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| ROUND UP: The month at a glance |
Sub upgrades:
Northrop Grumman Corp. will supply new-generation navigation systems
for four of Egypt’s Romeo-class submarines in a deal worth
$2.4 million. The new systems provide high-accuracy positioning
data and fire control systems.
HCMI denies rumor:
Egypt’s Holding Company for Metallurgical Industries (HCMI)
dispelled rumors in December that it is negotiating the sale of
its 19-percent stake in Torah Cement to Ciments Francais. Torah’s
other principal shareholder, Suez Cement, also denied conducting
negotiations with investors for its 66.6-percent stake.
ECC launches bond:
The Egyptian Cement Company (ECC) launched Egypt’s largest-ever
local-currency corporate bond issue in December, following the completion
of a private placement for 70 percent of the £E 1 billion
instrument. ECC said it would use the funds to repay bank loans
obtained to finance construction of its four production lines.
Drug companies to merge:
Minister of Public Enterprise Mokhtar Khattab announced in December
plans to merge a number of small state-owned pharmaceutical companies.
The merger comes as part of a strategy designed to help small companies
survive the implementation of the Intellectual Property Rights Law,
expected to come into effect in 2005.
Egypt, Jordan link grids:
Egypt and Jordan signed an agreement in December to increase the
latter’s supply of electricity, a step towards realizing a
1998 deal aimed at linking the two countries’ electricity grids.
Eventually, the grid will link countries in the Middle East, North
Africa and Europe. Syria and Lebanon are expected to be integrated
into the grid some time in 2003.
Microsoft provides software:
The Ministry of Education and Microsoft struck a deal in December,
in which the IT giant will supply all schools supervised by the
ministry with desktop software.
Bids close on line 3:
The National Authority for Tunnels closed bids on January 13 for
a consulting contract on the first phase of the Cairo metro’s
line 3, after extending the deadline by one month. The mandate includes
evaluating bids and supervising construction. More than 40 contractors
expressed interest in the $735 million scheme.
Foreign reserves rise:
Egypt’s foreign reserves rose to $14.12 billion in October
2002 from $14.05 billion in September, but down from $14.34 billion
in October 2001, according to Central Bank of Egypt figures. The
CBE is hoping to maintain foreign-exchange reserves at $14 billion.
Arab FTA signed:
The foreign trade ministers of Egypt, Jordan, Tunisia and Morocco
signed an agreement in January to set up a free trade zone that
would eliminate tariffs in the zone by 2006. According to the plan,
customs duties within the zone are expected to decrease by 65 percent
this year.
Canal tolls frozen again:
For the seventh year in a row, the Suez Canal Authority will not
raise tolls “due to global economic conditions,” chairman
Ahmed Fadel announced in January.
Banks invest in gas:
CIB, Banque Misr, EAB and NSGB have formed a consortium to invest
$450 million into the Edco natural gas project, Al Alam Al Youm
reported on January 23. Another $800 million will be invested by
a second foreign consortium including HSBC, City Group, Mitsubishi
and Crédit Agricole. The remainder is expected to be financed
by the Egyptian government. The project’s total cost is estimated
at $1.4 billion.
FDI in petrol:
Minister of Petroleum Sameh Fahmy stated that foreign direct investment
in the petroleum sector amounted to $28 billion since 1980. The
ministry is currently pursuing a five-year plan to attract a further
$20 billion.
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