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Egypt to lease at least 200,000 acres of farms

Egypt will lease at least 200,000 acres of farmland this year for agri-business projects in North Sinai, the North Coast and Upper Egypt, the agriculture minister said on Wednesday. "We have allocated about 90,000 acres of land in North Sinai, between 50,000 and 70,000 acres in Wadi Natroon (on the North Coast), and 60,000 to …

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Dubai’s Nakheel says repaid $926 mln to trade creditors

Dubai developer Nakheel said on Thursday it repaid 3.4 billion dirhams ($925.9 million) it owes to trade creditors, as part of its debt repayment plan. "Nakheel has approximately 85 percent (by value) of acceptances and is working closely with the rest of our trade creditors to achieve its 95 percent acceptance of all payables by …

Reuters

Misr Beni Suef Cement to make 1:1 bonus share issue

Egypt’s Misr Beni Suef Cement (MBSC) will distribute a dividend on Oct. 14 of one share for every share held, the stock exchange said on Thursday. MBSC’s shares edged down 0.3 percent on Thursday to LE 182.90 ($32.09) while the benchmark index fell 1 percent.    

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Egyptian pound hits 6-week high vs dollar

CAIRO: The Egyptian pound strengthens to as high as 5.6875 to the dollar, its strongest in six weeks, as it tracks the euro, which was trading at a five-month high against the dollar. Egyptian firms are also selling their dollars and buying pounds for accounting purposes ahead of the end of the quarter, one Cairo-based …

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HC starts coverage of Egypt’s El Sewedy

HC Brokerage initiated El Sewedy with a "neutral" rating, and said while the company’s cable profitability remains superior compared with peers, it is not entirely immune to overcapacity in the Middle East and North Africa region. The investment bank set a price target of LE 74.1 on shares of El Sewedy — the Arab world’s …

Reuters

Egypt aims to cut poverty to 15 pct from 20 pct by 2015

Egypt’s Economic Development Minister said on Wednesday the country’s poverty rate could be reduced to 15 percent from 20 within five years. "I would say by 2015, we could reach a poverty rate of 15 percent," Osman Mohamed Osman told reporters at a press conference held in Cairo. Egypt is the Arab world’s most populous …

Reuters

Algeria seeks $230 mln in new back taxes from OT

Egyptian mobile firm Orascom Telecom (OT) said on Thursday its Algerian unit had received a new tax request amounting to about $230 million, a move that escalates the firm’s row with Algiers. The unit, known as Djezzy, is Orascom’s single biggest source of revenue. It has been at the center of a long dispute with …

Reuters

No need to renew Egypt’s cement export ban: minister

Egypt does not need to extend a ban on cement exports that expired on Wednesday, the country’s trade minister said. "Today while we sit here, the ban on export of cement has expired," Trade and Industry Minister Rachid Mohamed Rachid said at a business conference in Cairo. "Supply and demand mechanisms in the market ensure …

Reuters

Dubai’s Drake and Scull to buy Saudi mechanical firm

DUBAI: Dubai contractor Drake and Scull International (DSI) on Thursday said it will acquire a Saudi-based mechanical, electrical and plumbing company, adding it plans to buy another firm in the kingdom this year. "We made a commitment to our shareholders when Drake & Scull International listed on the Dubai Financial Market, and are pleased that …

Reuters

Major Zain shareholder says Etisalat offer “suitable”

KUWAIT: Emirates Telecommunications Corp’s offer to buy the Kharafi Group’s stake in Zain is "suitable and good for both parties," the head of the Kharafi Group, said in a Kuwaiti newspaper on Thursday. The UAE telco, known as Etisalat, said a day earlier that it had made a conditional offer for a 46-percent stake in …

Reuters

Qatar Telecom eyes benchmark dollar bond-banker

DUBAI: Qatar Telecom (Qtel) will begin a road show for a benchmark-sized dollar bond on Oct 4, and six banks have been mandated to manage the sale, a banker familiar with the matter said. Qatar International Finance Ltd., a wholly owned subsidiary of state-owned telecoms services provider Qtel, has mandated Barclays Capital, Deutsche Bank, Qatar …

Reuters

Inpex to quit Iran Azadegan under US pressure-media

TOKYO: Inpex Corp, Japan’s top oil explorer, is likely to withdraw from Iran’s Azadegan oil field project, acceding to a request from the United States due to Washington’s sanctions on Tehran over its nuclear program, Japanese media said. Inpex and the Japanese government are likely to make the decision as the firm could otherwise be …

Reuters

Egypt GDP seen growing slightly faster this year

CAIRO: Egypt’s economy is seen growing slightly faster this fiscal year than previously thought and should outpace most economies in the Gulf region thanks largely to rising consumption and foreign direct investment. A Reuters poll of 12 economists predicted that the most populous Arab nation’s gross domestic product (GDP) would grow 5.5 percent in the …

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Egypt asset management agency may launch in July

An agency to manage Egypt’s state-owned assets could be operational as early as next July, the start of the country’s financial year, the outgoing investment minister said on Tuesday. Mahmoud Mohieldin, who resigned from his post to take up a senior position at the World Bank, said a draft law for the agency was being …

Reuters

Orascom says Algerian police question Djezzy’s CEO

Egyptian firm Orascom Telecom said on Wednesday its Algerian unit Djezzy’s chief executive had been called in by police for questioning over allegations that the firm violated Algerian foreign exchange rules. "The company denies performing in any way that is not in accordance with the Algerian law and the CEO of OTA (Orascom Telecom Algeria) …

Reuters

Egypt bond market reforms almost complete: minister

CAIRO: Egypt is close to completing a new legal framework for its secondary bond market and is taking other measures to improve bond trading, outgoing investment minister Mahmoud Mohieldin said on Tuesday. Egypt has been streamlining rules for both corporate and government instruments over the last year as it seeks to spur fixed-income trade and …

Reuters

No new Egypt telecoms licenses seen before 2013-paper

Egypt is unlikely to offer a second fixed-line telephone license or a fourth mobile phone license before 2013, Egypt’s telecommunications minister said in remarks published by the daily Al-Mal on Sunday. "Offering a second fixed-line license in the local market in the coming period has lost its economic merit in light of the drop in …

Reuters

Egypt says no change to TMG Madinaty terms: paper

Egypt will not change terms for a new contract for Talaat Moustafa’s flagship Madinaty project and will take 7 percent of the project’s completed housing units, as in the original deal, a newspaper reported. "There will be no change in the contract terms, the state will get a 7 percent compensation for (areas) built-up on," …

Reuters

Construction slowdown hits Bahrain Tabreed

ABU DHABI: District cooling firm Tabreed’s Bahrain unit sees a bleak short-term outlook due to a collapsing construction market even as its first permanent cooling plant starts this week, an executive said. "We will not see our next cooling plant before 2015 or longer. The short-term doesn’t look good, there is a market for the …

Reuters

Food prices drive Kuwait July inflation up to 4 pct

KUWAIT: Kuwait inflation rose to a 13-month high of 4.0 percent year-on-year in July, driven by rises in food and global commodities prices. Inflation in the world’s fourth largest oil exporter is expected to decelerate again towards the end of the year as economies in the Gulf Arab region start to recover from the global …

Reuters

Gulf price pressures down, not gone, says Kuwait c. banker

KUWAIT: Inflationary pressures in Gulf Arab countries have decreased significantly, but they must pay attention to rising global food prices, Kuwait’s central bank governor said on Tuesday. Inflation in the world’s top oil exporting region started to pick up again this year but pressures remain low in most countries and analysts expect consumer price growth …

Reuters

Emaar postpones board meeting to Wednesday, says bourse

DUBAI: Emaar Properties, builder of the world’s tallest tower in Dubai, postponed its board meeting to Sept. 29, a statement on the bourse website said on Tuesday. The meeting, which was scheduled for Monday, will discuss company performance along with other "matters of importance", Emaar said. It gave no reason for the postponement. Separately, UAE …

Reuters

Egypt 273-day T-bills avg yield down at 10.275 pct

CAIRO: The average yield on Egyptian 273-day Treasury bills dipped to 10.275 percent at an auction on Monday from 10.298 percent at the last auction on Aug.30. The central bank said it accepted bids for bills worth LE 3 billion ($526.4 million), the same amount it was seeking. It accepted bids at rates between 10.2 …

Reuters

Egypt pound strengthens on T-bill demand, euro

CAIRO: The Egyptian pound strengthens against the dollar as investors buy Egyptian T-bills and as the euro strengthens, traders say. "T-bills are attractive. The differential continues to be attractive, and the euro level is making the Egyptian pound cheap," says one trader. Yields edged down at an auction on Sunday for LE 2.5 billion pounds …

Reuters

Egyptian tobacco firm Eastern approves cash dividend

CAIRO: Egypt’s cigarette monopoly Eastern Company announced a shareholder dividend of LE 5.5 ($1) per share, the bourse said on Monday, higher than the previous year’s payout. The dividends were agreed at the firm’s annual general meeting on Sunday. The statement did not say when the payment would be made. The firm, which has 50 …

Reuters

TMG sees Madinaty contract terms unchanged

CAIRO: Egyptian property developer Talaat Moustafa (TMG) said on Monday the government’s solution to a legal row that threatened its flagship project would preserve the terms of the original land sale contract. Egypt’s cabinet said on Sunday it would scrap the original contract for TMG’s estimated $3 billion Madinaty project after a court ruled the …

Reuters

New private sugar refinery in Syria starts output

DUBAI: A new privately-held sugar refinery in Syria with an annual capacity of 600,000 tonnes started production this week, its chairman said on Monday. The $90 million refinery, owned by private firm T. Akhras Group, started production at its Middle East Sugar Refinery which has the potential to reach capacity of 1 million tonnes, company …

Reuters

Jordan’s economy grows in Q2 on signs of recovery

AMMAN: Jordan’s economy picked up in the second quarter of 2010, growing 2.9 percent from a year earlier as transport and financial services sectors rebounded, data showed on Sunday. This compares with a 2.03 percent rise in Q1 y/y. The economy expanded 2.8 percent in 2009 as a whole, slowing from 7.8 percent growth in …

Reuters

Egypt approves plan to resolve TMG land dispute

CAIRO: Egypt’s government said on Sunday it had approved a legal committee’s plan to resolve a land row around the country’s biggest listed developer’s flagship project, a dispute which has raised concerns across the sector. The state said it would scrap the original contract for Talaat Moustafa Group’s (TMG) estimated $3 billion Madinaty project and …

Reuters

Rachid appointed acting investment minister

CAIRO: Egypt’s Minister of Trade and Industry Rachid Mohamed Rachid will act as minister of investment, replacing Mahmoud Mohieldin, who has resigned to take up a post at the World Bank, the state news agency said on Saturday. Rachid, one of three main reforming ministers appointed by the government of Prime Minister Ahmed Nazif in …

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