Technological innovation is indeed important to economic growth and the enhancement of human possibilities

Leon Kass In memory of Sheikh Zayed bin Sultan Al Nahyan American scientist ESTABLISHED 1945 6 May 1918 - 2 November 2004 www.meobserver.org Gas investors call Banque Misr Germany's new on government to complete $250mn role in Europe: to swiftly lift 3-year loan from taskmaster butane subsidies3 2 in December 36 to petitioner 8

62 nd YEAR No. 44 Wednesday, 4 November 2015 L.E 2.85 Al-Sisi tour to UAE, India and Bahrain Flash Democracy strengthens Egypt’s foreign relations war in Turkey cooperation between the two countries. She Elections By Maye Sadek also expressed Germany’s wish to advance cooperation between Egypt in both the mili- n his efforts to strengthen Egyptian foreign tary and the economic fields, according to relation, the Egyptian President Abdel Fat- presidential spokesman Alaa Yousef. tah Al-Sisi went on a tour to the United Al-Sisi also confirmed Egypt’s keenness to IArab Emirates, Bahrain and India. enhance bilateral relations between the two Al-Sisi’s first stop was the UAE where met countries in all fields, and expressed his ap- the Crown Prince of Abu Dhabi Mohammed preciation for Germany’s encouragement of bin Zayed Al-Nahyan, to discuss the crises all Egyptian initiatives. He praised the perfor- in the Middle East and possible solutions. mance of German companies in Egypt. Regarding the Middle East crisis, the offi- Meanwhile, President Abdel Fattah Al-Si- cials discussed the Arab coalition support for si participated in the opening of the annual the legitimate government in Yemen and its International Institute for Strategic Studies role regarding confronting the hostile situation (IISS) Manama Dialogue. Prince Salman in the country. They reviewed the coalition’s bin 1Hamad Al-Khalifa had noted that Al-Si- efforts to secure Bab Al-Mandeb Strait and si’s participation confirms Egypt’s vital role promote the development of global trade. in Middle East issues. During the dialogue, Al-Sisi discussed the situation in Libya, Furthermore, both sides discussed the re- Eِrdogan cent developments in the Palestinian issue Syria, Palestine and Yemen, stressing the and how to protect the Palestinian people necessity of limiting conflicts due to their se- from Israeli attacks. In addition, they ana- rious impact on the Middle East’s security. Elections war that took place in Turkey was a fierce lyzed the Libyan crisis and the UN efforts to He stressed on finding political solutions to battle between Justice& Development Party and the find a peaceful way to end the conflict. solve the crises through the cooperation. opposition People Republican Party. TRT Turkish gov- Al-Sisi also met with the Crown Prince of Throughout Al-Sisi’s tour to the UAE and ernment channel mentioned that after screening 24% Dubai Mohammed bin Rashid Al-Maktoum and President Al-Sisi with shiekh Mohammed bin Zayed Al Nahyan during his visit to UAE Bahrain, he was eager to highlight Egypt’s ef- of the votes, The Justice & Development Party secured discussed the importance of enhancing coop- forts to safeguard the security of Gulf States. 49.7% of the votes, while People Republican party eration between Egypt in UAE in various as- fields of cooperation with Africa since 2008,” Mukherjee expressed appreciation to Al- “Bahrain is currently witnessing tensions be- (biggest opposition party) had 25.3%. This means for pects including the economic and investment Al-Sisi said. “Given the many obstacles against Sisi’s visit, calling it “the foundation for a new tween its leaders and opposition parties; there- the Turks that democracy triumphed in Turkey. fields, to serve the interest of the both states. development in Africa, we have to cooperate in era of partnership between India and Egypt”. fore Egypt’s presence in the Manama dialogue In light of these results, The Justice & Development Al-Sisi’s next leg of the tour was India to conflict resolution and reinforce African Solu- Mukherjee said India is the sixth largest is essential to strengthen relations,” political party wins over the parliaments’ majority; which it en- attend the Third India-Africa Forum Summit tions for African Problems (ASAP) with Indian trading partner and third largest export des- scientist Hassan Nafaa told Daily News Egypt. joyed prior to the previous parliamentary elections in 7 The president made a public speech in partnership as major contribution”. tination of Egypt and both countries have a Egypt’s alliance with Saudi Arabia to sup- June. What we know is that during the recent election the Forum Summit in the presence of Indian Al-Sisi praised Egypt’s non-permanent history of working together for peace and port “legitimacy in Yemen” is also important for days there was a media feud inside and outside against President Pranab Mukherjee on Thursday. membership acquired at the UN Security development in the world. “The develop- Egypt’s security and stability, since the Bab Al- Justice & Development Party. This fierce battle almost Al-Sisi expressed hopes that the sum- Council, as a representative of the African ment of new industrial zones around the Mandab strait is near the Suez Canal, while the lead to the party’s down fall, however, the counter war mit will focus on fighting poverty, improving continent and that “developing countries new Suez Canal provides an opportunity to security and stability of Gulf countries is essen- that was launched and lead by the party head and lead- healthcare, and developing education within must work on strengthening their positions strengthen economic ties,” Mukhejree said. tial to Egyptian national security, Nafaa added. ers resisted and struggled in an unprecedented manner, its target goals in accordance with African in the international scene and decisions”. Then El Sisi headed to Bahrain to meet Also on Friday, Bahraini King Hamad Bin in order to maintain stability of the Party on the ground. Union Agenda 2063 and the 2030 Agenda He highlighted the importance of African- with King Hamad bin Issa Al-Khalifa for an- Issa Al-Khalifa met with Al-Sisi to discuss The elections war is almost over in Turkey, a phase for Sustainable Development announced in Indian coordination regarding negotiations other round of bilateral talks. the bilateral relations between Egypt and that is described as a battle launched to save democ- New York in September. on climate change, ahead of the UN Climate The president met with German Defence Bahrain. He highlighted ways to advance racy, and restore security as well as stability and unity “India is one of the most important examples Change Conference, which will be held in Minister Ursula von der Leyen in Manama, cooperation between the two countries in to Turkey. of cooperation between countries working for Paris in December, where Al-Sisi aims to Bahrain during his visit. various fields and confirmed the importance the well-being of developing ones. It contrib- push forward Africa’s and other developing The German minister praised Al-Sisi’s last of continuing the consultations and coordi- uted to a transition in economic and technical countries’ needs. visit to Berlin in June, saying it strengthened nation between both countries. Ahmed Fouda New phosphate and fertiliser industrial zone in Ain al Sokhna Daily News: President Abdel Fattah Al-Sisi to the contract were discussed. The project approved the establishment of a phosphate will be implemented by three companies A presidential vist to UK and fertiliser factory cluster, supervised by specialised in building the largest phosphate El-Nasr Company for Intermediate Chemi- fertiliser factories in the world using Italian, cals, according to presidential spokesper- Spanish and Chinese technology. Abdel-Fattah El-Sisi will travel for the first time as Egypt’s son Alaa Yousef. Yousef said the cluster will meet the do- president to the UK on Thursday to meet British Prime Minister Yousef said the cluster will include nine mestic market needs and the surplus will be David Cameron to discuss regional and international issues. major factories with a production capacity exported abroad. British ambassador to Egypt John Casson announced of 1m tonnes per year of phosphate and “The president stressed the importance on Monday that the pair would discuss security issues in compound fertilisers, Di-Ammonium Phos- of moving forward in the implementation of the Middle East such as the latest developments in Syria, phate (DAP) and pure and commercial the project at the lowest possible cost in the Libya and Yemen. In September, Egypt’s defence chief of phosphoric acid. shortest possible time and with the highest staff, Lieutenant General Mahmoud Hegazy, visited London Yousef added that all aspects pertaining standards of quality,” said Yousef. where he and senior British military officials discussed the role the UK can play in supporting Egypt in effective coun- ter-terrorism work, and how to cooperate to secure a stable future for Libya. Promises to Drop in Basic Commodity Prices By End of November El-Sisi will also discuss with Cameron opportunities to President Abdel Fattah al-Sisi promised pound against the dollar. strengthen economic and political ties between the two Sunday a drop in the price of basic com- countries as well as the possibility of bolstering trade in- Since January, the Egyptian pound lost modities by the end of November. dustries. Casson stressed that the UK is Egypt’s largest in- 79 piasters against the dollar, taking the cur- Sisi made the comments in an educa- vestor, with $25 billion worth of investments in the country rency’s decline to the year to 11 percent, of- tional seminar for the Armed Forces where since 2010. ficially selling for 7.93 per dollar. The pound he addressed the economic and security is- is projected to change hands at between 8.20 sues facing Egypt. He said that “the armed and 8.25 to the dollar by the end of 2015, ac- forces and the state” will work on providing cording to economic and investment analysts. IN THIS ISSUE goods at lower prices. Sisi’s comments come as Egypt’s urban con- Saving Sisi attributed the hike in prices to the dol- sumer inflation jumped to 9.2 percent in Septem- 6 lar crunch and the depreciation of the Egyptian ber from 7.9 percent in a record low in August. 4 billion barrels Egypt budget deficit Currencies of oil Code Buy Price Sell Price for FY 2014/2015 drops to 11.5% US DOLLAR USD 7.98 8.0301

EURO EUR 8.770801 8.8725

Business POUND STERLING GBP 12.2158 12.3434 Opportunities 10 CANADIAN DOLLAR CAD 6.0153 6.1116 DANISH Krone DKK 1.1697 1.1893

NORWEGIAN KRONE NOK 0.9435 0.9622

SWISS FRANC CHF 8.0581 8.225801

YENS(100) JPY 6.5262 6.6532

AUSTRALIAN DOLLARS AUD 5.7159 5.831 Subscribe In print and online Kuwait DINAR KWD 26.1699 26.5214 SAUDI RIALS SAR 2.1279 2.1413 Subscription rates inside Arab Republic of Egypt Reuters: Egypt’s budget deficit dropped to U.A.E DIRHAM AED 2.1726 2.1837 1 Year 2 Years 3 Years 11.5 percent of gross domestic product in fis- BAHRAIN DINAR BAD 21.0178 21.3425 LE 275 LE 520 LE 725 cal year 2014/2015 versus 12.2 percent dur- OMANI RIAL OMR 20.5969 20.8574 Subscription rates in the rest of the World ing the same period last year, the finance min- istry said in a statement on Monday. QATAR RIAL QTR 2.178 2.2063 1 Year 2 Years 3 Years “The final account shows a noticeable im- JORDAN DINAR JOD 11.1785 11.3436 US $420 US $795 US $1200 provement in the government’s financial perfor- [email protected] | Tel: 00223926919 | Fax: 00223939732 | Mob: 01011868892 mance as the total deficit in the budget declined Data are latest to 11.5 percent of GDP versus 12.2 percent for for edition, as per Monday the 2013 fiscal year,” the statement said. 28/10/2015; GMT 8:00PM طبع مبطابع دار لل�صحافة توزيع جريدة 2 Egypt 4 November 2015 SSO invests $600m in solar Ventage Point energy programme for 2 years

Daily News: Scatec Solar (SSO) clean energy, and create more is launching a plan to invest jobs opportunities. more than $600m in Egypt’s Carlsen said SSO will provide solar energy programme over training and teach skills to the the next two years, according citizens during the construc- to Terje Osmundsen, SSO Sen- tion of solar plants. Once the ior Vice President for Business Egyptian government issues Development. agreements and permits, the In a press statement, SSO company will work immediately announced they already began to quickly deliver much-needed engineering and procurement electricity. related activities in Benban and “SSO decided to establish a Zaafarana, the two solar sites regional headquarter located in Egypt. in Cairo to support its activities “Topography and geotechni- in Egypt,” the statement read. cal studies have already been “According to Integrated Power completed, work begun on the Producer (IPP), SSO takes re- environmental and social im- sponsibility not only for devel- pact assessment, and weather oping, financing, and building stations are being installed at solar power plants but also the two sites to measure solar for its long-term operation and irradiation, heat, and soiling maintenance.” losses,” the statement read. The company said for Egypt SSO signed agreements with to succeed with new solar he Egyptian Economy is dustrial Zones, Al-Zahr Gas field is the Egyptian government to power, policy requires about 40 moving forward towards de- expected to start pumping in 2017, participate in five projects for a solar developers at each of the velopment. Active work is booking on the Suez Canal Chan- total of 250MW under Egypt’s two sites Benban and Zaafara- Tbeing done by Government to nel is on the rise, stock Market is new the feed-in tariff (FIT) pho- na. confront the rising prices, provide recovering, Tourism statistics re- tovoltaic programme. They will By 2022, Egypt plans to sup- sufficient supply of Gas to Indus- flect an increase over last year›s lead the developer in one pro- ply 20% of its power from re- tries, a solution to the un-reason- statistics, a 4.6% growth rate and ject and will participate as stra- newable energy. The foreign in- able increase of Dollar verses the multiple projects under serious tegic investor in the other four. vestments, over the next seven Egyptian pound, the Central Bank study & review. The above reflects SSO CEO Raymond Carlsen years, are required to build 6 further announced an average of a forecast of an active environment said Egypt decided to diver- GW of solar stations with in- 1.7 – 1.8 Trillion pounds in time de- ripe for investors projects which is sify its energy mix and invited vestment of $9bn to $10bn, ac- posits, the Government provided currently reflected through the big foreign solar energy develop- cording to the statement. various venues for funding young market players who are trying to ers to construct 2.3 GW utility SSO is an integrated inde- entrepreneurs projects, A New City set a foot some where within this scale solar plants in the next pendent power producer, aim- is being planned, along with In- growing economy. two years to meet the rising ing to make solar power a sus- demand of electricity, to pro- tainable and affordable source The Middle East Observer mote economic growth, provide of energy worldwide. Upper Egypt Investors call on Gas investors call on government Sherif to grant land to Associations to swiftly lift butane subsidies

at prices for utilities only that do By Ahmed El-Mahdi not exceed EGP 300 so that there would be a real competition in at- tracting investments which all of- Upper Egypt Investors Ask Qabil ficials seek to be achieved in the to Pay Membership Fees for Fac- coming period.” tories to Chambers of Commerce Meantime, the Upper Egypt in- in Installments vestors called on Minister of Indus- The Investors Union has called try and Foreign Trade Eng. Tariq on the government to grant lands Qabil, to pay the due membership to each investors association in Khamis fees of factories to the Chambers various governorates to supply of Commerce in installments. them with the needed utilities, in These fees hamper the renewal conjunction with the continued ac- of the commercial registry of the tivation of the industrial developer factories to be able to obtain loans system, so that there would be an and other stalled procedures. opportunity for investors to choose Ali Hamza, the board member of at suitable prices for all capital the Egyptian Federation of Inves- wishing to pump in new invest- tors Associations, said the Upper ments in the coming phase. This Egypt factories called on the for- would certainly bear fruit on the mer industry minister to approve Over 50 years covering Middle economic and industrial situation. paying the fees which amount to East and Gulf Economic News Mohamed Farid Khamis, the EGP 40,000 for each factory in in- Head of the Union, said one square stallments as this is the available meter of land with utilities should solution right now so that factories not be offered at around EGP are capable of maintaining produc- .amidst the fierce competi- tion 1,650 �أكرث من خم�سون عاماً tion among world countries. One He explained that the fees paid من تغطية �أخبار ال�شرق الأو�سط square meter of land with utilities by industrialists which amount to واخلليج االقت�صادية in the United States stands at dlrs EGP 2000 for each EGP one mil- 4, which is equivalent to EGP 35, lion are not compared with fees euro 6 in Europe, which is equiva- paid by owners of factories to the Publisher and Chairman lent to EGP 48 and EGP Zero in Federation of Egyptian Industries The Gas Investors Association called for the need to transporting gas, he said, adding that the size of annual Ahmed Fouda China because they are granted as which do not exceed EGP 700 and swiftly lift subsidies on butane cylinders and direct it to consumption amounts to 4.4 million tons, at a rate of usufruct. they should be cancelled. the beneficiaries through distributing by ration cards in one million cylinders per day. Vice-Chairman He added that this is what makes He pointed out that the inves- order to establish justice in this respect and to open the He added that there is no reason for the rise in pric- Mahmoud Fouda him say that the developer “spoiler” tors of industrial cities in Upper door of imports to the private sector. es of these cylinders, which currently ranges between industrial system, as he termed it, Egypt have not paid the mem- Dr. Mohammed Saad Eddin, the President of the As- 30 and 50 pounds. There is no explanation except the Editor-in-chief is not suitable for a country as big bership fees of the Chambers of sociation, said the association discussed with the govern- greed of traders, he said, noting that the price of one H.A.Raouf as Egypt which has been witness- Commerce since the establish- ment ways to provide the cylinders for fear of the repeti- cylinder is currently 8 pounds in warehouses. ing damage since the approval of ment of the industrial cities in tion of the crisis of last winter when there was a significant He added that if the government lifts the subsidies on Consultant of ME Affairs its application. 1997, which is an obstacle be- shortage of cylinders, which led to a hike in their prices. the cylinders the private sector will demand opening im- Yasmine Fouda He added “I am not afraid of fore factories for the renewal of We are trying to avoid this in the coming period, he said. ports and, therefore, their prices will be linked to world anyone. The beneficiary of the de- the commercial registry used in This will be done through increasing the storage ca- prices. He pointed out to 45 factories operating in filling veloper system is well-known. It is obtaining loans. This requires a pacities for 15 days rather than one week to avoid a up butane gas cylinders whose investment value is of better that the land are provided swift solution, he said. crisis resulting from the delay in the arrival of a vessel not less than 10 billion pounds. [email protected] Editor Angy Essam From the Trading Floor [email protected] gloomy atmosphere is hovering over clearance fees in Egyptian pounds. eign currency shortage resulting in stopping Central Bank of Egypt (CBE) to go on with Layout the market due to a combination of bad Another positive development was the production in some plants for 20 days. the acquisition in August. According to the local and international news. Fears of a positive results of the Marsa Matrouh eco- “The assembly facilities are non-opera- agreement signed between the two banks in Ahmed Saber Aslowdown in Saudi Arabia’s economy is rais- nomic conference where Memoranda of tional for 20 days in September due to For- June, assets totaling $140 million, deposits ing investors fear about their money in the Understanding of 30 new projects amount- eign exchange shortage as a result of CBE’s amounting to $190 million and nearly 100 Address whole region and Egypt included. ing to $26 billion were announced. Expected policy of to prioritize covering the imports of banking accounts will be transferred from Citi A survey conducted by Reuters showed Investments were in tourism, real estate, essential commodities when using the avail- bank’s portfolio to that of the CIB. Head office that growth in Gulf Arab economies has held agriculture and industrial sectors, and are able foreign currency.” GB Auto’s chairman Misr Qena Cement: The Company’s gen- 41Sherif St., Cairo, Egypt up well this year but governments are ex- expected to add to the country’s GDP within Raouf Ghabour told Al Masry Al Youm daily. eral assembly approved the company’s plan Tel: 00.202.23926919 pected to react to low oil prices by tightening two years. The auto sector sales are expected to de- to buy both ASEC Minya Cement and ASEC Fax: 00.202.23939732 fiscal policy next year. Orascom Telecom Media and Technology cline in 2015 with the overall sales to stand Ready Mix from Qalaa Holdings. The share- This may create a drag on markets, ac- Holding (OTMTH): The Egyptian Financial between 230-240 thousand cars compared holders also gave the nod for a plan to ac- Mob: 01006670340 cording to Reuters but the extent of that drag Supervisory Authority (EFSA) approved the to 292 thousand units last year. Experts at- quire bank facilities of LE1.4 billion to fund is still unknown yet. mandatory tender offer submitted by both tributed the decline to a lack of dollar deposit, the acquisition. [email protected] Meanwhile, the strength of the U.S. dollar, OTMT and Act Financial to acquire 100 per which can be converted to the outside, lim- Madinet Nasr Housing and Development: to which Gulf currencies are closely linked, cent of Beltone Financial. The offered price iting the companies’ ability to import, thus the company is currently in negotiations with THE MIDDLE EAST OBSERVER and the prospect of U.S. interest rate hikes per share is LE4 provided that 51 per cent of shrinking the supply, in addition to constant a number of banks to obtain loans to finance IS YOUR LUCKY CARD starting as soon as this year, have created the shares were sold. According to the deal rise in dollar exchange rate against the the Taj Sultan project. FOR A SUCSSEFUL BUSINESS the prospect of monetary tightening in the terms, OTMT will contribute in this offer by 87 pound. On a separate note, the soft launch reser- Gulf, which could be magnified as some gov- per cent while the balance will be held by Act Eastern Tobacco: Egypt’s sole producer vations of the District T project in its Taj City ernments borrow to cover budget deficits. Financial. OTMT has obtained a 5-year loan of tobacco and cigarettes posted a 35.9 per development recorded a LE300 millions of Annual subscription rates Egypt has been relying heavily on Gulf aid of LE250 million to finance the acquisition. cent increase in its 2015/2016 first quarter reservations in only three days. District T is Egypt L.E 275 and investments since the ouster of Moham- Ghabbour Auto (GB Auto) : The car distrib- profits. located on an area of 350k sqm, and caters Arab Countries US$ 375 ed Morsi. The effect of this handful of prob- utor and assembler said that all its plants are Commercial International Bank (CIB) to the high-income segment Formal launch lems facing the market was soothed down by working normally as the production inputs are Egypt’s largest private commercial bank com- of District T is expected in November and the Rest of The World US$ 420 Tarek Amer, next CBE governor, promising to available currently .The production at some pleted the process of acquiring Citibank’s re- company expects total sales of LE1.2bn in ease banking procedures for industrial com- of the company’s facilities slowed down dur- tail banking portfolio in the local market. This 2016, with total sales proceeds of the entire [email protected] panies and permitting payment of customs ing September and October, due to the for- came after CIB secured the approval of the project estimated at LE4bn. 4 November 2015 3 Nile Pharmaceutical and Chemical Industries Co. A Subsidiary of the Holding Company for Pharmaceuticals, S.A.E. Under the Provisions of Law No. 203 of 1991 Cairo, El-Sawah Square, Al-Amireya, Commercial Register No. 115668 The Authorized Capital is L.E. 500 Million The Issued and Paid-In Capital is L.E. 101.25 Million – The Number of Shares is 10.125 Million Shares. Total Profit : L.E. 21.53 M. Net Profit Before Tax: L.E. 17.03 M. The Shareholders' Share: L.E. 5.9 M. The Coupon Value Per Share: L.E. 0.58 3.The valuation of finished products is carried out according to production cost or the net selling value, whichever less, as at 30/6/2015. 4.The inventory of goods purchased for the purpose of selling is valued accord- ing to the purchase price. Invitation to Attend E.Transactions With Related Parties: The nature of the company's transactions with related parties is represented as the Ordinary General Assembly Meeting follows : 1. The Holding Company for Pharmaceuticals Per Thousand L.E. of the Company The Holding Company for Pharmaceuticals owns 67500 6.75 million shares of the company’s shares with a percentage of 66.7 % of the capital Dr. Adel Abdel Halim, the Chairman of the Board of Directors of The Holding Due amounts to The Holding Company for 37318 Company for Pharmaceuticals and the Chairman of the General Assembly of the Pharmaceuticals regarding the profits Company, has the honor to invite the shareholders to attend the ordinary general appropriation till 30/6/ 2015 As follows: Due amounts regarding the profits appropriation 29364 assembly meeting determined to be held at 11:30 AM on Saturday, corresponding for the previous years. to 03/10/2015 in the Yasmeen Hall of the Engineering Authority Guest House of The share of The Holding Company for 3915 the Armed Forces, the Fourth Floor at “6 Ihsan Abdel Quddous Street, off Al- Pharmaceuticals in profits for the financial Khalifa Al-Maamoun Street, Heliopolis, Behind El-Obour Buildings, Cairo”. year 2014/2015 (proposed) In Order to Consider the Following Agenda: 33279 1. The report of the Egyptian Central Auditing Organization on the financial 2. The Companies Affiliated to The Holding Company for Pharmaceuticals: statements and the closing accounts of the company for the financial year ended The affiliated companies are dealt with to obtain the raw materials and production as at 30/6/2015. inputs at cost prices + profit margin as well as the finished production according to 2. Approving the board of directors' report on the company's activity for the ex-factory prices. 3. Projects in Progress: financial year ended as at 30/6/2015 and the quittance of the board of directors Projects in progress are valued according to the following: Expenditures – invest- regarding the said financial year. ment formation component - at book value on the financial position date. 3. Approving the financial statements, the closing accounts and the profits and 4. Long-term Investments: losses account for the financial year ending as at 30/6/2015. The financial long-term investments are valued at historical cost and the balance as 4. Approving the account of the proposed profits appropriation of the aforemen- at 30/6/2015 is represented as follows: tioned financial year. 5. Approving the disbursement of the annual regular allowance in full on its due date and in accordance to its governing rules. 6. Electing a representative of the shareholders among the corporate bodies from the private sector or individuals as a member of the board of directors of the com- pany, and the shareholders are entitled to submit the nomination applications in accordance with the form prepared for that purpose based on the terms declared by the company on a date of one week at maximum prior to the date of holding the aforementioned meeting. 5.Capital: 7. The formation of the company’s Board of Directors. The authorized capital is L.E. 500 million. 8. Approving the exceeding amounts of donations. The issued and paid-in capital amounts to L.E. 101.25 million distributed over 10.125 million shares. The share nominal value is L.E. 10 per each, and they are 9. Approving the exceeding amounts of the item of investments. distributed as follows: The Shareholders are Kindly Requested to Pay Attention to the Following: 1.Each shareholder possessing 10 shares or more is entitled to attend the general assembly meeting, in person or by proxy, the validity of such proxy is conditional on being granted to a shareholder who is not a member of the board of directors within a percentage not exceeding 10 % of the total nominal shares of the capital and not exceeding 20 % of the shares represented in the meeting, in addition, such proxy must be attested. 6.Revenue: 2.The attendance of the meeting requires that the shareholder should present an Most revenues result from selling the products manufactured by the company for the purpose of sale. The revenue is recognized on the issuance date of the in- approved account statement issued by one of the securities management compa- voice made out by the company and the client's signature thereon that indicates that nies including the blocking of shares balance stated in the account statement for he or she has received the products sold. the purpose of attending the general assembly meeting at least three full days prior 7.Tax Position: to the date of the meeting. First, Corporate Tax: 3.The financial statements and the report of the Egyptian Central Auditing Or- −Taxes due from the company are calculated according to the laws, regulations and instructions applicable in the Arab Republic of Egypt, and the company pays ganization are available for the shareholders to be informed thereof at the compa- them on annual basis according to its tax returns. ny's head office through the Suppliers Accounts Manager, Accountant, Fida kamel − The items of dispute between the company and the Tax Inspectorate for the Mohamed in her capacity as the communication and investors relationships officer year 2010/2011 were settled and wrapped up with the competent internal commit- of the company: (Tel. : 0100-5243197 – 22571725 - 26023674). tee of the inspectorate. 4. Any inquiries or questions regarding the issues of the agenda should be per- − The items of dispute between the company and the Tax Inspectorate for the sonally submitted in writing to the company's management in the head office in financial year 2011/2012 were referred to the internal committee of the Tax In- spectorate. return for a receipt, or to be sent by registered mail to the company's address (Post Second, Payroll Tax: Office Box No. 11887) three days at least prior to holding the general assembly −The payroll tax is instantly paid on regular basis according to the tax returns meeting; however, inquiries or questions received after that date shall not be con- submitted by the company to the Tax Authority. sidered. Third, Stamp Tax: −The stamp tax dueamount from the documents of the company's head office and the companies branches was paid according to the decisions of the internal committees or the appeal committees issued in that respect. Fourth, Sales Tax: − The sales tax is instantly paid on regular basis based on the monthly tax returns Dr. Adel Abdel Halim submitted by the company to the Sales Tax Authority. Chairman of the Board of Directors of − The sales tax was inspected until 30/6/2014 and a complaint was submitted to The Holding Company for Pharmaceuticals and the competent tax inspectorate to the effect of objecting to the tax inspection as- The Chairman of the General Assembly of sessments, in addition, the company paid the amount of L.E. 500 thousand under Nile Pharmaceutical and Chemical Industries Company the account of tax till the company’s complaint in this regard is considered. 8. Changes in the Accounting Policy: The data of the income statement as at 30/6/2015 and the financial statements were prepared in accordance with the decision issued by the Chairman of the Cen- tral Auditing Organization under No. (204) of 2001. 9. Other Items in the Financial Statements: 1.The bonus amount reached the amount of L.E. 2.06 million during the finan- cial period of July/June 2015. 2.The presents and samples reached the amount of L.E. 0.885 million during the financial period of July/June 2015. 10. Earnings Per Share: The earnings per share for the financial year 2014/2015 amounted to L.E. 0.58 according to the proposed profits appropriations statement against L.E. 0.726 for the financial year ended as at 30/6/2014. 11.Events Subsequent to the Date of the Financial Statements: Nil. The Notes Accompanying the Financial Statements Dr. Osama Mostafa Abdel Baset Accountant, Chairman of the Board of Directors Adel Mahmoud Saleh For The Financial Period Ending as at 30/6/2015 Head of Financial Affairs Sector 1. Company’s Profile: & The Managing Director Nile Pharmaceutical and Chemical Industries Company is a subsidiary of The Holding Com- pany for Pharmaceutical was established by virtue of the presidential decree No. 237 of 1962 published in the Official Gazette, issue No. (106), dated 14/5/1963, and it is a subsidiary Egyptian The Auditor’s Report on the Summarized Financial joint-stock company subjected to Law No. 203 of 1991. The company's activity is represented in manufacturing and trading in all kinds of pharmaceutical products, and all types of chemical Statements Of Nile Pharmaceutical and Chemical materials, cosmetics, veterinary drugs through its factories and its head office in Cairo, in addition Industries Company as at 30/6/2015 to seven sale branches located in Cairo, Alexandria, Al-Amireya and Assuit. 2.The Most Significant Accounting Policies Applied: To The Shareholders of Nile Pharmaceutical and Chemical Industries Company: A. Bases of Preparing the Financial Statements: We have audited the financial statements of Nile Pharmaceutical and Chemical The financial statements are prepared according to the Egyptian Accounting Standards, laws Industries Company for the financial year ended as at 30/6/2015, from which the and the applicable local instructions. attached summarized financial statements were extracted in accordance with the B.Transactions in Foreign Currency: Egyptian Standards on Auditing and in the light of the applicable Egyptian laws and 1.The company keeps its accounts in Egyptian pound, and the transactions in foreign cur- regulations. rencies are recorded during the financial period according to the prevailing exchange rate of As stated in our report, dated 17/9/2015, we expressed a qualified opinion on the the foreign currencies at the time of carrying out the transaction. The balances of the assets and financial statements of the company for the financial year ended as at 30/6/2015 from liabilities of monetary nature in foreign currencies are valuated at the end of the financial period which the summarized financial statements attached thereto were extracted. according to the prevailing exchange rate of the foreign currencies on that date. The resulting We are of the opinion that the attached summarized financial statements are in exchange rate differences are recorded in the income statement. agreement – in all their material aspects - with the complete financial statements of 2. An account for the foreign currencies prices fluctuations shall be opened under the account the company for the financial year ended as at 30/6/2015. items of other credit accounts, to which the differences resulting from the exchange rate at the For the purpose of obtaining a broader and more comprehensive understanding of usage date and the rate obtained shall be carried forward, in addition to the credit and debit dif- the company's financial position as at 30/6/2015, its operating results for the financial ferences resulting from the re-recording of the balances in foreign currencies. At the end of the year then ended, and the scope of our audit works, the complete financial statements financial period, if the said account balance is a credit account, it shall be recorded in the account of the company for the financial year-ended as at 30/6/2015 in addition to our report of foreign currencies exchange profits, and if it is a debit account, it shall be recorded in the ac- thereon must be referred thereto. count of foreign currencies differences losses. C. The Fixed Assets and Their Depreciations: Accountant, Accountant, The regular correspondence No. (2) of the year 2004, issued by the Central Auditing Organiza- Hossam Said Mohamed Hemat Mohamed Abdel Hady tion concerning the discontinuance of accounting for the depreciation of the assets whose hypo- General Manager and Department Deputy General Manager and Department Deputy thetical useful life expires and are still used in production, is applied. Such correspondence stipu- Accountant, Accountant, lates that the useful lives of assets should be regularly reconsidered according to the Accounting Standard related to fixed assets. Omaima Mohamed Nasr Ali Ali Hamada D. Pricing and Inventory Valuation: Undersecretary, Department Undersecretary, Department 1.The valuation of commodities inventory is carried out based on the weighted average method. Manager Senior Deputy Manager Senior Deputy, 2.The valuation of the inventory of unfinished production is carried out according to produc- Member of The Egyptian Society of Taxation tion cost until the phase preceding the last phase of production reached in addition to the direct costs during the last phase. Approved By Accountant, Waffa Mohamed Ali Midan 3.The valuation of finished products is carried out according to production cost or the net sell- First Undersecretary and Department Manager ing value, whichever less, as at 30/6/2015. Dated, 17/9/2015 4 Home 4 November 2015 Banque Misr to complete $250m 3-year loan in December Reuters: Banque Misr expects to complete procedures told Reuters the bank had begun marketing to lenders on next month to obtain a $250 million loan of three years Sunday, with the loan paying 2.9 percent over the London duration, using it to strengthen the dollar resources of interbank offered rate - three-month LIBOR is currently at Egypt›s second-largest state lender, its chairman told 0.33 percent. Reuters on Monday. Arab Banking Corp, Emirates NBD, HSBC, Mashreq The transaction is the first time the bank has sought to and Union National Bank will arrange the loan, the bank- borrow from international banks since the North African ing sources, speaking on condition of anonymity as the country was hit by political unrest at the start of 2011. information isn›t public. It joins a number of Egyptian corporates and banks The lender has been in talks with banks since June returning to the credit markets following an international about issuing a loan. sovereign bond issue in June as the government seeks Egyptian borrowers looking to tap international loan foreign currency to help fund economic development and markets have been stymied by global volatility and shrink- halt a black market which has pushed up inflation. ing liquidity in the Middle East, which is pushing loan pric- The Banque Misr loan will pay a margin of 3.2 percent, ing higher. Mohamed Mahmoud Eletreby said by phone. Banque du Caire has also been in talks with banks Two banking sources aware of the matter had earlier since July for a $200 million loan.

Egypt's gas shortage will end with November 2015 Reuters: There will be no gas shortage problems to explain the expected improvement in gas supplies. Egypt›s Trade and Industry Minister Tarek Kabil for any factories in Egypt by the end of November, Falling oil and gas production coupled with rising said earlier on Sunday that production at steel firms Egypt›s President Abdel Fattah al-Sisi said in a consumption have forced Egypt, which was once an had been almost halted for the past four months due speech on Sunday. Factories in Egypt that rely heav- energy exporter, to divert supplies to the domestic to gas shortages, but said that they had resumed ily on gas to generate power have been struggling, market. It is now a net energy importer. production last week. with some halting production for extended periods, State-owned EGAS has been forced to ration gas Electricity generation is also a problem for Egypt due to a shortage of gas supplies. supplies to industry, crippling production and ham- with the country facing regular power cuts in the «End of November, there will be no gas problems pering Egypt›s economic recovery as many factories summer months when demand is usually higher. Sisi for any factory in Egypt, not the current ones nor the have been forced to halt production at times due to said the country needs 150 billion Egyptian pounds ones that will be built,» he said. Sisi gave no details the shortage of gas. to solve its electricity problem in the coming years.

Egyptian Billionaire Sawiris Discloses 6% Stake in Adidas

The Wall Street Journal: The investment ve- another 4.3% via stock options, according agement Inc. Mr. Hawkins is also known hicle of Egyptian billionaire Nassef Sawiris to a release from the Stuttgart stock ex- as a shareholder who can exert pressure disclosed Friday that it obtained 6% of the changed Friday. on a company’s management. Adidas had voting rights in Adidas AG, reigniting specu- Mr. Sawiris controlled Egypt’s construc- been rumored to be a target for activist in- lation the German sports brand has become tion company Orascom Cement, which vestors since late last year after it posted the target of activist investors. was bought by French rival Lafarge SA for its third profit warning in less than one Mr. Sawiris, part of Egypt’s richest fam- around €9 billion in 2007. Last year, La- year. It has hired a law firm and an invest- ily, has a history of engagement in compa- farge, in which Mr. Sawiris held a roughly ment bank to develop a plan to react to nies he holds a stake in via his investment 11% stake following the Orascom transac- unwanted investor pressure. Adidas is in vehicle NNS Holding Sàrl. In 2006, Mr. tion, agreed to a $40 billion merger with the midst of the search for a new chief ex- Ethiopia eager Sawiris took a stake in Texas Instruments Swiss rival Holcim Ltd. ecutive to succeed Herbert Hainer. Some Inc. and publicly pushed for the company Based on Friday’s disclosure, NNS investors have urged the company to look to be sold. It wasn’t immediately clear is Adidas’s largest investor, followed by for an outsider and consider sweeping what Mr. Sawiris’ plans are with Adidas. funds managed by BlackRock Inc and Ma- changes, including a potential sale of its He holds a direct 1.7% stake and controls son Hawkins’ Southeastern Asset Man- golf brand TaylorMade or Reebok. Nassef Sawiris to sign trade agreements Siemens with Egypt Daily News: The Ethiopian govern- He said Egypt-Ethiopia economic ment is looking to sign more trade relations are limited and must be de- agreements with Egypt in the upcom- veloped during the upcoming period, could expand Egypt ing period, since Egypt is an impor- especially after signing the Tripartite tant trade partner in the region, said Free Trade Agreement between the the Ethiopian Minister of Industry. three African economic blocs; the Com- The minister on the sidelines of the mon Market for Eastern and Southern fifth Ethiopia Summit, said that they Africa (COMESA), the Southern African power deal are looking to increase the value-add- Development Community (SADC), and Ahram Online: Siemens could win an expansion ing which he met President Abdel Fattah El-Sisi. ed to exports, rather than exporting the East African Community (EAC). of its record 8 billion euro ($8.8 billion) power «We have a handshake on which we can raw materials. Negotiations on the Grand Ethio- deal with Egypt, the German industrial group›s build,» he added in the interview with Siemens Egyptian companies addressed the pian Renaissance Dam will not af- chief executive said in a staff newsletter. Welt seen by Reuters on Friday. Ethiopian cabinet more than once to fect economic relations between both Joe Kaeser said Egypt, whose state-run elec- The extra capacity would be 800 megawatts, express their willingness to pump in- countries, especially since Ethiopia tricity grid is creaking under the weight of fast- which would be produced by upgrading existing vestments into the infrastructure, agri- wishes to increase economic coop- growing demand, needed extra capacity before power stations and putting into place decentral- cultural products and petrochemicals eration with Egypt, he noted. the start of the hot summer months - faster than ised power-generation units, Kaeser said. He did sectors, he said. He said the Ethiopian government Siemens could build new turbines under the ex- not say how much the deal could be worth. There are not enough current in- is considering granting more incen- isting deal. The 8 billion-euro deal signed in June was for vestments in Ethiopia, but there will tives for Egyptian investors to in- «We had to come up with a good plan as to 16.4 gigawatts and is designed to boost Egypt›s be more pumped in the upcoming crease economic ties between them how we could help - and this plan pleased the power-generation capacity by 50 percent after period after studying the Egyptian and encourage them to pump more Kaeser president,» Kaeser said after a trip to Egypt dur- going online in 2017. market. investments. “Better Data, Better Lives” CAPMAS Holds UN World Statistics Day 2015

MENA: Under the theme “Better Data. The CAPMAS celebration included or- A broadened conference was held on Better Lives,” the United Nations (UN) ganizing sessions and workshops of the 20 October 2015 to deliberate and dis- World Statistics Day is celebrated to UN Coordination Office in Cairo as well cuss emerging issues in statistics and raise awareness of how official statistics as a session on “SDGs in Egypt: “Oppor- the relevance of official statistics to de- help decision makers develop informed tunities and Steps Forward.” velopment. Participants included promi- policies that impact millions of people. The World Bank organized a ses- nent international, national and regional Improved data sources, sound statis- sion on “Assessing Welfare of Egyp- experts. tical methods, new technologies and tian Household” and a workshop on the During the event, CAP MAS an- strengthened statistical systems enable methodology for measuring poverty in nounced the results of field surveys such better decisions and better lives for all. Egypt. as the Time Use Survey and Constituents “Good data and statistics are indispen- The International Labour Organization of the local community survey, in addition sable for informed decisionmaking by (ILO) also organized a session on “Youth to the extensive program which included all actors in society. This was explicitly Employment and Aspirations”, while the a competition for the best Statistical Ar- acknowledged in 2014, when the United International Organization for Migration ticle “The role of statistics for the soci- Nations General Assembly adopted the (10M) held a session on “International ety development”, a media campaign for Fundamental Principles of Official Sta- and Regional Migration in Egypt”. raising the statistical awareness (posters tistics to promote citizen’s entitlement At the regional level, CAPMAS, jointly on the public transportation means), be- to public information,” according to UN with the Economic Researches Forum sides sending mobiles SMS to inform the Secretary-General Ban Ki Moon. (ERF) also organized a regional training public about the celebration. The Central Agency for Public Mobili- course for statisticians from Arab coun- This, in addition to, a press release, a zation and Statistics (CAPMAS) organ- tries on’ “Analysis of Economic Census booklet on the prominent role of statistics ized different events to celebrate the Data” in order to upgrade their \statistical to increase the individual’s standard of second World Statistics Day 2015. The capacity. living, presenting the prominent events main official event is a celebratory con- Furthermore, CAPMAS is coordinating at CAPMAS website and the digital ference “Better data, Better lives”, held with the Ministry of Education for con- board and displaying boards about World at the CAPMAS main hall on 20 October sidering the period from 17 - 22 October Statistics Day all over the CAP MAS re- under the auspices of President Abdel 2015 as the week for statistics to raise gional offices. Fattah AI-Sisi. the statistical awareness for the students The Conference also included a sci- Among the speakers of the conference through the material prepared- by CAP- entific conference, an exhibition’ of CAP were Prime Minister Sherif Ismail, CAP- MAS, as well as the coordination with the MAS’ publications in collaboration with MAS Chairman Abou Bakr EI-Gendy, Postal Authority for issuing a stamp on the different organizations, institutions & uni- Ashraf AI-Arabi, Minister of Planning, celebration, and organizing exhibitions in versities, an overview over the history and Ghada Walli, Minister of Social Soli- the universities and scientific centers to of CAPMAS, and the launching of CAP darity. promote CAPMAS publications. MAS’ new website. 4 November 2015 5

The Holding Company for Pharmaceutical Products " Holdipharma" Chemical Industries Development Co. "CID"

El-Haram Street, El-Talbiya, Giza A Subsidiary of The Holding Company for Pharmaceutical Products The Authorized Capital Amounts to L.E. 250 Million The Issued and Paid-In Capital Amounts to L.E. 180 Million

Total Profit : L.E. 49.1 M. Profit Before Tax : L.E. 13.9 M. Net Profit : L.E. 11.8

Thanks to God, the general assembly meeting was held on Sunday, corresponding to 4/10/2015, under the chairmanship of Dr. Adel Abdel-Halim Mostafa, the Chairman of the Board of Directors of The Holding Company for Pharmaceutical Products and the Chairman of the General Assembly of Chemical Industries Development Company "CID" in order to discuss the company’s financial statements as at 30/6/2015 and the board of directors' report. Dr. Adel Abdel Motoleb Tolba, the Chairman of the company and the Managing Director, presented the board of directors' report on the financial year 2014/2015 in the presence of Accountant, Waffa Mohamed Ali Midan, First Undersec- retary, Pharmaceuticals Accounts Audit Control Department Manager, Accountant, Kawther Ahmed Fag EL- Nour, Undersecretary, Department Sen- ior Deputy Manager, Accountant, Ahmed Korany Abo Bakr, General Manager and Department Deputy Manager, in addition to the auditors, Accountant Yehia Fathi Milligy, General Manager and Department Deputy Manager and the representatives of the Central Department for Following Up the Plan Im- plementation and Performance Evaluation, Accountant, Mona Ali Mohamed Gharib, the Head of Food and Pharmaceuticals Industries Sector, Account- ant, Aliaa Ali Ahmed Ali, the General Manager, where the auditor's report on the financial year 2014/2015 was presented and the general assembly of the company decided the following: 1. Approving the Board of Directors' report on the company's operating activity and the financial statements as at 30/6/2015. The Most Significant Notes 2. Approving the disbursement of the annual regular allowances as at 30/06/2015. Accompanying the Financial 3. Approving the profits appropriation and the disbursement of the board of directors' remunerations as at 30/6/2015. Statements and Considered as an Integral Part Thereof 4. Approving the quittance of the Board of Directors and forming the board of directors of the company for the period of one year. Company’s Profile: Chemical Industries Development Company "CID" is a subsidiary of The Holding Company for Pharmaceutical Products under the provisions of law No. 203 of 1991 and its executive regulations. Company’s activities: Represented in manufacturing all kinds of chemical, medical and veterinary products in addi- tion to purchasing, selling, manufacturing, import- ing and exporting the medical requirements and equipment. Accounting Policies: The financial statements are prepared in accord- ance with the manual included in the unified ac- counting system, in addition to the subsequent and regulating decrees thereto that are in conformity with the accounting standards. Recording the Fixed Assets and Their Depre- ciations: The fixed assets are recorded in the books at his- torical cost and they are depreciated according to the straight line method. Inventory Valuation: The valuation of commodities inventory is based on the weighted average method, and the inven- tory of finished products is to be valued at cost or selling value, whichever less. The Capital: The issued and paid-in capital as at 30/6/2015 amounts to L.E. 180 million distributed over 18 million shares, and the nominal value is L.E. 10 per share. Balance of Long-Term Loans as at 30/6/2015 amounted to L.E. 25 million. Financial Investments: The shares owned by the company are valued according to the carrying cost. Recording Transactions and Balances in For- eign Currencies: Transactions in foreign currencies are recorded based on the exchange rates declared in the free banking market. The Tax Position: The company pays the tax due amounts on an- nual basis in accordance with the tax returns, and the company settled its tax position until the year 2006/2007 and settled its income tax due amounts until the year 2013/2014. Accountant, Adel Baioumy Oda Head of Financial Affairs Sector Dr. Adel Abdel Motelb Tolba Board Chairman&The Managing Director

The Auditor's Report We have audited the financial statements of Chemical applicable Egyptian laws. The Egyptian Standards on In light of what has been stated in our report No. 784 Industries Development Company "CID" (an Egyptian Auditing require that we plan and perform the audit to which has been issued as at 21/9/2015 on the financial joint-stock company under the provisions of law No. obtain a reasonable assurance about whether the finan- statements of the company for the financial year ended 203 of the year 1991) represented in the balance sheet cial statements are free of any significant and material as at 30/6/2015 and based on the aforementioned , we as at 30/6/2015, the income statement, the changes in misstatements. are of the opinion that the above-mentioned financial equity and cash flows for the financial year then ended An audit includes performing procedures to obtain statements present fairly and clearly, in all material in addition to a summary of the significant accounting evidence supporting the amounts and disclosures stated aspects, the financial position of the Chemical Indus- policies and other accompanying notes. in the financial statements. Those chosen procedures tries Development Company "CID" as at 30/6/2015, These financial statements are the responsibility of are based on the auditor's personal judgment includ- its financial performance and its cash flows for the- fi the company's management. The management is re- ing any estimate of the risks related to any significant nancial year then ended in accordance with the Egyp- sponsible for preparing the financial statements and or material misstatements in the financial statements, tian Accounting Standards and in compliance with the providing a fair and clear presentation thereof in ac- whether resulting from fraud or error. When valuat- relevant applicable Egyptian laws and regulations. The cordance with the Egyptian Accounting Standards and ing such risks the auditor takes into his consideration Company keeps proper accounting records which in- in light of the applicable Egyptian laws. The manage- the internal control relevant to preparing the financial clude all that is required by law and the statutes of the ment's responsibility includes planning, implementing statements and the fair and clear presentation thereof company, and the accompanying financial statements and maintaining the internal control related to the prep- by the company in order to plan audit procedures that are in agreement therewith. In addition, the company aration of the financial statements and the fair and clear are appropriate to the circumstances, not for the pur- applies cost accounting system that meets the purpose presentation thereof that is free of any significant and pose of giving an opinion on the efficiency of the inter- thereof which needs to be developed, and the inventory material misstatements, whether resulting from fraud nal control of the company. physical count was carried out by the company's man- or error. The said responsibility also includes choosing An audit process also includes assessing the ac- agement in accordance with the principles in practice the proper accounting policies and implementing them counting policies and principles used and the signifi- and under our testing supervision approach. in addition to making the accounting estimates that are cant estimates made by the management, as well as The financial information contained in the report of appropriate to the circumstances. evaluating the overall financial statements presenta- the board of directors prepared in conformity with the Our responsibility is confined to expressing an opin- tion, and we are of the opinion that the audit evidences requirements of law No. 159 of the year 1981 and its ion on these financial statements based on our audit we obtained are adequate, appropriate and constitute executive regulations is in agreement with the com- thereof. We conducted our audit in accordance with a proper basis to express our opinion on the financial pany's books within the limits that such information is the Egyptian Standards on Auditing and in light of the statements. recorded therein.

Accountant, Ahmed Kourany Abo Bakr The Auditors Accountant, Yehia Fathi Milligy General Manager and Department Deputy Manager General Manager and Department Deputy Manager Accountant, Kawther Ahmed Fag EL- Nour Approved by, Accountant, Waffa Mohamed Ali Midan Undersecretary and Department Senior Deputy Manager First Undersecretary and Department Manager 6 Arab & Gulf 4 November 2015 Gulf Capital SME Awards were announced

By Angy Essam

his year’s winners of the Nuclear annual Gulf Capital SME Awards have been re- Tvealed. Leading the roster of winners is Asis Boats, which opportunities received the highly-coveted Gulf Capital Business of the Year Award, while its founder in the Middle East Nakanishi Roy Nouhra was named En- trepreneur of the Year. Asis Boats makes vessels for lei- Japan’s Hitachi is closely watching with South Korea and France, a similar sure, commercial and military opportunities for nuclear power pro- agreement is reportedly still under pro- customers. Since its estab- jects, particularly in Abu Dhabi, de- cess between the two GCC states and lishment in 2006, it has grown spite having lost to its South Korean Japan or the US. South Korea’s Korea to become one of the world’s Card Small Business of the In support of the UAE gov- ing tested for an official launch DHL People & Culture of the competitors five years ago. “We are Electric Power Corporation (Kepco) leading designers and manu- Year. The company was the ernment’s efforts to promote next year. Year Award. closely watching [the next phase of the is the lead contractor for Abu Dhabi- facturers of rigid inflatable first to bring UK qualifications the growth of the SME sec- The RSA Customer Focus And for successfully lead- Baraka] nuclear power project in Abu owned Emirates Nuclear Energy Cor- boats, sold in 80 countries to those working in the early tor, an Emirati Business of the of the Year award was given ing Adventure HQ to become Dhabi, as well as various other ac- poration’s (Enec’s) $20bn nuclear in North and South America, years education sector, and Year award is given annually, to Smart Fitness, an SME the UAE’s ultimate outdoor tivities in the region’s desalination and power plant. Saudi Arabia’s ambitious Europe and Africa, as well as was recognized for its work in to inspire other nationals to that specializes in providing adventure sports superstore, construction sectors,” said Hiroaki Na- KA-Care programme has been stalled, Asia and the Middle East. “We successfully training profes- embark on their own entre- personal, group and athletic Sam Whittam received the kanishi, chairman and CEO of Hitachi, although a recent reorganization indi- congratulate all the winners of sionals to deliver the best edu- preneurial journey. This year’s training, as well as bespoke Business Leader of the Year on 29 October in Tokyo. Nakanishi cates the scheme may not have been this year’s edition of the Gulf cational outcomes for young winner is Bin Touq Fire and solutions for corporate well- award. Under his watch, Ad- said Hitachi is also keen to participate totally abandoned. The Middle East Capital SME Awards,” said Ka- children. For turning the con- Safety, a company that has ness. The team’s commit- venture HQ has achieved solid in the construction of Saudi Arabia’s and North Africa region accounted for rim El-Solh, CEO, Gulf Capital, ventional healthcare model up- benefited tremendously from ment to customer focus has growth in many critical areas. King Abdullah City for Atomic and 1 per cent per cent of the Japanese one of the leading alternative side down, Eternity Medicine the UAE’s construction boom enabled Smart Fitness to re- Footfall has increased by 21.5 Renewable Energy (KA-Care) civilian firm’s $81bn revenues in 2014, with investment firms in the Mid- was recognized with the Busi- in recent years by provid- tain members over a long pe- per cent over the past year. nuclear power project once it takes plans to increase this further in its mid- dle East and headline spon- ness Innovation of the Year ing fire protection and alarm riod of time, with top manage- The Start-up Business of the off, citing that the firm’s South Korean term plans for 2016 to 2018. sor of the annual Gulf Capital award on the strength of its systems. Souqalmal.com ment taking a very hands-on Year award was given to Bee- competitors’ funding resources are al- “The Middle East is not by any SME Awards. “Their success pioneering practice in provid- succeeded over other web- approach to interacting with hive Group, the UAE’s first on- ready fully extended in the Abu Dhabi means a small market for us, it is in stories are an inspiration for ing personalized health reports based businesses in winning customers. From humble be- line peer to-peer finance plat- nuclear project. “However, I believe we fact a very significant market, especial- many entrepreneurs and small using advanced screening this year’s Online Business of ginnings in 2007 with 30 chil- form, which started operations will need support from our US counter- ly for our energy solutions, and we are businesses to follow. The win- technologies and cutting-edge the Year award. The vision of dren, British Orchard Nursery only last year. Beehive uses parts to increase our chances in win- prepared to invest [in the region] going ners are among the reasons treatments. The Camel Soap the digital comparison site is has become one of the lead- crowdfunding technology to ning [any nuclear contracts] in Saudi forward,” said Nakanishi. The CEO, why the UAE has achieved Factory, winner of the Start-up to create a highly transparent ing providers of early years reduce operating costs and Arabia,” Nakanishi added. however, said that a more stable po- such a strong diversification Business of the Year award marketplace to help consum- education in the UAE. It now streamline processes, elimi- A cooperation agreement between litical situation, particularly in countries and growth and why the SME last year, is back on the honor ers make the right choice by has 14 locations across Abu nating the cost and complex- governments is required for the con- such as Iraq, where Hitachi has built struction of nuclear power plants. a desalination plant, would be required [small and medium-sized en- roll, winning the Sustainable collating the latest details of Dhabi, Dubai and Sharjah. Its ity of conventional finance. While the UAE and Saudi govern- for the firm to significantly expand its terprises] sector has become Business of the Year award more than 2,800 retail bank- success has hinged largely Since its founding, Beehive ments have signed such agreements operations in the region. the main engine of growth for for its work in educating cus- ing, telecoms, insurance and on being able to recruit and has registered 1,000 inves- the UAE economy” said Karim tomers on the benefits of education products offered by retain the best talent to help tors and successfully funded El-Solh, CEO, Gulf Capital. environmentally-friendly soap various providers in the UAE deliver exceptional educa- more than AED10m ($2.7m) Others honored at the glit- manufacturing. The business and enabling them to be com- tional services to children. For to more than 20 businesses. tering ceremony on 28 Octo- showcased its innovative cold pared on one site. clearly demonstrating how the The winners of the 2015 Gulf ber include Early Years Educa- process soap-making method, It aims to provide a similar company has created a posi- Capital SME Awards were tional Services, an educational as well as using local materials service in five other countries tive working environment and honored at a ceremony at the training and consultancy firm, and camel milk to sustain its within the next three years, developed its people, British Westin Mina Seyahi Beach which received the Master- business over the long-term. with Saudi Arabia already be- Orchard Nursery received the Resort & Marina, Dubai. Saving 4 billion barrels of oil

eeting all stated renewable en- ergy targets in GCC countries would save 4 billion barrels of Moil and reduce emissions by 1.2 gig Halaseh tonnes between now and 2030, ac- cording to new figures revealed by the Abu Dhabi-based International Renewable Energy Agency (IRENA) Jordanian government ahead of the upcoming World Future Energy Summit (WFES). The soon- to-be released figures equate to 25 percent less annual fossil fuel con- preparing 10-year plan for sumption in the power and water sec- tor in 2030, and an 8 percent overall reduction in per capita carbon footprint over the next 15 years. Nearly three- construction sector growth quarters, 74 percent, of the anticipated Equate acquires 69 gigawatts of renewable energy pro- duced in the GCC will be generated A 10-year action plan for accelerating Jordan, behind manufacturing, and petrochemicals firm in Saudi Arabia. The numbers will be growth in the construction sector will be contributed around $3 billion to the published in an upcoming GCC Re- announced by the end of this year, Min- country’s gross domestic product in newable Energy Market Analysis slat- ister of Public Works and Housing Sami 2014. “The cluster is also one of the Kuwait’s Equate Petrochemicals is ed for release at WFES 2016 on Jan. Halaseh has declared. The minister fastest growing [sectors]; it experi- set to acquire MEGlobal for $3.2bn 18-21, 2016, where more than 30,000 noted that a strategy to deliver growth enced an 8 per cent annual average from the US’ Dow Chemical. attendees from 170 countries, and 650 and create jobs for Jordanians over the growth rate between 2000 and 2014,” MEGlobal is headquartered in Dubai exhibiting companies from more than next decade has been developed by he continued, adding that it is a “criti- and produces 1 million tonnes a year 40 countries will come together to seek the Jordan Engineers Association, the cal catalyst” for other sectors in Jordan (t/d) of ethylene glycol in Canada. the increasing market opportunities Jordan Contractors Association, the Ar- as well. “We build the infrastructure for Dow owns a 42.5 per cent stake in brought on by the region’s continuous chitects and Engineers Business Coun- our ICT, energy and transport sectors, Equate, as does Kuwait’s state-owned investments in renewable energy. cil and the Housing Developers Asso- we provide significant demand for our Petrochemical Industries Company For policymakers, an important ciation. The plan has been designed to financial services sector, and we build (PIC). Other Kuwaiti holding compa- driver behind this anticipated region- ensure that the sector can contribute to the resorts and infrastructure for our nies own minority stakes. al shift to renewable energy includes pace and scale of change needs to ing renewable projects, to trends that the realisation of the Kingdom’s broad- tourism and hospitality sector.” Dow will still retain an interest in the socioeconomic benefits it will pro- increase,” said IRENA Director-Gen- will shape the industry over the next er goals and aspirations over the next “As we look ahead beyond the MEGlobal through its Equate stake. duce. The IRENA figures also show eral Adnan Z. Amin. “Important gath- two decades, and a country spotlight decade, as outlined in the Jordan 2025 current turmoil across our region, However, it is planning to reduce this that because renewables, in particu- erings like the World Future Energy on Egypt’s solar and wind markets. vision. Halaseh made the remarks dur- Jordan sits in the middle and is well stake in mid-2016. In July 2004, Dow lar solar photovoltaics, can be less Summit provide critical platforms for “With the demand for energy expect- ing a seminar on concrete, cement and placed to help reconstruct the infra- sold a 50 per cent interest in its three water intensive than fossil fuel tech- the knowledge-exchange needed ed to increase by more than one-third soil technology in Amman, attended by structure and housing needs of our Canadian ethylene glycol assets to nologies, reaching targets would re- today to advance renewable energy over the next two decades, it is be- a number of experts and executives of neighbours,” Halaseh added. The PIC, and they created MEGlobal. Dow duce consumption by 18 trillion liters, in the region and around the world.” coming essential that we diversify our firms working in the field of construction. nation has engineers that are widely has also announced the intention to or 20 percent, of water annually, and The WFES conference agenda will resource pool to create a more sus- “All participants from across the sector recognised across the region for the set up an MEGlobal plant on the US’ create roughly 130,000 direct jobs bring some of the world’s most influ- tainable model for energy security,” have agreed that our biggest challenge quality of their professional skills, he southeastern coast. Equate has ap- per year from now until 2030. ”The ential energy leaders to the stage, said Maria-Jose Nadeau, Chair of the over the next decade is ‘raising the bar’ noted, adding that the Kingdom also pointed arrangers for a $6bn loan to fi- global energy system accounts for including ministers, regulators, top- World Energy Council. on quality and excellence... the quality has architect and consulting firms nance the acquisition. The bridge loan some two-thirds of greenhouse gas level industry professionals, and “Ensuring access to affordable, re- management systems of our compa- that have won international awards would also refinance existing debt and emissions today. Transitioning rapidly chief economists, who will discuss liable, sustainable, and modern en- nies, and the quality and integrity of our and win competitively tendered work be used for general corporate pur- to a global system fuelled by renew- impending issues in the renewable ergy for all is among the 17 Sustain- regulatory standards and procurement around the world. “And we have poses. US-based JP Morgan Chase able energy is the single most effec- energy sector. Topics covered will able Development Goals for 2030 put processes,” he added. contractors and housing develop- and Citigroup, UK-based HSBC, and tive way to decarbonize the global range from addressing challenges forward by the UN, and renewables Halaseh said the construction, en- ers ready and eager to export their Kuwait Finance House and National economy and keep global tempera- faced by the region’s utility providers, will play an integral role in making gineering and housing cluster is the knowledge and services around the Bank of Kuwait are the arrangers. ture rise to 2 degrees Celsius, but the and innovative approaches to financ- this happen.” second biggest economic sector in region,” the minister said. Regional port projects in Morocco

s part of the kingdom’s broader economic in Safi and Jorf Lasfar, in part to help facilitate the thorities plan to develop an integrated industrial development strategy, Morocco is pushing development of existing industries and compara- hub adjacent to the port. Thanks to its location ahead with efforts to dramatically improve tive advantages in the surrounding regions. near facilities of the state-run phosphate com- Aand expand its regional port infrastructure, build- The deepwater Nador West Med port, which pany, Office Chérifien des Phosphates, and a ing on the success of the Tanger-Med port and is scheduled to come on-line in 2019 or 2020, 2000-MW power plant operated by Abu Dhabi’s free zone. Around 98% of Morocco’s external will boast dedicated coal and hydrocarbons TAQA, the port at Jorf Lasfar is also playing a trade currently takes place via ports - equivalent terminals, as well as a container terminal, and part in the kingdom’s broader industrial and to more than 100m tonnes per year, according to industrial and development zones. Significant energy strategy. Being developed at an esti- local media reports, with maritime ties between progress has been made on the project in mated cost of $4.6bn, the port at Jorf Lasfar is the kingdom and its key trade partners continuing recent months, with local media announcing expected to come on-line in 2019 and see up to to expand. In October French container shipping in September that the African Development 7bn cu metres of liquefied natural gas imports giant CMA CGM announced plans to launch five Bank had provided Morocco with a Dh1.2bn by 2025, according to the Ministry of Energy. new shipping lines by the end of the year starting (€109.6m) loan - nearly 10% of the port’s to- In mid-September local media reported that from Agadir and stopping at several other Moroc- tal cost - to finance infrastructure construction the authorities were working to accelerate con- can ports, including Casablanca and Tangier, as under the first phase of the project. Other ma- struction and had issued tenders for geotechni- well as a variety of European ports. jor backers of the port’s initial phase include cal studies on the project, which will include a In a bid to spur wider economic growth and the European Bank for Reconstruction and $600m jetty and a $800m gas terminal. keep pace with regional trade, the kingdom is Development (€200m) and the Arab Fund for These projects come on the heels of the investing substantially in its port infrastructure. Economic and Social Development (€175m). Tanger-Med port and free zone, which, since Speaking at the Port Finance International The remaining Dh4.6bn (€420.2m) will come its inauguration in 2007, has greatly impact- conference held in Casablanca in September, from the project’s shareholders, namely the ed industrial development in the surrounding Aziz Rabbah, minister of infrastructure, outlined Moroccan government and several other state- area. Construction on a second phase devel- plans for the construction of five major new ports backed institutions. Additional port projects in opment began in 2010, led by a consortium under the framework of the Stratégie Nationale the pipeline have also made progress in recent of France’s Bouygues Travaux Publics, Italy’s Portuaire 2030, launched in late 2012 with a months, with the Dh8bn (€730.8m) Kenitra Saipem, Belgium’s Besix and Morocco’s Som- view to creating half a dozen maritime clusters Atlantique port expected to open in 2019, in taken as a public-private partnership. will offer facilities for a range of cargo, includ- agec. The second terminal, known as Tanger- to drive regional economic development. time to provide logistical support for the sched- Construction of the new port at Safi is already ing local agricultural and industrial products, Med II, will add 5.2m twenty-foot equivalent The strategy, which includes upgrades of asso- uled opening of the Peugeot-Citroën factory in under way, with local media reporting that the as well as bulk and container shipments, initial units (TEUs) of capacity per annum, expand- ciated logistics and industrial hubs, seeks to build 2020. In early October authorities announced a project was 22% complete as of late Septem- operations will reportedly focus on phosphate ing the port’s total capacity to 8.2m TEUs major new port facilities at Nador, Kenitra and tender for a preliminary study on the construc- ber. While the project, which is being devel- exports. Given the port’s proximity to some of when it becomes operational next year, ac- Dakhla, as well as the commodity-focused ports tion and operation of the project, to be under- oped at a cost of around Dh4bn (€365.6m), the kingdom’s main phosphate operations, au- cording to local media 4 November 2015 Arab & Gulf 7 Dubai businesses upbeat on Q4 khaleejTimes: Businesses in their selling prices during Q4 outlook compared to the over- Dubai anticipate further accel- 2015, while 13 per cent of all business community, with eration in demand in the final the businesses are hopeful of composite BCI scores of 111.3 quarter of 2015 following a ro- higher selling prices However, and 124.8 points, respectively. bust third quarter. A quarterly growing competition has led Domestically-oriented firms business survey conducted eight per cent of the respond- are more optimistic than ex- by the Department of Eco- ents to forecast a dip in selling porters in term of sales rev- nomic Development, or DED, prices during fourth quarter. For enues, selling prices, volumes, in Dubai showed a general the final quarter, the net bal- net profits, hiring and new pur- upbeat sentiment among busi- ance for selling prices stands chase orders. nesses. at positive five per cent, which A survey by Emirates NBD "Performance estimates is higher compared to positive has revealed that despite driven by the cyclical upswing three per cent in third quarter stronger growth in activity and in demand has led to 51 per 2015. The survey showed that new orders, confidence to- cent of the businesses antici- sales revenue expectations in wards the 12-month business pating further improvement in third quarter 2015 are stronger outlook moderated for the sec- fourth quarter 2015 with only than in second quarter though ond month in a row in August, eight per cent said they are moderate when compared to while the rate of job creation gearing for a slump as against the last year. The net balance was little-changed from July. a corresponding 43 per cent for sales revenues for the final Another recent survey by and 16 per cent, respectively, quarter stands at 49 per cent in HSBC revealed that the UAE in the previous quarter. The re- comparison to 29 per cent for is among top 10 countries maining 41 per cent expect the third quarter and 62 per cent globally for expats while Dubai situation to remain unchanged for fourth quarter last year. is ranked second-best city in during the final quarter," DED "In a reversal of trend from the world after Singapore for said in a statement. The Busi- the last quarter, large compa- expats looking to start a busi- ness Confidence Index (BCI) nies are more optimistic com- ness. for the third quarter of 2015 pared to SMEs, with composite According to HSBC›s Expat showed an increase from BCI scores of 129.2 and 118.3 Explorer 2015 survey, the UAE 110.1 points in the second points respectively. However, has been singled out for the quarter to 124.8 points though while larger firms are more opportunities it offers people the composite BCI is 15.8 optimistic about selling prices, looking to build their careers or points lower compared to third number of employees and net for those seeking to start their quarter 2014. profits, SMEs hold a stronger own businesses, with Dubai Most businesses (79 per outlook with respect to vol- being chosen as the second- cent) have indicated that they umes sold," DED said. best city globally for expat en- do not foresee any change in Exporters have a weaker trepreneurs. Algeria to slowly free private sector

Reuters: Algeria will take steps to free the private sector to set up and run in- up its private sector in response to dustrial estates for the first time. This the plunge in its energy earnings, but was a taboo. change will be slow because of en- «I think the government is willing to trenched government bureaucracy, for- go further.» mer presidential adviser Abdelmalek How much further will affect not only Serrai said. Algeria›s economic growth but pros- «The economic model will change in pects for foreign investors seeking the short run because of the crisis, but greater access to a wide range of sec- things will move slowly,» said Serrai, tors. an economist and consultant who has President Abdelaziz Bouteflika this taken part in discussions with officials month ordered the government to draft on how to manage an era of low oil and plans to boost areas including industry, gas prices. agriculture and tourism via partnerships «Reforms will come at a slow pace between state and private firms. due to bureaucracy,» Serrai added in an Local analysts said the order amount- Italy and Tunisia interview for the Reuters Middle East In- ed to nothing less than an attempt to vestment Summit. end the legacy of the Socialist ideology For decades, Algeria has used its en- which Algeria adopted after independ- ergy revenues, which account for about ence from France in 1962. work together 60 percent of the state budget, to pay for The government has announced tax imports and cope with social problems, cuts for manufacturing firms and plans lat- by raising the salaries of state employ- er this year to submit to parliament a new ees and subsidizing fuel and food. investment law designed to improve the to innovate But state finances have been dete- business climate. Officials have vowed to riorating since mid-2014, when global decentralize approvals of investment pro- ANSAmed: The cooperation between Italy and Tunisia is as solid oil prices started tumbling. The govern- jects in order to reduce delays. as ever in the agricultural and fisheries sectors. A confirmation of ment has announced a 9 percent cut in On the other hand, layers of mid-level this came from the 12th edition of Siamap, the international trade spending for 2016 and is trying to rein in bureaucracy will not soon disappear, and fair of agriculture, agriculture machinery and fisheries, the main imports of goods and services. changing their culture will be difficult. event of the sector in the Mediterranean, which just ended in Tu- The country posted a trade deficit of Few details have been released of the nis. Along with the significant presence of Italian operators there $10.33 billion in the first nine months new investment law. As the government was a significant participation of many Sicilian entrepreneurs this year, swinging from a $4.09 billion allows more competition and private in- and the signing of several agreements. Twinning agreements surplus a year earlier. Algeria imports vestment in the economy, it will not want between Italy and Tunisia were signed to support women in the almost everything for its 40 million peo- to endanger jobs at state-run firms. agricultural sector and young beekeepers to help them promote ple, from food to medicine and industrial «We have to keep in mind that bu- their products and commercialize them. The project will enable to equipment, because of weak domestic reaucracy will remain a hurdle to invest- unify efforts by Tunisian and Italian entrepreneurs to guarantee production that is partly due to lack of ment for the short term. It has been a high-quality products that can be traced and respect European investment. dilemma,» Serrai said. standards so they can be competitive and satisfy demand com- To stabilize the trade balance, the However, Serrai said he saw several ing from foreign markets. government is restricting import licenc- positive signs, such as a deal between The two conventions signed by Utap (UnionTunisienne de es and plans to impose customs duties Algeria and France last week to build a l›Agriculture et de la Peche) and the observatory Servagri (project on some imported products, while en- fertilizer plant in Algeria, and talks be- of trans-border cooperation ENPI CBC MED funded by the EU), couraging increases in local production. tween the two countries on possible respectively establish the twinning between Sicilian and Italian bee- But officials realize that if local indus- joint ventures to produce milk, beef and keepers and women farmers from the two countries to work togeth- tries are to grow rapidly, the private sec- cereals. er for development, and the improvement of the legal framework tor needs to get involved - which means At the same time, Algeria is trying to and quality of life of employees. it will have to be liberated from the op- revitalize non-oil state firms by providing Servagri is an Italian-Tunisian observatory operating in agriculture pressive regulation and red tape of a funds to upgrade them, including $2 bil- to carry out pilot projects in organic farming, guarantee the security state-dominated economy. lion to the textiles sector and $5 billion to and quality of some food products in the respect of sustainable de- «I regularly meet with ministers. There the construction industry, Serrai added. velopment in Tunisia and Sicily and with the final aim of enabling the is a political will to improve things,» said "Algeria is really feeling the need for two countries to be innovative and competitive in the international Serrai. «There have been good indica- alternatives. It is forced to adopt new market with a strategy that does not pursue the competition be- tions. The government this year allowed thinking on the economy." tween Sicily and Tunisia but economic agreements. Oman Tourism Development Liwa plastic Company's scheme master project plans

Oman Oil Refineries & Petroleum Industries Compa- awards. About 70 per cent of the funding should come The Oman Tourism Development Company (Omran) is full swing. There are no instructions to stop, if anything we ny (Orpic) is in negotiations with preferred bidders for from abroad, and Orpic is talking to around 30 interna- focusing on master planning large mixed-use develop- are being told to spread out as much as possible.” How- the Liwa Plastics project. tional banks. However, bank offer deadlines have been ments with space for private developers to carry out their ever, there will be less direct funding from the Ministry of The petrochemicals company met with preferred bid- pushed back slightly, and banks still need to negotiate own projects, according to acting CEO and COO, Ali bin Finance, and more involvement from the private sector. ders in Muscat on 26 October, and is planning to award a bankable structure for their lending. Nasser al-Rasbi. “We are looking at a number of master “We have to find clever ways of doing things, such as PPP the contracts by the first week of December, declared There is believed to be high interest from internation- plans in various governorates of Oman, for mixed-use, [public private partnerships], to reduce reliance on govern- Hilal Abdullah Mohd al-Hinai, general manager at cor- al banks. The project is intended to turn Oman into a lifestyle developments,” said al-Rasbi. The most ad- ment funds,” says Al-Rasbi. “We are very much involving porate support services, Orpic. The preferred bidders producer of plastics products, as part of its downstream vanced mixed-use development is Medina Irfaan, near private sector, and either find sources of finance involving are Italy’s Tecnimont; a joint venture of South Korea’s developments. Orpic plans to start with simple packag- Muscat Airport, which will cover 6 million square metres. pension funds, or private developers. We are in dialogue GS Engineering and Construction (GS E&C) and Ja- ing and fibre products, then diversify into more com- The detailed master plan is under way by UK-based archi- with a number to partner on ongoing projects.” Omran is pan-based Mitsui & Company; and Indian group Punj plex products once its reputation and market has been tect Allies & Morrison, and the project will have its official also looking at joint ventures and selling stakes in existing Lloyd. established. “We need to set up marketing capabilities launch in March 2016. Omran is also fast-tracking the Ras or planned assets, as well as space for private develop- Orpic representatives are also in South Korea negotiat- internationally, and we have three or four years until the al-Hadd resort in joint venture with Qatari Diar. The project ers within master plans in Masirah, Salalah, Musandam. ing export credit agency support for the South Korean project is completed to do this,” says al-Hinai. is in the advanced master planning stage and is starting Through a new subsidiary, Dhiyafa, it is also planning to elements of the project. “They will give guarantees “We hope to start construction in the first quarter of detailed design. Omran hopes to complete the first phase develop historical sites including caves, forts and castles based on if it is a good project,” said al-Hinai on the 2016, and commission the plant in the last quarter of within three years. Lower oil prices will not cause a drop in for tourism. Omran has 39 projects of various sizes in the sidelines of the conference. Orpic plans to close around 2018. It is quite a tight programme, but we think we can tourism investment. “Tourism is one of the saviours of rev- pipeline, from concept studies to construction with new $3.6bn in financing at the same time as the contract do it. We delivered Sohar refinery in 36 months.” enues to the government,” says al-Rasbi. “We are working projects execution subsidiary Bunyan. 8 World 4 November 2015 Germany's new role in Europe: from taskmaster to petitioner

The Globalist: The costs of absorbing five mil- Significant political risks of past years: lion immigrants could easily reach the costs of As the refugee crisis lingers on, it becomes An end to Stability Pact German reunification — over one trillion euros more and more visible that the promises that Italy and other countries ask that the costs for over 30 years. politicians made to the population at large will the refugee crisis not count in the official deficit The Globalist: Until last summer, nothing not be fulfilled. Worse, the impression that the numbers. This – of course – does not change could be done in Europe without Germany’s German government has lost control of the situ- the fact that unsustainable debt continues to consent. The whole eurozone had to embark on ation is true. become even higher. a policy of austerity, reforms were imposed and The German government will try to get the at the height of the last Greek drama, Wolfgang crisis under control by reducing the number of Implementation of a transfer union Schäuble, the German finance minister, could new migrants and, at the same time, freeing up The crisis countries of Europe and France have even propose a Grexit. further capacities to provide shelter to those lobbied for years to implement a transfer union Being the economic and financial power- who arrive. in Europe. Now this topic will become a more house of Europe and the biggest creditor coun- In order to reduce the number of newcomers, pressing matter. try gave Germany unprecedented power. the German government has already given up This is the flipside of Germany asking for That period has come to a rapid end now, principles of the past, such as keeping its dis- “solidarity” on the refugee issue. In this context, leading to a 180 degree change in Germany’s tance to Turkey. it is irrelevant that studies show that a transfer position: It has moved from being the taskmas- Mrs. Merkel even went as far as meeting union would not be enough to fix the problems ter to becoming a humble(d) petitioner. President Erdogan amid the Turkish election of the euro. campaign. Euro and open borders poorly made Eurozone parliament She also promised billions of euros of sup- It is a long-standing wish, especially of the As the saying goes, the opposite of “good” is port if Turkey helps to slow down the stream of “well intended.” European politicians imple- French, to set up a eurozone parliament with migrants and even signaled willingness to allow the power to vote on spending programmes and mented the Euro without giving it the proper visa-free travel and, over time, membership of base in an economic and fiscal union. economic policy for the eurozone. Turkey in the EU. All this in spite of the signifi- As the receiving countries would command The inevitable crisis is currently contained Archives: From left, Greek Prime Minister Alexis Tsipras, Italian Prime Minister Matteo Renzi and German cant human rights issues in Turkey. a solid majority, this would mean more govern- by the largesse of the ECB. But it will return to Chancellor Angela Merkel attend a European Union leaders summit in Brussels last week. (photo: Reuters) Thanks to the refugee issue, Greece will also the political stage with a vengeance, at least as ment spending, funded mainly by Germany (or get the debt forgiveness it was not offered this so the assumption goes). soon as the next recession hits (which may not policy of open borders and humanitarian help, of productive migrants who will actually be past summer, provided it improves its border con- be far). although this support is waning pretty fast. working for their living, paying taxes and mak- trol and keeps refugees in camps on its islands Monetisation of debt Europe’s other mega-sized problem is its idea A majority of Germans are afraid to publicly ing contributions to social security systems? instead of sending them further into Europe. As even the politicians in Brussels cannot over- of open borders, as agreed in the Schengen state unease with the immigration wave. Poli- Also, what is the average income of these As Germany tries to free up capacity for ac- come economic principles, debt burdens will Agreement, was implemented without ensuring ticians point to benefits in the context of the people — and what, in contrast, are the yearly tual refugees from war, it will become stricter become unbearably high pretty soon. a functioning border control and implementing demographic development – Germany has costs of non-productive refugees? in sending back those who are not coming for Then, the pressure will mount on the ECB to a European policy for immigration and asylum. had one of the lowest birth rates in the west- This chart shows a simulation for one mil- humanitarian but rather economic reasons. In solve the problem by monetising the debt. Ger- As with the eurozone crisis earlier, the refu- ern world for some decades – and therefore the lion migrants, assuming 25,000 euros of costs addition, Germany will beg its European part- many will have no lever to object, given its des- gee crisis making the headlines these days is need to attract immigrants. per non-productive refugee and a 40% total tax ners to accept more refugees. perate need for help in the refugee crisis. again the result of these poorly implemented They describe the wave of refugees, who are paid by productive refugees (remember, Ger- That is a steep task, considering that the Brit- This all comes down to significant costs for policies. mainly young and male, as a salvation to Ger- many is a country with high taxes and steep ish government has accepted 20,000 refugees Germany and the average German taxpayer, The politicians who are now claiming that it many’s demographic problems. social charges). over a period of four years – equal the number who – as I described here – is by no means a would be impossible to return to different cur- A simple calculation makes it clear that this The numbers indicate the net costs/benefits of refugees arriving in Germany every day. winner of the euro. rencies and implementing functioning border is nothing more than wishful thinking. A modern in billions of euros per year. France has accepted 1,500 refugees so far, Given the choice between refugees storming controls are ultimately underscoring the funda- economy like Germany’s is in need of qualified Obviously, highly optimistic assumptions are equal to the number of refugees who arrived train stations in winter, broadcast widely on TV mental incompetence (or lack of forthrightness immigrants — or at least immigrants who can necessary to make immigration a net positive to in the little town of Kempten in Bavaria already screens, versus spending hundreds of billions and honesty) of Europe’s political elite. be educated to a considerable skills level. Germany’s economy. some weeks ago. for other countries over time, German politi- Germany has become the prime destination Although a small number of well-educated If the share of productive immigrants and/or In exchange, Germany’s European partners cians — and especially Mrs. Merkel — will al- for most refugees. According to current esti- people have arrived in Germany, the majority of the average income is low, then the costs of will come up with a long list of wishes, should ways choose to spend. mates, well beyond one million migrants will ar- the refugees lack the necessary education and absorbing five million immigrants could easily they even be prepared to consider the German They see the latter as much more intangible rive in Germany alone in 2015. qualification. reach the costs of German reunification — over request for support. and obscure, relieving them from political pres- Experts are already discussing numbers of The relatively high minimum wage of 8.50 eu- one trillion euros over 30 years. After all, Germany has, according to their view sure from the population at large. up to 10 million immigrants until 2020. ros per hour will make it very difficult to integrate As the German government is far from ready — which is shared by more and more Germans In doing so, however, they waste the wealth these low skilled people into the workforce. to do what is necessary to increase the number The tale of the economic benefit – caused the crisis with its failed policies itself. of our nation. From taskmaster to paymaster The economic benefit for Germany comes of productive refugees, one has to assume the Until now, the German public has supported the What will be on the list? On top of that list is (and not just petitioner) would therefore be the down to a simple calculation. What is the share most costly outcome. a fundamental reversal of the eurozone policy most appropriate title for this article. Greek Banks Must Find Extra €14BN to Survive Dire Economic Downturn BG raises output forecast in boon for shell as deal nears loomberg: BG Group Plc raised reece’s four main banks need it’s output forecast in a boost for to find another €14bn (£10bn) Royal Dutch Shell Plc, which of reserves to ensure they could Bagreed to buy the U.K.’s third-biggest Gwithstand an economic downturn, the oil and gas company in a deal sched- European Central Bank said on Satur- uled to be completed early next year. day. The company increased its oil The four banks – Alpha Bank, Eu- and natural gas production target robank, NBG and Piraeus Bank – have to 680,000 to 700,000 barrels a day until 6 November to say how they in- this year from an earlier estimate of tend to make up that shortfall, the ECB as much as 690,000. Third-quarter said. adjusted net income fell 63 per cent The money could come from private to $280 million from $759 million investors or from EU bailout funds. a year earlier, Reading, England- An ECB stress test known as a based BG said Friday in a state- “comprehensive assessment” identi- ment. That beats the $200.5 million fied a capital shortfall of €4.4bn under average estimate of 11 analysts sur- a best-case scenario and €14.4bn in a Increasing the banks’ capital re- veyed by Bloomberg as output rose worst-case situation. serves would “improve the resilience of 26 per cent. The shortfall is smaller than original- their balance sheets and their capacity “BG is at the very beginning of big ly feared, with the most recent bailout to withstand potential adverse mac- ramp-ups in production, especially deal setting aside up to €25bn to prop roeconomic shock”, the central bank from Australia and Brazil,” said Ja- up Greece’s banks. added. son Gammel, a London-based ana- The ECB audit examined the qual- In August, eurozone finance minis- lyst with Jefferies International Ltd. ity of the banks’ assets and considered ters released €26bn of the €86bn in “Shell decided to buy BG at just the the “specific recapitalisation needs” bailout funds that went to recapitalising right time of it’s operations cycle.” of each institution under Greece’s EU Greece’s stricken banking sector and The slump in crude has hit energy bailout. make a debt payment to the ECB. producers hard, driving Shell to its Australia, resulting in net loss of $101 gain to 19 per cent. The company’s per cent in the U.S. “Overall, the stress test identified a Greek banks have already been biggest loss in more than a decade, million, according to the statement. shares are still 9.9 per cent below The company delivered 75 lique- capital shortfall across the four par- bailed out under earlier deals for the curbing profit at BP Plc and forcing “We are on track to deliver our Shell’s offer price. fied natural gas cargoes, or 4.8 mil- ticipating banks of €4.4bn under the country. They suffered further losses companies to prepare for a pro- promised operating and capital cost Brent crude in London trading av- lion metric tonnes, in the third quar- baseline scenario and €14.4bn under as Greece headed towards a third bail- longed downturn by cutting spending savings for 2015 and are adding new eraged $51.30 a barrel in the third ter, 31 cargoes more than the same the adverse scenario,” the ECB said. out earlier this year. and delaying projects. BG is one of low cash-cost volumes through Aus- quarter, 50 per cent lower than a period a year earlier. “The four banks will have to sub- Depositors pulled billions out of the the few that’s increasing its output tralia and Brazil,” Chief Executive year earlier and the least since 2009. Shell reported a third-quarter net mit capital plans explaining how they country fearing that Greece would be guidance for the year as projects in Officer Helge Lund said in the state- Production in Australia almost tre- loss of $7.42 billion, compared with forced to leave the euro. Limits on with- intend to cover their shortfalls by 6 Australia and Brazil start up. ment. “These actions will help miti- bled to 98,000 barrels of oil equiva- a profit of $4.46 billion a year earlier. drawals and transfers imposed in June November. This will start a recapi- BG took a non-cash charge of gate the impact of lower commodity lent a day in the quarter and rose Adjusted for one-time items and in- to prevent Greek banks from collaps- talisation process under the economic $344 million because of the impact prices on our financial results.” 95 per cent to 158,000 in Brazil, the ventory changes, profit dropped 70 ing remain in place, although they have adjustment programme that must con- of currency movements on deferred BG shares fell 0.1 per cent to company said. It was partly offset by per cent to $1.77 billion, The Hague- been loosened. clude before the end of the year.” and current tax balances in Brazil and 1,029 pence, trimming this year’s a 22 per cent drop in Egypt and 11 based Shell said Thursday.

Businesses in scope: by: Amal Mohy Growth Rates in the Third Quarter

With collapsing oil and energy prices, shifting demograph- economy, has fallen to its lowest pace recording 0.8pc in coming out of the third quarter, but don’t worry too seri- The Commerce Department’s report indicated the price ics (rise in the retiring population vs fall in the working age the third quarter of the year. Annual growth surged to 3.4pc ously about that,” said Scott Brown, chief economist at index tied to consumer purchases fell 0.1 per cent in Sep- population), and strong currencies, among others; world in the third quarter, compared to 3.1pc at the same time Raymond James Financial Inc. in St. Petersburg, Florida. tember from the previous month, the first decrease since economies struggle with growth rates, inflation and budget last year. Besides Spain’s high unemployment was down “The job growth is positive, but we’ll need to see better January. Fed officials said last Wednesday that they will deficits. Despite slower growth rates, such strong econo- to a four year low at 21.2pc in the third quarter. wage growth down the line.” consider tightening policy at their next meeting in Decem- mies still maintain stable growth levels in the third quarter. The economic recovery is being boosted by strong con- Last Friday, the Labor Department report indicated that ber, in order to reach their employment and inflation goals. sumer spending and investment, but imports and exports wages and salaries hiked 0.6 per cent in the third quarter Low unemployment and inflation rates in 2015 have Eurozone: Low inflation and unemployment rates are likely to have tumbled over the quarter, said Apolline and were up 2.1 per cent from the same time last year. Low helped American consumers and have supported spending Inflation in the Eurozone was below 2pc in October since Menut at Barclays, according to the telegraph. inflation, however, balances weak income gains. needed for economic growth. Disposable income increased consumer prices were flat at 0pc. This will make the Eu- Spain, like most global economies, has been affected by 0.2 per cent in September compared to the previous month ropean Central Bank intensify its quantitative easing the slowdown of China and the emerging markets which after adjusting for inflation. It was up 3.4 per cent over the programme by the end of 2015. In addition, unemploy- apparently have driven its economic growth in recent past year, the most since February. The saving rate rose to ment rates among the 19 single currency member states years. 4.8 per cent compared to 4.7 per cent in August. dropped to a three-year low to 10.8pc last month. Those Despite the improving performance of the Spanish figures suggest that the Eurozone is heading towards the Economy, the European Commission has asked Madrid to Canada: A slower growth right path of economic recovery. re-write its national budget for 2016, implementing more Canada, similarly, continues to grow but at a slower pace. "It is hard to find justification for the ECB’s apparently cuts and raising revenues so as to abide by the EU spend- Statistics Canada reported that real GDP hiked 0.1 per increasing worries in today’s inflation figures", said Teunis ing rules. Yet, Madrid has claimed it will meet its mandat- cent in August. That August growth would make the third- Brosens at ING, according to the telegraph. ed budget targets, and that the deficit will fall to -2.8pc in quarter of the year the strongest one, after the rebound of "Aside from headline inflation, which this year has been driv- 2016. 0.4 per cent in June and 0.3 per cent in July. Such a slug- en primarily by oil, services inflation has been moving sideways gish growth in August was what Canadians expected after this year. Core inflation has even crept up rather than down, The US: Less consumer spending the falling oil prices. now trending around 0.9pc versus 0.7pc a year ago." Meanwhile, consumer spending in the US increased less “After the lows earlier in the year and highs of the June- Unemployment rates continue to decrease in the Eu- than expected in September. Purchases rose 0.1 per cent, July rebound, it was back to reality for the Canadian econ- rozone area, yet, there is a wide gap between the Euro- the lowest gain since January, after hiking 0.4 per cent omy in August. And given the lingering effects of the oil zone’s most robust and weakest economies. The lowest in August, Commerce Department figures showed Friday price shock in some areas of the country, that reality ap- unemployment rates were in Germany, the strongest econ- in Washington. American spending has been waning amid pears to be one of very modest growth,” Canadian Imperial omy in the single currency area, which recorded 4.5pc; turmoil in financial markets after slowdown of the emerging Bank of Commerce economist Andrew Grantham said. while the highest unemployment rates were in Greece, the markets. It seems that the Americans need wage increas- The August increase was a result of the robust growth weakest economy in the Eurozone, which reach 25pc. es in order to boost economic growth. in manufacturing and retail sales as well as a continued Economic growth in Spain, the Eurozone’s fourth largest “There was a definite loss of momentum as we were surge in energy and mining output. 4 November 2015 World 9 Brazilian waxing and waning Economist: IN THE past few years, Bra- earlier, mainly because Brazilian work- zil’s economy has disappointed. It grew ers’ productivity never justified the earlier by 2.2 per cent a year, on average, dur- rises. People are returning to seek work 3,221 Americans ing President Dilma Rousseff’s first term just as there are fewer jobs to go around: in office in 2011 - 2014, a slower rate of unemployment, which has long been fall- give up their growth than in most of its neighbours, let ing and dipped below 5 per cent for most alone in places like China or India. Last of 2014, increased to 7.6 per cent in Sep- year GDP barely grew at all. It contracted tember. Economists expect it to reach 10 citizenship in 2015 by 2.6 per cent in the second quarter, per cent next year. According to US government compared to the same period last year, To improve its finances the govern- data, 1,426 Americans gave and is expected to shrink by 3 per cent in ment is cutting spending on unemploy- 2015. Household consumption has reg- ment insurance (which had risen even up their citizenship in the third istered the first drop, year-on-year, since when the jobless rate was falling) and on quarter of 2015, marking 3,221 Ms Rousseff’s left-wing Workers’ Party other benefits. Taxes, including fuel duty, so far this year. (PT) came to power in 2003. At the same are going up. So, too, are bills for water Many Americans are bidding time, public spending has surged. In and electricity (two-thirds of which is gen- farewell to Uncle Sam and 2014, as Ms Rousseff sought re-election, erated by hydropower). The point is to re- are not looking back. Some of the budget deficit doubled to 6.75 per duce demand following a record drought them are expats who are tired cent of GDP (the bill has since swelled in 2014 and to correct a policy of holding of dealing with tedious paper- by another 2.5 percentage points). For down regulated prices to keep inflation in the first time since 1997 the government check (and voters happy). But these in- work and are overloaded with failed to set aside any money to pay back creases have stoked inflation. tax payment regulations. creditors. Its planned primary surplus for All this is hurting disposable incomes, The US Foreign Account this year, which excludes interest owed a big portion of which are spent paying Tax Compliance Act requires on debt, of 1.2 per cent of GDP is now back consumer loans taken out in the individuals to report certain expected to turn into a 0.9 per cent defi- good times. Consumer confidence has foreign assets, and for banks cit. Brazil’s gross government debt of fallen to its lowest level since Fundação to disclose all foreign accounts 66 per cent may look piffling compared Getulio Vargas, a business school, began held by Americans.These to Greece’s 175 per cent or Japan’s 227 tracking it in 2005. The government has per cent. But Brazil’s high interest rates no money to boost investment. Petro- regulations come as part of a of around 14 per cent make borrowing bras, the state-¬controlled oil giant and wider US government move costlier to service. Debt payments eat Brazil’s biggest investor, is in the midst to battle tax evasion, especial- up more than 8 per cent of output. To let of a corruption scandal that has para- ly after major Swiss banks are businesses and consumers borrow at lysed spending: the forgone investment helping Americans hide assets less exorbitant rates, public banks have may reduce GDP growth this year by one offshore. increasingly filled the gap, offering cheap, percentage point. It is hard to see where However, the lives of 7.3 mil- subsidised loans. These went from 40 per growth will come from. lion Americans living abroad cent of all lending in 2010 to 55 per cent. Worst of all, Ms Rousseff’s policy le- are only getting worse. As As the government loosened fiscal pol- vers are jammed. Failure to rein in spend- icy, the Central Bank prematurely slashed ing already prompted Standard & Poor's financial institutions rush to its benchmark interest rate in 2011-¬12. to strip Brazil of its prized investment- understand FATCA, some This pushed up inflation, which is now grade credit rating. Now economists fret overseas banks have kicked well above the bank’s self¬-imposed up- that is may render monetary policy pow- out their US clients, leav- per limit of 6.5 per cent, and way above erless: as interest bill balloons, the Cen- ing some without even basic its 4.5 per cent target. The interest-rate tral Bank could be forced to set rates to checking and savings ac- cut has since been reversed. On October make it manageable rather than to keep counts. 21st the Bank's monetary policy-makers prices in check. The hawkish finance kept the rate at 14.25 per cent, nearly two minister, Joaquim Levy, has slashed 70 Young Britons have Become percentage points higher than before the billion reais off the discretionary spending The Hottest Motors decision to cut. With inflation near double planned for this year (on top of the mod- digits they cannot afford to loosen policy est welfare reforms). But that is trimming Displayed at Tokyo anytime soon. Alongside the lack of mac- around the edges: roughly 90 per cent of roeconomic rigour, there was a lot of mi- government spending is ring-fenced and the 'Lost Generation' Motor Show croeconomic meddling: the government needs congressional approval (or some- pursued a clumsy industrial policy and times constitutional change) to curb. Nor Tokyo Motor show will soon shortchanged the private sector, for ex- can the Central Bank ease monetary pol- beat off Los Angeles Show as ample by insisting on absurdly low rates icy: that would once again undermine its By Ameera Fouad of return on concessions to run infrastruc- credibility and risk de-anchoring inflation ture projects. Small wonder confidence expectations. If that were not enough, slumped among businessmen. a depreciating real, which is oscillating A new study published by Equality and Hu- Red tape, poor infrastructure and a around an all-time low, is adding to price man Rights Commission (EHRC) last Fri- strong currency have rendered much of pressures; it also makes Brazil’s $230 bil- day has found that young people in Britain industry uncompetitive. So consumers lion dollar-denominated debt dearer by under the age of 34 might be undergoing have been the main source of demand. the day. Ms Rousseff cannot bring Bra- the worst economic level of all generations. A low unemployment rate pushed up zil’s animal spirits back to life with more Whereas life has become much fairer wages. In the past ten years wages in spending and lower interest rates. She for some ethnic minorities in Britain, lives the private sector have grown faster than was hoping a return to economic ortho- of young white Britons have become much GDP (public¬-sector workers have done doxy would do the trick. Unfortunately, worse. The report shows some shock- even better). That allowed consumers she lacks the political capital—and pos- ing data supported by a comprehensive to borrow more, which encouraged still sibly conviction—to embrace it more fully analysis on how Britain has witnessed a more spending. Now the virtuous circle in the teeth of congressional opposition reviving economic growth to cut debt, and is turning vicious. Real wages have been to austerity. As a result, Brazil's economy these economic improvements have been falling since March, compared with a year may take a while to heal. distributed unfairly among Britons, creating Japan’s domestic car manu- unequal opportunities. facturers have significantly The report shows who were the winners upped their game on home turf and who were the losers of such economic –to manifest their competitive growth, as it concluded that the average and their upper hand in motor- income of a young person had fallen dra- way manufacture. matically in the past five years, and more Due to a current push in barriers were preventing them from gain- technology and boosting the ing economic independence. According to the report entitled "Is Brit- attention of Japan’s own main ain Fairer?", unemployment rate for young ployment rates, and the employment gap for the government. Actions must be set manufactures, many Japa- white Britons, (aging 16- to 24-year-olds) between the oldest and the youngest age quickly to revive what could be lost and nese brands sit at the heart of stood at 14.8 per cent for the three months groups increased. to endeavour how to cope with a particu- these developments to August 2015. The rate is higher than As education has its major effect and larly set of circumstances that would made Here are five Japanese the 13.8 per cent recorded before Febru- influence on getting a job, the report also young Britons a lost generation trends that would appear in highlights the fact that white pupils in Brit- ary 2008, immanently before the global It seems that the measures that the Tokyo Motor show economic crisis hit. ain have some issues when it comes to Conservative government had brought, Also many Britons' wages are very low if education. It also shows the greater and have also neglected young people. Chan- - Trend 1: Driverless Cars: em- compared to others. Earnings are decreas- wider opportunities which the ethic minori- cellor George Osborne announced a “na- bedded in Nissan ties do have in education and that whites tional living wage” in July, but it will only ing and many people are in low paid work. - Trend 2: The rise of Lounge In 2013, people are paid roughly 65p. do not: be available to workers aged 25 and over. • Employment for young people has re- • White people do not perform well in Those between ages 21 and 24 will still Seating: Mercedes Vision To- duced more than 5 percentage points in higher education as much as the Chinese be forced to work on the current minimum kyo is the best example of the England, Scotland and Wales from 2008 or the Indians, who perform better than all wage of £6.70 ($10.30) per hour. lounge sitting. to 2013. other ethnicities at school or higher educa- In a statement held by the Trade Un- • Over 1 in 5 economically active 16- tion. ion Congress (TUC) , General Secretary - Trend 3: Fuel Cell Vehicles 24 year olds were looking for work across • White pupils from poorer background Frances O’Grady said that the government are embedded in Mercedes England, Scotland and Wales in 2013 suffer drastically at the beginning of their needs to tackle low-pay, housing costs and and Lexus which are both compared to less than one in 10 for most lives; consequently, they continue to suf- youth employment. showing concepts powered by other age groups. fer and to fall behind at ever other ethnic “This report should be wake-up call to this technology, which emits no • In 2013, the employment rate in Great group at school - with their chances of a ministers. Hiking up university and college more than water from tailpipes. Britain was 47.5 per cent for disabled peo- successful and prosperous career de- fees and excluding young people from the ple compared to 78.3 per cent for non-dis- creasing as a result. new higher minimum wage rate is not the - Trend 4: Mainstream sports car: abled people. Thus, education and employment had way to build a fair and prosperous Britain. embedded in MAZDA RX-Vision. • By 2013, someone from an ethnic mi- improved for people of Bangladeshi and It is the blueprint for a lost generation,” she nority group was over twice as likely to be Pakistani heritage, while people from Af- said. - Trend 5: Connected Vehicles: unemployed than someone from a white rican and Caribbean descent had seen “Without better employment and training embedded in Nissan’s Teatro ethnic group. some of the biggest falls in income. opportunities many young people will con- for Dayz which set as fine ex- • 16–24 year olds had the lowest em- The report should be awake up call tinue to be shut out of the recovery.” amples, with no conventional controls, voice commands for most functions and a dash- board that can display every- thing from navigation data to France wins half of egypt's wheat tender as euro adds allure personalized artwork.

Bloomberg: French wheat won half of cluding freight and one from Bunge Ltd. Oil Companies Egypt’s tender as a weakening euro at $209.86 atonne, according to GASC boosted its appeal for overseas buyers and two traders familiar with the tender. are Continuing just as government purchases made It also purchased the same amount of grain from main competitor Russia more Polish wheat, from Archer-Daniels-Mid- Clobbering expensive. land Co. at $209.17 atonne, and Roma- Egypt, the world’s biggest wheat im- nian grain, from Ameropa AG at $206.86 With prices hovering around porter, bought 120,000 metrictonnes of atonne. $45 a barrel, about half of French wheat, or half of the supplies Egypt has acquired 1.4 milliontonnes where they were at last year, purchased in Thursday’s tender, accord- of Russian grain in tenders in the 2015- this year had been the worst ing to state buyer the General Authority 16 season, compared with less than crumbling year for oil and gas for Supply Commodities, or GASC. The 350,000tonnes each from Ukraine and companies. Consequently, job euro is near a three-month low against Romania, Bloomberg calculations show. cuts have been rising in this the dollar, boosting the attractiveness of Prior to Thursday’s tender, GASC had sector as never before. grain from France, consultants at Agritel bought just one cargo of supplies from wrote in a report. France. With Chevron profit took a While Russian wheat has dominated The euro has fallen relative to the dol- dramatic hit – down 64 per Egypt’s tenders since the season start- lar over the past month. While wheat cent from a year ago, it an- ed in July, offers for the nation’s grain from the Black Sea region benefited from nounced last Friday that it weren’t among the most competitive lower freight costs in recent tenders, expects to cut between 6,000 including freight, according to two trad- prices are on the rise in Russia due to and 7,000 jobs this year. ers involved in the tender who asked not government purchases. That’s about 11 per cent of its to be identified because they’re not au- Exporters "have to bid with higher total workforce of 64,700. thorised to speak to the media. Russian prices to make sure they have some prof- ConocoPhillips (COP), on wheat is being offered at a higher price it margin," Pavensky of Rusagrotrans as the government started paying more said by e-mail. the other hand, swung to a loss for its purchases, said Igor Pavensky, The cheapest offer for Russian wheat of $466 million, compared to a deputy marketing director of Moscow- in Egypt’s tender was from Cargill at profit of$1.6 billion last year. based grain carrier Rusagrotrans. $204.50 atonne excluding freight. That Also, Exxon said it would "That’s a surprise," Swithun Still, direc- was 3.5 per cent more than the lowest cut 1,500 jobs this year. And tor of Solaris Commodities S.A., said by offer for french wheat excluding trans- ConocoPhillips said in Sep- phone from Morges, Switzerland, com- portation costs. tember it would cut 10 per menting on Egypt’s French wheat pur- Russian offers are likely to be slight- cent of its workforce this year. chases. "I thought they would hold out for ly lower than the ones seen in today’s cheaper Russian offers next tender." tender next time as the ruble is weaker Up to 5,000 employees will Egypt bought two cargoes of and there are some "more active" sell- lose jobs between now and 60,000tonnes of French wheat, one from ers for delivery in December, Still of the end of 2016. Groupe Soufflet at $211.76 atonne in- Solaris said. Travel page by Naglaa Ghonaim 10 Business Opportunities 4 November 2015 The Middle East Observer does not have any responsibility for any mistakes, errors or changes in the tenders’ information. Such errors are the reponsibility of the companies that publish these tenders.

Egypt railway authority by 16 November. Open to prequalified by 18 November Closing date: 20 December 2015 contractors only Client: Kuwait Petroleum Corporation To The Middle East Mosquito control Railway consultancy Bid bond: €20,000 Client: Electricity & Water Ministry Address: PO Box 1070, Safat 13011 Observer's Readers Provision of mosquito control services Provision of consultancy services for the Performance bond: 5 per cent of contract Address: PO Box 1070, Safat 13011 Phone: (965) 2401200 Description: Provision of mosquito control price Phone: (965) 2401200 Fax: (965) 2416574 If you are interested in services reform of the railway sector obtaining any of the Description: Provision of consultancy Cost of tender documents: LE6,000 Fax: (965) 2416574 Email: [email protected] Closing date: 9 November 2015 services comprising the definition of a Client: Egyptian National Railways Author- Email: [email protected] Website: http://www.ctc.gov.kw announced tender Tender no.: 4/00/03/0269/001/12 strategy for the reform of the railway sec- ity Website: http://www.ctc.gov.kw documents please send us Cost of tender documents: SR5,000 tor. The project’s implementation period is Address: Purchasing & Stores Depart- Health insurance your order along with a letter Client: Jeddah Municipality about eight months and is expected to start ment, Above Shoubra Subway, Cairo Network equipment Provision of health insurance for the treat- authorizing The Middle East Address: PO Box 7687, Jeddah 21146 in early 2016 Phone: (202) 25761337/ 27736285 Supply, installation and operation of net- ment of employees Observer to attain the tender Phone: (9662) 614999 Fax: (202) 25761337 work equipment Description: Provision of health insurance Fax: (9662) 6149292 Closing date: 21 November 2015 documents on your behalf, Finance: World Bank Description: Supply, installation and for the treatment of Public Institution for Email: [email protected] Tender no.: Expressions of interest. Pro- operation of network equipment and ac- Social Security employees and pay upon receiving Website: http://www.jeddah.gov.sa ject no. P101103. Tender no. 4/2015 Bahrain cessories Closing date: 1 December 2015 documents required with the Client: Egyptian National Railways Closing date: 29 November 2015 Bid bond: KD10,000 amount of your invoice. College O&M Bid bond: 2 per cent of tender price Tender no.: PISS/16/2015 Operation and maintenance (O&M) of a Address: Transport Ministry, Director of Airport hangar consultancy Email: Subscription@ Tender no.: 6/2015/2016 Cost of tender documents: KD300 college Strategy & Invement Projects, Second Provision of design and supervision con- meobserver.net Cost of tender documents: KD75 Miscellaneous: A pre-bid meeting will be Description: Operation and maintenance ,Floor sultancy services for an airport hangar Attn: Tenders Department Ahmed Helmy Square, Cairo Miscellaneous: A pre-bid meeting will be held on 1 November. The client is the Civil (O&M) of a college Description: Provision of design and held on 8 November. The client is the Fire Service Commission. Tender documents ••• Closing date: 9 November 2015 Phone: (202) 25748730 supervision consultancy services for the Tender no.: 30/36 إلى قراء جريدة ذى ميدل إيست اوبزرفر Fax: (202) 25748278 Brigade Department. Tender documents must be collected from the Central Tenders maintenance, repair and overhauling of a must be collected from the Central Tenders Committee. Enquiries must be submitted Cost of tender documents: SR2,000 إذا كنتم ترغبون فى الحصول على Email: [email protected] hangar and associated infrastructure as Client: Higher Education Ministry كراسات شروط المناقصات المنشوره Committee. Enquiries must be submitted by 9 November part of an airport modernization pro- by 11 November Client: Public Institution for Social Security Address: King Faisal Hospital Street, PO EHS consultancy gramme Box 1683, Riyadh 11153 فى هذه الصفحه المرجو ارسال تفويض Provision of consultancy services compris- Client: Fire Brigade Department Address: PO Box 1070, Safat 13011 Phone: (9661) 4415555/ 4644444 معتمد لجريدة ذى ميدل إيست اوبزرفر Closing date: 18 November 2015 Address: PO Box 1070, Safat 13011 Phone: (965) 2401200 ing the improvement of environmental, Bid bond: BD100 Fax: (9661) 4419004 فى الحصول على كراسة الشروط health and safety (EHS) guidance in the Phone: (965) 2401200 Fax: (965) 2416574 Tender no.: BAC/151/2015 Fax: (965) 2416574 Email: [email protected] Email: [email protected] باسم سيادتكم والسداد بعد استالم gas sector Cost of tender documents: BD50 Description: Provision of consultancy Email: [email protected] Website: http://www.ctc.gov.kw Website: http://www.mohe.gov.sa كراسة الشروط والفاتورة المرفقة Client: Bahrain Airport Company Website: http://www.ctc.gov.kw services comprising the improvement of Address: PO Box 24924, Manama environmental, health and safety (EHS) Phone: (973) 17353385/ 17353286 Email: Subscription@ guidance in the gas sector. The consul- Sodium hypochloride unit cells Syria Email: [email protected]. Activation of sodium hypochloride unit cells meobserver.net tancy services comprise identifying the , [email protected] Morocco عناية إدارة المناقصات bh Description: Activation of sodium benefits of improving EHS standards and Website: http://www.bac.bh Port consultancy (1) Valves procedures, and development of recom- hypochloride unit cells at the Doha West power and water desalination plant for a Provision of consultancy services compris- Supply of valves mendations for improving the implementa- Sewerage project ing independent environment, social and Description: Supply of valves tion and enforcement of EHS provisions in three-year period .excluding VAT Carrying out a sewerage project Closing date: 8 December 2015 technical monitoring for a ports project Closing date: 12 November 2015 the oil and gas sectors in Egypt, covering Description: Carrying out the Sadad sew- Description: Provision of consultancy Client: European Bank for Reconstruction Tender no.: 42/2015 both natural gas extraction operations Bid bond: KD50,000 & Development erage project, block 1038, phase 2, project Tender no.: MEW/6/2015/2016 services comprising independent environ- Client: Banias Refinery Company under EGAS’s supervision and oil extrac- no. SES-12-80-004 ment, social and technical monitoring Address: Mohamed Jamal Benjelloun, Address: Latakia Main Road, PO Box 26, tion operations under EGPC’s supervi- Cost of tender documents: KD1,000 Director General, 20 Angle Avenue Closing date: 25 November 2015 Miscellaneous: A pre-bid meeting will be for a ports project in Nador. The EBRD Banias sion, so the consultant will work with both Bid bond: BD5,000 intends to engage a consultant to act as Mohammed VI et Rue D, Mabella, Rabat, Phone: (96343) 711100/ 717950 companies in parallel. Phase 1 will involve held on 8 November. The client is the Elec- Casablanca Tender no.: SES-15/0003 tricity & Water Ministry. Tender documents the lender’s independent environment, Fax: (96343) 712325 an analysis of the companies’ current EHS Cost of tender documents: BD50 social and technical monitoring consultant Phone: (+ 4420) 73387556 Email: [email protected] management structure, review of their cur- must be collected from the Central Tenders Email: [email protected] Client: Works, Municipalities Affairs & Committee. Enquiries must be submitted for the project. The European Bank for Website: http://www.brc-sy.net rent EHS standards and practices, together Urban Planning Ministry by 16 November. Open to prequalified Reconstruction & Development (EBRD) is with recommendations for their improve- Address: Sanitary Engineering Planning & Oman contractors considering extending a loan to the Société ment, implementation and enforcement; Projects Directorate – Works Nador West Med (SNWM) for the construc- )Lighting and sound system (Al-Amerat and phase 2 will involve training state of- Client: Electricity & Water Ministry Hiring of a lighting and sound system for UAE Phone: (973) 17545184 Address: PO Box 1070, Safat 13011 tion of a new port in the vicinity of the town ficials and oil and gas company managers Website: http://etendering.tenderboard. of Nador. The bank’s loan will be used to a festival Phone: (965) 2401200 Cable laying on the recommended changes accepted by /gov.bh finance basic infrastructure (breakwater, Description: Hiring of a lighting and sound Fax: (965) 2416574 Carrying out 132kV cable laying and reac- .the companies quays, dredging etc.) for a new port 30 system at the Al-Amerat park for the Mus- Email: [email protected] tor works for 132/11kV substations Closing date: 10 November 2015 kilometres from the town of Nador on the cat Festival 2016 Website: http://www.ctc.gov.kw Description: Carrying out 132kV cable Finance: EBRD Shareholder Special Fund Mediterranean coast. The port will include Closing date: 9 November 2015 Iraq laying and reactor works for the Oxygen, Tender no.: Expressions of interest. Pro- two container transhipment terminals, a hy- Tender no.: 30m/2016 Nature and Thrdrwya 132/11kV substations ject no. 46595 drocarbon storage and transhipment termi- Cost of tender documents: RO30 Valves and fittings Sodium hypochloride unit cells and reactor works at the Awir 132/33kV Client: European Bank for Reconstruction nal, a bulk terminal handling grain, miner- Client: Muscat Municipality Supply of valves and fittings Activation of sodium hypochloride unit cells substation and associated modification & Development als and coal, and will have the potential to Address: PO Box 79, Muscat 100 Description: Supply of valves and fittings Description: Activation of sodium works Address: James Yoo, One Exchange handle other cargo types. The port project Phone: (968) 24753000 Closing date: 10 November 2015 hypochloride unit cells at the Doha West Closing date: 18 November 2015 Square, London EC21 2JN, UK is a part of a wider development approach, Fax: (968) 24798134/ 24796205 Bid bond: $3,600 power and water desalination plant for a Bid bond: 5 per cent of tender price Phone: (4420) 73386369 which aims to have a significant regional Email: [email protected] Performance bond: 5 per cent of contract three-year period Tender no.: 2131500055 Email: [email protected] development impact in the Orientale region Website: http://www.mm.gov.om price Closing date: 8 December 2015 Cost of tender documents: AED5,000 of Morocco by attracting foreign invest- Tender no.: 1332/2015 Bid bond: KD50,000 Client: Dubai Electricity & Water Authority Hospital leasing ment. The consultant’s main objective will )Lighting and sound system (Al-Naseem Cost of tender documents: ID250,000 Tender no.: MEW/6/2015/2016 Address: Office of the Contracts Manager, Leasing and exploitation of a hospital be to monitor the project’s progress from Hiring of a lighting and sound system for Client: Midland Refineries Company Cost of tender documents: KD1,000 Zabeel East, PO Box 564, Dubai Description: Leasing and exploitation of financial close to construction completion. a festival Address: Oil Ministry, Daura, PO Box Miscellaneous: A pre-bid meeting will be Phone: (9714) 3244444 a hospital on El-Galaa Street for a seven- This process is expected to take five years Description: Hiring of a lighting and sound 2075, Baghdad held on 8 November. The client is the Elec- Fax: (9714) 3248111 year period. The building is suitable to with the consultant providing semi-annual system at the Al-Naseem park for the Phone: (9641) 7750300/ 7750911 tricity & Water Ministry. Tender documents Email: [email protected] host a radiology centre, medical analysis .reports following site visits Muscat Festival 2016 laboratories, alternatively to use as an Fax: (9641) 7751096 must be collected from the Central Tenders Closing date: 9 November 2015 Website: http://www.dewa.gov.ae Committee. Enquiries must be submitted Closing date: 18 November 2015 administrative building for companies or Email: [email protected] Tender no.: Expressions of interest. Pro- Tender no.: 31m/2016 by 16 November. Open to prequalified banks Website: http://www.dauramrc.com, http:// ject no. 48036 Cost of tender documents: RO35 Investment strategy and implementation contractors Closing date: 12 November 2015 www.oil.gov.iq Miscellaneous: The assignment is ex- Client: Muscat Municipality plan consultancy Client: Electricity & Water Ministry Bid bond: LE270,000 pected to start in the first quarter of 2016 Address: PO Box 79, Muscat 100 Provision of consultancy services compris- Performance bond: 10 per cent of con- Address: PO Box 1070, Safat 13011 Phone: (968) 24753000 ing the development of an investment Phone: (965) 2401200 and has an estimated overall duration of tract price Jordan 60 months. The cost estimate is €200,000 Fax: (968) 24798134/ 24796205 strategy and implementation plan Fax: (965) 2416574 Provision of consultancy Cost of tender documents: LE1,000 .excluding VAT Email: [email protected] Description: Client: Cairo Public Transport Authority Email: [email protected] Website: http://www.mm.gov.om services comprising the development of a Overhead transmission lines Client: European Bank for Reconstruction Address: Central Contracts & Purchases Website: http://www.ctc.gov.kw Dewa investment strategy and implemen- Erection of double-circuit, 132kV overhead & Development Department, El-Gabal el-Ahmar Nasr City, tation plan for long-term value creation and transmission lines Address: Julie Michel, Adviser, One Ex- Cairo Sediment and foam deterrent materials Electrical and lighting materials revenue diversification Description: Supply of towers and change Square, London EC2A 2JN, UK Phone: (202) 2859860/ 4830765 Supply of sediment and foam deterrent Supply of electrical and lighting materials Closing date: 18 November 2015 complete erection of double-circuit, 132kV Phone: (+ 4420) 73387556 Fax: (202) 2832221/ 2840291 materials Description: Supply of electrical and light- Bid bond: 5 per cent of tender price overhead transmission line, connecting the Email: [email protected] Description: Supply and delivery of ing materials Tender no.: 2121500059 Amman West substation with the existing School construction sediment and foam deterrent materials for Closing date: 9 November 2015 Cost of tender documents: AED2,000 Sweima-Sarrow 132kV overhead transmis- )Port consultancy (2 Construction of a basic education school power and water desalination plants Tender no.: 32m/2016 Client: Dubai Electricity & Water Authority sion line, and connection of the new Tafila Provision of consultancy services compris- Description: Construction of a basic edu- Closing date: 13 December 2015 Cost of tender documents: RO40 Address: Office of the Contracts Manager, 132kV substation ing assistance with an environmental and cation school at the fifth district, stage 3 Bid bond: 2 per cent of tender price Client: Muscat Municipality Zabeel East, PO Box 564, Dubai Closing date: 23 November 2015 social action plan for a port project Closing date: 8 November 2015 Tender no.: MEW/7217/2014 Address: PO Box 79, Muscat 100 Phone: (9714) 3244444 Bid bond: JD110,000 and JD90,000 Description: Provision of consultancy Bid bond: LE200,000 Cost of tender documents: KD250 Phone: (968) 24753000 Fax: (9714) 3248111 Tender no.: 31/2015 services comprising the implementation of Performance bond: 5 per cent of contract Miscellaneous: A pre-bid meeting will be Fax: (968) 24798134/ 24796205 Email: [email protected] Cost of tender documents: JD300 an environmental and social action plan price held on 8 November. The client is the Elec- Email: [email protected] Website: http://www.dewa.gov.ae Client: National Electric Power Company (ESAP) for a port project in Nador. The Cost of tender documents: LE5,000 tricity & Water Ministry. Tender documents Website: http://www.mm.gov.om )(Nepco EBRD intends to engage a consultant to Client: General Authority for New Urban must be collected from the Central Tenders Automotive batteries Address: PO Box 2310, Amman 11181 act as the lender’s independent environ- Societies Committee. Enquiries must be submitted Supply of sealed, maintenance-free auto- Phone: (9626) 5858615 by 18 November. Open to prequalified ment, social and technical monitoring Address: Badr City Development Agency, consultant for the project. The European Saudi Arabia motive batteries Fax: (9626) 5818336 contractors only Supply of sealed, mainte- Kilo 47, Cairo/Suez Desert, New Badr City Bank for Reconstruction & Development Description: Email: [email protected] Client: Electricity & Water Ministry nance-free automotive batteries Phone: (202) 28640723/ 6/ 8 (EBRD) is considering extending a loan to Website: http://www.nepco.com.jo Address: PO Box 1070, Safat 13011 Vehicle rental Closing date: 11 November 2015 the Société Nador West Med (SNWM) for Phone: (965) 2401200 Rental of vehicles Bid bond: 5 per cent of tender price Healthcare unit the construction of a new port in the vicinity Fax: (965) 2416574 Description: Rental of vehicles for Royal Tender no.: 2051500052 Construction of a healthcare unit of the town of Nador. The bank’s loan will Kuwait Email: [email protected] Commission on-site supervision. The Cost of tender documents: AED200 Description: Construction of a healthcare be used to finance basic infrastructure unit at the fifth district, stage 3 Website: http://www.ctc.gov.kw scope of works comprises the furnishing Client: Dubai Electricity & Water Authority (breakwater, quays, dredging etc.) for a of 151 new vehicles, of various types, and Closing date: 8 November 2015 Building expansion project Address: Office of the Contracts Manager, new port 30 kilometres from the town of providing regularly scheduled preven- Bid bond: LE30,000 Carrying out a building expansion project Marine incubator Zabeel East, PO Box 564, Dubai Nador on the Mediterranean coast. The tive maintenance and performing routine, Performance bond: 5 per cent of contract Description: Carrying out a building Construction and development of a marine Phone: (9714) 3244444 port will include two container tranship- accident and emergency call-out repair price )expansion project (SH-34 incubator for sea fish investment Fax: (9714) 3248111 ment terminals, a hydrocarbon storage services. Also, Contractor will furnish and Cost of tender documents: LE1,000 Closing date: 13 December 2015 Description: Construction and develop- Email: [email protected] and transhipment terminal, a bulk terminal install all necessary accessories such as Client: General Authority for New Urban Bid bond: KD20,000 ment of a marine incubator for sea fish Website: http://www.dewa.gov.ae handling grain, minerals and coal, and will movable spotlights, etc. and perform main- Societies Tender no.: 129/2015/2016 investment in reproduction and marketing have the potential to handle other cargo tenance and repair on Royal Commission Address: Badr City Development Agency, Cost of tender documents: KD1,000 activities Distribution substation project types. The port project is a part of a wider furnished equipment such as emergency Kilo 47, Cairo/Suez Desert, New Badr City Miscellaneous: A pre-bid meeting will be Closing date: 13 December 2015 Carrying out a distribution automation development approach, which aims to light bars and public address system. Phone: (202) 28640723/ 6/ 8 held on 8 November. The client is Kuwait Bid bond: KD50,000 poject for 300 distribution substations have a significant regional development Contractor will also furnish applicable University. Tender documents must be Tender no.: 6/2015-2016 Description: Carrying out a distribution impact in the Orientale region of Morocco insurance policies. The bidder will have a Hospital collected from the Central Tenders Com- Cost of tender documents: KD1,000 automation poject for 300 distribution by attracting foreign investment. The fully equipped workshop/facility for mainte- Construction of a 158-bed hospital mittee. Enquiries must be submitted by 18 Miscellaneous: A pre-bid meeting will substations as part of a DA smart grid consultant’s main objective will be to assist nance and repair works in Jubail Industrial Description: Construction of a 158-bed November. Open to prequalified contrac- be held on 8 November. The client is the programme with the implementation of the ESAP which City provided that the size and layout of hospital tors only Kuwait Institute for Scientific Research. Closing date: 17 November 2015 aims to strengthen the implementation of the facility can accommodate maintenance Closing date: 25 November 2015 Client: Kuwait University Tender documents must be collected from Bid bond: 5 per cent of tender price the existing assistance programmes whilst and repair works for all equipment items Bid bond: LE1.5m Address: PO Box 1070, Safat 13011 the Central Tenders Committee. Enquiries Tender no.: 2131500053 targeting issues which have been identified .covered by this contract Cost of tender documents: LE200 Phone: (965) 2401200 must be submitted by 18 November Cost of tender documents: AED2,000 .as requiring specific specialist attention Closing date: 18 November 2015 Miscellaneous: The capacity of the hospi- Fax: (965) 2416574 Client: Kuwait Institute for Scientific Client: Dubai Electricity & Water Authority Closing date: 17 November 2015 Tender no.: 357-L69 tal has been amended (158 beds instead Email: [email protected] Research Address: Office of the Contracts Manager, Address: PO Box 1070, Safat 13011 Tender no.: Expressions of interest. Cost of tender documents: SR3,000 of 175); a pre-bid meeting will be held on Website: http://www.ctc.gov.kw Project no. 4738 Zabeel East, PO Box 564, Dubai 1 November Phone: (965) 2401200 Miscellaneous: Open to 100 per cent Phone: (9714) 3244444 Miscellaneous: The assignment is ex- Saudi-owned companies only; a pre-bid Client: General Authority for New Urban Roof electrolyte system preparation Fax: (965) 2416574 Fax: (9714) 3248111 pected to start in the first quarter of 2016 meeting will be held on 8 November Societies Preparation of 50 site roofs with electrolyte Email: [email protected] Email: [email protected] and has an estimated overall duration of Client: Royal Commission for Jubail & Address: Aswan systems Website: http://www.ctc.gov.kw Website: http://www.dewa.gov.ae 24 months. The cost estimate is €400,000 Yanbu Phone: (097) 9102252 Description: Preparation of 50 site roofs excluding VAT Address: Supply Management Depart- with electrolyte systems Vehicles Vehicle-charge point management system Client: European Bank for Reconstruction ment, Directorate-General for Royal Kindergarten Closing date: 13 December 2015 Supply of vehicles Supply of an electric vehicle-charge point & Development Commission in Jubail, Director, Contracts Construction of a kindergarten Bid bond: KD20,000 Description: Supply of vehicles for various management system Address: Mohamed Jamal Benjelloun, Section, PO Box 10001, Madinat al-Jubail Description: Construction of a kindergar- Tender no.: 10/2015-2016 foreign, Gulf and local ancient monument Description: Supply of an electric vehicle- Director General, 20 Angle Avenue al-Sinaiyah 31961 ten at the fifth district, stage 3 Cost of tender documents: KD1,000 missions charge point management system Mohammed VI et Rue D, Mabella, Rabat, Phone: (9663) 3414127/63 Closing date: 8 November 2015 Miscellaneous: A pre-bid meeting will be Closing date: 24 November 2015 Closing date: 16 November 2015 Bid bond: KD2,000 Casablanca Fax: (9663) 3412201 Bid bond: LE20,000 held on 8 November. The client is Kuwait Phone: (+ 4420) 73387556 Bid bond: 5 per cent of tender price Performance bond: 5 per cent of contract Institute for Scientific Research. Tender Tender no.: NCCAL/2/2015/2016 Tender no.: 2131500054 Email: [email protected] Audio and visual equipment price documents must be collected from the Cost of tender documents: KD75 Cost of tender documents: AED1,000 Supply and installation of materials and Cost of tender documents: LE400 Central Tenders Committee. Enquiries Miscellaneous: The client is the National Client: Dubai Electricity & Water Authority Port consultancy (3) equipment for audio and visual services Client: General Authority for New Urban must be submitted by 18 November Council for Culture, Arts & Letters. Tender Address: Office of the Contracts Manager, Provision of consultancy services compris- Description: Supply and installation of Societies Client: Kuwait Institute for Scientific documents must be collected from the Zabeel East, PO Box 564, Dubai ing contract implementation and support materials and equipment for audio and Address: Badr City Development Agency, Research Central Tenders Committee. Enquiries Phone: (9714) 3244444 services for a port project visual services at the King Faisal Specialist Kilo 47, Cairo/Suez Desert, New Badr City Address: PO Box 1070, Safat 13011 must be submitted by 24 November Fax: (9714) 3248111 Description: Provision of consultancy Hospital & Research Centre in Riyadh Phone: (202) 28640723/ 6/ 8 Phone: (965) 2401200 Client: National Council for Culture, Arts Email: [email protected] services comprising contract implementa- Closing date: 15 December 2015 Fax: (965) 2416574 & Letters Website: http://www.dewa.gov.ae tion and support services for a port project Tender no.: 87/36 Shopping complex Email: [email protected] Address: PO Box 1070, Safat 13011 Phone: (965) 2401200 in Nador. The client intends to engage a Cost of tender documents: SR1,000 Construction of a commercial shopping Website: http://www.ctc.gov.kw consultant to assist the project implemen- Sheath fault inside ducts complex Fax: (965) 2416574 Client: King Faisal Specialist Hospital & Replacement of sheath fault inside ducts Email: [email protected] tation unit (PIU) with delivery of the project. Research Centre Description: Construction of a commer- Steam and distillation unit equipment The overall objective of the assignment will for cable circuits Website: http://www.ctc.gov.kw Address: Takhassusy Road, PO Box Repair and replacement of cial shopping complex at the fifth district, Replacement of 11kV medium-tension cell be to assist the client during the imple- Description: 3354, Riyadh 11211 sheath fault inside ducts for cable circuits stage 3 protection equipment for steam units and mentation of project-related contracts, Licence and drawing upgrade and issuing Phone: (9661) 4647272/ 4037229 Closing date: 10 November 2015 Closing date: 8 November 2015 distillation units provide advisory services to assist the PIU Upgrade and issuing of licences and draw- Fax: (9661) 4414839/ 4065876 Bid bond: 5 per cent of tender price Bid bond: LE60,000 Description: Replacement of 11kV in meeting the works schedule, assess ings for an oil sector complex building Email: [email protected] Tender no.: 2121500051 Performance bond: 5 per cent of contract medium-tension cell protection equipment any requests of change(s) variation orders Description: Upgrade and issuing of Website: http://www.kfshrc.edu.sa Cost of tender documents: AED500 price for steam units and distillation units at the and providing other technical input/advice licences and drawings for an oil sector Client: Dubai Electricity & Water Authority Cost of tender documents: LE1,000 Al-Zour South power and water desalina- as needed. The expected outcome of the complex building Address: Office of the Contracts Manager, Client: General Authority for New Urban tion plant for a three-year period assignment is to ensure that the goods and Closing date: 13 December 2015 Zabeel East, PO Box 564, Dubai Societies Closing date: 8 December 2015 works contracts financed via the EBRD’s For more Address: Badr City Development Agency, Bid bond: KD50,000 Bid bond: KD2,000 Phone: (9714) 3244444 Tender no.: KPC/KH/295/2015 .loan are handed over on time and budget Kilo 47, Cairo/Suez Desert, New Badr City Tender no.: MEW/5/2015/2016 Closing date: 17 November 2015 Fax: (9714) 3248111 Phone: (202) 28640723/ 6/ 8 Cost of tender documents: KD1,000 Cost of tender documents: KD75 Email: [email protected] Miscellaneous: A pre-bid meeting will be Tender no.: Expressions of interest. tenders Miscellaneous: A pre-bid meeting will be Project no. 4737 Website: http://www.dewa.gov.ae Rail couplings held on 8 November. The client is the Elec- held on 9 November. The client is Kuwait Petroleum Corporation. Tender documents Miscellaneous: The assignment is ex- please visit our website Supply of rail couplings for a railway tricity & Water Ministry. Tender documents pected to start in the first quarter of 2016 authority must be collected from the Central Tenders must be collected from the Central Tenders www.meobserver.org Tenders from the correspondents Committee. Enquiries must be submitted and has an estimated overall duration of Description: Supply of rail couplings for a Committee. Enquiries must be submitted 24 months. The cost estimate is €400,000 in the Middle East 4 November 2015 Travel 11

10 million tourists expected to visit Egypt by end of 2015 MENA: Egypt received 6.6.. million ited Egypt increased by 95.5% com- tourists in the first eight months of pared to July 2014. Moreover, Saudi Zaazou 2015, a 5% increase from the same Arabia has been ranked fourth in period last year, Minister of Tourism terms of the number of tourists and discusses with Hisham Za'azou said last week. Tour- fifth in terms of nights spent in Egypt Azerbaijani Ambassador ism revenues increased by 2% during in July 2014 and during the first sev- the said period, compared to the first en month of 2015. Stimulants of Tourism Flow eight month of 2014, reaching a total of Furthermore, the number of Kuwaiti $4.5 billion, the Minister said. tourists increased by 41.4% in the" first Minister of Tourism, Dr. "Hisham Egypt's tourism industry, a vital seven month of 2015 compared with Zaazou" met with the Azerbaijani source of foreign currency income, the same period last year. In July 2015, Ambassador to Egypt "Shahin Ab- has been battered by political turmoil the number of Kuwaiti tourists who vis- dullayev" to discuss boosting Azer- following the January 25, 2011 Revolu- ited Egypt increased by 77.9% com- baijani tourism in Cairo, and to tion. The industry felt another round of pared to July 2014. recognize the stimulants of tourism shockwaves after the June 30 Revolu- Meanwhile, the number of Kuwaiti flow between both countries. They tion in 2013. tourists who stayed in hotels in Egypt have also discussed the possibility Furthermore, Za'azou expected that during the month of July increased of increasing the number of trips ac- Egypt would receive around 10 million by 140.2%, compared to their figures cording to the potential Azerbaijani tourists by the end of the year, pointing of 13.1% during the first six month of tourism flow to Egypt. out that a promotion campaign is cur- 2015. Kuwait is ranked eighth in terms Kamel in Tunisia to Attend ICAO rently underway to attract further tour- of the number of tourists and nights Conference on Airports Safety ists on social media, under the hashtag spent in Egypt during the first sixth In the framework of Civil Aviation "# ThislsEgypt." months of 2015. Minister, Hossam Kamal's recom- Meantime, the Egyptian Ministry Ali added: "We recently launched mendations on the importance of of Tourism and the Egyptian Tourism the "Masr Qariba" Egypt is close participation in international con- Authority (ETA) recently announced campaign in August 2015, which ferences and exchange of exper- July's tourism statistics that reflect will extend till the end of November tise in the civil aviation sphere, Dr. the positive growth of its tourism sec- 2015, continuously shedding light Mahmoud Esmat, Head of the Hold- tor. The number of tourists who visited on Egypt's 'closeness' in proximity ing Company for Airports and Air various tourist destinations in Egypt in and culture to all our Arab family in Navigation, has delegated Major- General "Mohamed Kamel', Assis- July 2015 saw a 2.9% increase, while Zaazou the GCC, Jordan and Lebanon, as the number of Arab tourists who visited well as encouraging them to spend tant to the Chairman of The Board, to Tunisia to participate in the ICAO Egypt in JUly 2015 saw a 39.5% in- their Eid AI-Adha and endof-summer Conference on Safety of Airport crease when compared with July 2014. ity to welcome visitors from around the July's statistics reflect an increase to July 2014. holidays in Egypt. We will continue Runways from 18 to 22 October. Commenting on this achievement, world and make them feel at home. In in the number of Emirati tourists by Statistics also demonstrate an in- to offer the best deals for tourism Ahmed Ali, Head of ETA's Abu Dhabi particular, the cities of Suez, Ismailia, 65.6% during the first seven month of crease in the number of Saudi tour- with competitive prices and the best office, ' said: "This success coincides and Port Said have become distinctive 2015 compared with the same period ists by 53.1 % during the first seven value-for-money for our people in the EgyptAir Training Center with the opening of the Suez Canal in tourist destinations, as they are full of in 2014. Meanwhile, in July 2015, the month of 2015 compared with the region, maintaining Egypt's status August, which reflects positively on the natural landmarks and unique artifacts number of Emirati tourists who visited same period last year. In July 2015, as an ideal touristic destination that in Zimbabwe gets tourism sector, and shows Egypt's abil- for all tourists to enjoy." Egypt increased by 43.3% compared the number of Saudi tourists who vis- hosts tourists from around the world." authorized Chief of Egypt Air Training Center, Captain "Mohamed Manar'' said that EgyptAir Training Center received a high-profile delegation from the A blue print for Egypt: North coast development Civil Aviation Authority of Zimbabwe to get informed with the latest train- ing programs in the field of technical ami Mahmoud, the Head of the Tourism Promotion maintenance of aircrafts, especially Authority, said that the state is expected to issue the Airbus A320 type. within the coming days a new ministerial resolu- Flynas Participates in Arab and Stion to be signed by Tourism Minister Hisham Zaazou, ReligiousTourism Forum noting that the resolution pertains to investment in the Flynas participated in the 17th In- northern coast including establishing a hotel room for ternational Forum for Arab and Re- every real estate unit to bridge the gap tourism is fac- ligious Tourism 2015, held in Cairo ing as regards to hotel rooms high demand during the on 22-23 October at Intercontinental summer. Hotel, City Stars. The Forum was or- He pointed out to a comprehensive blueprint for the ganized by Asfar Exhibitions & Con- development of tourism in the northern coast through a ferences L.L.C Collaborating with consulting firm under the Ministry of Housing to include Arab International Co. for organizing touristic and industrial areas and universities. exhibitions & conferences, and was He stressed that the ministry is currently studying attended by several tourism agen- new regulations for the program on encouraging char- cies, airlines, land and sea transport ter flights to five airports, namely Luxor, Aswan, Taba, companies, hotels, and companies Marsa Alam and Matrouh, which will be applied in No- specializing in Umrah services. vember and lasts for one year. Poland Lifts Travel Ban on Egypt Ministry of Foreign Affairs of The Re- Emergency Experiment public of Poland declared that it has lifted warnings against polish citizens at Sharm El-Sheikh International Airport travelling to Egypt. Ministry of Tourism said that Polish advisories concern- ing travelling to Egypt were positively modified allowing Polish citizens to travel by plane to Red Sea tourist sites (Sharm al-Sheikh, Hurghada, Gouna, Safaga, and Marsa Alam). Zaazou added that coordination between Ministries of Foreign Affairs and Tourism is fruitful as the travel warnings were lifted before, and ef- forts still continue to improve the im- age of Egypt as a tourist destination and to convey the truth about the status-quo in Egypt. Egypt Celebrates Ramses II alignment with the sun in Sharm El-Sheikh International Airport Air Traffic Control room Abu Simbel in Aswan A meeting comprising all elements of ternational Agency of Air Transport and During the past few days, Egypt has the emergency experiment of internal the Egyptian Civil Aviation Authority. He celebrated The Sun festival; watch- bodies at the Sharm El Sheikh Airport concluded the lecture with a video foot- Air traffic control systems ing the sun illuminate the face of the and all bodies of South Sinai gover- age on the largest emergency experi- Pharaoh King at the anniversaries of norate was held at the terminal in the ment at night at the level of Egyptian his birthday and coronation. A spe- presence of the Egyptian Civil Avia- and Middle East airports which took at regional airports upgraded cial festival was also held, as usual, tion Authority and the representative of place in June 2013. including Folklore groups to send a Egyptian Company for Airports to get Eng. Hamed El-Sisi, the Director message from Aswan to the entire Eng. Dr. Mahmoud Esmat, the ing and raise the efficiency of air traffic control systems at the efficiency of the air traffic ready for announcing the start of the General of Airport Safety at the Egyp- world about Egypt, its traditions, his- Board Chairman of the Hold- airports in order to raise the Egyptian airports (Hurghada, control tower at Hurghada air- expanded emergency experiment with tian civil Aviation Authority, asserted tory and civilization. ing Company for Airports and level of security and safety in Sharm El Sheikh, Borg El port to keep pace with the in- the participation of all internal elements confidence in workers at Sharm el It is a historical event awaited eve- Navigation, said a project to re- the Egyptian airspace. Arab, Luxor and Aswan) with creasing traffic after the inau- at the airport. Sheikh International Airport to ensure ry year by Egypt and the whole world, place and renovate the satellite A technical study is ex- a four-year grade period and guration of the new Hurghada Pilot Abdul Wahab Ali Abdul Wahab, the success of the mission in coopera- as it attracts foreign tourists and stations network at all Egyptian pected to be completed by the payment over eight years. Airport worth euro 8.4 million, the Director of Sharm El Sheikh Interna- tion with the members of the South Si- thousands of Egyptians annually. It is airports has been introduced. end of this month at estimated An easy-term loan agreement funded by the European In- tional Airport, stressed the importance nai bodies and authorities. held in the presence of government The project comprises the costs amounting to around was signed with the French gov- vestment Bank jointly with of emergency experiments for all the The governorate supported the air- officials; like the ministers of Tourism, master station in Cairo and a EGP 90 million over a period ernment worth euro 7.1 million the National Company for Air participants, whether internal or exter- port a great deal during the experiment Antiquities, and Water Resources, main reciprocal station at Oc- of 24 months. to finance the replacement and Navigation Services. The pro- nal bodies. of 2013 and the efforts exerted by the and the Governor of Aswan. tober Airport and 21 sub-sta- The head of the Holding renovation of air traffic control ject included the replacement He announced the selection of En- airport and commitment to international gineer Mahmoud Assem, the Head of legislations and standards. This had a tions at Egyptian airports for Company for Airports signed a systems at Taba Airport. The ex- and renovation of a radar sta- Licensing Department at the Airport, to great impact on issuing a two-year li- the transfer of data and infor- development loan agreement ecutive was signed with French tion and a computers system A Historical run the emergency experiment. cense for the airport to become the first mation on air traffic between with the European Investment company Thales in June. The for air control and communi- Assem gave a lecture on carrying out terminal to obtain such license among the Cairo Center for Air Navi- Bank worth euro 50 million project will be implemented over cation system at the airport to Discovery emergency experiments in conformity airport of the Holding Company for Air- gation and Regional Airports to finance the projects of re- 18 months. be implemented over a period to facilitate take-off and land- placement and renovation of The company has raised of 12 months. The phenomena of sun illumina- with the legislative measures of the In- ports and Air Navigation. tion of Ramses II was discovered in 1874 by the English discoverer ''Emelia Edwards'' and the escort- ing team. She documented this phe- nomena in its book "One thousand Miles up the Nile", published 1899. Air Cairo to join IATA The Sun illuminates the Statue of Ramses II in inner sanctuary in Abu Simbel on 21 February and 21 Tony Tyler, the director general El-Ramly announced that Air member airlines to other inter- October, which believed to be the of IATA, delivered an instru- Cairo and IATA’s act of join- national organizations of air anniversaries of his birthday and ment of accession between ing enhance its position in the transportation. ascension to the throne. Yet, these Air Cairo and IATA to Yasser tourist and aviation markets. It He also pointed out that dates were changed to 22 Febru- El-Ramly, the chairman of Air will also give it an opportunity IATA’s member airlines enjoy ary and 22 October after the Temple Cairo. This was during the to exchange travel documents various privileges including was moved in the 1960s to save it IATA’s meeting events held in with the international mem- working on reducing the en- from being flooded by the water of Abu Dhabi, UAE to discuss the ber airlines of the association. vironmental pollution caused the High Dam Lake. air transportation future in the He also declared that IATA’s by air transportation industry It is known historically that sun Middle East and Africa. membership is a target for air and improve safety and quality beams cross 60 meters through the The Air Cairo’s chairman ex- transportation airlines. This is measures in the aviation field so-called "Sanctuary" in the Temple plained that it required many extremely important in discuss- to cope with the technologi- to illuminate the faces of 3 statues: efforts and procedures for ing the industrial issues on cal development, working on (from right to left) Re-Horakhte (has many month to join IATA. The both regional and international granting various financial ex- a body of a man and the head of a airline collected different mod- levels and the continuing com- emptions to the members and falcon; which is one of the forms of els required by IATA and also munication between the mem- reducing the different costs in- the God of The Sun), King Ramses provided it with financial and ber airlines through the IATA’s cluding transit-duties and taxes II (who ruled from 1279 to 1213 B.C) statistical data and its activi- annual and regular meetings to imposed on airlines by states, and Amon-Re (God of The Sun in ties since its establishment. Air overcome problems and diffi- agents and all aviation working Ancient Egypt). Yet, the sun does Cairo also renewed its IOSA culties the members face. This bodies, and taking into con- not illuminate the statue of Ptah (be- certificate and completed suc- will help in concluding bilateral sideration the importance of lieved by the Ancient Egyptian to be cessfully its financial audit by agreements between airlines manpower by offering different the God of The Underworld). an accredited international and code sharing agreements courses to the member airlines consulting firm. which allows IATA to represent workers. Travel page by Naglaa Ghonaim 12 4 November 2015

EFFECTIVE CONTRIBUTION OF MEMPHIS PHARMA CO. TO NATIONAL PROJECT FOR HEPATITIS DISEASE TREATMENT Memphis Company for Pharmaceuticals and Chemicals Industry is effectively contributing to the national project for the treatment of hepatitis diseases through the packaging of Beg-intron drug. The company was founded during the Second World War at a time Egypt was suffering from a severe shortage in medicines. Workers’ goal at that time was to fill this shortage but in accordance with the latest scientific techniques at a time Egypt was elyingr on foreign medicaments.

Built on a 16-feddan area in El-Amiriya district in Cai- production lines and areas, including extending a WFI line ed testing, assessment and Cronbach’s Alpha labs. ro, the company set up a pharmaceutical factory and went system to feed creams and ointments production area, a As part of the development process, an integrated packag- on with the cultivation of medical herbs and plants. It also WFI line for the washing machine in the sterile area as well ing-wrapping line was extended to the cream and ointment granted some global companies the right to manufacture as extending Purified Water line for five sections in the tab- production area. Also the manual wrapping was replaced product of Khelin, Ammodine and Ammidine. The com- lets department. by a shrink pack. A fluid-bed dryer for the tablet production pany is known for applying highly accurate techniques in The development of the tableting department covered department and an ampoule crushing machine were also in- departments related to scientific research and pharmaceuti- the renovation of buildings, workers’ routes, floors, returns stalled. cal monitoring. It was also famed for producing the drug warehouse and the installation of HVAC ventilation sys- As part of the human resources development, the compa- used in the treatment of Angina. The drug was manufac- tem to further control pressure, heat and humidity degrees. ny made permanent contracts to 139 workers in 2009/2010 tured from Ammi visnag and its derivatives. As a result of the modernisation process, the company was while 454 workers are still being trained. The company’s products are all subjected to monitoring awarded many international occupational health and safe- The company also bought two buses and three private in accordance with the latest global systems. The company ty certificates, including ISO 14001, OHSAS 18001, and cars to transport staffers. has a highlevel sterile area to produce ampoules and oint- ISO 9001. The Egyptian National Accreditation Council The company is planning to develop the warehouse of ments in addition to the other hi-tech sections manufactur- (EGAC) has made an initial assessment of the company as packaging and wrapping materials and the coloured tablets ing the various forms of drugs like tablets, capsules, syrups, efforts are under way to grant the company ISO 17025 that department, set up a department for powder (external use) creams and suppositories. The company has modernised will be given to the row materials, final products, automat- and buy eye-nose-ear drops filling machine.

8, Sawah St., Amiriya, Cairo, Egypt Tel.: +2 (02) 22823528 - 22843529 - 22843530 Fax: +2 (02) 22843523 - 22839237 Cairo 11281, P.O.Box : 11725