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Egypt to auction land in Sheikh Zayed

The Urban Communities Authority will auction 1.7 million square meters (410 feddans) of land next month in Sheikh Zayed at Sixth of October City. The land was withdrawn from a Saudi company that had won the bid for the land in 2007 for LE 855/sqm. Six companies have reportedly withdrawn the information memorandum for the …

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National Bank of Egypt to underwrite PPP financing

The National Bank of Egypt (NBE) will be the principal coordinator and underwriter in financing loans under the PPP program, after it signed an agreement with the finance ministry, reported Al-Shorouk newspaper. The PPP law was recently approved passed by Parliament, Al-Shorouk reported, citing unidentified banking sources. In its daily market report, Beltone Financial reported …

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Egypt may add Poland, Romania to its list of wheat providers

  Egypt, the world’s biggest wheat importer, may add Romania and Poland to its list of approved providers as it seeks greater competition and lower prices for the grain, reported Bloomberg.   The General Authority for Supply Commodities buys wheat for the government through international tenders because local production is insufficient to meet demand, according …

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Air Arabia takes off to Amman

Low cost carrier Air Arabia began its services to Amman, Jordan from its third hub in Alexandria. Roundtrip flights will operate four times per week between Air Arabia’s hub in Burj Al Arab International Airport, Alexandria and Amman ‎Queen Alia Airport in Jordan. Air Arabia is a Middle East and North Africa low cost carrier …

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Glass industry to see growth as demand rises

CAIRO: Egypt’s glass industry is set to see stronger gains as domestic demand rises and export opportunities are seized, said Sphinx Glass managing director Mohamed Khattab in a statement. Ahead of the Intervuild Expo 2010, Sphinx Glass said it expected Egypt’s glass processing sector to “double over the next five years as float glass production …

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Amman film fest censors 'Son of Babylon' director's petition

The day before the highly-acclaimed Iraqi Film “Son of Babylon” was set to have its eagerly awaited Jordanian premiere — opening the Franco-Arab Film Festival in Amman — the festival’s organizers told the filmmakers that they would not allow the director’s letter to be read to the audience. The festival pulled the film moments before …

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Subsidizing exports under value-added terms starts July

The new subsidy export system based on the share of value-added will be implemented starting July 2010, Al-Ahram reported. The budget of the Export Subsidy Fund will reach LE 4 billion in fiscal year 2010/11, compared to LE 3.7 billion in the current fiscal year, reported Al-Ahram newspaper quoting the Advisor to the Minister of …

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Rice exports concluded for current season

New tenders to export Egyptian rice will not be held, as exports of the determined quantity for the current season came to an end, reported Al-Ahram newspaper quoting Advisor to the Minster of Trade and Industry El-Sayed Aboul Qomsan. The decision aims to stabilize rice prices in the local market, Qomsan said, according to a …

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Egypt, Jordan talk transport liberalization

CAIRO: The ministers of trade and transport from Egypt and Jordan met in Cairo Tuesday to further discuss a framework for liberalizing transportation and simplifying the transfer of goods via land between both nations. This would allow Egyptian products to access the markets of Iraq and the Gulf region through Jordan via land transport and …

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World Bank grants $30 mln loan for national sewage project

Minister of International Cooperation Fayza Aboul Naga signed a loan agreement with the World Bank worth $30 million to continue execution of the national sewage project, reported Al-Alam Al-Youm newspaper. The loan is a soft loan to be paid over 28.5 years with a seven-year grace period and an interest of 0.8 percent, according to …

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Moody's gives APICORP A1 rating

The Arab Petroleum Investments Corporation (APICORP), a multilateral development bank, received a first-time issuer rating of A1 by Moody’s Investors Service for long-term debt and Prime-1 for short-term debt. Owned by 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), APICORP’s total assets at the end of 2009 were $4.1 billion. The …

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CIB, Mansour Auto launch financing program

CAIRO: Commercial International Bank is partnering with Al-Mansour Automotive Company to provide various financing schemes to consumers looking to buy Opel and Chevrolet models. In a statement, the bank said this cooperation is the first of its kind between the two, whereby customer service representatives from CIB with experience in financing systems will be present …


Expansion of infrastructure projects on Egypt's agenda

Minister of Investment Mahmoud Mohieldin announced Tuesday that infrastructure projects account for 5 percent of investments in Egypt compared to 25-40 percent in South East Asia, reported Al-Ahram He added that infrastructure projects need to increase in the coming period, according to Beltone Financial’s daily market report. Mohieldin highlighted three main areas that need to …


DP to expand Ain Sokhna Port

DP World will invest a total of LE 500 million to increase capacity of Ain Sokhna port. The company will take a LE 250 million loan from Commercial International Bank, while the balance will be financed by the company. The investment will increase the port’s capacity by 450,000 TEU containers to reach 1.1 million containers …


OCI to partner with HIL on India bids

  CAIRO: Orascom Construction Industries (OCI), Egypt’s biggest listed builder, signed an MOU with India’s HCC Infrastructure Limited (HIL) to form a partnership to pursue infrastructure projects in India.   OCI and HIL, which is wholly owned by Hindustan Construction Company, will pursue public-private partnerships and build-operate-transfer projects tendered by the National Highways Authority of …


Ten companies qualify for public-private thermal power plant

Ten local and foreign companies and consortiums, out of 19, have qualified for the establishment of the first thermal energy power plant in Egypt, with investments of $1.5 billion, under the BOO system, reported Al-Masry Al-Youm. Quoting Minister of Electricity Hassan Younes, the newspaper said commercial operation of the plant is expected by January 2015, …


Seven trade zones, logistical centers worth LE 10 bln

Ministry of Trade and Industry officials announced the commencement of the first phase of the development of seven trade zones and logistical centers between the private sector and the government in different cities with the application of nine bids from local and foreign companies, reported Al-Ahram. Operation of the first phase of the project is …


Air Arabia eyes fourth hub in Amman

  Regional low-cost carrier Air Arabia will form a joint venture with Tantash Group, an Amman-based investment company, to launch Jordan’s first low-cost carrier.   Air Arabia Jordan will provide direct service to a range of destinations across Europe, Middle East and North Africa from Queen Alia International Airport, making Amman its fourth regional hub. …


Electricity ministry, Kharafi in power plant talks

  Officials at the Ministry of Electricity and Energy renewed talks with Al Kharafi Group to establish a power plant worth $1 billion to produce 750 MW, reported Al-Mal newspaper.  Talks over the location of the new plant are nearly finalized. Discussions also included the sale price per KW from the new plant to the …


Railway Authority to spend LE 40 billion on extending lines

An official at the Egyptian Railway Authority (ERA) announced the launching of a ten-year plan for a development project worth LE 40 billion in the period 2011-2020, reported Al-Mal newspaper. The official did not identify how the plan will be financed. The project includes developing new lines to connect with existing stations. Most of the …


Egypt's foreign reserves rise to 35.1 bln in May

Egypt’s net foreign reserves were $35.1 billion in May, up from $34.65 billion a month earlier, state-run daily Al-Ahram said on Saturday citing a central bank report. Reserves came in at $31.10 billion in April 2009, reported Reuters. In a meeting with the Prime Minister, Central Bank of Egypt Governor said that the monetary and …


TE to keep Vodafone Egypt ownership structure

CAIRO: Telecom Egypt, Egypt’s fixed-line monopoly, said on Tuesday it would not increase its 45-percent stake in Vodafone’s Egypt unit following talks with the British firm, Reuters reported. "The parties have agreed that it is in the best interest of VFE (Vodafone Egypt) that the current ownership structure should remain in place," Telecom Egypt said …


Helwan plans waste-generated power plant

Helwan governorate launched an $800 million power generation project to recycle waste into energy using Canadian technologies, reported AmCham Energy Sector Coverage. The project envisages the supply and establishment of two waste recycling and energy recovery units with a daily capacity to handle 2,400 tons of waste, which is almost 70 percent of the waste …


Banque Misr eyes stake in tomato paste project

Banque Misr is considering the acquisition of a 20 percent equity stake in a new project in Minya to produce tomato paste and tomato concentrates, reported AmCham Agriculture Sector Coverage. The project’s capital stands at LE 45 million with daily design capacity of 35 tons of tomato concentrates, in addition to 400 cartons of tomato …


Broad money supply drops in April

Annual growth in broad money supply M2 dropped to 9.6 percent in April, from 9.8 percent in March, mainly due to a drop in foreign currency demand and savings deposits growth, showed data released by the Central Bank of Egypt (CBE). In its daily market report, Beltone Financial said annual growth in M2d, reflecting growth …


Government to start liberalization of butane gas

The Ministry of Social Solidarity will commence distribution of butane gas canisters through the ration card system in the governorate of Menufiya in fiscal year 2010/11, Al-Shorouk reported. According to Beltone Financial’s daily market report, each family of three members gets one canister at the price of LE 4, effective July 2010. If a family’s …


Amr Talaat named GM of IBM Egypt

Amr Talaat was appointed General Manager of IBM Egypt, succeeding Amr Ghoneim who has held the post since 2004. Talaat, who joined the company in 1998, previously served as IBM Egypt’s Territory Manager since 2005.


Tenders for wind generation projects by year-end

An international tender for a number of wind-generated electricity plants with a capacity of 1,000 MW will be offered before the end of the year to local and foreign investors, reported Al-Ahram newspaper quoting the Energy Minister Hassan Younes. The sector’s plan until 2027 aims to add 58,000 MW of generation capacity, 77,000 mega volt …


Increased sales tax on products to be expedited

The Ministry of Finance is planning to present to the People’s Assembly next week a law implementing the increase in the sales tax on cement, iron and cigarettes, to be immediately effective, Beltone Financial said in its daily market report. The taxes will be expedited instead of waiting for the budget law to come into …