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| ROUND UP: The month at a glance |
SUEZ CANAL SHIPMENTS INCREASE IN 2000:
The Suez Canal Authority announced on February 10 that total shipments
had increased to 438,962 million tons in 2000, up from 384,994 tons
in 1999. This was accompanied by an increase in the number of vessels
passing through the canal to 14,141, from 13,490 in 1999. The trend
continued with shipments of combined oil and goods reaching 3.5
billion tons in 2000, up from 2.3 billion tons in 1999.
TOURISM UP DESPITE PALESTINE VIOLENCE:
Prime Minister Atef Ebeid announced February 11 that Egypt’s
tourism sector had reached its targets for the year 2000 despite
the effects of the Intifada. He said there was a 15 percent increase
in the number of visitors to Egypt during 2000, with a total of
5.5 million visitors bringing in revenue of about $4.3 billion,
despite a decrease in visits from neighboring countries.
MORE FOR WORKERS IN 2001/02 BUDGET:
According to Al Ahram of February 3, Egypt’s budget for the
next fiscal year will set aside £E 54 billion ($14 billion)
for public sector salaries and improvements in public services.
The budget for 2001/02 contains £E 9 billion more for these
expenditures compared to the budget for the current fiscal year.
Public sector salaries will be allotted £E 33 billion, with
some £E 500 million going towards government-worker bonuses.
A.I.C. SIGNS OMAN DEAL:
Egyptian-based construction company AIC signed a $94 million contract
to build an electricity plant in the north of Oman, the company
announced January 23.
MOBINIL SIGNS DEAL WITH NOKIA:
Osman Sultan, CEO of MobiNil, announced plans for the mobile-phone
service provider to spend £E 900 million in 2001 to expand
its GSM network. MobiNil signed a contract on February 15 with Nokia,
under the terms of which the Finnish telecom company will provide
high-capacity mobile switches and microwave transmission equipment.
IRAQ TO IMPORT EGYPTIAN GOODS:
Iraqi trade minister Mohammed Mehdi Saleh announced that Iraq was
interested in importing $2 billion worth of goods from Egypt over
the course of the next year. Iraq signed a free-trade agreement
with Egypt in January. Since 1995, Egyptian exports to Iraq have
totaled $1.3 billion.
O.T. WITHDRAWS BID ON NIGERIAN LICENSE:
United Networks Mobile – a subsidiary of Orascom Telecom –
withdrew its offer for three GSM licenses in Nigeria after the fourth
round of bidding. South Africa-based telecoms firms won two of the
three licenses, which cost $285 million each.
TIMING OF T.E. SALE TO BE FINALIZED:
The method and timing of the sale of Telecom Egypt, postponed in
October 2000, is expected to be finalized in March. In the meantime,
the government will decide whether to sell to a strategic investor
before offering shares to the public. The government has said it
will not sell more than 49 percent.
AFRICA ONLINE BUYS INTO EGYPT:
Pan-African Internet service provider Africa Online has bought MenaNet
Communications for $8.7 million, boosting its ISP operation to include
nine African countries, including Egypt. Under the deal, MenaNet
will become a subsidiary of Africa Online, which will use its brand
name to deliver services to sub-Saharan countries and that of MenaNet
to the Middle East.
BANKERS JOIN CONTRACTORS BOARD:
The government appointed four new members to the board of directors
of Arab Contractors (Osman Ahmed Osman & Co.), following concerns
about the company’s financial situation. The new board includes
the general managers of Banque Misr and Banque du Caire, along with
two former National Bank of Egypt executives. "We hope this
is a temporary board, giving the government more involvement in
the financial engineering of this huge institution," chairman
Ismail Osman said.
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