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Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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L'Egypte à la recherche de stabilité et d'investissements

L'Egypte à la recherche de stabilité et d'investissements | Égypt-actus | Scoop.it

A Paris, le ministre égyptien du Commerce et de l'Industrie s'est efforcé de dissiper la perception d'un retour aux années Moubarak.

 

Mounir Fakhry Abdel Nour, le ministre égyptien du Commerce et de l'Industrie qui était lundi et mardi à Paris, a voulu porter avant tout un message politique aux dirigeants et aux chefs d'entreprise français. Il s'agit de « changer la perception qui, malheureusement, prévaut. Car ce qui s'est passé en Egypte de juin à juillet 2013 n'est pas un coup d'Etat militaire, mais un coup de main de l'armée à un mouvement populaire qui s'est opposé aux Frères musulmans », dit-il dans un entretien aux « Echos ». Pour le responsable, membre du parti Wafd, la Confrérie et Mohamed Morsi, destitué par l'armée le 3 juillet un an après son arrivée à la présidence, étaient en train de construire un Etat « ni démocratique, ni civique, ni juste, ni moderne », contrairement aux buts de la révolution du 25 Janvier 2011 qui avait renversé Hosni Moubarak : « On faisait fausse route. »

Pour le ministre qui plaidait hier devant le Medef avant de rencontrer les ministres du Redressement productif, Arnaud Montebourg, puis du Commerce extérieur Nicole Bricq, la Constitution adoptée à la mi-janvier par voie référendaire à 98 % des électeurs « garantit un Etat de droit. Elle présente des avancées énormes sur les droits de l'homme et de la femme, les droits des minorités, la séparation et l'équilibre des pouvoirs par rapport aux Constitutions précédentes. » Le ministre reconnaît néanmoins qu'actuellement l'Egypte « a besoin d'un homme fort capable de rétablir l'ordre et la sécurité ». Et à ses yeux, le maréchal Abdel Fattah Al Sissi, l'homme du 3 juillet 2013, qui est pressenti par l'armée pour être candidat à la présidence, est « capable de prendre des décisions difficiles, souvent pénibles et impopulaires ». Quant à un retour aux années du général Moubarak, Abdel Nour est certain que, s'il est élu, Al Sissi abandonnera son rôle de chef de l'armée et, « grâce à son incontestable popularité parmi les soldats, sera capable de contrôler l'armée contre tout débordement ».

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Avec 2,8 milliards d'euros d'investissements, la Lombardie est proche de l'Egypte.

Avec 2,8 milliards d'euros d'investissements, la Lombardie est proche de l'Egypte. | Égypt-actus | Scoop.it

La Lombardia è vicina all’Egitto: oltre 2,8 miliardi di euro è quanto investe già nel Paese nord-africano sommando import annuale, fatturato delle imprese partecipate da lombarde e rimesse degli emigranti verso l’Egitto. Di questa cifra, circa 1 miliardo e mezzo viene dalla sola Milano. Emerge da una stima della Camera di commercio di Milano su dati Istat (import anno 2012), Banca d’Italia (rimesse anno 2012) e banca dati Reprint (investimenti diretti esteri - anno 2011). E nei primi nove mesi del 2013 supera gli 850 milioni di euro l’interscambio lombardo con l’Egitto e rappresenta un quarto del totale italiano. Le province più attive? Nell’export Milano (47,2% del totale regionale) e Brescia (14,4%), nell’import Mantova (30,8%). Quelle che crescono di più nonostante la crisi? Mantova, Pavia e Monza. Emerge da un’elaborazione della Camera di commercio su dati Istat, a settembre 2013 e 2012. Martedì 4 febbraio business focus sull’Egitto e incontri d’affari per le imprese. L’incontro vedrà la partecipazione di rappresentanti delle istituzioni e delle imprese, guidati dal Primo Sottosegretario del Ministero del Commercio e dell'Industria Mohamed Dawood. Nel pomeriggio, dalle ore 14 alle 18, incontri b2b con 15 aziende egiziane dei settori: chimica, imballaggi, materie plastiche, meccanica, mobili, tessili per la casa, agroalimentare.

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L'Egypte va annoncer les détails de son deuxième plan de relance depuis que le président islamiste Mohamed Morsi a été évincé en juillet dernier.

Egypt will announce details of its second stimulus package since Islamist President Mohamed Mursi was ousted in July within days, its finance minister said on Tuesday, aiming to boost tepid growth and reassure investors.

Egypt's economy has continued to suffer from investment outflows and a drop in tourism during political turmoil since autocrat President Hosni Mubarak was toppled in an uprising in 2011. The economy grew by just 1.04 percent in the three months through last September from a year earlier, according to latest central bank data.

In the latest sign of turmoil, a senior Egyptian Interior Ministry official was killed outside his home in Cairo on Tuesday, putting pressure on the military-backed government as it struggles to contain an Islamist insurgency.

The interim government is trying to give out assurances that the country is safe for investors.

 

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Ministry of Sport: Five new PPP ‘sport city’ projects announced

Mostafa Azzam, head of the investment unit at the Ministry of Sport, exhibited the ministry’s future plans to establish five sport cities in different governorates during the 2nd Annual PPP investment Summit in Cairo on Monday.

This was the summit’s second day and included a session discussing the use of Private-Public Partnerships to fund sports projects. Representatives of the Ministry emphasised the importance of sport for youth.

 

Daily news Egypt

More : http://www.dailynewsegypt.com/2013/03/25/ministry-of-sport-five-new-ppp-sport-city-projects-announced/

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Egyptian businessmen eye opportunities in South Sudan

Egyptian businessmen eye opportunities in South Sudan | Égypt-actus | Scoop.it

The head of the Egyptian Businessmen Association (EBA) Hussein Sabour said that the body is currently exploring potential investment opportunities in South Sudan and projected that the latter has the potential to be an economic powerhouse.

In statements carried by the government-owned Al-Ahram newspaper Sabour noted that the recent visit by Egypt’s Prime Minister Hisham Qandil to Juba was warmly and widely welcomed by the South Sudanese side and paved the way for Egyptian investments to flow into the country which he said lacks industrial infrastructure with an electrical energy production of about 4 megawatts compared to 28 megawatts in Egypt.

Sabour explained that businessmen from the two sides will exchange visits during the first half of this year. He pointed out that South Sudan is still a virgin state with huge potential for profits especially in sectors like construction and building materials, agriculture and trade.

The Egyptian businessman mentioned that homes in Juba are built of tinplates and there is no water or sanitation systems in place and thus any investment initiative will have a positive impact.

 

More on: http://www.sudantribune.com/spip.php?article45943

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Dubai's Arabtec signs $136m Cairo building contract

Dubai's Arabtec signs $136m Cairo building contract | Égypt-actus | Scoop.it

Dubai's Arabtec signed a AED500m (US$136m) contract to build a 23-storey hotel and residential complex in Cairo, the major construction firm said on Sunday.

 

The Nile Towers, to be built in the Maadi suburb of south Cairo, will include a Hilton Hotel with 256 guest rooms and suites plus other facilities, Arabtec said in a statement. An adjacent tower would contain 114 luxury residential apartments (...)

 

The company said Nile Towers was its third project since it entered the Egyptian market. It has a AED174m contract from Dubai developer Emaar Properties to build the Al Marassi villa project on the coast at Alexandria, and a contract to build a 726-apartment residential development on a cliff top at the town of Sokhna.

 

Plus:http://www.arabianbusiness.com/dubai-s-arabtec-signs-136m-cairo-building-contract-495181.html

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Egyptian reassurance may fail to woo investment dollars

Egyptian reassurance may fail to woo investment dollars | Égypt-actus | Scoop.it

* Dollar fund aims to reassure foreign investors
* Scheme unlikely to work as well as a decade ago
* Investors fear further Egyptian pound slide
* Legal actions against business figures shake confidence

 

Egypt's revival of a scheme meant to protect foreign buyers of government debt and stockswill struggle to achieve a wider aim - easing an acute dollar shortage.

  

Earlier this month the central bank reopened a modified version of a mechanism last used in 2003 which ring-fences dollars invested in Egyptian securities.

This aims to reassure foreigners that they can recover their hard currency when they sell.

 

But with no end in sight to the slide in value of the Egyptian pound, foreigners fear that any pounds they earn on their investments will be worth fewer and fewer dollars.

"Although a similar scheme was successful a decade ago in halting a drop in the value of the Egyptian pound at a time when foreign currency reserves were low, the current economic and political landscape is very different," said Oliver Coleman, an analyst at the Maplecroft risk consultancy.

 

More on: http://www.reuters.com/article/2013/03/21/egypt-currency-idUSL6N0CCE0L20130321?rpc=401

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Egypt to invite Tatas for setting up auto plant, and hotel chain

Egypt to invite Tatas for setting up auto plant, and hotel chain | Égypt-actus | Scoop.it

Egypt has initiated talks with the Tata group to set up an automobile manufacturing facility and a hotel chain in the African country, and the delegation will meet the Tata group on Wednesday to take it forward.

"We will be meeting senior officials from the Tata Group to discuss investments in both automobiles and hotels segment", Osama Saleh, Egyptian minister of investment & trade told ET.

More on: http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/egypt-to-invite-tatas-for-setting-up-auto-plant-and-hotel-chain/articleshow/19082587.cms

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Dubai company seeks to invest in Egypt

Dubai company seeks to invest in Egypt | Égypt-actus | Scoop.it

CedarBridge Partners, the Dubai-based private equity (PE) firm seeking to almost double assets under management this year, is targeting investments in Egypt as political turmoil and a slumping currency reduce asset prices.

"People who never thought of selling are seriously thinking of selling their businesses so they can keep their money on the side," Imad Ghandour, managing partner at the firm, said. "Egypt is becoming more attractive with the devaluation. People are looking short term, they are afraid. That creates an opportunity."

The Egyptian pound has depreciated 8.6 per cent since the central bank started auctioning dollars on December 30 to limit the currency supply and conserve dwindling foreign reserves. Protests and sporadic violence have persisted in the most populous Arab nation more than two years after the overthrow of former President Hosni Mubarak.

CedarBridge, established in late 2010 and seeking to raise a further $50 million, focuses on education, health care, transport and retail in Saudi Arabia, Egypt and the United Arab Emirates. The company, which typically invests between $1 million to $10 million in a company, has two educational investments in Egypt, including CIRA, the largest chain of private schools and is looking to make another investment in Egypt this year.CedarBridge Partners, the Dubai-based private equity (PE) firm seeking to almost double assets under management this year, is targeting investments in Egypt as political turmoil and a slumping currency reduce asset prices.

"People who never thought of selling are seriously thinking of selling their businesses so they can keep their money on the side," Imad Ghandour, managing partner at the firm, said. "Egypt is becoming more attractive with the devaluation. People are looking short term, they are afraid. That creates an opportunity."

The Egyptian pound has depreciated 8.6 per cent since the central bank started auctioning dollars on December 30 to limit the currency supply and conserve dwindling foreign reserves. Protests and sporadic violence have persisted in the most populous Arab nation more than two years after the overthrow of former President Hosni Mubarak.

CedarBridge, established in late 2010 and seeking to raise a further $50 million, focuses on education, health care, transport and retail in Saudi Arabia, Egypt and the United Arab Emirates. The company, which typically invests between $1 million to $10 million in a company, has two educational investments in Egypt, including CIRA, the largest chain of private schools and is looking to make another investment in Egypt this year.

 

More on: http://www.timesofoman.com/News/Article-11245.aspx

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Egypt moves to help foreign investors repatriate funds

Egypt moves to help foreign investors repatriate funds | Égypt-actus | Scoop.it

Investors in stock and government debt markets will get access to dollars despite shortages of foreign currency.

 

Egypt's central bank opened a scheme today allowing foreign investors in the stock and government debt markets access to dollars despite severe shortages of foreign currency.

In a statement posted on its website, the central bank said it had decided to restart and broaden a mechanism helping foreign investors to repatriate their funds that was used in 2000-2003 - also a period of dollar shortages when the Egyptian pound's value fell sharply.

"In addressing the central bank's responsibility for moving the Egyptian economy securely through the exceptional circumstances that the country is going through, it has decided to reenact those mechanisms starting [today]," the bank said.

 

Egypt has endured two years of political instability, driving tourists and foreign investors away and draining its foreign reserves. These fell to a critical level of $13.5 billion at the end of February from $36 billion just before the uprising that ousted president Hosni Mubarak in 2011.

The Egyptian pound has lost more than 8 per cent against the dollar since the end of last year and central bank has rationed dollars through auctions to commercial banks to slow the slide in the pound and the reserves.

The "Foreign Investors' Repatriation Mechanism" will be expanded to cover treasury bills and bonds in addition to investments on the Egyptian stock market, the statement said.

 

More on: http://www.irishtimes.com/business/economy/world/egypt-moves-to-help-foreign-investors-repatriate-funds-1.1328842

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Egypt: Mega Project for Mineral Salts Underway

Egypt: Mega Project for Mineral Salts Underway | Égypt-actus | Scoop.it

Preparations are under way to implement a giant project for extracting mineral salts in Egypt, through the establishment of a large industrial complex for producing mineral salts from Lake Moeris with the use of the state-of-the-art technology.

The project's investments hit some $100 million, to be implemented by Al-Rajhi Group; a giant Saudi company specialized in industrial investment.

In his meeting with the managing director of the group, Minister of Industry and Foreign Trade Hatem Salem said the project is considered one of the greatest investment ventures to be established in the field of extracting mineral salts in Egypt.

The project aims at extracting and manufacturing 120,000 tons annually of Sodium sulphate and 150,000 tons annually of magnesium sulphate, sodium chloride and potassium chloride.

Moreover, the project provides some 400 direct and indirect jobs, the Minister added.

 

http://allafrica.com/stories/201303121301.html?viewall=1

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Why Egypt’s Survival Depends on Western Investment (& video)

When the Egyptians in Tahrir Square succeeded in forcing out then-President Hosni Mubarak in February 2011, the world thought that Egypt would have the chance to be a shining example of stability in the Arab world. More than two years later that is not the case. Corruption still runs rampant, rolling blackouts are the norm in Cairo, and the country's unemployment rate stands at 13%. President Mohamed Morsi and his allies in the Muslim Brotherhood have not been able to bring much in the way of progress to the country, especially to its economy.

Former Minnesota Rep. Vin Weber says now is the time to invest in and help Egypt find its footing or face the global consequences of instability there. "We [the U.S.] have a strategic relationship with them," he says, "involving security arrangements in the Mediterranean and in the Red Sea and involving the Suez Canal that's tremendously important."

With so much strategic importance Weber says the U.S., and the West, can't afford to let Egypt collapse. In a column on Yahoo! Finance Weber notes that over the last six months, $5 billion in foreign investment has left Egypt. In a letter to President Morsi, E.U. ambassadors to Egypt cited a "deteriorating business environment" and uncertainty in "legal, contractual and policy” issues as key factors in the lack of investment.

 

More on: http://finance.yahoo.com/blogs/breakout/why-egypt-survival-depends-western-investment-135009470.html

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Dana Gas Says Starts Output From Two Egypt Gas Field

Dana Gas Says Starts Output From Two Egypt Gas Field | Égypt-actus | Scoop.it

Dana Gas has increased its gas production in Egypt by about 10 percent with the start up of commercial operations at two fields, the United Arab Emirates-based company said on Tuesday.

The West Sama-1 and Allium-1 fields in Egypt have started less than two months after initial well testing was conducted, Dana Gas said in a statement. "The wells increase our production by 20 million cubic feet per day, providing much needed additional production to the Egyptian market and maintaining vital supplies of gas for power generation," Rashid Al Jarwan, the company's acting chief executive, said. Dana Gas plans to bring another field, Balsam-1, into production in the first half of 2013

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L'Egypte va annoncer dans quelques jours les détails de son deuxième plan de relance depuis que le président islamiste Mohamed Morsi a été évincé en juillet, pour rassurer les investisseurs.

L'Egypte va annoncer dans quelques jours les détails de son deuxième plan de relance depuis que le président islamiste Mohamed Morsi a été évincé en juillet, pour rassurer les investisseurs. | Égypt-actus | Scoop.it

Egypt will announce details of its second stimulus package since Islamist President Mohamed Mursi was ousted in July within days, its finance minister said on Tuesday, aiming to boost tepid growth and reassure investors.

Egypt's economy has continued to suffer from investment outflows and a drop in tourism during political turmoil since autocrat President Hosni Mubarak was toppled in an uprising in 2011. The economy grew by just 1.04 percent in the three months through last September from a year earlier, according to latest central bank data.

In the latest sign of turmoil, a senior Egyptian Interior Ministry official was killed outside his home in Cairo on Tuesday, putting pressure on the military-backed government as it struggles to contain an Islamist insurgency.

The interim government is trying to give out assurances that the country is safe for investors.

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L'Egypte cherche à attirer davantage d'investissements de la part de l'Arabie saoudite

L'Egypte cherche à attirer davantage d'investissements de la part de l'Arabie saoudite | Égypt-actus | Scoop.it

Currently the country is working to attract $2 billion in new Saudi investment during 2014 in the real estate and agriculture sectors, said Maamoun Saleh of the Ministry of Investment's foreign trade division.

Egypt is keen to create an attractive investment environment for business, review the relevant procedures and work to ensure transactions go smoothly for new projects, Saleh told Al-Shorfa.

The low cost of sea, land and air transportation between the two countries will help in this effort as it is "an important component of any joint project and is considered a crucial factor in boosting trade between the two countries", he said.

The annual volume of trade between Egypt and Saudi Arabia is estimated at $5.4 billion, Saleh said.

Egyptian exports to Saudi Arabia include fruits, grains, food and medical products as well as iron, steel and furniture, he said. Saudi exports to Egypt include petroleum products, diesel, gas, fuel and oils as well as machinery, chemical products, plastics and rubber.

 
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Hilton expands presence in Alexandria, Egypt

Hilton expands presence in Alexandria, Egypt | Égypt-actus | Scoop.it

Hilton Hotels & Resorts has announced the opening of the 158-room Hilton Alexandria Corniche following a major refurbishment programme.

The hotel represents the 19th upscale property in Egypt for Hilton Worldwide and its second in the city of Alexandria.

More on: http://www.breakingtravelnews.com/news/article/hilton-expands-presence-in-alexandria-egypt/

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Standard Chartered seeks Egypt acquisition

Standard Chartered seeks Egypt acquisition | Égypt-actus | Scoop.it

Standard Chartered is looking to acquire a bank in Egypt to ride an expected boom in one of the Middle East's largest economies, the firm's regional head said. The bank also plans to expand operations in Iraq this year.

(...)

"The Middle East is not only a regional hub for us but a global hub given its position as a trade corridor between Asia and Africa," Papadopoulos, chief executive for the Middle East, North Africa and Pakistan, told Reuters

 

He said of Egypt, "The foreign reserves are at critical levels. Currency is depreciating and I won't be surprised if it depreciates further."

But he added that the bank believed Egypt was in a transition towards a more stable economic and political system, making investment attractive from a long-term perspective.

 

"The only entrance point to Egypt is through acquisitions. We expect that there could be other banks coming to the market for sale, and we will be ready to grab the opportunity," Papadopoulos said, declining to name potential acquisition targets.




More on:http://www.foxbusiness.com/news/2013/03/24/standard-chartered-seeks-egypt-acquisition-plans-iraq-push/

 


 

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Geely Automobile Algérie : création d’un joint-venture

Geely Automobile Algérie : création d’un joint-venture | Égypt-actus | Scoop.it

Les groupes Ghabour Auto d’Egypte et Rahmoune d’Algérie ont annoncé la création d’un joint-venture en Algérie.

 

Les deux groupes se réunissent ainsi autour de la marque automobile chinoise Geely, dont une stratégie de commercialisation a été mise en place. Cette annonce a été faite par (...)  Mustapha Abdelhalim, directeur des opérations du GB Auto, du côté égyptien.

Le groupe Ghabour Auto considère le développement qu’il opère aujourd’hui en Algérie, en partenariat avec Le groupe Rahmoune et la marque Geely, comme partie intégrante de son développement naturel.

Pour le représentant égyptien, «Ghabour Auto, qui considère que le fait de vendre des voitures n’est pas suffisant, se prévaut d’être le premier groupe automobile en termes de service après-vente dans le monde arabe aux normes internationales».(...)

Il résultera de ces investissements de plus de 43 millions de dollars plus de 120 emplois directs pour le début de son activité et pas moins de 200 emplois indirects en 2014, tous sur des postes de haute qualification professionnelle, qu’il s’agisse de mécanique, de service commercial ou d’autres collaborateurs.

 

Cette association permettra, selon Mustapha Abdelhalim, «d’apporter et de développer son know-how dans le secteur automobile en Algérie, comme cela a été le cas dans les autres pays.»

 

Plus: http://elkhadra.com/fr/geely-automobile-algerie-creation-dun-joint-venture/

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Egypte: Mohammed Morsi plaide pour les IDE indiens dans le secteur de l’énergie - Ecofin

Egypte: Mohammed Morsi plaide pour les IDE indiens dans le secteur de l’énergie - Ecofin | Égypt-actus | Scoop.it

Le président égyptien Mohammed Morsi a annoncé l’ouverture du secteur de l’énergie aux investissements directs indiens dans la perspective de doubler, dans les prochaines années, le niveau actuel de 5,4 milliards de dollars d’échanges entre les deux pays, a rapporté mercredi Thehindubusinessline.com.

« J’aimerais inviter les sociétés indiennes, les hommes d’affaires et les investisseurs à profiter des opportunités qu’offre l’Egypte, et aussi rassurer que nous accorderons toutes les facilités nécessaires et créerons le climat le plus incitatif et propice pour les investissements et les affaires», a déclaré le président égyptien.

Plus:http://www.agenceecofin.com/investissement/2203-9714-egypte-mohammed-morsi-plaide-pour-les-ide-indiens-dans-le-secteur-de-l-energie

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Indian investments in Egypt could reach $400 million: Minister

Indian investments in Egypt could reach $400 million: Minister | Égypt-actus | Scoop.it

Indian companies signalled their willingness to invest up to $400 million towards projects in power-generation, plastic, and real estate in Egypt, according to a statement released by the Egyptian Ministry of Investment on Wednesday Al Ahraonline reported.

Investment Minister Osama Saleh met with representatives from a number of economic institutions and Indian companies on Wednesday while accompanying the Egyptian president on his visit to India.

There are currently 352 Indian companies operating in Egypt, in the fields of petrochemicals, oil and gas, textiles and telecommunications. The Egyptian government is determined to attract even more firms, according to the press statement.

 

More on: http://en.trend.az/regions/met/arabicr/2131652.html

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Morsy urges more Pakistani investment

President Mohamed Morsy called on the Pakistani government to increase its investment in Egypt during his visit to Pakistan on Monday.

“We look forward to investments, and welcome Pakistani investors in Egypt. The amount of Pakistani investments now stands at only $ 50 million. This is a significant level of investment but we want it higher. There has already been  33% improvement in the past two years.”

The President noted that the two governments “have common goals, and work to achieve technological cooperation between the two countries.”

(Egypt independent)

 

More : http://www.egyptindependent.com/news/morsy-urges-more-pakistani-investment

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Egypt tries to attract foreign investment in state debt

By Asma Alsharif / Reuters

 Foreign investors' funds to be ring-fenced at central bank

* Scheme expanded to foreign purchases of government debt

* Local banks reaching limits of t-bill purchases

* Foreigners may remain cautious due to turmoil, no IMF deal

 

 Egypt opened a scheme on Sunday allowing foreign investors in its financial markets access to dollars despite a hard currency shortage, a move which analysts said aimed to attract external funding for the soaring state budget deficit.

The central bank said it was restarting a mechanism helping foreign investors to repatriate their funds that was last used in 2000-2003 - also a period of dollar shortages when the Egyptian pound's value fell sharply.

Previously the scheme covered purchases on the stock market. However, the central bank said in a statement that the "Foreign Investors' Repatriation Mechanism" would now be expanded to cover treasury bills and bonds.

"In addressing the central bank's responsibility for moving the Egyptian economy securely through the exceptional circumstances that the country is going through, it has decided to reenact those mechanisms starting Sunday," the bank said.

The mechanism requires foreign currency inflows through commercial banks be sold to the central bank and ring-fenced in the Foreign Investment Fund. When investors sell their Egyptian assets, they can then withdraw the sum in dollars from the Fund.

The statement did not make clear whether the scheme applies only to new purchases of Egyptian assets or if it would also cover existing investments. Central bank officials were not available for comment.

Egypt has endured two years of political instability, driving tourists and foreign investors away and draining its foreign reserves. These fell to a critical level of $13.5 billion at the end of February from $36 billion just before the uprising that ousted President Hosni Mubarak in 2011.

The Egyptian pound has lost more than 8 percent against the dollar since the end of last year and central bank has rationed dollars through auctions to commercial banks to slow the slide in the pound and the reserves.

Hany Genena, head of research at Cairo-based Pharos Investment Bank, said the scheme aimed to offer security at a time of deteriorating state finances.

"It gives confidence to foreign investors that their funds invested in Egypt will not be utilised tofinance the balance of payments," said Hany Genena, head of research at Pharos Cairo-based Pharos Investment Bank.

 

More : http://www.reuters.com/article/2013/03/17/egypt-repatriation-idUSL6N0C911J20130317

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Business Today: Difficult Oil

Business Today: Difficult Oil | Égypt-actus | Scoop.it

As the rigs go deeper and the stakes get higher, oil and gas companies are demanding more flexible agreements, but can change be enacted fast enough to bring Egypt back from being a gas importer?

 

Paris-based Observatoire Méditerranéen de l’Energie (OME) estimated that Egypt could become a net importer of gas by 2030 if its production levels and reserves were not improved through major new discoveries, technological breakthroughs and massive capital expenditures.

 

Today, in 2013, Egypt’s growth in local demand has put pressure on the nation’s domestic supplies and export obligations, leading the nation to an energy crisis. Queues at diesel pumps are becoming the norm, butane tanks are in short supply and late last year, Minister of Petroleum Osama Kamal announced that industrial facilities would import gas as of 2H2013 with factories allowed a ceiling of 1 billion cubic feet a day, according to Bloomberg.

 

According to OME analysts, Egypt does not lack resources, but lacks the ability to convert reserves to productive capacity faster.

 

(...) heads of major private and public oil companies operating in Egypt along with government representatives discussed the obstacles hindering the growth of Egypt’s oil production in the future at The Future of Oil & Gas Agreements in Egypt roundtable.

 

The consensus in the room was that Egypt has almost maxed out its ‘easy oil’ — oil that is easy to find and cheap to extract — and that the future now lies in the production of the more expensive ‘difficult oil.’ (...)

 

“Is Egypt done with its oil and gas production?” asks Abdallah Ghorab, the former minister of petroleum and the session’s moderator. “My answer is that we have produced the cheap oil and gas and we now have to go further with technology and become more flexible in our pricing to continue production,” he continues.

 

Flexibility and pricing seemed to be the main topic on the agenda and the number one concern for international oil companies. (...)

 

More on: http://www.businesstodayegypt.com/article/artId:574/Difficult-Oil/secId:4

 

 

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Euro-Méditerranée: Le 2 ème Sommet annuel de l’investissement en PPP en Egypte

Euro-Méditerranée: Le 2 ème Sommet annuel de l’investissement en PPP en Egypte | Égypt-actus | Scoop.it
Le 2 ème Sommet annuel de l’investissement en PPP en Egypte, aura lieu du 24 au 27 mars 2013 au Caire.
L'Egypte sera pour l'occasion l'unique plateforme de discussions pour les différents acteurs : ministères, investisseurs, consultants et experts juridiques afin de définir le cadre de réussite et de réalisation des projets qui visent les services nationaux et les infrastructures.En partenariat avec le ministère des finances d'Egypte l'évènement posera les jalons du partenariat-public-privée. Ce sera l'occasion de faire un état des lieux et des opportunités qu'offrent le PPP, dans les secteurs autour l'eau, de la santé, de l'énergie, des transports et des infrastructures. Secteurs d'activitésBTP, immobilier, infrastructuresEau, environnement et services urbainsEnergiesProgramme et détails: http://www.pppinvestmentegypt.com/Event.aspx?id=873872
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Turkey grocery chain BIM plans stores in Egypt

Turkey grocery chain BIM plans stores in Egypt | Égypt-actus | Scoop.it
Turkish discount grocer BIM will expand this year into Egypt, where food prices have risen sharply since the fall of Hosni Mubarak in February 2011.

Chief Operating Officer Galip Aykac said on Wednesday the company will open one store there in April and aims to be operating a chain of more than 30 by the end of the year, having identified a gap in a market that lacked a well developed retail sector.

Egypt has been scarred by unrest since Mubarak was ousted in a popular uprising and the country is pressing for an International Monetary Fund loan to shore up its battered economy.

Under a 270 million lira ($150 million) investment plan for Turkey, BIM will open 375 stores in its domestic market this year, Chief Financial Officer Haluk Dortluoglu said. It will also open 50 new stores this year in Morocco, where it already has a presence.

He said BIM aims to boost sales by 17-18 percent this year and was open to acquisitions. He gave no further details, but Aykac said the firm had ambitions to become a global retailer.

(...) The Turkish retail market is growing rapidly along with consumers' purchases power. Per capita spending is expected to have risen from $7,350 in 2011 to more than $10,000 by 2015, according to a Deloitte report.

 

More on: http://www.reuters.com/article/2013/03/06/bim-results-idUSL6N0BY42820130306?rpc=401&feedType=RSS&feedName=rbssConsumerGoodsAndRetailNews&rpc=401

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