the next five years," said the group in a statement.

]]>
11/15/2019 3:03:55 PM
<![CDATA[Egypt continues monetary easing cycle, cuts interest rate for 3rd time in row]]>
The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.

Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.

Analysts and experts attributed their expectations to recording the lowest rate of urban inflation since July 2006 gives the Monetary Policy Committee of the Central Bank of Egypt the chance to continue the easing cycle, registering the third consecutive cut.

MPC cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 100 basis points and 150 basis points in September and August, respectively.

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.

The annual urban inflation declined from 4.8 percent in September to 3.1 percent in October, with monthly urban inflation recording 1 percent, up from a flat reading in the previous month.

The Central Agency for Public Mobilization and Statistics (CAPMAS) also announced that Egypt’s annual consumer price inflation declined to 3.1 percent in October 2019, compared to 4.8 percent in September 2019, with a monthly inflation up-tick from 0.3 percent to 1 percent.

The CBE said that Egypt’s annual core inflation rate rose to 2.7 percent in October 2019, from 2.6 percent in September 2019.

"The CBE can comfortably cut rates in the coming meeting," Senior Economist at Shuaa Securities Esraa Ahmed said. She stated the CBE still has a well-accommodating room for more easing before the end of 2019 despite an adverse base effect expected in December.

"We continue to expect the CBE to cut rates by 100bps in November’s meeting, making the best out of the conducive domestic and global factors," Ahmed noted.

Economist and Head of the Capital Center for Economic Studies and Research Khalid al-Shafei stressed earlier 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 inflation, and 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, inflation and interest rates, as well as the consumption and market size.

CBE has 'room' for 3rd consecutive interest rates' cut

CAIRO - 14 November 2019: Hitting the lowest rate of urban inflation since July 2006 gives the Monetary Policy Committee of the Central Bank of Egypt the chance to continue the easing cycle, registering the third consecutive cut, according to analysts and experts.


]]>
11/14/2019 7:26:05 PM
<![CDATA[16 Egyptian firms partake in WERPex expo in Kenya]]>
Egyptian Ambassador to Kenya Khaled el Abyad said in a statement Thursday that the exhibition helps the Kenyan side get acquainted with the Egyptian capabilities in the fields of water, energy and electricity, taking into consideration the Egyptian products’ competitiveness in this regard.

Abyad met with representatives of the Egyptian firms participating in the exhibition and was briefed on the most important opportunities for cooperation with Kenya in related fields.]]>
11/14/2019 6:39:37 PM
<![CDATA[Egypt comes among fastest growing economies: Davos Forum chairman]]>
Brendepraised Egypt's progress at all levels, especially in the economic field, in conjunction with the Egyptian government's adoption of economic and legislative reforms to improve the investment climate.

He said Thursday in a statement issued by the Egyptian Ministry of Investment that the economic reforms have contributed to improving the investment climate significantly.

This came during Brenda's meeting with Egyptian Minister of Investment Sahar Nasr during her visit to the Swiss city of Geneva.

For her part, Minister of Investment Nasr reviewed all the economic, legislative, structural and institutional reforms undertaken by the government during the last period to improve the investment climate, which would enhance investor confidence in the Egyptian economy.

Nasr pointed out that the Egyptian Government has worked to establish an attractive environment for local and foreign investors to boost economic growth and support Egypt's competitiveness, and to encourage the private sector to pump new investments, especially in light of the ongoing projects undertaken by the government in infrastructure.
]]>
11/14/2019 5:34:57 PM
<![CDATA[Egypt, Switzerland ink MoU on mine clearance]]>
The MoU was signed by Minister of Investment and International Cooperation Sahar Nasr and GICHD Director Stefano Toscano.

It stipulated that a framework of cooperation shall be drawn up to enhance capability building of the Egyptian demining program in line with the country’s national strategic priorities.

The MoU also includes the adoption of an integrated demining approach, with the GICHD offering training and technical services for the national demining program.]]>
11/14/2019 4:43:37 PM
<![CDATA[EGX ends week in red, market cap. loses LE2.09B]]>
The benchmark EGX 30 declined 0.43 percent, or 62.15 points, to close at 14,545.54 points.

The equally weighted index EGX 50 decreased 0.27 percent, or 5.64 points, to end at 2,105.3 points.

The small and mid-cap index EGX 70 dipped 0.24 percent, or 1.31 points, to close at 546.19 points, and the broader index EGX 100 dropped 0.22 percent, or 3.26 points, to 1,447.79 points.

Market capitalization lost LE 2.09 billion, recording LE 728.08 billion, compared to LE 730.17 billion in Wednesday's session.

The trading volume reached 140.69 million shares, traded through 19,851 transactions, with a turnover of LE 629.59 million.

Egyptian investors were net buyers at LE 76.22 million, while Arab and foreign investors were net sellers at LE 6.17 million, and LE 70.05 million, respectively.

Egyptian, Arab and foreign individuals were net buyers at LE 43.39 million, LE 6.44 million and LE 2.87 million, respectively.

Arab and foreign organizations sold at LE 72.93 million, and LE 12.61 million, respectively, while Egyptian organizations bought at LE 32.83 million.

Mohandes Insurance, El-Nile Co. for Pharmaceuticals and Chemical Industries, and General Silos & Storage were top gainers of the session by 9.25 percent, 8.42 percent and 7.44 percent, respectively.

Meanwhile, Gulf Canadian Real Estate Investment Co., Gharbia Islamic Housing Development, and Lecico Egypt were top losers of the session by 8.96 percent, 8.42 percent, and 8 percent, respectively.

On Wednesday, EGX ended trading in red , EGX30 declined 0.42 percent, EGX50 dipped 0.30 percent, EGX70 decreased 0.10 percent, and EGX100 dropped 0.20 percent.

Sunday, Nov. 10, was an official holiday for EGX on the anniversary of Prophet Muhammad’s birthday.
]]>
11/14/2019 4:22:37 PM
<![CDATA[CBE has 'room' for 3rd consecutive interest rates' cut]]>CAIRO - 14 November 2019: Hitting the lowest rate of urban inflation since July 2006 gives the Monetary Policy Committee of the Central Bank of Egypt the chance to continue the easing cycle, registering the third consecutive cut, according to analysts and experts.

MPC cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 100 basis points and 150 basis points in September and August, respectively.

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.

The annual urban inflation declined from 4.8 percent in September to 3.1 percent in October, with monthly urban inflation recording 1 percent, up from a flat reading in theprevious month.

The Central Agency for Public Mobilization and Statistics (CAPMAS) also announced that Egypt’s annual consumer price inflation declined to 3.1 percent in October 2019, compared to 4.8 percent in September 2019, with a monthly inflation up-tick from 0.3 percent to1 percent.

The CBE said that Egypt’s annual core inflation rate rose to 2.7 percent in October 2019, from 2.6 percent in September 2019.

"The CBE can comfortably cut rates in the coming meeting," Senior Economist at Shuaa Securities Esraa Ahmed said.Shestated the CBE stillhas a well-accommodating room for more easing before the end of2019 despitean adverse base effect expected in December.

"We continue to expect the CBE to cut rates by100bps inNovember’s meeting, making the best out of the conducivedomestic and global factors," Ahmed noted.

Economist and Head of the Capital Center for Economic Studies and Research Khalid al-Shafei stressed earlier 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 inflation, and 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, inflation and interest rates, as well as the consumption and market size.

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.

Moreover, 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.

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.”
]]>
11/14/2019 2:53:03 PM
<![CDATA[CBE: Tourism sector revenues jumped to $12.5 bn in FY 2018/19]]>CAIRO - 14 November 2019: An official source with the Central Bank of Egypt (CBE) revealed on Thursday that the tourism sector revenues jumped to USD 12.5 billion in fiscal year (FY) 2018/19 compared to USD 9.8 billion in the previous fiscal year.

According to a publication of Egyptian bonds at the Luxembourg Stock Exchange, the tourism sector generated revenues of USD 9.3 billion in the first nine months of the FY 2017/18.

In early 2018, the Tourism Ministry launched a structural reform program, with a view to achieving a sustainable tourism development and enhancing the tourism industry competitiveness, in line with global trends.

The program is based on five axes that focus on the institutional and legislative reform and the development of infrastructure and investment climate, as well as organizing promotion campaigns and coping up with the latest global trends in the sector, Tourism Minister Rania el Mashat said. ]]>
11/14/2019 2:15:39 PM
<![CDATA[Blue economy, at Ecomondo situation on strategies for developing sea economy]]>
This year, Ecomondo is dedicating several events to the blue economy. On Thursday 6th November (10:00 am) the beacon event was Structuring Italian Blue Growth: BLUEMED meets BIG a conference that focused on the Mediterranean Sea and will propose the vision, mission and state of the art of the initiatives under way in the area, along with the main challenges awaiting the marine economy in that zone. Research and innovation are fundamental for the development of all sectors, whether established or emerging, and to ensure their social-economic and environmental sustainability interventions and programs must be integrated, but above all the strategic vision that the event wants to transmit must be strengthened.

The focus was again on the Mediterranean at the event on the 7th November Plastic-free for a healthy Mediterranean Sea: the BLUEMED R&I Pilot, which reported on the initiative by the countries of the Mediterranean Bluemed R&I, launched in 2018 with the intent of facing the threat of marine litter together.

Circular Economy for the definition of a sustainable and integrated Blue Growth Strategy was the beacon event scheduled for the entire day on Thursday 7th November (from 10:00 am). Participants included plenipotentiary minister Enrico Granara. The objective was to stimulate the development of the circularity of the Blue economy in the Mediterranean, basin by means of cooperation.

Marine litter and blue economy, impacts and solutions from the world of fishing and aquaculture on Friday 8th November (10:00 am) is once again the appointment on the issue of marine litter organized by Ecomondo and Legambiente. There will be a particular accent on the topic of litter coming from fishing and aquaculture activities: lost or abandoned nets and equipment account for approximately a third of the plastic litter found on European beaches and an even greater proportion as far as their weight is concerned, reaching up to 11,000 tons per year.

We are Med: challenge for a sustainable Mediterranean on 8th November will end the cycle of beacon events dedicated to “mare nostrum”, to illustrate the program of transnational cooperation INTERREG MED 2014-2020 which involves the public national and regional institutions of 12 countries, from Portugal to Cyprus, examining the need to strengthen the governance instruments in strategic fields for the Mediterranean (tourism, marine surveillance, environment and innovation). Space will also be dedicated to the projects that share a process aimed at communicating the results achieved and boosting the capitalization of these results.

Sustainable management of sediments and blue growth in coastal area and in the medium and small ports was another beacon event, held on 5th November, and of importance to the sector, which will highlight the current situation in the management and use of the various resources of the sea for the adaptation of the coasts, rivers and ports for sustainable safe Blue Growth in line with the work of the National Board on Coastal Erosion, looking to set up a coast observatory.
]]>
11/14/2019 2:07:43 PM
<![CDATA[With Ecomondo and key energy the green economy takes off +24% from abroad ]]>
In fact, Ecomondo, the great circular economy expo, closed today along with Key Energy, with the enterprises of the renewable energy and energy efficiency chain, the biennial Sal.Ve., with its waste vehicles, and the debuting DPE, spotlighting energy power.

1,300 companies occupied the 129,000 square metres of Rimini expo centre, supported by an intense interested demand, also ensured by thousands of foreign buyers, over 500 of whom were profiled on the online platform, arrived in Rimini from 130 countries and were accredited at the business meetings scheduled with companies exhibiting at the expos.

Italian Exhibition Group reports a rise of 24% in the participation of international industry/trade members compared to 2018. “An exceptional, even surprising, edition” was exhibitors’ unanimous opinion. IEG thus confirms its role as an expo player able to multiply companies’ foreign business.

The expos, inaugurated on Tuesday by the Minister for the Environment Sergio Costa, began with an elating opinion, “This is the world’s most important expo for the green economy, it is in Italy and our country has excellent technology and the knowledge necessary for modifying behaviour and processes.”

Along with the Minister, a large delegation of the Government and the Parliament took part in the expo days and met enterprises for discussions that were profitable from both a policy and operational point of view.

The international profile was very high. The expos host an Italy-Egypt Business Forum, the next edition was announced of the CDEPE - Chengdu Environmental Protection Expo, being held in 2020 in China with a delegation of industries, and an operational collaboration agreement was signed with other exhibitions.

Worth emphasizing was the European Commission’s choice of Ecomondo to present its lines of financing and the most virtuous projects connected with them. Internationality was a feature of all the events, with speakers and contents on the most advanced experiences, at the disposal of enterprises and their development strategies.

There were numerous delegations of foreign industry/trade members, in particular from Tunisia, Spain, Egypt, Ukraine and Russia, and group participations resulting from 34 agreements signed with international associations, which arrived mainly from countries overlooking the Mediterranean, but also from Finland, Chile, Brazil, Romania and Poland.

The industrial system has acknowledged the role of Ecomondo, Key Energy, Sal.Ve and DPE as a platform able to gather business and on which all the major players operate. The contents were assessed as being under the banner of concreteness. Technology, scenarios and trends stood out at the expos, highlighted by the effective contribution of the States General of the Green Economy, which involves 66 business organizations.

Great satisfaction was also expressed by the trade/industry members connected with Key Energy, the strong point of which is the very rich offer linked with renewable energies, shortly to be featured in the definitive National Energy and Climate Plan.

The central role is also accentuated by the possibility of networking on extremely topical issues that currently animate political and economic debate, creating opportunities for discussion between administration and enterprises to find solutions to the problems.

Italian Exhibition Group’s international expos also ended with a notable success with the media: 520 Italian and foreign journalists were accredited, and there were over 1,200 reports by the media over the last eight days.

Lastly, confirmation arrived at Ecomondo and Key Energy of the absolute value of the program of international profile conferences, which contributed to high-level debates as far as both contents and participation were concerned.

The next editions of Ecomondo and Key Energy will be held at Rimini Expo Centre from November 3rd to 6th 2020.]]>
11/14/2019 2:03:22 PM
<![CDATA[Egypt returns to int'l bonds by longest-term in MENA]]>
The ministry said the offering included $500 million of 4-year bonds with a 4.55 percent yield, $1 billion of 12-year bonds with a 7.05 percent yield, and $500 million of 40-year bonds with a 8.15 percent yield.

"The 40-year bond is considered to be the longest international bond in the Middle East and North Africa, which is a new success for the Finance Ministry policies that aim to extend the life of the public debt portfolio and reduce the cost of debt service," Finance Minister Mohamed Ma'it said.

"Subscription orders exceeded $14.5 billion within few hours of the issuance announcement, which oversubscribed the value of the offer by seven times," the ministry stated.

The ministry noted that the amount of the subscription helped in lowering the yields by 45 basis points compared with the initial price guidance.

On Nov. 13, a document from one of the banks leading the deal showed that Egypt started marketing a triple-tranche issuance of dollar denominated bonds, according to Reuters.The country is marketing a tranche due in 2023 with an initial price guidance of 4.9 percent-5 percent, and tranches due in 2032 and 2059 at around 7.5 percent and 8.6 percent, respectively.

Each tranche will be of benchmark size, which generally means upwards of $500 million. The bonds will be priced later on Nov. 13, according to the document.

On Nov. 7, the Central Bank of Egypt (CBE) announced that Egypt will offer euro-denominated bonds on Nov. 11, maturing on Nov. 12,2020.

In August, the Central Bank of Egypt (CBE) announced selling the euro-denominated treasury bills (T-bills) with a 364-day term worth €610 million, clarifying that the average yield on T-bills recorded 1.49 percent.

According to the data, CBE received about 37 offers for the tender on Monday, for a total value of €780.1 million.

The Ministry of Finance announced earlier that it depends on diversifying sources of financing between debt instruments and local and foreign markets.

It also noted as local interest rates begin to fall, long-term financing instruments can be expanded from the domestic market, rather than short-term borrowing; this is in addition to expanding the issuance of medium and long-term bonds, instead of bills, to increase the life of debt and reduce the risk of refinancing existing indebtedness.

Egypt succeeded in reducing the government debt to GDP ratio to 90.5 percent by the end of June, compared to 98 in the same month last year.

The Egyptian government 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.

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.

]]>
11/14/2019 1:19:33 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 9.25 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.]]>
11/14/2019 1:07:53 PM
<![CDATA[GB Auto’s profits decline 67% in 1st 9 months of 2019]]>
GB Auto’s financial indicators revealed a decline in sales to LE 18.3 million during January-September 2019, down from LE 18.59 million during the same period of 2018.

During the third quarter of 2019, the company recorded profits of LE 60.5 million, compared to LE 265.7 million during the same quarter of the year.

Standalone resultshit losses of LE 535 million during the nine months of 2019, compared to losses of 1.23 million during the same period of 2018.

The company reached profits of LE 113.48 million during the first half of 2019, compared to profits of LE 225.5 million including minority rights during the same half of 2018.

Ghabbour is an Egypt-based company that is focused on automotive assembly, manufacturing, sales and distribution, as well as financing and after-sales services.

The company operates through five segments: the Passenger Cars segment, Motorcycles & Three-Wheelers segment, the Commercial Vehicles & Construction Equipment segment and the Tires segment.


]]>
11/14/2019 1:04:15 PM
<![CDATA[Egypt, UAE establish investment platform worth $20 billion ]]>
The partnership aims to establish strategic joint ventures, specialized funds or investment instruments, to invest in several sectors, most notably manufacturing, traditional and renewable energy, technology, food and real estate, tourism, healthcare, logistics, financial services, infrastructure and others, presidential spokesman Bassam Radi added.

"Together with my brother, President Abdel Fattah El Sisi we launched a joint strategic investment platform between the UAE and Egypt worth $20 billion to implement vital economic and social projects for our brotherly countries," Mohamed bin Zayed wrote on his Twitter account.

Sisi has arrived in the UAE for a two-day visit starting Wednesday, and was received by Sheikh Mohamed bin Zayed, Abu Dhabi crown prince.

Sisi met on Thursday with Mohamed bin Zayed for the second time during the visit, where they discussed bilateral relations.

“I discussed with my brother, President Abdel Fattah El-Sisi, ways to strengthen our brotherly relations in various fields and enhance coordination on all regional and international events, as well as issues of mutual interest,” Mohamed bin Zayed added.

The president’s visit to the UAE comes within the framework of the Egyptian-Emirati special relations, and the two countries' strategic and cooperative relations at all levels, Radi said.

Radi also affirmed the two countries’ keenness to coordinate continuous on ways to face challenges currently witnessed by the region, adding that such challenges highlights the need to the consolidation of efforts to protect the Arab national security.
]]>
11/14/2019 12:27:19 PM
<![CDATA[Orascom Development achieves profits of LE501.2M in 9 months]]>
The company’s revenues rose to LE 3.34 billion during January-September 2019, compared to LE 2.39 billion during the same period of 2018, according to the company’s financial indicators.

During the third quarter of 2019, the company hit profits of LE 107.44 million, up from LE 89.4 million during the same quarter of 2018.

The standalone results turned into profitability by LE 403.7 million during the first nine months of 2019, compared to a loss of LE 119.27 million during the same period of 2018.

The company achieved profits of LE 393.7 million during the first six months of 2019, up from LE 184.6 million, including minority rights, during the same period of the previous year.

In 2018, Orascom Development recorded profits of LE 500.19 million, compared to LE 391.9 million in 2017 including minority rights.

Orascom Development Egypt operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.

]]>
11/13/2019 3:56:44 PM
<![CDATA[Egypt's agricultural exports exceed 4.8M tons]]>
This came in a weekly report handed over to Minister of Agriculture and Land Reclamation Ez Eddin Abu Steit by head of the Central Administration of Plant Quarantine (CAPQ) ِAhmed el Attar.

The report indicated that the exports in the period between January 1 and November 6 reached about 4.895 million tons, pointing out that the list of Egyptian exports included citrus, potatoes, onions, grapes, pomegranates, garlic, mango, strawberry, beans, guava, cucumber, bell peppers and eggplants.]]>
11/13/2019 3:54:14 PM
<![CDATA[Egypt starts marketing triple-tranche dollar bonds]]>
The country is marketing a tranche due in 2023 with an initial price guidance of 4.9%-5%, and tranches due in 2032 and 2059 at around 7.5% and 8.6%, respectively.

Each tranche will be of benchmark size, which generally means upwards of $500 million. The bonds will be priced later on Wednesday, according to the document.]]>
11/13/2019 3:52:28 PM
<![CDATA[EGX loses LE2.02B of market capitalization]]>
The benchmark EGX 30 declined 0.42 percent, or 62.29 points, to close at 14,607.69 points.

The equally weighted index EGX 50 decreased 0.30 percent, or 6.25 points, to end at 2,110.94 points.

The small and mid-cap index EGX 70 dipped 0.10 percent, or 0.57 points, to close at 547.5 points, and the broader index EGX 100 dropped 0.20 percent, or 2.88 points, to 1,451.05 points.

Market capitalization lost LE 2.02 billion, recording LE 730.17 billion, compared to LE 732.19 billion in Tuesday’s session.

The trading volume reached 111.57 million shares, traded through 18,115 transactions, with a turnover of LE 610.86 million.

Egyptian investors were net buyers at LE 66 million, while Arab and foreign investors were net sellers at LE 9.94 million, and LE 56.07 million, respectively.

Egyptian and Arab individuals were net buyers at LE 35.73 million,, and LE 15.18 million, respectively, while foreign individuals were net sellers LE 531,371.

Arab and foreign organizations sold at LE 25.11 million, and LE 55.54 million, respectively, while Egyptian organizations bought at LE 30.28 million.

Arab Pharmaceuticals, Egyptian Starch & Glucose, and Cairo Poultry were top gainers of the session by 7.98 percent, 6.65 percent and 5.37 percent, respectively.

Meanwhile, Egyptian Satellites (NileSat), Gulf Canadian Real Estate Investment Co., and Naeem Holding were top losers of the session by 5.11 percent, 3.75 percent, and 3.61 percent, respectively.

Sunday, Nov. 10, was an official holiday for EGX on the anniversary of Prophet Muhammad’s birthday.

]]>
11/13/2019 3:51:23 PM
<![CDATA[Egypt, Germany discuss joint production of automotive components]]>
Nassar said Wednesday that the Egyptian market has many competitive advantages, especially with regard to the availability of qualified labor to work in the automotive sector and the low cost of shipping from Egyptian ports to all European countries.

Nassar stressed the ministry's keenness to provide all means of support existing and new for German investments in the Egyptian market.

He pointed out that Egypt has a huge industrial base to lead the industrial sector in the Middle East and Africa, pointing out that there is a great opportunity for the German automotive industry to enter and compete in the Egyptian market, especially in the field of gas-powered cars.

In June, President Abdel Fatah al-Sisi issued directives for the government to prioritize the file of boosting the automobile industry in Egypt.

Moreover, Prime Minister MostafaMadbouli met with Head of the German Association of the Automotive Industry (VDA) Bernhard Mattes in June, saying the government's previous efforts to address this file did not bear any fruit.

He added that the government is currently working on outlining a clear and effective strategy, including a package of incentives for pushing ahead the industry of conventional and electric vehicles.]]>
11/13/2019 3:33:37 PM
<![CDATA[Egypt to auction $1.56B in dollar-denominated bills ]]>
CBE added Wednesday that the offer will be settled on Nov. 19, and the T-bills will mature on Nov. 17, 2020.

The Ministry of Finance announced earlier that it depends on diversifying the sources of financing between debt instruments and local and foreign markets.

It also noted as local interest rates begin to fall, long-term financing instruments can be expanded from the domestic market, rather than short-term borrowing.This is in addition to expanding the issuance of medium and long-term bonds, instead of bills, to increase the life of debt and reduce the risk of refinancing existing indebtedness.

Egypt succeeded in reducing the government debt to GDP ratio to 90.5 percent by the end of June, compared to 98 in the same month last year.

The Egyptian Government 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.

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.


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11/13/2019 3:32:39 PM
<![CDATA[China confirms importance of deepening cooperation with Egypt]]>
Yang made the remarks while meeting with representatives of 25 Chinese companies in Egypt. The companies'representatives reviewed their operations in Egypt and made proposals on strengthening bilateral relations.

The companies are China Development Bank, Tianjin Economic and Technological Development Zone, Huawei Technologies, China Construction Engineering Corporation and China Petrochemical Company.

Yang said on the sidelines of his official visit to Egypt that the Belt and Road Initiative is an important platform for building a society with a common destiny for humanity, pointing out that, under this concept, China aims to play its role as a builder of world peace and a contributor to global development

The Belt and Road Initiative, proposed by China in 2013, refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, and aims to build a trade and infrastructure network linking Asia to Europe and Africa through the ancient Silk Road trade routes to seek common development and prosperity.

Yang expressed hope that Chinese companies in Egypt will enhance the image of China as a responsible and powerful force by presenting a good corporate image, taking social responsibilities, abiding by local laws, respecting local culture and customs, preserving the environment and protecting workers' rights.

He also expressed the willingness of the CPPCC to work with relevant authorities in China to improve policies and regulations that support the global orientation of Chinese enterprises.

Representatives of Chinese companies pledged to make further contributions to the development of China and Sino-Egyptian friendship by seeking to expand their operations in Egypt and promote bilateral cooperation between the two countries.

The Belt and Road Initiative was launched by the Chinese Government to enhance trade, investments, and infrastructure in more than 150 countries in Asia, Europe, Middle East, Africa, and Latin America. The initiative is a revival to what was known as “The Silk Road.”

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11/13/2019 2:33:00 PM