Economy - AmCham · 2019-01-21 · Economy American Chamber of Commerce in Egypt - Business ......

4 (2018) Report

Economy

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Economy Sector - Q4 2018 Report

Copyright ©2018, American Chamber of Commerce in Egypt (AmCham). All rights reserved. Neither the content of the Tenders Alert Service (TAS) nor any part of it may be reproduced, sorted in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the American Chamber of Commerce in Egypt. In no event shall AmCham be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits.

Non-Tenders Section

Special RemarksThe Economy Q4 2018 report provides a comprehensive overview of the Economy sector with focus on top tenders, big projects and important news.

- Business News - Projects Awards - Projects in Pre-Tendering Phase - Privatization and Investments - Published Co. Performance - Loans & Grants - Fairs and Exhibitions

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List of sub-sectors

Banking, Finance & Insurance

Economy

This report includes tenders with bid bond greater than L.E. and valuable tenders without bid bond

Tenders may be posted under more than one sub-sector

- Client

- Generating Sector

- Supply Jobs

(the sector of the client who issued the tender and who would pay for the goods & services ordered)

- Client

- Generating Sector

- Integrated Jobs (Having a certain engineering component) - sorted by

Tenders Section



Banking, Finance & Insurance - Non Tenders Section Type Description Date Published

Business News An alliance of six banks clinching an L.E. 10 billion loan in favor of EGPC to finance the importation of petroleum products with part thereof to be deducted from dues of the Ministry of Electricity. They include the NBE - National Bank of Egypt, Banque Misr, the CIB, AAIB, QNB & Credit Agricole. Final agreement on details will be settled by the end of the next week and the alliance is expected to further include the EGB & Abu Dhabi Islamic Bank Egypt.

Nov 21, 2018

Kuwaiti National Bank - Egypt opening its 21st branch in Mohandesin putting further milestone to the Egyptian Kuwaiti financial relations. It is located on Nadi El Seid St., Dokki. Chairman of the Board is Mr. Ali Maaref & CEO is Mr. Khaled El Sellawi. Mr. Al Maarefi announced the Bank targets to increase its branches to 57 by the end of 2021. This is Kuwait second bank in Egypt. The bank has recently opened two centers specialized in extending trade finance services with a third center to be soon opened in Central Cairo.

Dec 30, 2018

Banque du Caire revealing plans to install 300 new ATM machines including some of them to electronically accept cash deposits. That was reported in the media quoting Mr. Hazem Hegazi, Deputy Chairman of the bank revealing the bank plans to open 20 to 25 branches annually over the next three years & to increase ATM population to reach 1,000 unit by the end of 2019.

Dec 13, 2018

El Taamir Co. for Development & Tourist Management at Marina El Almein Center SAE increasing its issued & paid up capital by L.E. 7,434,780 to equal L.E. 20 million i.e. to equal its authorized capital. That was formally announced by the company indicating the increase need be effected at any branch of El Taamir & Housing Bank country wide during the period 12/11/2018 till 1/9/2018 in favor of its account 0230000001286 to be settled 100 % in cash.

Dec 16, 2018

Bilateral foreign trade volume between Egypt & China in 2017/ 2018 put at $ 11 billion driving Egypt to become China's largest trading partner in Africa. To which extent exports to Chine & the inflow of Chinese tourists in Egypt may compensate part

Nov 16, 2018

Suez Canal revenues during the first 10 months of 2019 totaling $ 4.8 billion marking almost 10 % increase above their level during the comparison period of 2018 put then at $ 4.3 billion. That was announced by Mr. Tarek Hassanein, speaker on behalf of the Suez Canal Authority.

Nov 11, 2018

55 vessels crossed yesterday November 5, 2018 the Suez Canal from both directions carrying 3.5 tons of cargo, oil & containers. That was announced by Mr. Tarek Hassanein, formal speaker of the Suez Canal Authority. Meanwhile Chairman of the Suez Canal Authority has endorsed the amendment of decree 121/ 2018 on incentives extended to vessels operating with East Port Said Port to include also West Port Said Containers Station (El Wataniya) affiliated to the Holding Co. for Maritime & Land Transport.

Nov 05, 2018

62 vessels crossed the Suez Canal on 8/10/2018 with 4. 2 million total load including 39 vessels from the north & 23 vessels from the south. Days earlier Minister of Planning, Follow Up & Administrative Reform announced Suez Canal revenues during the year 2017/ 2018 increased by 15.4 % to reach $ 5.7 billion.

Oct 09, 2018

54 vessels crossing the Suez Canal from both sides on October 16, 2018 carrying about 2.9 million tons total load. That was reported in the media quoting Mr. Tarek Hassanein, speaker on behalf of the Suez Canal Authority, indicating 32 vessels crossed the canal from north with 1.6 tons total load & other 22 vessels crossed the canal from south (the New Canal) with 1.3 million tons.

Oct 17, 2018




Business News Egypt's Finance Minister Mohamed Mait has told Bloomberg in an exclusive interview that Egypt will not seek further funding from the International Monetary Funding (IMF) when the ongoing loan deal with the fund ends next year. Egypt reached a three-year $12 billion loan programme with the IMF in November 2016, which has been used to implement sweeping economic reforms such as reducing energy subsidies, imposing new taxes, and floating the currency.

"We are now in a position where we do not think we’ll need further funding from the IMF," Mait told Bloomberg.

"We are committed to further reforming to our economy and making our economic reform model a good example for other countries."

The reform programme is designed to help revive an economy hard hit by a shortage of foreign currency and investment in the turmoil that followed the 2011 uprising.

Mait said there “could be some sort of cooperation” with the IMF, but “let me say again, and stress, that this does not mean we’re going to ask for further funding, but there could be some kind of cooperation.”

In July, the IMF gave a favourable outlook for Egypt’s economy in its third major review of the country’s economic policies in implementing the loan agreement.

The fund projected that the government's fiscal policies could reduce its overall current account deficit to 2.6 percent in 2018/19, down from a previous projection of 4 percent.

Inflation initially soared after the government floated its currency in late 2016, hitting over 33 percent in the summer of last year, but has since dropped steadily to 11.4 percent in May 2018, rising slightly to 14.4 in June.

The World Bank predicted growth would reach 5.6 percent in fiscal year 2019, supported by private consumption, a continued recovery in tourism, and the new operations of recently discovered gas fields.

It also predicted public investment to grow along with the expected private investment if business environment reforms are effectively implemented.

Egypt's growth rate for the 2017/2018 fiscal year hit its highest level in ten years as it recorded 5.3 percent growth, compared to 4.2 percent in the year before, according to statements by the country’s planning minister last July.

Nov 29, 2018




Business News Egypt’s Minister of Trade and Industry Amr Nassar spoke On Sunday at the inauguration ceremony of Kia Sorento’s first assembly line in the country.

“The ministry has an ambitious plan to upgrade the automotive industry and its feeder industries, by offering more investment incentives to attract the world ’s largest companies to the Egyptian market, and to benefit from the many privileges it has especially in international trade agreements.”

Nassar gave examples of international agreements signed with Egypt, such as the Greater Arab Free Trade Area (GAFTA), the EU-Egypt Association Agreement, and the EFTA, COMESA, and Mercosur agreements, which provide a market of roughly 1.8 billion people.This number is expected to reach 2.2 billion, after Egypt concludes the EAU agreement, and then 2.6 billion after concluding the African Free Trade Area negotiations.

The automotive industry is one of the main industries that underpin the Ministry of Commerce and Industry’s plan to promote industrial development and foreign trade, Nassar continued.He pointed out that Egypt possesses all the necessary resources to be a major platform for manufacturing and assembling cars, at the regional and international level.

The minister regarded the inauguration as a great achievement to the automotive industry, as the company plans the ratio of Egyptian local components in their vehicles to be over 45 percent.

Nassar pointed out that Egypt has 170 auto companies operating on market, including 19 companies that manufacture and assemble cars of all kinds, from passenger cars, to buses, microbuses, minibuses, and trucks, in addition to over 150 firms engaged in the manufacture of auto components.

These companies supply components to automotive assembly companies both in Egypt and abroad.

“The inauguration of the Kia [Sorento] assembly line in Egypt is crowned by years of hard work and absolute commitment. The entry of a large company like Kia into the Egyptian market…is not just a practical translation of our vision, but a benefit to the Egyptian economy, as it would increase production and provide vast job opportunities,” Nassar concluded.

Dec 04, 2018

Wood industry leaders from 175 companies will explore investment opportunities and conclude business deals at the fourth edition of the Cairo WoodShow, to be held next month, in Egypt.

The event will take place from November 30 to December 3, at the Cairo International Convention Exhibition Center.

This year’s edition of the event introduces its newest feature, the International Buyer Program where manufacturers, contractors, traders and real buyers from Morocco, Algeria, Tunisia, Libya, Sudan, Lebanon, and Jordan can meet and conclude regional and international business deals to further boost the growth of timber industry in the region, said a statement from the organisers.

The event will be held under the patronage of Egypt’s Ministry of Trade and Industry and is a co-located event with Cairo International Furniture Accessories, Components, and Semi-Furnished Products Show (CIFAC).

North African countries have posted a sharp increase in real estate, pushing the demand for furniture products and decorative items especially for residential and hospitality projects.

The region’s growing population will be needing more housing, educational institutions, and other infrastructure that would result to an increase in the demand for timber.

Several African countries each import over $100 million of furniture- Egypt ($1.3 billion), Morocco ($470.5 million), Algeria ($428.7 million), South Africa ($359.8 million), Tunisia ($170.4 million), Ethiopia ($107.7 million), Botswana ($58.4 million), Nigeria ($57.4 million), Kenya ($52.8 million), and Namibia ($47.9 million), it said.

Oct 14, 2018

Minister of Planning, Follow Up & Administrative Reform announced Egyptian Expatriates Transfers from Abroad & Tourism Revenues in 2017/ 2018 reached $ 33.7 billion. Figure reflects further support to the country's potential

Oct 08, 2018




Business News Egypt's Suez Canal revenues reached their highest level of the year in October, rising to $506.1 million from $469.7 million in September, a government statement said on Friday.

The Suez Canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign currency for the Egyptian government.

Egypt in 2015 inaugurated an $8 billion expansion of the canal, intended as a cornerstone in President Abdel Fattah al-Sisi's plan to turn around the economy of the Arab world’s most populous country.

Dec 02, 2018

Loans & GrantsEuro 1 billion French investments to be pumped in Egypt during 2019. That was announced by Mr. Mahmoud Al Qeisi, Chairman of the French Chamber of Trade & Industry in Egypt hence increasing direct French investments in Egypt to Euro 5 billion up from Euro 4 billion a year ago. Mr. Al Qeisi revealed that up to 125 French companies and organizations are now operating on the Egyptian market disposing on more than 30,000 work force. Members of the Chamber, established in 1992, now exceed 600 members.

Nov 15, 2018

President of the ADB - African Development Bank announcing the bank's readiness to push & support Egypt's economic development by strengthening the government declared priorities in developing Sinai Peninsula. He noted the bank in contributing to almost 30 projects financed thereby in Sinai worth $ 2.8 billion. He praised Egypt now ranking first in attracting investments to the continent. Months earlier Saudi Arabia pledged several billion investments to support the Sinai National Project & a huge university now under construction carrying the name of King Salman Bin Abdul Aziz of Saudi Arabia.

Nov 08, 2018

Projects in Pre-Tendering PhaseAfter months of silence, both in the media and among business circles, news returning, obviously low tone, on mega food projects, particularly on a large edible oil complex, worth L.E. 1.2 billion, also on other highly valued financial schemes. A day later same source, revealed another deal was reached with Mez Dr. Sahar Mansour, Minister of Investment & international Relations on arranging an extension to the IMF loan valued L.E. 3 billion.

Oct 16, 2018

Economy - Non Tenders Section Type Description Date Published

Business News Egypt’s El Sewedy Education Company signed on Monday a partnership agreement with the British Coventry University to establish a university in Egyptian New Administrative Capital.

The Egyptian firm has earmarked around 6 billion pounds to 7 billion pounds in investments for setting up its first project, the Knowledge International Hub, its chairman said.

The university will be established in ten-year timeframe and will be financed by the company, through credit facilities from some of the local banks, Ahmed Elsewedy further addedThe company is currently in talks with a number of local lenders, El Sewedy said, adding that the project’s first phase is set to be executed next September.

The new capital’s university will embrace up to 15,000 students within 2028, he noted.

For his part, the project’s manager Hani Zaki said almost 27 percent of the university’s construction works was completed.

The first phase of the project spans 27,000 metres, Zaki said.

Dec 11, 2018




Business News Baden, Switzerland -- October 9, 2018: Today GE Power announced it won the contract to deliver the turbine island equipment for El Dabaa nuclear power plant project in Egypt through AAEM its joint venture with Atomenergomash. GE Power will supply the basic design of four conventional island, supply four nuclear turbine generator sets, including the Arabelle half-speed steam turbines, and provide technical expertise for the on-site installation and commissioning. “As Egypt works to diversify its energy production and to support its growing economy, the El Dabaa nuclear power plant, equipped with GE Power ’s Arabelle technology, will help Egypt deliver on their ambitious goals,” said Andreas Lusch, CEO of GE’s Steam Power. “Today, the Arabelle is helping to deliver more than 20GW of power around the world and we will leverage this experience and know-how to deliver reliable, dependable and CO2 free energy to the Egyptian grid.” Electricity demand in Egypt has increased rapidly as a result of their growing population and increasing industrial activity. It’s estimated that an additional 1.5GW of new capacity will be needed each year – that’s a 6% increase year over year until 2022. To support this increasing demand without blackouts, Egypt has an ambitious energy plan which includes diversifying its installed base. El Dabaa nuclear power plant will help deliver on that plan by stabilizing the Egyptian grid with dependable, CO2 free energy and having a predictable low cost of electricity. Once in operation, El Dabaa will produce 4.8GW – enough to power up more than 4 million homes in Egypt. The Arabelle steam turbine has been in operation for the past 18 years and still holds the world power output record. This unique technology, adaptable to all reactor types, produces 2% more power output than the traditional configurations. The French fleet of Arabelle has a demonstrated reliability rate of 99,96% over more than 400,000 operating hours. The El Dabaa project builds on GE Power’s supporting the development of Egypt’s energy sector for more than 40 years which includes delivering up to 16 GW to the Egyptian grid. Recently, GE Power completed building and connecting the Badr substation in Egypt to the national grid. The new 500/220 kilovolt (kV) Gas-Insulated Substation will dispatch 1.5 GW of electricity and play a strategic role in the upcoming Egypt – Saudi Arabia Interconnection, linking the national grids of both countries with a 1,300-kilometer transmission line. Globally, GE Power’s Steam Power business is a technology leader in the nuclear steam turbine industry. Today, 50% of the world’s nuclear power plants in operation are equipped with a GE steam turbine which are able to generate more than 200 GW of CO2 free, reliable energy.

Nov 26, 2018




Business News Egypt sees increasing interest from U.S. energy companies in developing its offshore oil and natural gas resources and expects them to participate in two bidding rounds due before year-end, Egyptian Petroleum Minister Tarek El-Molla said on Saturday.

Egypt has emerged as an attractive destination for foreign energy firms following a string of major discoveries in recent years including the giant Zohr offshore field, which holds an estimated 30 trillion cubic feet of gas.

El-Molla said Egypt wanted to become a regional trading gas hub now it had achieved its goal of self-sufficiency, but would focus on meeting its existing commitments — including a contract to supply Jordan — once exports are resumed.

While declining to name potential bidders, El-Molla said there was “an increase in appetite from different American companies and we will see this in practical ways when the closing of the bidding rounds and submission of offers.”

“This will be the proof that they’re interested,” he said.

Molla, who met U.S. Assistant Secretary of State for Energy Resources Francis Fannon in Cairo last week, said bidding for exploration and exploitation of gas and oil in offshore concession blocks in the Mediterranean under state-run importer EGAS was due to close on Nov. 29.

A second bidding round for concession areas in the Red Sea is scheduled to open before the end of the year, he added.

Officials and industry sources said last year that Exxon Mobil was considering a foray into Egyptian offshore oil and gas, seeking to replicate rivals ’ success in the country and boost its reserves.

Molla highlighted the existing operations of U.S. companies including Apache , which is currently engaged in onshore exploration and production.

“We’d like to have and attract more companies in the oil and gas sector for the offshore, and I think that with the opening of … the new frontier area like the Red Sea and what we are talking about now in the bid rounds of EGAS and (state-controlled Egyptian General Petroleum Corp) EGPC, this is all really attracting a lot of attention to American companies,” he said.

El-Molla has said previously that Egypt aimed to attract about $10 billion in foreign investment in the oil and gas sector in the financial year that began in July 2018.

The minister said that while Egypt was focusing on using its infrastructure to become a regional gas trading hub, importing gas from countries including Cyprus and Israel, Cairo would honour a contract with Jordan that had been delayed by domestic needs.

“But now, as we have reached the self-sufficiency two months ago, when we resume exports priority will be for those existing contracts,” he said.

Egypt has signed a deal with Cyprus for the construction of a pipeline that will channel gas from the island ’s Aphrodite field to facilities in Egypt.

El-Molla said there was no specific date for work to start on the pipeline but cited the Cypriot side as saying the pipeline could be up and running within four years.

An Egyptian company has signed a $15 billion deal to import gas from Israel for processing in Egypt.

“So we will import and export at the same time, so we’re talking about a trading hub,” Molla said.

Nov 25, 2018

Egypt’s Prime Minister Moustafa Madbouly issued on Wednesday a decree to set up a free zone in Badr City under the name of the “Egyptian national company for development” (under construction).

The zone will be set up over an area of 429 feddans and will produce all kinds of weaving threads and fibers.It will also produce cloths and garments along with stationery tools and furniture.

Dec 06, 2018




Business News The Egyptian Prime Minister, Moustafa Madbouli inaugurates today the first round of Inter-African Trade Fair which is held between December 11 and 17 2018 in Egypt.

The African Export-Import Bank (Afreximbank) is organising the inaugural Intra-African Trade Fair (IATF 2018) in cooperation with the African Union and the Export Development Authority represented by the Egyptian Ministry of Commerce and Industry.The Intra-African Trade Fair is the first of its kind in Africa, consisting of a 7-day trade show that provides a platform for sharing trade, investment and market information and enabling buyers and sellers, investors and countries to meet, discuss and conclude business deals.

It provides an opportunity for exhibitors to showcase their goods and services, engage in Business to Business (B2B) exchanges and conclude business deals.

IATF provides a platform for entry into a single market of over one billion people joined together under the African Continental Free Trade Area.

Dec 11, 2018

Orascom Development Egypt (ODE) (ORHD) through its hotel subsidiary Orascom Hotels Management (OHM) signed an agreement with Thomas Cook to develop a new 100 - room luxury beachfront hotel property under the brand of Casa Cook El Gouna. The deal also includes rebranding Arena Inn, El Gouna's 144-room downtown hotel to become a Cook's Club Hotel.

Casa Cook El Gouna, set to open in October 2019, will offer a range of family-friendly accommodation including two-bedroom villas with private pools and suites with shared pools.

As for Cook’s Club, opening summer 2019, the hotel will cater to a new generation of travelers looking for a stripped-back design hotel with great food and drink at its heart. The 144-room hotel will feature a large, beachside pool, a street-food style canteen restaurant, and a DJ who builds the atmosphere throughout the day.

"We are excited about the partnership with Thomas Cook and El Gouna's being the first home to Thomas Cook's newest Hotel brands in the Middle East", said Khaled Bichara, CEO Orascom Development. "We are sure that the brand equity of Thomas Cook would fit perfectly and also add to El Gouna and the Group's Hotel portfolio.”, Bichara added.

Casa Cook is the luxury hotel brand of Thomas Cook that was introduced in 2016 with the opening of Casa Cook Rhodes. Cook’s Club builds on the success of Casa Cook, extending the same design-led ethos to bigger properties at a more accessible price. The first Cook's Club was opened in June 2018 in Crete, Greece.

Enric Noguer, Chief of Thomas Cook Hotels & Resorts, said: “Cook’s Club builds on the success of Casa Cook, extending the same design-led ethos to bigger properties at a more accessible price. Opening both hotels in the same destination provides us with an attractive opportunity to attract new customers to this stunning part of Egypt and is testament to how attractive our brands are that we continue to attract partners like Orascom Development.”

Dec 18, 2018




Business News Egypt’s non-oil private-sector activity shrank again in November, but the pace of the slowdown dropped, leaving an index of activity at its highest since August though still in contraction territory, a survey showed on Thursday.

The Emirates NBD Egypt Purchasing Managers’ Index (PMI) for the non-oil private sector strengthened to 49.2 in November from 48.6 in October, staying just below the 50 mark that separates growth from contraction.

November’s PMI reading marks the third consecutive month of contraction, following expansionary readings in July and August.The fact that the headline index reached a three-month high is “encouraging, although the overall survey still points to soft business conditions for the private sector in Egypt,” said Khatija Haque, MENA economist at Emirates NBD.“Although the declines in output and new work were relatively modest, the employment index fell to its lowest level since March,” Haque said. “More positively, inflationary pressures appear to be easing.”

The PMI has had an average reading of 48.0 since Egypt began an economic reform programme linked to a $12 billion loan agreement with the International Monetary Fund.

Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence.

Dec 06, 2018

The chairman of the African Export-Import Bank (Afreximbank) Benedict Oramah said that agreements worth $30 billion signed during the Intra-African Trade Fair, which took place in Egypt from 11 to 17 December.

Oramah made the comments in a speech at the closing session of the fair, which he said represents an important start to the path of the joint African economic cooperation.

Oramah added that 100 commercial deals were made on the African and international levels.

He further hailed the prominent role played by the Egyptian government in ensuring the success of the fair and reaching a positive outcome beyond expectations.

The fair will contribute to increasing inter-African trade from $170 billion to $250 billion by 2021 with an increase of 32 percent, Oramah asserted.

Dec 18, 2018

More than 20 million Egyptians have been screened for hepatitis C and other non-communicable diseases as part of the state’s ‘100 Million Lives’ campaign launched in October, the health minister has said.

In press statements, minister Hala Zayed said a total of 7,872, 224 citizens have been screened for the virus so far during the campaign’s second phase, which was launched on 30 November and includes Cairo, Beni Suef, Sohag, Menoufiya, and Kafr El-Sheikh governorates.

The numbers from the second phase bring the total of those screened in the nation’s biggest ever anti-hepatitis C campaign to 20,567,418 people.

Zayed said the state aims to screen citizens likely to have the virus, and provide treatment free of charge.

According to 2015 statistics, 22 percent of the Egyptian population had hepatitis C.

Over the past three years, Egypt has been using a variety of new medications to combat the virus.

The health ministry has vowed to completely eliminate the disease from Egypt by 2022.

Dec 23, 2018




Business News Egypt’s central bank says it will receive studies before the end of the month from Ernst & Young with the goal of launching an innovation support fund by 2019.

The studies will outline the investing mechanisms of the anticipated fund, said Ayman Hussein, Egyptian central bank ’s sub governor during a conference in Abu Dhabi on Monday.

Central bank governor Tarek Amer said earlier on Sunday the country’s plans to launch a 1 billion Egyptian pound ($55.7 million) innovation support fund by 2019.

The fund will invest in innovative projects in Egypt, Amer announced at digital economy conference taking place in Abu Dhabi between December 16-17.

It will also provide interest-free loans to youth-led innovative projects, under the directives of Egyptian President Abdel Fattah al-Sisi, Amer added.

Egypt has been working on developing the infrastructure of financial technology to attract and support creative ideas, besides financing small and medium enterprises (SMEs).

Dec 18, 2018




Business News The volume of trade exchange between Egypt and Britain reached about $1.3 billion, according to Board Member of British Egyptian Business Association (BEBA) Khaled Zaki.

Zaki said that the association is working on increasing the volume of trade exchange and boosting the economic and trade relationship between both countries.

He affirmed that Britain has big investments in Egypt as it is considered the biggest foreign investor in the Egyptian market, noting that its significant investments are in the sectors of Petroleum, gas, technology (like Vodafone Company), Banks (like HSBC), and the medical sector, among othersZaki added during his participation in the knock door mission in the United Kingdom that the mission focuses on the sectors of health and education,within the framework of the political leaders’ keenness to focus on these fields during the next four years, in addition to the petroleum, gas and transport sectors.

“The meetings target exchanging points of view and reviewing investment opportunities in both countries to enhance the economic relations,” the board member of BEBA said. BEBA organized a knock door mission to UK from November 27 to 30 to support the economic relationship between both countries and to promote investment opportunities in Egypt.

Minister of Finance Mohamed Ma’it and about 50 Egyptian companies participate in the mission, to support the economic relations between Cairo and London and review the achieved progress of the Egyptian economic indicators and the investment opportunities in the state.

Egyptian Ambassador to Britain Tarek Adel stated during the mission that Egypt’s exports to Britain increased 27 percent during the January-September 2018 period, compared to the same period of 2017, declining trade deficit by 40 percent.Adel added that more than 350,000 British tourists visited Egypt during the January-October 2018 period despite the ban of direct flights to Sharm El-Sheikh airport, up from 300,000 tourists in 2017.

Previously, Minister of Industry and Foreign Trade Amr Nassar said that trade Exchange between Egypt and the United Kingdom recorded $1.33 billion during the first half of 2018.

The minister stated that the British investments in Egypt recorded $5.6 billion through 1450 projects in the fields of industry, services, constructions, tourism, finance, agriculture, telecommunications, and information technology.

Former Minister of Industry and Foreign trade Tarek Kabil said that the trade exchange between Egypt and Britain recorded £447 million ($593.22 million) in the first quarter of 2018, compared to £414.8 million during the first three months of 2017.

Trade exchange between the two countries reached £1.86 billion in 2017.

Generally, Britain is looking forward to discussing the economic relations with several countries ahead of its decision to leave the European Union, which is known as Brexit.

Brexit is a combination of two words, “British” and “exit”, and refers to the withdrawal of the United Kingdom from the European Union. In June 2016, the British electorate voted to leave the EU with a percentage of 51.9 percent.

Nov 29, 2018

Egypt Defense Exhibition (EDEX) took place in the capital Cairo on December 3-5, which welcomed attendees from the UAE ’s biggest defense and security companies. Under the National Pavilion of the United Arab Emirates, 17 UAE-based companies showcased the latest military and security equipment, products and systems developed for all domains, including air, land and sea.

Dec 06, 2018




Business News Egypt’s Central Bank (CBE) is to issue on Thursday treasury bills worth EGP 18.7 billion in two auctions.

The first 357-day-term treasury bill is to be issued worth EGP 9.2 billion, while the second 182-day-term treasury is worth of EGP 9.5 billion.

The CBE issues treassury bills on behalf of the Ministry of Finance on Sunday and Thursday. Last Sunday, the CBE issued LE 18 billion in treasury bills. Foreign investments in government debt instruments have reached $17.1 billion since the floatation of the Egyptian currency and until the end of July 2018.This is lower than the $23.1 billion recorded at the end of March 2018.

Egypt's funding needs in the 2018-2019 fiscal year are about EGP 714 billion, of which EGP 511 billion should come from domestic debt instruments and the rest will be from external financing through bond issuances and the IMF loan.

Dec 16, 2018

First Group for Real Estate Investment is looking to implement two tourism projects in Ain Sokhna and the North Coast with total investments worth EGP 5.2 billion, the company's chairman said on Monday.

An 85-acre project will be built in Ain Sokhna with around EGP 2.25 billion in investments and an estimated sales of EGP 6 billion, Bashir Mustafa told reporters in a press conference.

The project is being designed and is set for delivery in the third quarter of 2018, Mustafa added, pointing out that the project will be built in five years.

As for the North Coast project, he said it is being executed over 94 acres in Matrouh governorate's Fukah district with an estimated investment worth EGP 3 billion and targeted sales of EGP 6 billion.

He noted that 25% of the project will be in the hotel and hospitality sector.

The project will be completed in six years and the first phase will be handed over in 2020, he highlighted.

Dec 18, 2018

Egypt and European Investment Bank (EIB) signed an agreement worth €350 million to support the development and renewal process of Cairo Metro’s first line, Egypt’s Ministry of Investment and International Cooperation announced.

The ministry noted that the agreement was signed by Minister Sahar Nasr and President of the EIB Werner Hoyer.

According to the ministry, the agreement aims at the rehabilitation of the metro’s first line, including 44 kilometers comprising 35 stations, to work on the metro's sustainable service and expand its transporting capacity.

The development and renewal process includes the signaling, communication, electromechanical, central control systems and power supply.

Earlier this month, EIB announced signing three agreements worth $227.797 million to support business in Egypt; two financing agreements for a total amount of €229 million ($260.497 million) to support sanitation and community infrastructure in Egypt and the third is an agreement to invest $ 11.3 million in Sawari Ventures Fund.

Dec 20, 2018




Business News Egypt’s Prime Minister Mostafa Madbouly said on Saturday that the country’s first integrated investment map covers 4,900 investment opportunities in all industrial sectors nationwide.

The PM made the comments in a speech at the opening session of the 5th Akhbar Al-Yom Economic Conference, which kicked off on Saturday evening and is set to run for two days.

Madbouly said his cabinet’s program includes a key goal of improving the competitiveness of the country's industrial sector, which should improve the business atmosphere and encourage investment in industry over the next four years.

Madbouly said the goal is to increase the rate of industrial growth from 6.3 percent in 2018 to 10.7 percent by 2022.

The PM explained that the investment map offers an important interactive platform that provides an integrated database on industry in Egypt.

Attracting investment and increasing the ability to manufacture and compete in foreign markets play a key role in achieving the desired economic start, he added.

The prime minister reviewed economic challenges faced by the country in previous periods, which necessitated the launch of a strong economic reform program.

The government's program includes many targets in the industrial sector, including the expansion of free zones, the establishment of 12 new investment zones, the expansion of integrated industrial complexes by establishing 13 new ones, the provision of hundreds of thousands of jobs and reducing unemployment rates to about 8.4 percent by 2022, he added.

Madbouly said that the industrial development and foreign trade strategy 2016-2020 has also been launched, focusing on developing industry, exports, SMEs and entrepreneurship, technical and vocational training, alongside governance and institutional development.

Up to 3,114 factories have been opened since 2016, with total investment costs estimated at EGP 73.7 billion, employing 102,000 workers, he added.

The prime minister revealed that the government has provided 30 million square meters of industrial land plots nationwide since 2016; an unprecedented effort aiming to overcome the scarcity of industrial land.

"Between 2007 and 2015, only 10 million square meters had been provided," the PM said.

Dec 25, 2018

The Central Bank of Egypt board is mulling re-opening the door for licensing international banks' branches to join the Egyptian market in the coming period.

An official source from CBE told MENA Tuesday that the step will promote confidence in the Egyptian economy and the banking sector and contribute to boosting the sector's competitiveness.

The source noted that a number of international banks filed requests to join the Egyptian market.

He added that this will create a larger database of clients in the banking sector, especially in light of the huge network of relations which international banks have with heavyweight international investors, companies and institutions.

Dec 20, 2018




Business News EFG Hermes-managed renewable energy platform Vortex Energy has closed deal to sell its 49% stake in a 998 megawatts wind portfolio to a group of institutional investors advised by JP Morgan Asset Management..

The portfolio includes 56 projects co-owned and managed by EDP Renewables located in Spain, France, Portugal, and Belgium.

“The sale of Vortex Energy’s wind assets demonstrates our ability to acquire, manage, and exit renewable energy investments on a global scale,” EFG Hermes’ head of private equity and asset management Karim Moussa commented.

Vortex Energy was launched four years ago and has become a “prominent” renewable energy-focused investment manager in Europe, with a solar and wind portfolio of 882 MW and combined executed transactions whose value exceed EUR 2.4 billion ($2.73 billion), Moussa added.

“We are delighted to acquire the operational wind interests of Vortex Energy, which delivers sustainable, risk-adjusted returns to our investors, which include pension schemes representing over 25 million families,” JP Morgan Asset Management infrastructure investments group managing director Matthew LeBlanc said.

The recent investment increases our renewables energy production capacity to over 3.8 gegawatts, LeBlanc noted.

Dec 23, 2018

Egypt is set to end a discounted customs exchange rate in December for imports of goods that are considered non-essential, the finance minister said on Friday.

Egypt began setting a monthly fixed customs exchange rate in January last year, following the flotation of its pound currency in November 2016.

In recent months the customs rate for all goods had been set at 16 Egyptian pounds to the dollar. On the currency market, Egypt's pound has held steady in a narrow range of 17.78 to 17.98 to the dollar over the last six months.

From Dec. 1 the rate for strategic and essential goods will remain at 16, while the rate for non-essential goods will be set as the average exchange rate listed by the central bank during the preceding month, Finance Minister Mohamed Maait said in a statement carried by state news agency MENA.

The non-essential goods include tobacco products, alcohol, pet food and cosmetics, the statement said.

Some goods, such as mobile phones and computers that are exempt from customs taxes, goods including furniture and shoes that are manufactured locally, and cars and motorbikes, will also be subject to the new rate.

Industrial and agricultural raw products will still be imported at the discounted rate, according to the finance minister's statement.

Dec 02, 2018




Business News World Bank's IFC to invest in Egypt’s healthtech startup Vezeeta

World Bank's IFC to invest in Egypt’s healthtech startup Vezeeta

It is IFC’s first direct investment in an Egyptian technology firm

 10 December 2018 03:57 PM

Cairo — Mubasher: Egyptian healthtech startup Vezeeta announced that it has raised an investment from the International Finance Corporation (IFC), the private-sector lending arm of the World Bank.

It is IFC’s first direct investment in an Egyptian technology firm, Vezeeta said in a statement on its website, giving no further details on its volume.

IFC’s investment is a follow-on to Saudi STV-led $12 million Series C round that the Egyptian e-health startup had raised less than 3 months ago, Vezeeta added.

Established in 2012 by Amir Barsoum, Vezeeta enables patients to search, compare, book and engage with doctors in Egypt, Saudi Arabia, Jordan, and Lebanon, according to the statement.

The digital healthcare platform also provides practice management solutions to providers in hospitals and clinics to manage medical.

Vezeeta enables 2 million appointments per annum, with more than 10,000 healthcare providers subscribed on their platform serving as much as 2.5 million patients across the region, the Cairo-based healthtech startup said.

Commenting on the latest investment, Amir Barsoum, the founder and CEO of Vezeeta said, “IFC is a global power that will not only help fuel our growth but also bridge us to an incredible global network.”

Vezeeta’s chief technology officer (CTO) Adel Khalil said that the startup will push ahead with empowering millions of patients in the region through data and fresh products in healthcare, affirming that patients and healthcare providers are seamlessly integrated and engaged.

“Startups like Vezeeta have the power to drive innovation in the Middle East and Africa. Entrepreneurs across the African continent have enormous creativity and drive—and they’re using the power of new technologies to tackle the region’s most formidable social and economic challenges,” Philippe Le Houérou, IFC’s CEO, commented.

It is worth noting that the World Bank’s private-sector lending arm has invested over $100 million in the last few years in startups, venture funds, and accelerators, across the Middle East and North Africa (MENA) region.

In Egypt, IFC has invested in Flat6Labs and Algebra Ventures.

Dec 11, 2018




Business News The European Union (EU) will organize an international conference in Egypt next year to support foreign investments, European Commissioner for Neighbourhood Policy Johannes Hahn announced on Friday.

The event is set to take place in by mid-2019, and it will gather participants and investors from Europe and around the globe.

Johannes Hahn added that the EU is also working with Egypt to develop a number of vital economic sector, as part of the partnership between the two sides.

The announcement came after a meeting between the Egyptian Foreign Affairs Minister Sameh Shokry and the Vice President of the European Commission for Foreign Affairs and Security Policy, Federica Mogherini.

The two sides agreed to enhance cooperation in regional and international policies, especially regarding the situation in Syria and Libya.

Dec 23, 2018

Egypt’s Minister of Social Solidarity Ghada Wali ordered on Saturday 100,000 pounds compensation for the families of those killed in the terror attack on a bus carrying Coptic Christians to Saint Samuel the Confessor monastery in Upper Egypt’s Minya on Friday.

The minister also ordered 50,000 compensation pounds for all victims who were seriously injured and 2,000 pounds for all others injured in the attack.

The terror attack killed seven Copts and left 10 injured.

Minister Wali and Minister of Health Hala Zayed visited the injured victims at Sheikh Zayed Hospital in Cairo ’s 6th October district early today.

All the injured were first transported to local Minya hospitals before some were transported to Sheikh Zayed hospital.

Minister Zayed said in brief statements on Saturday to state TV that all injured victims conditions are stable.

She added that some of the injured have undergone surgeries and will be released soon from the hospital.

Meanwhile, Wali stressed that her ministry is following up with the victim’s families to ensure that all their needs are met.

Security forces are currently searching for the unknown gunmen who carried out the terror attack.

Egypt’s prosecutor-general Nabil Sadek has opened an investigation into the attack.

Nov 04, 2018




Business News Egypt’s Prime Minister Moustafa Madbouly stressed that Egyptian-Chinese relations have witnessed a great leap over the past period both at regional and international levels that were further developed to reach the level of strategic partnership during President Abdel Fatah al-Sisi ’s first visit to China in December 2014.

Addressing China’s First International Import Expo (CIIE), Madbouly thanked the Chinese president and people for inviting Egypt to attend the event as a guest of honor.

This invitation mirrors China’s keenness on boosting trade and economic cooperation with Egypt, he said.He said the CIIE provides a real opportunity to enhance joint cooperation between Egypt and China in the commercial and investment domains, stressing that Egypt ’s participation in this important expo comes in recognition of China’s efforts to promote international trade and achieve the principle of fair trade among countries.At regional level, Egypt was among the earliest countries that signed joint cooperation agreement with China within the framework of the Belt and Road Initiative which was announced by the Chinese president in 2013, he added.

China is Egypt’s fourth largest trade partner and Egypt is also China’s fourth largest trad partner in the African continent, Madbouly said.

According to the 2017 statistics, trade between the two countries reached 11 billion dollars with trade balance being tilting towards the Chinese side. This shows the importance of more joint efforts for balanced trade between the two countries.

Nov 06, 2018

The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Thursday on behalf of the Ministry of Finance (MOF).

The first tranche of T-bills will be offered through 182-day notes at EGP 9.5 billion, while the second offering will be through 357-day notes at EGP 9.25 billion, according to the CBE’s official website.

The issuance will be used to finance the budget deficit, the CBE said.

Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government ’s debt instruments.

Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in fiscal year 2018/2019.

The CBE previously said that Egypt’s total foreign debt rose 2.3% quarter-on-quarter, or $1.8 billion, to $80.8 billion in the first quarter of FY17/18.

Nov 15, 2018

The Ministry of Finance auctioned on Sunday treasury bills at a total value of EGP 18.250 billion.

In an online statement, the ministry said it sold EGP 9.750 billion of 91-day T-bills with an average yield of 19.475%, adding it accepted bids at rates between 19.649 and 19.001%.

It further said that it sold 266-day T-bills at a value of EGP 8.5 billion with an average yield of 19.971%.

Dec 04, 2018




Business News Egypt’s Carbon Holdings has secured $1.25 billion in financing to build a giant petrochemicals complex in the Red Sea port of Ain Sokhna.

The Tahrir Petrochemicals Complex, a $10.9 billion project, would be the largest in the Middle East and is expected to create 48,000 jobs.

Carbon signed the financing contract with Africa Finance Corporation (AFC), a Lagos-based development financier, on the sidelines of an Africa business forum in the resort of Sharm al-Sheikh, the Egyptian cabinet said in a statement on Sunday.

The statement cited Carbon Holdings CEO Basil El-Baz as saying the company had signed several financing agreements worth $5.4 billion.

Sanjeev Gupta, AFC executive director for financial services, was quoted in the statement as saying: “We are proud of our partnership with Tahrir Petrochemicals Complex which will be a major breakthrough in one of the most important petrochemical industries in the region.”

Carbon, a private company, signed the contract to build the complex in June. Work is expected to begin in the first quarter of 2019.

El-Baz told Reuters last year he saw the project helping to double Egypt’s exports within one year of coming online.

Tahrir will have to export all its production in the first year but as output increases, domestic manufacturers will be encouraged to expand and foreign ones will consider setting up next to the Suez Canal, he had said.

Carbon Holdings already has a polypropylene plant and a mining grade ammonium nitrate plant.

The government says the 460-square-km economic zone around the canal will be used to develop an international industrial and logistics hub to attract foreign investment.

The Tahrir Petrochemicals Complex, which is being funded by credit agencies in the United States, Britain and Germany, is Egypt ’s first naphtha cracker and will produce different types of petrochemicals used to make various consumer and industrial goods.

Dec 11, 2018

The volume of Egypt’s foreign trade jumped 17 percent to $79.982 billion during the first nine months of the year from $68.332 billion last year.

Egypt’s trade balance deficit rose 22.9 percent to $36.762 billion during the January-September 2018 period from $29.912 billion during the same period in 2017, said the state-owned statics agency CAPMAS on Tuesday.

“Exports increased 12.5 percent to around $21.61 percent, compared to $19.21 billion last year,” CAMPAS said in a bulletin sent to Amwal Al Ghad.Non-petroleum exports also climbed 13.2 percent to $19.762 billion, versus $17.449 billion. Meanwhile, petroleum exports rose 22.9 percent to $295 million from $240 million in 2017.“Crude oil exports grew 2.1 percent to $1.553 billion against $1.521 billion last year,” the agency added.

Egyptian imports went up by 18.8 percent to $58.372 billion during the first nine months of the current year from $49.122 billion during the same period in 2017.

Non-petroleum imports surged 17.9 percent to around $53.386 billion, compared to $45.288 billion last year.

Crude oil imports jumped 114.4 percent to $2.866 billion from $1.187 billion, while petroleum products imports dropped 19.9 percent to $2.12

Dec 20, 2018




Business News Egypt’s National Organization for Military Production (NOMP) signed on Saturday a memorandum of understanding (MoU) with Chinese Energy Engineering Group Corporation (CEEGC) to execute a bunch of energy and infrastructure projects.

NOMP will team up with CEEGC throughout all the phases of the planned national projects, according to an official statement.

NOMP will also facilitate the extraction of the required licenses and permits for the execution of projects, and dispatch a group of technicians from the Ministry of Military Production to CEEGC’s headquarters in China for training.

Moreover, CEEGC will commit to produce drawings needed for the projects, along with providing supplies, construction services, and technical support, the statement said.

Dec 23, 2018

Around 8,278 national projects were executed in 2014, with an overall cost of EGP 1.56 trillion, Egypt’s Prime Minister Mostafa Madbouli said on Saturday during the inauguration of a wastewater treatment plant in Qalioubiya and several other projects in Cairo.

In a speech in the attendance of Egyptian President Abdel-Fattah El-Sisi, Madbouli presented the country’s accomplishments between July 2014 and December 2018, discussing projects in the fields of power, petroleum, transportation, education, youth and sport, supply, housing and social housing, water and wastewater treatment, as well as the development of the Maspero Triangle and the development of informal settlements.

He also presented the country’s improved economic indicators, saying that unemployment rates and inflation have decreased.

Madbouli said that international organisations have more than once praised the country’s economic reform programme, underway since 2014, which has seen the country cut subsidies, float the Egyptian pound and implement other measures to ease a growing deficit.

Dec 16, 2018

Egypt’s Minister of Trade and Industry Amr Nassar spoke On Sunday at the inauguration ceremony of Kia Sorento’s first assembly line in the country.

“The ministry has an ambitious plan to upgrade the automotive industry and its feeder industries, by offering more investment incentives to attract the world ’s largest companies to the Egyptian market, and to benefit from the many privileges it has especially in international trade agreements.”

Nassar gave examples of international agreements signed with Egypt, such as the Greater Arab Free Trade Area (GAFTA), the EU-Egypt Association Agreement, and the EFTA, COMESA, and Mercosur agreements, which provide a market of roughly 1.8 billion people.This number is expected to reach 2.2 billion, after Egypt concludes the EAU agreement, and then 2.6 billion after concluding the African Free Trade Area negotiations.

The automotive industry is one of the main industries that underpin the Ministry of Commerce and Industry’s plan to promote industrial development and foreign trade, Nassar continued.He pointed out that Egypt possesses all the necessary resources to be a major platform for manufacturing and assembling cars, at the regional and international level.

The minister regarded the inauguration as a great achievement to the automotive industry, as the company plans the ratio of Egyptian local components in their vehicles to be over 45 percent.

Nassar pointed out that Egypt has 170 auto companies operating on market, including 19 companies that manufacture and assemble cars of all kinds, from passenger cars, to buses, microbuses, minibuses, and trucks, in addition to over 150 firms engaged in the manufacture of auto components.

These companies supply components to automotive assembly companies both in Egypt and abroad.

“The inauguration of the Kia [Sorento] assembly line in Egypt is crowned by years of hard work and absolute commitment. The entry of a large company like Kia into the Egyptian market…is not just a practical translation of our vision, but a benefit to the Egyptian economy, as it would increase production and provide vast job opportunities,” Nassar concluded.

Dec 04, 2018




Business News Egyptian Prime Minister Mostafa Madbouly said on Tuesday that Egyptian companies' investments in African markets have reached $8 billion, state news agency MENA reported.

The PM's comments came during the inauguration of the first Intra-African Trade Fair (IATF 2018), which kicked off on Tuesday in Cairo.

The minister said that these investments have created tens of thousands of job opportunities in the construction, infrastructure, mining, agriculture, communication and information technology domains.

Madbouly also highlighted that Egypt's trade with African nations hit around $5 billion, and the country plans to increase this figure over the coming five years.

Meanwhile, the head of the Export Promotion Authority Sheren Shorbagy announced at the inauguration the signing of 10 cooperation agreements, without revealing the details.

The fair is organised by the Egyptian Ministry of Trade and Industry in cooperation with the African Export and Import Bank and the African Union.

The fair will include discussion sessions where several ministers and senior officials and investors will take part.

Dec 13, 2018




Business News Tanzania will build a $3 billion hydroelectric plant in a UNESCO world heritage site under a contract announced on Wednesday involving Egyptian companies despite concerns raised about the impact on wildlife.

Tanzanian President John Magufuli, nicknamed “the bulldozer” for his forceful leadership style, has pushed for the project to start despite concerns raised about the impact on the Selous Game Reserve.

Known for its elephants, black rhinos and giraffes, the reserve covers 50,000 square km and is one of the largest protected areas in Africa, according to UNESCO.

The planned hydropower dam “puts protected areas of global importance, as well as the livelihoods of over 200,000 people who depend upon the environment, at risk,” the World Wildlife Fund conservation group said in a report in July 2017.

Officials at the WWF Tanzania office were not immediately available to comment on Wednesday.

Tanzania announced it had signed deals with Egypt’s El Sewedy Electric Co (SWDY) and Arab Contractors to build the hydroelectric plant, a project that will more than double Tanzania’s power generation capacity.

Energy Minister Medard Kalemani told state television the plant will have an installed capacity of 2,115 megawatts, calling it “a very huge dam project”.

Representatives of state-run Tanzania Electric Supply Co, El Sewedy and Arab Contractors signed the agreement in the presence of President Magufuli and Egyptian Prime Minister Mostafa Madbouly, TV broadcasts showed.

“When we asked for financing for this project, the lenders refused to give us money but thanks to improved tax collection, we are able to finance this project using our own resources,” Magufuli said.

Monthly tax revenue has increased to an average of 1.3 trillion shillings ($566 million) per month under his administration from 850 billion before he came to power in late 2015, Magufuli said.

He rejected the environmental concerns, saying Tanzania had allocated 32.5 percent of its land mass to conservation.

“The dam will become a major source of water and the cheap electricity to be produced from the dam will reduce the number of people who cut trees for firewood,” he said.

Arab Contractors will hold a 55 percent stake in the project and El Sewedy 45 percent, El Sewedy said. It expects the project to take 42 months and production to start by April 2022.

Magufuli has introduced anti-corruption measures and tough economic reforms and pushed for swift completion of big infrastructure projects including roads, railways and airports.

Dec 13, 2018




Business News Egypt on Thursday bought no Russian wheat in an import tender for the first time in six months, in a sign of rising prices in Russia after a blistering start to its export season.

Egypt’s the General Authority for Supply Commodities (GASC), said it bought 120,000 tonnes of wheat in its latest tender, including 60,000 tonnes of Ukrainian wheat and 60,000 tonnes of Romanian wheat.

Traders gave the following breakdown of the prices paid by GASC in dollars per tonne:

• Louis Dreyfus: 60,000 tonnes of Ukrainian wheat at $246.40 and $17.30 freight equating to $263.70

• CHS: 60,000 tonnes of Romanian wheat at $248.75 and $15.35 freight equating to $264.10

These matched the two cheapest offers made during the tender.

The prices showed a sharp increase compared with the previous GASC tender last week and marked the most the agency had paid for the best offer in almost four years.

Russia has dominated Egypt’s tender purchased so far in the 2018/19 that started in July. But the cheapest offer of Russian wheat on Thursday at $249.95, excluding freight, was almost $8 a tonne more expensive than the best Russian price booked by GASC in its previous tender.

Wheat markets are awaiting the outcome of a meeting on Friday between the Russian government and grain exporters, amid recurring speculation that the world ’s biggest wheat supplier could introduce some kind of curbs on shipments.

“The increased prices and reduced number of offers for Russian wheat in the tender reflect uncertainty regarding the introduction or not of export restrictions, rising Russian domestic prices, and potential logistical problems for the winter period,” a European export trader said.

Thursday’s GASC tender sought wheat for a Feb. 11-20 shipping period.

The tender drew an offer of U.S. wheat, while French wheat continued to be absent.

Although U.S. and French wheat were becoming more competitive against Black Sea origins, perceived risks in the Egyptian market, illustrated by recent confusion over GASC’s payment guarantees, were leading some exporters to be cautious about bidding, traders said.

Dec 23, 2018




Business News Egypt is discussing with Saudi Arabia the establishment of a joint industrial zone, according to an official report.

The news was confirmed by the Trade Agreements Sector of Egypt’s Ministry of Trade & Industry, the Middle East News Agency (MENA) reported.

Trade exchange between Saudi Arabia and Egypt, excluding oil products, amounted to SAR 9.32 billion ($2.48 billion) in the first nine months of this year, according to Mubasher’s survey, based on the Saudi General Authority for Statistics’ (GASTAT) data.

Macroeconomics

 Source: Mubasher

Dec 30, 2018

Egypt and Germany signed on Sunday two agreements worth €150.5 million for technical and financial cooperation, the Egyptian Ministry of Investment and International Cooperation said.In an official statement, the ministry said the agreements were signed by Minister Sahar Nasr and German Ambassador to Cairo Julius Georg Luy.

The first agreement is on technical cooperation through a grant worth €48 million in the education sector under President Abdel-Fattah El-Sisi’s initiative to invest in human capital, as well as support infrastructure, the environment, agriculture, water and sanitation, and small and medium-sized enterprises (SMEs).

The second agreement is on financial cooperation and is worth €102.5 million to fund a number of projects in the fields of electricity, renewable energy, agriculture, and SMEs.

Nasr said the grants for SMEs would be directed to the most deprived areas to benefit youth and women.

The minister praised the cooperation between the two countries, highlighting German investments in Egypt, which are totaled at $641.4 million.

Lowe praised the cooperation with Egypt, saying that the agreements come in the framework of boosting ties between the two countries.

Dec 27, 2018

Egypt’s property management firm Brickzey says it is planning to start marketing a residential project in the country ’s new administrative capital for a number of investors by early 2019.

Spanning over 30 feddans, the new fully-fledged project will include 1,300 housing units, said Brickzey’s chairman Ahmed Selim on Thursday.

“The project is set to be officially launched by early next year,” Selim further told Amwal Al Ghad on the sidelines of NextMove Egypt Exhibition, which was held from 18th to October 2018.

“We had inaugurated a new office in Eastern Cairo to promote the projects of the new capital,” he said, adding that Brickzey is also looking to open another headquarter in Dubai within the next year.

Oct 21, 2018




Business News Egypt will host mid-April 2019 the 12th round of the Egyptian-Russian joint committee for trade, economic, scientific and technical cooperation, Minister of Trade and Industry Amr Nassar said during extended talks with Russian Minister of Trade and Industry Denis Manturov in Moscow.The meetings will be held under the auspices of the trade ministers of both countries and will take up means of bolstering cooperation between Egypt and Russia in the fields of trade, industry, health, tourism, education, information technology, customs, agriculture, transportation, energy and investment.

The talks tackled furthering cooperation in the economic domain during the coming phase and mechanisms and timelines set for various projects.

Nassar said that a Russian mission is to visit Egypt in December during the Intra-African Trade Fair 2019.

The mission will hold meetings with senior figures in government and the private sector to discuss investment opportunities in the Russian industrial zone to be established in the Suez Canal Zone (SCZone), he said.

Nov 22, 2018

PepsiCo Egypt is planning to invest $ 515 million in the local market over the next four years, including $ 16 million to develop its beverage production lines, its chairman and CEO Mohamed Shelbaya.

PepsiCo also plans to upgrade its fleet and distribution centers and will expand the domestic cultivation of its agricultural raw materials.

The 2018-2021 investment plan depends on three pillars namely investment in technology, the agricultural sector, social responsibility programs and the human element, as the company considers Egypt among the region’s top markets, the CEO added,He also noted that between 2014 and 2017, PepsiCo’s investments in the Egyptian market totalled $660 million.

PepsiCo has “invested in Egypt every year regardless of the difficulties” since the US-based company first brought its business to Egypt 70 years ago, Shelbaya said.

“We want to be ready to jump on opportunities once conditions improve, rather than wait to invest and struggle to catch these windows,” Shelbaya added,

The food and beverage sector is expected to grow at a 16% this year, he noted.

Oct 25, 2018

Remittances of Egyptian expatriates in Jordan reached USD 85 million in October, Manpower Minister Mohamed Saafan said on Monday.

In a statement, spokesman for the Manpower Ministry Haitham Saad el Din said the minister received a report from Labor Counselor at the Egyptian Embassy in Amman Ashraf el Hariri on the total number of jobs secured by Jordanian authorities to Egyptians.

According to the report, about 20,000 job opportunities have been provided for Egyptian workers.

The labor office in Amman received 23 complaints from Egyptian workers, Hariri added.

Eleven complaints have been resolved and three others referred to the Jordanian Ministry of Labor, he said.

The other nine complaints are being probed, he noted.

Nov 13, 2018




Business News Minister of Petroleum and Mineral Resources Tareq el Molla on Tuesday discussed in a meeting with US Deputy Assistant Secretary for Oil and Natural Gas Shawn Bennett means of boosting the Egyptian-American partnership in the fields of oil and natural gas, in addition to investment opportunities available in the Egyptian petroleum sector.

During the meeting, which was held on the sidelines of the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), the minister asserted that Egypt's business climate is suitable for luring more US companies to invest in the areas of oil, natural gas, petrochemicals and technology transfer, in light of the country's political and economic stability and the ministry's clear strategy for energy.

According to a statement released by the Petroleum Ministry, Molla said the state is interested in carrying out serious measures to attract foreign investors in the oil sector, citing the issuance of a law regulating the activities of the natural gas market, as well as the new investment law.

The oil sector seeks to encourage new American companies to work in Egypt and encourage existing US companies to pump further investments, he added.

In this regard, he pointed to a project to develop the oil sector, through increasing foreign investments in the oil and gas exploration.

Nov 15, 2018

Egypt’s Minister of Trade and Industry Amr Nassar has discussed with Yusuke Saraya the President of Japan’s leading global manufacturer of personal hygiene products SARAYA the company’s investment plan in Egypt.

The meeting was held on the sidelines of the 14th international Biological Diversity Conference in Sharm el-Sheikh, the ministry said in a statement on Saturday.

The meeting touched on the current investments of the Japanese company in Egypt which amount to about 10 million dollars pumped in an industrial complex that includes three factories.The first phase of the complex is currently under-establishment. It will be implemented in Ain Sokhna on an area of 20,000 square meters.The project will be the world’s largest complex for manufacturing cosmetics and pharmaceutical industries.

Nassar voiced his ministry’s keenness on offering all forms of support to foreign investors who are willing to pump investments in Egypt.

For his part, Saraya asserted that Egypt will represent a major industrial and marketing hub for the company ’s products on both regional and continental levels.

Nov 18, 2018

The value of taxes and customs fees on imported vehicles collected by the Alexandria Customs Authority hit EGP 1.7 billion in September, the finance ministry said in a statement on Wednesday.

The number of imported cars that were cleared by the Customs Authority after paying customs fees reached 10,800, and their estimated value exceeded EGP 2.829 billion. Their paid customs fees and value-added tax (VAT) amounted to EGP 1.108 billion.

Also, as many as 1,028 imported trucks, microbuses and motorbikes were cleared by the Customs Authority. Their collected customs fees reached roughly EGP 280 million.

Oct 04, 2018




Business News Military Production Ministry is involved in negotiations with a Chinese investor to build a solar cells plant with a production capacity of 500 MW a year at a cost of USD 1bn.

Increased foreign investments of solar energy projects in Egypt have prompted electricity ministry to consider setting up the factory, whose production will be channeled to the local market as well as exporting markets, according to sources at electricity ministry.

Negotiating with a Chinese investor is ascribed to the fact that China has the biggest 7 companies manufacturing solar panels in the world, the sources said, adding that the project will be implemented on partnership basis with military production ministry owning 51% share.

The project’s German consultant has completed feasibility studies, which revealed that it is better to assemble solar panels in Egypt, given the high cost of their manufacturing, the sources added.

Oct 30, 2018

Egypt-based Orascom Investment Holding said on Wednesday it expected to acquire 30 percent of Sarwa Capital’s shares in November.

Sarwa’s shares rose 10 percent on news of the offer, closing at 6.17 Egyptian pounds ($0.3455).

Orascom requested approval from the regulator on Wednesday to buy a non-controlling stake of 216 million shares of Sarwa at 7.36 pounds each.

If it only acquired between 144 million and 216 million shares, it would pay 6.62 pounds a share.

Orascom Chief Executive Tamer El Mahdi told Reuters that the market price per share of Sarwa was very attractive and that Orascom had the liquidity to make the acquisition.

Sarwa’s shares, which sold at 7.36 pounds each at its initial public offering early this month, fell by about 15 percent on the first day of trading on Oct. 15.

Nov 01, 2018

Egyptian Prime Minister Mostafa Madbouli has met in Shanghai with board members of a power consortium comprising Shanghai Electric and Dongfang Electric.

The meeting, held on the sidelines of the China International Import Expo (CIIE), tackled future investments by the consortium in Egypt in fields including clean coal technology and renewable energy.

The coalition has won a contract to establish a power plant in Hamrawein, the Red Sea, using the clean coal technology.

At their meeting with Madbouli, the consortium's top officials asserted that the project will be totally safe and meet world standards with nearly zero emissions.

An Egyptian delegation is scheduled to visit China to inspect a similar power plant, noted the officials.

As infrastructure, environment and construction studies are about to be completed, the project will kick off later in November, according to the officials.

The premier, for his turn, reiterated his call for shortening the timetable of the project to three years only.

Nov 08, 2018

Private lessons' burden on both the national economy and the individual households seems still increasing and recent released figures thereon show it is going into worrying levels in need of prompt action. The government is urged to focus on the problem & develop solutions to move away from that critical path causing harm to both the family and the economy. We are here addressing the youth, the real heart of the nation, who deserves all care from us all. We must recall that the government crossed over more critical phenomena's such as exams leaking 0ver the past few years and was able to stop it. A recent article in the media has quoted a most respectable scientist, an ex University Professor & ex Governor of two governorates in Lower Egypt, claiming private lessons budget now exceeding L.E. 50 billion at a time when other sources claim they are much higher.

Dec 01, 2018

The Ministry of Finance has raised the customs dollar exchange rate for non-essential and luxury goods, tying it to the Central Bank of Egypt ’s (CBE) dollar exchange rate for a month, starting on 1 December.

Dec 09, 2018



The customs dollar exchange rate had been fixed at LE16 to the US dollar for the past 13 months. It is used to calculate customs duties on imports.

The decision “helps increase revenues from value-added taxes on non-essential and luxury commodities,” a ministry statement said. These items include caviar, shrimps, lobsters, ornamental fish, parrots, alcohol, cat and dog food, cosmetic goods and cigars.

Increasing the customs dollar exchange rate will raise revenues from the value-added tax (VAT) by LE2.5 billion and will lead to an increase of LE6 billion in customs revenues, the ministry said.

“Our goal is not only to collect more taxes, but also to encourage local industries by providing them with fair competition with imports,” said Minister of Finance Mohamed Maait on Saturday.

“Exempting the staples necessary for the largest number of people reflects the government’s keenness to strengthen social protection and protect social groups most affected by the economic reform programme,” he added.

Two days after the decision was announced, Maait said at a press conference that the reason the customs dollar exchange rate on luxury goods had been changed was that in November 2016, when the Egyptian pound was floated, the local currency had depreciated.

A “customs dollar” rate was adopted at that time, fixed at LE16 to the US dollar for 13 months. However, as a result of subsequent changes in prices that had reflected negatively on the Egyptian economy, it had been necessary to float the customs dollar exchange rate on finished goods, he said.

The decision was taken after consultation with various economic groups with the aim of providing job opportunities and protecting Egyptian factories from closure and giving Egyptian products an edge over imported items, Maait added.

Beltone Financial, a local investment bank, earlier released a study reporting that floating the customs dollar exchange rate would increase revenues from taxes even in the absence of new ones.

However, increases in tax revenues from higher customs fees would not be large, it said, since these represent only six per cent of tax revenues targeted at LE770 billion in the 2018-19 fiscal year.

The decision would have a limited effect on inflation, the Beltone report said, mostly on cigarettes and alcohol which represent 2.2 per cent of the goods used to calculate the consumer price index.

Beltone expects Egypt’s monthly inflation to increase by 0.3 to 0.5 per cent in December, resulting in an inflation rate of 18.7 to 18.9 per cent and putting the average inflation rate at 18 per cent for the fourth quarter of 2018 and more than the CBE’s target of 16 per cent.

The bank predicted in its study that interest rates would remain fixed in December.

Hani Farahat, a senior economist at CI Capital, concurred with the findings of the report, saying that floating the customs dollar exchange rate would have a limited effect on inflation because it affected non-essential goods.

The ministry’s decision obliges a number of items to be traded according to the CBE’s dollar rate, exempting them from customs taxes.

These include mobile phones, computers, and imports that have a local match, such as shoe and furniture brands, imported vehicles, motorcycles and tok-toks.

Other items listed include fans, refrigerators, ovens, CD players, blankets, cooking appliances, soaps, fireworks, matches and school bags, in addition to suits, shirts, winter coats, perfumes, tissues and shawls.

In the fruit section, the list includes bananas, melons, papayas, apricots, cherries, guavas, mangoes, coconuts, pineapples and grapes.

Sally Mikhail, a senior equity analyst at Arabiya Online, an online trading company, said the decision would increase inflation, increasing the prices of commodities. Inflation would not cross the 20 per cent mark, but it might record a one per cent increase in December, she added.

Radwa Al-Sweifi, head of research at Pharos Holdings, also believes that inflation will rise along with an increase in most commodity prices, including on local goods. However, the budget would enjoy a LE6 billion increase in customs revenues, she added.



The treasury would also benefit from larger revenues from VAT, which will increase with the rise in the cost of goods, Al-Sweifi said, anticipating a rise of LE2 to LE2.5 billion in VAT revenue.

Besides strategic commodities such as food items, the prices of spare parts, raw materials, and production essentials should remain the same. The tobacco used in the local production of cigarettes is not subject to price increases.

The statement stressed that the decision was meant to provide a fair chance for local products to compete with their imported counterparts, while maintaining the rights of the state to customs taxes that ought to be paid according to the floating rate of the dollar, as is the case elsewhere in the world.

Traders in the vehicles market agreed the decision would lead to an increase in the prices of cars, except for those manufactured in Egypt.

An increase of three per cent in the prices of cars imported from Europe and five per cent for Korean cars was expected, said Alaa Al-Sabaa, a member of the Automotives Division at the Federation of Chambers of Commerce.

GB Auto, a leading player in the automotive industry, said on Monday that the decision would increase the prices of vehicles fully manufactured abroad by one or two per cent.A recent report by the Central Bank of Egypt (CBE) showed that deposits in the banking sector rose slightly at the end of August to 3.606 trillion pounds, compared with 3.586 trillion pounds at the end of July.

Governmental deposits reached 523.3 billion pounds at the end of August, compared with 538.4 billion pounds in July.

The CBE revealed that the country’s net international reserves reached $44.5 billion by the end of September 2018.

Data showed on Thursday an increase of $200 million or nearly 0.5 percent during the first quarter of financial year 2018/2019.

Oct 28, 2018




Business News Egypt’s economic growth rate is expected to hit 5.5 percent in fiscal year 2018/2019, compared to 5.3 percent in the previous year, according to the European Bank for Reconstruction and Development (EBRD).

“Growth is expected to be supported by a continued boost in confidence, a recovery in tourism, an increase in foreign direct investment and improved competitiveness,” EBRD added.

EBRD said that other positive factors are expected to include a strengthening of exports, the start of natural gas production from the Zohr field, the implementation of business environment reforms and prudent macroeconomic policies.

Generally, EBRD said that economic growth in the southern and eastern Mediterranean will continue to pick up speed this year, with most countries in the region enjoying their best tourism season since 2010.

The bank’s report stated, “the general upturn also reflected improved competitiveness in the wake of currency depreciations in Egypt and Tunisia, combined with the implementation of reforms.”

In both Jordan and Lebanon, the projected growth in 2018 remains below the growth rate of the population, implying a decline in real per capita incomes, the report said.

The report expected growth in Tunisia to pick up in 2019 to 3.0 percent from 2.8 percent in 2018 and 1.9 percent in 2017, supported by a continued recovery in tourism and investment, stronger growth in major export markets in Europe, and the implementation of structural reforms in the run up to the November 2019 election.

“In Morocco, growth is expected to slow down in 2018 to 3.0 percent, influenced by the negative base effect following favorable weather conditions for agriculture in 2017,” it read.

In 2019, growth in Morocco is forecast to rise to 3.5 percent, supported by the continued recovery in tourist arrivals, an increase in foreign direct investment, greater competitiveness from the move to a more flexible exchange rate regime, a rebound in services and manufacturing, stronger export growth and expanded mining capacity.

According to the EBRD, growth in Jordon is expected to rise to 2.2 percent in 2018 and 2.4 percent in 2019, after 2.0 percent in 2017, supported by stronger private consumption from the rising refugee population, foreign investment, and greater certainty and confidence stemming from fiscal consolidation.

As per Lebanon, economic growth is expected to record 1.1 percent in 2018, from 1.5 percent in 2017, and a range between 1.5 and 1.9 percent in 2019.

Egypt’s Minister of Planning Hala el-Saeed said that the Egyptian government targets to achieve a high real gross domestic product (GDP) during the period of 2018-2022, setting 5.8 percent for 2018/2019, to gradually rise to 8 percent and 10 percent in 2029/2030.

Saeed added that high growth rates will be reflected on increased employment opportunities and improved standard of living as well as better services for citizens.

The minister previously referred that the overall economic and administrative reform program initiated by the Egyptian government in 2016 helped the country restore macroeconomic stability, with a growth rate of 5.3 percent at the end of 2017/2018, compared to a growth rate of 2.9 percent in 2014.

Saeed said that Egypt is expected to achieve a growth rate of 7.5 to 8 percent by the end of a four-year plan.

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.

Nov 04, 2018




Business News Egypt's Minister of Petroleum Tarek El-Molla said on Saturday that measures adopted by the ministry will help attract more investments to the gas sector.

The plans by the ministry aim to attract around 10 billion dollars in investments during the fiscal year 2018/2019 in oil exploration and development of discovered oilfields, according to El-Molla.

Major international companies are interested in operating in Egypt, which sends a clear message of confidence by foreign companies in the country's investment climate, he added.

Preparations are underway to place the Red Sea exploration area on the investment map of the Egyptian oil industry, he noted.

El-Molla concluded that his ministry signed over the past four years 63 new oil agreements that will add to the national oil production and reserves.

Nov 13, 2018

The Egyptian cabinet approved on Wednesday a 214 million euro deal with the European Investment Bank (EIB) aimed at improving sanitation services and the environment for the people living in the Nile Delta region.The deal will be used to finance the depollution of the 69 km-long Kitchener Drain, the main agriculture drainage canal spanning across the governorates of Kafr El-Sheikh, Gharbiya and Daqahliya in the Nile Delta region, and which is known to be one of the country's most severely polluted canals.

The deal was signed during a visit by Egypt's Investment Minister Sahar Nasr to Luxembourg in October.

"The project will contribute to raising the living standards of Egyptians in many governorates," said president of the EIB Werner Hoyer at the signing ceremony, according to a statement by the bank.

The project is part of the bank's Economic Resilience Initiative (ERI), which seeks to "improve the resilience of the Egyptian economy and build stronger socio-economic infrastructure."

The bank said it this will be the first integrated depollution project in Egypt, comprising investments in wastewater and sanitation, solid waste, and drain rehabilitation.

Up to around 6 million people are expected to benefit from improved sanitation and solid waste services as a result of the predicted investments, according to the ERI statement about the project.

The European Union is providing a large grant of around 46 million euros through the Neighbourhood Investment Facility to finance investments and technical assistance in the project, while the European Bank for Reconstruction and Development is contributing 148.3 million euros, Egypt's investment ministry said in a statement.

The project will involve the rehabilitation and expansion of around 30 sewage plants and the establishment of central sewage collection systems, the ministry added.

Nov 22, 2018

Internal Trade Development Agency in cooperation with companies reporting to the Food Industry Holding Co. and their owned branches to partnership with the private sector. Package applies to

Nov 22, 2018

Egypt's Minister of Petroleum Tarek El-Molla said on Saturday that measures adopted by the ministry will help attract more investments to the gas sector.

The plans by the ministry aim to attract around 10 billion dollars in investments during the fiscal year 2018/2019 in oil exploration and development of discovered oilfields, according to El-Molla.

Major international companies are interested in operating in Egypt, which sends a clear message of confidence by foreign companies in the country's investment climate, he added.

Preparations are underway to place the Red Sea exploration area on the investment map of the Egyptian oil industry, he noted.

El-Molla concluded that his ministry signed over the past four years 63 new oil agreements that will add to the national oil production and reserves.

Nov 11, 2018




Business News Jordan’s Minister of Energy Hala Zawati said on Monday that Egyptian natural gas is expected to reach Jordan in January 2019, Reuters reported.

According to Zawati, the experimental pumping of natural gas between the two countries started in September 2018.

Zawati’s statements came on the sidelines of the Arab Mineral Resources Conference currently being hosted in Cairo.

Nov 27, 2018

Egypt’s total public investments reached 72 billion pounds ($4 billion) during the first quarter of financial year 2018/2019, with government investments of 27.4 billion pounds, Planning Minister Hala al-Saeed said on Saturday.

Most of the government investments have been directed to develop infrastructure, the minister said at the inauguration ceremony of Al Ahram economic third annual conference, held under the auspices of Prime Minister Moustafa Madbouly.A total of 18 percent of these investments have been allocated to the sector of construction and public utilities, while the transport sector and electricity sector have been provided with 13 percent and 11 percent of the investments respectively.

Dec 02, 2018

Telecom Egypt has signed a memorandum of understanding (MoU) worth up to $400 million with the pan-African telecom group Liquid Telecom.

The partnership, which includes network infrastructure and data centres, was announced on Saturday on the sidelines of the Africa 2018 Forum, the Egyptian Ministry of Communications and Information Technology (MCIT) said in a statement.

The MoU was signed by Ahmed El Beheiry, managing director and CEO of Telecom Egypt, and the chairman of Liquid Telecom ’s parent company Econet Strive Masiyiwa, with the attendance of Egyptian investment and international cooperation minister Sahar Nasr and minister of MCIT Amr Talaat.

Upon the agreement, Telecom Egypt will connect Egyptian businesses to the rest of Africa through a network, in line with partnering with Liquid Telecom to build data centres across Egypt, according to a statement by the African firm.

It is worth noting that the Africa 2018 Forum, being held from 8 to 9 December in Sharm El Sheikh under the supervision of President Abdel Fattah El-Sisi, is an international event hosted under the theme “Business for Africa and the World” to promote greater economic integration in the world's second largest continent.

Dec 09, 2018

Capital Economics expects inflation to fall further in Egypt over the coming months as the effects of the food price spike continue to unwind and underlying inflation stays weak.

The research firm maintains its long-held view that Egyptian inflation will ultimately fall by more than most anticipate over the next couple of years.

Egyptian inflation dropped back in November and it is expected to fall further over the coming months.

The Central Bank of Egypt (CBE) is likely to keep interest rates unchanged at its meeting later this month, but will resume its easing cycle in early 2019.

Dec 13, 2018

Egypt is planning to build the world’s biggest dates farm, according to Youm7 newspaper.

The anticipated farm is under construction, Egyptian President Abdel Fattah al-Sisi said, adding that the farm will include 2.5 million palms to produce the best types of dates.

Sisi has opened a number of agricultural development flagships in 10th of Ramadan City, Sharqia governorate.

Dec 23, 2018




Business News Egypt and Germany signed on Sunday two agreements worth €150.5 million for technical and financial cooperation, the Egyptian Ministry of Investment and International Cooperation said.

In an official statement, the ministry said the agreements were signed by Minister Sahar Nasr and German Ambassador to Cairo Julius Georg Luy.

The first agreement is on technical cooperation through a grant worth €48 million in the education sector under President Abdel-Fattah El-Sisi’s initiative to invest in human capital, as well as support infrastructure, the environment, agriculture, water and sanitation, and small and medium-sized enterprises (SMEs).

The second agreement is on financial cooperation and is worth €102.5 million to fund a number of projects in the fields of electricity, renewable energy, agriculture, and SMEs.

Nasr said the grants for SMEs would be directed to the most deprived areas to benefit youth and women.

The minister praised the cooperation between the two countries, highlighting German investments in Egypt, which are totaled at $641.4 million.

Lowe praised the cooperation with Egypt, saying that the agreements come in the framework of boosting ties between the two countries.

Dec 25, 2018

Egypt's foreign trade volume during the first 9 months of 2018 recording $ 67.6 billion marking 13 % increase above their level in the comparison period of 2017 put at $ 59.8 billion marking 13 % increase. That was revealed in a recent report of the Imports & Exports Control Authority indicating exports during the period recorded $ 18.5 billion marking 11 % growth above $ 16.6 billion reached in the comparison period of 2017 with imports growing 14 % to reach $ 49.1 billion up from $ 43.2 billion in the previous years.

Nov 04, 2018

HC Research Dept. expects the direction of foreign currency portfolio investments through the interbank systems to result in an FX rate reflecting supply and demand forces, supporting a floating currency mechanism.

Foreign holding of Egyptian T-bills declined to USD11.8bn in October 2018 from USD21.5bn in March, a total outflow of USD9.7bn. Around USD8bn of the outflows were covered by commercial banks shifting them to a net foreign liability position of USD3.9bn as of September and the remaining USD1.7bn were covered from the repatriation fund which declined to USD7.8bn as of the end of October from USD9.7bn in March.

HC however, expects commercial banks to show limited ability to support the EGP at current rates due to holding a net foreign liability position, as HC earlier illustrated in their Egypt macro note dated November 7, 2018. Therefore HC expects to see EGP devaluation of 5%-10% throughout 2019.

That said, as the currency settles at market equilibrium rates HC would expect to see foreign inflows into the Egyptian T-bill market giving banks room to replenish their foreign assets position.

Accounting for the potential devaluation, HC expects inflation to average 16%-17% over 2019, hence they do not expect interest rate cuts throughout 2019, as was also illustrated in their November macro report. Currently, international price of Brent declined to USD58.87/barrel, which should offset the potential EGP devaluation’s effect on the Egyptian government’s budget. On HC's numbers, average FY18/19e Brent price of USD76.6/barrel translates to a budget deficit of 8.4% of GDP.

Dec 02, 2018

Financial Regulatory Authority (FRA) Chairman Mohamed Omran said the FRA board took a decision concerning regulations and measures of issuing short-term bonds whose maturity is less than two years.

In a statement on Monday, he said the board decided the companies and authorities to be in charge of issuing the short-term bonds.

The board also set the key rules for any company or authority seeking to issue short-term bonds.

Dec 04, 2018




Business News Egypt's exports to East Asian countries hit EGP 41.8 billion in 2017 compared to EGP 18.5 billion in 2016, a 126 percent increase, the Central Agency for Public Mobilization and Statistics (CAPMAS) said on Wednesday.

In its annual bulletin, the agency said imports from East Asian countries (China, Malaysia, India, Indonesia, Pakistan, Thailand, Singapore, and Bangladesh) stood at EGP 300.7 billion in 2017 compared to EGP 182.8 billion in 2016, a 64.5 percent increase.

India topped the list of Egyptian export-recipient countries with exports totaling EGP 16 billion in 2017 against EGP 6.5 billion in 2016.

China came next with EGP 12.4 billion in 2017 against EGP 5 billion in 2016, though it ranked first in terms of countries sending exports to Egypt.

China's exports to Egypt totaled EGP 144.2 billion in 2017 against EGP 90.2 billion in 2016.

Fuel and petroleum products topped Egyptian exports to East Asian countries while electrical appliances came first in terms of Egyptian imports from East Asian countries.

Dec 27, 2018

After almost 6 years of suspension, Sharm El Sheikh Airport receiving the first charter flight from National Air Serbia with a tourist group to spend New Year Holiday in Egypt. Development followed resuming charter flights of the same company last summer after more than 4 years of suspension.

Dec 30, 2018

Egypt’s economy has grown at a robust pace over the past couple of years, as demand strengthens, the economy should be able to record fast growth over the next couple of years without stoking inflation pressures, according to Capital Economics (CE).

CE expects the gross domestic product (GDP) growth to strengthen from 5.5% this year to between 5.8 and 6% in fiscal year 2019/2020 as demand is supported by slowing austerity and a strengthening labour market.

Capital Economics estimates that there is still an output gap equal to 2% to 2.5% of potential GDP.

“Egypt can probably record another few years of above-potential GDP growth before capacity constraints begin to bite in FY2021/2022,” the report indicated.

Egypt has recorded growth rates over 5% since the start of 2017, exceeding the level between 2011 and 2016.

A key reason why the economy has been able to record above-potential growth is that it has called upon under-utilised resources.

Nov 08, 2018




Business News Egypt's Ministry of Petroleum says that the country achieved self sufficiency in natural gas consumption in September 2018 due to the gradual increase in local production and the plan to develop major gas fields in the Mediterranean.The discovery of the large offshore fields has resulted in the halting of natural gas imports for the first time in three years.

The ministry said in a statement that 2018 witnessed remarkable achievements and improvements in the oil and gas sector.

"Natural gas has been extended to more than 1 million residential units in 72 highly-populated cities and villages across Egypt in 2018," the statement read.

"As many as 18,784 cars have been adjusted to operate with natural gas during the period between January and November 2018."

One-hundred new gas stations also became operational in 2018.

Steps have also been taken to implement a phosphoric acid production complex worth $750 million in the New Valley governorate. The facility is estimated to produce 1 million tonnes of phosphoric acid per year.

This year also witnessed the continued increase in oil and gas production, which achieved the unprecedented level of 6.6 billion cubic metres (BCM) per day.

The ministry expects Egypt's natural gas production to stand at 6.750 BCM by the end of 2018.

According to the statement, 2018 saw 61 different oil and gas explorations –43 for oil and 18 for gas – which has contributed to increasing the country's energy reserves.

The ministry stated that Egypt has reached an average production of 660,000 oil and oil condensates daily in 2018.

Last October, Petroleum Minister Tarek El-Molla announced that Egypt was no longer importing liquefied natural gas, saving the government EGP 3 billion that had been earmarked annually to meet local demands.

The savings are in large measure due to the massive offshore gas field Zohr, which began operation in December 2017. Zohr, with reserves of more than 30 trillion cubic feet (tcf), is among the largest gas fields discovered so far in the Mediterranean.

The field's output is central to the government’s plans not only to become self-sufficient but to transform Egypt into a regional energy hub.

Zohr’s discovery in 2015 offered the Egyptian government more than a breathing space to save on imports. The field will bring in much needed hard currency when Egypt starts exporting gas, which it is slated to do by 2019 when output from other gas fields comes online.

Dec 27, 2018

National Bank of Egypt (NBE), the country’s largest state bank, pumped total funds of 30 billion Egyptian pounds into small and medium enterprises SMEs as part of the Central Bank of Egypt initiative, its Deputy Chairman yehia Aboulfotouh said.

He told Amwal Al Ghad that the funds increased from 27 billion pounds to 30 billion pounds during the second quarter of 2018/19.

The SMEs portfolio has reached 52 billion pounds, He addded.However, NBE seeks to increase the sector’s portfolio to 100 billion pounds by the end of 2020.

In 2016, the CBE announced an initiative to finance SMEs. Under the initiative, 20 per cent of bank loans should be allocated to SMEs within four years.

The banks are to offer around LE200 billion to finance 350,000 companies and thus create job opportunities for more than four million people.

He added that the bank focuses on a number of productive sectors within the small and medium enterprises portfolio to create more job opportunities mainly agriculture, industry, trade and services.

Dec 27, 2018




Business News Egypt’s state-owned Iron and Steel Company will pay 750 million pounds to Banque Misr after a new deal was signed to settle a long-standing dispute over outstanding debts, according to a statement by the company on Wednesday.

The dispute stems from 18-year-old debts owed by the company to the bank. The deal followed a court ruling in favour of the bank last August.

Under the deal, the company would pay the sum within two months of the signing in the form of lands and a percentage of its stakes, it said.

Nov 29, 2018

Egypt's Minister of Trade and Industry Amr Nassar has said that Egyptian exports witnessed large growth during 2018, totaling $22.6 billion compared to $20.4 billion in 2017.

The minister said that exports are expected to reach about $25 billion by the end of 2018, an increase of about 10.6 percent from 2017.

The increase in export rates is a reflection of the ambitious strategy of the Ministry of Trade and Industry aimed at increasing the competitiveness of the Egyptian industry and opening more markets to Egyptian products.

Nassar pointed out that the year 2019 will be a key pillar in the implementation of the ministry's plan to expand export markets, especially in view of the positive developments in the negotiations of both the African Free Trade Agreement, which includes 55 countries, and the Free Trade Agreement with the Eurasian Economic Union, which includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

He pointed out that the entry into force of these agreements will contribute to the opening of the markets of 60 new countries to Egyptian products, in addition to the current trade agreements with that provide Egyptian products with preferential advantages.

Nassar added that the increase in the import rates during 2018 resulted from demand for production and strategic goods.

The sectors that achieved an increase in exports during 2018 included the chemical industry, fertilisers, ready-made garments, engineering, electronics, medical, textile, food industries, and books.

Nassar stressed that the largest markets receiving Egyptian exports during 2018 were in the United Arab Emirates, Turkey, the USA, Italy, Saudi Arabia, the United Kingdom, Spain, Algeria and France.

Nassar explained that the ministry has adopted an ambitious strategy to develop Egyptian exports to foreign markets, especially in Africa as one of the promising markets where Egypt can achieve significant trade levels.

The minister stressed that the strategy is based on achieving partnership and integration with African countries through enhancing industrial and investment cooperation.

Nassar said that the ministry has identified 12 markets in east and west Africa with whom to develop joint economic cooperation and help them realise their ambitions to build a manufacturing base with Egyptian expertise.

Dec 30, 2018

Egypt's domestic liquidity increased by EGP 109.1 billion, registering EGP 3.563 trillion, at a rate of 3.2 percent, in July-October of the 2018/2019 fiscal year, the Central Bank of Egypt (CBE) said in a report on Thursday.

The report stated that the increase in domestic liquidity was reflected in the growth of quasi-money that went up by EGP 100.5 billion, at a rate of 3.8 percent, and the rise in money supply by EGP 8.6 billion, at a rate of 1 percent.

The surge in quasi-money came as a result of a surge in non-current deposits in local currency by EGP 83.2 billion, at an average of 4.3 percent, as well as in deposits in foreign currency by EGP 17.3 billion, at a rate of 2.4 percent, the report added.

The CBE report attributed the hike in money supply to the rise in current deposits in local currency by EGP 6.7 billion, at an average of 1.8 percent.

Dec 30, 2018




Business News Transport Minister Hisham Arafat discussed with Vice President of the World Bank for Africa region Makhtar Diop cooperation opportunities in the transport field.

Arafat said transport is one of the vital service sectors in Egypt that is closely linked to other sectors.

He said transport networks are the main infrastructure on which all economic and social development projects are based.

That's why the ministry is carrying out a comprehensive development plan to upgrade transport networks and link them to regional ones to increase the volume of trade with neighboring countries.

The two sides discussed the possibility that the World Bank would finance special studies conducted on twining the rail distance from Alexandria/Manashi/Imbaba and Manashi/6th of October roads.

They agreed on holding several workshops to get global companies acquainted with available investment opportunities in the transport field.

Deputy President of the Railway Service Khaled Farouk and other senior officials in the railway sector attended the talks.

Dec 16, 2018

Egypt’s public spending on scientific research grew to EGP 3.4 billion during the fiscal year 2017/2018, according to an infograph posted on the Cabinet’s Media Centre's Facebook page.

Around EGP 2.5 billion were allocated to the building of 20 new faculties in nine universities, while EGP 1.9 billion were spent on 2,126 projects financed by the Science and Technological Development Fund.

Moreover, the government has spent EGP 540 million to fund over 620 basic and applied researches.

The Cabinet’s Media Centre has also stated that EGP 500 million were spent on the programme for the infrastructure development for scientific research including the building of 31 research centres and 56 central labs.

Dec 27, 2018

Egypt’s President Abdel Fattah al-Sisi spoke with IMF head Christine Lagarde on Friday to discuss ways to boost cooperation between Egypt and the international body, his spokesman said.

Sisi received a telephone from the managing director of the International Monetary Fund where they discussed the developments of the country ’s economic reform programme.

During the call, the president asserted that the Egyptian people had the main role in making the efforts of the state in implementing the economic reforms succeed, which was confirmed by the positive indicators in the Egyptian economy and how the country’s credit rating had improved.

For her part, Lagarde praised the progress of the economic reforms the Egyptian government is adopting, according to the presidency.

She also asserted her keenness to continue the cooperation with Egypt on the economic reform programme.

Dec 23, 2018

Business activities at the Suez Canal Economic Zone now exempted from value added taxes are now subject to special regulations & rules. That was announced by General Mahab Mamish, Chairman of the Suez Canal Authority & of the Suez Canal Economic Zone. Same is also applied to its imports and exports with the outside world. Will reports on all details to be published on the above.

Dec 08, 2018

New record posted for the Suez Canal movement with 68 vessels crossing it on December 11/ 2018 carrying 4.4 million tons of oil & cargo. That was reported in the media indicating that 37 vessels crossed it from the north carrying 2.6 million tons of oil & cargo & 31 vessels crossed it from the south (the New Canal) carrying 1.8 million tons.

Dec 12, 2018




Business News The contribution of the digital economy industry to Egypt’s GDP is expected to rise from 4 percent to 8 percent in the coming years, said former Communication Minister Atef Helmy on Monday.

Helmy made his remarks during the First Arab Digital Economy Conference in Abu Dhabi, held under the patronage of Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Commander of the UAE’s Armed Forces.

The percentage of companies hinging on the digital economy in Egypt amounted to 7 percent, compared to 18 percent and 15 percent in UAE and Saudi Arabia, respectively.

Dec 18, 2018

63 vessels crossing the Suez Canal on Sunday 12/9/2018 from both sides carrying 4 million tons of oil & cargo. That was reported in the media quoting Mr. Tarek Hassanein, speaker on behalf of the Suez Canal Authority, indicating that 29 vessels crossed the Canal from the north with 2.4 million tons of loads, 34 vessels from south (the New Canal) carrying 1.6 million tons of cargo.

Dec 10, 2018

Nasr Genral Contracting Co. (Hassan M. Allam), subsidiary of the Holding Company for Construction, has captured a mandate to establish the first phase of a hotel flagship in Alexandria with total cost of 400 million Egyptian pounds.

The project include developing a hotel in Moharam Bek with total cost of 400 million Egyptian pounds, Managing Director for Financial affairs & Human Resources, Atef Barbary said.

He added that the company is set to start the construction of the project in June 2019, expecting that the total cost of the concrete structure may reach 1.3 billion Egyptian pounds.

In addition, the project encompasses a hotel tower along with commercial and administrative units spanning over 14.300 metre square.

Moreover, Arab Bureau for design and technical consultations has completed the designs of the project, he said.

The project will be developed over three years with investments worth 3.5 billion Egyptian pounds, Barbary added.

Dec 18, 2018

Vice President of Federation of Egyptian Chambers of Commerce (FEDCOC) Ibrahim el Araby on Tuesday discussed with a Liberian delegation led by Ambassador in Cairo Edwin Faseyen Sele and President of Liberian Chamber of Commerce Wendell Addy means of boosting economic relations and cooperation.

The two sides mulled also establishing new investment partnerships in various sectors.

Araby, who also acts as the chairman of Cairo Chamber of Commerce, said that Egypt offers investment opportunities in various projects, from which the Liberian businessmen are able to benefit given the intensives that Egypt is offering for the investors in various sectors.

Dec 20, 2018

Egypt’s Qalaa Holdings’ net profit reached 126.4 million Egyptian pounds ($7 million) during the third quarter of the current year.

Revenue soared 40 percent to register 3.28 billion pounds during the third quarter of the year, the company said in statement on Saturday.

Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 43 percent to 305.6 million pounds, compared to the year-ago period.

In the first nine months of the year, revenue increased 46 percent to 9.4 billion pounds, while net profit stood at 426.6 million pounds during the same period.

The result of the third quarter of 2018 reflects the company’s strong operational performance and its steadfast progress, Qalaa Holdings’ chairman and founder Ahmed Heikal said.

The company is continuing its growing strategy through the expansion of its subsidiaries, Heikal added.

Dec 23, 2018




Business News Egypt’s central bank (CBE) said on Wednesday it has decided to terminate the foreign exchange repatriation mechanism, starting from December 4.The decision covers any fresh foreign currency portfolio investments wishing to enter the local currency Egyptian T-bills, T-bonds market and stocks listed on the Egyptian Stock Exchange, the central bank said in a statement.

Nov 29, 2018

Egyptian trade and industry minister Amr Nassar has agreed with his Ugandan counterpart Amelia Kyambadde more cooperation between the two countries.

A delegation of Egyptian investors and businessmen will visit Uganda in the first quarter of 2019 to explore investment opportunities, the ministers agreed.

The aim is to familiarize more Egyptian investors with the Ugandan market and boost economic cooperation between the two African countries, the ministry said in a statement on Friday.

The African free trade area will help further bilateral trade between Egypt and Uganda, Nassar noted.

Meanwhile, Amelia Kyambadde stressed her country’s keenness to increase economic ties with Egypt as one of the main markets in the Middle East and North Africa region.

Dec 16, 2018

The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18 billion on Sunday on behalf of the Ministry of Finance (MOF).






Dec 09, 2018




Business News The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.25 billion on Sunday on behalf of the Ministry of Finance (MoF).

The first tranche of the T-bills will be offered through 91-day notes at EGP 9.75 billion, while the second tranche amounts to EGP 8.5 billioin and will be through 273-day notes, the CBE said on its official website.

The issuance will be used to finance the budget deficit, the CBE added.

Egypt’s debt instruments, especially T-bills, are seen as attractive to foreign investors on the back of their high yield. State-run lenders are the largest holders of the government’s debt instruments.



Nov 11, 2018

32 vessels crossing the Suez Canal on November 25, 2018 from both sides carrying 2.1 million tons of oil, containers and cargo. That was announced by Mr. Tarek Hassanein, formal speaker of the Suez Canal Authority including containers vessels & oil tankers from both directions.

Nov 26, 2018

The General Organisation for Import and Export Control (GOEIC) said that the imports of strategic goods such as poultry and sugar have declined over the past 10 months.

Poultry imports in this period recorded $61 million compared to $153 million in the same period in 2017; a 60 percent drop, MENA quoted a GOEIC report as saying.

Sugar imports in the same period registered $509 million compared to $742 million in the same period last year; a drop of 31.4 percent.

Nov 27, 2018

World Bank’s Vice President for Infrastructure Makhtar Diop asserted the World Bank’s keenness to actively contribute to development efforts in Egypt, particularly in light of the successful economic reform measures taken by the government.

Diop’s remarks came during his meeting on Friday with Prime Minister Mostafa Madbouli to discuss fields of cooperation between Cairo and the World Bank.During the meeting, attended by Minister of Investment and International Cooperation Sahar Nasr, Diop affirmed that the World Bank looks forward to intensifying cooperation with Egypt during its chairmanship of the African Union in 2019 via three main fields, namely air transport, cooperation in the energy field as well as electrical linkage among Africa’s states.Meanwhile, the prime minister welcomed Cairo’s cooperation with the World Bank that aims to foster Africa’s development agenda, especially that Cairo has major capabilities in the three proposed fields.

Madbouli also issued directives to the investment minister to draw up a plan for the cooperation suggested, calling for finalizing it before the start of Egypt ’s chairmanship of the African Union in 2019.

Dec 16, 2018

In recognition of CI Capital Asset Management (CICH) success in the Egyptian and regional markets, the Group was awarded the "Best Asset Manager in Egypt 2018" by International Finance, an award given by a qualified research team in recognition of CI Capital Asset Management ’s unique talents, outperformance of managed funds, leadership skills and value-add to the asset management sector and other economic sectors

CI Capital Asset Management was also awarded the "Best Asset Manager in Egypt 2018" by ACQ5, an annual award that recognizes organizations and individuals who have achieved outstanding success in specific areas through a survey of more than 168,000 readers and experts in different fields.

In addition, CI Capital Asset Management has been awarded the "Best Sharia Compliant Asset Manager in the Middle East 2018" by Global Investors, a member of Euromoney International, according to an assessment by experts in the field of asset management across the Middle East and North Africa.

These awards and international recognitions of CI Capital Asset Management reflects the consistency of outperformance of CI Capital Asset Management ’s managed funds in all funds’ categories. These awards also came as a continuation of the prestigious awards from international organizations to CI Capital Asset Management won in previous years (e.g. CI Capital Asset Management was awarded "Best Asset Manager in Egypt" by several international institutions such as ACQ5 (2017), Global

Dec 09, 2018



Investors for 8 consecutive years (2010-2017), EMEA Finance (2016), Global Business Outlook (2016), in addition to many awards in Egypt and in the Middle East (e.g. MENA Fund Manager).

Amr Abol Enein, Managing Director and Head of CI Capital Asset Management, commented: "These awards and international recognitions come as a result of the efforts exerted by CI Capital Asset Management’s team of professionals and the company’s ability to manage all types of portfolios and mutual funds and to introduce newly developed and diversified financial instruments in the Egyptian market with continuity and consistency of achieving the highest returns on all categories of products, outperforming the market indices and peer funds’ performances in terms of returns and rankings, in addition to achieving continued real value added over the years to its customers and its business partners”.

In this respect, it is worth noting that all mutual fund categories under the management of CI Capital Asset Management are topping the Egyptian funds ’ YTD and cumulative performance report prepared and published by the Egyptian Investment Management Association (EIMA) until the end of November 2018 (29/11/11) 2018) as illustrated below:

For the Conventional Equity Fund Category, “Estithmar” Fund, one of CIB’s sponsored funds investing in stocks listed on the Egyptian Stock Exchange, is ranked first equity fund in terms of its YTD returns of 3.22% compared to EGX 30’s negative returns of – 11.32% for the same period, in addition, to outperforming the average returns of all peer equity funds in the Egyptian market of -9.51%. Additionally, the Fund held the top ranking for the last 12 months as well as the two, three, five and six -year periods cumulative returns of 11.91%, 62.48%, 162.52% 171.22% and 244.96% respectively and outperforming the EGX 30 with an Alpha of 20.57pp, 47.14pp, 66.05pp, 55.84pp and 67.91 percentage points respectively.

For the Sharia Complaint Equity Fund Category, CI Capital Asset Management topped the YTD and last 12 months rankings through “ Helal” Fund, sponsored by Arab Investment Bank, with a YTD and last 12 months cumulative returns of 1.30% and 7.82% respectively compared to the average returns of all peer Sharia complaint equity funds in the Egyptian market of -8.51% and -4.15% respectively. It is also worth noting that “Aman” Fund, co-sponsored by CIB and Faisal Islamic Bank, ranked first among local peers in the same fund for its two, three, five and six -year periods cumulative returns of 51.23%, 131.92%,131.79 and 160.60% respectively outperforming the average returns of all peer Sharia complaint equity funds in the Egyptian market over the same time periods with an Alpha of 26.89pp, 59.37pp, 47.07pp, 55.65 percentage points respectively.

CI Capital Asset Management is also ranked first in the Balanced Funds Category (for funds with a maximum equity exposure limit of 60% of their NAV), with CIB’s “Takamol” Fund YTD returns of 5.59% compared to an average return of -4.12% for peer funds. In addition, “Takamol” Fund topped the ranking among local peers for the last 12 months as well as the two and three-year periods (i.e. since inception), with cumulative returns of 11.95%, 45.39%, and 102.33%, respectively versus average returns of peer funds of -2.57%, 22.49%, and 63.88%, respectively.

For the Conventional Money Market Fund Category, CI Capital Asset Management also maintained its top position in the Egyptian conventional money market funds ’s space, always managing the top performing conventional money market fund throughout the years (2009-2018). CIB's “Osoul” Fund was ranked first among all conventional money market funds for its YTD and last 12 months’ cumulative returns of 14.16% and 15.51%.

Other money market funds managed by CI Capital Asset Management in previous years were ranked first in 2011, 2012, 2013, 2014, 2015, 2016 and 2017.

As for the Sharia’s Compliant Money Market Fund category, CI Capital Asset Management topped the list with United Bank of Egypt's Sharia ’s Compliant Money Market Fund “Rakhaa”. The Fund topped this category by achieving a YTD returns of 13.79% compared to an average return of 12.80% to peer funds. Rakhaa was also the best-performing Fund for the last 12 months as well as the two and three-year periods (the maximum time horizon for peer funds).

CI Capital Asset Management is also ranked first in the Fixed Income Funds Category, with CIB’s “Thabat” Fund YTD returns of 18.43% compared to an average return of 13.13% for peer funds. In addition, “Thabat” Fund topped the ranking among local peers for the last 12 months as well as the two and three, five, and six-year periods, with cumulative returns of 19.97%, 40.85%, 43.36%, 76.43% and 97.61%, respectively.

Abol-Enein added "we are very proud of the continuation of the unprecedented and superior achievement in the history of mutual funds in the Egyptian market and our continuity in achieving real value-add to our customers and business partners as we strive to maintain our top unmatched performance, increase our market share and total assets under management, as well as continue to introduce innovative products."




Business News The seventh session of the Egyptian-Ukrainian Joint Committee on Economic, Scientific and Technical Cooperation was held in the Ukrainian capital Kiev.

Investment and International Cooperation Minister Sahar Nasr and Ukraine's Deputy Prime Minister Pavlo Rozenko headed the Egyptian and Ukrainian sides, respectively.

During the event, Rozenko stressed that there are strong strategic ties binding Egypt and his country, said a statement released by the Investment and International Cooperation Ministry on Saturday.

He further expressed Ukraine's keenness on promoting bilateral economic relations, the statement read.

Rozenko asserted that Egypt is one of the most important economic partners for his country in the fields of investment, trade exchange, tourism, agricultural and scientific research.

The committee agreed to increase the Ukrainian investments in Egypt in light of the presence of 130 Ukrainian firms only doing business in Egypt, the matter which does not suit the unique economic ties between the two countries, the statement added.

Nov 04, 2018



Business News Indonesian Minister of Trade and Industry Enggartiasto Lukita stated that his country will sign with Egypt two agreements to increase the trade volume between the two countries by at least 300 percent.

“Our ambassador is already doing the preparations and contacts with the Egyptian government. And we propose starting with PTA (Preferential Trade agreement),” Lukita told Egyptian reporters on the sidelines of the 33rd Trade Expo Indonesia (TEI) 2018 at the Indonesian Convention Exhibition in BSD City in Banten.

A Free Trade Agreement (FTA) is the second deal that both sides are negotiating, the minister added.

Lukita revealed that he will pay Egypt a visit in 2019 to finalize the two agreements, saying "in less than six months, we are going to finalize the agreements."

The minister added the current trade volume between both sides is very small, saying “after signing the agreements, the trade volume between Egypt and Indonesia will increase by at least 300 percent… less than $2 billion is a very small amount.”

As for the strained Indonesian-Australian relations, Lukita said that he met with the chief minister of the Northern Territory of Australia to discuss this issue.

Australia announced moving its embassy from Tel Aviv to Jerusalem. Consequently, Indonesia threatened to hold on an imminent deal with Australia, announcing that the decision could strain the bilateral relations.

The minister said that both sides were working to finalize this issue this week, adding “Well, it depends on the Australians; are they serious about moving their embassy to Jerusalem or not? Because we are committed to supporting Palestine. That is our commitment by all means.”

Trade volume between Egypt and Indonesia reached $203 million in 2018, compared to $75 million in 2017 with an increase of 169.65 percent, according to Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS), said Indonesian Ambassador to Cairo Helmy Fawzy during the National Day of Indonesia on October 1.

From January to June 2018 the trade volume increased by $561 million (12 percent), compared to the same period of 2017, according to CAPMAS.

The minister and the Indonesian ambassador to Egypt held a joint meeting with Egyptian importers and pledged to provide the Egyptian market with the Indonesian Rubosta coffee, following a complaint from the Egyptian importers over insufficient exported amount, although the importation rate of coffee increased by 10 percent in 2018.

The Indonesian Minister of Trade and Industry Lukita and a group of Egyptian businessmen pose for a photo on the sideline of Indonesia Trade Expo 2018- Egypt Today- Samar Samir

Also, on the sidelines of TEI 2018, a $30 million deal was signed between Egyptian Haggag Company and its partners (Al-Nada, Kenouz al-Bon and Zahret al-Bon al Brazili) and Indonesian PT Asal Jaya to import coffee.

Egypt imports 40 tons of coffee beans annually to meet the local market’s needs. However, the imported quantity increased to 45 tons by 10 percent in 2018. Seventy percent of coffee comes from Indonesia due to its cheap prices and high quality, Chairman of the Coffee Division in Egypt's Chamber of Commerce Hassan Fawzy said in a statement in June 2018.

Egypt imported coffee worth $48.151 million in the period between January and July 2017, compared to $7.287 million in the same period of the previous year, with an increase of 560.8 percent, according to the state-owned Central Agency for Public Mobilization and Statistics (CAPMAS).

The joint business meeting was attended by prominent Egyptian businessmen in the fields of coffee, tires, and palm oil. Several Egyptian businessmen received the Primaduta Award, which is an Indonesian program that aims to increase the growth of Indonesian exports worldwide.

Egypt comes in the first place among the countries that were granted Primaduta Awards, while Holland comes in the second rank. Saudi Arabia and China came third, where three awards will go for three companies.

Egypt ranked number four among the top five countries that signed trade contracts with Indonesia in 2018, the minister added.

Nov 04, 2018



Egypt took part in this year’s World Travel Market (WTM), held in London from 5 to 7 November, with a new look as technology reigned supreme in the country’s two-floor suite at this important professional event, with visitors being invited to put on virtual reality headsets and view Egypt ’s many tourist destinations.

A hologram of the new Grand Egyptian Museum (GEM) was also on show.

“Egypt’s suite looked better than ever,” said Hisham Idriss, a member of the Egyptian Chamber of Tourism Companies, who was present at the WTM.

“The GEM hologram was also remarkable, particularly because the museum’s director was also present to explain the new institution. This was a good move to promote Egypt,” he added.

The first floor of Egypt’s suite, spread over 630 square metres, included display areas for private-sector companies and the Federation of Tourism Chambers and a simulation area in which visitors were virtually transported to Egypt’s tourist sites using state-of-the-art techniques and holograms.

After electronic registration upon entering, visitors were able to watch documentary films on giant screens about Egypt. Awe-inspiring virtual experiences were on offer, such as images of the giant statue of Ramses II that adorned the entrance to the suite and landscapes by the Red and Mediterranean Seas.

The second floor of the suite was allocated to seminars and lectures. It also included offices for meetings between Minister of Tourism Rania Al-Mashat and foreign officials and company owners.

“Visitors to this year’s WTM could experience some of Egypt’s most breathtaking spots, such as Sinai, Saint Catherine’s, and the Red Sea beaches, through virtual reality headsets,” said Idriss.

Based on the number of visitors to Egypt’s suite at the WTM, he expects an influx of tourists to the country in the winter season.

Al-Mashat said that Egypt could offer many different kinds of tourism and that the ministry was working to attract different types of holidaymakers. She stated that Egypt was receiving more tourists from emerging markets in addition to its traditional ones.

She explained features of the new promotional campaign that depend on branding by destination, including Siwa, Luxor, Aswan and Sharm El-Sheikh.

She also met with Gloria Guevara, president of the World Tourism and Travel Council (WTTC) and former minister of tourism of Mexico, to discuss Egypt ’s promotional tools and highlight the country’s vast tourism potential.

With Peter Fankhauser, CEO of the Thomas Cook Group, Al-Mashat discussed ways of increasing the size of the group ’s business in Egypt and of opening up to tourists from China and Eastern Europe, as well as the possibility of cooperation between the ministry and the group in joint campaigns.

Fankhauser said there was increasing demand from tourists to visit Egypt, particularly Luxor and Marsa Alam. The next season was very promising, he added.

“Egypt’s suite at the WTM could have better been divided according to tourist destinations, offering an area for the Red Sea, another for Sinai, a third for cultural tourism, and so on. This would have been in line with the ministry’s promotional plan that depends on branding by destination,” Idriss suggested.

Other promotional tools that Egypt intends to use include a campaign entitled “People to People” which aims to change mental images of Egypt and Egyptians, and another campaign which will be launched before the inauguration of the GEM in 2020.

“The Egyptian suite was creative and eye-catching,” said Kamel Abu Ali, head of the Pickalbatros Group and an investor in the Red Sea governorate. He said the displays in the suite marked the beginning of new promotional methods.

“The suite saw a remarkable turnout on the part of tour operators for Egypt’s companies and hotels. Reservations for the winter season in Marsa Alam and Hurghada are seeing a 50 per cent increase on last year. Trips arriving from the UK to Luxor and Aswan recorded an astounding increase on last year,” Abu Ali added.

Al-Mashat told the news channel Bloomberg at the WTM that the number of tourists to Egypt was now approaching that seen in 2010. Compared to last year, the first nine months of 2018 had seen a 40 per cent increase in the number of tourists, reaching eight million, she said, adding that by the end of this year Egypt would reach the 2010 record.

In 2010, more than 14 million tourists visited Egypt. The numbers plummeted after the 25 January Revolution.

Nov 18, 2018



“The fact that the WTM was held in tandem with the World Youth Forum in Sharm El-Sheikh, which was attended by delegations from all over the world, was a notable promotional boost for Sinai and Sharm El-Sheikh as safe locations,” said Abu Ali.

During her meeting with Guevara, Al-Mashat suggested that Egypt could host the next WTTC conference, especially after the recent opening of Sharm El-Sheikh ’s International Conference Centre.

The centre, having a usable area of over 30,000 square metres, comprises a main hall and six smaller halls and is equipped with state-of-the-art equipment. It can hold up to 7,000 people.EGX chairman Mohamed Farid recently tackled how the Egyptian Exchange (EGX) has been working to attract small and medium-sized enterprises (SMEs) and startups and how it supports them.

Speaking to Mubasher in an exclusive interview at the RiseUp Summit in December, Farid noted several major differences between listing large firms versus SMEs and startups on the EGX.

One of these differences is the fact that SMEs do not have to reach a specific level of growth in terms of capital in order to list, as opposed to their larger counterparts. A firm can list its shares on the SME bourse, also known as Nilex, and continue to grow from there, he said.

In the main market, listed firms should have at least EGP 100 million ($5.57 million) in paid-up capital, whereas for SMEs and startups, the minimum capital requirement is EGP 1 million ($55,730), Farid told Mubasher, noting that many people were not aware of this fact.

Disclosures, however, are the same for smaller firms listed or considering an EGX listing as investors should be aware of what is going on in the company they are investing in, he added.

The EGX also providers consultation services to companies looking to list on the bourse, the top official noted, indicating that this was among the types of support provided to such companies.

We can help these firms get in touch with investment banks to manage their issuances, he added, stressing that this process was part of the EGX ’s strategy to attract startups and SMEs to it.

In addition to encouraging companies, the EGX also focuses on protecting investors, who require information about companies they would like to invest in, Farid said, stressing the importance of protecting investors and their interests.

Listing on the EGX would help such small-sized firms expand in their capital, he added, indicating that capital hikes would allow firms to launch new production lines or expand their business.

Dec 20, 2018

44 vessels crossing yesterday October 1, 2018 the Suez Canal from both sides carrying 2.9 million tons of crude oil, containers and cargo. While 20 vessels crossed the canal from north, other 24 vessels crossed the Canal from south.

Oct 02, 2018

The World Bank (WB) expected Egypt’s growth to hit 5.6 percent during fiscal year 2018/2019, supported by private consumption, a recovery in tourism sector and the operationalization of recently discovered gas fields.

WB also added that if the business environment reforms are effectively implemented, public investment will grow and private investment will recover.

The expected increase in tax revenues as growth accelerates and further cuts in energy subsidies will help fiscal consolidation, WB stated.

“The large interest payments are expected to decline over the medium term, through debt repayment and the prolongation of the maturity structure,” WB disclosed.

Regarding the continued price hikes of regulated goods and services, the World Bank anticipated that it will affect households in the short term, especially the vulnerable: who live in rural Upper Egypt.

So, the bank recommended to implement adequate mitigation measures. The bank also anticipated the poverty rate to decrease to 15.3 percent in 2019, compared to an estimated 15.6 percent in 2017.

Risks and Challenges

Oct 08, 2018



The World Bank stated the risks and challenges the Egyptian economy is facing, saying “The challenge of kick-starting private sector led growth requires the alleviation of longstanding constraints, including fostering a level-playing field and facilitating access to key inputs (such as land and skilled labor force).”

It also clarified that domestic and foreign investments depend on the economic activities that Egypt expands.

“Despite the announced program to divest minority shares in selected SOEs, the state is expanding in some areas, such as construction,” it added.

The bank expected the public investments' budget to be double the size of the government investments’ budget.

To reach a well-functioning market economy, it requires a clear demarcation of the role of the state, and its redirection towards the enabling and regulation functions, the bank stated, noting that it could be achieved through establishing the rule of law, reinforcing competition policies and improving basic service delivery.

The bank referred to the outflows of local treasury bills and bonds, recommending a sound macroeconomic policy framework to enable the economy to withstand such shocks.

The bank said that the budget of 2018/209 faces risks of increasing global oil prices or disorderly exchange rate spillover from contingent liabilities (including from sovereign guarantees).

A high level of public debt represents risks in the medium to longer term if the fiscal consolidation is discontinued, according to the bank.

The challenging socioeconomic conditions, including: double digit youth unemployment, a low labor force participation, difficult conditions of employment and the acceleration of population growth, are also sustainable risks that Egypt faces.

It clarified that high population exerts pressure on natural resources as water and public goods and services.

Recent Developments The World Bank reviewed the recent developments the Egyptian Economy witnessed during the last period, stating that real gross domestic product (GDP) hiked to 5.3 percent during 2017/2018, compared to 4.2 percent in the previous year.

It attributed the hike of GDP to public and private investments and private consumption. It also referred to the positive indicators of exports of goods and services, as well as the rebound of the Suez Canal and tourism revenues.

“A notable improvement has been achieved on the fiscal font, especially with the realization of a primary surplus of 0.1 percent in 2017/2018,” the bank stated. “Cuts in energy subsidies, containment of the wage bill and an increased VAT intake narrowed the overall deficit by more than 1 percentage points to 9.8 percent of GDP in 2017/2018.”

As per inflation, the bank said that headline inflation remained at high levels at 21.6 percent during 2017/2018, but started to recede significantly by the end of the year, adding that core inflation returned to single digits in July 2018.

It clarified that the increase of energy prices caused a temporary rise in headline inflation to 14 percent on an average during June to August.

According to the World Bank, structural reforms are still needed to attract non-oil foreign direct investments, despite the increase of foreign reserves to $44.4 billion by the end of August, in addition to a $12 billion held by the Central Bank of Egypt as other foreign currency assets.

“The overall balance of payments during the first nine months of 2017/2018 was 4.4 percent of GDP, down from 4.8 percent a year earlier,” the bank noted. “As a part of the emerging markets’ selloff, foreigners’ holdings of Egyptian treasury bills have dropped by around $6 billion between March and July 2018, bringing them down to around $15.1 billion last July,” the bank said.

On a positive note, the bank said that the higher remittances, the surge in the services balance (Suez Canal and tourism) and the decline of trade deficit resulted in a lower current account deficit to 2 percent of GDP during the first nine months of 2017/2018, compared to 5 percent in the previous year.




Business News Egypt’s state-run lender Banque du Caire’s US dollar proceeds exceeded $22 billion since the liberalisation of the exchange rate, said its vice chairman on Sunday.

Egypr’s third-largest state-owned bank is currently working on raising the proceeds in the coming period, Hazem Hegazy said. The Central Bank of Egypt (CBE) has increased key interest rates by 300 basis points following the flotation of the Egyptian pound against the US dollar in November 2016.It is worth noting that Banque Du Caire had pumped investments worth 220 million pounds into “Mashro’ak [your project]” initiative since it was launched in 2015.

Oct 21, 2018

359 vessels crossing the Suez Canal (obviously from both sides] during the past week - Saturday/ Thursday - carrying 24 million tons total tonnage of petroleum, containers & bulk cargo. That was announced by General Mohab Mamish, Chairman of the Suez Canal Authority & the Economic Authority of the Suez Canal Zone. Figures assure the Canal readiness to adapt to increases in the number of crossing canals & in total carried weight accompanying improvement of the world trade.

Oct 27, 2018

The Central Bank of Egypt (CBE) said in a report on Monday that Egypt's domestic liquidity increased by EGP 9.1 billion to register EGP 3.466 trillion, at a rate of 0.3 percent, at the end of July.

The report stated that the increase in domestic liquidity was reflected in the growth of quasi-money that increased by EGP 18 billion at a rate of 0.7 percent, and the decline in the money supply by EGP 8.9 billion at a rate of 1 percent.

Quasi-money (Near Money) is a term used in economics to describe highly liquid assets which are not cash but can easily be converted into cash.

The increase in quasi-money came as a result of the rise in non-current deposits in local currency by EGP 10 billion at a rate of 0.5 percent, and in deposits in foreign currency by EGP 8 billion at a rate 0.8 percent, the report added.

The report attributed the decrease in the money supply to the decline in current deposits in local currency by EGP 5.4 billion at a rate of 1.4 percent.

Oct 02, 2018

Egyptian Transport and Commercial Services Co (Egytrans) on Monday announced that its share buyback offer of EGP 7.2 per share was 1.3 times oversubscribed.

Earlier in October, the company’s board decided to repurchase 2.2 million at EGP 7.2 per share, resulting in a total value of EGP 15.8 million.

The board said that the company’s share price of EGP 6.22 was “undervalued” and did “not reflect the strong performance of the company.”

The buyback decision boiled down to the board’s confidence in the company’s well-established financial position given its proven strong performance in the Egyptian financial market.

Egytrans’ share buyback received significant response and was oversubscribed at EGP 15.93 million on the OPR market opened by the Egyptian Exchange (EGX) at the end of the issue period, 10 October,” Egytrans said in a bourse filing on Monday.

It further revealed that shareholders had tendered over 2.8 million shares on the EGX against the 2.2 million shares the company wanted to buyback.

The price of EGP 6.22 did not reflect the firm’s competitive position in the logistics and transportation industry and its future potential,” said Egytrans chairwoman Abir Leheta.

In August, Egyytrans reported a 60% year-on-year decline in consolidated profits for the first half of 2018 to EGP 24.9 million versus EGP 61.5 million.

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Oct 16, 2018




Business News Egypt's Planning Minister Hala El-Saeed has said that the government seeks to achieve a gross domestic product growth rate of 10 percent by the end of the 2029/30 fiscal year.To meet this target, the government aims to reach a growth rate of 5.9 percent in the 2018/19 fiscal year, to gradually increase to eight and then 10 percent in the 2029/2030 fiscal year, El-Saeed said.

The minister made the remarks during a regional population and development conference held in Beirut on Tuesday.

Egypt’s gross domestic product grew to 5.3 percent in the 2017/18 fiscal year, the highest rate in a decade, according to El-Saeed. This was the latest sign of economic recovery in recent months amid tough reforms the Egyptian government is implementing, including tax hikes and subsidy cuts as part of a $12 billion IMF loan deal aimed at attracting foreign investors.

Egypt’s economy has been hurt by years of turmoil following the 2011 popular uprising that scared away foreign investors and tourists.

Nov 01, 2018

Kuwait is one of the largest countries investing in Egypt with a volume of $2.8 billion, Shaikha Khalid Al Bahar the deputy head of the Kuwaiti side in the Egyptian-Kuwaiti Cooperation Council said.

The volume of the Kuwaiti investments in Egypt reflects a business of more than 1,000 companies across the republic, Al Bahar added in the council which was held on Tuesday.

Al Bahar noted that Kuwait has pumped its investments in a number of sectors, namely services, construction, industry, agriculture, and financing.

Nov 08, 2018

The Egyptian Arab Land Bank (EALB) and Tamweely Microfinance signed a cooperation protocol under which the company will be awarded 50 million pounds in the first phase to be re-lent for micro-enterprises for the most disadvantaged people and underprivileged women.

Amr Kamal, chairperson of the EALB, said the signing of this protocol comes in line with the change and innovation process adopted by the bank to provide innovative services and solutions to its clients. The bank believes in the importance of micro-enterprises for national economy and community development.

The agreement was signed by Hussain Abdel Mohsen, head of microfinance at the EALB, and Ahmed Khorshid, managing director of Tamweely, in the presence of Amr Kamal, chairperson of the bank, and Amr Abu Al-Azm, chairperson of Tamweely.According to Kamal, this protocol was part of the bank’s plan to expand in microfinance projects for their economic and social importance through supporting the most poverty-stricken people and female breadwinners.

It is the bank’s duty to develop society, combat poverty, and raise the standard of living of individuals through financing specialised companies and NGOs, which have the ability to reach these social categories and study their needs, he said, adding that the protocol also supports sustainable development and financial inclusion.According to Abdel Mohsen, the bank’s strategy was based on providing credit products that meet the needs of companies and associations working in the field of microfinance, in line with the needs and nature of the customers who contribute to the funding.

For his part, Abu Al-Azm stressed the importance of cooperation with the EALB for its expertise and board of directors with their professional vision in the field of microfinance, pointing out that the company was founded to achieve developmental, social, and investment goals.

He added this protocol aims to make the company act as the bank’s arm to reach the most necessitous groups and women, especially in the countryside.

Abu Al-Azm pointed out that the company aims to sign further similar protocols worth EGP 500m to be re-injected to the targeted groups. The company also aims to open 60 new branches across Egypt within three years.

The new protocol will open novel horizons for the company to activate and encourage microfinance, he stressed, adding it will be a step towards achieving the company’s developmental, social, and investment objectives by expanding its activity and volume of business in Egypt.

Nov 18, 2018




Business News Egypt’s central bank will begin targeting inflation as part of its monetary policy, its deputy governor said on Tuesday.

“We will move to inflation targeting, a flexible inflation targeting framework,” said Lobna Helal, deputy governor of the Central Bank of Egypt at a conference in Abu Dhabi.

She also said Egypt does not want to go back to a foreign exchange regime where its currency’s exchange rate was fixed.

In November 2016, Egypt’s central bank floated the pound currency, devaluing by 32.3 percent to an initial guidance level of 13 pounds to the U.S. dollar in a move to rebalance currency markets.

Nov 08, 2018

Egypt’s Finance Ministry is targeting a 6.5 percent growth rate for Egypt’s economy in the financial year 2019/2020, up from 5.8 percent expected for the current financial year, according to the state bulletin for the general budget for the financial year 2019/2020.

The Ministry of Planning announced that growth rates increased during the first quarter of 2018/2019 to 5.3 percent, up from 5.2 percent during the first quarter of 2017/2018.

The government is seeking to lower the budget deficit as a proportion of GDP to seven percent in the coming financial year, down from 8.4 percent expected for 2018/2019.“Reaching a budget deficit of seven per cent is possible if the government completely lifts the subsidies from energy products, which is expected to happen next year,” said Sally Mikhail, senior equity analyst at Arabiya Online, an online brokerage company.

The budget bulletin expects the total deficit to reach 427.8 billion pounds next year, down from 438.8 pounds anticipated for the current financial year.

“The government’s plan to lay off workers in the state’s administrative bodies will decrease the wage bill the government has to pay. The state has already taken a few steps in this direction,” Mikhail added.

Iman Negm, a senior economist at Prime Securities, an investment bank, believes that cutting the deficit to seven per cent will be difficult to achieve as a result of the increase in the cost of debt.

Interest rates on domestic debt have reached an average of 19 per cent and are unlikely to decrease in the coming months. The investment banks had anticipated a decrease in interest rates, but rising inflation rates have delayed the decision.

According to International Monetary Fund (IMF) figures, Egypt’s average annual inflation rate is expected to decrease during this financial year to reach 20.9 per cent, down from 23.5 percent in the past fiscal year. It is expected to drop to 14 per cent next year, then seven per cent by 2023.

The Central Bank of Egypt (CBE) is targeting an inflation rate of 13 percent (plus or minus three percent) during the last quarter of 2018/2019, reaching single digits in the coming years.

Minister of Finance Mohamed Maait had earlier stated that the government was seeking a growth rate of 5.7 to six percent for this financial year, up from 5.3 per cent last year.

The ministry targets lowering the average interest rates on treasury bills for the coming financial year to 11.9 per cent, down from 14.9 per cent expected in this year’s budget.In comparison to this year’s rates, Negm believes that the forecasts for lower interest rates on treasury bills are too optimistic.

“They may decrease by two per cent at the end of next year, which will lower the cost of debt, but not as much as the budget bulletin anticipates,” commented Radwa Al-Sweifi, head of research at Pharos Securities.

The ministry has said it wants to begin applying a new strategy aimed at lowering the government’s public debt based on less costly local and foreign funding and using

Nov 25, 2018



easy term financing from regional or international financial institutions.

It also intends to issue longer maturity treasury bills and bonds and expand the investor base as well as vary the debt instruments and currencies debts are issued in. The government will also be working on providing new funding tools such as sukuk bonds and stimulating the secondary market in these.

Taken together, the government hopes these measures should help cut the cost of debt-servicing.

“The current global emerging markets crisis could positively affect Egypt. When compared with Argentina and Turkey, Egypt could turn out to be the better choice. As a result, investments may arrive in Egypt from such countries,” Mikhail said.

A 6.5 percent growth rate could be achieved, believes Al-Sweifi, “if private and public-sector investments increase.” She added that there would be an increase in consumption once inflation drops to an average of 15 per cent next year.

The IMF had expected Egypt’s growth rates to reach 5.5 percent this fiscal year, up from 4.2 percent last year. It expects the growth rate to rise to six percent in 2023.

Negm pointed out that “it is difficult to achieve a 6.5 percent growth rate with the continuing rise of interest rates, which increase the burden of debt servicing and impedes the private sector from increasing its activities,” however.

She believes a more realistic growth rate could be 5.6 percent.

“Lifting the subsidies on energy products will result in an inflationary recession caused by the rising prices of commodities and services with the rising prices of energy products. This will lower consumption and decrease the chances of growth for the private sector,” Mikhail said.Egypt will launch the first international tender for oil and gas exploration in the Red Sea next month, a petroleum official has said.

The government is now conducting a seismic study off the country's eastern coast to identify areas of prospective resources, Mohamed Abdel-Azim, head of the state-owned South Valley Egyptian Petroleum Holding Company, was quoted as saying by state news agency MENA.

The company has been working with US firm Schlumberger to carry out 2D seismic surveys of more than 10,000 square kilometres in Egypt's exclusive economic zone (EEZ) in the Red Sea, he added.

A maritime demarcation accord signed with Saudi Arabia in 2016 has allowed the country to embark on oil and gas exploration for the first time in the Red Sea.

Petroleum Minister Tarek El-Molla said the region, except for the Gulf of Suez, had remained "untouched" by exploration.

Nov 29, 2018

Egypt's Financial Supervisory Authority (FSA) was named the Most Innovative Capital Market Regulator in Africa on Sunday.

The authority's chairman Mohamed Omran welcomed the award granted by Africa Investor.

The title was announced in a ceremony held at the Nasdaq Stock Market in New York. The Egyptian regulator snatched the award following a fierce competition between 10 African agencies.

Omran expressed appreciation for all bodies concerned in the Egyptian financial market for their positive interaction with the FSA.

He hailed amendments recently made to the capital market law, which were the first in more than 26 years.

Oct 02, 2018




Business News The World Bank on Monday earmarked $1 billion in support for Egypt’s Sinai development comprehensive programme.

On the sidelines of the International Monetary Fund and the World Bank meetings in Bali, Egyptian Investment Minister Sahar Nasr met with Ferid Belhaj, World Bank ’s vice president for Middle East and North Africa, an investment ministry statement said.

The Egyptian state’s project to develop Sinai should be completed by 2022 at a cost of 275 billion Egyptian pounds ($15.3 billion), presidential aide Ibrahim Mahlab earlier said last April.“The project will secure thousands of jobs and contribute to the development of eastern Suez Canal in order to have a road network linking the Sinai Peninsula to various governorates nationwide,” Nasr said in earlier statement in April.Nasr said that the Saudi Fund for Development, the Kuwait Fund for Arab Economic Development, and the Arab Fund for Economic and Social Development contributed a combined $2.5 billion to the project, adding that Arab funds would continue supporting the project in the upcoming years.

The World Bank Group unveiled a new system a week earlier to rank countries based on their success in developing human capital, an effort to prod governments to invest more effectively in education and healthcare.

The bank’s “Human Capital Index,” showed poor African countries fared the worst in the rankings, with Chad and South Sudan taking the two lowest spots, while Singapore topped the list, followed by South Korea, Japan and Hong Kong.

The rankings, based on health, education and survivability measures, assess the future productivity and earnings potential for citizens of 157 of the World Bank’s member nations, and ultimately those countries’ potential economic growth.

Belhaj said the Sinai Development Comprehensive programme is considered as a human capital investment, a high priority matter for the World Bank.

Oct 16, 2018

Eni is in talks with partner Naturgy over re-opening of their facility for liquefying natural gas in Damietta, Egypt, Reuters reported.

The negotiations are at an advanced stage and the plant is expected to begin working again in 2019.

The Italian oil and gas giant said in August that it has obtained a new offshore exploration license in Egypt.

The Rome-based firm is planning to drill an exploratory well in the second half of 2018, Reuters reported.

Eni holds an 85% stake in its joint concession with state-run Egyptian Natural Gas Holding Company (EGAS), while Tharwa Petroleum owns a 15% stake.

In May, Eni unveiled a new oil discovery on the A-2X exploration prospect at its South West Meleiha concession in Egypt’s Western Desert.

Oct 28, 2018

Commercial International Bank (CIB) (COMI) announced in a statement sent to EGX, the audited financial results for the fiscal period starting January 1, 2018, and ending September 30, 2018.

The company posted consolidated net profits of LE7.019 billion, versus net profits of LE5.672 billion in the same period a year ago, taking into account the minority rights.

Moreover, it posted standalone net profits of LE7.002 billion, versus net profits of LE5.689 billion in the same period last year.

Nov 08, 2018




Business News Trade and Industry Minister Amr Nassar reiterated the government’s commitment to fully apply the partnership agreement with the European Union as of next year especially as regards customs duties levied on imported European cars.

Nassar was expounding the ministry’s working plan at the Economic Affairs Committee of the House of Representatives.

Under the agreement signed in 2010, customs duties on European vehicles will be reduced annually by 10 percent with duties completely eliminated in 2019.

This means that vehicles coming from the EU will enjoy zero customs charges.

Nassar underlined the importance of increasing home-made production of car components especially with the agreement coming fully into force in 2019.

Nov 13, 2018

Egypt economy backbone recovering & getting close to its earlier indicators and levels achieved in the late end of the first decade. Yet that is not witnessed abstract but rather mixed with other impressive achievements such as the increase in the annual foreign currency transfers from expatriates abroad, higher Suez canal revenues, improved tourism performance & increased exports not only from agriculture but also, finally even if just a bit, from oil & gas.

Oct 08, 2018

Egypt's Suez Canal Economic Zone (SCZone) and the Saudi Industrial Services Co. (SISCO) on Sunday signed a contract on establishing a multi-purpose international terminal for East Port Said Port.

Prime Minster Mostafa Madbouli attended the signing ceremony.

The contract covers the terminal's design, establishment, management and operation with an expected investment cost of LE 1.5 billion.

SCZone head Mohab Mamish said the project provides 3,300 direct and indirect jobs in all disciplines within the logistics field.

Its revenues range from LE 13 to 20 billion, he added.

Partial operation is expected in mid-2019, Mamish revealed.

The project will be implemented in accordance with the latest global technologies to be the first model for green ports in Egypt, he added.

Dec 11, 2018

The Egyptian shareholding Middle East Oil Refinery Company (Midor) signed a $1.2 billion loan agreement with a coalition of three European banks: Credit Agricole, BNP Paribas and Cassa Depositi e Prestiti (CDP SpA).

The deal is meant to support an expansion project by Midor, which is expected to cost $2.3 billion and aims to increase the company's refining capacity.

Petroleum Minister Tarek El-Molla attended the inking ceremony along with chairman of the board of the National Bank of Egypt Hisham Okasha, his deputy Dalia El-Baz and regional director of the Bank of Abu Dhabi in Egypt Ahmed Ismail.

The National Bank of Egypt and the National Bank of Abu Dhabi are the financial advisors of the project.

Nov 04, 2018

Al Baraka Bank Egypt on Tuesday reported an 18% year-on-year increase in profits for the first nine months of 2018.

Net profit amounted to EGP 632.4 million in the period between January and September, versus EGP 534.7 million in the same period of 2017, the bank said in a filing to the Egyptian Exchange (EGX).

Net income grew to EGP 1.3 billion in the nine-month period, from EGP 1.09 billion in the year-ago period.

Al Baraka Bank Egypt previously posted a net profit of EGP 410 million for the first half of 2018, versus EGP 315.99 million in H1-17.

Nov 06, 2018




Business News Eng. Fathalla Fawzi, Chairman of the Egyptian Lebanese Friendship Society, announcing the Society plans to increase the annual foreign trade volume between Egypt & Lebanon from $ 700 million at present to $ 1 billion in 2019. The highly seen executive reminded that the said volume has already reached $ 900 million prior to the 2011 revolution. The Society has its offices at 10 El Kamel Mohamed St., Zamalek, Cairo, Tel. 02 - 27383641.

Nov 13, 2018

Suez Canal revenues during October 2018 exceeding $ 506 million up from $ 496.7 million in September 2018 marking 7.7 % increase. That was announced by General Mohab Mamish, Chairman of the Suez Canal Authority & its Economic Zone driving the said revenues for the present fiscal year to $ 5.6 billion marking 11 % increase above their level in the same period of the previous year. Figures are by all means utmost promising.

Dec 01, 2018




Business News A proposed change to the way Egypt taxes bank profits could encourage lenders to boost credit to the private sector and push up yields on Treasury debt, raising its appeal among foreign investors, economic analysts say.

The cabinet last week gave preliminary approval to a proposed amendment to the way bank taxes are calculated by scrapping a provision that lets local banks deduct taxes already paid on treasuries from their bottom-line income tax.

If a final version of the measure is approved by parliament in the coming months as is widely expected, it would raise the cost of buying government securities and could induce banking entities to divert funds away from treasuries to other sectors.

“The law would push banks to lend more toward the private sector,” said Hany Farahat, senior economist at investment bank CI Capital.

Egyptian banks have for years been top-heavy on government lending at the expense of the private sector, economists say.

Banks held 2.35 trillion Egyptian pounds ($131.58 billion) in government securities at the end of September compared with 804.8 billion pounds in outstanding loans to the private business sector.

HIGHER TREASURY YIELDS

The proposed tax change, which hit local banking stocks when it was announced on Sunday, could also put pressure on the Finance Ministry to allow Treasury yields to rise as it seeks to finance a budget deficit that was 9.8 percent of GDP in the fiscal year ending June 2018.

“The new bank levy may increase the T-bill rates by 200 bps (basis points) as they see higher pre-tax yields,” investment bank Arqaam Capital said in a research note on Thursday.

This could bring in more foreign investors.

“The strong outflow of foreign capital in T-bill market may now slow, however, or potentially reverse if rates on T-bills were now to be pushed back upwards, which in turn would make the carry trade more attractive,” the note added.

Foreign investors cut their holdings in Egyptian treasury bills and bonds by $8 billion in the six months ending September to $13 billion, part of a global exit from emerging market debt.

A separate decision by the central bank last week that will end guarantees of foreign currency for investors exiting the government securities market may, however, make Egyptian treasuries less attractive.

The “repatriation mechanism,” which will end on Dec. 4, was put in place in March 2013 when confidence in Egypt’s ability to provide foreign currency was cutting into investment inflows.

Economists say the mechanism’s removal will lead overseas investors to channel funds through the banking system instead of the central bank, making banks more liquid in foreign currency but also potentially making the exchange rate more volatile.

Still, it is uncertain how much leverage banks have with the Finance Ministry to push up Treasury yields to offset higher tax bills.

“It’s a symbiotic relationship, they both need each other,” said Wael Ziada, head of investment company Zilla Capital.

Banks have been lobbying the government to water down the tax proposal, which Arqaam Capital and investment bank Pharos Holding said could slash the sector ’s earnings by 23 percent.

Dec 02, 2018




Business News The Dubai-based Careem is planning to invest $100 million in its bus services that will be launched in Cairo, Saudi Arabia and Pakistan, Egypt’s general manager of the ride-hailing company said on Monday.

Set to be available through a dedicated app, Careem Bus, the new service will be offered through four lines for a trial in Cairo, Hadeer Shalaby told Mubasher in an interview at the company's Egypt headquarters.

Careem, Uber’s main ride-hailing app rival in the Middle East, is seeking to launch Careem Bus in Saudi Arabia and Pakistan next year after completing the pilot operation of the service in Egypt, she added.

The bus transportation service is to make a leap in the mass transportation sector on the back of contributing to reducing traffic jam by up to 70%, along with slashing energy-related carbon dioxide (CO2) emissions, Shalaby said.

Around 40% of Egyptians do not have a transportation service meeting their needs, she added, citing a study conducted by Careem.

The initial cost of the bus service at the first four lines amounted to EGP 25 per trip, the general manager of Careem Egypt said, noting that the ride-hailing firm does not have the buses, but they have been owned by other companies without naming them.

In August, Careem began talks with taxi drivers to work under its ride-hailing app in Cairo in a bid to soothe their outrage, but the Association for White-Taxi Drivers rejected the initiative.

In June, Egypt’s President Abdel-Fattah El-Sisi endorsed a law No. 87/2018, which regulates transportation services using information technology after the Egyptian House of Representatives’ approval.

The law allows online taxi applications, such as Uber and Careem, to operate legally across the Arab world's most populous country.

Dec 04, 2018

Egyptian Redcon Construction is carrying villas project in Marassi, which is owned by Emaar Misr in North Coast area, , Redcon ’s chief finance officer Ali Arfan said.

Arfan told Amwal Al Ghad that the project includes establishing 75 villas with various area and total cost of 380 million Egyptian pounds."We are planning to deliver the villas within 32 months,” he added.Emaar Misr, the Egyptian unit of UAE property conglomerate Emaar Properties, is the main developer of Marassi touristic resort flagship.

Moreover, Redcon was mandated to implement the initial works of a Japanese university in New Alamein City, northwest of Cairo, during the last months the source said, adding that the works will include infrastructure projects worth 25 million pounds.

Nov 22, 2018




Business News The European Bank for Reconstruction and Development (EBRD) is stepping up its support for Egyptian exporters and importers with a US$ 50 million trade facility to the Arab African International Bank (AAIB) Egypt under the EBRD’s Trade Facilitation Programme (TFP). Through this facility the EBRD will issue guarantees in favour of international commercial banks covering the political and commercial payment risk of the transactions undertaken by AAIB as well as provide financing for export and import transactions. The EBRD will also provide technical assistance to support the training of AAIB staff working in trade finance. Launched in 1999, the TFP aims to promote foreign trade to, from and among the economies where the EBRD invests. Through the programme, the EBRD provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors. The TFP currently includes over 100 partner banks in 29 economies where the Bank invests, with limits exceeding €1.5 billion in total, and more than 800 confirming banks worldwide. Egypt is a founding member of the EBRD and has been a country of operations since 2012. To date, the Bank has invested over €4.5 billion in 87 projects in the country. The EBRD has also provided technical assistance to more than 750 small and medium-sized local enterprises. AAIB is the fifth-largest bank in Egypt. The bank has market shares of 4.2 per cent, 4.6 per cent and 4.4 per cent in terms of total assets, loans and deposits respectively.

Dec 05, 2018

More private investments in infrastructure are needed in Egypt to free up public funds for investments in education, health and social protection, the World Bank (WB) said in its latest report about Egypt on Tuesday.

The WB report, titled 'Egypt: Enabling private investment and commercial financing in infrastructure,' calls for a clear action policy that would enable more private investments in infrastructure in the country.

According to the report, this action plan would resolve "cross cutting barriers to private investments," and includes better management of land, transparency in government procurement, efficiency in state-owned enterprise and encouraging long term domestic financing.

"This needs to be complemented with developing projects for private investments with maximum economic impact, like the regional energy hub, logistics corridors, freight transport and agricultural transformation hubs," the WB said.

The WB report identifies sectors in infrastructure that have potential for private investments; transport, energy, water, sanitation and agriculture.

The report also quoted a G20 global infrastructure outlook that says Egypt will require $675 billion in investments over the next 20 years to meet its infrastructure needs.

According to the report, for Egypt to maintain its reform momentum and focus on investing in its citizens, it will need to broaden and deepen its reform agenda to other sectors.

"This would be part of a fundamental shift away from the state as a provider of employment and output to an enabler of private investment; with the economy driven by a dynamic private sector generating jobs for the youth," it said.

Dec 13, 2018

Egypt's Suez Canal revenues reached their highest level of the year in October, rising to $506.1 million from $469.7 million in September, a government statement said on Friday.

The Suez Canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign currency for the Egyptian government.

Egypt in 2015 inaugurated an $8 billion expansion of the canal, intended as a cornerstone in President Abdel Fattah al-Sisi's plan to turn around the economy of the Arab world’s most populous country.

Dec 02, 2018




Business News Minister of Finance Mohamed Ma’it announced that Egypt will receive the fifth tranche of the International Monetary Fund’s (IMF) loan in December and expected an international issuance of bonds during the first quarter of 2019.

Ma’it clarified that the issuance might be in dollar, euro or any other currency, if possible.

He added in the fifth CEOs Thoughts conference that the ministry holds promotional tours for bonds in East Asia, within the framework of the efforts to have diverse markets, currency and timing.

The minister also referred to the ministry’s earlier euro and dollar-dominated bond issuance in April and February of 2017, respectively, adding that the ministry can issue bonds in more than one currency.

As per IMF’s loan, the total disbursements under the program will reach about $10 billion by receiving the fifth installment.

The minister noted that IMF’s Executive Board will review Egypt’s economic reform program and offer Egypt the fifth settlement of the IMF’s $12 billion extended fund facility arrangement, amounting to $2 billion.

He added that the economic reform program is on track and is praised by international organizations, international investment world, and credit rating agencies.

Ma’it announced earlier that Egypt didn’t ask for an additional fund from the IMF.

The final disbursement, amounting to $2 billion, is expected to be offered to Egypt in June or July 2019, after spring meetings of the World Bank and IMF which will be held in April.

Furthermore, Ma’it said that about LE 1.2 billion have been transferred from the treasury to the Export Development fund.

The minister affirmed the readiness of the IPO of governmental companies on the Egyptian Exchange (EGX) in case they meet the prime minister ’s requirements.

Egypt delayed listing some shares of state-owned companies on the Egyptian Exchange, as it should have listed about 4.5 percent of Eastern Company in October.

The government attributed the delay to the global market volatility, noting that if the shares were floated, it would have failed to be covered at proper valuation.

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

The state’s IPO program comes in light of the economic reform program adopted by Egypt and is conducted under the supervision of the Ministry of Investment.

It targets to offer 15-30 percent of stakes of some state-owned companies on the stock exchange (EGX) to increase the funding to Egyptian companies and maximize the benefit from state assets.

It will also serve as a main tool to attract local and foreign capital flows to Egypt.

Dec 04, 2018




Business News Energy plays a paramount role in human life. They are the driving forces of all economic and social activities in any country and are used as an indicator to determine the level of well-being of peoples. In recent years, the Egyptian government has focused intensively on the energy portfolio as a priority for Egypt's 2030 development Vision. In this context, Egypt has worked on two main axes: increasing power generation through the construction of three giant energy plants in cooperation with Siemens AG, as well as developing a transmission and distribution network throughout the country, which has contributed significantly to bridging the large production gap electricity and the increase in generation capacity in Egypt by 40% in less than two and a half years.

The second axis Egypt has focused on was to change the energy mix. For decades, the country has relied on conventional sources of energy, such as thermal power stations, which are based on the burning of diesel, coal and natural gas. However, the huge boom in renewable energy, especially wind energy, has made this sustainable source an effective tool to change the energy mix in a balanced way, especially as Egypt has enormous potential in this field.

To implement the energy re-design plan, Egypt has relied on fruitful partnerships with major global wind energy companies, namely Siemens Gamesa Renewable Energy Company, especially since Egypt has enormous potential in generating wind energy. It’s considered one of 15 countries in the world with unlimited potential for growth and expansion in this field. Egypt's total wind capacity is expected to reach 6,500 MW by 2026.

Siemens Gamesa Renewable Energy was formed in 2017 from a merger between Siemens Wind Power and Gamesa Corporation, and is market leader in Egypt with 97% of share of wind power energy, having installed 986 MW to date.

In Zaafarana, between 2005 and 2009, Siemens Gamesa Renewable Energy has installed 4 wind farms counting 406 MW with a total of 478 turbines of G52 type with a nominal power capacity of 850KW each. This compound of wind farms was delivered to Egypt’s New and Renewable Energy Authority (NREA) and is the largest wind farm on the African continent. Altogether, the wind park will be saving more than 180,000 tons in CO2 emissions.

As Siemens Gamesa's business grew in the Egyptian market, the company was able to obtain more contracts and orders. In Gabel El Zayt, the company installed 580 MW delivered between 2013 and 2017 including 3 wind farms and one extension with a total of 290 wind turbines of the type G80 of 2 MW each.

After the merger and with increasing confidence in the Egyptian market at Siemens Gamesa, the company obtained a supply order of 125 of its G97-2.1 MW turbines in the Ras Ghareb region of the Red Sea, the largest order ever of wind energy generation in Egypt. The company received this order in the end of 2017 from the consortium comprised by the French energy group ENGIE, the Japanese independent power providers Toyota Tsusho Corporation and Eurus Energy Holdings Corporation, and construction firm Orascom Construction. This is the first privately-backed wind farm being developed in Egypt where until now all of the wind facilities have been backed by the NREA, the Egyptian renewable energy promotion body. In addition to the supply and commissioning arrangement of the Ras Ghareb wind farm, Siemens Gamesa will also handle the facility's maintenance for 15 years. The wind farm is expected to be operational by the end of 2019.

“Egypt is facing rapid growth in its industrial activity, increased urbanization and increasing incomes that are leading to a surge in demand for electric power. We wish to support the Egyptian Government in achieving ambitious and realistic renewable energy goals while promoting the cost competitiveness thanks to the excellent wind resources the country offers,” said Saad Ayman, SGRE Managing Director Egypt. “Egypt offers huge growth potential in wind power and we are ready to adapt and customize our products and services for the sustainable future of its population.”

In spring 2018, Siemens Gamesa delivered the 220MW Gulf El Zayt Wind Power Plant Project on the Red Sea coast, with funding from JICA (The Japan International Cooperation Agency). The farm covers an area of 656 km2 will cut carbon dioxide emissions by 500,000 tons per year. At the same time of the year, the company delivered another 40 MW extension to an already installed wind farm in Gulf El Zayt for NREA funded by KFW (Kreditanstalt fuer Wiederaufbau).

Siemens Gamesa Renewable Energy is one of the world's leading companies, providing clean wind power from sustainable sources at economical prices based on Siemens advanced technology. A market leader in Africa with over 17 years of existence with 2,500 MW of wind energy in countries such as Egypt, Morocco, South Africa, Tunisia, Mauritania, Kenya and Mauritius Islands, Siemens Gamesa holds 53% market share in Africa and 97% in Egypt.

Dec 06, 2018




Business News City Edge Developments has launched Zahya, its newest project in New Mansoura, one of the fourth generation cities.

The new project will span across 1,700 feddans, the city’s total area reaching 7,500 feddans, according to the company’s CEO Amr El-Kaddy.

El-Kaddy told reporters on Thursday that the first phase includes 300 residential units, ranging from apartments to villas, with targeted sales amounting to around EGP 1 billion in three months.

The project also includes 28 water-front towers, he added.

Apartments range between 135 and 350 square meter, at EGP 24,000 per sqm, while villas are between 290 and 820 sqm, with a starting price of EGP 4.6 million.

El-Kaddy recently revealed that City Edge recently unveiled plans to invest around EGP 20 billion ($1.116 billion) in projects across the New Administrative Capital and Al Alamein City.

The company is planning to invest EGP 2.5 billion in a tower comprising housing, hotel, and administrative units in the New Administrative Capital.

City Edge Developments’ sales reached EGP 8.25 billion during the first ten months of 2018.

The company’s total investments in Egypt’s real estate market amounted to EGP 6 billion, Amr El-Kaddy previously told Mubasher.

City Edge Developments is a joint venture between the New Urban Communities Authority with a 60% stake, the Housing and Development Bank with 38%, and the Holding Company for Investment and Development with 2%.

It is worth noting that the company is working on two real estate projects in Sheikh Zayed with total investments of EGP 5.5 billion.

Nov 04, 2018




Business News Moody's Investors Service has upgraded the outlook for Egypt's banking system to positive from stable, supported by growth picks up, supporting credit growth, banks' profitability and internal capital generation, the credit rating agency’s report said on Wednesday." the positive outlook also reflects the strong links between the banks' and the Government of Egypt's (B3positive) improving credit profile due to the large exposure that Egypt's banks have to the country's government, through investments in securities and loans, which stood at 40% of total banking system assets as of June 2018", said the report.

According to Moody's report, "Banking system outlook: Egypt-Accelerating economy and strong loan demand drive our positive outlook", one of the key drivers of Moody's positive outlook for the Egyptian banking system is the improving operating environment, following the implementation of structural reforms which put the country on a path of sustainable and inclusive growth. Moody's expects real GDP growth to reach 5.5% in 2019 from 4.2% in 2017, while ongoing economic and fiscal reforms will slowly nudge GDP higher.

"Increased domestic private sector investment, large infrastructure projects, as well as higher exports will drive economic growth and credit demand", says Moody's Assistant Vice President Melina Skouridou.

The Moody’s report cites that loan quality will remain stable, as new lending is being tested. Moody's expects the formation of non-performing loans (NPL) to remain steady, and the NPL ratio to remain broadly unchanged from current levels of around 4.5% of total loans as of March 2018, as the improvement in asset quality from legacy exposures dwindles.

Regarding profitability, the credit rating agency believes it will remain strong, as rising fees and commissions on new lending will support banks' pre-provision profit.Moody's forecasts said that loan-loss provisioning will be broadly stable for rated banks.

The report expected that Egyptian banks' capital buffers will improve only modestly, as internally generated capital finances' loan growth, in addition, the report declared that the largest Egyptian banks all exceed their regulatory minimum capital requirement, but their capital position is weaker than global peers.

'Banks' capital will improve modestly under Moody's base-case scenario, but, is more vulnerable under the rating agency's high-stress scenario, due to losses assumed on government securities', it mentioned.

The Egyptian banks will maintain high levels of liquid assets, to ensure coverage of liquidity needs and deposit movements. Stable deposit funding and low loan-to-deposit ratios also support liquidity, according to the report.

The report concluded that, the banks' funding and liquidity profiles will remain strong, as the two largest government-owned banks, National Bank of Egypt and Banque Misr, have increased their market funding significantly, but their large liquidity buffers already offset refinancing risk.

Oct 11, 2018




Business News The European Investment Bank (EIB) on Wednesday signed 214 million euro deal with Egypt aimed at improving sanitation services and environment situation of the people living in the Nile delta region.

The new financing will be directed at the depopulation of the 69 km-long Kitchener Drain, the main agriculture drain spanning across the governorates of Kafr El-Sheikh Gharbia and Dakahlia in the Nile Delta region and which is known to be one of the country’s most severely polluted drains.

The deal was signed during a visit by Egypt’s Investment Minister Sahar Nasr to Luxembourg”This project will have a great impact, as it will make sanitation services more available and improve the quality of water and farming conditions in the Nile Delta region.Overall, the project will contribute to raising the living standards of Egyptians in many governorates,” said Werner Hoyer, President of the EIB at the signing ceremony, as quoted in a statement by the bank.

The project is part of the bank’s Economic Resilience Initiative (ERI) which seeks to “improve the resilience of the Egyptian economy and build stronger socio-economic infrastructure,” he added.The bank said it is the first integrated depollution project in Egypt, comprising investments in wastewater and sanitation, solid waste, and drain rehabilitation.

Up to around 6 million people are expected to benefit from improved sanitation and solid waste services as a result of the predicted investments, the statement says.

The European Union is providing a large grant of around 46 million euros through the Neighbourhood Investment Facility (NIF) to finance investments and technical assistance in the project, while the European Bank for Reconstruction and Development (EBRD) is contributing 148.3 million euros, Egypt’s investment ministry said in a statement.

The project will involve the rehabilitation and expansion of around 30 sewage plants and the establishment of central sewage collection systems, the ministry added.

Wednesday’s deal brings EIB’s total finance to Egypt this year to nearly 740 million euros, mainly in the water and wastewater sectors as well small- end medium-sized enterprises (SMEs) and mid-caps, according to the bank.

Oct 18, 2018




Business News An Egyptian business mission of eight energy firms, organised by the Egyptian-British Chamber of Commerce (EBCC), will visit the UK by the end of November, Ian Gray OBE, chairperson of the EBCC said.

“We have just finished the preparations of the mission which mainly focuses on renewable energy,” Gray told Daily News Egypt on Wednesday, during an event held by the British Egyptian Business Association (BEBA) held in honour of the new British ambassador Sir Geoffrey Adams.

He added that the EBCC chose the timing of the visit to coincide with the Middle East Solar Industry Association’s (MESIA) upcoming conference in November.MESIA is a non-proﬁt and non-governmental organisation that aims to promote solar power in the Middle East and North Africa (MENA); organise networking opportunities for companies working in solar power; produce reports on the latest technologies, standards, and product certifications; and assist in the development of policies intended to strengthen the local solar industry.

Gray noted that the Egyptian mission will have the opportunity to meet a number of British equivalents, and attend some specialised workshops, noting “we had met with some officials of the Egyptian ministry of electricity to understand in detail the country’s plans in the field of renewable energy.”

“What we found exciting is the fact that the country is now becoming more electrically-sufficient, yet potentially there is a good export opportunity for Egypt,” he added.Gray affirmed that British companies aim to cooperate with Egyptian equivalents in the field of creative renewable energy solutions.

“The eight-company mission is relatively small but it is focused on the energy sector, so detailed discussions will be held. The problem with big missions is that they are not specialised, and their general discussions always aim to spread awareness for Egypt as a good place to do business,” Gray explained.

The expected detailed energy discussions will create links with British counterparts and will be followed by additional business missions to Egypt, Gray asserted.

In September, Sir Jeffrey Donaldson, the UK prime minister’s trade envoy, paid Egypt a five-day visit, accompanied by leading British companies.

They met with Minister of Electricity Mohamed Shaker, Minister of Petroleum Tarek el-Molla, Minister of Finance Mohamed Moiet, Minister of Public Enterprise Hisham Tawfik, Minister of Health Hala Zayed, and Minster of Planning and Administrative Reform Hala al-Saeed, according to the British embassy in Egypt.

Khaled Nosseir, BEBA’s chairperson, said the coming Egyptian business mission to the UK will visit three British cities; London, Manchester, and Liverpool, affirming the BEBA’s role in promoting bilateral trade and investments between Egypt and the UK, and supporting British companies willingness to invest in Egypt or sell their products and services.

Nov 14, 2018




Business News Egypt's Finance Minister Mohamed Mait has said that the government has managed to achieve an initial surplus of EGP 2 billion in the fiscal year 2017/18, adding that the state is targeting an initial surplus of 2 percent during the current fiscal year.

Mait said that Egypt has been registering a deficit for the past 15 years, while borrowing to provide food and drink and to cover essential expenses.

The minister also said that he expects the issuance of new sovereign bonds in the first quarter of 2019/20, pointing out that the ministry is working to diversify markets covered by the new offerings.

He added that the ministry issued sovereign bonds in USD and euros last February and April, and that it is studying the issuance of sovereign bonds in other currencies, although no decision has been taken yet in this regard.

Mait affirmed that the ministry has paid EGP 1.2 billion from the state treasury to the Export Development Fund during the past weeks, including EGP 500 million in the last week.

Mait also said that the ministry is prepared to release the portfolio of state companies, whose stakes will be offered on the stock exchange; however, the current state of the companies on the market does not fulfil requirements set by the cabinet.

Mait said that foreign exchange reserves have increased to cover nine months of imports, a rate that has not been achieved in the history of Egypt.

Last July, Egypt's finance ministry announced that the general budget achieved an initial surplus for the first time in more than 10 years, compared to a deficit of EGP 47 billion during the same period in the previous fiscal year.

Dec 04, 2018




Business News Egypt’s minister of tourism Rania Al Mashat recently tackled issues such as tourism ethics, human relationships, how Egypt welcomes people from all over the world, highlighting several means that the ministry will be using to promote Egypt abroad.

Speaking at the RiseUp Summit in December, Al Mashat hinted at an upcoming programme and initiative that the ministry was set to announce in March 2019. She said that the project would focus on entrepreneurship in the tourism sector and that it was likely to be done in collaboration with RiseUp.

Asked why she was interested in speaking at RiseUp this year, the minister said she had always wanted to be part of the startup-focused event, indicating how RiseUp highlighted the importance of entrepreneurship while bringing various people together.

Al Mashat also revealed that her dream was that 25% of the population or 25 million Egyptians would work in the tourism sector.

Bolstering tourism in the coming period

As for promoting Egypt abroad, the Egyptian tourism minister said that the ministry’s contract with JWT had ended in September 2018, indicating that the new programme was going to focus on three aspects, namely people-to-people (P2P), sustainable tourism, and branding by destination.

As P2P, we want to show the world that the “Egyptian people are a people of pride, peace, positivity, and progress,” Al Mashat explained. “It’s the power of “P”, people above politics.”

When people create relationships, they encourage others to come, therefore boosting tourism, which is what we want to focus on in the coming period, Al Mashat told an audience of hundreds of attendees at the Greek Campus.

As for sustainable tourism, the minister explained that this aspect was heavily reliant on “people and places” or community development, which entails merging various communities in touristic places with development in these areas. We want to shed light on these places, Al Mashat stated, indicating that Egypt was not just Luxor and Aswan, but Marsa Alam, Siwa, Sahl Hasheesh and a host of other touristic spots and destinations.

On the same line, Al Mashat called on attendees to visit the Grand Egyptian Museum (GEM), which is set to open in 2020. Through the campaign called GEM 2020, Al Mashat said that the Ministry of Tourism wanted to “build anticipation” ahead of the opening of the Grand Egyptian Museum, which will bring together ancient civilisation with a modern design; therefore combining history with technology, past with future.

The Egyptian tourism minister further revealed that the ministry was working on a project with Egyptian universities to help build this anticipation for the Grand Egyptian Museum.

Dec 18, 2018




Business News Egypt’s automotive market will maintain the growth rates achieved within the first half of the year, according to Former Head of the Automobile Manufacturers Association Hassan Mostafa.

Sales of the Egyptian car market hiked by around 40 percent in the first half of current year, compared to the same half of 2017.

Mostafa added that the Egyptian market still has the capacity to absorb more growth in sales, because a large proportion of Egyptians have not yet owned cars.On another side, Secretary-General of the Association of Car Manufacturers Khalid Saad said that the appearance of electric cars at the latest Formula Automech Motorshow is not an indication of these car’s intrusion into the markets.

He pointed out that the companies’ offer of electric cars does not mean they will be able to release them in Egyptian streets soon.

Saad added that the infrastructure of electric cars has not yet been published, and its deployment did not exceed 65 stations so far, which will not meet the expectations of customers. Sales of locally assembled cars marked an increase of 25.8 percent during the first seven months of 2018, compared to the same months of 2017.

Sales of locally assembled cars reached 48,219 vehicles in the first seven months of 2018, compared to 38,335 vehicles in the same period of 2017.

Meanwhile, exported cars recorded an increase in their sales by 53.1 percent, selling 48,162 units up from 31,450 units in the same months of 2017.

Automotive Market Information Council (AMIC) said that sales of the automotive market increased 26.8 percent in July 2018 on a year-on-year basis.

In June, sales of automotive market hiked 54.1 percent on YoY basis, selling 15,526 units compared to 10,770 units in June 2017.

Oct 09, 2018

Assiut National Oil Processing Company (ANOPC) inked with and Enppi - Engineering Co. For The Petroleum & Process Industries and Italy's Technip firm a contract on carrying out project planning and preparatory work for the Hydrogen Cracking of Mazut Complex that will be built in Assiut Refinery with investments worth $1.9 billion.

The venture is considered one of the biggest strategic projects of developing refineries in the Upper Egyptian governorate of Assiut.

The 3.4 million tonnes/year diesel hydrocracking complex will convert lower-quality heavy fuels (Mazut) into high-quality petroleum products such as LPG, naphtha, kerosene and gasoline.

The preparatory works include the project's main designs, purchase of equipment and negotiating with the financing institutions, said a statement by the Petroleum and Mineral Resources Ministry on Thursday.

The venture targets providing petroleum products in Upper Egypt and reducing imports besides contributing to the implementation of the State's plan to develop Upper Egypt, the statement read.

Oct 14, 2018




Business News Egypt's exports of dates have recorded a significant increase over the past nine months of 2018 compared to the same period in 2017, as they hit $35.3 million with an increase of 73 percent.

The figures were revealed on Friday by Deputy Executive Director of the Industrial Modernization Center Ahmed Taha in an address he gave on behalf of Trade and Industry Minister Amr Nassar at the concluding ceremony of the fourth Dates Festival in Siwa Oasis held under the auspices of President Abdel Fattah El Sisi.

Over the months from January to September this year, Egypt exported 37.4 tonnes of dates with an increase of 61 percent, Taha said.

He pointed out that Egypt exports only 2.7 percent of its total production of dates, which accounts for 4 percent of the global date trade. This places it on the 8th position among the world’s top ten exporters of dates, he noted.

The markets of Indonesia, Morocco and Malaysia receive 87 percent of the Egyptian exports of dates, Taha said.

In 2017, Egypt exported dates to 58 countries around the world, he added.

The Trade and Industry Ministry has developed a national strategy to develop the dates sector by cooperating with the related international organizations to increase the number of date factories as well as renovate 160 ones nationwide, he said.

He also said that the Siwa festival aims at tapping new markets and increasing date exports by 300 percent to reach 120 thousand tons annually in addition to raising the price of exported dates to reach $1,500 per tonne instead of the current $1,000 per tonne.

He said that Siwa is a role model for comprehensive development in all domains particularly in the manufacturing of dates.

The event was organized by the Trade and Industry Ministry, the Food and Agriculture Organization (FAO), the United Nations Industrial Development Organization (UNIDO), and the Khalifa International Award for Date Palm and Agricultural Innovation and Matrouh governorate.

Nov 11, 2018

Egypt’s Minister of Communications and Information Technology Amr Talaat on Friday witnessed the signing of a memorandum of understanding (MoU) between the National Telecommunication Institute (NTI) and Huawei Egypt to train 100 fresh graduates on how to use the 4G Long Term Evolution (LTE) service and grant them accredited certificate from China’s Huawei Technologies Co.

The agreement comes as part of the NTI strategy to qualify highly-skilled cadres in the communications and IT areas to meet the needs of telecommunication companies working in Egypt.

The ministry is keen on qualifying Egyptian cadres to keep abreast of the latest global technologies and applications, Talaat said in a statement.

According to the MOU, the two sides will work on developing technical skills of fresh graduates in the field of Information and Communication Technology (ICT Engineering) in the country, NTI Chairperson Eman Ashour said.She added that Huawei Egypt will provide a specialized training course at the NTI premises for 100 graduates. Talented trainees will have a chance to receive job training before hiring them at Huawei Technologies Company and other local telecommunication companies, she noted.

Since 19 years ago, Huawei Egypt has been keen to provide support for the ICT sector in Egypt, through offering the state-of- the-art global technologies and launching several initiatives to train young engineers, its CEO Liu Dazhou said.

Huawei Egypt will offer 30 training opportunities to select distinguished cadres for appointing them at Huawei Technologies Co, Dazhou added.

Oct 08, 2018




Business News Egypt's President Abdel Fattah El Sisi on Saturday agreed with the CEO of the Italian Pedrini company to establish an integrated city for marble industry in the Red Sea's Galala area.

Head of Engineering Authority of the Armed Forces Kamel el Wazir also took part in the meeting.

The city is planned to gather seven factories for producing marble, another for production requirements and a training institute of marble industry, presidential spokesman Bassam Rady said.

He added that the complex will be launched as part of the major national projects currently being established and aim to maximize the benefits of Egypt's natural resources, develop the national industries, and provide new job opportunities for young people.

The project also aims to put Egypt on the global map of marble industry, meet the needs of the internal market and export surplus to provide hard currency, the spokesman explained.

Oct 16, 2018

Free Zones exports during the first 9 months of 2018 increasing to $ 14.7 billion up from $ 13.6 billion during the same period of 2017. Figure is made up of $ 8.3 billion commodity exports & $ 6.4 billion service exports. That was announced by the Minister of International Cooperation & Free Zones indicating the number of projects operating thereat reached 1,102 projects including 898 projects at Public Free Zones & 304 projects at private free zones capitalized at $ 11.4 billion plus $ 2.15 billion involving direct investment projects.

Oct 29, 2018

Egypt is to start operating the electricity link with Sudan with a capacity of 100 megawatts (MW), by the end of this year.

Government sources told Daily News Egypt that the implementation rates of the project’s first phase are progressing well, as about 91% of drilling work is completed.

Gamal Abdel Rahim, chairperson of the Egyptian Electricity Transmission Company (EETC), said in a previous statement that project ’s first phase the will be operated with a capacity of 150 MW in November, but drilling, concrete, and networking will require more time to complete.

On Monday, Minister of Electricity Mohamed Shaker held a meeting with the electric sector’s leaders to follow-up on the developments of the enterprise’s implementation.

The Minister stressed the importance of swift implementation, and adherence to prepared timetables, without jeopardising quality.

Oct 30, 2018

37 vessels crossing the Suez Canal from both sides on November 6, 2018 carrying about 2.4 million total cargo. That was revealed by navigation statistics of the Suez Canal Authority indicating the northern convoy included 19 vessels carrying 1.4 million tons of cargo & that the southern convoy 18 vessels carrying 1 million tons of cargo.

Nov 07, 2018

Telecom Egypt announced signing a new agreement with Visa to provide digital payment solutions.

The partnership is part of a strategy to support financial inclusion and digital payments for all customers, especially for micro, small and medium businesses, with new innovative solutions developed in coordination with financial institutions serving these categories.

The new deal should also have a social effect as it benefits the business sector and the Egyptian economy.

Nov 29, 2018




Business News otal assets of banks operating in the Egyptian market other than the Central Bank of Egypt has increased by 4.2 percent during the first three months of the current Fiscal year 2018/19.

According to the CBE report, the total value of banks combined has registered 5.293 Trillion Egyptian pounds in September 2018 compared to 5.081 Trillion in June 2018.

However, the total value of the banks’ capital has increased to register 150 billion pounds, while the reserves have posted 201.1 billion pounds.

On the other hand, Total deposits at the banking system, excluding the Central Bank, increased by 38 billion pounds, to reach 3.64 pounds trillion by the end of September, compared to 3.61 pounds trillion by the end of August.

CBE said that total government deposits amounted to 521.9 billion pounds, of which 425.5 billion pounds were in the local currency and 96.3 pounds billion were in foreign currencies.

Nov 29, 2018

December 4th, 2018 Cairo, Egypt – Uber CEO Dara Khosrowshahi joined the Egyptian Minister of Investment and International Cooperation H.E. Dr. Sahar Nasr in Cairo today to announce the launch of Uber Bus in Egypt. Uber also announced it would bring Uber Lite, a new version of the rider app built to work in low connectivity, and with older Android devices, across the Middle East region early next year. Uber Bus, a product built for Cairo, incorporates Uber technology into the city’s already popular minibus system to provide safe, seamless, and efficient trips. Cairo is the first city globally to be rolling out Uber Bus and is an important step as Uber broadens its platform to be more accessible so that truly anyone, anywhere can get a ride. When Cairo residents request a Bus ride through the standard Uber app, Uber will find other passengers travelling in the same direction so that everyone can get to their destination with fewer stops. As the rides are shared with other Uber passengers, the price is affordable enough for everyday use, while still maintaining Uber standards. Uber Lite, the new, space-saving app works in low connectivity areas and on 99% of Android devices. Uber Lite’s new interface was designed to make booking rides quicker and lighter in spotty connectivity, on basic Android phones, and for people with limited data plans. The product is already being testing in parts of the region with plans to roll out early next year. Dr. Sahar Nasr reiterated the Ministry’s support for companies investing in Egypt to expand their presence. She stated that “with a global company like Uber choosing Egypt to launch “Uber Bus” is a testament to the success of the investment climate after the latest regulatory reforms. Uber’s new investments will benefit from the new investment law and the ride-sharing regulations, as well as the roads and bridges infrastructure the country has put in place, based on the directive of His Excellency President Abdel Fattah El Sisi.” The Minister also said that “Uber’s investments highlight the attractiveness of Egypt’s investment climate. Having opened its Centre of Excellence in Cairo in 2017 with an investment of around US$ 20 million, Uber has now, in 2018, chosen Cairo once again, this time for the launch of Uber Bus.” Dara Khosrowshahi, Uber CEO, said: “I'm excited to be in Cairo to launch Uber Bus, a product that will improve affordable transportation for millions of Egyptians by using Uber’s technology to enhance the popular minibus system. We are committed to broadening access to the Uber platform with a range of low-cost options that will move more people around town and help cities tackle issues such as congestion. Egypt and the Middle East region are hugely important to Uber and we will continue to heavily invest in this part of the world.” Uber has been testing Uber Bus since September 2018 to ensure the safety and seamlessness of the product prior to its launch. The initial rollout will start by covering the areas of Nasr City, Heliopolis, Greater Downtown, and Mohandeseen, and will expand across Cairo in upcoming months. Bus is the latest addition to the Uber app in Egypt, joining the UberX, Select and Scooter offerings.

Dec 05, 2018

Minister of Transport Hisham Arafat probed on Wednesday means to develop railways, Cairo underground metro and Alexandria tram with delegations from the European Investment Bank (EIB) and French Development Agency (AFD).

In statements, Arafat asserted that his ministry attaches great importance to the development of the first line of underground metro, pointing out that the EIB will provide 350 million euros and AFD will provide 50 million euros to the project.

The minister said the development of Alexandria tram will cost 235 million euros as part of a plan to develop the Mediterranean city's transportation system.

He added that the 118km-long Tanta-Mansoura-Damietta railway line will be developed at costs estimated at 150 million euros.

Oct 04, 2018




Business News Egypt would need to more than double investment in clean energy to push the amount of electricity generated by renewables to over 50 percent, a new report by the International Renewable Energy Agency (IRENA) showed.

Investments would need to be $6.5 billion a year, up from $2.5 billion currently, to boost generation from clean energy to 53 percent by 2030, Abu Dhabi-based IRENA said in a report Tuesday. That’s up from 9 percent in 2014, according to the report.

Oil-importing nations in the Middle East are pushing renewables, mostly to pare bills for imported fossil fuels. Egypt, the most populous Arab nation, currently targets producing 20 percent of its electricity from clean energy by 2022. Chronic power outages and fuel shortages helped stoke anger against the administration of Islamist President Mohamed Mursi, with the protests culminating in his 2013 ouster in a military-backed popular uprising.

Oct 14, 2018

The Ministry of Transport has negotiated a number of international financing institutions, including the European Reconstruction Bank, to provide $ 250 million soft loans to duplicate the number of passenger lines currently in place.

A source said in a statement to Al-Mal newspaper that the most important lines that are being negotiated because of the density of passengers on them are «Cairo Menouf» with a 95 km length, and «Cairo -Mansoura -Damietta» with a 60 km length, in addition to the Almnashi line- 6 October » .

He pointed out that during the last period a tender was submitted to the consulting offices to prepare a detailed study of the new route of Cairo- Minuf and Cairo-Mansoura- Damietta routes, stating that the current routes have not been developed for a long time.

Oct 23, 2018

Professor of Cardiothoracic Surgery at Imperial College London and the chairman of Aswan Heart Center’s (AHC) board Magdi Yacoub has inaugurated the Mounir Armanious Research Centre (MARC) last Sunday.

The MARC is expected to be the largest pharmaceutical sciences centre in Egypt, Cairo Scene reported.

Yacoub said that the MARC will provide patients with diagnoses for several diseases and will also develop foreign pharmaceuticals until it is possible to produce wholly-made Egyptian pharmaceuticals, according to the online platform.

The research centre has nearly 80 pharmacists and chemist researchers that seek to attest new pharmaceutical researches, chairman of EVA Pharma Company and founder of the MARC Riad Armanios said.

For her part, Laila Gad, director of the MARC, noted that the centre is qualified with the latest drug-making technology necessary for producing numerous kinds of medications, including tablets, capsules, and plasters.

In the same vein, Yacoub unveiled that the board of trustees of Magdi Yacoub Foundation (MYF) was considering opening a branch for AHC in the New Administrative Capital, Egypt Independent reported.

It is worth noting that the AHC was founded in 2009 in Aswan to combat heart disease in Egypt.

Oct 30, 2018

Egypt's Finance Minister Mohamed Mait has approved an urgent financial allocation worth EGP 6.4 billion for state-affiliated institutions and bodies, a statement by the ministry read.

The funds are planned to go to the Public Authority of Supply, the Supreme Council of Culture, the General Authority for Health Insurance, the Supreme Council for Media, the Egyptian National Railways, and other bodies to meet their obligations in September, said the Finance Ministry in a press release on Saturday.

Atotal sum of EGP 861.5 million will be allocated for the General Authority for Health Insurance, according to the statement.

Oct 21, 2018




Business News Egypt is working on a new production sharing model with foreign energy companies to encourage oil and gas exploration in deep waters, Petroleum Minister Tarek El Molla said on Thursday.

"We are thinking of having... a simpler way of having the calculations with our partners," Molla said during a U.S. business meeting in Cairo.

"So far the feedback that we received from different partners is very positive and they are enthusiastic to participate in the bid round on this basis," he said.

Under the new model, companies will be offered a share of production in exchange for bearing the costs of exploration and production.

"It will be all together and one figure that includes cost recovery and the profit share of the partner, so we don't go towards what we call cost recovery audits, which sometimes take effort, (create) arguments between different departments and,...for new frontier areas, it wouldn't be encouraging."

Molla said that bigger oil companies wanted the new model especially for risky deep water frontier areas in the Red Sea and the Mediterranean near the Libyan border that are coming up in the next two bid rounds.

Oct 28, 2018

57 vessels crossing the Suez Canal from both sides on Sunday 10/28/2018 carrying 3.3 million tons total tonnage including petroleum, containers and bulk cargo. That included 30 vessels coming from north with 1.8 million total tonnage & heading to the UAE.

Oct 29, 2018




Business News Egypt's prime minister hails IMF report on country's economic performance

Ahram Online , MENA , Monday 15 Oct 2018

Mostafa Madbouly

A file photo of Egypt's PM Mostafa Madbouly (Photo: Ahram)

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Views: 882Egypt's Prime Minister Mostafa Madbouly has praised a positive report by the International Monetary Fund on the country ’s economic performance.

Despite the current crisis in emerging markets, the IMF forecast for Egyptian economic growth remained unchanged, said cabinet spokesman Nader Saad on Sunday.

The IMF believes the Egyptian economy will grow by 5.5 percent in 2019 due to a rebounding tourism sector and a trustworthy economic reform programme, Saad noted.

The ambitious reform programme is being implemented by Egypt with the help of a five-year IMF credit facility worth 12 billion dollars, he added.

The report said the Egyptian economy will grow by 5.3 percent in 2018.

The average growth rate is likely to reach 6 percent until 2023, and unemployment could decline to 9.9 percent in 2019, down from 10.9 this year, according to the IMF report.

It also pointed to an expected drop in inflation rates to about 14 percent in 2019 compared with 20.9 percent in 2018.

Oct 16, 2018

First flight of Lufthansa arrived Marsa Alam on its direct flight package from Munich in Germany inaugurating a new line linking directly both cities. The flight carried 196 tourists it was ceremonially received. Package provides, initially, three flights weekly between both cities. Industry observers predict tangible success of the package expecting it to followed by numerous other packages.

Nov 03, 2018




Business News Egypt expects the first phase of its project to link power grids with Saudi Arabia to be operational by early 2021, an Egyptian electricity ministry official said on Monday.

The project is part of Egypt’s plans to become a global energy hub through linking its power grids with African, European, and Arab Gulf countires, Sabah Meshaly, first undersecretary of Egyptian Ministry of Electricity, told Amwal Al Ghad.

In 2013, Saudi Arabia and Egypt signed a 6 billion-riyal ($1.6 billion) agreement to link their electricity grids, a project that will allow power trading between the two countries. It will help exchange energy between the two countries in peak hours, to a maximum of 3,000 megawatts, as well as help them export surpluses in electricity.

Electricity consumption in Egypt usually surges during the summer, exacerbated both by the hot weather and the Islamic holy month of Ramadan, which next year will fall on mid-May.

Gulf countries have similar patterns of consumption, and see demand peak in the summer. They have taken measures to connect their grids.

Nov 13, 2018

Sudanese authorities announcing it would release international auctions for the exploration and exploitation of 10 oil & gas fields of large areas spread all over the country. Above is the second trench of auctions released by the Sudan Cabinet including 15 blocks endorsed for investments among international investors in October 2017. Interesting that the said trench includes an industrial city in Sennar State to the south east of the country to defend on oil reserves adapting to US petroleum extraction technology. Other projects provide for the extension of Al Khartoum oil refinery now operating at 90,000 barrels/ day capacity covering almost 80 % of the country's traditional fuel needs.

Nov 16, 2018

Egypt’s President Abdel-Fattah El-Sisi stressed the promotion of Egyptians’ welfare and improving living standards, executive director of the US-Egypt Business Council Steve Lutes said during an event held on the sidelines of a major US mission visit to Cairo.Speaking at the event on Tuesday, Lutes said that El-Sisi highlighted the points during a meeting in Cairo with the visiting US delegation, which is made up of senior executives of almost 50 American corporations.

Lutes described the visit by the US delegation as one which “reflects the bilateral relationship,” underscoring the values of those companies in giving back to the society, which was the key topic discussed during Tuesday’s event.gypt’s President Abdel-Fattah El-Sisi stressed the promotion of Egyptians’ welfare and improving living standards, executive director of the US-Egypt Business Council Steve Lutes said during an event held on the sidelines of a major US mission visit to Cairo.Speaking at the event on Tuesday, Lutes said that El-Sisi highlighted the points during a meeting in Cairo with the visiting US delegation, which is made up of senior executives of almost 50 American corporations.

Lutes described the visit by the US delegation as one which “reflects the bilateral relationship,” underscoring the values of those companies in giving back to the society, which was the key topic discussed during Tuesday’s evening.

The delegation includes senior representation from the United States Trade Development Agency (USTDA), the Overseas Private Investment Corporation (OPIC), the Export-Import Bank of the United States (Ex-Im), as well as multilateral financial institutions.

They will discuss recommendations as to how, given the support of the government, Egypt could see increased investments and face any existing challenges.

Wide reforms

According to an earlier statement by El-Sisi’s office, the visiting delegation told El-Sisi that their visit came as a support from the US business community for the economic development and stability of Egypt, as well as to discover new investment opportunities.

The meeting was attended by the ministers of investment, petroleum, finance, health, agriculture, communications, and trade and industry. The cooperation between Egypt and the US contributed to Egypt becoming at the top of the list of African countries and the second in the Middle East in trade volume with the US," presidential spokesman Bassam Rady said in statement.

El-Sisi referred to the Egyptian government’s efforts to carry out economic reforms and encourage foreign investments and construct new industrial zones, develop ports, as well as the progress made in the energy sector.

Oct 25, 2018



El-Sisi also said that the government is establishing a database that would allow official institutions or private sector companies that want to invest in Egypt to have access to information.

Communications Minister Amr Talaat told the delegation about the project for a unified citizen ID, as one of the important projects implemented by the government currently to achieve financial inclusion.

The president stated that the government is focusing in the current period, in addition to the economy, on education and health, including the initiative to cancel patient waiting lists and the hepatitis C treatment initiative.

US companies giving back

The US embassy’s chargé d'affaires Thomas Goldberger addressed the delegation, highlighting US companies’ striving for diversity, protecting the environment, maintaining ethical values and “giving back” to society.

He hailed some of the leading US companies operating in Egypt, including Procter & Gamble, General Motors, Mars, Heinz, Boeing, Exxon Mobile, and, recently, Uber.

According to Goldberger, these companies have made billions of dollars in investment in Egypt, while also employing thousands of Egyptians and offering thousands of others indirect job opportunities.

Proctor and Gamble’s investments totalled half a billion dollars, with a total of 1,500 Egyptian employees and 10,000 indirect jobs, according to Goldberger.

He also highlighted achievements by Uber, and other companies.

“This shows commitment and devotion to Egyptian people,” he said, also mentioning aid agency USAID’s efforts in arranging private sector engagements.

Goldberger described the relationship between governments and private sectors as strategic.

“Come to Egypt and I think you will be very impressed with what you see,” he told the senior executives of the US companies.

Representatives of Apache, MasterCard, Microsoft, PepsiCo, and Pfizer spoke at a related event on community impact, highlighting their efforts in giving back to the Egyptian community, as well as contributing to projects related to health, girls’ education, sports, youth development, and helping people with special needs.

Orascom Road Construction announced that the volume of business implemented as part of the national road projects amounted to 13 billion Egyptian pounds, the company CEO said.

The National Roads Project is a large Egyptian infrastructure project initiated by President Abdel Fattah el-Sisi in August 2014. The project includes the construction of 39 new roadways with a total length of 4,400 km.

The new road network will account for around 10% of the total length of all roads in Egypt.

He told Amwal Al Ghad that the company is currently carrying out El Tor-Sharm El sheikh road of 250 kilo meter, in addition to implementing internal roads within the new administrative capital.

Sobhy further noted that El Tor-Sharm El sheikh road will be completed by the end of end of the current year.

Oct 23, 2018




Business News PepsiCo Egypt is planning to invest $ 515 million in the local market over the next four years, including $ 16 million to develop its beverage production lines, its chairman and CEO Mohamed Shelbaya.

PepsiCo also plans to upgrade its fleet and distribution centers and will expand the domestic cultivation of its agricultural raw materials.

The 2018-2021 investment plan depends on three pillars namely investment in technology, the agricultural sector, social responsibility programs and the human element, as the company considers Egypt among the region’s top markets, the CEO added,

Oct 25, 2018

Prime Minister Moustafa Madbouli said that the total investments in New Damietta city reached 7.2 billion pounds.

As per the current fiscal year plan, the volume of investments in the city is estimated at 1.4 billion pounds, Madbouli said.

Nearly 984 distinguished housing units were finalized and will be poured onto market soon, according to a statement by the Housing Ministry on Tuesday.

Within the framework of "Sakan Misr" project, 3,840 housing units will be implemented in New Damietta city, he said, noting that 70% of the project was completed.

Chairman of the New Damietta City Development Authority eng. Mohamed Ragab said that as for railway projects, 12 squares were upgraded in the city.

He added that his authority also provided utilities to 359 plots of land as part of "Beit El Watan" housing project for Egyptian expatriates.

Oct 25, 2018

The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Thursday on behalf of the Ministry of Finance (MOF).






Nov 15, 2018




Business News Egypt’s Minister of Trade and Industry Amr Nassar has discussed with Yusuke Saraya the President of Japan’s leading global manufacturer of personal hygiene products SARAYA the company’s investment plan in Egypt.

The meeting was held on the sidelines of the 14th international Biological Diversity Conference in Sharm el-Sheikh, the ministry said in a statement on Saturday.

The meeting touched on the current investments of the Japanese company in Egypt which amount to about 10 million dollars pumped in an industrial complex that includes three factories.The first phase of the complex is currently under-establishment. It will be implemented in Ain Sokhna on an area of 20,000 square meters.The project will be the world’s largest complex for manufacturing cosmetics and pharmaceutical industries.

Nassar voiced his ministry’s keenness on offering all forms of support to foreign investors who are willing to pump investments in Egypt.

For his part, Saraya asserted that Egypt will represent a major industrial and marketing hub for the company ’s products on both regional and continental levels.

Nov 18, 2018

Egypt’s M2 money supply grew by 17.02 percent year-on-year in August, data from the central bank showed on Sunday.

M2 grew by 17.84 percent in July.

The money supply stood at 3.51 trillion Egyptian pounds ($195.76 billion) at end-August.

Oct 02, 2018

Egypt's Ministry of Petroleum announced on Friday the signing of an agreement with investment alliance bank CI Capital, Jefferies Bank and Emirates NBD to offer and promote 24 percent of the Egyptian Engineering for Petroleum and Process Industries (ENPPI) in the Egyptian Stock Echange EGX. The Ministry of Petroleum agreed in March to put up to 24 percent of the shares of ENPPI in the Egyptian stock exchange as part of the government's plan to offer shares from more than 20 companies within three years. The Egyptian presidency announced in January 2016 that Egypt would offer stakes in successful governmental companies and banks in the stock market. The last public offering was in 2005 when shares of Telecom Egypt, Alexandria Mineral Oils Company AMOC and Sidi Kerir Petrochemicals Sidpec were sold. Egypt business sector minister Hesham Tawfik said in September that the country will offer additional shares in five state-owned companies on the Egyptian Exchange during three months at a price that increases or decreases 10 percent from the market price. The Egyptian government has been working on a program to offer shares of dozens of its owned companies over the next three to five years in sectors such as oil, services, chemicals, shipping, marine services and real estate to help support the state's public finances.

The Ministry of Finance said earlier in September that the government would start the offering program with a 4.5 percent stake in Eastern Tobacco Company.

Oct 08, 2018




Business News The United Kingdom announced a 12 million GBP to support education reform in Egypt through the United Nations Children’s Fund (UNICEF), the British embassy said on Monday.

In a press release, the UK Embassy in Cairo said the UK fund will include support for teacher training, through the ministry ’s flagship education programme, and support children’s education in governorates across the country.

“I am proud that once again the UK is at the forefront of supporting Egypt’s development and growth. This fund sends a global message of support to the future generations of this country and will help the Egyptian government turn its education reform vision into a reality,” Middle East Minister Hon Alistair Burt, said.The British Ambassador to Egypt Sir Geoffrey Adams said an investment in Egyptian youth is an investment in Egypt ’s future, stressing that education was a central element to this.

“That is why the UK is committed to support Egypt in implementing its education reform plans so that Egyptian students all over the country are equipped with knowledge and skills they need to succeed,” the ambassador said.Egypt has been working on improving the quality of learning and adopting technology as a vehicle to achieve its educational reform objectives.

Last April, the World Bank announced a $500 million investment in Egypt’s five-year education reforms.

The project supported by the World Bank will expand access to quality kindergarten for around 500,000 children, train 500,000 teachers and education officials, while providing 1.5 million students and teachers with digital learning resources.

The education reform programme is aligned with Egypt’s “2030 Vision” sustainable development strategy, which puts a strong emphasis on the critical role of education sector reform in the country’s social transformation.

Oct 16, 2018

A recent report by the Central Bank of Egypt (CBE) showed that deposits in the banking sector rose slightly by the end of August to EGP 3.606 trillion, compared with EGP 3.586 trillion by the end of July.

Governmental deposits reached EGP 523.3 billion by the end of August, compared with EGP 538.4 billion in July.

The CBE revealed that the country’s net international reserves reached $44.5 billion by the end of September 2018.

Data showed on Thursday an increase of $200 million or nearly 0.5% during the first quarter of fiscal year 2018/2019.

Oct 28, 2018




Business News Egypt's trade volume from January to September 2018 hit $67.63 billion, up from $59.82 billion during the same period the previous year; a rise of 13 percent, according to a report released on Sunday by the General Organization for Import and Export Control (GOEIC).

The report said that Egypt's non-petroleum exports during the first nine months of the year reached $15.514 million, compared to $16.605 million during the same period the previous year; a rise of 11 percent.

The report said that exports during September 2018 rose by 20 percent to hit $1.933 billion compared to $1.613 billion during the same month last year.

Imports recorded a drop of 13 percent to register $4.206 billion compared to $4.860 billion in September 2017.

The report added that the countries of the League of Arab States take the lead when it comes to imports from Egypt at $6.735 billion from January to September 2018, followed by the EU countries at $5.528 billion.

Egypt exported to the United States in the same period what is equal to $1.185 billion, while to non-Arab African countries $1.123 billion.

When it comes to the most important markets Egypt sent exports to in the past nine months, the report says that UAE came on the top at $1.576 billion, followed by Turkey at $1.49 billion, while the United States came in third at $1.185 billion.

Italy came in fourth place with exports equal to $1.17 billion, followed by Saudi Arabia at $1.05 billion.

The fertiliser and chemical industry exports in Egypt led the way with a 25.8 percent increase compared to the same period last year.

The fertilisers and chemical industries sector exported at $3.998 billion in the first nine months of 2018 compared to $3.179 billion in the same period in 2017.

Exports of handicrafts also increased by 10 percent at $158 million in 2018 compared to $144 million in 2017.

Ready-made garment exports recorded a 9.2 percent increase to reach $1.174 billion in 2018 up from $1.075 billion in the same period last year, the report said.

Oct 30, 2018

Introducing reforms to facilitate business operations and improve the investment climate helped Egypt improve its ranking in the World Bank Group ’s Doing Business Report for 2019, issued recently under the name of “Training for Reform”.

Egypt came in 120 among 190 economies surveyed in the report and achieved progress in five areas: the establishment of companies; access to credit; the protection of small investors; the payment of taxes; and the settlement of insolvency cases.

The Doing Business Index ranks countries against each other based on how the regulatory environment encourages business operations and stronger protections of property rights. Economies with a high rank of one to 20 have simpler and better regulations for businesses, it says.

According to the report, the implemented reforms were the most in Egypt in one year over the last decade and the second-largest number of reforms implemented by a Middle East and North Africa (MENA) country in 2018.

Starting a business in Egypt has become easier by removing the requirement to obtain a bank certificate and establishing a one-stop shop to complete the required procedures in 11 days instead of 16 days, according to the report.

Egypt also increased the ability of projects to obtain financing by issuing a movable safeguards law that for the first time allows companies to obtain financing by guarantees for movable property.

Egypt also enhanced the protection of small investors through amendments to the companies law and its executive regulations, the report added.

“The remarkable acceleration in the pace of reform of business in Egypt is a sign of optimism for the country ’s commitment to entrepreneurship and empowering

Nov 11, 2018



private-sector institutions,” Samia Msadek, acting World Bank country director for Egypt, Yemen and Djibouti, said in a press release.

“We look forward to continued efforts in order to adopt fair, transparent and efficient regulatory practices to stimulate private-sector-led job-creation efforts,” Msadek added.

Reforms in Egypt have included facilitating the settlement of insolvencies by applying a reorganisation mechanism for insolvent companies, allowing debtors to initiate reorganisation proceedings, and granting creditors greater participation in the proceedings, the report mentioned.

Egypt has also performed well in the area of building permits. The cost of completing all the procedures required to obtain a licence to construct a warehouse is only 1.6 per cent of the warehouse value, compared to an average of 4.7 per cent in other MENA countries, the report said.

As for taxes, the report added that Egypt had made paying taxes easier by extending value added tax (VAT) cash refunds to manufacturers in cases of capital investment.

The Doing Business Report registered a peak of activity worldwide this year.“Governments around the world set a new record in bureaucracy-busting efforts for the domestic private sector, implementing 314 business reforms over the past year,” it said.

This year’s reforms surpass the previous all-time high of 290 reforms two years ago.

There were reforms carried out by 128 countries to benefit small and medium-sized enterprises as well as entrepreneurs and enabling job creation and stimulating private investment.

“The private sector is key to creating sustainable economic growth and ending poverty around the world,” World Bank President Jim Young Kim said in a press release.

“Fair, efficient and transparent rules which the report promotes are the bedrock of a vibrant economy and entrepreneurship environment. It is critical for governments to accelerate efforts to create the conditions for private enterprises to thrive and communities to prosper,” Kim added.

Since it was launched in 2003, the Doing Business Report has registered more than 3,500 reforms in the 10 areas of business regulation measured.

These areas are: starting a business; dealing with construction permits; getting electricity; registering property; getting credit; protecting minority investors; paying taxes; trading across borders; enforcing contracts; and resolving insolvency.

It also measures labour-market regulation, which is not included in this year’s ranking.

Around the world registering a business now takes an average of 20 days and costs 23 per cent of income per capita, compared to 47 days and 76 per cent on income per capita in 2006.

Moreover, the average paid-in minimum capital that entrepreneurs must deposit is six per cent of income per capita, compared with 145 per cent of income per capita in 2006.

The report added that the global average time to prepare, file and pay taxes has fallen from 324 hours in 2005 to 237 hours in 2017.

According to the report, this year’s 10 top improvers include a range of economies from five regions.

The economies with the most notable improvements in 2019 are Afghanistan, Djibouti, China, Azerbaijan, India, Togo, Kenya, Cote d’Ivoire, Turkey and Rwanda.

In the MENA region, the UAE jumped 10 places and came in at the 11th position globally from 21st position last year to lead the Arab world for the sixth consecutive year.

Djibouti’s reform efforts were also acknowledged. It was listed as one of the top ten most improved economies for the second year in a row, jumping 55 places from 154th to 99th position.

The MENA region’s economies as a whole significantly accelerated the pace of reforms in the past year, with 43 reforms compared to 29 the previous year. However, it continues to lag on gender-related issues, with barriers for women entrepreneurs in place in 14 countries.



Sub-Saharan Africa was the region with the highest number of reforms for the third consecutive year. Around 107 reforms across 40 countries, representing one third of the implemented reforms worldwide, were captured by the report in Sub-Saharan Africa.

The private sector has felt the improvement since the average time and cost to register a business has declined from 59 days and 192 per cent of income per capita in 2006 to 23 days and 40 per cent of income per capita today, according to the report.Egypt’s foreign currency reserves spiked by USD 42 million to reach USD 44.501 billion in October against USD 44.459 billion in September, the Central Bank of Egypt (CBE) announced on Monday.

Reserves have been climbing since Egypt agreed a $12 billion three-year loan programme with the International Monetary Fund in late 2016, part of efforts to attract foreign investors and revive the economy.

Nov 06, 2018

Sarwa Capital Holding for Financial Investments S.A.E. (“Sarwa Capital” or the “Company”) (SRWA) , the leading provider of consumer and structured finance solutions in Egypt, announces today that it has successfully concluded the book-building process for, and pricing of, the Institutional Offering of 265,653,658 ordinary shares at a price of EGP 7.36 per share (the “Offer Price”).

The institutional offering closed amidst strong demand of c.EGP 21 billion (c.USD 1.2 billion), representing an oversubscription ratio of around 10.83 times, with demand coming from over 280 institutional and high net worth investors.

Subscription for the Retail Offering, encompassing 29,517,073 shares, will close on Wednesday 10 October 2018. Trading on the Egyptian Exchange (“EGX”) is expected to commence on Monday 15 October 2018 under the symbol SRWA.CA, subject to the EGX’s permission. The Retail Offering is fully covered by a stabilization account which will be settled one month from the first day of trading.

It is worth noting that following the Offering, the Selling Shareholders will use a portion of the Offering proceeds to subscribe to EGP 700 million in a closed subscription at the Offer Price of EGP 7.36 which is equivalent to 95,108,696 shares (the “Capital Increase”). Based on the Offer Price, the Company’s post money market capitalization is EGP 5,300 million (c.USD 296 million ).

Oct 04, 2018




Business News Egypt’s investment bank EFG Hermes is planning to expand its debt restructuring and securitisation activities within the next year.

The Egyptian investment bank is working as a financial advisor in four merger and acquisition (M&A) deals in the first half of 2019, the company’s co-head of investment banking division Mostafa Gad told Reuters.

The transactions include a major M&A deal in Saudi Arabia’s healthcare sector, which is set for completion by next year, Gad added.

“We will expand our activity in arranging and restructuring debt in 2019 and we will expand securitisation starting with our own financial leasing portfolio and the market in general,” he highlighted.

H also noted that the company is also working on two initial public offerings (IPOs) for private-sector companies on the Egyptian Exchange Market (EGX) in the coming months, one in the food sector and the other in manufacturing.

Last week, CEO of EFG Hermes Karim Awad said that the firm was planning to expand into the insurance and mortgage sectors after obtaining the required regulatory approval.

The firm has been boosting its non-banking services that raised around 20 percent of its profit in the third quarter of 2018.

The largest investment bank in the Middle East is also seeking to foray into a new market in Asia or Africa within a year, Awad said.

The company is not planning to operate directly in Argentina in the meantime, but it has the capabilities to implement transactions there through the securities sector, the CEO added.

“Morocco is a good market, but establishing a presence there isn’t currently in our plans,” he said.

EFG Hermes previously reported a 23.7 percent year-on-year drop in consolidated profits for the first nine months of 2018.

Net profit retreated to 767.16 million pounds during the period starting January to September from 1.005 billion pounds in the year-ago period

Dec 04, 2018




Business News nvestment and International Cooperation Minister Sahar Nasr conferred with the mission of the World Bank on the development program of the Upper Egyptian governorates.

The Ministry of Investment funded the program with 500 million dollars in Sohag and Qena.

The mission apprised Nasr of the results of their visit to both governorates.

The mission also lauded the progress done in implementing the projects according to a fixed timetable.

The bank is fully supporting the infrastructure projects in Egypt especially the program that targets developing Upper Egypt, the mission asserted.

The mission praised the recent economic legislation in Egypt which contributed to improving the business atmosphere and made the Upper Egyptian governorates in particular investment-attractive.

Nasr asserted the importance of quickly implementing the program of developing Upper Egypt.

Nasr added that Sohag includes 27 projects and Qena includes 19 others that serve 8.2 million people in both governorates and contribute to creating more job opportunities for youth and women in the more needy places.

Nasr said that the State is keen on financing the most needy governorates to improve the services presented to the citizens

Nov 22, 2018

On Tuesday, an important economic meeting headed by the Egyptian-Saudi Business Council will be held in Egypt to coincide with the visit of Saudi Crown Prince Mohammed bin Salman.

Ahmed Al-Wakil, chairman of the Federation of Egyptian Chambers of Commerce, said in a statement that the meeting will discuss the development of economic relations at a bilateral level, as well as the launching of tripartite cooperation for joint projects in Africa.

Dr. Alaa Ezz, secretary-general of the Federation of Egyptian Chambers of Commerce, told Arab News that Saudi Arabia ranks first in terms of Arab investments in Egypt. Trade exchange has increased and exceeds $6.2 billion.

The number of Saudi projects in Egypt has reached more than 2,900. They are worth more than $27 billion, with Saudi contributions exceeding $5.7 billion.

Ezz added that Egyptian projects in Saudi Arabia have grown to 1,300, with investments exceeding $2.5 billion, of which 1,000 are 100 percent Egyptian capital projects exceeding $1.1 billion.

Dr. Adel Amer, vice president of the Egyptian Center for Political, Legal and Economic Studies, said that Saudi-Egyptian relations cannot be shaken. “Egypt would never delay in helping Saudi Arabia, and vice versa.”

Saudi tourism accounts for more than 20 percent of Arab tourism, and the number of Egyptians working in the Kingdom is 1.8 million, not including family members.

Dr. Sami Al-Obaidi, chairman of the Council of Saudi Chambers, said in a statement that the frequent visits between the Kingdom and Egypt are “a sign of the deep relations between the two brotherly countries led by the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al-Saud, and his Crown Prince Mohammed bin Salman, and the President of Egypt, Abdel Fattah El-Sisi.”

Nov 27, 2018




Business News Wood industry leaders from 175 companies will explore investment opportunities and conclude business deals at the fourth edition of the Cairo WoodShow, to be held next month, in Egypt.

The event will take place from November 30 to December 3, at the Cairo International Convention Exhibition Center.

This year’s edition of the event introduces its newest feature, the International Buyer Program where manufacturers, contractors, traders and real buyers from Morocco, Algeria, Tunisia, Libya, Sudan, Lebanon, and Jordan can meet and conclude regional and international business deals to further boost the growth of timber industry in the region, said a statement from the organisers.

The event will be held under the patronage of Egypt’s Ministry of Trade and Industry and is a co-located event with Cairo International Furniture Accessories, Components, and Semi-Furnished Products Show (CIFAC).

North African countries have posted a sharp increase in real estate, pushing the demand for furniture products and decorative items especially for residential and hospitality projects.

The region’s growing population will be needing more housing, educational institutions, and other infrastructure that would result to an increase in the demand for timber.

Several African countries each import over $100 million of furniture- Egypt ($1.3 billion), Morocco ($470.5 million), Algeria ($428.7 million), South Africa ($359.8 million), Tunisia ($170.4 million), Ethiopia ($107.7 million), Botswana ($58.4 million), Nigeria ($57.4 million), Kenya ($52.8 million), and Namibia ($47.9 million), it said.

Oct 14, 2018

The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18 billion on Sunday on behalf of the Ministry of Finance (MOF).






Oct 21, 2018

Egypt's Planning Minister Hala El-Saeed has said that the government seeks to achieve a gross domestic product growth rate of 10 percent by the end of the 2029/30 fiscal year.

To meet this target, the government aims to reach a growth rate of 5.9 percent in the 2018/19 fiscal year, to gradually increase to eight and then 10 percent in the 2029/2030 fiscal year, El-Saeed said.

The minister made the remarks during a regional population and development conference held in Beirut on Tuesday.

Egypt’s gross domestic product grew to 5.3 percent in the 2017/18 fiscal year, the highest rate in a decade, according to El-Saeed. This was the latest sign of economic recovery in recent months amid tough reforms the Egyptian government is implementing, including tax hikes and subsidy cuts as part of a $12 billion IMF loan deal aimed at attracting foreign investors.

Egypt’s economy has been hurt by years of turmoil following the 2011 popular uprising that scared away foreign investors and tourists.

Nov 01, 2018




Business News Marseilia for Real Estate Investment is looking to implement new urban projects in the New Administrative Capital, New Sphinx City, and New Assiut City, the group ’s chairman said.

The Egyptian group is still considering the establishment of a new urban project in the new capital, Sherif Heliw told reporters on the sidelines of a conference held by the group on Monday.

The real estate developer is expecting to log EGP 1.2 billion in sales by the end of 2018, Heliw said.

He also revealed that the group has achieved sales of EGP 1 billion year-to-date from handing over 300 units.

The company is targeting EGP 3 billion in sales from selling around 1,200 to 1,400 units in 2019 and to generate sales of EGP 20 billion in the coming five years, the chairman added.

Marseilia Group is also planning to build an urban project in Nasr City spanning 42,000 metres in partnership with the UAE-based Amlak Finance, he indicated.

He further noted that the company’s land portfolio stands at 250,000 metres in the North Coast, Alexandria, Ain Sokhna, and Cairo.

He unveiled that Marseilia has logged around EGP 30 billion over the past 20 years from 15 projects across Egypt.

Nov 13, 2018

Egypt’s Minister of Planning and Administrative Reform Hala El-Saeed said that the country’s GDP rose to 5.3 percent in the first quarter of the current fiscal year, which began in July, compared with 5.2 percent in the first quarter of the previous fiscal year, Al-Ahram Arabic website reported on Friday.

According a statement by El-Saeed, the natural gas sector achieved a positive growth rate in the first quarter of fiscal year 2018/2019, reaching 21.8 percent, followed by telecommunications sector with 16.8 percent, the Suez Canal revenues with 12.3 percent, and the construction sector with 6 percent.

The statement added that 73 percent of the contribution to the GDP comes from the following sectors: 13 percent from the natural gas sector, 10 percent from the wholesale and retail sectors, 9 percent from the agricultural sector, and 7 percent from the telecommunication sector.

The minister stated that the growth rate of non-petroleum exports increased by 1.3 percent in the first quarter of the 2018/2019 fiscal year.

The statement added that 36 percent of Egypt's non-petroleum exports were to Arab countries while 30 percent of those exports went to EU countries.

The chemical exports achieved the highest growth rate at 15 percent, followed by garments at 8 percent and textiles by 6.7 percent, the statement read.

Nov 18, 2018




Business News Egypt seeks to establish a longitudinal railway axis to link Egypt and Africa, in conjunction with Egypt taking over the presidency of the African Union in 2019, Minister of Transport Hesham Arafat said.

He added that his country is very interested in the occasional axes on the Nile because it contributes to a qualitative shift of axes in Upper Egypt and the establishment of new urban cities and new agricultural projects.

Arafat said on the sidelines of his visit to the governorate of Aswan on Monday, that this interest in Nile axes comes under the Ministry of Transport ’s plans, such as attention to logistics axes.

He noted that Kobri Kalabsha is a bridge that not only passes the Nile; it includes six axes linking the railway at east of the Nile with desert roads at west of the Nile. The Kalabsha Bridge is due to open on June 30, and the implementation rate in the Kalabsha bridge has reached 75 percent, the minister stated.

Regarding the linkage of the railway project between Egypt and Sudan, Arafat said that the project is an idea that has been called for by President Abdel Fattah al-Sisi for some time, to serve the transport of goods from the port of Alexandria to Sudan via Aswan depending on the railway axis.

He stressed that the link between the two countries will ensure the arrival of Egyptian products, goods and meat to Sudan and Africa and vice versa, especially after the success of a land link with Sudan through the ports of Qustal and Arqin land, which were opened in 2014.

He pointed out that an Egyptian-Sudanese committee had been formed after bilateral talks between the two ministries of transportation in both countries to agree on some terms of reference to be put on consultants to determine the most appropriate means of linking, whether the current railway or the establishment of a new line.

He pointed out that the railway lines in Egypt are implemented in accordance with international standards, but Sudan ’s lines are short-distanced, and the final decision on the mechanism of linking will be decided during the upcoming period because it is not easy to take the decision within one session.

Arafat denied rumors about the increase in the prices of railway tickets in January, describing them as inaccurate and pointing out that if there is any increase, it will be announced at a press conference and he would explain the reasons for this.

Nov 06, 2018

Egyptian investment bank HC Securities and Investment expects to begin offering leasing and private equity services in the first quarter of 2019, HC chairman Hussein Choucri said on Wednesday.

HC is “in advanced talks with one of the banks operating in Egypt to engage in leasing activities,” Choucri said in an interview with Reuters Arabic.“We are seeking to complete our first private equity deal in the first half of 2019. It will be in favour of a firm operating in the area of consumer industries …,” Choucri said.HC is one of the largest investment banks in Egypt with operations in Egypt and the UAE. It offers a wide range of services in investment banking, asset management, and securities brokerage.

Nov 22, 2018

Egypt’s Public Enterprise Sector Minister Hisham Tawfiq had talks on Monday with a delegation of Werner International – management consultants to the world textile, apparel and fashion industry- on executive measures to develop companies affiliated to the Cotton and Textile Holding Company.

In a statement, the ministry said Tawfiq listened to a briefing by a delegation of Werner International reports and studies on a comprehensive restructuring of companies affiliated to the Cotton and Textile Holding Company.

He underlined the importance of developing marketing means as well as training workers in order to attain the goals of a comprehensive restructuring.

Nov 06, 2018




Business News Finance Minister Mohamed Ma'it said Monday the Egyptian government is serious in implementing the economic reform program, adding that investment is a life buoy to the Egyptian economy.

During a meeting with members of the Asian Infrastructure Investment Bank (AIIB) here, the minister said investments should be increased and all potentials directed to improving the investment environment including flexible laws and regulations, facilitating procedures and eradicating bureaucracy. All this has been taken into consideration in the new investment law, he said.

The minister reviewed the economic reforms and projects carried out by the state recently in a number of vital files, mainly education and health, a statement by the ministry said.

Nov 22, 2018

Egypt is eyeing new markets for its agricultural exports, particularly in Asia. It should begin exporting fruit and vegetables to Japan after quarantine officials from both countries have reached agreement on quality and safety standards, Agriculture Minister Ezzeddin Abu Steit said last week.

The crops set for export include potatoes, garlic, watermelons, and dates.

Negotiations are also underway with Thailand, Singapore, Malaysia and Hong Kong to discuss quality specifications for imported produce.

Egypt is also in talks with China over potentially exporting dates, pomegranates, mangoes and potatoes to the country.

In July 2017, China approved regulations for importing Egyptian grapes after the Chinese General Administration for Quality Supervision, Inspection and Quarantine (AQSIQ) agreed to open Chinese markets to imports from Egypt.

In January, China officially approved the Agriculture Ministry’s quality and safety checks to export dates to the Chinese market, and Egypt is expected to start exporting dates to China by January 2019.

Egypt is the world’s largest dates producer, capturing 18 per cent of global dates production and 23 per cent of Arab dates production, former trade minister Tarek Kabil said earlier this year.

Opening new markets for Egypt’s agricultural produce has many benefits because it can compensate for other markets that could face problems, Mustafa Al-Naggari, treasurer of the Agricultural Export Council (AEC), said.

He said that if a market banned imports from Egypt, this could cause problems in the local market and even a deterioration in the produce. “It can harm a lot of people, so opening more markets for agricultural produce will help compensate for any damage and help us maintain quality,” Al-Naggari said.

Over the last few years, several countries have imposed bans on some agricultural produce from Egypt, citing high levels of pesticides.

Al-Naggari said the reason for tapping Asian markets was their large size and buying power, helping people buy imported goods. Climate change might also create opportunities for exports as these might affect crops in other countries, he said.

Apart from Asia, other markets that Egypt is currently targeting include Canada, Australia and New Zealand, in addition to countries in Africa. Egypt ’s traditional markets for agricultural exports include the European Union and the Arab states.

Opening up new markets for exports can be challenging, however, Al-Naggari said, given that each country may have its own regulations and standards for food safety.Consequently, negotiations with new markets may not be easy, but when the produce is accepted in other markets it can facilitate its entry to new ones, he added.

“When a product is present in many markets, it can create demand for it in other markets,” Al-Naggari told Al-Ahram Weekly.

He said that the local agricultural market suffered from problems that could make it difficult for Egypt to open up new markets. These problems, pertaining to farming methods and fertilisers, should be addressed by the government, Al-Naggari said.

Dec 02, 2018



He said that one solution could be for the state to encourage agricultural cooperatives, in which farmers pool their resources in certain areas of activity.

“Cooperatives can help us produce more and improve the quality of produce,” he said.

He added that 60 per cent of Europe’s exports in agriculture were from agricultural cooperatives.

Professor of agricultural economy at Al-Azhar University in Cairo Mahmoud Mansour said that opening up new markets for Egypt ’s agricultural exports would help increase the country’s exports as a whole and have a positive impact on the economy.

He said that the Asian markets enjoyed a high standard of living and accordingly had a large demand. Entering these markets required high-quality products, however, he said, and Egypt would therefore need to develop its agricultural sector and address any problems.

In order to do so, Egypt has been enforcing new regulations and inspection measures to ensure the quality of agricultural exports. It introduced a new system under which crops are inspected several times while in the fields, after harvest, and after they are prepared for export.

Egypt’s agricultural exports rose by 13 per cent between September 2017 and April 2018 to reach 3.165 million tons, up from 2.802 million tons during the same period last year, according to recent data from the AEC.

The data showed that agricultural exports reached $1.594 billion, up from $1.534 billion last year, an increase of four per cent. The overall agricultural exports from Egypt to the Arab countries reached 1.278 million tons at around $680.96 million.

Exports to the EU and the UK reached 645,530 tonnes at $421.54 million, while exports to the Asian countries reached 296,920 tonnes at $159.16 million.

Exports to the Americas and Australia totaled 16,841 tonnes at $21.74 million, while exports to the African countries reached 16,110 tonnes at $12.19 million.




Business News Egypt’s investment bank EFG Hermes is planning to expand its debt restructuring and securitisation activities within the next year.

The Egyptian investment bank is working as a financial advisor in four merger and acquisition (M&A) deals in the first half of 2019, the company’s co-head of investment banking division Mostafa Gad told Reuters.

The transactions include a major M&A deal in Saudi Arabia’s healthcare sector, which is set for completion by next year, Gad added.

“We will expand our activity in arranging and restructuring debt in 2019 and we will expand securitisation starting with our own financial leasing portfolio and the market in general,” he highlighted.

H also noted that the company is also working on two initial public offerings (IPOs) for private-sector companies on the Egyptian Exchange Market (EGX) in the coming months, one in the food sector and the other in manufacturing.

Last week, CEO of EFG Hermes Karim Awad said that the firm was planning to expand into the insurance and mortgage sectors after obtaining the required regulatory approval.

The firm has been boosting its non-banking services that raised around 20 percent of its profit in the third quarter of 2018.

The largest investment bank in the Middle East is also seeking to foray into a new market in Asia or Africa within a year, Awad said.

The company is not planning to operate directly in Argentina in the meantime, but it has the capabilities to implement transactions there through the securities sector, the CEO added.

“Morocco is a good market, but establishing a presence there isn’t currently in our plans,” he said.

EFG Hermes previously reported a 23.7 percent year-on-year drop in consolidated profits for the first nine months of 2018.

Net profit retreated to 767.16 million pounds during the period starting January to September from 1.005 billion pounds in the year-ago period

Dec 04, 2018




Business News Credit Macro & Industry Expertise Foundation Fitch Solutions expects Egypt’s fiscal deficit to narrow from an estimated 9.4 percent of GDP in FY2017/18 to 7.8 percent in FY2018/19 and 6.4 percent of GDP in FY2019/20, a recent report said.

“Tax reforms and robust real GDP growth will result in higher tax revenues, while government earnings from the gas sector will expand in line with rising production,” the report said.

“While elevated debt servicing costs mean that Egypt will continue to run overall fiscal deficits in the coming years, we expect these to shrink from 9.4 percent of GDP in FY2017/18 to 7.8,” according to the foundation.

“Further energy subsidy cuts will also help to contain expenditure growth,” it added.

In 2016, Egypt embarked on an economic reform programme backed with an extended fund facility from the IMF. Under the programme, a number of measures have been put in place, including imposing a value-added tax (VAT) and cutting energy and fuel subsidies with the aim of lowering the budget deficit.

The ambitious reform programme is implemented with the help of a five-year IMF credit facility worth $12 billion.

A recent IMF report expects the Egyptian economic growth rate to increase from 5.3 percent in 2018 to 5.5 percent next year.

The average growth rate is likely to reach 6 percent until 2023 and unemployment could decline to 9.9 percent in 2019 down from 10.9 this year, according to the IMF report.

Dec 13, 2018

Banks have directed 110 billion pounds to finance small and medium enterprises (SMEs) since the start of the Central Bank’s initiative to direct 20 percent of the bank’s financing to this sector until June, Central Bank’s deputy governor .

“Beside this amount, the banks provided large funds to SMEs before the initiative, and funding is still available to the sector from inside and outside the banking system,” Nevin el-Taheri, CBE’s Deputy Governor of the Banking Development Sector, said.

Taheri noted that 2 billion pounds were directed to the Risk Guarantee Company to encourage the financing of emerging projects.

This came during the opening of a conference held by the Egyptian Center for Economic Studies entitled: “Entrepreneurship in Egypt: From individual successes to local attraction in the African continent”.Taheri stressed that the banks were not previously prepared for this type of funding, and are currently working to provide a certificate specially for the entrepreneurship of banks’ employees to promote this culture.

“Starting 2019, there will be points of contact in branches. The bank is currently working on this program with about 13 banks. It is expected to start with two branches next year. All this will be linked to one database with the Small and Medium Enterprises Development Authority to build a unified database in Egypt,” according to Taheri.

Taheri added that there are many investment funds that work to finance small and medium enterprises and entrepreneurs, stressing that this is the role of the private sector and the banking sector is working to provide support through funding.

Nov 08, 2018

Non petroleum exports increasing during the first 10 months of 2018 by 11 % above their level in the same period of 2017 to reach $ 11.21 billion. That was announced by Eng. Amr Nassar, Minister of Trade & Industry, referring to a report issued by the General Authority for Import & Export Control. Meanwhile Minister of Agriculture Dr. Ezz El Din Abu Steit, announced that China opened its market recently to receive 7 more agricultural products. That includes dates, grapes, potato, strawberry, mango & onions a.o.

Nov 07, 2018




Business News Egypt’s Minister of Trade and Industry Amr Nassar discussed on Saturday with members of a delegation from the African Export-Import Bank (Afreximbank) led by the bank’s head Benedict Orama, the final preparations for the first Intra-African Trade Fair (IATF), to be held in Cairo on 11-17 December.

Nassar said the IATF is the first of its kind across Africa and it provides a platform for commodities and services as well as information exchange about trade, investment, and the market, the Ministry of Trade and Industry said in a statement.The fair also helps buyers, sellers and investors, while providing opportunities for signing trade deals with the aim of boosting intra-trade among African countries, the minister said.Nassar revealed that 1,055 African companies, including 300 Egyptian ones, have confirmed their participation in the IATF, in addition to 34 countries that are set to take part in the event through national pavilions.

Dec 02, 2018

Egypt has set its external borrowing ceiling at $16.733 billion for the 2018-2019 financial year, according to a government document .

Egypt will borrow $10.51 billion for the repayment of external debt in 2018-2019. Total external government debt is expected to reach $98.863 billion.

Egypt has borrowed heavily from abroad since it began an IMF-backed economic reform programme in late 2016.

It faces a tough foreign repayments schedule over the next two years as well as a rising oil import bill, though analysts say much of the debt is from low-cost loans from Gulf countries almost certain to roll it over.

The document showed that a $3.3 billion deposit from Kuwait due for repayment this financial year was not included in the calculation of Egypt ’s borrowing requirements.

On Wednesday, the finance minister said Egypt was planning to issue foreign currency denominated bonds later this year or early in 2019.

Oct 28, 2018

Two South Korean automakers on Wednesday unveiled plans to install a “solar roof” on a number of vehicles.

Hyundai Motor Group and Kia announced that it would create electricity-generating solar panels on the roof or hood of several of its hybrid vehicles.

The solar roofs will “support internal combustion, hybrid and battery electric vehicles with additional electrical power, increasing fuel efficiency and range,” the carmakers said in a joint statement.

The solar roof “will have the capability to charge the batteries of eco-friendly electric and hybrid vehicles, as well as those of internal combustion engine (ICE) vehicles, helping to improve fuel efficiency,” the South Korean carmaker revealed.Hyundai will develop three kinds of solar-roof charging systems, it said, noting that the solar charging technology will support the vehicle ’s main power source, while also enhancing mileage and reducing carbon dioxide (CO2) emissions.

"In the future, we expect to see many different types of electricity-generating technologies integrated into our vehicles," stated Hyundai Motor Group ’s executive vice president of the engineering and design division Jeong-Gil Park.

"The solar roof is the first of these technologies, and will mean that automobiles no longer passively consume energy, but will begin to produce it actively," he added.The three types or generations of roofs include a first-generation system for hybrids, which can charge up to 30% to 60% of a car battery during the course of a normal day, depending weather conditions and environmental factors.

The second-generation tech will entail a transparent roof system for ICE vehicles, while the third-generation solar roof “will see the introduction of a lightweight solar roof for battery electric vehicles,” Hyundai explained.

"The solar roof is the first of these technologies, and will mean that automobiles no longer passively consume energy, but will begin to produce it actively," Park concluded.

Nov 01, 2018




Business News Egypt’s central bank will begin targeting inflation as part of its monetary policy, its deputy governor said on Tuesday.

“We will move to inflation targeting, a flexible inflation targeting framework,” said Lobna Helal, deputy governor of the Central Bank of Egypt at a conference in Abu Dhabi.

She also said Egypt does not want to go back to a foreign exchange regime where its currency’s exchange rate was fixed.

In November 2016, Egypt’s central bank floated the pound currency, devaluing by 32.3 percent to an initial guidance level of 13 pounds to the U.S. dollar in a move to rebalance currency markets.

Nov 08, 2018

Egypt’s exports to Nile basin countries reached 19.9 billion pounds in 2017 from 11.6 billion pounds in 2016, with an increase of 72.1 percent, said the state-owned statics agency CAPMAS on Monday.

The Nile basin states group Egypt, Sudan, South Sudan, Ethiopia, Uganda, Congo, Kenya, Tanzania, Rwanda, Burundi, and Eritrea.

In its annual bulletin titled “Trade exchange between Egypt and the Nile basin countries in 2017”, CAPMAS added that Egypt’s imports from those countries hit 6.8 billion pounds in 2017 against 3.9 billion pounds in 2016, up 43.5 percent.The agency added that Sudan topped the list of African countries receiving Egypt’s exports, with a total value of 8.1 billion pounds in 2017 versus 6 billion pounds in 2016, registering a 35.9 percent increase.

Sudan imported from Egypt plastics, iron and sugar.

Kenya came in the second place with imports worth 5.3 billion pounds in 2017, compared to 2.8 billion pounds in 2016, with an increase of 88.4 percent.Egypt’s exports to Nairobi included sugar, soap, shampoos, and artificial waxes.

With regard to Egypt’s imports from those countries, Kenya topped the list with a total value of 4.7 billion pounds in 2017, against 3 billion pounds in 2016, recording an increase of 57.2 percent.

Cairo’s imports from Kenya included coffee, tea and spices.

Sudan ranked second in the list of Egypt’s imports, with a total value of 1.9 billion pounds in 2017, versus 700 million pounds in 2016, with an increase of 158.0 percent.

Egypt’s imports from Sudan involved livestock, cotton, seeds, olives, medicinal plants, and fodder.

Nov 13, 2018




Business News Minister of State for Military Production Mohamed el Assar attended the signing ceremony of a memorandum of understanding between the National Authority for Military Production and the Proton Technologies consortium on cooperation for manufacturing systems of pipelines that are used in setting up nuclear stations.

The consortium groups the Russian Tubes 2000 company and the Spanish Tubacex company, said Assar in press statements.

Under the deal, both sides will cooperate in joint manufacturing of some components needed for making the pipelines systems that will be used while implementing Dabaa nuclear station, he addedThe deal comes within the framework of keenness by the Military Production Ministry to support all sustainable development efforts in all domains in Egypt, he said, adding that his ministry welcomes cooperation with any party for implementing development and national projects in Egypt.

Tubacex CEO Jesus Esmoris said that the consortium will present to the authority an integrated feasibility study about the project.

He added that the consortium is keen on participating with the Egyptian side in this project.

Also, CEO of Tubes 2000 Aleksey Gorokhov said that Egypt is witnessing marked development in the industrial sector, a state of affairs that led the consortium to participate in the Dabaa project through offering its experience and technology on this score.

Oct 08, 2018

ACWA Power plans to increase its investments in Egypt in the power generation sector, according to the company ’s CEO.

Paddy Padmanathan revealed that ACWA Power will pump $2.3 billion in the Egyptian market, after signing the contract to establish a new power plant with a 2,250 megawatt capacity, according to an official statement by the Egyptian Cabinet.

The CEO met with the Egyptian Prime Minister Moustafa Madbouli, discussing investment opportunities in Egypt, as well as signing the agreement for the power generation plant that will be built in Luxor.

Oct 11, 2018

Egyptian companies and start-ups have marked a strong presence at the 38th edition of GITEX Technology Week 2018, which is currently taking place at the Dubai World Trade Centre (DWTC) from 14-18 October.

Under the motto of “Time for Egypt,” acting CEO of the Information Technology Industry Development Agency (ITIDA) Maha Rashad said that the Egyptian representation consists of 32 Egyptian companies, including eight start-ups.

The five-day event welcomes more than 4,100 exhibitors that will exchange expertise on various technology-related fields, notably the state-of-the-art 5G technologies, artificial intelligence (AI) and smart cities.

Oct 16, 2018

ACWA Power announced on Friday that it will invest nearly $660 million in South Africa, Reuters reported.

The company’s CEO recently revealed plans to increase its investments in Egypt in the power generation sector, by pumping $2.3 billion in the Egyptian market, after signing the contract to establish a new power plant.

Oct 28, 2018




Business News Egypt’s Petroleum Minister Tarek El-Molla asserted on Monday that the country’s natural gas market is rapidly growing, adding that Egypt has the potential to become a regional energy hub.

The minister was speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), which kicked off in Abu Dhabi under the slogan ‘Shaping the Future of the Oil and Gas Industry,’ with the participation of 100 representatives from oil ministries around the globe and chief executives of global oil companies.

In a ministerial session titled ‘Reshaping markets and continuing to discuss the world’s energy situation,’ El-Molla clarified that a number of steps have been taken in this regard, including the formation of a government committee to develop a specific strategy to turn Egypt into a regional power hub, and the issuance of a new natural gas law.

He highlighted a memorandum of understanding (MoU) signed with the European Union (EU) to support a strategic energy partnership, in addition to inking several agreements with neighboring countries such as Cyprus, Jordan and Iraq to maximise the benefits from gas discoveries in the region.

He also cited strong cooperation with Greece in the oil and natural gas industry.

On the technical and trade levels, he added that the country is working on implementing several mega-projects in the areas of refining, petrochemicals and infrastructure to serve the main goal of transforming Egypt into a regional energy hub.

The minister shed light on ongoing cooperation with global oil companies working in gas exploration to make good use of untapped resources in the Mediterranean.

At the economic level, he added that Egypt seeks to utilise its infrastructure to re-export gas after it is liquefied to Europe, which in turn could contribute to increasing the country’s revenues.

The minister stressed continued partnership with the EU in the domain of energy to benefit from available opportunities and overcome challenges facing the region.

Cairo could play a role in making a great leap to the use of clean energy in the Eastern Mediterranean region, which will help bring about the objectives of the 2015 Paris Climate Change Agreement, notably the reduction of emissions around the world, the minister noted.

Nov 13, 2018

Bilateral trade between Egypt and China has witnessed a 26.7 percent annual increase in the first eight months of 2018, hitting $8.83 billion at the end of August, said a statement issued by the General Administration of Customs (GAC) on Monday.

Chinese exports to Egypt increased by 24.8 percent to stand at $7.61 billion; there has also been a 40.2 percent increase in Chinese imports from Egypt, the statement added.During August 2018, bilateral trade volume stood at $1.92 billion with Chinese exports estimated at $1.11 billion, while Chinese imports from Egypt amounted to $183 million.

Oct 09, 2018




Business News Egypt's annual urban consumer inflation rose to 16 percent in September from 14.24 percent in August, the official statistics agency CAPMAS said on Wednesday, in a report that surprised some analysts.Inflation rose 2.5 percent month-on-month, largely driven by a 4.8 percent jump in the price of food and non-alcoholic beverages from August to September.

The rising inflation rate "reflects the continuation of massive increases in the prices of fruits and vegetables on a monthly basis, and, to a lesser extent, the ... back to school season," said Radwa El-Swaify, head of research at Pharos Holding.

Core inflation, which strips out volatile items such as food, slipped to 8.55 percent year-on-year in September from 8.83 percent in August, data from the central bank showed.

Egypt has been pushing ahead with a series of austerity measures, including fuel and electricity subsidy cuts and tax hikes, to help ease the country's budget deficit.

The reforms have helped the government secure a $12 billion International Monetary Fund loan and allowed the central bank to revive its foreign currency reserves.

Egypt’s net foreign reserves rose to $44.459 billion at the end of September, from $44.42 billion a month earlier, according to the Central Bank of Egypt (CBE).

Egypt's account deficit for the 2017-18 financial year, which ended in June, narrowed by 58.6 percent to $6 billion, also according to the CBE.

The headline inflation rate had increased for the first time in 10 months in June, then eased in July to 13.5 percent.

"Depending on the data for October, if inflation continues to go up, we could start to wonder if we’re looking at a potential (interest) rate hike in November," said Allen Sandeep, head of research at Naeem Brokerage.

Oct 11, 2018

Bilateral foreign trade volume between Egypt & Germany marking a fast growing curve during the years 2014 to 2017. In a one page full interview with Mr. Abdul Aziz Al Mekhlafi, Secretary General of the Arab German Chamber of Trade & Industry, the highly seen executive revealed interesting figures & details on Egypt foreign trade volume with Germany documenting its increasing from Euro 4.4 billion in 2014 to 5.1 billion in 2015, to 5.5 billion in 2016 & to 5.8 billion in 2017. Cooperation between both countries has been by all means worth following up & worth high lighting in both the energy sector, particularly the un-traditional energy sector, also the railways & traction sector. The one full page report is worth deep evaluation & analyses to enable where the relations of both countries are going during the next short, medium and long term.

Nov 03, 2018

An oil well in Egypt’s West Nile Delta has started production, the Ministry of Petroleum and Mineral Resources announced in a statement on Saturday.

The initial output of the well is estimated at 20 million cubic feet per day, the statement read.

The ministry noted that modern technology used in the digging operations saved eight working days and reduced the total cost by about $4 million.The project, which is in its 9th phase, includes a total of eight wells and two exploration wells.

According to the Minister of Petroleum and Mineral Resources Tarek el-Molla, the third quarter of 2019 is expected to reach a total production rate of 400 million cubic feet of gas and 3,000 barrels of condensate per day with the completion of the remaining wells in the project.

El-Molla has previously stated that the project’s total cost is almost 14 billion Egyptian pounds ($780 million).

Oct 21, 2018




Business News The World Bank forecasts Egypt’s growth to reach 5.8% in 2020, driven by the country’s economic reform program, a report by the group said on Wednesday.Egypt's economic reform program, which the IMF supported in 2014, includes the liberalization of the Egyptian currency, rationalized energy subsidies, and increased social protection for the poor.

The program helped Egypt secure a $12 billion loan.

The World Bank predicted growth would reach 5.6 percent in fiscal year 2019, supported by private consumption, a continued recovery in tourism, and the new operations of recently discovered gas fields.

It also predicted public investment to grow along with the expected private investment if business environment reforms are effectively implemented.

Egypt's growth rate for the 2017/2018 fiscal year hit its highest level in ten years as it recorded 5.3 percent growth, compared to 4.2 percent in the year before, according to statements by the country’s planning minister last July.

According to the World Bank's outlook, fiscal consolidation will be aided by an expected increase in tax revenues and further cuts in energy subsidies.

It added that large interest payments are expected to decline over the medium-term through the country’s debt repayment and the prolonged maturity structure.

Despite the positive outlook in the report, the bank said it expects a continuation of price hikes on goods and services, affecting vulnerable households in the short term.

Such hikes make it important for Egypt to implement adequate mitigation measures, but the group projects that poverty will slip modestly to 15.3 percent in 2019 from an estimated 15.6 percent in 2017.

The group also highlighted risks the economy faces, citing the challenge of starting private sector led growth, which requires the alleviation of longstanding constraints, including fostering a level-playing field and facilitating access to key inputs such as land and a skilled labour force.

It said that the progress in domestic and foreign investments relies on the state-led activities in its economy.

The group estimated public investments to be almost twice the size of the government investments’ budget sector.

“A well-functioning market economy requires a clear demarcation of the role of the state, and its redirection towards enabling and regulating functions,” it said, while adding that this is best achieved through establishing the rule of law, reinforcing competition policies, and improving basic services.

According to the group, risks to Egypt’s FY2019 budget emerge from a potential increase in global oil prices, or a spill over of the emerging markets exchange rate crises.

High levels of public debt pose sustainability risks in the medium to long term if fiscal consolidation is discontinued, the group continued.

Other risks in terms of sustainability flow from double digit youth unemployment figures, low labour force participation, and large population growth, which has amounted to over 2.3% annually since 2011.

Egypt's unemployment rate dropped to 9.9 percent in the second quarter of 2018, compared to 10.6 percent in the first quarter and 12 percent for the same period in the previous year.

The number of Egyptians worldwide, according to the government's statistics authority, now stands at 101 million, including 8 million living abroad, with officials maintaining that the steep rise in population will hinder the country's development plans.

Oct 04, 2018




Business News Egyptian Transport Minister Hisham Arafat said on Friday that President Abdel Fattah El Sisi's upcoming visit to Russia aims to enhance cooperation between the two countries in the transportation field.

In an interview with Russia Today, Arafat said that an agreement between Egypt and a Russian-Hungarian consortium to produce 1,300 train vehicles at a cost of one billion euros has been finalized.

He noted that the Russian company participating in the consortium is one of the biggest train manufacturers in the world.

The Russian-Hungarian consortium has been hired to help Egypt establish a local manufacturing line at the National Organization for Military Production, according to Arafat.

The first batch of the carriages will be manufactured in Russia and will be a model for the other batches later.

Oct 14, 2018

Egypt Telecom said that acquiring a stake in the Egyptian International Submarine Cables Company (EISCC) aims at a complete acquisition in the Middle East and North Africa Submarine Cable Company (MENA-SCS), according to the company’s investor relations director.

Sarah Shabayek told Mubasher on Wednesday that the deal valued at $15 million aims at completing the acquisition of MENA-SCS.

Telecom Egypt does not currently plan any more acquisitions in the field of submarine cables.

In mid-September, Telecom Egypt had revealed that EISCC had completed the acquisition of Middle East and North Africa Submarine Cable “MENA Cable” from Orascom Investment Holding “OIH” with a total cost of $90 million.

For the first half of 2018, the state-owned landline monopoly’s net profit fell 18.2% to EGP 2.06 billion, from EGP 2.52 billion in H1-17.

Oct 04, 2018

A highly seen Egyptian petroleum personality with solid local & international reputation &background, predicts the Red Sea to carry ample welfare to the country & the area. Dr. Abu Bakr stressed the release of an international tender to explore for oil in the Red Sea came (from the Government) after having invested almost $ 70 million to collect highly valuable data companies and agencies to capitalize thereon in its announced search. The value of the event increases after having legalized internationally the boarders with Saudi Arabia knowing that Egyptian progress on that line may well benefit all parties eligible.

Oct 09, 2018




Business News Egypt will receive $3 billion in financing from the World Bank in the coming months, Egyptian investment minister and international cooperation Sahar Nasr said on Tuesday.

This came on the sidelines of the minister’s meeting with the Washington-based lender’s CEO Kristalina Georgieva during the International Monetary Fund (IMF)-World Bank annual meetings in Bali, Nasr highlighted in a statement.

The new financing comes within the World Bank's confidence in Egypt’s economic reform and its willingness to maintain supporting the North African nation to implement the economic and social reform programme, she added.

For her part, Georgieva said that the World Bank is keen on bolstering the Egyptian efforts in the economic and social reform to help the government attract foreign investments.

She stressed that the bank was keen to develop vital sectors, particularly the development of Sinai with $1 billion, in addition to supporting infrastructure, transport and agriculture projects, and its ongoing economic reform programme.

In mid-July, Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA) started talks with the World Bank over getting new financing tranches worth up to $300 million.

The negotiations presided over by investment and international cooperation minister Sahar Nasr, have reached an advanced stage, local newspaper Youm7 reported.

The minister noted that the World Bank requested fresh products to finance them, such as financial leasing.

Oct 18, 2018

Egypt’s Minister of Transport Hisham Arafat said Saturday that upgrading transport networks and infrastructure is a catalyst for national development.

In a speech he delivered during the inaugural session of the 2nd GeoMEast 2018 International Congress and Exhibition, he said transport networks are among of the most vital services sectors that contribute to economic and social development nationwide.

Held in Cairo under the auspices of Prime Minister Moustafa Madbouly from November 24 to 28, under the rubric “Sustainable Civil Infrastructures: Structural Integrity”, the event witnesses the participation of experts and officials from 70 countries.Economic growth is impacted by the efficiency of a nation’s various transport systems, Arafat said.

Egypt made a big leap in the field of transportation development, as it progressed dozens of ranks up in the World Economic Forum ’s Global Competitiveness Report (GCR) on road quality, the minister said.Egypt came in the 75th position in the GCR’s ranking, up from 118 in 2014, the minister elaborated, adding it also advanced to 40th position instead of 60th in the GCR’s ranking on ports infrastructure and to the 51st place in railways quality, up from 78th.

Arafat pointed out that Egypt is carrying out a comprehensive plan for developing and modernizing its transport systems; including roads, bridges, railways, subways, maritime ports, river transport, and land crossings, as part of its 2030 sustainable development strategy.

This modernization drive aims at upgrading the transport systems and networks to match transport development standards globally, the minister said.

GeoMEast 2018 showcases recent developments and advancements in design, construction, and safety Inspections of transportation Infrastructures and offers a forum to discuss and debate future approaches for the 21st century.

The conference’s topics cover a broad array of contemporary issues for professionals involved in bridge, pavement, geomechanics, geo-environmental, geotechnical, geosciences, geophysics, tunnel, water structures, railway, and emerging techniques for safety inspections.

Nov 25, 2018




Business News The World Bank announced Wednesday it is loaning Egypt $1 billion to support the country’s private sector and create new jobs.

The new programme will build on a series of annual loans totaling $3.15 billion that the bank issued from 2015 to 2017 to support Egypt’s economic reforms.

The new financing programme is designed to encourage small businesses, Egypt’s biggest source of jobs, while improving government performance and promoting local development, the Bank said in a statement published on its official website.

“Egypt has undertaken historical economic reforms over last four years and the priority now is to create jobs for all Egyptians during this next critical phase of the reform programme,” said Samia Msadek, acting World Bank country director for Egypt, Yemen and Djibouti.

“The focus on improving the availability of finance, developing entrepreneurship and transparency in tax filings and government procurement would help small and unconnected businesses thrive and create jobs.”

Egypt has pushed ahead with a series of economic reforms tied to a $12 billion International Monetary Fund loan programme aimed at reviving the economy and plugging a budget deficit, which included value-added tax and subsidy cuts.

Egypt’s Minister of Investment Sahar Nasr said the new financing programme is especially targeting young people and women in less developed areas.

"Our aim is to create more and better opportunities for Egyptians, and our partnership with the World Bank has helped us make steady progress toward that goal," Nasr, who also represents Egypt on the World Bank’s board of governors, said.

Egypt’s economy has grown by 5.3 percent in the 2017-18 fiscal year ending in June from 4.2 percent in the year before, the highest rate in a decade.

Last month, Egypt agreed a new $3 billion financing deal with the World Bank which the investment ministry said would help secure economic growth.

The World Bank currently has 16 projects in Egypt worth a total of $6.69 billion.

Dec 06, 2018

Egypt’s annual urban consumer price inflation dipped to 15.7 percent in November from 17.7 percent in October, the official statistics agency CAPMAS said on Monday, exceeding analysts’ expectations.

The rate had been increasing steadily since August, reflecting the impact of the government’s fuel, electricity and transportation subsidy cuts that helped it meet the terms of its $12 billion IMF loan.

“We did not expect the rate to decline like this,” said Radwa El-Swaify, head of research at Pharos Securities Brokerage.Inflation had spiked in October due to supply problems in the domestic fruit and vegetable market.Prices fell by an average of 0.8 percent across urban Egypt in November from October, the main driver behind the decrease in the headline rate.

“The results are much better than expected, and it’s a big relief for policymakers as the headline inflation rate is back within the central bank’s targeted range,” said Allen Sandeep, head of research at Naeem Brokerage.

Egypt’s central bank, which is targeting an inflation rate of 10-16 percent, left key interest rates on hold in its November meeting, saying underlying inflationary pressures in the economy were contained.

The bank’s monetary policy committee is due to meet again on Dec. 27.

Dec 11, 2018




Business News Egypt’s Ministry of Supply & Internal Trading has accepted the third phase’s petitions in December for 25,849 ration cards.

By the acceptance of those petitions the ministry will re-add 34,212 users of the ration cards to its data base, according to an official statement.

Such decision was taking following a review conducted on those users’ data upon which wrong data were corrected.

Dec 23, 2018

Egypt’s central bank left its key overnight interest rates steady on Thursday, keeping the deposit rate at 16.75 percent and the lending rate at 17.75 percent.

All 13 economists polled by Reuters had expected rates to remain unchanged.

“Current policy rates and the inflation outlook remain in line with achieving the targeted disinflation path,” the bank’s Monetary Policy Committee said in a statement.

“The MPC closely monitors all economic developments and will not hesitate to adjust its stance to achieve its mandate of price stability over the medium term,” it said.

Headline inflation slowed to 15.7 percent in November from 17.7 percent in October as fruit and vegetable prices declined, after rising for three consecutive months.

Core inflation, which strips out volatile items such as food, slowed to 7.94 percent in November, its lowest since April 2016, from 8.86 percent in October.

GDP grew by 5.3 percent in the fiscal year that ended in June 2018, the highest rate in 10 years.

Dec 30, 2018

Minister of Oil Tarek El Mulla witnessed on Tuesday the signing of a memorandum of understanding between Suez Company for Methanol Derivatives and Arab Petroleum Investments Corporation (APICORP) on measures to finance a project to produce methanol derivatives with investments worth dlrs 35 to 40 million.

Chairman of Suez Company for Methanol Derivatives Gawdat el Sadeq and APICORP Managing Director Nicolas Thévenot signed the MOU.

In a statement released on Tuesday, Mulla asserted that the MOU's signing gives a strong impetus to this vital project that will be considered an addition to the Egyptian petrochemicals industry so as to provide methanol products to the local market.

He also said the project comes in line with the ministry's strategy to diversify financing sources of oil projects to reduce the need for hard currency and push forward economic development.

Suez Company For Methanol Derivatives Chairman Gawdat el Sadeq, for his part, said, the project's total investments are estimated at dlrs 60 million, 40 percent of which will be provided via major shareholders, while 60 percent will be in the form of soft loans.

The project will be set up on an area of 100,000 square meters inside Damietta Harbor on a land allocated to the Egyptian Petrochemicals Holding Company (ECHEM), he added.

The project aims at producing 18,000 tons of Urea-formaldehyde with a 85 percent concentration, also known as urea-methanal, which is used in the production of cement, along with 34,000 tons of Urea-formaldehyde of 65 percent concentration used in the making of ready cement blocs in addition to other chemical products.

Oct 18, 2018




Business News Egypt’s Minister of Investment and International Cooperation Sahar Nasr, and Founder and President of Thumbay Group Thumbay Moideen held a meeting on Oct.27 to establish a branch of the Gulf Medical University based in the Emirati capital of Ajman.

Nasr, Minister of Higher Education and Scientific Research Khaled Abdel Ghafaar, and Moideen inked the agreement in the presence of Prime Minister Mostafa Madbouly.

Moideen said that the value of the prospective deal is LE5 billion ($281 million), and that the goal of the project is building a medical park that offers comprehensive healthcare, and provides training for young health workers.

The investor added that the Gulf Medical University adopts the latest education and training techniques in all medical branches such as the virtual patient. That is an interactive software simulating clinical processes.

The university has also partnerships with reputable universities worldwide including University of Arizona, University of Commonwealth Virginia, Medical College of Wisconsin, University of Saint Joseph, Heidelberg University, Medical University of Lublin, and Tokyo Medical University.

Moideen praised the legislative reforms undertaken by Egypt for securing a proper investment environment. On the other hand, Minister Nasr highlighted that the investment law grants incentives for investments in free and investment zones, and underdeveloped areas.

Nasr asserted that the ministry is working closely with the Ministry of Higher Education and Scientific Research to attract investments in that domain within the framework of the presidential initiative to invest in human capital, and that the ministry would ensure that licenses and paperwork finish smoothly.

Oct 28, 2018

Nicholas Davis, the World Economic Forum’s head of society and innovation, spoke at an WEF meeting in Dubai about a report he had co-authored on shaping the future of the Fourth Industrial Revolution.

He said that Egypt has a large number of technology users and pioneers in this field, but that the most important thing is the ability to retain these young people and benefit from them, instead of leaving them to emigrate, and to do so through a clear vision for the recruitment of young people.

"There is a gap between developed and developing countries in planning for the future and anticipating technological developments," he commented, on the sidelines of the gathering of the Annual Meeting of the Global Future Councils.

He said that legislation is one of the most important challenges of the Fourth Industrial Revolution, and preparations must be made to avoid a delay in the issuance of laws, as happened in the past.

Davis said that the Arab countries should accelerate the transition from being consumers of technology to being producers, adding that the path to this must be through education and scientific research.

He highlighted a global initiative supported by the World Economic Forum to create an open platform for the African continent to achieve sustainable development.

Nov 13, 2018

Inertia Holding Group plans to purchase two land plots valued at EGP 900 million ($50.1 million) in December, the chairman of the company said, according to Reuters.

Each land plot stands at 200 feddens, one of the two assets in East Cairo, while the other one is located in West Cairo.

The asset is expected to witness investments valued at nearly EGP 15 billion.

The chairman added that Inertia targets sales of EGP 3.6 billion in the fiscal year 2018, with expectations for profits to increase to about EGP 120 million from EGP 100 million a year earlier.

Nov 22, 2018




Business News The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate declined to 8.55 percent in September 2018 from 8.83 percent in August 2018, according to a report.

On a monthly basis, core inflation recorded 0.1 percent in September 2018, compared to 0.6 percent in August.

In August, the core inflation rose to 8.83 percent from 8.54 percent in July.

Core inflation discounts or strips out certain categories that are considered more volatile. The bank also stated that the inflation hiked to 16 percent in September, compared to 14.2 percent in August 2018.

CBE indicated that the consumer price index for urban areas, announced by the Central Agency for Public Mobilization and Statistics (CAPMAS), rose to a monthly rate of 2.5 percent in September, compared to 1.8 percent in August 2018.

CAPMAS announced earlier Wednesday that Egypt’s annual consumer price inflation slipped to 15.4 percent in September 2018, compared to 32.9 percent in the same month of 2017.

On a monthly basis, inflation increased 2.6 percent in September, compared to the previous month, to record 302.7 points, CAPMAS stated.

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

Egypt targets an inflation rate of 13 percent in its fiscal year 2018/2019 budget.

Oct 11, 2018

Egypt’s state revenues grew by 35.5 percent in the first quarter of this fiscal year, putting the government on track to achieve its targeted primary budget surplus of 2 percent, the finance minister said on Friday.

Government investment rose 85 percent while tax collection increased by 39.8 percent, Finance Minister Mohamed Maait said in a statement.

“These positive results for the first quarter of the current fiscal year affirm Egypt’s ability to achieve its financial targets for the budget for the current fiscal year,” the minister said.

Maait attributed the positive results to Egypt’s economic reforms programme, part of an IMF loan deal signed in 2016 that included devaluing the national currency and cutting state subsidies.

Egypt’s fiscal year runs from July to June.

Egypt’s budget deficit in the first quarter of the current fiscal year was down slightly to 1.9 percent from 2 percent last year, the minister previously said.

Egypt has vowed to push ahead with economic reforms which it sees as essential in attracting foreign investment.

Nov 25, 2018




Business News Egypt’s central bank said on Wednesday it will end on Dec. 4 the use of a mechanism guaranteeing that foreign investors wanting to sell out of Egyptian securities could pull out their money in dollars, in a move to loosen its grip on investment flows.

Egypt put the mechanism in place in March 2013 to ensure foreign investors would have access to foreign currency when they chose to withdraw from local securities. But analysts said its continued use had distorted the market.

Hany Farahat, senior economist at Egyptian investment bank CI Capital, said the decision was a positive step.

“There is a supply/demand distortion that has been resolved by cancelling the repatriation mechanism. The ring-fenced inflows of portfolio investors are actually now going to reflect on the interbank market and on banks’ net foreign assets,” he said.

“Adding the supply side of the foreign currency, the amount of money that used to come in via portfolio flows is going to be EGP-supported, so it will help the exchange rate and will allow more volatility,” Farahat added.

The central bank said in a statement that the decision covers “any fresh foreign currency portfolio investments wishing to enter the local currency Egyptian T-bills, T-bonds market and stocks listed on the Egyptian Stock Exchange”.

The move takes effect at the close of business on Dec. 4, it said. It also said investors who entered the market via the mechanism before Dec. 4 could still leave using it at any time.

The mechanism “was heavily utilised by foreign investors at the initiation of the liberalisation in order to guarantee liquidity”, the central bank said.

Egypt floated its currency in November 2016 and implemented several economic reforms as part of a $12 billion loan deal with the IMF.

“Two years from that date, this regime has led to the successful elimination of all foreign exchange shortages that previously disrupted economic activity,” the central bank said.

It said Egypt’s foreign currency capital inflows since Nov 3, 2016 had reached a total of $111 billion and that the current account deficit had narrowed from 5.9 percent of gross domestic product in fiscal 2015/2016 to 2.4 percent in 2017/2018.

Nov 29, 2018




Business News Minister of Planning, Follow-Up and Administrative Reform Hala el Saeed said exports are vital for the Egyptian economy, adding that the government is seeking their increase from 15 to 20 percent annually.

The minister's remarks were made during her meeting with Governor of the Central Bank of Egypt Tarek Amer, the Council of Governors of the Islamic Development Bank (IsDB) and representatives of the IsDB's Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) led by the corporation's CEO Abdel Rahman al Kaissi, Director of Middle East and North Africa Morad Mizori and Regional Director Ali Mostafa.

Talks covered means of bolstering cooperation between the Egyptian government and the IsDB.

The minister asserted the need for expanding the base of foreign currency, adding that a group of sectors are propelling the Egyptian economy such as industry, agriculture, communication, construction and others.

Meanwhile, Kaissi proposed increasing the ICIEC's investments in Egypt in view of its stability compared to the volatile regional situation. He also asserted his corporation's keenness to open up to the African market.

The two sides also probed encouraging the services sector in the countries which achieved a big leap in such field.

Kaissi congratulated the Egyptian minister on her appointment in the Council of Governors of the IsDB in August.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development (IDB) Group. ICIEC was established on 1st August 1994 as an international institution with full juridical personality.

The idea for the establishment of an entity to provide investment and export credit insurance for Islamic Countries originated from the Agreement for the Promotion, Protection and Guarantee of Investment among Member Countries of the Organization of Islamic Cooperation (OIC).

Dec 11, 2018

Egypt is set to launch a new digital transformation initiative in production and export sectors next month, according to trade and industry ministry Amr Nassar.

Nassar said in a statement on Friday that the new initiative aims at bridging the gap in Egyptian industries, by providing innovative solutions to the current challenges.

The minister’s remarks were during a meeting with representatives of the North Africa division of the United Nations Economic Commission.

Egypt also seeks to increase cooperation with African countries, by activating trade agreements and supporting entrepreneurship, as well as youth and women.

Dec 16, 2018

Egypt's gross domestic debt reached EGP 3.695 trillion ($206.9 billion) at the end of June 2018, compared to EGP 3.161 trillion the year before, the Central Bank of Egypt said on Thursday.

The domestic debt rose by about 17 percent in the 2017/18 fiscal year.

Egypt's foreign debt stood at $92.64 billion at the end of June 2018, a rise of 17.2 percent year-on-year.

Oct 28, 2018

The Central Bank of Egypt (CBE) said that the country’s net international reserves reached $44.5 billion by the end of September 2018.

Data showed on Thursday an increase of $200 million or nearly 0.5% during the first quarter of fiscal year 2018/2019.

Reserves cover 8.5-month worth of imports, according to the central bank.

Oct 28, 2018

The Ministry of Trade and Industry released its Local Industry Development Strategy (LIDS) earlier this month, a national programme for growth in line with its existing Sustainable Development Strategy, said Minister of Trade and Industry Amr Nassar.

The two strategies aim to raise industrial growth to 10 per cent annually by 2030 and to increase the local components used in production.

Oct 14, 2018



The LIDS will make available support for local industries to enable them to compete with foreign counterparts, the minister said at the launch of the strategy.

This is by no means the first attempt at developing local industries. “Previous plans included a programme to support mostly the suppliers of inputs to huge multinationals operating in Egypt,” said a source at the ministry.

“This time around the strategy is targeting all the different levels of the industries,” he added.

“During the first phase, the LIDS will focus on the engineering, chemicals and building materials industries, being three of the largest industrial sectors. The earlier programmes focused only on the sectors that exhibited potential for growth,” the source added.

At the launch of the LIDS, Hossam Farid, advisor to the minister of trade and industry on small, medium-sized and micro-enterprises (SMMEs), said the strategy depended on developing the chain of SMMEs suppliers, which represent the majority of the country’s industrial structure.

“We aim to develop these industries and to help them receive adequate funding and skilled labour and market access, in addition to advanced technologies to modernise their products,” he said.

A review of the structure of Egypt’s imports during the first half of this year had revealed that 55 per cent were in the engineering, chemicals and building materials sectors, he said, adding that it was possible to develop these sectors so that they could manufacture products that could compete with imported materials.

The minister of planning had earlier stated that the government was seeking to raise the rate of industrial growth to eight per cent during the current fiscal year and increase industrial inputs to 21 per cent of GDP by 2020, up from the current 15 per cent.

Developing the industrial sector should be based on increasing the production of intermediate goods and decreasing the imports of production inputs, said Ahmed Abdel-Hamid, head of the Chamber of Manufacturing Building Materials, pointing out that a number of industries already depended on locally made materials such as ceramics and marble.

Some industries required the local manufacturing of moulds to manufacture final products, Abdel-Hamid said. “Manufacturing these is more important than making production machines, which are imported only once,” he added.

“Approximately 25 to 30 per cent of building materials are locally produced. If this sector is developed, the figure will rise to 70 per cent within five years,” he stated.

The amount of local inputs used differs from one industry to the other, said Mohamed Al-Mohandess, chairman of the Engineering Industries Chamber.

“The LIDS should focus on manufacturing the components that we currently import. The strategy should also target each industrial sector individually to identify which components should be locally manufactured,” he said.

Al-Mohandess added that some engineering industries used 70 per cent local components. That figure could increase to 75 per cent by the end of the year, he said.

The degree of the use of local inputs differed among sectors, he said. “In household supplies manufacturing, which depends on crude aluminum, for example, the percentage of local components has reached 90 per cent. However, local components in household appliances are only 70 per cent,” he explained.

He said that surveys had been carried out in industrial areas such as 10 Ramadan City and 6 October city to find out what components industries needed, with factories connected to the local manufacturers of these.

Similar surveys would be carried out in Upper Egypt and other part of the country, he said.

“Sometimes a factory that produces components is next door to a facility relying on imports. They are unaware that they could work together because they don ’t communicate enough,” Al-Mohandess added.

The Ministry of Trade and Industry should make land and real-estate tax exemptions available to manufacturers and should help them to navigate any obstacles on condition that they deliver the needed intermediate goods, he concluded.




Business News New & Renewable Energy Agency is set late December to invite International bidders to set up a plant for generating electricity from wind energy at 250 megawatt capacity.

" Investments due to be injected into the project amount to EUR260mln," informed sources at NREA told Al-Mal newspaper.

German Construction Bank KFW will take charge of arranging financing for the project in collaboration with European partners, as the funding will be released after the contract is awarded and measurement and technical studies kick-off, the sources continued, confirming that bids will be received as of early 2019.

After seven international companies provided their respective bids, NREA picked four entities only upon rendering an appraisal for their respective financial and technical standing.

On the same vein, Minister of Electricity Dr. Mohmed Shaker gave directives to speedily resolve stand-off in Aswan's Benban town solar energy projects which came to a halt in protest against Minister of Transports' directive obligating investors to build a 10 km road leading up to the Upper Egypt's town.

With costs of building the road being estimated at EGP90mln, Ministry of Electricity and Renewable Energy proposed each investor and the government to take part in financing the construction works, according to the sources.

Back in September 2017, Ministry of Electricity announced launching the second phase of renewable energy projects at capacities totaling 4300 megawatt and injecting up to USD6bn investments.

Buying solar energy is priced at 102.8 piastres per kilowatt from households and 8.4 cent per kilowatt from mega projects and 7 cents from winds.

Oct 23, 2018

Banque Du Caire has pumped around EGP 2.9 billion into the Central Bank of Egypt’s (CBE) initiative for the small- and medium-sized enterprises (SMEs) launched in 2016, vice chairman said.

The contribution of Egypt’s third-largest state-run lender in the SMEs portfolio accounts for 70% of total investments worth EGP 4 billion year-to-date, Hazem Hegazy added.

He noted that the bank came in the third spot among the banks taking part in the initiative.

Hegazy previously stated that Banque Du Caire was aiming to raise the SME portfolio to EGP 30 billion in 2022.

Oct 23, 2018

Egypt is planning to establish a new pipeline to export liquefied natural gas (LNG) to Cyprus, according to the minister of petroleum Tarek El-Molla.

Egypt has the needed capacities to make the best use of the huge natural gas discoveries in the Mediterranean, said the minister as reported by the Middle East News Agency (MENA).

El-Molla’s remarks were on the sidelines of the Egyptian President Abd El-Fattah El-Sisi’s visit to the Greek island of Crete to take part in the tripartite summit with Greece and Cyprus.

The minister stressed that the three countries will continue to cooperate in the energy sector.

Oct 11, 2018




Business News Egypt's Minister of Petroleum Tarek El-Molla has announced that Egypt will offer the first bid on oil and gas excavation in the Red Sea before the end of 2018 after processing seismic reflection data.During a meeting of the Egyptian-Canadian Business Council, El-Molla affirmed that all the gas and petroleum needs of the electricity sector, industry and households have been met in 2018, adding that the country spends more than $1.5 billion per month due to the international rise in petroleum prices.

The minister affirmed that total domestic natural gas production now amounts to 6.5 billion cubic feet per day, achieving self sufficiency, after four Mediterranean fields have entered the production map, namely Zohr, Atoll, Noorus and North Alexandria, with investments of $27 billion.

"The ministry's strategic plan includes diversifying energy supplies, addressing debt arrears, reforming the subsidy system, addressing domestic debt, improving governance of the sector, conducting structural reforms, and encouraging private sector investment," El-Molla added.

Zohr, discovered by Italian energy company Eni in 2015, is the largest natural gas field ever discovered in the Mediterranean Sea.

The Nooros field, located in the Nile Delta region, was discovered in July 2015 and started production in September of the same year.

In March 2018, Eni said the field had reached production of 32 million cubic metres per day (the equivalent of around 215,000 barrels of oil per day), the highest ever recorded by an Eni field in Egypt in the last 50 years.

Oct 25, 2018

The seventh session of the Egyptian-Ukrainian Joint Committee on Economic, Scientific and Technical Cooperation was held in the Ukrainian capital Kiev.

Investment and International Cooperation Minister Sahar Nasr and Ukraine's Deputy Prime Minister Pavlo Rozenko headed the Egyptian and Ukrainian sides, respectively.

During the event, Rozenko stressed that there are strong strategic ties binding Egypt and his country, said a statement released by the Investment and International Cooperation Ministry on Saturday.

He further expressed Ukraine's keenness on promoting bilateral economic relations, the statement read.

Rozenko asserted that Egypt is one of the most important economic partners for his country in the fields of investment, trade exchange, tourism, agricultural and scientific research.

The committee agreed to increase the Ukrainian investments in Egypt in light of the presence of 130 Ukrainian firms only doing business in Egypt, the matter which does not suit the unique economic ties between the two countries, the statement added.

Nov 04, 2018

Russia’s President Vladimir Putin and his Egyptian counterpart Abdel Fattah al-Sisi will discuss the resumption of direct charter flights from Russia to Egyptian Red Sea resorts during their meeting on October 17, Kremlin aide Yuri Ushakov said.

Ushakov told reporters on Tuesday that the two presidents would discuss the resumption of flights to the resort towns Sharm el-Sheikh and Hurghada. Russian flag carrier Aeroflot restarted flights to Egypt’s capital Cairo in April.

Oct 18, 2018




Business News Egypt has signed a deal with ACWA Power to build a $2.3 billion power plant in Luxor.

The new power station will have a capacity of 2,250 megawatts, electricity and energy minister Mohamed Shaker said on Thursday, announcing that the plant is expected to be operational by 2023.

The Saudi company recently announced plans to increase its investments in Egypt in the power generation sector, according to the company ’s CEO.

Paddy Padmanathan revealed that ACWA Power will pump $2.3 billion in the Egyptian market, after signing the contract to establish a new power plant with a 2,250 megawatt capacity, according to an official statement by the Egyptian Cabinet.

The CEO recently met with the Egyptian Prime Minister Moustafa Madbouli, discussing investment opportunities in Egypt, as well as signing the agreement for the power generation plant that will be built in Luxor.

Nov 04, 2018

Egypt sold EGP 904 million ($50.6 million) worth of three- and seven-year treasury bonds on Monday after cancelling sales for four successive weeks, the central bank said.

The three-year bonds carried an average yield of 18.432 percent while the seven-year bonds carried an average yield of 18.431 percent, bank data showed.

The bank sold EGP 750 million of three-year bonds, the same amount it was seeking. It sold EGP 153 million of seven-year bonds, well under the EGP 500 million worth it had sought.

Demand for local currency bonds has declined and yields have risen since currency crises in Argentina and Turkey scared foreign investors away from emerging markets.

Egypt’s central bank has been reluctant to lock itself into long term maturities at high yields. ($1 = EGP 17.8600)

Oct 02, 2018

Prime Minister Mostafa Madbouly witnessed on Thursday the signing of two agreements with the Islamic Development Bank (IDB).

The first agreement is meant to establish a regional headquarters for the IDB group in Cairo.

Meanwhile, the second deal will be earmarked for boosting strategic cooperation between Egypt and the bank from 2019 to 2021, with total investments of about $3 billion.

The first agreement comes within the framework of the two sides' keenness to increase bilateral cooperation in the foreseeable future.

Oct 08, 2018



Business News The final phase of the EU-Egypt Association Agreement that promises the total exemption of customs on imported European cars should be implemented early next year, seeing customs duties on cars imported from Europe fall to zero per cent.

This should be good news for Egyptian customers as it should mean they can buy European cars at cheaper prices. It seems, however, that this will not necessarily be the case.

All customs duties on cars with engines of 1,300 cc imported from Europe were eliminated in 2016. For cars with engines of 1,600 cc and above, customs reductions take place annually at a rate of four per cent and will reach zero per cent in 2019.

However, thus far no drop in prices has been seen on the Egyptian market. Hamdi Abdel-Aziz, former head of the Federation of Egyptian Industries Engineering Industries Chamber, said this was because European cars were being sold according to their “global position” and not necessarily their cost.

“If a European car’s cost after tariff reductions becomes equivalent to that of a Chinese car, for example, the European company will hike the price,” Abdel-Aziz told Al-Ahram Weekly.

He said that tariff reductions mainly benefited exporters. They also led to reductions of customs revenue for the state.

They could harm local car manufacturers, he said, since these pay custom duties on production inputs, making it hard for them to compete with customs-free imported cars.

Noureddin Darwish, deputy head of the Cars Division at the Cairo Chamber of Commerce, agreed, saying that the reduction in tariffs on cars imported from Europe had largely gone unnoticed because the prices of these cars increased annually by roughly the same percentage as the tariff reductions.

Consumers would only feel a difference if the government did not introduce any new tariffs, Darwish said.

Egypt has postponed the tariff reductions twice, and reports surfaced last week that it had requested delaying the zero per cent customs duties on car imports for one or two years.

However, the Trade Ministry did not confirm the news, and sources who spoke to the Weekly denied the reports.

The request could have been aimed at giving the local car industry a competitive edge. When tariffs fall to zero, imports are likely to be more cost competitive than cars assembled in Egypt.

A directive that targets boosting the local industry by instituting specific local input requirements for domestic automotive assemblers has been in the works, but has yet to be presented to parliament.

The directive aims to encourage local assemblers to move up the value chain into manufacturing in return for incentives that would not be enjoyed by cheaper imports from the EU, Morocco and Turkey. However, it has been stalled for months.

The EU-Egypt Association Agreement governs trade relations between Egypt and the EU and is modelled on the Euro-Mediterranean Partnership Agreements between the EU and its partners on the southern flank of the Mediterranean, according to the EU website.

It incorporates free-trade arrangements for industrial goods, concessionary arrangements for trade in agricultural products, and the prospect of a greater liberalisation of trade in services and farm goods.

The agreement was signed in Luxembourg in June 2001 and entered into force in June 2004, following ratification by EU member states and Egypt.

It applies to industrial, agricultural and processed agricultural products and stipulates that Egyptian imports of products originating in EU member states shall be free of customs duties, or any other charges having equivalent effect, and free of quantitative restrictions, or any other restrictions having equivalent effect, in accordance with a specific timeline.

For vehicles, all customs duties should be eliminated by 2019, according to the agreement.

Nov 04, 2018




Business News The Egyptian Arab Land Bank (EAL Bank) has acquired a building owned by the Export Development Bank of Egypt.

The new building will become EAL Bank’s new headquarters.

Located in Mohandessin, the building in question has been purchased to accommodate all of EAL Bank’s central departments, making it the bank’s new primary headquarters, chairman Amr Kamal told Mubasher in exclusive statements on Monday.

He further added that the bank will open a new office in the New Administrative Capital over the span of the next three years, giving no further details as to the cost of that upcoming investment.

Meanwhile, Mervat Sultan, president of the Egyptian Export Development Bank, said that her bank has relocated its HQ to the Fifth Settlement a month ago. Sultan did not disclose the value of the deal with EAL Bank.

Oct 09, 2018

The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.25 billion on Sunday on behalf of the Ministry of Finance (MOF).






Oct 14, 2018




Business News Egypt's Minister of Trade and Industry Amr Nassar said on Friday that food exports are expected to increase during the coming months now that Sudan has lifted a ban on Egyptian imports.

Sudan's decision to lift a ban on Egyptian food imports came during this week’s Egyptian-Sudanese presidential summit in Khartoum, which ended on Thursday.

In March 2017 Sudan banned the import of all Egyptian agricultural goods amid a range of disputes.

Nassar said that the lifting of the ban was one of the most important results of the meetings between Egyptian President Abdel-Fattah El-Sisi and Sudan ’s President Omar Al-Bashir this week.

"The great support of the political leadership of the two countries is the main factor in the success of the efforts exerted, which included holding intensive meetings with the Sudanese side during which was stressed the importance of lifting all trade restrictions between the two countries, to contribute to the flow of trade and joint investment," said Nassar.

The minister said that there had been a decline in exports to Sudan from $164 million dollars in 2016 to $44 million in 2017.

Nassar said that intensive meetings had been held with relevant export councils to discuss increasing export rates, to benefit from the presence of land crossings between Egypt and Sudan, to allow the access of Egyptian products to the markets of COMESA countries. He said that Sudan is "the main gateway to this huge market," which includes 19 African countries.

The minister said that he had received great understanding from his Sudanese counterpart Musa Karama, as well as all Sudanese government officials, to resolve the challenges that hindered the growth of trade.

Nassar and Karama also signed a memorandum of understanding between the Egyptian Export Development Authority and the Sudanese Trade Authority to promote joint cooperation and establish a strategic partnership in the fields of exchanging experiences and trade information.

Nassar said that the agreement will last for two years and aims at a regular exchange of trade information to support businessmen and small and medium-sized enterprises.

According to the agreement, the two sides will encourage private sector companies to participate in trade fairs and conferences related to trade and business which are held in either country.

He added that the agreement includes enhancing cooperation in organizing commercial weeks for promising national products in both countries, as well as providing support to visiting trade delegations from the two countries.

Oct 28, 2018




Business News The Ministry of Electricity is in negotiations with four international banking institutions to provide the necessary funding for the construction studies of two pumped-storage hydroelectricity (PSH) projects in Luxor and Qena.

Ministry sources told Daily News Egypt that the ministry’s officials have been in talks with the Agence Française de Développement (AFD), the German KfW, the European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB) to finance the detailed field studies required for the two sites.

The sources pointed out that the location of North Luxor accommodates the construction of a PSH project with a capacity of 2,000 MW, and $2.4bn in investments, while the site in Armant, Qena can support a capacity of 2,000 MW at a cost of $2.5bn.

The sources also said that the ministry is seeking to reach a funding agreement with one of the banks, to initiate the studies during the first half of next year, especially as it included PSH projects within its future strategy, to increase renewable energy production.

Moreover, they explained that, the PSH endeavours that will be implemented using top-notch electricity storage technology will have many benefits, especially in terms of network operation costs, and storage safety factors for solar and wind power, as well as power grid stability.

Additionally, the sources said that these enterprises will contribute to strengthening the unified electricity network, and will be used to store electricity produced from renewable energy sources.

Consequently, the reliability of renewable sources as a supply for electric power would increase, and the water produced from the wastewater plants in both governorates will be treated, then used to power the turbines.

Oct 30, 2018

Egypt’s Ministry of Electricity resumed its negotiations with China’s GCL Group to set up an integrated industrial complex in order to produce solar panels, with a capacity of 5GW.

The Minister of Military Production Mohamed Al-Assar told Daily News Egypt that the ministry was negotiating with Chinese and German companies to install a solar panel production plant in Egypt.

A source from the military production ministry informed DNE that the main reason behind the stalled previous negotiations was that the Chinese company had requested the signing of conditional agreements before contracting. The source said that the Chinese request has not been accepted.

DNE reported in July that the negotiations with the GCL Group had been stalled after the Chinese company made a request that the ministry purchases the factory ’s entire production.

The ministry denied the request as the Egyptian market would not absorb 5GW of solar panels per year.

Moreover, exporting opportunities would also be limited due to the spread of other low-cost Chinese products.

Egypt has received a grant from the Kuwait Fund for Arab Economic Development worth KD 200,000 last year to complete the feasibility studies for the solar panels plant, relying on Egyptian silica sand.

According to the ministry, the solar panel complex will be built over five stages, starting with the extraction of pure Egyptian quartz, to the manufacture of silicon metal and poly silicon and the manufacturing of solar cells and panels.

The ministry aims to benefit from the expertise of international companies to localize this technology and meet the needs of the local market of solar cells, as well as export the surplus of production to Arab and African countries.

Nov 11, 2018




Business News Egyptian Finance Minister Mohamed Mait launched on Sunday a pan-Asian roadshow to promote its international bonds in the South Korean capital, Seoul.

The promotion campaign will continue in November in several important Asian markets, topped by Singapore, Malaysia, Hong Kong, China and Japan.

Within the coming few weeks, a roadshow will also be launched in some European states, such as Italy, France, China and Japan.

The non-deal roadshow is meant to expand the investor base and increase liquidity levels for Egyptian securities in order to contribute to reducing the high yields required on government securities, thereby reducing the public debt burden, the ministry said in a statement said on Sunday.

During the campaign, the minister will review the latest economic indicators in view of the economic reforms carried out by Egypt, the statement said, highlighting the reforms' contribution to upping Egypt's international economic rating.

The statement said the budget deficit dropped 12.5 percent in the 2015-2016 FY and continued its downturn to reach 9.8 percent in the last fiscal year.

The ministry plans to further decrease budget deficit to 8.4 percent in the current fiscal year, the statement said.

The economic reforms have recently contributed to upping Egyptian expats' remittances by 21 percent to stand at $26.3 billion, the statement said.

The statement noted that tourism revenues skyrocketed by 68.2 percent to stand at $7.4 billion in the 2017-2018 FY.

The Suez Canal revenues ramped up by 15.4 percent to reach $5.7 billion.

Oct 09, 2018

Egypt launched a pan-Asian roadshow to promote its international bonds in South Korea on Sunday, part of a bid to bring down rising yields on its debt, the finance ministry said.

The non-deal roadshow that starts in Seoul aims to open up new bond markets for Egypt, the statement said. The government cancelled four consecutive local currency T-bond auctions last month after bankers and investors demanded high yields on the debt.

Finance Minister Mohamed Maait said last month Egypt was looking to sell around $5 billion in Eurobonds, possibly in the first quarter of 2019.

“The expansion of the investor base and increasing liquidity levels for Egyptian securities contribute to reducing the high yields required on government securities, thereby reducing the public debt burden,” the statement said.

Egypt aims to reach an average interest rate on government debt instruments in the current 2018-2019 budget of about 14.7 percent compared with 18.5 percent in fiscal year 2017-2018, which ended on June 30.

Egypt’s funding needs in the 2018-2019 budget are about 714.637 billion Egyptian pounds ($40.06 billion), of which 511.208 billion are in the form of domestic debt instruments and the rest are external financing from the issuance of bonds and an IMF loan.

Oct 08, 2018




Business News The Finance Ministry auctioned on Monday three-year and seven-year treasury bonds at a total value of EGP 1.25 billion.

In an online statement, the ministry said it has sold EGP 750 million of three-year T-bonds with an average yield of 18.32 percent, adding it accepted bids at rates between 18.3 percent and 18.2 percent.

The seven-year T-bonds, worth EGP 500 million, have achieved average revenue of 18.32 percent, the ministry said.

The yield ranged from 18.35 percent to 18.25 percent.

The Central Bank of Egypt (CBE) auctions T-bonds on behalf of the finance ministry.

Earlier in October, the CBE sold EGP 904 million worth of three-and-seven-year-treasury bonds, after halting sales for a month following the decline in demand for local currency bonds and rise in currency crises in Argentina, Turkey and other emerging markets.

Oct 16, 2018

Loans & GrantsEuro 1 billion French investments to be pumped in Egypt during 2019. That was announced by Mr. Mahmoud Al Qeisi, Chairman of the French Chamber of Trade & Industry in Egypt hence increasing direct French investments in Egypt to Euro 5 billion up from Euro 4 billion a year ago. Mr. Al Qeisi revealed that up to 125 French companies and organizations are now operating on the Egyptian market disposing on more than 30,000 work force. Members of the Chamber, established in 1992, now exceed 600 members.

Nov 15, 2018

High ranking Kuwaiti executive of the KFASD - Kuwaiti Fund for Arab Social Development was quoted in the media indicating the Fund has budgeted $ 1 billion new soft loans to Egypt over the next 3 years. Mr. Abdallah Khalil Al Meseibieh, a regional director at the Fund's operation dept. revealed that the loan will go under the same provisions of the last trench of the $ 1 billion loan endorsed by the IBRD in favor of Egypt lately. On his side, Director General of the Fund, Mr. Abdel Wahab El Badr, indicated that Egypt will receive next year from the Fund $ 300 million part of credits endorsed to support Sinai projects.

Dec 09, 2018

Egyptian Government placing final touches for several new loans agreements from the IDB. Agreements have been reviewed & agreed upon during recent meetings between President Al Sisi & Dr. Jim Kim, ADB Chairman in Washington in September 2018 last. That was announced by Dr. Sahar Nasr, Minister of Investment & International Cooperation, indicating loans include $ 1 billion soft finance to Sinai Projects, also other infrastructure projects related to agriculture & transport.

Oct 17, 2018

Stg. 12 million grant from the UK endorsed to enhance the general education in Egypt as part of a program to exchange experiences & revamp cultural & educational capabilities of Egyptian teachers by training them in the UK. That was announced the UK Minister in Charge of the Middle East Affairs & the UK Ambassador to Egypt

Nov 03, 2018

Midor Co, saying it has reached agreement with the concerned banking alliance on the loan it would receive there from exceeding $ 1.2 billion to finance its extensions. Months earlier Midor signed a $ 1,7 billion contract with Technip on the project covering engineering designs, construction and equipment. Alliance groups BNP Paribas & Credit Agricole of France and CDP of Italy.

Oct 14, 2018

Privatization and InvestmentsSohag New City Development Agency searching to lease several kinder gardens, multipurpose play grounds for adults, health care units & children play grounds for 6 years.

Oct 03, 2018

Projects Awards Director General of state owned EGOTH, Mr. Sherif El Bendari, announcing his company plans to revamp both Mena House Hotel in Cairo & Windsor Hotel in Luxor, backed by L.E. 1.2 billion investments among other hotels. That reported in the media indicating that Mena house Hotel was built in 1869 during Khedewi Ismail Era in 1869 con comprises 331 suites & 40 feddans parks & green areas.

Nov 26, 2018




Projects Awards The trade exchange between Egypt and Sweden in the first eight months of this year amounted to $541 million, Trade and Industry Minister Amr Nassar.

The minister added that the Swedish total investments have reached $ 133.5 million in 121 projects in different fields including industry and IT.

Nassar stressed the importance of promoting Egyptian exports to Sweden to cut a current balance of trade deficit.The minister made these comments during his meeting with with Swedish Ambassador in Cairo Jan Thesleff in presence of a delegation comprising the chiefs of major Swedish companies operating in Egypt.

Nassar asserted the importance of turning the economic and strategic relations between Egypt and Sweden into real partnerships in various fields.

Oct 23, 2018

Projects in Pre-Tendering PhaseDeadline to submit offers for the earlier launched wind energy power station on the Suez Gulf of 250 MW design capacity now set for 1/20/2018. Estimated project costs are now put at Euro 250 million. Several international companies have prequalified for the project including Siemens Gavista, Vistas & Sinfeyon a.o. Project finance is raised by Europe Reconstruction Bank, AFD, European Investment Bank & KfW a.o.

Dec 10, 2018

A project was launched to build an integrated fish farm at sea water in Port Said under L.E. 95 million investments financed under Foreign Debt Exchange Program concluded with Italy.

Nov 22, 2018

An affiliate to El Sewedy Electric Group, El Sewedy Industrial Development, signed a contract to develop 10 Km2 land of the Economic Zone of the Suez Canal in Ein Al Sukhna to convert it into an integrated industrial city by investors. Project is set for completion over 10 years.

Dec 10, 2018

Phosphate Misr, reporting to the Ministry of Petroleum, receiving offers from a group of companies to invest almost $ 1.4 billion to revamp it and export all its output abroad. Chairman of the developing company, Mr. Medhat Mounir, said his company is owned 25 % by phosphate Misr. Project is scheduled to start operation by early 2019.

Oct 01, 2018

CEO of ACWA Power of Saudi Arabia, Mr. Badi Badn manhanten, announcing works are to soon start on the Co.'s Project in Luxor involving $ 2,3 billion investments to build 2,250 MW power station in Luxor. Statements came after the Prime Minister met with the highly seen executive in Luxor under attendance of Mrs. Engineer Randa El Menshawi, Minister of State & Public Utilities.

Oct 11, 2018

Contract signed with a Japanese alliance valued JY 247 million &L.E. 35 million to build the new Deirout Barrage to serve & improve irrigation of 1.5 million feddans. That was announced by Dr. Eng. Mohamed Abdel Aati, Minister of Water Resources & Irrigation for completion over three stages in December 2024. This is the second large irrigation barrage built by Egypt used also for hydroelectric power generation. The first was built in Esna, in Qena Governorate, by the Germans.

Oct 19, 2018

Agreement signed between APICORP and the Suez based Methanol Derivatives Co. to pave the way for financing the production of relevant derivatives valued $35 to $ 40 million on which a final agreement to be later signed. Deal was signed by Nicolas thevinout, Deputy Chairman of Apicorp, and Eng. Gawdat Al Sadek, Chairman of Methanol Derivatives Co. Total project costs are put at $ 60 million 40 % of which to be financed by main shareholders of the company & the rest via external soft loans. Project will produce annually 18,000 tons of urea formaldehyde of 85 % concentration used in the fertilizers industry & 34,000 tons of urea formaldehyde of 65 % concentration used in the adhesives materials industry & 26,000 tons naphthalene suffocated formaldehyde used in the production of precast concrete.

Oct 17, 2018

El Sewedy of Egypt & Masdar of the UAE in agreement to build & operate a 200 MW wind energy station in the Suez Gulf as BOO to go under Euro 300 million investments. Contract provides for buying the generated electricity for 20 years. On its side, Egypt's REA is expected to hold 5 to 10 % stake in the project & the issue is still negotiated with the concerned parties.

Oct 11, 2018

Trenco - Transport & Engineering Co. communicating with 10 world giants of the rubber industry with Michelin of France & Hancock of South Korea on the top of the list. Contacts & negotiations are lead by Mr. Walid El Rashidi, Deputy Chairman of the Holding Co. for Chemical Industries who predicted the rehabilitation/ revamping scheme would cost about $ 200 million, i.e. almost the value of Trenco Land in Somouha (170,000 M2) .

Oct 01, 2018

ANOPEC - Assuit National Oil & Petrochemicals Co signing a contract with Techint of Italy & Enppi of Egypt to implement the early works for a new mazotte cracker to revamp Assuit refinery under $ 1.9 billion investments. The new factory receives annually about 2.5 million tons of mazotte, equaling about 1.6 million tons of mazotte according to European specs apart of 402,000 tons of Naphtha to produce high octane benzene, 101,000 tons of butagaz & 330 tons of sulfur. Contract was signed by Eng. Mohamed Bade, Chairman of Anopec, Francisco Kamara on behalf of Techint & Eng. Alaa Hegazi, Chairman of Enppi.

Oct 12, 2018




Projects in Pre-Tendering PhaseMEDOR signing final finance contracts for its $ 1.2 billion expansion with an international banking consortium. Investments of total expansions are valued L.E. 2.2 billion. That was announced by Dr. Eng. Mohamed Abdel Aziz, Chairman of the Board of Directors of MEDOR, indicating main contractor for the expansion is Technip Group of Italy/ France. Worth indicating is that Medor is owned 78 % by EGPC of Egypt, 10% by Petro jet, other 10 % by Enppi, & 2 % by the Suez Canal Bank.

Oct 14, 2018

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