Arab Finance

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Latest by Arab Finance


Egypt steel licenses to be split in two categories

Topping the list of bidders for Egypt steel licenses is an Egyptian and Turkish consortium, Steel Guru reported. According to the bidding documents, the applications are split into two categories. The first is one where licenses are to given to investors who haven’t been awarded any licenses in 2008. These companies include Ezz Steel, Bishai, …

Arab Finance

Deutche Bank expects Egypt to validate Madinaty contract

Deutche Bank said that new court hearing on Nov. 9 on TMG Holding’s Madinaty case is not surprising, according to a statement. In September, Hamdy El-Fakharany, who brought the case against TMG and PHD, already said that government appointed committee was biased and threatened to file similar law suits against 126 other projects that got …

Arab Finance

Heliopolis Housing auctions 120 land plots

Heliopolis Housing is scheduled to auction 109 land areas next Sunday located in fifth and sixth districts in Heliopolis alongside 11 land plots in Obour city, Al-Mal reported. “The firm is expected to earn LE 130.8 million through selling such plots which hit 109,000 square meters at LE 1,200 each,” said Vice Chairman Mahmoud Hassan. …

Arab Finance

Heliopolis Housing not utilizing assets: CI Capital

CI Capital said Heliopolis Housing and Development’s intention to sell 109 land plots is negative, according to a report on Arab Finance. The news may initially appear positive, CI said, indicating a revenue generator, however, land sale is not a core activity for the firm, which is focused on developing its land bank and then …

Arab Finance

EFIC establishes LE 500 mln fertilizer plant in Ain Sokhna

In a statement on the stock exchange website, the Egyptian Financial and Industrial Company (EFIC) said that it gained all required licenses to establish a new plant in Ain Sokhna at an investment cost of LE 500 million. The plan will have a production capacity of 500,000 tons. The release stated that, the plant is …

Arab Finance

Oriental Weavers completes 60 percent of yarn plant construction

  Oriental Weavers completed 60 percent of construction works in the new yarn plan, which investment cost amounts to about LE 250 million.   Haitham Abdel Menem, investor relations manager of Oriental Weavers, said that the company is focusing on all construction works for the new plant which amounts to about LE 50 million in …

Arab Finance

Oriental Weavers ups production capacity by 15 pct

  Oriental Weavers has added four new production lines to its plants in the domestic market, Al-Borsa reported citing Haitham Abdel Menem, investor relations manager of Oriental Weavers.   The company has completed selling this month production lines of Belgium weaving plant and tested the first two production lines in order to start the actual …

Arab Finance

CBE approves HDB’s third investment fund

  The Central Bank of Egypt recently gave the Housing and Development Bank the green light to set up its third investment fund with initial capital of LE 200 million.   The bank signed a contract with HC Asset Management in order to manage the new fund which is expected to be launched after EFSA’s …

Arab Finance

Ascom to establish Manganese mining company in Sudan

  The board of directors at Asek Company for Mining (Ascom) approved plans to establish a Manganese mining company in cooperation with Saudi Sabaek and a Sudanese partner yet to be identified.   Fayez Grees, CEO of Ascom, said the company conducted an initial study which revealed the importance of mining Manganese, adding that the …

Arab Finance

Sewedy says no agreement with Ethiopia over industrial zone

  El Sewedy Cables has not reached any initial agreement with the Ethiopian government about establishing an industrial zone, said investor relations manager Ahmed El-Homosany, Al-Masry Al-Youm reported.   The Ethiopian government decided earlier to set up the first industrial zone on 2 million square meters to serve Egyptian investment projects. El-Homosany added that negotiations …

Arab Finance

HDB loan portfolio jumps 20 pct: paper

  Housing and Development Bank’s retail loans portfolio grew to LE 2.5 billion last May, compared to LE 2.1 billion, a 20 percent increase, reported Al-Mal.   HDB deputy chairman, Essam Abo Hamed, said that diversity in HDB services and products and particularly its specialized products contributed in increasing growth rates in retail services. He …

Arab Finance

Ain Sokhna port hits snags

Exporters say that an ongoing dispute between the Egyptian government and Dubai World, the company which runs the port of Ain Sokhna, has resulted in a halt on cargo exports for more than a month, with freight piling up at the seaport and exporters and importers incurring huge losses, Al-Masry Al-Youm reported. Mohsen Ahmed, general …

Arab Finance

Egypt government plans to improve irrigation, water use

Egypt needs a plan to develop its irrigation system and optimize its water sources, Prime Minister Ahmed Nazif said yesterday in a meeting attuned by the ministers of finance, agriculture, and irrigation, as well as the head of the ruling National Democratic Party’s secretary of farmers. According to Al-Masry Al-Youm, Nazif said the plan should …

Arab Finance

Rachid says plans to develop chemistry department

Trade and Industry Minister Rachid Mohamed Rachid said that the ministry has started to implement a comprehensive plan to enhance the department of chemistry and all its affiliates, reported SIS. Rachid said that the plan entails setting up a number of new labs as well as developing the existing ones using international expertise. The plan …

Arab Finance

NBE considers LE 700 mln credit facilities to Mokhtar Ibrahim

National Bank of Egypt may provide L.E 700 million credit facilities to Egyptian Contracting (Mokhtar Ibrahim) on two trenches. The first trench (LE 200 million) will be allocated to fund contracting operations awarded by governmental bodies to the company and will also allow local and foreign Letters of Credit to import necessary material. The firm …

Arab Finance

MTN set to end loan talks for Orascom: Bankers

South African telecoms operator MTN Group is set to disappoint lenders as talks for a $5 billion loan to buy the assets of Egyptian telecoms firm Orascom Telecom (ORTE) fizzle out, banking sources said. As previously reported, MTN has been discussing a $5 billion loan to buy some or all of the assets of Orascom …

Arab Finance

CI Capital expects CIB 1Q10 net profit at LE 445.9 m

CI Capital expects Commercial International Bank’s quarter one 2010 net profit after tax (NPAT) to reach LE 445.9 million, a 15.6 percent increase over the past quarter, according to a recent report. The firm said the sector has begun to show a positive quarterly turn, but still a 5.4 percent annual decline. It expected 2010 …

Arab Finance

Egypt opens LE 221 mln polyester plant

Investment Minister Mahmoud Mohieldin opened a LE 221 million polyester plant of the Artificial Silk Co. in Kafr El-Dawwar, an industrial city and municipality on the Nile Delta near Alexandria. Part of investments at the plant came through a Chinese loan worth LE 91 million while the remaining amount was provided by local institutions, the …

Arab Finance

CI Capital maintains Palm Hills Strong Buy recommendation

CI Capital maintained Palm Hills Developments (PHD) at a strong buy recommendation and moderate risk rating. CI Capital stated that PHD’s first quarter 2010 financials confirm the company’s growth potential, with net earnings continuing the double-digit growth that began in the previous quarter. “This confidence is further bolstered by the number of cancellations, which has …

Arab Finance

China curbs commodity exports to Egypt

China is taking steps to curb the shipment of goods to Egypt, according to the state-run General Organization for Export and Import Control (GOEIC). The move comes as part of a deal between Egypt and China aimed at imposing tighter control measures on the bilateral commodity trade, reported Al-Masry Al-Youm. GOEIC chief Mohamed Shafiq told …

Arab Finance

Ghali says no changes to customs on food, industrial commodities

Finance Minister Youssef Boutrous Ghali dismissed as groundless reports on amending customs on any food or industrial commodities. In statements Saturday, Ghali said that reports alleging the reduction of tariffs on high-quality luxury foods such as caviar and chocolates or particular kinds of industrial commodities are false. Ghali stressed that no changes have taken place …

Arab Finance

Egyptian exports to UAE increase by 6 pct

Egyptian exports to the United Arab Emirates have increased by 6 percent, reaching $532.2 million in 2009, compared to $503 million in 2008, according to a recent report. The Ministry of Trade and Industry’s report also showed that imports have decreased, bringing the 2009 trade surplus in Egypt’s favor.

Arab Finance

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