Tuesday, 10 March 2015
WHAT WE’RE TRACKING TODAY
Telecom Egypt will announce its FY2014 results today at 9am CLT.
WHAT WE’RE TRACKING THIS WEEK
11 March (Wednesday-Thursday): 32nd Arab Interior Ministers Council, Algiers.
13-15 March (Friday-Sunday): Egypt Economic Development Conference (EEDC), Sharm El-Sheikh. Visit the official website here.
LAST NIGHT’S TALK SHOWS
Lamees El Hadidy presented a special focus on the Suez Canal Development Project with studio guests Yehia Zaki, Managing Director of Dar El Handassa, the company that is carrying out the feasibility studies and creating the master plan for the development of the canal zone and Hani Sarie-Eldin, Founder and Chairman, Sarie-Eldin and Partners, the legal counsel on the project.
“The Suez Canal Development Project is largest and perhaps the single most important project that is being presented in Sharm El Sheikh next week,” said El Hadidy.
“The economic summit is a great opportunity for us to unveil this ambitious one-of-a-kind project to the entire world. We are very proud and excited to have been given this opportunity to showcase all the months of hard work that has gone into this,” said Zaki. “There will be special sessions devoted to the Suez Canal on the second and third days of the conference. The first session on Saturday will be a general overview to introduce the master plan for the project, the long and short-term goals and the vision we have for the entire area. The session will include Admiral Mohab Mamish, the Head of the Suez Canal Authority, who will give the general overview of the project, Dr. Hani Sarie-Eldin, who will present the legal framework and the laws that will govern the Suez Canal zone, Mohamed El Sewedy, the Head of the Federation of Egyptian Industries, who will talk about industrial development around the zone and myself for the overall strategy.
“The second day of the conference will include special workshops on infrastructure, industrial developments, ICT for the Suez Canal. In the workshops experts will engage with attendees and give presentations on the specific projects and investment opportunities on offer — a total 18 individual projects will be profiled in sectors including transportation and logistics, manufacturing, infrastructure, energy and ICT,” said Zaki.
“We expect the new law on specialized economic zones to be out next Thursday ahead of the summit,” saidSarie-Eldin.” It is not an entirely new law but an amendment of the 2002 law which was in and of itself very effective, one of the best investment laws that this country has ever drafted, but unfortunately it was never properly implemented. I believe that the new law, which aims to minimize the bureaucracy and streamline procedures by bring all government entities under one umbrella with its own tax and customs regulations, will have a very positive impact on investment.
“The New Suez Canal Development Authority reports directly to the president and will be responsible for all licensing and land allocations. It will have its own executive board made up of members from various government entities and its own customs and tax regime,” added Sarie Eldin.
According to Zaki, the first phase of the Suez Canal development will take place between 2015 and 2030 and is expected to create one mn new job opportunities. the first 15 years. Total Investments amounting to USD 15 bn will be made to develop infrastructure in the first 15 years. Port development will require an additional USD 15-20 bn to upgrade facilities at six different ports.
Admiral Mamish called in to the program to say that he is extremely optimistic about the development of the canal zone.
“We have recently visited France, the UK and Italy and we have met with members of the Italian business delegation during their recent visit to Cairo to introduce the project. They all showed tremendous interest and they commended us on our perseverance and our ability to overcome challenges,” said Mamish. “The final touches are being put on the presentations so that we can really put our best face forward in Sharm El Sheikh.”
Asked when the new Suez canal will be officially opened, Mamish said: “If the President has ordered us to open in August 2015, then we will certainly be ready to do so. We will make him proud and make the Egyptians people proud.”
Ibrahim Eissa indulged in one of his favorite pastimes, analyzing President Abdel Fatah Al Sisi’s speeches. Commenting on the President’s speech on the occasion of the inauguration of 19 projects carried out by the armed forces, Eissa asked the question:
“Why is the president always talking about death and death threats, particularly his own death? What point is he trying to make? Is this normal for him to say I am threatened with assassination? I think he is trying to get the point across that there are serious challenges and serious threats. Whatever his intentions are, it is not a very comforting thing to hear. President Al Sisi is the main pillar of stability in this country. Mr. President, I advise you to not mention death again in your speeches. Please let this be the last time so as not to create a sense of panic.”
President Abdelfattah El Sisi recently sat down for an interview with FOX News which touched upon a number of topics including the improving investment climate culminating in this week’s economic conference, the American suspension of delivery of military hardware, and global concerns regarding terrorism. A summary of the interview may be found here and excerpt of the interview has been uploaded, (Watch, running time: 8:17)
The U.S. Statement Department has issued a release noting that Secretary John Kerry will attend the economic conference at the end of this week, where he will meet with President Abdelfattah El Sisi and other government officials. “The United States is committed to strengthening its long-term strategic and economic partnership with Egypt. We continue to work with the Egyptian government to help the Egyptian people stabilize and grow the economy, create jobs, educate young people, improve access to health care, and to help realize the aspirations of the Egyptian people for an inclusive, rights- and freedoms-respecting, and peaceful political climate.” (Read)
BP makes second significant gas discovery in the East Mediterranean: BP announced it second significant gas discovery in the North Damietta Offshore Concession in the East Nile Delta. The discovery was made at the “Atoll-1” deepwater exploration well, which is expected to be the deepest well ever drilled in Egypt. “Success in Atoll further increases our confidence in the quality of the Nile Delta … The estimated potential in the concession exceeds 5 tcf and we now have a positive starting point for the next possible major project in Egypt after BP’s West Nile Delta project,” said BP’s CEO Bob Dudley. (Read)
First phase of Arabtec’s 1 mn units’ project to begin “within days” –housing minister: Arabtec is expected to begin the first phase of the 1 mn units’ project “within days,” according to the Minister of Housing Moustafa Madbouly. This follows extensive talks between the ministry and Arabtec’s executives following news last week of the project’s suspension. Madbouly suggested that all other issues that were pending with Arabtec have been resolved. The first phase involves 120,000 units targeting middle income residents in Al Obour, Badr, and New Minya, as reported by Amwal Al Ghad. According to a similar report in Al Borsa, the housing ministry will be allocated units from the project in lieu of payment for the land from Arabtec. (Read in Arabic in Amwal Al Ghad and Al Borsa)
Orascom Construction’s shares climbed 2.9% on their debut on Nasdaq Dubai as the company said it was in talks to finance the first phase of a USD 5 bn coal-fired power plant in Egypt. Reutersreports that the project is provisionally a 50-50 partnership with IPIC, with the first phase likely taking 30-38 months to complete. EFG Hermes was sponsor and global coordinator for the Nasdaq Dubai listing and global coordinator and joint bookrunner for Orascom Construction’s listing on the EGX.
Former Interior Minister Mohamed Ibrahim is not under house arrest, Masrawy reports in the wake of rumors yesterday. Rather, the ex-minister’s personal security detail has been beefed up given the potential for attempts on Ibrahim’s life.
Cairo prosecution have dismissed Transportation Minister Hany Dahy after reportedly seeking to question him in connection with an incident that saw a bus collide with a freight train at an illegal crossing, resulting in the death of seven people and the injury of 25 others, Al Borsa reports.
EGP 150 mn in cigarettes ordered “in preparation for elections”: Cigarette retailers in Cairo and Giza have reportedly ordered EGP 150 mn in cigarettes and tobacco products in preparation for the upcoming parliamentary elections. Sales are up 10%, according to the head of tobacco retailers’ association, who noted that cigarettes are used as a means to extend favours to potential favours and are distributed during talks and electoral gatherings. (Read in Arabic)
Pharos Holding, a full-service investment bank based in Cairo, announced yesterday that its investment banking division concluded advisory on the sale of a 52% stake in the Egyptian-listed Arab Dairyto Cairo-based financial services firm Pioneers Holding — an existing shareholder in Arab Dairy with a 16.73% stake — for an equity consideration of EGP 255 mn, representing c.60% of the company’s value. The finalization of the deal concludes months of a bidding war for Arab Dairy where it had received several due diligence requests and acquisition offers from international and local players: France’s Lactalis International, Egypt’s Pioneers Holding, Denmark’s Arla Foods, India’s Paras Dairy and Saudi Arabia’s Arrow Food Distribution. “Pharos Holding’s closing of this deal adds to its string of successes as it makes its mark as a top advisor in Egypt’s vibrant M&A market,” said Pharos Holding Founder and Chairman Dr. Mohamed Taymour.
Can Egypt Do Better at Business? This Bloomberg View piece by Peter R. Orszag, one of the speakers at this week’s EEDC, and vice chairman of corporate and investment banking and chairman of the financial strategy and solutions group at Citigroup, focuses on the economic progress that Egypt has made and what is needed for future growth. Orszag highlights three broad imperatives which he sees as essential for the government to initiate or build upon current efforts: improving the business environment, allow a further 20-30% depreciation of the EGP, and increase the number of women in the workforce. (Read)
GB Auto to assemble Hyundai Elantra? Al Mal quotes anonymous sources as claiming GB Auto has been give the green light from Hyundai to assemble the Elantra at its factories in Egypt. GB Auto reportedly entered into negotiations with Hyundai over a year ago to earn the right to assemble the Elantra. GB Auto is expected to begin assembly in the second half of the fiscal year, the paper says.
ASEC Engineering and Management, the leading cement plant O&M service provider in Egypt and the MENA region, has signed a contract with Ethiopia’s National Cement Share Company to provide full technical assistance for the operation and maintenance of a cement plant with a production capacity of one mn tons of clinker per annum. The plant is located in the city of Dire Dawa in Ethiopia, 450 km east of the capital Addis Ababa. ASEC Engineering is a subsidiary of ASEC Holding, a business unit of Qalaa Holdings.
Two banks in Alexandria were attacked yesterday by masked assailants; the National Bank of Egypt in the Seyouf district was attacked with Molotov cocktails while a branch of Emirates NBD had shots fired at it by unknown gunmen. No casualties were reported in either incident, according to Ahram Online. Meanwhile, a vehicle carrying petroleum-based products exploded in the Badrasheen area of Giza, security sources told Al-Mal yesterday.
25 Indian companies to participate in investment summit: India’s ambassador to Egypt, Navdeep Suri, will be heading India’s delegation at this week’s Egypt Economic Development Conference. The delegation comprises 45 individuals representing 25 companies, including TCI Sanmar, Tata Sons, Egyptian-Indian Polyester PET Resin Manufacturing Plant, and Ranbaxy Laboratories. (Read in Arabic)
30 South Korean companies to attend investment summit: On the back of his meeting with Egypt’s Minister of Trade and Industry, Mounir Fakhry Abdel Nour, South Korea’s ambassador to Egypt stated that his country will have a strong presence at this week’s investment summit. According to the ambassador, the delegation will comprise 30 companies involved in a wide array of industries, ranging from automobiles to electronics. The ambassador concluded his statement by adding that South Korean companies were interested in expanding their footprint in Egypt and the wider MENA region.(Read in Arabic)
The Muslim Brotherhood is usually not this shameless in English: From Ikhwanweb, here is their position on this week’s investment summit: “The Alliance rejects the conference which is bound to destroy Egypt’s economy, trample the homeland’s sovereignty, and violates the rights of all Egyptians, especially the poor and the workers.” [emphasis ours] The quote is from a release issued on Friday titled ‘National Alliance Statement Calls ‘Egypt Not For Sale’ Week of Peaceful Revolutionary Protest.’ They’re sounding a little more leftist than they did back in 2012, when they were calling for foreign investment in order to help ‘the poor and the workers.’.
Imbalance in crude oil price will end soon -OPEC chief: OPEC Secretary-General Abdalla El-Badri said on Sunday that the global oil market will ‘return to balance’ in 2H2015 on falling output by high-cost shale producers, as reported by Bloomberg. He predicted that consumption this year will increase by 1.2 mn barrels a day. “He urged OPEC nations to continue investing in oil while also diversifying their economies, many of which rely mostly on crude exports.”
Prince Alwaleed met with Snapchat’s CEO: Chairman of Kingdom Holding, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, met with Snapchat CEO Evan Spiegel along with Chief Strategy Officer Imran Khan, according to a release by Kingdom Holding. The release does not disclose anything more specific than stating that “During their meeting HRH and Mr. Spiegel discussed political, business and economic issues.” Kingdom Holding bought a USD 300 mn stake in Twitter in 2011. (Read the release)
A solar-powered aircraft took off from Abu Dhabi yesterday in a historic attempt to complete a flight around the world without a single drop of fossil fuel. The single-seat aircraft is flown by Solar Impulse founder André Borschberg, who will trade-off piloting with co-founder Bertrand Piccard. Watch the takeoff from the first leg of the trip (Abu Dhabi to Oman) here, running time: c.2 minutes.
McDonald’s customers will soon be able to swipe, insert or tap their payment solutions to pay for purchases after a deal signed with MasterCard to introduce payment solutions across the Middle East and Africa. Read the press release here.
Malaysia and Singapore Take Top Spots in the MasterCard-CrescentRating Global Muslim Travel Index 2015. The GMTI looks at in-depth data covering 100 destinations, creating an overall index, based on a number of criteria. In 2014, there were 108 mn Muslim travellers who spent USD 145 bn and MasterCard expects this to grow to 150 mn travellers in 2020 spending USD 200 bn. Egypt is ranked in 16th place on the index. You can check out the press release here or download the full report in PDF.
Apple launched their March 2015 product event in San Francisco yesterday, headlined by the unveiling of the Apple Watch. TIME Magazine has an embedded 2-minute video of the event’s highlights. The Apple Watch will be priced starting from USD 349, all the way up to an 18-karat gold case and priced at USD 17,000. However, the announcement of ResearchKit, a medical software platform designed to help doctors find and track volunteers for clinical trials, was receiving a fair amount of attention for its potential applications — and we can’t help but want a new MacBook with an ‘all-day’ battery (its paltry connections aside). Stream the entire event here.
CORRECTION: Mahmoud Attallah is vice-chairman and CEO of CI Capital, not chairman, as we noted in yesterday’s talkshow roundup. H/t Abdelrazzak S.
Foreign Affairs magazine published on Sunday an article outlining the issues at play in the Egyptian-Turkish rivalry: “Turkey and Egypt’s Great Game in the Middle East.” The piece is co-authored by Marc Sievers, who has previously served as U.S. deputy chief of mission and charge d’affaires in Cairo, and Soner Cagaptay, professor and expert on Turkish politics. Despite any reports to the contrary, the article throws cold water on the possibility of reconciliation: “Egypt and Turkey both see themselves as regional powers, and now, as the leaders of Sunni Islam … As long as Erdogan is unable to come to terms with the new realities of Egyptian politics, Turkish–Egyptian ties cannot be normalized.” (Read)
While the threat of Iran developing nuclear weapons holds the attention of the region, and while the Iranian state media’s reporting on Egypt reads like a steady stream of press releases from Ikhwanweb, one really has to give the Iranians their due in this statement from the Iranian Foreign Minister in response to anopen letter sent to the Iranian regime from 47 Republican U.S. senators warning that the next U.S. president can revoke any agreement reached and that congress can amend its terms. From Foreign Minister Javad Zarif’s response: “Zarif expressed astonishment that some members of US Congress find it appropriate to write to leaders of another country against their own President and administration … He emphasized that if the current negotiation with P5+1 result in a Joint Comprehensive Plan of Action, it will not be a bilateral agreement between Iran and the US, but rather one that will be concluded with the participation of five other countries, including all permanent members of the Security Council, and will also be endorsed by a Security Council resolution … The Foreign Minister also informed the authors that majority of US international agreements in recent decades are in fact what the signatories describe as “mere executive agreements” and not treaties ratified by the Senate.” (Read the Iranian Foreign Minister’s response)
The waiting room in the afterlife, from Beetlejuice. (Watch, running time: 2:14)
Egypt will host the 2015 tripartite summit of EAC, SADC, and COMESA according to a statement on the SIS website. The statement notes President El Sisi’ comments that “all African countries should promote solidarity to handle economic and social problems faced by their peoples… Egypt is looking forward to strongly fostering relations with the Nile Basin countries to serve as a model for all African states.”
Representatives from COMESA will also be in attendance at this week’s EEDC, according to a statement by the Ministry of Foreign Affairs.
Selection of firm for Renaissance Dam impact study delayed: -Egyptian Irrigation Ministry official: Egypt, Sudan and Ethiopia’s tripartite committee has postponed the selection of a consulting firm to conduct an environmental impact study of Ethiopia’s Grand Renaissance Dam, according to state news agency MENA reported on Monday and as reported by Ahram Online. Four consulting companies have been shortlisted according to Alaa Yassin, spokesperson for the Ethiopian dam issue at Egypt’s irrigation ministry, who did not specify when the decision on the firms would be made. (Read)
Arab League Secretary-General Nabil El-Araby on Monday voiced his support for a joint Arab military force to “fight terrorism”, as well as to “help in peace missions and civilian protection,” as reported by Ahram Online.
EGYPT IN THE NEWS
Coverage by the foreign press on Egypt in the past several hours has focused on the story we mentioned yesterday about a 12-year old schoolboy in Sayeda Zeinab who died from his injuries after being beaten by his teacher. The story is being carried by the BBC, The Guardian, International Business Times and France24.
After Arab Spring, surveillance in Egypt intensifies: Sam Kimball writes for Glenn Greenwald’s The Intercept on the state of online surveillance in Egypt. The author doesn’t get into anything new, but it serves as a backgrounder on what’s been written thus far. Takeaway quote: “It’s widely suspected that the leak, called Egypt’s “Watergate,” came from government sources.” It’s not clear who’s referred to the alleged leaks as Egypt’s Watergate other than Patrick Kingsley, so let’s just assume that is what the author meant. (Read)
The high-climbing travel industry boss: The BBC has in-depth profile on explorer and entrepreneur Omar Samra, head of travel company Wild Guanabana and the first Egyptian to climb Mt. Everest, among other achievements. (Read)
ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM
Offers from five consultancies for coal-fired power stations being assessed
Al Mal | 09 March 2015
The Ministry of Electricity is currently assessing technical and financial offers from five international consultancies for coal-fired power plants, a source told Al Mal. The source refused to name the consultancies, but said they included British, German, and Chinese houses. Constructing the power plants will be tasked to the private sector and a decision on the presented offers should be expected in April. The Ministry of Electricity will require the winner of the tender to import, transport, and store the coal needed for the project. (Read in Arabic)
Nuclear materials project withdrawn from EEDC
Al Borsa | 09 March 2015
The Nuclear Materials Authority (NMA) announced that the Ministry of Electricity has excluded its investment project from the EEDC. The NMA says it presented a black sands project that reportedly has the potential to generate returns of EGP 4 bn to the state and would have taken three years to complete. The fate of the project will be discussed with the electricity ministry and it could end up being presented at the EEDC, but not as part of the ministry’s projects. (Read in Arabic)
OIL & GAS
Egypt sets price for shale gas at USD 5.45 per mmBtu
Reuters | 09 March 2015
Egypt has set the purchase price for shale gas expected to be extracted from a recent concession at USD 5.45 per mmBtu. “The shale gas agreement signed with Shell Egypt and Apache Corporation provides for a price of USD 5.45 per mmBtu of gas extracted,” a Ministry of Petroleum official told Reuters. The source that the shale operations are experimental still and the government needs to make sure the search for shale gas is feasible. (Read)
BG announces sponsorship of EEDC
Youm7 | 09 March 2015
BG Group announced it is sponsoring and attending the EEDC next weekend in Sharm. Youm7 quotes Arshad Sufi saying “sponsoring the EEDC is a clear sign of BG’s commitment to support the Egyptian economy” and expressed his belief in the Egyptian market. Sami Iskander, the global COO, is registered as one of the speakers at the conference. (Read in Arabic)
Ganope extends bidding for 10 oil blocks by two months
Reuters | 09 March 2015
Ganoub El Wadi Petroleum Holding Company (Ganope) announced an extension for the deadline for companies to bid for 10 oil exploration blocks by two months. The extension of the closing date was announced on Ganope’s website without stating a reason. The 10 blocks are, according to Reuters: “West Gebel el-Zeit, Southeast Ras el-Ush, Northeast Geisum, North Magawish, Northwest Shadwan, Northwest Sea Bird, North al-Baraka, South al-Baraka, Southeast Qena, and Kharit.” (Read)
BASIC MATERIALS & COMMODITIES
GASC imported 25,000 tons of cooking oil to meet ration card requirements
Al Borsa | 09 March 2015
GASC announced it has imported 25 thousand tons of oil to overcome the market shortage and meet the supplies ministry’s ration requirements. The imported oil was shipped to nine public-sector refineries in order to prepare them for sale. A shortage hit the market recently as GASC failed to pay domestic contractors for oil supplied with Al Borsa setting the amount outstanding at EGP 70 mn. (Read in Arabic)
Al Abbassiya Hospital to build EGP 70 mn juvenile psychiatric ward
Al Borsa | 09 March 2015
Al Abbassiya Hospital announced it is building a EGP 70 mn juvenile psychiatric ward. The new ward is expected to have a 100-bed capacity and will contain a unit to combat addiction and a rehab center. The new ward is expected to begin operations in 2017 and the project is yet to be handed to an engineering office to finalize the designs. (Read in Arabic)
Merck’s sales in Egypt record EGP 500 mn in 2014
Al Borsa | 09 March 2015
Merck Serono Pharmaceuticals recorded sales in Egypt of EGP 500 mn in 2014. The company aims to increase its revenues in 2015 by 13%, in line with the growth rate of the pharmaceuticals market as a whole, said Emad Graiss, Merck Graiss’ Managing Director. Graiss told Al Borsa that the total revenues of the market were EGP 36 bn in 2014. Merck had also signed a protocol with the government to automate the dispensing of medications and hopes to get approvals to market more products domestically in 2015. (Read in Arabic)
Redcon to develop three administrative buildings in New Cairo
Al Borsa | 09 March 2015
Redcon Construction said it will develop three administrative buildings in the Fifth Settlement of New Cairo at an investment cost of EGP 1 bn. Construction works at the three projects are set to begin in 2H2015 and are expected to last for 30 months. The project will be designed and built up to enhanced environmental standards with some portions lit using solar energy. (Read in Arabic)
NUCA offers land in Marina, Sixth of October, Badr on lease agreements
Amwal Al Ghad | 09 March 2015
NUCA will tender land on lease contracts to build service and medical centres in Sixth of October, Marina, and Badr City. The plots will be allocated through auctions. NUCA aims to provide the new urban communities with much needed public services. (Read in Arabic and check out NUCA’s website for more information on the tenders)
An EGP 2.7 bn project to build Al Ahly’s new stadium on offer at EEDC –CI Capital
Al Mal | 08 March 2015
CI Capital will offer an EGP 2.7 bn project to build Al Ahly Club’s new stadium in Sheikh Zayed. CI Capital has been in discussions with the Ministry of Youth and Sports on how to best utilise the project sought by Al Ahly. The construction works of the stadium are expected to begin in six months’ time. (Read in Arabic)
First of phase Alamein city to be completed in five years
Youm7 | 09 March 2015
The first stage of Alamein City is set to be completed in five years, according to housing minister Moustafa Madbouly. According to the minister, the project should cost an estimated EGP 32 bn. Due to the large-scale of the project, the government will look to encourage members of the private sector to participate in its construction. (Read in Arabic)
BANKING & FINANCE
Banque du Caire submits request to open seven new mini-branches
Amwal Al Ghad | 09 March 2015
Banque du Caire has submitted a request to the CBE to open six to seven new mini-branches. This follows the CBE’s new regulations published in December 2014 that facilitate the commissioning of mini branches. Banque du Caire hopes the smaller branches will be able to provide a quicker and more streamlined service to client. (Read in Arabic and check the CBE’s mini-branches’ guidelines in PDF)
OTHER BUSINESS NEWS OF NOTE
The Ministry of Social Solidarity and WFP sign deal to combat child labour
The Cairo Post | 08 March 2015
The Ministry of Social Solidarity signed a deal with the UN World Food Programme to carry out a deal combatting child labour through supporting education. The agreement includes a EUR 60 mn initiative to provide school meals to reduce child labour and to improve access to education over four years. The project aims to reach 100,000 children and more than 50,000 female breadwinners annually. (Read)
Oil spill did not reach Ras Mohammed –Ministry of Environmental Affairs
Al Masry Al Youm | 09 March 2015
The Ministry of Environmental Affairs denied that a 1 sq km oil spill has reached Ras Mohammed. South Sinai’s national parks are on high alert after the oil spill was detected and appeared to be headed towards Ras Mohammed. The Ministry contacted EGPC to ensure that the company responsible for the spill is held accountable. (Read in Arabic)
EGYPT POLITICS + ECONOMICS
Egypt domestic debt reaches EGP 1.924 tn
Al Mal | 09 March 2015
Egypt’s domestic debt reached EGP 1.924 tn at the end of December 2014, of which 87.9% was government debt, 0.3% public economic authorities debt, and 11.8% was the National Investment Bank’s debt. (Read in Arabic)
Customs tariffs generate EGP 11 bn over seven months
Al Mal | 09 March 2015
Egypt’s customs tariffs generated EGP 11 bn over a seven month period, spanning July 2014 to January 2015. Imported automobiles were the leading source of customs tariffs, generating EGP 2.2 bn; industrial equipment was second, generating EGP 1.3 bn. (Read in Arabic)
Egypt will not renew ro-ro shipping contracts with Turkey
Al Borsa | 09 March 2015
Egypt’s roll-on-roll-off shipment agreement with Turkey, which expires 23 April, will not be renewed, according to Dr. Ahmed Amin, advisor to the Minister of Transport. Amin added that there aren’t any negotiations happening at the moment between the two countries, and he does not see that changing anytime soon. (Read in Arabic)
ON YOUR WAY OUT
Domestic steel manufacturers have kept their March prices unchanged from February. The supplies ministry said it is observing the market to ensure that retailers abide by the caps set by the producers. (Read in Arabic)
Gizmodo has both a .gif and video of the construction of a 57-storey skyscraper in China, that through the use of modular assembly, was built at the rate of 3 storeys per day. (Read, view the .gif and or watch the video, running time: 3:59.
Ren and Stimpy Space Madness (Watch, running time: 3:23)
BY THE NUMBERS
USD CBE auction (Monday, 09 March): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Monday, 09 March): 7.66 (unchanged since Wednesday, 04 March)
EGX30 (Monday): 9,713.61 (+0.78%)
Turnover: EGP 586.6 mn (8% below the 90-day average)
WTI: USD 50.02 (+0.04%)
Brent: USD 58.41 (-0.21%)
TASI: 9,623.0 (+0.5%)
ADX: 4,578.2 (-0.3%)
DFM: 3,751.8 (+0.3%)
KSE Weighted Index: 447.4 (0.3%)
QE: 12,235.9 (+0.8%)
MSM: 6,521.6 (-0.1%)
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