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| ROUND UP: The month at a glance |
Egypt exports perfume flowers
A recent marketing study revealed that Egypt ranks 11th in the world
for perfume flower exports, which reeled in $17.7 million in 2001.
There are 25 key markets that import Egyptian flowers, including
the US, Japan and various European countries.
Jordan, Egypt encourage sea tourism
An $18 million Italian-made vessel named “Princess” began
biweekly cruises between Jordan’s southern port city of Aqaba
and Sharm Al Sheikh on August 29. The new route is part of an initiative
to boost two-way sea tourism between the two countries, on the wane
since the outbreak of the intifada almost three years ago.
Rosetta Stone denied
Director of Egypt’s Supreme Council for Antiquities Zahi Hawass
said in late July that he would continue to press the British Museum
to loan the 2,200-year-old Rosetta Stone to Cairo so it can serve
as the centerpiece at the inauguration of the Egyptian Museum’s
new wing in 2005. The British have so far shunned the idea, as the
stone has been central to its collection since 1802.
Moody’s to open Cairo office
Credit ratings agency Moody’s announced in August that it would
set up a Cairo-based joint venture with Finance & Banking Consultants
International to provide ratings and research services to companies
in Egypt and other Middle Eastern countries. The venture will be
called Middle East Rating & Investor Services (MERIS).
Oil firms to be listed
Minister of Petroleum Sameh Fahmy said in August that oil companies
could soon be listed on the Cairo & Alexandria Stock Exchanges,
a move he believes would help revitalize the bourse and bring extensive
revenue to junior investors. Fahmy said a feasibility study was
currently being conducted on the issue.
Officials aim to boost medical exports
Government officials stressed the importance of increasing exports
of locally produced medicines and medical products at an August
meeting. Attendees also discussed ways to expand therapeutic tourism
in Egypt. According to health minister Mohamed Awad Tageldeen, locally
concocted medicines were currently exported to 81 countries.
Co-founder of English weekly dies
Editor-in-chief of English-language Al-Ahram Weekly Hosny Guindy
passed away on August 10. Guindy played a key role in establishing
the English-language publication – read worldwide – in
1991.
Egypt, Vietnam to enhance ties
A delegation from the Vietnamese trade ministry visited Egypt in
August for talks on increasing bilateral trade in the coming years.
A Vietnam-Egypt joint committee is scheduled to meet in Cairo next
year to hammer out details. Egyptian trade officials, meanwhile,
pledged to support Vietnam’s accession to the World Trade Organization.
Favorable balance with India achieved
Officials at the Indian embassy in Cairo said in August that, for
the first time since 1994, the trade balance between the two countries
was in Egypt’s favor for 2002. In that year, India exported
$365.48 million worth of goods to Egypt while importing $411.73
million’s worth – mainly oil products – from Egypt.
Jordan offers passage to Iraq
Egypt expressed interest in August in leasing plots of land in Jordan’s
Zarqa Free Zone, which would act as a corridor for its exports to
the budding Iraqi market. Traders currently depend almost exclusively
on Aqaba as the primary gateway to the war-torn country.
China plans trade show
The Chinese government is planning to hold, for the first time,
an exhibition in Cairo of Chinese high-tech products and pharmaceuticals,
from September 8 to 25, China’s ambassador to Egypt announced
in August. He added that China planned to increase its industrial
and economic investments in Egypt.
Sri Lankans eye local citrus
Minister of Foreign Trade Youssef Boutros-Ghali explored ways to
export domestically grown citrus fruits to Sri Lanka in a meeting
with the Sri Lankan minister of agriculture and livestock in mid-August.
Centamin files lawsuit
Centamin Egypt announced in late July that it would be initiating
arbitration proceedings against the Ministry of Industry, which
has halted the Australian gold company’s mining efforts in
the Eastern Desert. The ministry claims Centamin has failed to provide
adequate feasibility studies on its mining efforts, but Centamin
officials insist the company has complied with all aspects of its
1994 concession agreement.
Third terminal progresses
In early August, the Ministry of Civil Aviation issued an international
invitation for expressions of interest in the construction of the
proposed third terminal – intended to increase capacity by
a further 11 million passengers – at the Cairo International
Airport. The full, $400 million tender will be issued in November.
The World Bank has made an initial commitment of $173 million for
the project.
The great N.E. loses power
Terrorism was quickly ruled out as the cause of the greatest power
failure in North American history, which caused blackouts in all
or parts of eight states and eastern Canada from August 14 to 16.
Petrol revenues climb
Minister of Petroleum Sameh Fahmy said that the oil sector’s
hard currency revenues had increased 22 percent in the 2002/03 fiscal
year – to £E 5.2 billion – compared to the previous
year.
Alcotexa boasts good season
The Alexandria Cotton Exporters’ Association (Alcotexa) announced
that it had sold 182,460 tons of cotton, worth some $336.5 million,
from the start of the cotton season in September 2002 to August
16.
Firms to bid on New Campus
Bids for the American University in Cairo’s $300 million new
campus project are expected by the end of December, after tender
documents were issued to eight groups of local and international
contractors on July 17. US-based Fluor Daniel International is the
project and construction manager.
Hot Russians flock to Egypt
Russian tourists flocked in large numbers to resorts in Egypt this
summer in an effort to escape unusually hot temperatures in Russia.
Tourist agencies in Moscow reported that tours to Egypt were sold
out until mid-September.
Fitch: steel sector set for growth
A report issued by Fitch Ratings in August predicted that the local
steel industry would thrive in the long term, due to a post-mortgage
law spike in construction and government commitments to launch new
infrastructure projects.
Egypt announces World Cup bid
Egypt is competing against South Africa, Nigeria, Morocco, Tunisia
and Libya to host the 2010 FIFA World Cup – the first time
the prime football match will take place in Africa. FIFA officials
will divulge the winner next May.
Egypt, Sudan set up free zone
Egypt and Sudan agreed to set up a free trade zone in Juba, Sudan,
valued at £E 500,000, the countries announced jointly in August.
The strategy aims at tapping the potential of the two countries’
agriculture, animal wealth and water resources.
tariffs imposed on saudi
In August, the State Council Court upheld a decision by the Ministry
of Foreign Trade’s anti-dumping agency to impose permanent
anti-dumping tariffs on the import of polyethylene and polyester
from Saudi Basic Industries Corporation.
Egypt, Libya talk energy collaboration
Egypt and Libya concluded an agreement in August to set up a $300
million Arab company for the production of oil and natural gas pipelines
– one of the biggest investment projects to be undertaken between
the two states.
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