US Congress to Address Draft of Egyptian-US Free Trade Agreement Source: The Egyptian State Information Service, August 29, 2005
The US Administration will put forward the draft to the Egyptian-US free trade agreement to the Congress by the end of the current year, according to the Foreign Trade and Industry Minister Rashid Mohamed Rashid.
Rashid commented that economic reforms in Egypt encouraged the US side to accept a beginning of negotiations on the matter.
The minister said that statistics affirmed that economic reforms were going in the right direction. According to the minister, the growth rate increased from 2.7% in June 2004 to 4.8% now.
During the same period company profits increased by about 90%, exports by 30% and tourism revenues by 18%, the minister said.
New Industrial Zones to Join QIZ Source: The Egyptian State Information Service, August 25, 2005
Al-Mahalla and Ismailia are to join the Qualified Industrial Zones (QIZ) (link here) agreement over the coming six months, allowing them to access American market without customs.
Egyptian exports to the USA during the first quarter of the current fiscal year increased by 52% compared to the same period of the last fiscal year, leading to a remarkable improvement in trade balance with the USA.
Minister of Foreign Trade and Industry, Rashid Mohamed Rashid, expects Egyptian exports to rise further in the coming period with the exporting of Egyptian natural gas to the USA.
The increase was estimated at $624 million compared to $412 million during the same period in 2004. Egyptian imports from the USA decreased to $1.193 billion during the same period. Consequently, the Egyptian trade deficit with the USA has fallen to $568 million from $1.4 billion.
The QIZ agreement allows Egypt to export its products with 11.7% of the components being manufactured in Israel to the American markets free of customs duties.
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Egypt’s Investment Climate Praised Source: Business Week, September 5&12, 2005
The American magazine "Business Week" praised the investment climate in Egypt pointing out that despite the recent bombings in the resort town of Sharm el Sheikh, executives in Egypt say they are seeing a degree of confidence on the part of consumers and investors that has been absent for several years.
Don Butler the managing director of General Motors Egypt (GM) (AmCham Member) (link here) , for instance, says the company's car sales are likely to double this year in an overall market that may be up 60% or more.
The magazine pointed that during the previous nine months the exports were up 31% compared with the same period a year earlier, to reach $9.75 billion, whereas the foreign investment has jumped 1,000%.
The economy grew 4.8% in the fiscal year ending last June 30, and the pace is expected to quicken to 5.1% this fiscal year, says an economist at EFG-Hermes (AmCham Member) (link here) , a Cairo investment bank.
The magazine highlighted the program that Egypt started with GM about an idea for a pilot project involving its Egyptian parts supplier network concentrating on the top 20 of GM's 103 Egyptian suppliers to figure out how to bring them up to world-class standards.
The benefits would be twofold: GM Egypt, which makes 20,000 cars a year, would get better-quality parts, and the Egyptian companies "could become candidates to supply GM on a global basis," says Butler of GM Egypt.
World Bank Agrees to Increase Loan Ceiling to Egypt Source: The Egyptian State Information Service, August 25, 2005
The World Bank (link here) Board agreed to increase ceiling of loans to Egypt to its highest level to reach $3 billion as part of Egypt's desire to use all or some of the sum in development projects.
Minister of International Cooperation Fayza Abul Naga said that the Bank board approved the upcoming cooperation strategy with Egypt for 2005 till 2008.
The Minister said that the development of relations between the Bank and Egypt during the past three years was clearly reflected on preparations for the new strategy, which was fully coordinated by the ministry in cooperation with the ministries concerned.
Competition Law Charter Out Source: Al Ahram Weekly, August 25, 2005
The Executive Charter of the Competition and Anti-trust law was issued Thursday, August 18. Among the main stipulations of the charter is that competitors should not agree to increase, decrease or maintain unchanged, the sale or purchase price of products. Competitors are also not allowed to split or set specific locations for each to operate. There should be no coordinating positions for the entry into tenders or bids.
The Charter also forbids any company with a large stake in the market to refrain from manufacturing, producing or distributing a product, wholly or partially, unless the company is incapable of meeting its commitments.
According to the charter, anyone may report an infraction of the law to the competition authority and all complaints should be accompanied by the necessary documentation showing the damage incurred.
The Board members of the competition authority have also been announced. Mona Fahmy Yassin, deputy chairman of the National Bank of Egypt (AmCham Member) (link here), is to head the authority, the authority’s board of directors, which includes 13 other figures, will stay in office for four years, renewable only once. The authority oversees the application of the law and its executive charter as well as receives and examines complaints.
Egypt Buys US, and Russian Wheat Source: Reuters, August 17, 2005
Egypt's main official wheat buyer said on Wednesday, August 17 he had bought 175,000 tons of US and Russian wheat for September 16-30 shipment.
Mahmoud Abdel-Hamid, vice chairman of the General Authority for Supply Commodities (GASC) said that the buy included: 60,000 tons of US soft white wheat from Dreyfus at $133.83 per ton; 60,000 tons of Russian wheat from Silverstone at $114.60 per ton; 55,000 tons of US soft red winter wheat from Purdue at $130.75 per ton.
He said each order was on an FOB basis.
GASC was seeking 25,000 to 60,000 tons of wheat for September 16-30 shipment. GASC was seeking offers from the United States, France, Australia, Britain, Canada and Russia.
Egypt July Tourists Rise Despite Bombs Source: Reuters, August 28, 2005
The number of tourists visiting Egypt in July rose 6% on a year earlier even though bombs killed at least 64 people at a major Red Sea resort, according to the Tourism Ministry spokeswoman on August 25.
Tourism is one of Egypt's main sources of foreign currency. The three bombs on July 23 in the Red Sea town of Sharm el-Sheikh were the worst militant attack in the country since 1981. Most of the dead were Egyptian.
"The numbers in July 2005 increased against those of July 2004 by 6%," Hala el-Khatib said. In July 2004, 793,000 people came to Egypt. She told Reuters the number of tourists visiting Egypt from January to the end of July climbed by 13% from the same period of 2004.
The tourism industry appeared to shrug off militant attacks in Cairo in April, which killed three foreigners. Figures released this week showed the number of visitors rose by 12% in May.
Egypt to Implement 6 Projects in Yemen Source: The Egyptian State Information Service, August 30, 2005
Yemen and Egypt signed six agreements whereby the feasibility studies and the design of six tourist projects would be prepared to be established in Yemen.
The agreements were signed by representatives of the Yemeni Tourism Promotion Authority, the Egyptian Arab Center for Studies and the Yemeni Engineering Consultancy Services Center.
The studies cost about $44 million and are to be completed within four months. Their goal is to set up tourist resorts in Al-Hudayadh, Eden and Lahjag cities.
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NSGB Wins Race to Buy MIBank Source: Middle East Economic Digest, August 26, 2005; Al Ahram Weekly, August 25, 2005
National Societe Generale Bank (NSGB) (AmCham Member) (link here), the local subsidiary of Societe Generale (SocGen) (link here), has acquired a majority stake in partly state-owned Misr International Bank (MIBank) (AmCham Member) (link here). The acquisition of Egypt’s second largest private bank in terms of assets will result in the formation of the country’s biggest private sector bank, with total assets worth about LE30,000 million ($5,200 million).
NSGB, which is 78% owned by SocGen, acquired the MIBank stake, having offered the highest price per share at LE 43.20 ($7.48). So far, 69.7% of MIBank shareholders have agreed to sell their stakes at the proposed price. NSGB has agreed to buy at least 75% of MIBank shares at the same price.
The only other bidder for MIBank, BNP Paribas (AmCham Member) (link here), offered a price of LE 42 ($7.27) a share.
Bidding for MIBank began when Banque Misr (AmCham Member) (link here)offered its 25.5% share in MIBank for sale earlier this summer.
At the end of the first half of the year, NSGB and MIBank held assets worth LE11,919 million ($2,071 million) and LE 17,936 million ($3,117 million) respectively, which combined make the bank the largest in the private sector, ahead of Commercial International Bank (CIB) (AmCham Member) (link here). NSGB has 39 local branches while MIBank has 30 with a further five under construction. The acquisition is expected to create numerous synergies for both banks by utilizing common IT platforms and branches.
"NSGB is on the smaller side in terms of assets, portfolio and customer deposit base," says Ahmed el-Ashram, financial analyst at the local HC Brokerage (AmCham Member) (link here). "But it has the better loan quality."
No details have yet been released on how NSGB will finance the acquisition, although sources close to the transaction say that the deal will be financed by equity rather than debt. "A capital increase at NSGB is expected," says the source. "But no bond issues will be launched to finance it."
HC expects that following the finalization of the deal; NSGB’s market share will rise to 4.8% in the deposits market and 4.3% in the loans market. The combined entity is expected to have total assets of around LE29 billion and total customer deposits of LE25.8 billion.
NSGB’s sole adviser on the transaction was EFG-Hermes (AmCham Member) (link here).
The next major development in the banking sector is expected to be the sale of the combined 74.7% stake held by Bank of Alexandria (BoA) (AmCham Member)(link here) and American Express (Amex) (AmCham Member) (link here) in Egyptian American Bank (AmCham Member) (link here). Credit Suisse First Boston (link here) has been appointed as adviser on the deal, which is expected in the fourth quarter. It will be followed by the privatization of BoA, the country’s fourth largest state-owned bank, in the first half of 2006. BoA is being advised by Citigroup (link here).
Italians Acquire Majority Stake in ASEC Cement Source: Middle East Economic Digest, August 19, 2005
Italy’s Italcementi Group (link here) has completed an agreement to purchase a majority stake in the local ASEC Cement Group (link here) from local private equity firm Citadel Capital (AmCham Member).
Under the deal, Italcementi will acquire 68% of ASEC’s shares, which are listed on the Cairo & Alexandria Stock Exchanges (CASE) (AmCham Member) (link here), through Suez Cement Company (SCC) (AmCham Member), another local producer in which the Italian group acquired a controlling stake in March.
The shares will be acquired at a price of LE29 ($5) each and will raise Italcementi’s stake in ASEC to about 90%. The transaction is being carried out in partnership with other local and international investors. With a market capitalization of about $550 million, ASEC is Egypt’s fifth largest cement group and second largest cement exporter, with a capacity of about 4 million tons a year of clinker.
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Central Bank of Egypt Partners with HP in $1.2 Million IT Deal Source: Mena Report, August 23, 2005
In the first deal of its kind across the Middle East banking IT sector, Hewlett Packard (HP) (AmCham Member) (link here) has been awarded a contract worth $1.2 million by Central Bank of Egypt (CBE) (link here) to provide a ground-breaking data and disaster IT solution.
The pioneering deployment of HP’s XP12000 Disk Array technology will make CBE the first bank in the region to upgrade seamlessly to a ‘no single point of failure’ IT system that enhances storage and delivers state-of-the-art reliability and data availability.
HP will implement a new data center and a disaster recovery solution between the main and the backup center, which runs all the applications on HP Integrity platform. In addition, HP will ensure storage consolidation utilizing the HP XP12000 as well as implement a total automatic Disaster Recovery Solution for the bank between the main site and the disaster site all running on HP platforms. HP will also be converting from mainframe legacy system to open architecture using new technologies in order to give the customer the flexibility and ease of manageability.
The HP XP12000 quickly adapts to real-time business needs, creates more value by protecting confidential client data and also ensures uncompromised simplicity through consolidation and management efficiency.
New IT Projects Implemented in Behira Source: The Egyptian State Information Service, August 22, 2005
Minister of Communications and Information Technology Dr. Tarek Kamel and Behira Governor Osman Assal inaugurated on Sunday, August 21, a number of new projects in the domain of the communications and the IT including the network of smart schools.
These projects will be carried out by the Ministry of Communications and Information Technology (MCIT) (link here) and the Ministry of Education (link here), in association with the UN Development Programme (UNDP) (link here).
The new project of the smart schools' network aims at boosting the use of IT in the education process.
Orascom to Build Cement Plant in Algeria Source: Reuters, August 23, 2005
Egypt-based Orascom Construction Industries (OCI) (AmCham Member) (link here) will invest $172.4 million via a subsidiary to build a white cement plant in western Algerian with a capacity of 550,000 tons a year, OCI said on Tuesday, August 23.
The company has set up the Algerian subsidiary, Ciment Blanc d'Algerie (CBA), which signed a $138 million contract with the Danish company FLSmidth (link here) and an OCI Algeria consortium for engineering, procurement and construction of the new plant. The plant will be 60 km east of the port of Oran.
The total investment will be financed 60% by debt and 40% by equity, it said in a statement.
"CBA intends to cater to Algeria's white cement needs, which continue to be entirely met by imports," it said. Total Algerian consumption of white cement stands at 300,000 tons, it added.
Because the site of the plant is within 70 km of three major harbours, Arzew, Oran and Mostaganem, and it also has a strong potential for exports, it said.
Building the white cement plant will take about 21 months.
CMI, Skoda Sign Up for Talkha Job Source: Middle East Economic Digest, August 26, 2005
A consortium of Belgium’s CMI (link here) and the Czech Republic’s Skoda (link here) has been awarded the heat recovery steam generator (HRSG) package on the 750-MW combined cycle power plant project at Talkha. The client is Egyptian Electricity Holding Company (EEHC) (link here) .
Under the estimated $55 million contract, the CMI/Skoda team will supply and install the HRSG equipment. CMI will provide two triple-pressure HRSGs with reheat and vertical gas path technology, while Skoda will supply all other equipment. The Netherlands’ NEM (link here) was the other bidder for the project.
France’s Alstom Power (link here) earlier this year won the contract to supply a 250-MW steam turbine and Germany’s Siemens (link here) was awarded the contract to supply two 250-MW gas turbines for the Talkha plant.
A joint venture of the local Orascom Construction Industries (OCI) (AmCham Member) (link here) and its Belgian affiliate Besix (link here) has the $30 million civil works package. Full commercial operations at the plant, which will be operated by EEHC subsidiary East Delta Electricity Production Company (EDEPC), are to start in the first half of 2008.
EEHC is also evaluating bids for the HRSG package on the 750-MW Kureimat combined cycle power plant. CMI/Skoda and NEM are among the companies, which are participating in the tender, for which technical evaluation is expected to be completed by December. EEHC subsidiary Upper Egypt Electricity Company (UEEC) will operate the plant.
The consultant on both projects is the local/US Power Generation Engineering & Services Company (PGESCo) (link here) .
Hitachi to Offer Comprehensive Pumping Station Operations Source: Japan News Wire, August 23, 2005
Hitachi Ltd. (link here) announced on Tuesday, August 23; that it would provide water pumping station operation and maintenance services in Egypt for four years for about 1.8 billion yen.
Although Hitachi has been supplying pumping station facilities and operation and maintenance services domestically and overseas, this will be the first time the company provides comprehensive services for such facilities.
An Egyptian subsidiary 51% owned by Hitachi signed a contract with the Egyptian Ministry of Water Resources and Irrigation (link here) in mid-June to provide the comprehensive services using the Mubarak pumping station on the west bank of Lake Nasser, upstream of the Nile River in southern Egypt.A signing ceremony was held on August 23, in Cairo with officials of the Egyptian ministry and Japanese Embassy in attendance.
Hitachi said the pump station would contribute to the greening of the desert, promotion of agriculture and reclamation of land for new residential areas.
The Hitachi subsidiary aims to expand its business to comprehensive maintenance contracting for electric power plants, machinery and building facilities in the future, Hitachi said.
Besix, OCI Win Work on Nile City Source: Middle East Economic Digest, August 19, 2005
A joint venture of Belgium’s Besix Group (link here) and the local Orascom Construction Industries (OCI) (AmCham Member) (link here) has been awarded an estimated $17 million contract on the $100 million hotel project being built as part of the Nile City complex, a mixed-use development on the river’s east bank in Cairo.
Under the two-year contract, the Besix/OCI team will carry out the structural works package on the hotel, which involves the construction of a 24-storey building with 552 rooms and all related facilities.
Next in line are the project’s mechanical, electrical and plumbing (MEP) and finishings, fittings and external works packages, for which tender documents are due to be released shortly.
The project manager on the hotel development is Beirut-based Dar al-Handasah (Shair & Partners) (AmCham Member) (link here) . The project developer is a joint venture of the US’ Fairmont Hotels & Resorts (link here) and Nile City Investments Company (NCIC), a joint venture of the local Sawiris family, owners of the Orascom Group, and the Shobokshi family of Saudi Arabia. The conceptual architect on the project is Belgium’s Atelier d’Art Urbain (link here) while the UK’s HBA/Hirsch Bedner Associates (link here) has the interior design contract.
The new hotel will be the third tower in the Nile City complex. Two 34-storey mixed-use towers were completed in 2003 and 2004.
Emaar Heads for Cairo Heights Source: Middle East Economic Digest, August 19, 2005
Dubai-based property developer Emaar (link here) and the local El-Nasr Housing & Development Company have teamed up to develop a large-scale, mixed-use real estate development in downtown Cairo. The estimated $4,000 million Cairo Heights project will be built in the capital’s Mukattam area and is due for completion in 2010.The development will establish a new district in the capital made up of seven communities, each of which will have distinct features and consist of low-to-medium-rise buildings of three-22 stories. In total, it will offer 30,000 luxury apartments.
Under the development plan, Cairo Heights will also see the construction of a town center, a private clubhouse, hotels, entertainment, healthcare and retail facilities and mosques, among other facilities and infrastructure. The project will be located at the highest point of downtown Cairo and cover an area of 4 million square meters.
Contractors say the first construction packages on the scheme, excavation and ground leveling works, are due to be released shortly. Los Angeles-based RNL International (link here) is the concept designer; a project manager is still to be appointed.
No details have been made available on the financing of the project, although Emaar has said that fresh funds from a capital increase, through a 1:1 rights issue, will be used to finance expansion plans abroad.
El-Nasr is an affiliate of the government-owned Housing Tourism & Cinema Holding Company.
New Underground Water Project to be Implemented With Dutch Source: The Egyptian State Information Service, August 23, 2005
The Ministry of Irrigation and Water Resources (link here) in Cooperation with the Dutch government is implementing a project to support underground water sector at the ministry, said Minister of Irrigation and Water Resources Mahmoud Abu-Zeid.
The project aims at supporting new technical cadres and integrated water resources.
The project in its first stage will cover 11 billion cubic meters out of 220 billion cubic meters in Western Desert.
This comes within the ministry's general policy to implement an integrated administration for available water resources, the minister said.
Arab Natural Gas Project Almost Complete Source: The Egyptian State Information service, August 15, 2005
An agreement was reached Monday, August 15, on setting up an Egyptian- Syrian-Turkish company to carry out the third stage of the Arab natural gas pipeline extending from Al-Rehab region in Jordan to the Syrian-Jordanian borders till the Syrian city of Homs passing through Deir Ali power station to the Syrian-Turkish borders. Till now, 90% of the project has been completed.The four countries will celebrate the opening of this project by the end of this year. The third stage of the project would be fulfilled by 2007; afterwards the Arab natural gas will reach Europe.
The project is the first one to be implemented under BOT outside Egypt. The joint Arab natural gas project will be implemented by a consortium comprising three Egyptian companies at investments of $300 million.
The project will enable Egypt to ultimately export its natural gas to all of "Europe via Turkey.
First Petroleum Well to be dug in South Valley Source: The Egyptian State Information Service, August 22, 2005
Minister of Petroleum Sameh Fahmy said that it was decided to start wildcatting first discovery well at South Valley area, following completing seismic and geological researches.
The petroleum sector put up 12 areas for the first time in an international bids before oil companies to prospect for oil and natural gas in South Valley area.
Three agreements were signed with the offered companies. The first and second agreements which were signed with two Canadian companies cover an area of 53 square kilometers. The third agreement was signed with a British company.
Moreover, the oil sector prepared a program to provide natural gas for Assuit and Sohag governorates.
Sokhna Refinery On Track Source: Middle East Economic Digest, August 26, 2005
The scheme to build the estimated $1,000 million grassroots export refinery at Ain el-Sokhna near Suez is set to enter the next phase with the formation of a project company expected by the beginning of Ramadan in early October. The establishment of the project company will pave the way for several other agreements relating to feedstock and debt financing to be finalized in the last quarter.
State-owned Egyptian General Petroleum Corporation (EGPC) (link here), which will take an equity stake in the project, has recently issued a letter of commitment to provide about 70,000 barrels a day (b/d) of heavy crude and other feedstock from the nearby El-Nasr oil refinery to the new facility.
The Royal Dutch/Shell Group (AmCham Member) (link here) has also signed a letter of intent (LoI) with the project promoter and developer, the local Investment & Securities Group (ISG), to provide another 40,000 b/d. Italy’s Eni (link here) is expected to sign an agreement to supply about 20,000 b/d of feedstock for the refinery once the project company is established. The new fluid catalytic cracking (FCC) refinery will have total capacity of 130,000 b/d.On the financing side, BNP Paribas (AmCham Member) (link here) and Commercial International Bank (CIB) (AmCham Member) (link here) have been selected as financial advisers for the project’s debt portion, which will make up about 70% of the total cost. A formal appointment will be made once the project company has been set up. Financial close is targeted for mid-2006. The project management consultancy (PMC) and engineering, procurement and construction (EPC) contracts will also be tendered following the establishment of the project company.
In addition to ISG and EGPC, shareholders in the new project company will be made up of a group of local and regional investors, including from Saudi Arabia and Kuwait. The final shareholder structure has still to be finalized.
The new refinery will process low-quality heavy crude to provide gasoline, ultra-low sulphur diesel and propylene among other fuels, the bulk of which will be exported to Europe and the US. Under a recent LoI, Shell has agreed to offtake most of the output.
Petronas in Cooperation Deal Source: Middle East Economic Digest, August 26, 2005
Malaysia’s Petronas (link here) has signed a co-operation agreement with local oil exploration and services company Tharwa Petroleum. Under the deal, the companies will carry out jointly studies to identify the hydrocarbon potential of concession areas in the country.
The studies’ findings will then be submitted to the local authorities for evaluation, with Petronas Carigali, Petronas’ exploration and production subsidiary, to be given the first option to participate in the exploration, development and production of these areas.
In exchange, the Malaysian firm will assist Tharwa in the development of human resources and in the acquisition of new technologies and expertise. The two firms have already set up a joint consultative committee to facilitate and implement areas of co-operation. Petronas earlier this year entered into a farm-out agreement with Tharwa for the development of four concession blocks in the Western Desert.
Two Oil Agreements Signed Source: The Egyptian State Information Service, August 30, 2005
Minister of Petroleum Sameh Fahmy witnessed the signing of two agreements between the Egyptian General Petroleum Corporation (link here) and four foreign companies seeking to prospect for oil and natural gas in the Western Desert and the Gulf of Suez.
The two agreements cover an area of 4324 kilometers with concessions totaling $47 million to dig three wells.
Petroleum agreements help attract foreign investments to Egypt, Sameh said.
The first agreement covers prospection in the Western Desert where three wells are to be dug at a total value of $13 million. The second agreement covers off-shore prospection in the Gulf of Suez within an area of 26.8 Kilometers and with a total value of $3.1 million.
Sameh pointed out that the oil sector has so far signed 38 oil agreements despite international competition.
He maintained that attracting foreign companies that have the state-of the-art technology prospecting for oil and natural gas would help in new oil discoveries.
·The Electromechanical Erection Department of Arab Contractors, Osman A Osman & Co. issued on August 29, 2005 a request of supply and erection of the electromechanical equipment pertaining to a sanitary drainage water treatment station in Damanhour, Beheira- phase 2. The Specification Fee is LE1,000. The Bid Bond is LE150,000. Deadline for the submission of offers is October 11, 2005.
·The Central Department for Purchases & Stores of Telecom Egypt issued on August 23, 2005 a request of offers from specialized companies for increasing the capacity of telephone cables networks serving 4 telephone exchanges in Beheira Governorate [in Sharnoub, Al Rafdan, Zohour Al Omaraa & Berket Ghattas] to add 7,600 main lines on turnkey bases. The Specification Fee is LE7,500. The Bid Bond is 1%. Deadline for the submission of offers is September 19, 2005.
Construction
The Technical Support Office of the Health Sector Reform Program of the Ministry of Health & Population issued on August 24, 2005 a request of offers from eligible bidders as per EU regulations for the development of 33 health facilities in Sohag Governorate including raising the efficiency & remodeling of existing facilities & the construction of new facilities according to standardized codes of Family Health Units released in 5 lots. Job goes under funding from EU via Meda Program. The Specification Fee is Euro600. The Bid Bond is 1%. The Performance Bond is 10%. Deadline for the submission of offers is October 26, 2005.
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