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Egypt eyes new mining law to attract gold investors

CAIRO: Egypt is drafting new legislation to boost investment in its mining sector, a minister said in remarks published on Tuesday, as the country seeks to capitalize on renewed interest in gold mining in its Eastern Desert. Pharaohs once dug up gold in the desert to gild amulets and sarcophagi, but the industry faded in …

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Mobinil subscribers grow as Q3 profit falls

CAIRO: Egyptian cell phone operator Mobinil said subscribers grew in the third quarter while lower usage and higher advertising costs during the Muslim fasting month of Ramadan drove it to a lower net profit. The firm said on Monday it had added 2.3 million mobile subscribers in the quarter to bring its total to 28.4 …

Reuters

El Sewedy Cables to operate Libya plant by end-2011

Egyptian group El Sewedy Cables said on Monday it would set up a cable manufacturing plant in Libya by the end of 2011 with total investments of $50 million. "The plant will generate revenues of 20 percent (of the investment)" after it begins operation, Ahmed Homossani, Sewedy’s investor relations director, told Reuters. The Arab world’s …

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TMG says starts sales at Saudi project

Egypt’s biggest listed real estate developer Talaat Moustafa Group (TMG) has begun to sell units at a project in Saudi Arabia built with local partner Al Oula Real Estate Development, TMG said on Monday. The apartment and villa complex covering 3 million square meters northeast of the Saudi capital Riyadh has an investment cost estimated …

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Egypt relaunches wastewater treatment plant tender

Egypt, which is seeking more private investment in social services and infrastructure, has re-opened a bid for a wastewater treatment plant as part of its public-private partnership program. The announcement for prequalifiers for a 20-year contract for the design, financing, construction, operation and maintenance of the plant in Abu Rawash, south of Cairo, was published …

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Egypt court postpones hearing TMG, Palm Hills suits

CAIRO: An Egyptian court on Tuesday postponed till next month hearing a legal row over a Talaat Moustafa (TMG) land contract, a case analysts say could slow property investment as long as it remains unresolved. TMG, Egypt’s biggest listed developer, has been mired in the row over its Madinaty project, in the suburbs of Cairo, …

Reuters

Oil rises above $82 as dollar weakens

LONDON: Oil rose above $82 a barrel on Monday, gaining for a second session as the US currency weakened after a Group of 20 meeting. The dollar dropped, hitting a 15-year low against the yen, as the G20 agreement to shun competitive currency devaluations was taken by investors as a go-ahead to resume dollar selling. …

Reuters

Sidi Kerir unaudited 9M net profit rises 24 pct

Egypt’s Sidi Kerir Petrochemicals’ unaudited nine-month net profit rose 24 percent to LE 583 million ($101.2 million), the stock exchange said on Sunday. Net profit was LE 470 million in the same period a year ago. Revenue in the January to end-September period rose 23 percent to LE 1.38 billion, from 1.12 billion in the …

Reuters

Dubai’s ENBD Q3 profit falls on bad loans, Dubai World

DUBAI: Dubai-based Emirates NBD said its third-quarter net profit more than halved, undershooting analysts’ forecasts, due to a spike in bad loans and a provision for its exposure to debt-laden Dubai World. Emirates NBD, the Middle East’s largest bank by assets, reported 424 million dirhams ($115.5 million) in third-quarter net profit compared with 1.05 billion …

Reuters

Eastern July-Sept profit down 52 pct yr/yr

Unaudited net profit at Egyptian cigarette monopoly Eastern Company fell 52 percent to LE 73 million for the quarter to the end of September, the bourse said on Sunday. Eastern made LE 150.6 million in the same period a year earlier. July to September is the first quarter of the firm’s financial year.

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Egypt’s Mobinil mulls $347 mln loan: newspaper

Mobinil, which leads the Egyptian mobile market by subscriber numbers, is considering borrowing as much as LE 2 billion ($347 million) to finance expansion of its network and services, a newspaper said. The size of the loan depends on market conditions as well as talks with Commercial International Bank (CIB) and state-owned National Bank of …

Reuters

Egypt eyes 7-8 pct GDP growth by 2016/17: minister

Egypt aims to get its economy growing at levels seen before the global financial crisis by the fiscal year 2016/17 and expects the private sector to play a major role in the rebound, a minister said on Saturday. Egypt’s gross domestic product (GDP) grew at 5.1 percent in the fiscal year that ended June 30, …

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Egypt says subsidy spending secure, to target needy

The finance minister sought on Friday to reassure Egyptians faced with soaring food prices that the government was not trying to cut subsidy spending although he said Egypt did want to direct it at the most needy. Subsidies are a sensitive issue at any time in Egypt where many rely on subsidized bread and other …

Reuters

Oman’s Raysut Cement sees cement deal in one month: CFO

DUBAI: Raysut Cement Co, Oman’s largest cement producer by market value, is holding acquisition talks with several companies and expects to reach an agreement within a month, its chief financial officer said on Sunday. "We have been exploring acquisitions for some time now. There is still some way to go. The important thing is the …

Reuters

Oil may hit $100 on China, QE, France, says bank

LONDON: Oil may reach $100 a barrel sooner rather than later on Chinese demand, a dollar weakening due to anticipated U.S. quantitative easing and expected restocking of French inventories when strikes end, JP Morgan said. The bank also raised its forecast for US crude futures to an average $81 a barrel for the current fourth …

Reuters

Pioneers eyes GDRs, regional expansion

Egyptian financial services company Pioneers Holding is looking into issuing global depositary receipts (GDRs) and expanding into new Middle Eastern markets, a board member said on Wednesday. "We are studying issuing GDRs right now based on requests from our shareholders," Pioneers board member Khaled El Tayeb said without providing further details. The company is looking …

Reuters

Algeria says tax claim on Orascom Tel is not final

A $230 million back-tax claim which Algeria imposed on Orascom Telecom’s Djezzy unit was not final, Algerian finance minister Karim Djoudi said on Thursday. "Djezzy has been notified of the first amount but it is not a final amount. We still need verification of the documents presented by the tax administration," Djoudi told reporters on …

Reuters

Egypt firm sees private education revenues up

Cairo for Investment and Real Estate Development, which builds and runs schools, said it expects revenues to hit LE 100 million ($17.50 million) in 2010 as it expands in the growing sector. Chairman Hassan El-Kalla said at a Reuters Middle East Investment Summit in Cairo that 2011 revenues were expected to reach LE 150 million. …

Reuters

Upper Egypt Contracting sees profit trebling

Upper Egypt Contracting (UEC), a builder of low-cost housing and hotels, expects to treble its profit over the coming two years as Egypt’s construction market grows, its chairman said on Tuesday. UEC is a contractor for several housing developers listed on the Egyptian stock exchange. The formerly state-controlled firm was partially privatized in the late …

Reuters

Banks in Saudi Arabia struggle to find talent

RIYADH: Foreign banks are flocking to Saudi Arabia as the emirate opens up its bourse and rolls out the world’s biggest stimulus package but they face challenges recruiting, training and ultimately retaining local staff. Speakers at the Reuters Middle East Investment Summit this week said the Gulf Arab state offers plenty of opportunities for banks …

Reuters

Orascom Telecom says can contest Algeria tax claim

The Algerian government’s $230 million back-tax claim against Egypt’s Orascom Telecom is not final until the company is given a chance to challenge it, the firm said in a statement published on Wednesday. Orascom’s chairman Naguib Sawiris has agreed to sell most of his telecom interests, including control of Orascom Telecom, to Russian mobile operator …

Reuters

Gulf Arab firms upbeat but cautious on Iraq

DUBAI: Gulf Arab companies see growing opportunities in Iraq that should not be missed, as the war-torn nation struggles to recover from years of bloodshed, but they retain a degree of cautiousness that slows plan execution. Executives speaking at the Reuters Middle East Investment Summit this week said they were keen to invest in the …

Reuters

Egypt eyes new stimulus package: agency

CAIRO: The Egyptian government may propose a new stimulus package to boost domestic demand should global economic developments slow growth at home, the official news agency quoted a minister as saying on Tuesday. The stimulus, which would be adopted in the fiscal year that ends on June 30, would be similar to measures taken by …

Reuters

Developer Amer eyes Egypt’s virgin lands

CAIRO: Egyptian property developer Amer Group sees enough untouched land along Egypt’s coasts and in its deserts for another 20 of the firm’s residential and commercial developments, which would more than double its current total. The firm, which on Sunday announced a construction joint venture with Dubai’s Arabtec, is also looking outside its home market. …

Reuters

Imara adds Egypt and Morocco to African broking

  Frontier African financial services group Imara said on Tuesday it had added Egypt and Morocco to its regional stock-broking footprint, its first foray beyond a historical sub-Saharan focus. "Expansion of our trading capability has primarily been driven by client demand for a wider trading capability," said Alun Thomas, chief executive of Imara Africa Securities, …

Reuters

Kuwait’s Kharafi to build two power plants in Egypt

Egypt’s Electricity Ministry will sign a deal in days with Kuwait’s Kharafi Group to build two power plants in Egypt with a combined capacity of 1,000 megawatts, a spokesman for the ministry said on Tuesday. Egypt, which has about 25,000 MW of installed capacity, suffered repeated outages this year and plans to spend $100-120 billion …

Reuters

CI Capital plans 3 funds, sees IPOs

CI Capital, the investment banking arm of Egypt’s Commercial International Bank, plans to launch three new investment funds and is working on three initial public offerings to soak up liquidity, it chief executive said on Tuesday. CI Capital CEO Karim Helal told the Reuters Middle East Investment Summit the firm is also working on some …

Reuters

Oman to issue $260 mln four-year development bond

MUSCAT: Oman’s central bank plans to issue a four-year development bond worth 100 million rials ($260 million) at an interest rate of 3.25 percent per year, it said on Tuesday. The subscription period for the bond will be from Oct. 24 to Nov. 4 and the auction will be held on Nov. 8, the bank …

Reuters

CBQ Q3 profit jumps to 508 mln riyals

DOHA: Commercial Bank of Qatar (CBQ) reported a 28.9 percent jump in third-quarter net profit on Tuesday, beating analysts’ expectations on average on increased loan activity and deposits. Qatar’s third-largest bank by market value posted a net profit of 508 million Qatari riyals ($139.5 million), up 29 percent from 394 million riyals a year earlier. …

Reuters

Kuwait’s Gulf Bank expects turnaround in Q3

KUWAIT: Kuwait’s Gulf Bank expects the third quarter of this year to be a turnaround quarter as it executes a two-year plan to rebuild itself, its chief executive said on Tuesday. "What everybody expects is that this (third quarter) will be the turnaround quarter… and going forward every quarter should be slightly better than the …

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