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| ROUND UP: The month at a glance |
CANAL RECEIPTS HIT NEW HIGH:
The chairman of the Suez Canal Authority, Ahmed Ali Fadel, announced
that the canal had chalked up its highest yet revenue figure in
the 2001 fiscal year, Al-Ahram reported. The canal took in $1.947
billion, versus $1.927 billion the year before.
POSTAL UPGRADE PLANNED:
A framework for modernizing Egypt’s postal sector has been
recently approved by Minister of Communications & Information
Technology Ahmed Nazif. The new strategy involves cooperation with
specialized consultancy firms and the World Bank in order to carry
out the one-year implementation plan.
CARPET DEAL ROLLED-UP:
The Ministry of Religious Endowments completed the purchase of Damanhour
Carpets, acquiring the factory for the price of £E 50.1 million.
Minister of Religious Endowments Mohamed Zakzouk said the factory’s
production would fulfill the needs of the some 56,000 mosques controlled
by the ministry around the country.
TRANSCONTINENTAL HOOK-UP:
The Ministry of Communications & Information Technology announced
on August 16 that Egypt will “join the international community
of transcontinental communications” by setting up a telecommunications
free zone in Alexandria. The ministry also announced that Egypt
would establish modern customer-service call centers.
EGYPT, LIBYA FORMING GAS COMPANY:
A new Egyptian-Libyan company with capital of $100 million will
be formed, according to the Ministry of Petroleum. The new company
will transport raw-petroleum materials from Libya to Egypt for processing.
The company will also transport Egyptian natural gas to Libyan cities.
O.T. FORTIFIES EASTERN FRONT:
Orascom Telecom (OT) announced August 13 that it will boost its
ownership of Pakistani mobile-phone network Mobilink to 88.7 percent.
The acquisition will be financed by a 2.05 million-share capital
increase at a yet-to-be-announced value. On news of the move, OT’s
GDRs in London rose more than 10 percent. (see story, page 18)
MORTGAGE COMPANY IN FORMATION:
Suez Canal Bank and Ibrahim Moharam along with other investors are
establishing a new mortgage finance company with paid-in capital
of £E 100 million. Currently, the group is negotiating with
National Bank of Egypt, Mena Real Estate and Hassan Durra to join
the company.
EGYPT ZONES IN ON DJIBOUTI:
The creation of a 20,000-square-meter free-trade zone is currently
being discussed by the Egyptian and Djibouti ministers of economy
& external trade. The trade zone would promote transit trade
in Djibouti and other neighboring countries.
BANKS TO BE INSURED?
Studies by the National Bank of Egypt are being wrapped up regarding
the establishment of the first insurance company for banks in Egypt.
The company’s initial paid-in capital will be set at £E
5 million with the four state banks being the shareholders. Prime
Minister Atef Ebeid has received the studies for review.
PAYING BILLS OVER THE NET:
Minister of Communications & Information Technology Ahmed Nazif
will launch the first website for fixed-line phone bills. Telecom
Egypt chairman Akil Beshir said the site would provide subscribers
with detailed bill information, and that payment could be made over
the Internet. The site will be displayed in Arabic and English.
SPIN DOCTORING:
Al Ameriya Spinning & Weaving’s ownership has been transferred
to Banque Misr following annual losses of £E 100 million.
Banque Misr has the duty of restructuring the company’s finances
and management.
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