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Another cigarette hike Philip Morris International raised the price of its Marlboro cigarette brands by 25 piastres on July 1, to £E 6.75 a pack – the second price increase this year. Meanwhile, Eastern Tobacco has discontinued its popular £E 1.60 per-pack Cleopatra Regular brand, while announcing that it will boost production of the Cleopatra King Size variety, priced at £E 1.75 a pack. Japanese fund drug plant Egypt and Japan agreed in July to set up a $100 million pharmaceuticals plant in Sixth of October City to produce insulin and anti-tumor drugs. Japan will put $70 million towards the cost of the plant – the first of its kind in Egypt. Canal revenues surge The Suez Canal Authority reported in July that canal revenues for June were up 24.7 percent over June 2002, bringing in $209.9 million. Cement company holds on to shares A financial consortium that had tendered a bid to buy a minimum of 51 percent of Misr Beni Suef Cement (MBSC) at a price of $3 per share in early July withdrew its offer on July 15, after MBSC offered to sell only a 3.8-percent stake. India invests in drugs Since imported drugs have become prohibitively expensive due to the currency devaluation, Bangalore-based Himalaya Drug Company has decided to begin locally manufacturing five pharmaceutical products – which it currently exports to Egypt – in order to reduce their retail prices. Runners prep for ancient race The third annual 100-kilometer Pharaonic Race is scheduled to take place on November 28, spanning from the Pyramid of Hawara in Fayyoum to the ancient step pyramid of Saqqara in Giza. The race, which attracted over 200 runners from a dozen countries in 2001, commemorates the 100-kilometer marathon run by Pharaonic soldiers during the reign of King Taharka in the seventh century BC. Reina celebrates Bibliotheca Queen Sofia of Spain on July 9 inaugurated an exhibition at the National Spanish Library entitled “Bibliotheca Alexandrina: Glorious memory and better future,” depicting the history of Alexandria and the ancient library. The queen spent her childhood in the Mediterranean city. Tourism recovers quickly Tourism Minister Mamdouh El Beltagui said in July that war-related financial losses to the tourism sector were far less than the $2 billion he had forecast just before the war on Iraq was launched in March. While the number of tourists visiting Egypt plummeted 22 percent year-on-year in March, by June, 5 percent more tourists had visited Egypt than in June 2002. El Beltagui expects 5 million visitors by the end of the year, compared to 5.2 million last year. EFG opens Tehran office Local EFG-Hermes Holding Company is opening an office in the Iranian capital Tehran, which will allow the firm to closely monitor the performance of the Tehran Stock Exchange (TSE). In early June, EFG announced it would manage the first investment fund – with a capital of $57.72 million – to be listed on the TSE. ICC invests in chemicals Cairo-based International Chemicals Company (ICC) recently invested $15 million in its Suez plant as part of a three-phase expansion plan that will – by 2005 – double the company’s production capacity of sodium tri-poly phosphate (STPP), a critical ingredient in making ceramics and laundry detergent. China offers textiles expertise The Holding Company for Textiles Manufacturing & Trade and China’s Huitong Polyester Technique Corporation signed a $14 million contract in July that will see the Chinese company provide advanced textile equipment, technology and training to the struggling Egyptian sector. Red Sea traffic to rise In late June, Jordan and Egypt agreed in principle to open three new sea links to enhance the maritime tourism industry between the two countries. Jordan’s sole sea outlet of Aqaba will be linked with the Egyptian resort cities of Sharm Al Sheikh, Hurgada and Safaga. Currently, there is only one maritime link between Jordan and Egypt, from Aqaba to the Red Sea town of Nuweiba. Metal production modernized Egypt Aluminum expects to boost its current metal production capacity by 50,000 tons per year by the middle of 2004, as it continues upgrading its nine potlines. The Holding Company for Metallurgical Industries – which holds a 92-percent stake in Egypt Aluminum – said all potlines would be modernized by 2007, raising the production capacity to 300,000 tons per year CAPMAS: more Egyptians read Central Agency for Public Mobilization & Statistics figures indicate that illiteracy rates fell 10 percent over the last six years to 29.8 percent of the population – some 13.7 million people – as of January 2003. Anti-mine technology hits streets Egyptian defense officials are looking into marketing a new system to neutralize anti-tank mines that is already being used by the Egyptian military. Saudi Arabia and the UAE have already purchased older versions of the system, and marketing efforts are targeting Gulf Cooperation Council countries. Local defense firm Sakr Factory for Developed Industries developed the technology. DAx digitizes recent history In June, Dutch company DAX Archiving Solutions launched Egypt’s largest digital archive, created especially for the president’s office, containing all the main events of Egypt’s recent history in digital format. The digital library, both in English and Arabic, contains some 2 million documents, 30,000 hours of video, 10,000 hours of audio and 50,000 photographs. Jakarta, Cairo swap fertilizer, locomotives Trade officials traveled to Indonesia in July to sign an agreement that would see Jakarta buy phosphate fertilizer from Egypt in exchange for Egypt purchasing train wagons from Indonesia. The two countries have signed several MOUs covering phosphate fertilizer, oil palm plantation, woodworking and sugar. OT’s Lebanese bid denied Lebanon’s telecommunications ministry in July rejected a bid made by Orascom Telecom chairman Naguib Sawiris for the country’s GSM license, which is up for sale. The ministry did not immediately provide a reason for the rejection. EgyptAir given new head Head of national carrier EgyptAir Ahmed Al-Nadi was replaced in July, only one year after being given the task to overhaul the airline that lost more than $300 million in 2001/02. Veteran pilot Sherif Galal has now assumed the post of overseeing the six subsidiary companies under the national airline’s umbrella. Egypt sells Iraq drugs A recent report issued by the Ministry of Public Enterprise stated that Egypt’s pharmaceutical exports to Iraq have resumed, and that the Holding Company for Pharmaceuticals has signed contracts worth £E 35 million for exports to the Iraqi market. Non-petrol exports to U.S. mount Minister of Foreign Trade Youssef Boutros-Ghali said total exports to the United States reached $356 million in the first quarter of 2003 – an 84-percent jump on the same period a year ago. Non-petroleum exports in particular surged from $171 million to $314 million over the same period. Emerson wins power contract
Emerson won a $16 million contract from USAID in June to modernize
the Ataka thermal power station in the Suez region, which will help
ensure a dependable power supply to 4 million customers in the area. |
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