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| ROUND UP: The month at a glance |
Non-oil exports ahead:
Ministry of Foreign Trade figures indicate that exports in the fiscal
year 2001/02, ending June 30, were $6.64 billion, much higher than
the $3.4 billion that tourism reeled in during the same period.
In fiscal year 2000/01, revenue from non-oil exports and tourism
were neck-and-neck, at $4.44 and $4.31 billion respectively. Tourism
has not been number one since 1999. Ministry officials attribute
the change to administrative reforms that promote exports, as well
as to currency devaluation.
Egypt and China sign C.I.T. memorandum:
The information-technology ministers of China and Egypt have signed
a memorandum of understanding aimed at developing the IT industries
in both countries. Ahmed Nazif and Wu Jichuan agreed to share information
on strategies, policies and IT-market regulation.
Egypt-Iraq Trade Boosted:
The value of Egypt-Iraq trade contracts has exceeded $3.8 billion
to date, Egypt’s commercial attaché in Baghdad announced
in October. The volume of contracts inked with Iraq is expected
to rise over the coming period.
Hero buys Vitrac stake:
Hero Group recently acquired a 65-percent holding in Egyptian jam
producer Vitrac. The deal was announced retroactively, but financial
details were not disclosed. Hero said the acquisition would enable
it to expand in the region. Vitrac posted sales of $25 million in
2001.
Mediterranean bourses to collaborate:
A cooperation agreement was signed between the Cairo & Alexandria
Stock Exchanges (CASE) and the securities exchanges of Malta and
Tunis. CASE director Sameh Torgoman said in October that the Association
of Securities Bourses of the Mediterranean Basin Countries (MED)
would expand cooperation between these three exchanges and others
in the region.
Egypt renews tank production:
Following three years of delay, Egypt renewed assembly of the US-origin
M1A1 main battle tank at an assembly plant outside Cairo earlier
this year, defense-oriented website Middle East Newsline reported
October 3. Industry sources say the plant produces four tanks per
month, and is expected to continue at that rate until the end of
2005.
Jordan’s Suez discount questioned:
The Suez Canal Authority will cancel the 10- to 15-percent discount
on Suez Canal-passage fees offered to Jordanian commercial ships
if Jordan follows through on its plans, announced during the recent
United Nations Earth Summit, to join Israel in building a canal
that would connect the Dead Sea and the Gulf of Aqaba, the London-based
Arabic daily Asharq Al Awsat reported.
Egypt, Jordan Reach Land Transport Agreement:
The transport ministers of Jordan and Egypt agreed to sign a bilateral
“land transport agreement for goods and passengers” by
the end of October. The agreement, which will replace an old one
signed in 1985, will grant Jordan and Egypt a mutual exemption on
tariffs. The agreement (not signed as of press time) aims to expand
transport services between the two countries.
Insider trading addressed:
The Capital Markets Authority (CMA) is developing a “directory”
system to supervise trading on the Cairo stock exchange. In coordination
with the American Capital Market Development agency (CMD), regulators
will use the directory to monitor transactions on the market, ensuring
that investors do not trade based on insider information or undisclosed
news.
Three Banks Slated for Privatization:
The Ministry of Public Enterprise says it plans to privatize the
Export Development Bank of Egypt (EDBE), the Trade & Development
Bank and the Alexandria Commercial & Maritime Bank. The government
holds stakes of 75.6, 91.9 and 54.9 percent in the banks, respectively.
The ministry is also exploring the possibility of divesting its
84-percent stake in Al-Shams Housing & Development and 17.8-percent
ownership in Suez Cement.
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