THE MIDDLE EAST Visit Our Stand at Cairo Int’l Book Fair ( LE. 3 ) OBSERVER (Foreign Books Hall) THE PUBLISHER: AHMED FODA CHIEF EDITOR: H.A. RAOUF Salah Salem St., Nasr City, Cairo, Egypt MIDDLE EAST COUNSELORS: The Middle East Observer YASMIN FODA AHMED SHAFIK Tel.: 23939732 - 23926919 MAHMOUD FODA N.M.M. RASHED Website : Dir. of Public Relations: http:www.meobserver. KAMAL MOKHTAR Head Office : 41, Sherif St., Cairo, Egypt net/home.html Tel.: 23939732 - 23926919 Mob. : 01006670340 Email : [email protected] Emails : [email protected] 41, Sherif St., Cairo, Egypt Website : http:www.meobserver. Tel. : 23939732 - 23926919 Fax : 23939732 - 27485844 net/home.html Mob. : 01006670340 Email : [email protected] Emails : [email protected] Printed at Societe Orientale de Publicite [email protected] - [email protected] 62nd YEAR No. 5 CAIRO WEDNESDAY, FEBRUARY 4, 2015 ESTABLISHED 1945 (S.O.P.) - Cairo - Egypt

GOLD POSTS ECONOMIC CONFERENCE FLASH BIGGEST MONTHLY WILL BE HELD IN TIME, IS THIS A WAR GAIN IN THREE AGAINST THE MAHLAB MIDDLE EAST ! YEARS ON HAVEN Prime MinisterIbrahim Mahlab chaired a meeting DEMAND Saturday to discuss preparations forEgypt's Economic OR WHAT???? Gold futures rose Friday, cap- Development Conference. From Ahmed Foda ping the biggest monthly gain in The meeting was attended by Ministers of Trade, Investment, Seems obvious to spectators three years, afterUS govern- Finance and International Co-operation, spokesman for Cabinet watching closely transcendence Hossam Qaweesh said. of events in the Middle East that ment data showed the economy terrorism in the Middle East is expanded at a slower pace than Saudi Minister of Finance Ibrahim Bin Abdulaziz Al-Assaf and UAE Minister of State Sultan Al-Jaber attended the meet- orchestrated through an opera- forecast in the fourth quarter, tions room, one that is conven- reigniting demand for the metal ing. ing 24/7 specifically for this pur- as a haven, AP said. During the meeting, the two ministers asserted continued co- pose. The operations chamber is A widening trade gap limited ordination with Cairo to achieve goals of the conference. the party coordinating and The three-day international economic conference will be held funding terrorist groups, sup- expansion for gross domestic on March 13-15 in the Red Sea resort of Sharm el-Sheikh. product as imports climbed three plies them with arms, ammuni- Ministers of International Co-operation and Investment tion, and all necessary plans times faster than exports, US reviewed preparation for the international event, the spokesman needed to turn the Middle East Commerce Department figures said. into a ball of fire. showed. Prime Minister Ibrahim Mahlab asserted that nobody can pre- It also seems crisp clear that The metal extended gains as US vent the Egyptian people from continuing their course to pre- there is a non-Middle Eastern equities fell on economic con- serve their capabilities and achieve their future vision. entity carrying both the planning and funding needed for the organ- cerns, adding to gold’s appeal as President Sisi visiting Al-Galaa Hospital after a series of Militant attaks. "Egypt will continue to build by the hands of its people and an alternative investment. pay price and sacrifices to build our country," said Mahlab. He ized war against The Middle East. Futures rose the most in two stressed that an international economic conference slated for This entity seems to have a dead- weeks amid speculation that EGYPT PAID THE PRICE FOR REMOVING ' March in Sharm El Sheikh will be held as scheduled. line for accomplishing the task at Mahlab said that the national economy is recovering, citing hand; which can be summed in weaker foreign economies will be controlling the region, its a drag on American growth, TERRORIST GROUP' AT ITS STRONGEST: SISI acknowledges from the World Bank and international financial institutions. resources, and geographical posi- prompting the Federal Reserve to President Abdel-Fattah El-Sisi implied last Saturday that unnamed foreign countries are interfering with tion. wait longer before raising interest Egypt's domestic affairs, speaking two days after a series of militant attacks killed at least 30 Egyptians in He said the state is taking economic and legislative reforms It is also noticeable that the rag- rates. Assets in global exchange- the Sinai Peninsula last Thursday, Ahram Online said. with sound policies despite challenges from terror. He said he ing battles witnessed by the traded products backed by gold "There are some countries that are led by leaders of this terrorist organisation (the Muslim Brotherhood). Do you has recently visited Sharm El Sheikh to review preparations for region, are all managed by the think these countries will leave us alone?" asked El-Sisi in a televised speech. the international conference. same methodology and tech- climbed for 10 straight sessions to The PM hailed the visit of Saudi Finance Minister Ibrahim al the highest since October, data The president did not specify which countries he was referring to, but relations with Turkey and Qatar have been niques, same arms, serve the same strained since the ouster of Mohamed Morsi. Assaf and the UAE state minister to Egypt. objective, and manipulate the compiled by Bloomberg show. "It's part of constant consultation with the Arab brotherly El-Sisi cut short his visit to Ethiopia where he was due to attend an African Union summit after a series of dead- same terrorist groups. EGYPT'S MARKET states," he said. He pointed out also to his planned visit to A quick glance at the situation ly attacks in North Sinai on Thursday claimed scores of lives. Sinai-based militant group Ansar Beit Al-Maqdis, Kuwait . confirms that ISIS seems to have GAINS $3.56B.N IN which has pledged allegiance to the Islamic State, claimed responsibility for the violence. He added that there is co-ordination at the international level attended military training by pro- JANUARY In his speech, El-Sisi said that Egypt is "paying the price" for choosing to "end the rule of a terrorist group" at before the conference. fessionel military personnel The Egyptian Stock Exchange its strongest point. He cited recent visits to Egypt by delegations from the UK, whose boss heads the 24/7 opera- (EGX) has made gains worth LE "On 21 June (2013) one of the main leaders of this organisation warned me that they would be getting people China and the US. tions chamber. 26.7 billion (US $3.56 billion)dur- from all over the world to fight you, from countries like Afganistan, Iraq, Syria, Palestine and Libya," said El-Sisi, The problem unfortunately is apparently referencing the Brotherhood. (Cont. on page 2) that the Middle East is facing a ing January, MENA said. tough super power, one that is put- Stocks of the listed companies ting its full potential, resources, surged by 5.4 per cent, posting LE SISI CREATES UNIFIED MILITARY COMMAND TO COMBAT TERRORISM and force in the operation titled " 526.7 billion compared to LE 500 IN EGYPT'S SINAI destruction of the Middle East". A billion in December, the bourse Egyptian President Abdel-Fattah El-Sisi issued a decree last Saturday to create a unified military com- super power that is working weekly report showed. mand for the east of the Suez Canal to combat terrorism two days after a series of militant attacks killed at underground with merciless All indices edged higher, the least 30 people in the restive Sinai peninsula, Ahram Online said. troops whose mission is to move report said, as EGX 30 climbed by The new unified command structure will be led by General Osama Roshdy Askar. fast as the plan is on a †tight dead- 10.27 per cent to 9,843 points, The decision comes as the president held a meeting with the Supreme Council of the Armed Forces (SCAF). line. Troops whose only route back home is through the Great while the EGX 70 rose by 1.97 per Askar was promoted to lieutenant-general as he assumes his new responsibilities. Israeli state,,,,,,,,, but , little do cent to 577 points. He was born in 1957 in the governorate of Daqahlia in the Nile Delta. He graduated from the military school in they know about the Middle East, 1970 and joined the infantry. its hills, deserts, steep mountains, He has an MA in military sciences and is married with patient, tough, resilient, and three children. unpredictable people. ARAB REPUBLIC OF EGYPT & KINGDOM The Prime Minister Ibrahim Mahlab during his press conference Ahmed Foda Scores of Egyptian soldiers were killed in coordinated meeting in the economic conference. OF SAUDI ARABIA militant attacks in North Sinai last Thursday night. An exact death toll has not been confirmed by military offi- Comment MINISTRY OF ELECTRICITY AND ENERGY cials, but media reports suggest at least 30 died in the TOTAL WINS SHARE OF NEW ABU DHABI EGYPTIAN ELECTRICITY HOLDING COMPANY attacks, including a number of civilians. CONCESSION NEWLY ENACTED Speaking about the death toll, Tariq Khater, undersec- Total has signed an agreement to take a 10 per cent stake MEASURES TO FILL EGYPTIAN ELECTRICITY TRANSMISSION retary for North Sinai in the health ministry, told Ahram in a new 40-year onshore concession in Abu Dhabi in the QIZ EXCHANGING Online that only the military can issue an official death United Arab Emirates (UAE), the French oil group said last COMPANY toll. Thursday. GAP EGYPT ON RIGHT ECONOMIC Nine Asian and western firms had bid for stakes in the Abu After 11 years of signing the SAUDI ELECTRICITY COMPANY Dhabi Company for Onshore Oil Operations (Adco) concession Qualified Industrial Zones Adjudication No. (45/2014/2015) TRACK after a deal with western oil majors dating back to the 1970s (QIZ) protocol, the QIZ The Egyptian people are on the right economic expired in January 2014, Reuters said. Unit's, Technical Office of track and Egypt has restored its position, President The new concession was effective from January 1, 2015, and Ministerof Industry and ± 500kV HVDC AQABA GULF CROSSING SUBMARINE AND LAND CABLES Abdel Fattah El Sisi said last Sunday, MENA said. covers Abu Dhabi's 15 principal onshore oil fields that represent Trade, is set to redraft a num- TO ESTABLISH HVDC INTERCONNECTION BETWEEN EGYPTAND SAUDI "Although our production rate does not keep pace more than half of the Emirate's production, Total said in a state- ber of QIZ measures to define ARABIA with the increasing population growth, we are proceed- ment. (Cont. on page 3) the purchasing ratios of Israeli The EGYPTIAN ELECTRICITY TRANSMISSION COMPANY (EETC) and SAUDI ing well," Sisi told a gathering at the Galaa Theater in products between Egyptian ELECTRICITYCOMPANY(SEC) hereinafter called "Owners" intend to establish a Cairo in the presence of the ministers of interior and HOW THE ECB LEARNED TO LOVE companies as of April, in a HVDC Interconnection between ARAB REPUBLIC OF EGYPT AND KINGDOM OF defense along with top brass of the Armed Forces. QUANTITATIVE EASING step aimed at boosting textile SAUDI ARABIA consisting of: Azhar Sheikh Ahmed el Tayeb and and Coptic The European Central Bank (ECB) announced an exportation and preventing 1. Three (3) ±500kVConverter Stations [Badr, Tabuk & Madinah] and two (2) Orthodox Pope Tawadros II were present as well. expanded quantitative easing (QE) programme on January manipulation, AbeerRoshdy Transition Stations [Nabq & Ras Al-Sheik Hamid] Sisi added that he looks forward to reaching a 7 per 22. Starting in March 2015, the ECB will buy, on a monthly of MENA wrote. 2. Three (3) ± 500kV HVDC Overhead Transmission Lines [Badr-Aqaba Gulf, Aqaba cent production rate in the coming period to meet the basis, 60 billions euros worth of euro area sovereign bonds "The new amendments will Gulf-Tabuk & Tabuk-Madinah] increasingly-growing population ratio, which hits 2.5 to and private sector securities, Arab News said. oblige the Egyptian companies 3. ± 500kV Submarine (across Aqaba Gulf) and Land Cables (Egypt side & Saudi side) 2.6 per cent a year. The purchases will continue until September 2016, although to exchange 20 per cent only of system Sisi called upon the mass media outlets to spread the programme could also become open ended until a “sustained the Israeli component between As part of this HVDC interconnection, the Egyptian Electricity Transmission awareness about the issue of population growth in the adjustment in the path of inflation” is observed. In making each other as maximum rate and Company (EETC) invites sealed tenders from eligible international Tenderers for the Egyptian society during the coming period. large-scale purchases of sovereign bonds, the ECB has (belated- importing the remaining 80 per turnkey implementation of the ± 500 kV HVDC Aqaba Gulf Crossing Submarine and He underlined that 280 billion pounds are needed to ly) joined the three other major central banks (the Japanese, UK cent of the product included Land Cables system. finalize the one-million-feddan project. and US central banks), which had resorted to QE after they ran within the agreement ", a gov- The invitation is to submit two independent sealed bids from international bidders for DOLLAR EXCHANGE RATE out of room to reduce interest rates any further. ernmental source told Al Mal turnkey implementation of: If monetary policy were to be reduced to one job, it would be business daily. i) Approximately eight (8) kilometers of HVDC submarine cables including submarine OFFICIALLY SOARS TO 761 to ensure that temporary shocks to inflation do not become per- In according with the QIZ fiber optic cables with maximum depth of 1260 meters from submarine cable landing PIASTRES manent. A central bank can do nothing to stop US oil producers protocol, signed between Egypt, point on EGYPT side up to mid-point of AQABA Crossing and approximately two (2) The dollar exchange rate officially rose on Sunday in from flooding the market and driving down international oil the USA and Israel in 2004, the kilometers of land cables including fiber optic cables on EGYPT side as per the scope the banks and exchange companies, as it hit 761 piasters, prices. However, it can prevent lower oil prices from turning Egyptian textile products are and the terms and conditions specified in the EGYPTIAN ELECTRICITY TRANSMIS- an in crease of about 35 piasters against last month. into a deflationary spiral. The key to doing so is to ensure the allowed to enter the USA's mar- SION COMPANY's (EETC's) bid documents This comes within the framework of the procedures stability of inflation expectations. If people expect inflation will ket on condition of comprising and taken by the Central Bank of Egypt to confront the black soon revert to a certain rate (say “below, but close to 2 per 11.7 per cent Israeli component, ii) Approximately eight (8) kilometers of HVDC submarine cables including subma- market. cent”), they will ignore the fall in oil prices when they set prices he said, disclosing that this ratio rine fiber optic cables with maximum depth of 1260 meters from submarine cable land- for other goods and wages. This will ensure that the oil price had been reduced to 10.5 per ing point on SAUDI side up to mid-point of AQABA Crossing and approximately Four LE8B. FOR PURCHASING WHEAT shock will soon fade away. If, on the other hand, they believe cent in 2008. Thousand Six Hundred meters (4,600m) of land cables including fiber optic cables on FROM FARMERS the central bank is unwilling or unable to bring inflation back The government aims through SAUDI side as per the scope and the terms and conditions specified in the SAUDI ELEC- Agriculture Minister Adel El-Beltagi unveiled that the under control, then the oil price shock can feed into lower prices redrafting such measure to TRICITY COMPANY's (SEC's) bid documents. area of lands cultivated with wheat in the new season for other goods and wages, and the shock could ultimately turn adjust the relinquishing of the The indicative route options for crossing of Aqaba Gulf are summarized in Technical rose to hit 3,410,000 million feddans because of defin- into a permanent deflation. (Cont. on page 3) ratios of the Israeli component specification. ing the price of supplying wheat at LE420 per ardeb. EGX INDICES DOWN between the member companies Arab FUNDS will finance the portion of the submarine cable between the shore in He also pointed out that LE8 billion had been allocat- as to bridge the manipulation Egypt and mid-point plus. the land cable In Egypt for foreign component. The Egyptian Stock Exchange (EGX)'s indexes were all ed by the finance ministry for purchasing wheat from down at the close of Sunday's trading. loopholes, respect the QIZ pro- Egyptian Electricity Transmission company (EETC) will finance the portion of the farmers, whose price would be paid within 48 hours' tocol in a step aimed at main- submarine cable between the shore in Egypt and mid-point plus the land cable In Egypt The capital market declined to LE531.7 billion. The time since handing over the wheat. benchmark index EGX 30 retreated by 0.64% down to taining the agreement that led to for local component. the export of textile products SAUDI ELECTRICITY COMPANY(SEC) will finance the portion of the submarine 9,773.76 points. worth maintaining $2 billion cable between the shore In KSA and mid-point plus the land cable in KSA. The broader EGX 70 index of annually. The completion period Is Twenty-Four (24) months from the effective date of the con- the leading smaller and mid cap The new enacted articles will tract. enterprises (SME) declined by be applied on overseas compa- The tender document Is available at EETC cashier on presentation of payment receipt 0.45% to 573.97 points. The all- nies exporting more than $1 mil- of a nonrefundable US Dollar Two Thousand (USD 2000) to EETC Account No. embracing EGX 100 index fol- lion annually, he said, pointing 11001007177, National Bank of Egypt, Nasr City Branch cairo. The Bank receipt shall lowed suit with 0.53% taking the out that companies with less- be enclosed with envelop (A). index down to 1,138.85 points. than $1 million exporting rate Bidders may obtain further information and inspect and acquire the bid documents 10M. TOURISTS VISIT will be exempted from any from Egyptian Electricity Transmission Company (EETC) - purchasing and stores sec- restrictions or constraints relat- tors, Abbassia, Nasr City, Cairo, Tel & Fax: 22616537. EGYPT IN 2014 ed to assigning policy. All bids shall be submitted in two envelopes (A & B) clearly marked" ± 500 kV HVDC Tourism Minister Hisham (Cont. on page 2) Aqaba Gulf Crossing Submarine and Land Cables system" and be accompanied by ten- Zaazou said on Sunday that 10 der security of (3 millions dollars for the Egyptian part and 2% for the KSA part) in the million tourists visited Egypt in Visit Our Stand at Cairo Int’l Book Fair form of two tender securities which must be, at the tenderer's option, in the form of a cer- 2014 compared to 9.5 million (Foreign Books Hall) tified check cash -,or letter of guarantee issued "or endorsed by a licensed first class tourists in 2013, MENA said. Salah Salem St., Nasr City, Cairo, Egyptian bank. The tender security shall be in Envelope A On or before the 7/4/2015 at During a press conference, Egypt 12:00 Noon Cairo local time. Envelope (A) of tenders will be opened immediately there- Zaazou said that the revenues from tourism increased by 20% in The Middle East Observer after in the presence of those tenderer's representatives who choose to attend. Envelope Tel.: 23939732 - 23926919 (B) of Technically accepted tenders will be opened on a date to be announced later. this year to hit $7.5 billion versus $6 billion in 2013. Tourists' per- Website : http:www.moobserver. Tenders shall be valid for (180) days started from the opening date of the technical From Arab News net/home.html envelope. night spending average increased to $80 as well, Zaazou concluded. Email : [email protected] FEBRUARY 4, 2015

EGYPT'S ENERGY SUBSIDY COSTS FAMILIES' MAXIMUM INCOME A point of view DOWN 30% IN H1, FY 2014-2015 ROSE TO LE3,000 PER MONTH IN Plummeting global oil prices mean Egypt spent 30 per EGYPTIAN POUND,2 MORTGAGE FINANCE LAW cent less on energy subsidies in the first half of FY 2014- US DOLLAR CAT AND 2015, compared to the same period of the previous fiscal The Cabinet approved last week amendments of the execu- year, a Petroleum and Mineral Wealth Ministry source said tive regulations of the 148/2001 Mortgage Finance Law aimed MOUSE last week, MENA said. at modifying the beneficiaries to the fund, Minister of Housing The change of US dollar Mostafa Madbouly said. The amendments modify the defini- The government spent LE45 billion on energy subsidies in exchange rates affects the most tion of low-income beneficiaries of the fund, to raise the maxi- important economic indicators the first six months of the fiscal year, reaping the benefits of mum income of the family from LE2,500 permonth to declines that have seen oil prices lose over half their value. in Egypt; this impact exceeds LE3,000, Madbouly stated, MENA said. economy to socioeconomic Benchmark Brent crude was trading below $50 a barrel last Head of Mortgage Finance Fund (MFF) Mai Abdel Hamid said week compared with the year's peak in June of above $115. that the maximum income for those who are eligible to enter the repercussions, Ahmed el-Sayed Egypt has struggled with soaring energy bills caused by high programme was ratified in 2008, adding that it remained with no al-Naggar of Al-Ahram wrote. subsidies it provides on fuel for its population of 86 million. revision since then. Price hikes and the increase of The subsidies have helped turn Egypt from a net energy Furthermore, Madbouly pointed out that the amendment will inflation rates have socioeco- exporter into a net importer over the last few years. The govern- benefit the applicants for the one million residential units project nomic impact on the Egyptian ment slashed fuel subsidies in July 2014 to ease the burden on (Social Housing Project). The citizens amid expectations for a swelling budget deficit, raising prices of mainstream fuel project was initially announced more devaluation of Egyptian products by up to 78 per cent. It had originally assumed oil Ibrahim Mahlab PM inaugurated the long-awaited parking garage. during the January 25th pound. prices of $109-$110 a barrel in its FY 20142015 budget and Revolution, urging people to Data released by the Central planned to spend about LE 100 billion on energy subsidies dur- apply. This project is not related Bank of Egypt (CBE) show that ing the fiscal year. NEW UNDERGROUND PARKING OPENS IN to President El Sisi's 1 million the official price US dollar hiked In December, Petroleum and Mineral Wealth Minister said CAIRO'S TAHRIR SQUARE housing unit project, announced to LE7.6 leaving the Egyptian that if oil prices remained at below $60 a barrel for the rest of A long-awaited underground parking garage in Cairo's Tahrir Square was by Arabtec in March 2014. currency with a 14.5 drop in the fiscal year, the government could end up spending less than inaugurated last Saturday. The post-revolution govern- value during the past six months- LE70 billion on the subsidies. Prime Minister Ibrahim Mahlab, Minister of Local Development Adel Labib, ment announced the project's the drop hit 22% if calculated and Governor of Cairo Galal Mostafa attended the inauguration ceremony for the implementation in July 2012. according to the price in black EGYPT TO ISSUE $1.5B. EUROBOND IN four-level garage, which is located in front of the Egyptian Museum. The national project is expected market. APRIL There is space for 1,700 cars and 24 tourist buses, according to official state- to provide 1 million residential Any change in exchange rates Egypt plans to issue a $1.5 billion Eurobond in April and units. Construction was projected ments given at the inauguration ceremony. to last five years, from FY2012- impacts the price of goods and hopes to return regularly to international capital markets in Mostafa said during the inauguration that parking in the garage will be for free 2013 to FY 2016-2017, with an the competitiveness of imports years to come as it tries to rebuild Egypt's battered and exports, as well as the bal- until Monday, when charges will be applied. average of 200,000 units expect- Mostafa Madbouly finances, a Finance Ministry official said last week. The dol- He also stressed that the garage will help with traffic management in downtown ed to be constructed per year. ance of trade and the investment lardenominated issue is likely to be split, said Hanan Cairo's congested streets. climate. Salem, First' Deputy Minister for Economic and Financial Arab Contractors constructed the parking garage, while Arab Contractors for EGYPT SEES LE4B. LEATHER However, CBE Governor Policies at the Ministry of Finance, MENA said. Maintenance and Services (ACMS) are responsible for the garage's maintenance, INVESTMENTS IN 2015 Hisham Ramez said the drop of "We are looking to probably divide this into two tranches ... cleanliness and services. The Egyptian leather sector expects to attract new invest- Egyptian pound will not affect Our intention is to create a yield curve, so we might have one ments estimated at LE4 billion within 2015, said Yehia Zalat, the prices pledging state meas- tranche that is ten years, and another tranche that is different, PM HANDS SISI'S MESSAGE TO KUWAITI Head of the Leather Industry Chamber at the Federation of ures to control prices. that is on the longer end," Salem said. "This will be Egypt's re- EMIR Egyptian Industries (FEI), last week. Whenever a particular country entry to the international capital markets after a gap of four Prime Minister Ibrahim Mahlab travelled in a three-day visit to Kuwait The sector has become qualified to attract more investments resorts to the devaluation of its years now," Salem highlighted. backed by the government's latest decisions to make an indicative local currency, it usually justifies leading a high profile delegation. prices list of leather industries and cut the exports subsidy on crust Egypt has been trying to repair an economy battered by polit- During the visit, Kuwaiti Emir Sheikh Sabah Al Ahmed Al Jaber Al Sabah just measures on offer and ical upheaval, street protests and militant violence since the leather, he stated. The local market suffered from imported prod- demand basis; sometimes, the received a message from President Abdel Fattah El Sisi on the latest developments ucts being dumped in the market such as 114 imported shoes dur- January Revolution in 2011. The turmoil has shut Cairo out of and means to boost cooperation, said Egyptian Ambassador to Kuwait Abdel government says that the devalu- international debt markets. ing 2013, he pointed out. Karim Soliman. Moreover, Zalat said that the indicative prices decision would ation of local currency will make Egypt was looking to issue more Eurobonds over the years to The visit was part of efforts to implement the outcome of talks held by Sisi and balance local shoes productions against imported shoes, saying it goods cheaper, and accordingly, come, and was also exploring Sukuk issuance, though that the Kuwaiti Emir in January, the diplomat said. wou1d support and enhance the national factories to improve the will increase exports and make would require regulatory change, Salem said. Soliman went to say that the Kuwaiti administration strongly backs Egypt in its quality of products. the local market investment war against terrorism, asserting that the recent terrorist attack will not badly affect EBRD INVESTMENTS IN EGYPT ROSE lucrative. Comment the Kuwait attendance in the economic conference that would be held in Egypt's This vision is a theoretical Sharm el-Sheikh City next March. TO 593M. IN 2014 model that requires the detailed NEWLY ENACTED MEASURES TO FILL Soliman told al-Aharm paper that the Kuwaiti Emir told him that he will be the The European Bank for Reconstruction and Development's study of the nature of the econo- QIZ EXCHANGING GAP first to attend the conference in question, adding that his country will strongly (EBRD) investments in Egypt rose to 593 million in 2014 my to know to how extent it is takepart in the conference via the attendance of many Kuwaiti investors. compared to 151 million in 2013. Investments were primari- possible to fulfill this. (Cont. from page 1) ly in the private sector, increasing its numberof operations Furthermore, it "enacted articles" will exempt any holding ENI DISCOVERS 3RD NEW OIL WELL IN EGYPT from 6 in 2013 to 15 in 2014, the EBRD highlighted. AFESD CONSIDERS company that owns and runs many affiliates to be capable of SINCE 2012 In its latest statement released last week, the EBRD announced GRANTING EGYPT exchanging shares, he said, unveiling that the newly-enacted it increased investments in 2014 to meet rising demand from article will prevent importing or exporting any material related Italy's Eni Company announced a new oil discovery in West Meleiha in the $200 M. LOANS Western Desert region, approximately 300km west of Alexandria. The West emerging economies grappling with protracted weakness and the The Arab Fund for Economic to the 20 per cent Israeli component. impact of geopolitical tensions, MENA said. By virtue of such QIZ protocol, the Egyptian textile exports Meleiha well was drilled at a depth of 4,175 metres, where high quality oil was and Social Development discovered. The well was put on a production rate of 2,100 barrels of oil per The EBRD continued to build up its presence in the southern and (AFESD) on Sunday expressed have soared 7 per cent until the past September in comparison eastern Mediterranean region, where its portfolio has now topped willingness to consider granting to the same period last year. day, according to the company's statement, MENA said. 1.5 billion across Morocco, Tunisia, Jordan and Egypt. The new discovery will give rise to further exploratory drilling and development Egypt two loans worth $100 mil- During the period from 2002 to 2004, the annual trade KUWAITI AUTHORITY TO HAVE MORE lion each. exchange volume hit $30 million; after the Qualifying wells, which will allow a production rate of 8,000 barrels of oil per day by the end of 2015, the statement added. Eni follows up on its new strategy to redirect atten- INVESTMENTS IN EGYPT In a meeting with Prime Industrial Zones (QIZs) accord came in to force in late 2004, Minister Ibrahim Mahlab, AFESD causing Israeli textile exports to increase. tion to research and exploration activities in Egypt, which still have great opportu- Prime Minister Ibrahim Mahlab met Sunday with Managing nities in areas where productivity and infrastructure are found. Directorof the Kuwait Investment Authority (KIA) Badr Chairman Abdullatif Youssef Al- Qualifying Industrial Zones (QIZ) entitle goods jointly pro- Hamad asserted readiness to duced by Israel and Egypt to enter the United States duty free. Drilling in the Meleiha region is a part of Eni's exploratory efforts to detect oil Mohamed al Saad, MENA said. in deep geological areas in the Western Desert. According to the statement, the Saad assured Mahlab, currently in an official visit to Kuwait, reconsider giving Egypt the loans The creation of QIZ was authorised by Congress in 1996. It that KIA would have more investments in Egypt during the upcom- to develop a number of important amended the United State-Israel Free Trade Area West Meleiha well discovery is the third after the Rosa North 1X discovery fol- projects. The first loan would tar- lowed the discovery of the Emry Deep field in May 2012. These discoveries ing ten years. He asserted that the authority became more interest- Implementation Act of 1985 with the goal of promoting peace, ed in the Egyptian market after Cairo regained political stability get funding the purchase of power development, and trade between Israel and the surrounding emphasise the increasing petroleum , geological potential deeper in the Meleiha plants to mend the electricity prob- field. and sought to introduce economic reforms. Mahlab, for his part, countries, namely Egypt, since it signed a peace treaty with asserted that Egypt welcomes KIA's positive and constructive sug- lem in Egypt. The second loan will Israel in 1979," according to the website of the American- Through its leoc Company in Egypt, Eni owns 76 per cent of production activi- be used to fund a number of ties in the Meleiha field, while the Russia's Lukoil Company owns 24 per cent, the gestions, pointing out that they would have a great impact on stim- Egyptian Trade Chamber in Cairo. ulating and diversifying Kuwaiti investments in Egypt. SMEs. Mohammed Kassim, head of textile exporting council, statement said. announced that the newly-enacted articles push will the Israeli EGYPTIAN POUND A.R.E. FOREIGN TRADE MONTHLY SUMMARY (May 2014) side to retreat on writing "assigning forbidden" phrase on the WEAKENS TO products exported to Egypt along with cancelling a decision of TRADE EXCHANGE BETWEEN A.R.E. AND THE MOST IMPORTANT desisting 68 companies that have problems with Israeli "POLI- FRESH LOW OF 7.46 COUNTRIES IN MAY 2014 TIVE . A. A.". PER DOLLAR Table No. 6B Value in LE 1000 (Cont. from last week) "The new procedures will prevent importing Israeli textile Egypt's pound weakened to components and re-exporting it again", Kassim said. 7.46 per dollar from 7.43 at a EGYPT PAID THE PRICE FOR central bank auction last week, Imoprts Exports REMOVING 'TERRORIST GROUP' AT ITS the weakest level it has been Regions and May Jan./May May Jan./May allowed to reach since auctions countries STRONGEST: SISI began in December 2012. 2014 2013 Change 2014 2013 Change 2014 2013 Change 2014 2013 Change (Cont. from page 1) The bank offered $40 million Former president Mohamed Morsi, who hails from the dollars and the total accepted Eastern Europe, Muslim Brotherhood, was ousted in July 2013 following mass bids were $38.4 million at a cut which Includes 6824623 6645308 179315 33600067 30023343 3576724 2786788 1777109 1009679 9796859 10252479 455620- protests nationwide against his rule. El-Sisi, then head of off price of LE7.4601 per dollar. Greece 136309 843208 706899- 1041646 2221883 1180237- 868888 129318 739570 1426480 994289 432191 Egypt's military, announced Morsi's ouster on 3 July, in coali- Egypt's central bank sets the Ukrania 2087330 1757077 330253 9473212 7661186 1812026 51157 17951 33206 202808 327815 125007- tion with a number of political and religious figures. rates at which banks can trade Cyprus 126787 66839 59948 268306 1099807 831501- 11617 159374 147757- 231807 1424015 1192208- El-Sisi said that the Brotherhood has been planning, widen- keeping its grip over the official Hungary 85891 52814 32877 460762 315420 145342 13480 4684 8796 70268 28414 41854 ing their horizons and establishing a stronghold all over the exchange rate. It has been Bulgaria 125047 249980 124933- 547112 911273 364161- 29952 11186 18766 93638 128532 34894- world, and said that combating the group will take a long time. devaluing the pound throughout Poland 104149 141239 37090- 775823 603161 172662 77146 42391 34755 283864 180736 103128 He highlighted in his speech that he knew that there would be the past seven auctions in an Turkey 1263364 1916908 653544- 6653047 9151309 2498262- 947718 979822 32104- 4207680 4867308 659628- a "wave of terrorism" after Morsi's ouster. attempt to close the gap between Czech 365309 344191 21118 1368363 920982 447381 59202 36748 22454 302996 206429 96567 "We will not leave Sinai to anyone. With your will the army the official and unofficial rates. Rumania 473095 168988 304107 2284106 1125662 1158444 71631 52496 19135 338061 257306 80755 will win its confrontation with the terrorists," El-Sisi said, vis- Several traders told Ahram slovenia 22932 22066 866 100159 165753 65594- 30427 24498 5929 315932 122868 193064 ibly emotional. "It was your will ßon the 30 June 2013 (the date Online that the unofficial rate Croatia 78166 57495 20671 210285 202736 7549 8784 1972 6812 30497 25258 5239 of mass anti-Morsi protests), and it was one of the hardest deci- strengthened on expectations of Federal Republic sions taken by you; and it's your will that will keep Egypt an exceptional FX auction on of Russia 1769246 850159 919087 9077114 4661578 4415536 561515 259427 302088 1898217 1327980 570237 strong and able to defeat these terrorists," he said. The president Thursday. Black market trade Western Europe, decried the bloodshed but emphasised that the army and the averaged 7.78 according to two which Includes 11007353 11759785 752432- 55174146 58910446 3736300- 5539860 4845359 964501 23892291 20277561 3614730 police are able to combat terrorism. A new military body to traders. The currency black mar- United Kingdom 653053 788265 135212- 4326553 3655092 671461 637943 927917 289974- 2695368 3062105 366737- combat terrorism in Sinai was formed by presidential decree ket has grown in the past few Italy 1716423 1958946 242523- 9128178 11720445 2592267- 2415842 1744030 671912 9912395 7400950 2511445 last Saturday. years as political turmoil and Germany 3350610 3293578 57032 15385467 15442454 56987- 519263 446256 73007 2006739 1877216 129523 The Egyptian government designated the Brotherhood a ter- economic uncertainty followed Swizerland 481692 472113 9579 1942220 2897516 955296- 13344 14172 828- 89145 598088 508943- rorist group in December 2013 amid a crackdown that put thou- the uprising in 2011. Analysts France 974307 1112418 138111- 6939735 7017547 77812- 520189 514373 5816 3001737 2114118 887619 sands of its members behind bars. The group's leaders and rep- see the move by the central bank Netherlands 527358 905510 378152- 2831036 3464493 633457- 357771 313023 44748 1179572 920380 259192 resentatives have denied any links with militant attacks in Sinai to loosen the grip on the curren- Finland 298675 258081 40594 1425673 1084581 341092 2814 3845 1031- 50761 48064 2697 or elsewhere. The Brotherhood issued a statement last Friday cy as a means to ease strains on Spain 753124 1267188 514064- 3796922 4589218 792296- 369626 412263 42637- 1911189 1941685 30496- saying that the Egyptian army should return to its barracks to the balance of payments and Belgium 412500 625072 212572- 2622140 3606957 986817- 231566 337812 106246- 1073322 1221735 148413- end “the shedding of Egyptian blood in Sinai.” attract investors ahead of an international economic aid con- ference in March. Source : The Central Agency for Public Mobilisation and Statistics. (CAPMAS) (To Be Cont.)

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ETHIOPIA TO MAZAYA NAMES MAJAAL AS IIB, STARWOOD SIGN START NEW RAIL FM FOR BAHRAIN PROJECT MOU FOR HOTEL3 AT TO DJIBOUTI IN Kuwait-based Mazaya Holding Company has SARAJEVO PROJECT EARLY 2016 appointed Majaal Warehouse Company as the facil- Bahrain-based International Ethiopia expects to open a ities and leasing manager for its upcoming logistics Investment Bank (IIB) has new railway line linking the park in Bahrain, TradeArabia News Service said. announced that its mixed-use capital Addis Ababa with the Majaal is a leading developer and operator of indus- real estate development Red Sea state of Djibouti in trial facilities for small to medium enterprises (SMEs). Sarajevo City Centre (SCC) early 2016, a project at the Founded in Bahrain in 2008, the first Majaal property is project has signed a memoran- centre of plans to create new manufacturing industries, a $45 million facility offering 400,000 sq ft of leasable dum of understanding (MOU) the head of the state railways area, located at the Bahrain Investment Wharf within with Starwood Hotels and said, according to Reuters. the Salman Industrial City. Resorts concerning the pro- The 700-km (450-mile) line Mazaya said the development of its $20-million ject's second tower, which is being built at a cost of $4 bil- industrial facility project within the Salman Industrial would house a luxury five-star lion by China Railway City at the Bahrain Investment Wharf (BIW) was over. hotel, TradeArabia News Engineering Corporation KMC Contracting, which was incharge of the project, Service said. (CREC) and China Civil had completed the construction in just ten months. SCC, which is based in Engineering Construction Commenting on the Majaal appointment, Ibrahim Al Sarajevo, the capital of Bosnia (CCECC). Ethiopia is seeking Sagabi, the Group CEO of Al Mazaya Holding said: and Herzegovina, is a partnership to have 5,000 km of new lines "We are pleased to continue our collaboration with between IIB and Saudi-based working across the country by Majaal as we make our entry into the industrial facilities business group Al Shiddi Group. 2020. The MOU covered the devel- "By October 2015, a consid- sector. Majaal has demonstrated professionalism and erable portion of the Addis has represented our interests well in the management of opment of the project's second Ababa-Djibouti project will be the project thus far." tower, which would house a 227- finished," Getachew Betru, "We expect they will continue to deliver positive room luxury five-star hotel cover- chief executive of the results as the development moves into an operational ing an area of more than 20,000 Ethiopian Railways phase," he stated. sq m. The hotel is to be a Westin Corporation, told Reuters, Amin Al Arrayed, the managing director of Majaal property, managed according to adding trains would run soon Warehouse Company said the project was a significant the principles of Islamic Sharia, after. "We will start early foreign direct investment into the kingdom and served and is scheduled for opening in 2016." The delegation led by Sergey N. Krzhanovskiy, deputy chairman of the government and minister of industry, transport and nat- as a strong vote of confidence in the national economy the first quarter of 2016. In addition to the Djibouti ural resources of Astrakhan region, met Saud Salim Al-Mazrouei, director of SAIF Zone and Hamriyah Free Zone Authority which recently posted a real GDP growth rate of 5.3 per Saeed Abdul Jalil Al Fahim, line, two others are being built (HFZA) and discussed bilateral co-operation. cent. chairman of IIB, said: “This proj- across the country which are He expressed delight on being selected for the new ect is one of a kind in the country, among a range of big infra- and full credit goes to the opera- structure investments that also RUSSIA’S ASTRAKHAN REGION DELEGATION VISITS assignment. "Having supported Mazaya through both include new roads and dams to the design and construction phases of this project, this tions team managing the project produce hydro-electric power. SAIF ZONE agreement extends our relationship to cover the opera- on the ground. SCC has already In a bid to keep the economy A high-level trade and investment delegation from Astrakhan region of Russia visited Sharjah Airport tions of the facility," noted Al Arrayed. proven to be a success with 85 per expanding at the 8 per cent or International Free Zone (SAIF ZONE), Arab News said. "We are building on our reputation as the preferred cent of the mall being leased prior more it is already achieving, The delegation led by Sergey N. Krzhanovskiy, deputy chairman of the government and minister of industry, transport and provider of industrial facilities in the Kingdom, now to completion, housing brands the nation of 96 million people natural resources of Astrakhan region, met Saud Salim Al-Mazrouei, director of SAIF Zone and Hamriyah Free Zone delivering professional services to third parties, apply- such as Zara, Swarovski, wants to become an African ing the skills and expertise we have developed manag- Bershka, L’Occitane, Massimo manufacturing hub, offering Authority (HFZA) and discussed bilateral co-operation. Krzhanovskiy explained the trade activities of Astrakhan and said the region is a convenient launch pad for Russian busi- ing our own properties since 2010," he added. Dutti, Tissot and Nike to name a investors efficient transport, According to him, the commencement of the leasing few. We are also proud to be stim- plentiful labour and cheap ness. ulating the local economy, having After learning the daily activities and mode of operation of the SAIF ZONE, which has over 6,500 companies from 147 efforts for the new facility will be formally announced power. at the Gulf Industry Fair, a leading industrial B2B exhi- employed over 1,600 Bosnians In the capital, a new $475 countries, delegates expressed their wish to co-operate with SAIF Zone in different sectors. since the project began. The addi- million light railway system “Astrakhan has been cooperating with different countries and I believe that such co-operation will give the entrepreneurs bition in the Northern Gulf region, which opened on February 3 in Bahrain and runs for the current two days. tion of the Starwood Group will be tested in the next few an opportunity to establish fruitful relations in both ways. We will co-operate with Astrakhan in different sectors in the near weeks before scheduled servic- "We are very pleased to be bringing this facility to Westin property to SCC cements future,” said Saud Salim Al-Mazrouei, after the meeting. market through this event which brings together our its standing as a quality develop- es start. It will be the first city Denis A. Afanasiev, minister of international and foreign economic relations of Astrakhan in Russian region, and Jassim metro to operate in Sub- entire target market. We expect that many of the ment in the region, and will serve Saharan Africa. Al-Mutawa, coordinator of relations with CIS countries, Sharjah Chamber of Commerce and Industry, were the other mem- expanding companies who participate here as both the high demands of a country Among the new national rail- bers in the team. exhibitors and guests will be in need of such facilities as that has a booming tourism indus- way lines, one will connect the “We provide services to export-oriented small- and medium-sized businesses in promoting their products to foreign mar- they grow." stated Al Saqabi. "The timing of this show try for much of the year.” region of Afar, where Ethiopia kets, as well as to carry out activities aimed at enhancing the export potential of the Astrakhan region,” explained Afanasiev. could not be more perfect for us," he added. is encouraging the mining of SAIF Zone Commercial Director Mohamed Almahmoud and Deputy Commercial Director Raed Bukhatir also took part TRADING HOUSES potash for fertiliser, toin the discussion that was held at Business Centre in SAIF Zone. DOMINATE IN Djibouti, the main export point for land-locked Ethiopia. EGYPT'S 75 CARGO Canada's Allana Potash Corp is DUBAI RESIDENTIAL PROPERTY PRICES 'MAY FALL 10PC' LNG TENDER among the firms developing The prime residential prices in Dubai, UAE, are expected to fall by 5 to 10 per cent and rents by up to five per cent European energy trading mines in Afar. this year amid a steady supply of new housing stocks, TradeArabia News Service said. houses have emerged as the big Most Ethiopians still depend In 2015, the new residential supply in the mainstream segment is expected to equate to around 5.5 per cent of existing winners of a highly sought-after on subsistence agriculture, but stock, stated global property consultancy Knight Frank in its report. Egyptian tender to buy 75 liq- the country is building a textile On the same basis, the figure for the prime segment is projected to be closer to the two per cent mark. uefied natural gas (LNG) car- and garment industry, produces goes over a one-yearperiod, shoes, assembles cars and In quarterly terms, Knight Frank said the residential price growth in Dubai entered negative territory in both the prime and trucks and other products. It is mainstream segments during the third quarter of 2014, with the former seeing a 0.2 per cent fall and the latter a 5.2 per cent trading sources said, according drawing some investors from drop. to Reuters. China and India, where wages Moreover, the price indices experienced their second consecutive quarterly decline in the final three months of last year, Vitol, Noble Group and are rising. it added. Trafigura will supply the bulk of For now, logistical difficul- According to Knight Frank, in recent months, the spotlight has been firmly on Dubai’s residential property sector, where the LNG, with oil major BP cov- ties such as poor roads and an – after trending up for a number of years – rental value growth has stalled and prices have begun to register falls. ering the remainder, traders said. old fleet of trucks mean trans- In 2014, the total number of residential sales transactions across Knight Frank’s basket of mainstream residential proper- Officials at Egypt's oil ministry porting goods from the capital ties were down 41 per cent compared to a year earlier. and state-run gas company EGAS to Djibouti can take days. The could not be reached for immedi- new railway line will cut the Unsurprisingly, in annual terms, the second half of the year was notably weaker than the first, said the property expert. On the investment part, Emiratis dominated the Dubai real estate scene last year pumping close to Dh22.8 billion ($6.2 ate comment. journey time to about eight Selling prices were linked to hours. "It is a game-changer for billion) in key projects, stated Knight Frank citing data from the Dubai Land Department. Among the expatriates, Indians emerged the largest buyers of real estate in Dubai investing a record Dh18.1 billion ($4.92 Brent crude oil, with an estimated us," said Getachew. "It will be The Mazaya Logistics park is situated adjacent to the 14 per cent indexation, two trad- one of the most vibrant eco- billion) followed by the Britishers with Dh9.3 billion ($2.5 billion) investment and Pakistanis with Dh7.6 billion ($2.06 bil- Khalifa bin Salman Port with easy access to all other nomic corridors in the world." lion), the report added. ing sources said. major transport links in Bahrain. It now offers over Drawing significant interest, ITALIAN On the hotel sector, Knight Frank said after overtaking London Heathrow as the busiest international airport last year, 140,000 sq ft of secure, flexible and cost effective Egypt's tender was a bright spot Dubai International is forecast to handle 78.4 million passengers in 2015. This in turn should provide another boost to industrial facilities, supporting a broad range of busi- in an otherwise lacklustre global COMPANIES TO demand for hotel rooms, which the emirate should be well placed to service. EXECUTE 7 ness activities. market for the fuel, marked by Sustained weakness of the Rouble is expected to impact passenger numbers from Russia. At the end of last year, passen- These facilities will be complemented with array of receding demand, oversupply and PROJECTS IN 2015 ger traffic from Russia and the CIS experienced sharp annual falls, which in turn acted as a drag on hotel occupancy in services that include 24 hours a day, seven days a week plunging prices. Several Italian companies Dubai. security, state-of-the-art information communication announced theirplans to Knight Frank said largely due to rising supply, the hotel sector had performed sluggishly in 2014. technology provisions, assistance on efficient design DUBAI TO FACE implement seven projects in Last year, Investment Corporation of Dubai (ICD) unveiled plans for a $1.4 billion, 46-storey Royal Atlantis Resort and and use of spaces available from as little as 2,700 sq ft HOUSING SHORTAGE Egypt during the second Residences. The year also saw a number of hotel openings, including Four Seasons at Jumeirah Beach, Sheraton on Sheikh to as much as 10,700 sq ft. AHEAD OF EXPO 2020 half of 2015, "Alborsa" Zayed Road and Doubletree by Hilton in JBR and Al Barsha. OMAN PORT INKS DEAL FOR Following a period of stabili- business daily reported. Commenting on the office sector outlook for 2015, Frank Knight said pockets of instability in the region were expected sation, the Dubai housing mar- The projects, which will be to continue pushing office occupiers to the safety of Dubai. FLOUR MILL, LOGISTICS HUB launched, included setting up Oman’s Sohar Port has entered into a land lease ket could experience a supply two factories for producing agreement with Sohar Flour Mills aiming to build a shortfall in 2020 as the World solar panels to generate the TOTAL WINS SHARE OF NEW ABU DHABI CONCESSION new flour mill with a milling capacity of 500 tonnes Expo, a six-month long extrava- electricity in the new Suez (Cont. from page 1) per day of different types of flour, a report said. ganza, approaches, Canal, as soon as finalising "Total is honoured to be the first International Oil Company to be chosen ... to participate in this new onshore concession Construction of the Sohar Flour Mills will start in the TradeArabia News Service the infrastructure works for and to be entrusted with the mission of technical leader on two major groups of fields," chief executive officer Patrick first quarter of the year on a 26,000-sq-m plot area near said. the area surrounding the Pouyanne said in the statement. the port and the project is expected to be completed by Dubai may need more low-end Canal. Financial details were not disclosed. 2017, the Times of Oman report added. and ultra-luxury properties to Moreover, there are five- Four of the world's largest listed energy companies -- ExxonMobil, Royal Dutch Shell, Total and BP -- had each held 9.5 The new mill is expected to create more than 100 cope with housing demand in the star hotels in the Red Sea per cent equity stakes in the Adco concession since the 1970s and were keen to prolong their involvement. employment opportunities for Omani nationals. next five years, remarked Jesse region, to contribute in sup- Last year, Abu Dhabi National Oil Company (Adnoc) took 100 per cent of the Adco concession as a temporary measure "The flour mill will connect with the silos and agro- Downs, the managing director of porting the Egyptian tourism, while political leaders in the UAE capital decided whether to let big Asian oil buyers in for the long-haul. terminal planned at the port. The terminal's berth is Phidar Advisory while speaking according to a source at the Adco is expected to produce around 1.6 million barrels of oil per day in 2015 and has a target of 1.8 million from 2017, ready since we are utilising the old container terminal at the Destination Dubai 2020 office of the United Nations Total said. (B) of the port, which has been moved to terminal C. conference held recently. Industrial DevelopmentThe French oil major has stakes in several other energy concessions and companies in Abu Dhabi, including a 75 per cent One berth is dedicated as agro-berth," Jamal Aziz, chief "For example, the most under- Organisation (UNIDO). stake in the Abu Al Bu Khoosh field that it operates, and a 13.3 per cent stake in Abu Dhabi Marine (Adma), which runs executive officer of Sohar Freezone, was quoted as say- supplied segment, in total units, is two offshore fields. ing in the report. housing for the income group "This opens an opportunity for dry-bulk food items with an equivalent monthly hous- HOW THE ECB LEARNED TO LOVE such as food grains and rice,” he added. ing spend of Dh3,000 to Dh5,500 QUANTITATIVE EASING A second contract was signed with the UAE-based ($817 to $1497), based on a 30- (Cont. from page 1) Centre Point Logistics, which will take up the option of 35 per cent housing spend," said There has been evidence that the recent sharp fall in oil prices has a plot at Sohar Freezone for the expansion of its logis- Downs. unhinged inflation expectations in the euro area. Market-based meas- tics, warehousing, and storage facilities, the report said. According to her, there could ures of inflation expectations have fallen sharply since the second half The facility is for setting up an industrial logistics be property investment opportu- of 2014. This indicates that market participants believed that the effect centre, mainly pre-delivery of cars, logistics support for nities at the lower end and the of lower oil prices would become permanent as the ECB was either oil and gas and construction industries. The company very pinnacle of the market. unwilling or powerless to react. The latest move by the ECB seems to will refurbish and distribute equipment for various "There is a shortfall and it is have partially reversed this trend for now. How can the latest move by industries. considerable. We see an addition- m s al undersupply by 2020. There the ECB prevent a prolonged period of deflation? Three channels are i t THE WAVE, MUSCAT AWARDS i m p are opportunities, but where are l important in addressing this question. First, QE provides a signal that e r u CONTRACT TO BUILD 69 VILLAS t the ECB is taking its inflation target seriously and is willing to do p the opportunities? I think we are x The Wave, Muscat, a high-profile oceanfront whatever it takes to meet it. The recovery in inflation expectations fol- E overbuilding for the mid- and mixed-use destination, has awarded a RO16.2 mil- high-income sector," stated lowing the QE announcement suggests that the ECB may have had lion ($42 million) contract to leading developerAl some success in restoring market confidence. Second, by lowering the Downs. “We need more mid-low Turki Enterprises for the construction of 99 villas, and low income, and genuine lux- yields on government bonds, the ECB may induce banks to lend more TradeArabia News Service said. to corporations and households, thus boosting aggregate demand and ury, as well,” she added. inflation. Finally, by weakening the euro against other currencies, the "Reehan Residences, is one of our greenest precincts In the fourth quarter of 2014, ECB’s monetary expansion would increase the price of imported in the master plan and with 90 per cent sold out follow- ing the launch in June 2014, we are now ready to award the nominal apartment sale prices goods and services. Of all these channels, the last one is likely to have fell 3.3 per cent compared to the

s the delivery of this precinct,” Hawazen Esber, chief the biggest impact on inflation. Since the ECB announcement, the euro t

s third quarter; nominal single fam- has depreciated 3.0 per cent against the US dollar. However, there are i executive officer at The Wave, Muscat was quoted as

m ily home (SFH) sale prices fell

e saying in the Times of Oman report.

risks to the ECB strategy. First, bond yields in the Euro Area are r t He said that Reehan Residences was launched last 0.9 per cent quarter-on-quarter. already very low. Any QE boost is therefore likely to be limited as it x The average apartment net yields E year and Marsa Gardens this month in response to a would result in only a few basis points movement in bond yields. increased to 6.7 per cent in the Q4 Second, European banks are less likely to respond to QE than US growing demand for luxury product in the market. Esber added that there were a number of other new compared to 6.5 per cent the pre- banks did as European corporates are highly leveraged and therefore vious quarter. unlikely to gain from lower interest rates. Third, by mutualising the releases planned for 2015, according to the report. "Al Turki Enterprises has already been responsible Global real estate consultancy risk of default across the Euro Area, the ECB is venturing into the Jones Lang Lasalle said a total of realm of fiscal policy, which could result in cross-border transfers from for key projects in our master-plan including over 600 villas and townhouses and 550 apartments and continue 25,000 housing units will be northern Europe to the troubled periphery countries. This may also added to the Dubai market this reduce the incentives of periphery countries to undertake the necessary to add value to the project through efficient building From Al-Sharq Al-Awsat techniques and onsite management,” Esber noted. year and this may sate demand for reforms to increase growth and reduce their debt burden. a short period. FEBRUARY 4, 2015

Business Opportunities 4 (Tenders Prepared by Our Staff) A.R.E Texts, Laws and Regulations -GULF OF SUEZ Booklet : LE 5000 Technology Unit. 5 Transport Cars (3 - 5 Official Journal- Issue No. 49 (Dis-A) - Dated 9 December 2014 POWER Bid Bond : LE 200 000 Due date : 8.2.2015 tonnes Decree-Law of the President of the Arab Republic of Egypt No. 198 Bid Bond : LE 50 000 PROJECT Client : GharbiaBooklet : LE 150 of the Year 2014 Government - Tanta. Bid Bond : LE 17 500 15 Van Cars Issuing the Mineral Resources Law TENDER EXTENDED *** Client : Al-FayoumBid Bond : LE 20 000 (Article 3) Egypt has extended the - Supply of Dental Tools. University. Booklet : LE 300 each As set forth in this Law, the Authority shall be exclusively responsible for organising and controlling deadline to submit bids Due date : 24.2.2015 *** tender the operations of exploring and exploiting the Mining Ores together with the technical supervision of the fora 250-MWproject extraction operations related thereto in order to ensure the proper exploitation and maintenance thereof. Booklet : LE 100 - Execution of Inf. Net Client : Eastern Co. The Authority, in co-ordination with the Governorate, shall assume the same competencies with regard being tendered in the 6 October City. to the materials of the quarries and salt pans located within its jurisdiction in accordance with the controls Gulf of Suez undera Bid Bond : LE 2000 Development Project for Client : (Petrogas Co. 4 Rigions - Alex. Mid. *** and conditions set forth in the executive regulations of this Law. build, own and operate - Tender for preparation (Article 4) contract, to March 18, a Cairo - Egypt. and West Delta. The Authority or the Governorate, as the case may be, shall adopt the procedures of issuing the licens- *** East Delta. North Upper and erection of 1000 es related to the ores and materials of the mines, quarries and salt pans and to the operations of the explo- report said. ATM Machines (500 ration and exploitation thereof, provided that the license shall be approved by the Competent Minister After 10 groups qualified - Supply of 15 000 Egypt and Its Electricity Tonnes of Manganeez Nets. Machines every year for with regard to the mines and by the Competent Governor with regard to the quarries and salt pans after in 2010, the main tender, Branches of the Bank in fulfilling the technical terms and conditions laid down by the Authority in accordance with the controls which was issued early Center + / 10% for Dina Due date : 24.2.2015 all the Arab Rep. of and conditions set forth in the executive regulations of this Law. Manganeeze Co. - Cairo. Booklet : Misr Live The Governorate shall specify the areas of the quarries and salt pans located within its jurisdiction and 2013, had an initial dead- Egypt which shall be exploited thereby after getting the approval of the Cabinet of Ministers in accordance with line of January 30, 2014. It Due date : 23.2.2015 Insurance Co. Cairo. Client : Banque Misr - the controls set forth in the executive regulations. was then extended to Booklet : LE 2200 *** Cairo - Egypt. The Authority may carry out the operations of the exploration and exploitation of the Mining Ores by November 18 before being Bid Bond : US$ 20 000 - Supply, Erection and itself. In this case, it may request reserving the area in which it shall carry out such operations. Such reser- *** vation shall take place by virtue of a decree of the Competent Minister specifying the duration thereof. pushed back again, accord- *** maintenance of Smart - Supply and installation (Article 5) ing to the report in Wind - Supply IsolatedMeter in October City. of 3 feeding Pumps and The Authority may establish companies to carry out the operations of the exploration, exploitation and Power Monthly. Copper cables 6600 V. Due date : 23.2.2015 its parts forAbu Qir mining or may contribute to or participate in another company which carries out such operations. The Meanwhile, a total of 36 Due date : 25.2.2015 Booklet : LE 25 000 executive regulations of this Law shall organise the controls and procedures of the foregoing. Electricity station (Article 6) companies were picked to Booklet : LE 50 Bid Bond : LE 600 000 Booklet : LE 10 000 Areas of mineral exploration and exploitation may be put up by a resolution to be issued by the board build wind power projects Bid Bond : LE 20 000 Client : Ministry of Bid Bond : LE 272 000 of directors of the Authority after getting the approval of the Competent Minister or Competent Governor, of 20 to 50 MW in the first Client : Raktta Co. Tabbia Electricity (South Cairo Client : West Delta for as the case may be. round of a tender for inde- Putting up these areas for exploration or exploitation shall take place in accordance with a special reg- Rashid Line. Electricity Co. - Cairo. Electricity Production - ulation which includes the organisation of the contracting, putting. up and awarding methods and proce- pendent power producers, *** *** Alex. dures in the different cases with regard to the Mining and Quarry Ores and Materials as well as the con- the report said. - Supply and Erection of - Import of 3 Packing *** trols of comparing among the applicants, without being restricted to the provisions of the legislations The government will Mechanical and Electrical Machines for the cover of - Replacement, Renewal organising tenders and bids. inform the developers of The Authority or the Governorate, as the case may be, shall seek the view of the Ministry of Defense Works forthe project of Oil botels, and construction ofand take into consideration the Ministry's decision regarding the conditions and rules required by the the exact capacities and the the two sanitary Drainage Booklet : LE 150 Waterlines forthe affairs of the state defense. next steps to be taken later project of attah and Client : Oils Extracts Co. - Industrial zones in (Al- The competent bodies at the Ministry of Defense shall carry out the operations of the exploration and this week, an official from Qotour Villages. Alex. Matahra - El-Menia) exploitation of the ores and materials , subject to this Law in the lands located within the Ministry's juris- Egypt's New and diction. Due date : 1.3.2015 *** Booklet : LE 5000 (Article 7) Renewable Energy - Implementation and Bid Bond : LE 50 000 The Competent Minister may be authorized, by means of a law, to assign the exploration of minerals Authority was quoted as Booklet : LE 500 Client : El-Nasr General Operation of Five High Tel. Hot Line 125 and the exploitation of mines to a company, association or institution according to special conditions with- saying in the report. Client : Potable water and out being restricted to the provisions of this Law. The law issuing the authorisation shall lay down such Contracting - Cairo. Quality Bus Lines in 6th conditions. - Supply of Cars for *** of Octoberand Sheikh Health Sanitary - El- The Competent Governor shall have the same competencies with regard to the materials of the quarries Menia and salt pans. Misr Co. for Areal ship- Ferion 134 a and Ferion Zayed Cities The provision of this article shall apply to the fuel materials set forth in Law No. 66 of the year 1953 R 22 for cooling sheivers Due date : 31.3.2015 *** ping Aviation Co. ARAB TENDERS organizing the fuel materials. Due date : 9.2.2015 of the first line and the Booklet : LE 5000 (Article 8) second Line. Bid Bond : LE 200 000. SAUDI ARABIA Without prejudice to the stipulations of article (7), the exploration and exploitation licences shall be Booklet : LE 300 issued by a decree of the Competent Minister after getting the approval of the board of directors of the Bid Bond : LE 20 000 Due date : 18.2.2015 The winning bidder shall - Supply of : 1618075R1 PressureAuthority with regard to the Mining Ores. The exploration and exploitation licenses for the mines that the *** Booklet : LE 1000 increase this amount to area of which does not exceed one square kilometer shall be issued by a resolution of the board of direc- - Int. TenderforBid bond : LE 11 000 LE 2 000 000 a Regulator tors of the Authority at a maximum of one mine per licensee from among the persons of the private law. Construction of a mod- Client ; Egyptian Co. for Performance Bond. Booklet : SR 197 (Article 9) 1641393 Pipe Spools The license for the exploration .and exploitation in a region the area of which exceeds 16 km2 or for ern AutomatedMetro - Cairo. Client : New Urban the exploration and exploitation of the Precious Metals and Precious Stones may only be granted by Slaughter houses *** Communities Authority. Booklet : SR 327 means of a law. according to Islamic tra- - Supply of 140 tonnes of *** 1641753 Flame Arrestor (Article 10) Booklet : SR 197 In return for the area subject of the license, the licensee shall pay a rental amount and royalty annual- dition with 2 Separate Row - Seel St. 37. Supply of : ly to the Authority and the proceeds thereof shall devolve to the State treasury. Lines (One 20 cattle per Booklet ; LE 150 6 Transport Cars1643013 Drain Sump The rental amount due annually that the licensee pays in return for each license for the Mining Ores hour - The other50 Client : El-Nasr Co. fore (Double Cabin) 3/4 to Pump Packages shall be specified as set forth in the executive regulations. It shall be paid annually and in advance. Booklet : SR 458 Every four years, the board of directors of the Authority may suggest an amendment to the rental sheep per Hour) in addi- Foreign - Tebbin -one tonne amount of the Mining Ores after getting the approval of the Prime Minister based on a proposition of the tion to 2 manualHelwan. Bid Bond : 50 000 Client : Saudi Arabian Competent Minister. Slautering Lines *** 5 Transport Cars 10 Chevron Inc. / Kuwait The value of the royalty shall not be less than (5%) of the annual production value of the exploited ore Gulf Oil Co. (K.S.C) in accordance with the stipulations of the executive regulations with regard to each ore. (turnkey basis). - Scintific Equipments tonnes The licensee shall pay to the Authority (1%) of the annual production value of the Mining Ores to be Due date : 25.3.2015 forNimatology andBid Bond : LE 100 000 *** allocated to the contribution to the community development in the Governorate where the exploitation area is located in accordance with the controls set forth in the executive regulations. (Article 11) The Governorate may carry out the operations of the exploitation of the materials of the quarries and salt pans within its jurisdiction whether by itself or in participation with others after getting the approval Economic & Social Indicators Bulletin of the Arab Republic of Egypt of the Cabinet of Ministers and fulfilling the technical terms and conditions laid down by the Authority and under the authority's technical supervision. In return for the area subject of the license, the licensee shall pay a rental amount and royalty annual- ly to the Governorate and the proceeds thereof shall devolve to the State treasury. The rental amount due annually that the licensee pays for each license for the materials of the quarries and salt pans' shall be specified in the executive regulations. It shall be paid annually and in advance. Every four years, the Governor may suggest an amendment to the rental amount of the materials of the quarries and salt pans after getting the approval of the Prime Minister based on a proposition of the Competent Minister. The value of the royalty shall not be less than (5%) of the annual production value of the exploited material in accordance with the stipulations of the executive regulations with regard to each material. The licensee shall pay to the Governorate where the exploitation area is located (1 %) of the annual pro- duction value of the materials of the quarries and salt pans to be allocated to the contribution to the com- munity . development in such Governorate in accordance with the controls set forth in the executive reg- ulations. (Article 12) Without prejudice to the laws organising the import and export, the executive regulations of this Law shall specify the ores and materials which shall not be exported as well as the conditions and procedures that the Authority shall follow upon the approval of exportation. (Article 13) Without prejudice to the provisions of article (1145) of the Civil Code, the machinery, equipment, devices, tools, apparatuses, means of transport and traction and the other devices allocated to the exploita- tion of the mines, quarries and salt pans shall not be seized as long as the allocation is valid. (Article 14) The owner of the land by means of a registered contract may obtain a license for the exploration and exploitation of the ores and materials subject to the provisions of this Law in its hind whenever it requests so, provided that it shall meet the technical efficiency and financial solvency requirements. The owner shall be exempted from the prescribed rental if it carries out the exploration and exploitation operations by itself, provided that it shall pay the full royalty amount in accordance with the controls laid down by the executive regulations. (Article 15) The exploration and exploitation licenses issued in accordance with the provisions of this Law shall not be assigned to a third party unless it fulfills the conditions stipulated in the law on the organisation of licensing or in the executive regulations of this Law and the assignor pays the double annual rental amount to the Authority or the Governorate, as the case may be, in return for the assignment. Such assign- ment shall not be valid unless it is approved by the Competent Minister or the Governor, as the case may be. (Article 16) The areas in which operations are carried out leading to 'an increase in the value thereof as well as the areas that the licenses issued therefor expire shall be recorded in a special register in the Authority or the Governorate as the case may be. They shall be advertised as distinctive empty areas for exploitation and shall be put up in a public bid as stated in the regulation referred to in article (6) of this Law. (To be cont.) Banque Du Caire FOREIGN EXCHANGE RATES IN EGP POUNDS Treasury Department DATED Fab. 2, 2015 CURRENCY BUY SELL US Dollar 7.630000 7.630100 Euro 8.580200 8.657001 Pound Sterling 11.413900 11.513400 Canadian Dollar 5.954600 6.012200 Danish Krone 1.153500 1.162800 Norwegian Krone 0.982300 0.989000 Swedish Krone 0.918500 0.925800 Swiss Franc 8.138200 8.283800 Japanese Yen (100) 6.452800 6.534600 Australian Dollar 5.878000 5.956100 Kuwaiti Dinar 25.751200 25.832400 Saudi Arabian Rial 2.021700 2.030800 UAE Dirham 2.068900 2.074700 Bahraini Dinar 20.184600 20.237300 Omani Rial 19.766200 19.817400 Qatar Rial 2.089500 2.095300 Jordanian Dinar 10.741000 10.763200 The Egyptian Cabinet - Information and Decision Support Centre Above rates are applicable for amounts up to USD. 25.000 or equivalent for larger amounts, please refer to Treasury Department. FEBRUARY 4, 2015

DUBAI SHOW TO CDE GLOBAL BOOSTS MIDDLE INNOVATION SPOTLIGHT EAST-AFRICA TEAM TRANSFER FDI TO Materials washing specialists CDE Global has ACHIEVE 5 UTILITY expanded its team of personnel responsible forthe SECTOR Middle East and Africa (MEA) region, which the com- SUSTAINABLE pany said will allow for greater regional focus within DEVELOPMENT DEVELOPMENTS the area, TradeArabia News Service said. Foreign direct investment Dubai Electricity and The new appointments include the business develop- based on innovation and tech- WaterAuthority (Dewa) is ment manager for the Gulf region Ruchin Garg, who will nology transfer to achieve sus- set to organise a number of be responsible for building the CDE project portfolio in tainable development will be seminars at the upcoming the sand and aggregates market. the focus of a meeting to be Water, Energy, Technology, “The plants that we have already installed throughout held in Dubai in March, and Environment Exhibition the region are delivering significant efficiencies for our TradeArabia News Service said. (Wetex 2015) show in Dubai, customers by maximising material recovery, minimising The fifth edition of the Annual UAE, TradeArabia News waste volumes and allowing for the production of washed Investment Meeting (AIM), Service said. sand and aggregates which command the highest com- organised by the UAE Ministry of Economy, will run from March 30 Wetex and the accompany- mercial value” stated Garg. to April 1 at the Dubai ing seminars are being held According to CDE, the water recycling technologies it International Convention and under the umbrella of the offers are a critical factor in the placing of new sand and Exhibition Centre, under the Green Week, which also aggregate washing plants in the region. theme ‘Sustainable Development includes a series of organisa- “Our AquaCycle thickener recycles 90 per cent of the through FDI Induced Innovation tional and social events to water used in the washing plant which makes washing and Technology Transfer.’ demonstrate Dubai’s commit- viable for a lot of people for whom water supply is an The theme supports the nation- ment to environmental sustain- issue,” explained Garg. al innovation policies in line with ability. “Our combo unit combines the EvoWash sand washing the comprehensive National The event is being hosted by plant and AquaCycle system to deliver a washing plant Innovation Strategy of the UAE Dewa from April 21 to 23 at that can operate with a supply of only 20 cu m per hour,” with the goal of making the UAE the Dubai International he added. one of the most innovative Convention and Exhibition In North Africa, the materials washing specialists has nations in the world within seven Centre. Saudi King Salman Ben Abdel Aziz named Aymen Bennour as the business development years. Last year, Wetex had attract- manager. The strategy embraces in its ed 23,000 visitors, compared “Across the region there are opportunities for us to first phase 30 national initiatives to 15,847 in 2013. A signifi- SAUDI KING RESHUFFLES CABINET; VETERANS STAY work with sand and aggregate producers to enhance the for achieving a top rank in inno- cant number of the visitors efficiency of the operations, reduce costs and improve the vation, especially after that the Saudi Arabia's new King Salman has ordered a lavish participation later this year. UAE was named the most inno- attended the seminars and held payout to all state employees and reshuffled some top He kept in place veteran Oil Minister Ali Al Naimi, quality of the final washed products,” stated Bennour. vative Arab nation in 2014. discussions with experts and government jobs while keeping in place the oil, foreign, Finance Minister Ibrahim Alassaf and Foreign Minister Des Crawford represents CDE in Southern Africa Sheikh Mohammed bin Rashid speakers. finance, defence and interior ministers, Reuters said. Prince Saud Al Faisal. where a number of new partnerships were established Al Maktoum, Vice-President and Currently, Dewa is finalis- The top oil exporter will pay two months of bonus salary The labour, commerce, transport and economy and plan- recently. Prime Minister of the UAE and ing the agenda for the semi- to all state employees and pension to retired government ning ministers were also kept unchanged. Crawford has more than 30 years of experience in the Ruler of Dubai, remarked that nars, which will be announced workers, he said in a series of decrees read aloud on state He appointed new ministers of agriculture, education and global construction materials and mining industry and is innovation is driven by effective shortly. It will have a compre- television a week after Salman succeeded his brother information and a new head of the intelligence services. responsible for building the CDE project portfolio across institutions, strong policies, spe- hensive programme every day Abdullah as king. He also merged the education ministry and higher educa- the construction materials and mining divisions, said the cialised skills, and an economy during the utility exhibition. He removed two of the late king's sons from big jobs, tion ministry and abolished the Supreme Council for company in its statement. where all sectors work together to The seminars, which usually making Faisal bin Bandar Riyadh governor instead of Turki Petroleum and Minerals Affairs, replacing it with a new “There are some exciting opportunities in the mining discover new ways to conduct generate huge interest among bin Abdullah and reinstating Khaled Al Faisal as Makkah body, according to the text of a royal decree read out on sector that we are currently exploring. Our mining pro- business. visitors, will feature interna- cessing systems are designed to allow mine operators to A flexible and creative econo- governor less than two years after he was replaced by state television. my based on a national culture of tional experts in topics such as Mishaal bin Abdullah. The council was led by the king and includes senior royal maximise yield and help in the journey towards zero tail- energy, water, environment, ings,” said Crawford. Commenting on the move, Enda innovation is the fastest and most The two jobs are usually held by senior princes and have family members, ministers including Al Naimi and top sustainable way to reinforce the sustainable development. sometimes been stepping stones to higher positions. industry executives. Ivanoff, the sales director at CDE Global said: “There is “Each year, the seminars huge potential for our equipment throughout the Middle UAE’s competitiveness on a In a possible indication of King Salman's approach to The Supreme Council, however, has not issued any state- global level. attract a significant number of social reform, he also replaced several top religious offi- ment on oil prices for months and key decisions have East and Africa, and our new team structure will allow us Wetex visitors. We do our best to meet the diverse demands throughout the region by The Dubai Strategy launched cials, removing two clerics, known as comparative liberals recently been made by the oil minister, with the backing of last December clearly lists the to improve the seminars and who headed the Justice Ministry and Religious Police. the late King Abdullah. The , who took power a week ago providing in market representation from a highly quali- key drivers of sustainable devel- introduce new and diverse top- He also appointed Mohammed Jadaan, a lawyer, as the after Abdullah's death early on Friday morning, also kept in fied technical sales team.” opment, the most important of ics over these three days to new head of the Capital Market Authority, the state regula- place the late king's son Miteb as Minister of the National IRAQ LOWERS OIL PRICE FORE- them being innovation. highlight best international tor for the stock market, which will open to direct foreign Guard, an important strategic post. The current annual investment practices to develop the energy CAST IN BUDGET PROPOSAL TO $55 in innovation is around Dh14 bil- sector, in collaboration with ABARREL lion ($3.8 billion) in the UAE, of our partners in the exhibition,” UAE TO ISSUE NEW RULES TO REGULATE DRONES Falling oil prices forced Iraq's cabinet to revise its which Dh7 billion will go to said Saeed Mohammed Al UAE’s aviation watchdog General Civil Aviation GCAA said that the rules will cover both commercial and draft 2105 budget, trimming its forecast for oil to $55 research and development; but Tayer, the managing director Authority (GCAA) has announced that it will issue new corporate use of drones in the country. a barrel from $60, Reuters said. spending is expected to rise sig- and CEO. regulations regarding the operation of unmanned aerial Al Suwaidi urged all members the public to abide by the It trimmed spending to 119 trillion Iraqi dinars nificantly in the years to come. "Some of the visitors come vehicles (UAVs) or drones in the country’s civil airspace, new regulations and abstain from using UAVs in negative ($104.85 billion) for 2015. CITI BAHRAIN specifically to attend these SG/Agencies said. ways that might affect the safety and security of aviation, The decision to lower the forecast oil price may satis- LAUNCHES seminars. They find them to be The rules are to ensure aviation safety and to smoothen air individuals and facilities. fy some MPs who saw the previous estimate as unrealis- an excellent opportunity to traffic, state news agency WAM reported. Unauthorised drones in Dubai’s airspace temporarily halt- tic, but Brent crude is trading still lower at under $50, REWARDS learn about new advancements GCAA Director-General Saif Mohammed Al Suwaidi said ed air traffic for 55 minutes last Friday. down from $115 in June. PROGRAMME in energy, water, and environ- that the regulatory body had formed a special national com- The UAE currently uses drones for official purposes such Prime Minister Haider Al Abadi said he feared lower Citi Bahrain has launched a ment by interacting with mittee in 2013 to conduct a comprehensive survey and draft as to deliver documents and packages to its citizens as part revenues from falling global oil prices could hurt Iraq's rewards programme giving its experts, and discussing new detailed legislations for operating drones. The regulations of its efforts to upgrade government services. military campaign against Islamic State, which swept local credit card customers technologies in these areas,” will prevent the use of the country’s airspace without prior In line with that policy, the Gulf country also launched across northern Iraq last summer. access to merchandise from he added. permit from the GCAA and necessary coordination with air Drones for Good award, a competition to invent UAVs to Speaking after a meeting of the US-led coalition which across the globe, TradeArabia NEW PLAN AIMS traffic authorities. New regulations being planned by the deliver government services. The contest, which is slated to has launched air strikes against IS in northern Iraq and News Service said. TO BOOST INVEST- UAE will also ban the use of UAVs near airports, residential be held in February this year, has received more than 800 Syria, Abadi said allies could help by potentially allowing These include product cata- areas, public properties and other restricted places. entries from 57 countries. Baghdad to defer payment for ammunition and weapons. logue redemptions, airline/hotel MENT IN SAUDI It was not immediately clear what areas would be points transfer capabilities and A new plan aims to trans- affected by spending cuts in the revised budget, which end-to-end travel bookings form Saudi Arabia’s invest- MIDDLE EAST PRINT MARKET SET TO REACH $20 BILLION BY 2016 still needs to be approved by parliament. A vote is expect- online, said a report in the Gulf ment landscape by further Over 10,000 printing industry professionals are expected to descend on Dubai in April when Gulf Print & Pack ed. The government of former Prime Minister Nuri Al Daily News (GDN), diversifying the economy, Maliki failed to pass a 2014 budget after relations Through Citi's rewards website 2015 opens for business at the Dubai World Trade Centre (DWTC). (www.citirewards.com/introduc- building its knowledge base, As the world’s fourth fastest growing printing market, visitors to the show are on course to see the very latest solutions between Sunnis and Kurds deteriorated. creating job opportunities The 2015 budget has become a measure of growing ing-rewards.htm), customers now for their businesses while gaining new insight into how to boost and enhance their commercial prowess, SG said. have the option to redeem their and maintaining the ease of Billed as the premier print industry event in the Middle East and North African (MENA) region, the show will connect goodwill between Baghdad and the Kurdish region as accumulated reward points by doing business in the king- senior level buyers with over 300 they both fight Islamic State militants. choosing and shipping their dom, TradeArabia Newsexhibitor companies. Market The budget has been delayed for months by sliding oil desired products directly to the Service said. leading industry manufacturers prices; it originally assumed an average oil price of $70 a kingdom. The Unified Investmentand suppliers set to preview their barrel. Plan was presented by latest technologies and applica- Abdullatif Al-Othman, gover- tions at Gulf Print & Pack redemption on anything from nor of the Saudi Arabian include: Heidelberg, Kodak, flights and hotels to rental cars General Investment Authority SAUDI AVERAGE OIL OUTPUT FORECAST AFRA, Bobst, Green Graphics and holiday activities. (Sagia) at the recently con- “Credit card customers will cluded GlobalTrading GMCC, Nilpeter and AT 9.6 MBPD IN 2015 Prestige Graphics Trading. 2015’s In a very competitive global oil market, with amplenot supply need tofrom call non-OPECCitiphone for Competitiveness Forum their rewards redemption (GCF) in Riyadh. edition has also reported a large sources, Saudi Arabia’s full year average crude production in 2015 is projected to increase in first time exhibitor reach 9.6 mbpd, declining slightly to 9.4 mbpd in 2016,requirements Jadwa Investment, anymore,” a lead- as The eighth edition of the Citibank Bahrain consumer forum examined how govern- numbers with 45 new companies ing Saudi Arabian private equity house and investment bank headquartered in such as Holostik India and Riyadh, said in its latest Quarterly Oil Market Review bankingreleased head last week,Navneet SG Kampani said. ments can create a viable eco- said. nomic environment in which Primera Europe signing up to The continued economic growth and the staggered start-up of the 0.4 mbpd Yasref business can thrive and pros- showcase their products and serv- refinery are expected to push up domestic oil demand in 2015, the reported noted. per. ices. The show will also feature Saudi Arabian consumption, including both refinery intake and direct crude burn, The plan outlines four sector dedicated pavilions for Chinese averaged 2.5 mbpd, year-to-November in 2014, up 25 per cent, compared to the same specific approaches to achiev- and Iranian suppliers. This influx period last year. The report attributed the sharp rise in oil demand to the start-up of the ing this: to integrate the energy of new exhibitors and other statis- 0.4 mbpd Satorp refinery in Q4 2013, which pushed up refinery intake levels in 2014. sector with develop down- tics such as a rise in digital solu- Saudi Arabian crude production was down only slightly by 1 per cent in Q4 2014, stream chemicals and manu- tion providers and label business- year-on-year, to 9.6 mbpd, taking the 2014 average production to 9.7 mbpd. facturing; to transform the es attending support PIRAinter- In 2014 Saudi Arabia witnessed increased competition in two of its key export mar- construction, retail, tourism, national’s ‘Global Print Markets kets, the US and China. Saudi exports to the US were steady at around 1.4 mbpd in H1 and real estate sectors into to 2016 forecast that the Middle East’s market share is expected to grow to $20 billion by next year. 2014 but dropped to just below 1 mbpd in H2 2014. Saudi Arabia continues to face high productivity economic Mike Simmonds, event manager at Gulf Print & Pack, said: “Growth in the Middle Eastern printing industry has been fol- competition in the Asian market with other Middle Eastern suppliers also cutting offi- engines; to accelerate the lowing the same pattern being seen in Asia and Latin America with demand overtaking more mature markets such as cial selling process (OSPs) to Asia, underling the trend in discounting. development of healthcare, Western Europe and North America. Technologies and their capabilities are always advancing and that is directly influenc- According to OPEC data, global demand in Q4 2014 increased by 1.4 mbpd, year- transport and mining; and to ing brand owners in their product development choices and in turn consumer behaviour and habits. Print processes are expe- on-year, with 1.3 mbpd improve the competitiveness riencing marked trends worldwide in how they are used with an increasing appetite for digital, flexo and inkjet technologies of increases from non- of the Kingdom by means of emerging.” OECD countries and a research, and development and He further said “increased personalisation and shorter print runs are growing the production of labels, flexible packaging, rise in 0.1 mbpd in innovation in education and active and intelligent packaging formats and photobooks. The market is moving fast, so this year’s show will be even more OECD countries. ICT. invaluable to visitors looking to capitalize on these profitable growth areas.” During the forum, Saudi The report under- Aramco offered its perspective scored that a $20 per bar- on the Kingdom's economy, rel decline in oil prices with president Khalid Al Falih will bring about and esti- in conversation with British mated 0.25 per cent journalist Nik Gowing. increase in global GDP They discussed current fac- over a year, which in tors affecting the global oil turn, will spur demand market, and Saudi Aramco's for oil. strategy of diversification. The Despite prices drop- oil giant is making significant ping below $50 per bar- investments in alternative rel at the beginning of energy, as well as huge invest- January, the report sees ments in talent and technolo- prices recovering to $79 gy, a statement said. per barrel for 2015 as a Other highlights of the con- whole, supported by cluding day of the GCF stockpiling of crude, the occurrence of contango (under which circumstance the futures included 'a conversion on price of a commodity is above the expected future spot price) resulting in some surplus employment' between Saudi leaving the market, a quicker than projected reduction in US shale oil and a pickup in Labour Minister Adil Faqeeh demand due to improvements in global economic growth. and Italian Minister of Brent prices dropped 25 per cent in Q4 2014, to $77 per barrel, quarter-on-quarter, Economic Development, pushing full year 2014 prices to an average of $99.4 per barrel, below the previously Federica Guidi, which covered forecast price of $102. issues such as aligning educa- The report projected that current low oil prices will persist into the first quarter of tion to support current and future industry, and the skills 2015 as surpluses in global oil balances peak in the absence of cuts from OPEC. and competencies that work- Moreover, Jadwa report underlined that there is the possibility that US shale oil sup- ers need to succeed in today's ply will not respond to lower prices until after the second half of 2015, resulting in a changing job market. FromArab News steeper surplus in global balances than forecast by OPEC. FEBRUARY 4, 2015

GARUDA INDONESIA JOINS HFZA EXPLORES INDIAN STEEL CLUB OF FIVE-STAR AIRLINES 6 aruda Indonesia on Tuesday became the newest INDUSTRY SECTOR member of the world’s exclusive group of five- amriyah Free Zone G star airlines, SG said. Indonesia’s national flag Authority (HFZA) carrier was accredited as a five-star airline, the world’s H participated in the highest quality ranking standard for a commercial air- world's biggest integrated line, by the UK-based Skytrax, which is a leading stainless steel expo 'INDINOX authority that reviews airlines and airports globally. 2015' that concluded Tuesday Only six other airlines — Qatar Airways, Singapore at Mahatma Mandir Airlines, Japan’s All Nippon Airways, South Korea’s Conference Centre in Asiana Airlines, Cathay Pacific of Hong Kong and the Gandhinagar, Gujarat, India, Chinese Hainan Airlines — presently hold the coveted SG said. global rating. “Steel is an important indus- Garuda Indonesia has made a major turnaround after trial sector for the UAE and this flagging for years to become one of the best airlines in the event was a window to meet region from near bankruptcy about 10 years ago. industrialists and investors in "The five-star rating is in recognition of the major India, the 2nd largest stainless improvement in quality standards at Garuda Indonesia, steel market in the world,” said reflecting the hard work by the airline in recent years,” said Saud Al Mazrouei, Director of Skytrax CEO Edward Plaisted. Hamriyah Free Zone Authority During a grand ceremony attended by Indonesia’s (HFZA) and Sharjah Airport Minister of Transportation Ignasius Honan and other senior International Free Zone (SAIF officials, Plaisted presented the award to Garuda’s new Zone). President and CEO M. Arif Wibowo. “HFZA has become the Senior officials from Garuda and Skytrax, foreign diplo- region's market leader in steel mats, industry executives and representatives of the global media were present at the event at Hotel Indonesia and today, the free zone does its Kempinski in Jakarta on Tuesday. marketing internationally in dif- Congratulating the Garuda team, Jonan said becoming a ferent countries and we are five-star airline “is an impressive achievement that not only expanding our participation in improves the airline’s reputation, but also of Indonesia in international exhibitions, con- the eyes of the world.” ferences and events,” he elabo- The African Union (AU) summit came with a message against terrorism. Wibowo said the achievement marks another important rated while talking about the milestone for Garuda Indonesia as it is a “testament” of the importance of Indinox exhibi- world’s recognition of improvements in products and serv- tion. UN CHIEF WELCOMES AFRICAN UNION'S DECISION TO COMBAT BOKO HARAM ices under the ongoing “Quantum Leap” transformation “The UAE is a sizeable play- nited Nations Secretary-General Ban Ki-moon welcomed the deci- rity is essential to the UN's partnership with the AU in that more than 80 per programme. er in the regional steel industry sion of the African Union to join forces to stop the advancement of cent of UN peacekeepers are deployed on the continent. Mr. Ban said that The airline's performance is increasingly being recog- in the Gulf, nearly satisfying its Uthe “murderous campaigns” waged by Boko Haram, as he stressed through the UN-AU partnership, progress has been made in Burkina Faso, the nized at international level. Garuda won accolades as the own local demand of over three the importance of the continent's collaboration with the UN, emphasising Central African Republic, Mali, Somalia and South Sudan. More, however, airline with "The World's Best Cabin Crew 2014" from million tonnes. Moreover, that “lives depend on preventive-diplomacy and peacekeeping.” could be done by working “even more closely together”. Such close partnership Skytrax at the Farnborough International Airshow. Hamriyah Free Zone has many Mr. Ban is in Addis Ababa, Ethiopia, last weekend for the African Union has paid off in the fight against the Ebola epidemic, Mr. Ban continued, com- Previously, Garuda was awarded "The World's Best well-known firms like (AU) Summit, a gathering of the continent's 54 nations, to discuss daunting mending the AU for being on the “front lines” of fighting the deadly virus. Economy Class" in 2013, "The World's Best Regional Eversendai Engineering FZE, challenges including the growing threat of Boko Haram. At the Summit's Efforts are paying off and while “we are beginning to turn the tide,” Ebola is Airline" in 2012, and "The World's Most Improved Airline" Unger Steel, Bhuwalka Steel closed session , last week, African leaders pledged to join forces to fight the ter- far from over. in 2010, also by Skytrax. During the "Passenger Choice Industries; Mammut Building ror group, which has in recent weeks attacked villages in Cameroon, displacing “We must continue to demonstrate the same solidarity until Ebola is gone Award 2013" in Anaheim, California, organised by Airline Systems FZC, Alam Steel Ltd, thousands to neighbouring countries and sparking fears that its insurgency was from every country, and throughout the next phase of recovery,” the UN chief Passenger Experience Association (APEX), Garuda was Danem Engineering works expanding beyond Nigeria. said. After all, he continued, peace and development go hand-in-hand. Africa chosen as the "Best in Asia and Australasia Region". FZE, Technomak Energy inter- Speaking to reporters last week, the UN chief said he supported the AU's has made substantial progress in achieving the Millennium Development Goals A Skytrax rating is obtained after an all-round assessment national FZC, Mulk Holdings plan to fight the terror group with the establishment of a Multinational Joint and has the opportunity this year, like the rest of the world, to commit to a new of an airline’s onboard and airport products and services. FZC and Quality International Task Force, which must remain consistent with UN human rights due diligence post-2015 development agenda and a universal agreement on climate change. For Garuda, the assessment also took into account of the and many more. So the partici- policies. “The murderous campaign waged by Boko Haram demands stronger “African families, communities and economies have much to gain from both airline’s planned move next year to a new base at Terminal 3 of Jakarta Soekarno-Hatta Airport, Wibowo said. pation of this event was vital to and more coordinated action from us all,” Mr. Ban said. these historic agreements,” Mr. Ban continued, urging leaders of the continent HFZA to expand its market,” he “Regional and international efforts must focus on protecting communities in to “listen to their people and respect their wishes and aspirations”. Several The new hub is expected to improve and expand premi- African countries will hold elections this year, he said, pledging that the UN um passenger facilities not only for Garuda but for all its added. northern Nigeria and across borders. More than a million internally displaced The expo welcomed around people and refugees must be able to return home,” the Secretary-General and AU will work together to support nations to organise peaceful and credible SkyTeam partners, he told Saudi Gazette. added, reiterating his call for the immediate release of those who have been polls. Mr. Ban also urged leaders to respect constitutional and legal limits on 800 exhibitors from all sectors abducted, particularly the girls from Chibok. Collaboration on peace and secu- their terms of office. of the industry. “It was a great experience for us to network with over 90 exhibitors from RUSSIAN AIRASIA X SHUFFLES MANAGEMENT, TO INCREASE LIBYA RETURNS stainless steel manufacturer sec- GOVERNMENT CAPITAL FUEL TANKER TO tor alone during the event,” said DETAILS oss-making AirAsia X, the long-haul arm of Malaysia-based budget carrier RIVAL GOVERN- Ali Al Jarwan, Deputy AirAsia, has shuffled its leadership and announced plans to raise 395 million Commercial Director of HFZA. SPENDING CUTS IN L ringgit ($108 million) to shore up its bottom line, AFP said. MENT The three-day exhibition cov- VIEW OF CRISIS CEO Azran Osman Rani will leave and be replaced by Kamarudin Meranun, previous- ibya's recognised gov- ered all parts of stainless steel - he Russian govern- ly an executive chairman, the airline said in a statement. ernment has released a from steel melting to final prod- ment, facing its worst The changes were part of a “reorganisational and turnaround exercise” for the compa- L tanker forced to dock ucts made from stainless steel. T economic crisis in a ny, it said. at a port under its control after It also exhibited raw materials, decade, last week detailed AirAsia X, which operates Airbus A330s mainly on routes from Malaysia to Australia, originally banning it from household steel, hardware, how it intends to cut spend- China and Japan, posted a net loss of 210.9 million ringgit ($58 million) for the three delivering fuel to its rival allied products and machinery. ing over the next three years months to September last year. administration, a port official TANZANIA: GOVT in all parts of the economy It was its worst quarterly loss since listing its shares in July 2013 and fourth straight said. Skytrax CEO Edward Plaisted (right) presents the five- TO ENHANCE except military and social quarter in the red. War planes forced the tanker star certificate to Garuda President and CEO Arif Wibowo programmes, AP said. Business has been hurt by a demand slowdown due in part to a fall in Chinese travel- Anwaar Afriqya to sail to Tobruk in Jakarta on Tuesday, as Indonesia’s Minister of FARMERS' ACCESS Russia's economy has been ers to Malaysia following the mysterious disappearance of Malaysia Airlines flight after it had originallyTransportation Ignasius Jonan (2nd left) and the compa- TO MARKETS battered by lower energy MH370 last March 8, which tarnished the country’s image in China. Australian routes, approached the port of Misrata, ny’s President Commissioner (chairman of the board of the air force commander for the anzania plans to embark prices, a collapse in the value meanwhile, have been hit by fierce fare wars. directors) Jusman Syafii Djamal (C) look on. on a public-private of the ruble and Western sanc- “It is part of a move to overhaul the company to raise much-needed funds and return recognised Prime Minister funded project linking Abdullah Al Thinni said, accod- T tions over its involvement in to profit,” Shukor Yusof, founder of aviation research firm Endau Analytics, said. farmers and processing indus- Ukraine. Russia's GDPis He said operating a low-cost, long-haul business was “tricky” due to the high costs of ing to Reuters. EGYPT, KENYATO FORM BIL tries, in a move designed to expected to decline by 4-5 per longer routes and stiff competition from established carriers. Libya's recognised govern- ATERAL BUSINESS COUNCIL stimulate faster social and eco- cent this year, the first drop But he added AirAsia X was buffered somewhat by its ability to plug into the AirAsia ment has worked from a head- gypt and Kenya will form a council to promote nomic development. since 2009. The ruble has lost group’s regional route network. AirAsia X shares have fallen 48 per cent from their ini- quarters in the east of the coun- bilateral trade and investment, Ministerof The project will focus on criti- half of its value while the tial public offer in 2013. The AirAsia group has been rocked by the crash last month of try since the summer when rival E Trade, Industry and SMEs, MounirFakhry cal industrial location, whereby Standard & Poor's ratings AirAsia Indonesia flight QZ8501 in the Java Sea, which killed all 162 people aboard. The forces under the banner Libya Abdel-Nour said last week following a one-day bilater- relevant factories are to be locat- agency downgraded Russia's reason for the crash remains unclear. Dawn took over the capital al conference in Nairobi. The business council will ed in places where crops mainly credit rating to a non-invest- GOVERNMENT OF GHANA SIGNS AGREEMENT ON CAPE Tripoli and installed their own include representatives of 10 businesses from each used as raw materials are pro- ment — "junk" — level for the self-proclaimed government. country and will hold quarterly meetings in which duced. first time in more than a THREE POINTS OIL AND GAS PROJECT The latest tanker incident has Speaking at IFAD National he government of Ghana, ENI and Vitol companies signed an agreement for each group presents their government with updates on decade. underscored how increasingly the execution of projects, Abdel-Nour highlighted. Roundtable workshop on Faced with a slide in its pub- work to start on the offshore Cape Three Points Integrated Oil and Gas Libya's oil infrastructure is at the Tanzania's recent evalutaion of Project. Egypt's exports to Kenya totalled $266 million in 2012, lic finances, the government T heart of conflict that Western a fifth of which was raw sugar. In the same year, tea made agricultural programmes across President John Dramani Mahama and Vice President Paa Kwesi Bekoe Amissah- the country, the Minister for earlier this month said it would powers worry is dragging it clos- up 98 per cent of Kenya's $277 million exports to Egypt. slash spending broadly. In a Arthur were at the signing ceremony. er to a civil war. Agriculture,Food Security and Mr Emmanuel Armah Kofi Buah, Minister of Energy and Mr Alex Mould, the Chief "Kenya is an ideal market for investment. Not only it is Cooperatives, Mr Stephen more detailed report published Forces loyal to the interna- a gateway to the rest of east Africa, but it is also extreme- Wednesday on the govern- Executive Officer of Ghana National Petroleum Company, signed for Ghana for Ghana. Wasira, said apart from the cur- tionally recognised government ly dynamic with a hard working employee force," Qalaa rent private sector initiatives of ment's website, it foresees Mr Antionio Vella, Chief Upstream Officer for ENI signed for his company and Mr Ian of Thinni's government carried Taylor, the President and Chief Executive Officer of Vitol signed for his company. Managing Director, Karim Sadek said. putting industries near crop pro- spending cuts of 10 per cent out air strikes earlier this month On his part, Kenya's Cabinet Secretary for Foreign ducing areas, the government this year and 5 per cent over The completion of the $7 billion project would not only add 1.15 trillion cubic feet of on a Greek-owned oil tanker and gas but would also pull the country out of the current power deficit that had compelled Affairs Amina Mohamed said "We encourage our would also allocate public funded the next two years. a fishing vessel carrying fuel. Egyptian counterparts to venture into our country, take industries to act as the link The plan lists measures that the service providers to resort to load-shedding. A port official told Reuters the President Mahama said it formed 12 per cent of the $53.5 of the total Foreign Direct advantage of our vibrant economy and reap handsome between the raw materials pro- authorities will take to support Anwaar Afriqya, which had returns". ducers and consumer. the economy including over Investment for Africa in 2015. He said it was a landmark investment on the development loaded 24,000 tonnes of fuel in $3.7 billion to prop up Russian of oil and gas to leverage power as it would subsequently add 1, 100 megawatts to the existing pool. Mr Taylor pledged to collaborate effectively with others to harness all the Greece, had left the eastern port banks and $700 million in of Tobruk and was on its way to RUSSIA’S ECONOMY TO SHRINK BY 3% IN 2015 agricultural subsidies. potentials that would step up the power generation of the country in the coming years. Mr Chiri Paganu, the Vice President of ENI, said the company would execute its side Misrata, a city under the control Speaking at the upper house of the rival government. of the Russian parliament, of the bargain to ensure Ghana's socio-economic growth through the exploitation of oil and gas. "The tanker was allowed to Finance Minister Anton sail to Misrata after a search Siluanov said the government FUJITSU BOOSTS FULL-YEAR FORECAST established that it had no does not expect oil prices to go apan’s Fujitsu has boosted its full-year net profit forecast thanks to a sharp weapons on board," the official back to $100 a barrel so "we fall in the yen, despite its April-December earnings falling from a year ago, said, asking not to be named. An and our economy will have to J AFP said. industry source confirmed this. adapt to new conditions." The sprawling information technology company said its fiscal year to March net prof- While the Tripoli government IRAN’S SOUTH it would be 132 billion yen ($1.12 billion), up from an earlier 125 billion yen forecast, is not recognised by world pow- PARS FIELD citing the “beneficial impact” of a weaker yen. ers, it controls ministries in the The company is expecting full-year revenue of 4.8 trillion yen. A fall in the Japanese capital as well as ports and air- READIES FOURTH currency helps make exporters more competitive overseas and inflates the value of their ports in western Libya, making it PLATFORM repatriated profits. difficult for oil buyers and ship- A general view shows oil tanks at the Bashneft-Ufimsky refinery plant outside Ufa, he fourth platform Fujitsu said its net profit for the nine months to December slipped 11.6 per cent, while pers to avoid dealing with it. Bashkortostan. (Reuters) sales inched up 0.4 per cent to 3.36 trillion yen. Each side has appointed its ussia’s economy minister Alexei Ulyukayev forecast GDP to fall by three per cent (D) of South Pars Gas in 2015 on the back of a collapse in oil prices and a massive capital flight, AFP Field’s Phase 12 in Revenue was held back by weak sales of mobile phones and network products such as own head of the state-owned T telecom systems for mobile carriers, it said. said. National Oil Corp. Armed forces R Bushehrprovince is now “We have issued a forecast for 2015 which uses the current prices, that is $50 dollars a bar- ready forinstallation with allied to Tripoli tried to seize the rel for the entire year,” Ulyukayev was quoted by Russian news agencies as saying. completion of construction Africa eastern ports of Ras Lanuf and Ulyukayev emphasized that his prediction of a three-per cent contraction was “conservative” work, a report said. Es Sider, forcing both to shut given that most analysts forecast oil prices to recover later this year. Pars Oil and Gas Company down. The economy ministry had previously forecast a 0.8-per cent fall in output, but some econ- (POGC) will take the final EGYPT, SENEGAL omists had said that the contraction could be as big as five per cent, depending on the price of decision on other platforms AGREE ON Russia’s main export commodity. that are in waiting, added the Russia’s central bank has forecast a 4.8-per cent shrinkage. Iran Daily report, which cited PROMOTING Russia has been hit by a double whammy of tumbling oil prices and Western sanctions that Shana. BILATERAL have closed off the economy from foreign borrowing. The 84-metre long platform The Russian ruble has fallen by half against the dollar and the euro since the beginning of weighing 4,200 tonnes was RELATIONS last year, leading prices to rapidly rise. As a result of the economy’s demise, capital flight last constructed in 16 months, the he Egyptian International year shot up to $150 billion — a record since the fall of the Soviet Union. Trade Point and Senegalese Ulyukayev said the figure this year was expected to reach $115 billion, and that investment report said. With the comple- International Trade Point tion of Phase 12, about three T would fall by 13 per cent. Inflation predictions have also been revised upwards for the current agreed to increase commercial co- billion cu ft of sour will be operation between the two coun- year, from 7.5 per cent to 12 per cent, news agencies cited the minister as saying. pumped into the national net- tries, especially in the field of January inflation will be 13.1 per cent, he said. work, according to the report. electronic promotion. Real wages will fall by over nine per cent over the year, he added. The South Pars oil and gas In addition, an agreement had The government has unveiled a series of measures to shore up the economy, including field, covering 9,700 sq km, is been reached on transferring the increasing financing to banks and boosting spending on pensions and unemployment pro- divided into 28 phases is esti- experience of the Egyptian grams. mated to hold 14 trillion cu m International Trade Point to its Last week, the central bank announced a surprise reduction of its key interest rate from 17 of gas and 18 billion barrels of Senegalese counterpart, Al-Ahram per cent to 15 per cent, which said it aimed at “averting the sizeable decline in economic activ- gas condensates. From Arab Press said. ity.”