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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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Egypt may restructure investment ministry, says PM

CAIRO: Egypt’s Prime Minister said on Friday that the government may restructure its investment ministry after the investment minister leaves next month and the non-banking financial regulator could be made into a separate agency. The Egyptian Financial Supervisory Authority (EFSA), which currently falls under the ministry, oversees the insurance industry as well as capital markets, …

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Egypt 357-day T-bills average yield up to 10.610 pct

CAIRO: The average yield on Egyptian 357-day treasury bills rose slightly to 10.610 percent at an auction on Thursday from 10.547 percent at the last auction on Sept. 2. The central bank said it accepted bids for bills worth LE 3 billion ($526 million), the same amount it was seeking. It accepted bids at rates …

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Egypt 182-day, 91-day T-bills average yield down

CAIRO: The average yield on Egyptian 182-day Treasury bills fell to 9.936 percent at an auction on Sunday, versus 10.052 percent at last week’s auction, the Central Bank said. The central bank accepted bids worth LE 2.5 billion($438.5 million), the same amount that it was seeking. It accepted bids at rates of between 9.869 and …

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SODIC gets loan to speed up Allegria work

CAIRO: Property developer SODIC said on Sunday it had secured a LE 350 million ($61 million) loan from the Bank of Alexandria to speed up construction at its flagship Allegria residential project. SODIC has about LE 4.2 billion of contracted unit sales that are yet to be recognized on its income statement, it said in …

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Misr Aswan to return money to Palm Hills

CAIRO: Egypt’s Misr Aswan Tourism said on Sunday its shareholders agreed to scrap a land sale contract with the country’s second-biggest listed property firm, Palm Hills Developments, and return money from the sale. Egyptian President Hosni Mubarak issued a decree in June canceling the sale contract for the land in the southern city of Aswan …

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Kuwait oil minister says OPEC will not change output quota

NEW DELHI: OPEC will not change its output quota at its next meeting on Oct. 14 in Vienna, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said on Saturday on arriving here for trip expected to last several days. "No increase, no change, we will keep the quota as it is," he told Reuters when asked …

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Aldar expects to swing to profit in Q3, Q4, says report

DUBAI: Aldar Properties, Abu Dhabi’s largest developer by market value, expects to swing to profit in the third and fourth quarters due to project deliveries, an executive was reported as saying. In an interview with Arabic daily Al Bayan, Chief Commercial Officer Mohamed al-Mubarak said the company has enough liquidity to finance its projects and …

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Saudi energy demand rising too fast, says central bank

RIYADH: Saudi Arabia needs to tame growth in its domestic oil and gas consumption, which are too big for both its population growth and the size of its economy, the central bank governor said on Saturday. "Data show that the kingdom’s domestic consumption of oil and gas is posting continuing growth and at high ratios. …

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Mideast investors favor emerging debt, gold: J. Baer

DUBAI: Yield-seeking Middle East investors are chasing exposure to emerging markets amid a low interest rate environment in more developed nations, an official at Swiss private bank Julius Baer told Reuters. "Clients are still looking for some yield and yield will normally not be achieved through traditional investments or fiduciary deposits. Emerging markets offer these …

Reuters

TMG, PHD lead Egypt index to new 4-mth high

Property developers led Egypt’s main index to a new four-month high after a state-appointed legal committee outlined a solution to a dispute over the land used by Talaat Moustafa for its Madinaty project. The benchmark index climbed 0.7 percent to close at 6,720 points, its highest since May 19. An Egyptian court had earlier ruled …

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Canadian miner aims to repeat pharaohs’ success

Canadian mining company Nuinsco hopes to seal a concession agreement in Egypt’s Eastern Desert before the year-end, allowing it to explore an area where pharaohs once dug up gold to gild amulets and sarcophagi. Egypt’s gold mining industry, dating back to the days of Tutankhamun, faded in the 20th century largely because of curbs on …

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Egypt Jul-Sept GDP growth at least 6 pct: PM

Egypt’s prime minister said on Thursday that gross domestic product in the July to September quarter was expected to grow by an annualized 6 percent, up from 5.9 percent in the previous quarter. Speaking to reporters, Ahmed Nazif said growth in the first quarter of the financial year that began on July 1 would reach …

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Dubai’s Nakheel sees restructuring done by year end

DUBAI: Dubai state-owned property developer Nakheel expects to complete its debt restructuring by the end of the year. "We have had a successful bank meeting and we are having very good discussions with the Nakheel co-com (core committee)," chief executive Chris O’Donnell told reporters on Thursday. Conglomerate Dubai World has near-unanimous approval for its $24.9 …

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Egypt court sets hearing date for Palm Hills suit

The Egyptian Administrative Court set Oct. 26 as the first day of a trial in a lawsuit challenging one of Palm Hills’ land deals, the court said on Wednesday. The Palm Hills case emerged amid a wrangle over the flagship development of Talaat Moustafa (TMG), Egypt’s biggest listed developer, in a case that underscored the …

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Dubai needs no more UAE central bank support, says official

DUBAI: Dubai needs no more support from the United Arab Emirates central bank and conditions in the banking sector have improved, a senior official from the debt-laden Gulf emirate said on Wednesday. Dubai’s debt problems damaged the UAE banking sector, slowing down the economic recovery. The emirate still faces a challenge to pay off tens …

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Oman plans to stick to 2010 spending plan, says fin min official

MUSCAT: Oman plans to stick to its spending plan this year and the budget deficit is likely to be smaller as oil prices seem to stay higher than estimated, the Gulf country’s finance ministry official said on Sunday. The small non-OPEC crude producer largely overshot its original expenditure plans in the past two years to …

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Nakheel says creditor claim will not delay deal

DUBAI: Nakheel, Dubai World’s property developer unit, disputed the validity of a creditor claim filed against it, saying the claim will not delay its debt deal. Construction Delivery Group (CDG) filed a suit in mid-August with the special tribunal set up to handle cases related to Dubai World’s debt restructuring. The Dubai-based firm said it …

Reuters

Egypt FDI likely at $8 bln 2010/11: minister

CAIRO: Foreign direct investment (FDI) in Egypt is likely to rise to at least $8 billion in 2010/11, Investment Minister Mahmoud Mohieldin said on Monday, adding that investors should not be deterred by any uncertainty before upcoming elections. His forecast for FDI, however, is much lower than a government forecast in May for FDI of …

Reuters

Statoil sends Mexico Gulf rig to drill off Egypt

Norway’s oil and gas producer Statoil has sent a Transocean rig it had contracted for drilling in the US Gulf of Mexico to Egypt. Deep-water drilling in the Mexico Gulf is suspended after BP’s well blowout and ensuing spill in April. Statoil has a leading position in deep-water Gulf of Mexico acreage. "We’ve reached an …

Reuters

Egypt extends rice export ban until Oct. 2011

Egypt will extend a ban on rice exports until October 2011, a board member at the Egyptian Agricultural Export Council said on Tuesday. Egypt had first imposed an export ban in March 2008 to control the rising cost of basic commodities, and has since extended it. "The decision is an extension of ministerial decree number …

Reuters

Egypt delays meeting on TMG land case: Cabinet

Egypt’s cabinet has delayed until early next week a meeting planned for Wednesday that had been expected to offer a legal solution to Talaat Moustafa Group’s (TMG) land row, the cabinet spokesman said on Tuesday. The government has formed a legal committee to draw up a resolution to the dispute over the state land sale …

Reuters

Egypt says has enough wheat to avert unrest

Egypt has secured the wheat quantities it needs to avoid shortages in subsidized bread and would not face a rerun of riots in 2008 over bread shortages, the trade minister said on Saturday. Egypt, the Arab world’s most populous state and the world’s biggest wheat importer, pays hefty state subsidies to keep bread affordable in …

Reuters

Heineken unit aims to revive Egyptian winemaking

CAIRO: Heineken’s Egypt unit said it is focusing on building its wine business, an unusual trade for the brewing giant, and wants to shift sales from tourists towards local customers in the mainly Muslim country. Heineken bought the formerly state-owned Al Ahram Beverages Company, which dominates Egypt’s beer and wine markets, for about $300 million …

Reuters

Apicorp to exit two equity investments, reinvest proceeds

Arab Petroleum Investments Corp (APICORP) on Sunday said it was in "mature discussions" to divest two of its key equity stakes and reinvest the proceeds in new oil and gas companies as it seeks to diversify its portfolio. The development bank — owned by the 10 member states of the Organization of Arab Petroleum Exporting …

Reuters

OCI approves bond, eyes acquisitions

Egyptian builder and fertilizer maker Orascom Construction Industries (OCI) said on Monday it approved the issue of LE 1.65 billion ($289 million) of bonds for purposes including possible acquisitions. Ninety percent of the issue, which carries an 11.75 percent semi-annual coupon, will be offered via a private placement and the rest to the public. "I …

Reuters

Orascom Development plans rights issue to fund growth

Real estate and hotels firm Orascom Development said on Monday it was tapping shareholders for 185 million Swiss francs ($183 million) to speed up growth and take advantage of low construction costs. The capital increase will be done through a discounted rights offering, the firm said in a statement. Shareholders will be offered 20 new …

Reuters

Government to protect TMG investors

CAIRO: Egypt’s government will protect investors exposed to an ongoing dispute over the sale of state land to real estate firm Talaat Moustafa Group (TMG), the country’s Finance Minister said on Monday. "The government will preserve the rights of all the shareholders and buyers," Minister Youssef Boutros-Ghali said at an event in Cairo. "The Attorney …

Reuters

How could Egypt’s Madinaty land deal row be resolved?

CAIRO: A surprise court ruling that threatens Egyptian real estate firm Talaat Moustafa Group’s (TMG) $3 billion flagship development has kindled worries about investing in Egypt’s property sector. The High Administrative Court on Tuesday upheld a ruling to scrap a land sale contract for TMG’s Madinaty project citing a 1998 rule which said there must …

Reuters

Sewedy Cables to distribute 30 pct bonus shares

Egypt’s El Sewedy Cables said on Sunday it would distribute a dividend of three bonus shares for every 10 held on Oct. 5 to investors holding shares as of Oct. 4. The largest Arab cable maker by market value said in April the bonus shares would boost capital by 29.5 percent. In May last year, …

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