amwalalghad :: Industry & Trade

Your English Portal To Arab Economy

Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Investment - Industry & Trade

Amwal Al Ghad English - 2017-10-22 07:03:09
China’s economy is on track to meet its official growth target for 2017, the head of the state planning agency said on Saturday, despite a punishing war on pollution which is expected to slash industrial output over the winter months. China has forced 28 cities in smog-prone northern regions to reduce emissions of airborne particles known as PM2.5 by at least 15 percent from October to March 2017, with some cities expected to cut steel production by as much as 50 percent. But officials with the National Development and Reform Commission (NDRC) said the world’s second-largest economy will remain on track. “We expect to achieve the full-year growth target of about 6.5 percent,” He Lifeng, chairman of the National Development and Reform Commission (NDRC), told a briefing on the sidelines of China’s Communist Party Congress. Most economists believe China’s actual growth should easily beat the target. The economy grew 6.8 percent in the third quarter of the year, and 6.9 percent in the first half. Last year’s growth rate of 6.7 percent was a 26-year low. China’s economy has surprised global markets and investors with robust growth so far this year, driven by a renaissance in its long-ailing “smokestack” industries such as steel and stronger demand from Europe and the United States. But economists with Societe Generale said in a recent note that the winter output cuts could slash industrial production growth by 0.6-0.8 percentage points and GDP growth by 0.2-0.25 percentage points in the next six months. Industrial growth slowed to 6.3 percent in the third quarter, from 6.6 percent in the previous period, data showed last week, with the services sector taking up much of the slack. Prices of commodities like steel, copper and iron ore have turned wildly volatile in China and in global markets recent weeks on fears of possible winter shortages. China’s steel output dropped 3.7 percent in September from a record high the previous month as mills reduced production in line with Beijing’s campaign, and analysts predict further declines as winter curbs set in. However, Zhang Yong, vice-chairman of the NDRC, told reporters that the direct impact was likely to be limited. “Measures to fight pollution don’t have a big impact on economic growth,” he said. “Measures to treat pollution have a positive impact on economic development in the long term.” The government has been pushing a restructuring program designed to “upgrade” its heavy industrial economy, cut pollution and tackle profit-sapping capacity gluts in sectors like steel and coal. China says it has cut annual crude steel capacity by as much as 110 million tonnes over the last five years, with coal capacity slashed by as much as 400 million tonnes, though some analysts say much of the outdated, inefficient plants are merely being replaced with leaner, cleaner ones. Ning Jizhe, vice head of the NDRC and also head of China’s National Bureau of Statistics, said the country would continue to crack down on steel overcapacity, prevent obsolete plants from restarting and promote more mergers in the sector. More»
Amwal Al Ghad English - 2017-10-21 10:25:43
Japanese trading house Mitsubishi Corp (8058.T) plans to set up a joint venture with U.S. data centre operator Digital Realty Trust (DLR.N) and build around 10 data centres in Japan by 2022 for 200 billion yen ($1.8 billion), the Nikkei said on Saturday. Tokyo-based Mitsubishi expects the centres to help meet growing demand for information storage from customers of California-based Digital Realty and generate sales of around 20 billion yen to 30 billion yen in 2022, the business daily reported, without citing sources. The two companies could invest an additional 300 billion yen in the medium term, the Nikkei reported. Mitsubishi could not be reached for comment. More»
Amwal Al Ghad English - 2017-10-21 08:07:42
Minister of Agriculture, Abdel Moneim al-Banna, announced the temporary lifting of the ban on Egyptian agricultural exports of peppers, lettuce, guava and onions to Kuwait and Bahrain.He added that he will coordinate with the Kuwaiti trade minister next week to completely lift the ban on Egyptian agricultural exports to Kuwait. An Egyptian Agriculture Ministry delegation held a number of meetings in Kuwait and Bahrain, during which the Egyptian new control system on pesticide residue in agricultural crops has been displayed, said the minister on Thursday. Bahraini officials agreed on the cancellation of the ban after the meetings starting Thursday, while Kuwaiti officials agreed on lifting the ban temporarily for three months during which Egyptian agricultural exports will be examined of pesticide residues, Banna added. More»
Amwal Al Ghad English - 2017-10-19 20:45:51
OPEC’s General Secretary Mohammad Barkindo said on Thursday that oil markets are rebalancing at "an accelerating rate" and that he foresaw "no peak" for oil demand for "the considerable future." Speaking at the Oil & Money conference in London, Barkindo said confident prices would rise and global oil demand would grow as the global economy continued to strengthen. "We expect global oil demand to surpass 100 million barrels per day by 2020," Barkindo told the audience of oil industry leaders. This figure is far above the oil producing group's forecast for 2017 in which global oil demand is expected to be around 96.8 million barrels per day. This strengthening in global oil demand meant that there was "no peak demand for the considerable future," Barkindo said. As such, continued investment within the oil industry was crucial, he said, as was a continued working partnership with non-OPEC producers. "There is a need for us to continue to strengthen our relationship with non-OPEC countries like Russia. the world will continue to need oil for the foreseeable future," he said. "Together with non-OPEC producers we must continue to invest to make sure the global community and global economy can rely on us as dependable suppliers of oil." 'Unparalleled commitment' Barkindo's comments come amid close scrutiny of oil markets to see whether oil production cuts by OPEC and non-OPEC countries, including Russia, are helping to rebalance oil markets. Oil prices took a sharp turn downward from mid-2014 onwards on the back of a glut in global supply and lackluster demand. The rise in output from U.S. shale oil producers exacerbated the problem, although many of those U.S. rigs were hit by the decline in prices. The collaboration between OPEC and non-OPEC countries, particularly oil producers Saudi Arabia (the de-facto leader of OPEC) and Russia, to curb oil output by a combined 1.8 million barrels per day has helped to shore up markets. On Thursday, Barkindo applauded what he called the "unparalled" and "historic" commitment between OPEC and non-OPEC oil producers to curb oil output and said it was rapidly stabilizing markets. "There is no doubt that the market is rebalancing at an accelerating rate," he said. "There is light at the end of the dark tunnel we've been traveling down the last three years," he said, alluding to low oil prices that have plagued oil markets since 2014. Barkindo said it was "vital that this platform is sustained and built upon." "We need to ensure that balance is achieved in a full and timely manner," he said. "We also welcome dialogue with producers outside the agreement," he added, referencing U.S. shale oil producers who are are not partaking in output cuts. There is speculation the deal to curb output will be extended beyond the current deadline of March 2018. Oil prices have struggled to break through the $60 a barrel mark, however, with benchmark Brent crude futures currently fetching $57.46 per barrel and West Texas Intermediate (WTI) for November delivery at $51.36 on Thursday. More»
Amwal Al Ghad English - 2017-10-19 19:58:27
U.S. Wheat Associates, a trade group that promotes U.S. exports, announced Tuesday it will close its Cairo office in December, reflecting the loss of market share of U.S. wheat in Egypt. Egypt is the world's biggest wheat importer and has turned to Russia and other suppliers in the Black Sea region. Russian wheat production has soared in recent years, and higher freight costs by about $17 a tonne have made U.S. wheat less competitive compared to Russian supplies. The North African country has been sourcing most of its wheat in recent years from Russia, which was projected by the U.S. Department of Agriculture to harvest a record-large crop this year of 82 million tonnes. The Cairo office is scheduled to close by Dec. 1, U.S. Wheat Associates spokesman Steve Mercer said. The office has four employees whose positions will be eliminated. "It's really a process of refocusing our resources on markets that have a better chance of return and frankly more value to the U.S. farmer," Mercer told Reuters. As recently as the 2012/13 marketing year, Egypt was the No. 5 market for U.S. wheat overall and the No. 2 buyer of U.S. soft red winter (SRW) wheat, grown in the southern Midwest. By the time the 2016/17 marketing year ended on June 1, Egypt had fallen in rankings to the No. 37 buyer for U.S. wheat overall, according to the U.S. Department of Agriculture. Egypt's main state wheat buyer, the General Authority for Supply Commodities (GASC), made its first purchase of U.S. wheat in more than two years in May. The Associates (USW) is the export market development organisation for the U.S. wheat industry with funding from 17 state wheat commissions and USDA’s Foreign Agricultural Service. USW President Vince Peterson said in a statement that the organisation saw a need to begin adjusting its activities in the Middle East and North Africa several years ago as the supply of significantly lower priced wheat from Russia increased. USW will continue to provide trade service to government wheat buyers in Egypt, Iraq, Saudi Arabia, and other countries in the region on a targeted basis, Peterson added. “The organisation eliminated a Cairo-based marketing position in 2014. This allowed USW to add an experienced technical specialist in its Casablanca, Morocco, office. In 2016, USW shifted regional management for the Middle East operations to its office in Rotterdam, The Netherlands.” the USW statement added. More»
Amwal Al Ghad English - 2017-10-19 19:37:42
Egyptian Investment Minister Sahar Nasr expects the country will issue the new investment law, aimed at attracting foreign investors to help the economic recover after a 2011 uprising, in a few days. The long-awaited law aims to cut bureaucracy, especially for starting projects, and provide more incentives to investors looking to put money into Egypt. Prime Minister Sherif Ismail said Wednesday that the executive regulations of the investment law will be issued next week. The Cabinet received the executive regulations of the investment law on Wednesday, he said, adding that it was carefully reviewed and suggestions of the various ministries and bodies concerned were taken into account. Egypt’s economy has been struggling since the 2011 uprising drove tourists and foreign investors away, drying up foreign currency. Egypt signed a $12 billion International Monetary Fund programme last year aimed at reviving the economy. New incentives under the investment law include a 50 percent tax discount on investments made in underdeveloped areas, and government support for the cost of connecting utilities to new projects. Under the law, investors can recoup half of what they pay to acquire land for industrial projects if production begins within two years. It also restores private-sector free zones - areas exempt from taxes and customs - a policy that had held up the law’s passage because of objections to forfeiting tax revenues at a time of austerity. In June, President Abdel Fattah al-Sisi ratified the investment law. More»
Amwal Al Ghad English - 2017-10-19 19:12:01
The chief executive of Russian oil giant Rosneft said Thursday his company is “looking positively” to buy a further 5 percent in Egypt's giant Zohr offshore gas field from Italy's Eni. Eni recently sold a 30 percent stake in its Zohr gas field in Egypt to Rosneft and the Russian energy giant has an option to buy a further 5 percent at the same conditions. Speaking at an energy conference, Rosneft CEO Igor Sechin said the Russian company was happy with its investment in Zohr and positively looks to buy a further 5 percent stake in Zohr. “We are looking positively at the matter to realise this option,” he said. Sechin also told reporters that some of the gas produced at Egypt’s Zohr gas field, the largest gas deposit in the Mediterranean, could be supplied to Europe. Eni discovered the Zohr field - the Mediterranean’s biggest ever gas field - in Egypt’s Shorouk concession in August 2015. Eni has three licences with Rosneft in the Black Sea and Barents Sea. More»
Sanaa Allam - 2017-10-19 12:35:31
Egypt’s trade exchange with Portugal is still relatively low that has never exceeded €200 million ($236.8 million) per annum, said an Egyptian official on Thursday. Egypt’s exports to Portugal have never been more than €60 million, compared to €140 million worth of its imports from Portugal, with the trade deficit heavily weigh on in favour of Egypt, said head of the Federation of Egyptian Chambers of Commerce (FEDCOC) Ahmed El-Wakeel. El-Wakeel made these remarks on the sidelines of the Egyptian-Portuguese business forum, which takes places in Cairo this morning. Egyptian Foreign Minister Sameh Shoukry has inaugurated the forum in the presence of his Portuguese counterpart Augusto Santos Silva and a delegation of 25 mega holding firms from Portugal as well as heads of Portuguese financial, trade development, and investment authorities. The Portuguese delegation will meet with representatives of 170 Egyptian firms to explore investment opportunities in both countries, El-Wakeel said. More»
Amwal Al Ghad English - 2017-10-19 10:21:05
Acciona Energía, a subsidiary of Spain’s Acciona, will develop three solar photovoltaic (PV) plants worth $180 million with a combined capacity of 150MW (186 MW-peak) in Egypt. Acciona Energía will build and own the projects in a 50-50 partnership with its regional partner Swicorp (Saudi Arabia) which will be represented by its renewable energy platform named Enara Bahrain Spv Wll. Acciona Energía says that the three identical PV plants mark its first renewables project in Egypt, which will be located in the Benban complex in the Aswan region. Acciona Energía CEO Rafael Mateo said: “We are very pleased to increase our presence in an area with great potential in the long run for the renewable energy sector as is North Africa, working with such reputable partner as Swicorp with the support of IFC and AIIB.” Each of the solar plant will have a capacity of 50MW with a peak capacity of 62MW and feature 190,774 polycrystalline silicon modules from China-based Jinko Solar. The solar modules will be mounted on horizontal-axis tracking structures manufactured by STI Norland. Construction of the power plants is likely to begin in December 2017 while their operations are planned to commence from December 2018. The three solar plants will generate enough energy to meet the power needs of about 150,000 Egyptian homes. At the same time, they would cut down 297,000 tonnes of CO2 emissions. Power generated from the solar plants will be bought by the Egyptian Electricity Transmission Company (EETC) under a 25-year purchase and sale contract. Swicorp executive director and Enara renewable energy platform Rabeaa Fattal said: “We are happy to see our partnership with ACCIONA materialize through these projects. “We believe in the potential of the Region and Egypt and look forward to executing further projects in our pipeline under our successful alliance with ACCIONA.” More»
Amwal Al Ghad English - 2017-10-19 09:35:42
OPEC members are reportedly building a consensus around extending their production cutting deal with other crude exporters by nine months, a move that would help to put a floor under oil prices. That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year. The exporters reached the deal last December and have already extended the agreement once through March of 2018. Sources told Reuters that OPEC may not agree to the extension at its next policy meeting in November. Instead, they may wait until early next year to make a final decision. Oil prices strengthened following the report. International benchmark Brent crude futures were up 38 cents, or 0.7 percent, $58.26 per barrel by 10 a.m. EDT. U.S. crude for November delivery was up 31 cents, or 0.6 percent, at $52.19. OPEC may put off the decision at its Nov. 30 meeting if demand for crude oil and petroleum products remains strong, a source told Reuters. OPEC and the International Energy Agency have recently reported that demand has improved, though the IEA raised concerns about future consumption growth in its latest report. Three of the sources confirmed to Reuters that OPEC is leaning towards a nine-month extension, while a fourth said prolonging the deal by six to nine months would do the job of sopping up excess oil sitting in stockpiles. OPEC is trying to drive down global crude stockpiles to the five-year average. The producer group reported last week that inventories among the OECD, a group of mostly wealthy nations, stood at just under 3 billion barrels in August, about 171 million barrels above the five-year average. Two OPEC sources told Reuters that the group is not likely to deepen the cuts beyond 1.8 million barrels a day. Traders could get clues about the path OPEC will take next month after OPEC's board of governors meets next week. More»