Back to the complete issue
Wednesday, 8 December 2021

US PVC gets anti-dumping duties

The Trade and Industry Ministry will impose a 9% anti-dumping duty on imports of US PVC for a five-year period in a bid to protect the local industry. (Anti-dumping duties are generally imposed when a country thinks the seller is “dumping” product in a market at prices below the cost of production or in a way that unfairly threatens local industry.) Indian industrial chemical manufacturer TCI Sanmar, Egypt’s largest producer of PCV, welcomed the imposition of the anti-dumping duties. The Indian-owned company suggested in a statement (pdf) from its legal counsel, Al Tamimi & Co, that it will go ahead with its planned USD 200 mn investment in its Egyptian operations next year.

MARKET WATCH- The Central Bank of Egypt sold USD 1 bn of one-year USD-denominated treasury bills with an average yield of 2.995% in an auction yesterday, according to official figures. The offering was 1.15x oversubscribed, with investors placing bids worth USD 1.15 bn.

Hassan Allam Construction is setting up a new construction firm with Russia’s Titan-2 to handle construction work on the Dabaa nuclear power plant. The new entity should be formed by next February.

Other things we’re keeping an eye on this morning:

  • Kadmar Shipping’s new line transporting agricultural crops between Alexandria and Russia will begin operating on 20 January.
  • The Federation of Egyptian Industries’ readymade garments division and IFC are working on a new program together to upgrade supply chains in the textile industry.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.