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OF HEALTH WITH ISRAEL IS Flash RESPECTED MINISTRY'S BUDGET USED JOHN KERRY, THE President Mohamed Morsi has TO PAY OFF ITS DEBTS NEW OFFICIAL renewed respect for the peace The Shura Council's Health Affairs agreement signed with Israel say- Committee, under Dr Abdul-Ghafar Salhain, MAIN ing he will not seek to turn Egypt said LE8 billion of the Health Ministry's LE into a religious state. In an inter- REPRESENTATIVE 15-billion budget go to paying off the min- view with German Newspaper OF THE US Frankfurter Allgemeine, istry's debts. President Morsi said Egypt is At its meeting last Wednesday, members of FOREIGN POLICY seeking through its Foreign Policy the committee stressed the necessity of secur- From Ahmed Foda to establish balanced relations ing hospitals and encouraging doctors to work Senator John Kerry, the with all countries expressing sup- at the emergency departments that operate 24 head of the Senate's Foreign port for Germany to play a bigger hours a day. Relations Committee, is the role in the Middle East. He said Egypt will not turn into a STATE REVENUES RISE TO coming star at the, interna- religious state adding he has a strong tional arena and is the main belief in the state in which power LE108.5B. BETWEEN representative of the US for- circulation in is taking place JULY-NOVEMBER 2012 eign pOlicy for years to come. smoothly, democracy and freedoms Unlike Clinton, Kerry is State budget indexes showed that the state are prevailing, opposition is respect- excellent at forging alliances ed and social justice is observed. revenues rose to LEI08,5 billion with a 40,3 and drafting settlements and He said his campaign against the per cent growth rise at the period between July compromises. He will do his remnants of the former regime is and November 2012 against the same period of best to preserve the United restricted to legal means adding he 2011. States' leading role in the world will combat dictatorship and The State expenditure went up to LE187,9 in accordance with plans draft- bureaucracy, which prevailed for a billion with a 38,8 per cent rise as well as the ed by the Obama administra- long time, within the framework of state budget deficit was up from LE58,4 billion tion. law and judiciary. He said he is keen to LE80,7 billion, according to the finance Being head of the Senate to protect the interest of all Foreign relations committee, Egyptians adding demonstrations Saudi Emir Mohammad Bin Saad Bin Abdultrzig, acting deputy Emir of the Riyadh region (R) talks to Egypt's President Muhammad ministry's monthly report. Kerry has been a reliable part- which broke out in protest against Mursi (C) as they review the honour guard upon the latter's arrival at Riyadh airport to attend the third Arab Economic, Social and TAX REVENUES HIT LE104B. ner to many White House lead- the constitution are normal and fol- Development Summit, on January 21, 2013 in Riyadh. low long time of dictatorship. He IN SIX MONTHS erships when asked about his said all Egyptians are equal before The volume of tax revenues reached LEI04 opinions in main challenges law regardless of their beliefs and FULL GUARANTEES FOR ARAB AND billion between July 2012 and January 2013 besetting the US foreign policy. religions. He said the constitution with a LE20 billion rise against the same peri- He helped ending the war in guarantees equal rights for Copts FOREIGN INVESTMENT : MORSY od of 2011/2012, said Head of Egyptian Tax Iraq, pushing forward transi- and women. tional stage in Afghanistan, Authority MamdmihOmar. Addressing the third Arab economic summit, President President Mohamed Morsy held several meetings in Riyadh Monday enacting many laws to assist IMF MAKING FINAL Omar pointed out the rise is due enforcing Mohamed Morsy called for launching an Arab initiative to follow with a host of presidents and senior delegates taking part in the third Pakistan, ratifying new START the anti tax evasion law as well as increasing REVISION AHEAD up negotiations on the issue of sustainable development. Arab Economic and Social Development Summit, due to kick off treaties with Russia and helping OF RESUMING President Morsy stressed that Egypt is looking forward to work- later in the. day. tax payers, adding the authority has laid down the US understand the Mideast ing with the Arab countries. President Mohamed Moray held talks on.Monday with Jordan's King a plan to obtain almost LE10 billion arrears till riddles. EGYPT LOAN TALKS Morsy stressed that this summit should draw up blueprints and Abdullah II, hours before the opening third Arab Economic and June 20,2013. As of January, Kerry will The International Monetary economic policies to unify Arab efforts "in a manner that could Social Development Summit. He noted that the authority has received start addressing main files, Fund is revising budget measures lead Arab countries within an acceptable timefranie to attain The two sides discussed bilateral ties as ' ell as a host of regional LE1,2 billion only in December 2012. including challenges in in Egypt before resuming talks on more integration and co-operation". issues, including the Palestinian cause and the Syrian crisis. Afghanistan, the ban on spread billion loan, said Masood WHEAT-CULTIVATED AREA a $4.8 Morsy called on all Arab countries to provide the necessary financial of nuclear weapons, climate Ahmed, IMF director for the OIL FALLS, TRADING MUTED ON US support for the Palestinian government to meet the demands of its HITS 3.3M. FEDDANS changes and other issues related Middle East and North Africa. people. As for the Syrian crisis, Morsy called on all arab and inter- PUBLIC HOLIDAY A report released by the Ministry of to buttressing US interests in Cairo is keen on finalizing the national states to stop the bloodshed of the Syrian people and put end Crude prices fell as energy investors kept to the sidelines Asia and Pacific, defending deal to get the IMF loan, Ahmed Monday ahead of a public holiday in the 0S. Agriculture has shown that the area culti- to the 22-month crisis. vated with wheat has made a record this women's rights and placing said, noting that the Egyptian gov- The Ingest Egyptian community abroad is in Saudi Arabia, Morsy Benchmark oil for February delivery was down 41 cents to $95.08 per barrel at late afternoon Bangkok time in electronic trading on the year hitting 3.275 million at an increase of economy issue at the core of the ernment told the fund earlier this said during his meeting Monday with the Saudi-Egyptian Business New York Mercantile Exchange. The contract rose 7 cents to finish 125.000 more than the area which was earli- US foreign policy. month it is willing to go ahead. The Council, adding that the saudi investments top the list of investments at $95.56 per barrel on the Nynex on Friday, AP said. IMF should be convinced Egypt will in Egypt. er set by the ministry. Ken Hasegawa, energy analyst at Newedge brokerage in Tokyo, be able to implement the loan pro- Morsy also citied the mega progects Egypt intends to make, like the The report also disclosed that the majority of gram before a fmal approval is said trading was muted ahead of the US holiday and in the absence these areas exists in six governorates. East Port Said peoject in the Suez Canal area. of major news that might have the potential to move markets. made, Ahmed said He added that Minister Salah Abd EI Moamen has said that President Mohamed Morsy has stressed that the macroeconomic Lingering concerns about the US economy also weighed on crude the IMF supported Egypfs measures, indicators of Egyptian economy are strong. The Egyptian economy prices, with lawmakers wrangling over spending cuts and the a ministerial committee was assigned with lay- to maintain international reserves Akpasmoilfpr weak and can not be collapse as frequently reported" debt, ceiling. which Jimits,ritAmnount of debt that U.S. gov44 „Ang out a plan to lecsgp tug w and have a well-performing totelgtr Morsy sad`Stiring a meeting with Egyptian community in ernment can take on. whnthy s exchange market. therein. HIGH VOLTAGE SUBSTATION President Obama's second-term challenges 14,000 TONNES OF 11111111111161111111IN IgNaEE PROCUREMENT NOTICE • 'NM LIQUEFIED BUTANE GAS Penaleit Mama has Oppegunlly10 rye. e ARRIVE AT EL-ZAYTIAT Inoue whew with Ministry of Electricity & Energy some teronnedve aata,bpansam PORT IN SUEZ lexcees •011100115 . A ship loaded with 14,000 tonnes of lique- Egyptian Electricity Holding Company (EEHC) POD danny • Nuclear Issue.: UN lame Prime Mentor fied butane gas arrived Saturday at EI-Zaytiat claims Iran could have B•rtfinin Netanyanu could Egyptian Electricity Transmission Company (EETC) enough enriched uranium be tie/N..1111er Port coming from the Saudi port of Yanbu. JOHN KERRY to bald nuclear eeNxin • hum Oh 1, 00 In the same context, an Egyptian ship with by summer. Tough U.N-EU 60 rem in Netanyanu, MECOMEMMall 2 arcs s-nonlNf are • AfolunIsIsn: Mal 10 1,100 of camels on board coming from The situation in the Middle Adjudication No. 31/2012/2013 mare eagerness to bomb Iran's Mute causing severe hergehip noon 1.1.n •700.0 00 S Vt. • Djibouti arrived in EI-Adabiya Port, Chairman East, finding an Arab-Israeli aIcehieerie Oserracrate winOrawals - covet lead lo 110.10/10, of the Red Sea Ports Authority Mohamed settlement, the Iranian nuclear Package A "500 kV GIS" gee= ma al file and the Syrian crisis are the . cr. war eneh Talgar Abdel-Qader Gaballah said. For El Tebbin 500/220/11 kV GIS S/S Extension Project -50001e50 lo most important files Kerry will Wraps* of 100 REMITTANCES 'ROSE TO have to deal with. In my point President Ilsonkl Kern. of view, Kerry is more sea- 5 Inclopendents 5000.0.00 and HISTORIC HIGH' IN 2012 - soned, wise and far-sighted • U.S. MN ating, Sven prenter The Egyptian Electricity Transmission Company (EETC) has applied for a loan Bort., has or statuten, en•abilqy amoN PRESIDENTIAL ADVISOR than Mrs Clinton and this clear- lime 0151E4 1Nlion from the European Investment Bank (hereinafter refened to as the EIB) to finance,E1 eighanistan's ly emerged in his advice to Agreernen1 an raivng debt 01,0,0 Remittances by Egyptians working Ceiling is essOn. v011,111 0' Tebbin Substation Extension Package A "500 kV GIS". o00- ,m, IS 00500 abroad rose to a historic high in 2012, reach- Obama not to rush in using Orneerl Congress to .stn 0000,r, Ov US pushing economy MU force against Iran, his disap- The Egyptian Electricity Transmission Company (EETC), a wholly owned sub- 0, NATO ceuntrias ing from 143 billion dollars in 2011 to 19.5 IMa r000SS100 • Chine: Trade with China proval of listing Hezbollah sidiary of the Egyptian Electricity Holding Company (EEHC) is inviting International • °Immure: billion dollars in 2012, said the presidential Fiesceict roll roman COntergoirs. °barna must reform among terrorist organizations with Washington adviser for Egyptian expatriates' affairs. Tenderers to submit Tenders for the construction and completion on full turnkey bases heanecare and social 1001ing nsw and of the 2009 Israeli naval Security In a statement Saturday, Ayman All hailed for El Tebbin 500/220/11 kV GIS Substation Extension Package A (the works). 0/510rns which leader XI Jinping blockade over Gaza, his non- aW hundreds at billions the Egyptian expatriates who transfer their sav- The scope of works includes (as specified), but is not limited to engineering, design, nalional Debt by Nteg more support of Obama's can on the eases ageing ings to their homeland. fabrication, factory testing, site delivery, loading, unloading, civil works, erection. .eind . Arab countries to normalize • Eum Meer ales: U.S. World Trade He also hailed, the expatriates' sense of relations with Israel and his testing & commissioning, training, insurance till provisional acceptance & warranty and EU have wawa Orgentsenoc. *gest Mud Page U S could responsibility in supporting the national econo- unconcern of Muslim of equipment. rerwamehfp - worth become my during such a difficult phase. ENS leeon V; 20,1. erae Brotherhood's rise to power in The scope of works includes civil works & erections of three single phase 167 MVA Emcees economic Me. in coneict .• Remittances are an important tributary to the Egypt. Kerry believes that the te Integraa bs Anseice he... ihicchn end Autotransformers plus one spare including all their accessories & 11 kV bus ducts China ove, magas • Egyptian economy and a solid source of hard key challenge facing Egypt is • 111111 2011111M . in Peso China Sea • Clve war: With more currency. the economy especially as the supplied by Package (B). • guaffichtema ettods.ompentil. Man 60.000 WO. PPP, country is moving towards Responsive Tenderers will be selected on the bases of compliance with the sched- Obama administration, froththeoklint FlotheirAdinon both ,0Mttewonuan Coley 1.s Syria anclInn - .rung prateIkely to r democratic transition. He ule, terms and conditions as well as the technital specifications, acceptable past expe- Wgar pressure. Advocates be Washington's plans to slam advised the Egyptian authori- of intervention ware retsPle-d.elenra icrualepa In Meek Sea L Read and Subscribe to: rience including past experience of subcontractors and financial capability, adequacy •.S.-enforeed no-fly eme ties to co-operate with the Ward RIpply ol weapons International Monetary Fund of proposed manpower and construction equipment. dude to rebels (IMF) to fix the economic situ- The tenderer (including its subcontractor(s)) should have; a) experience on works sower memos mon.e.m.e.mem.euMn'ruu.... 1.40•.1400001P ation. (i.e. 500kV GIS substations) of same or higher rat- of similar nature and complexity Undoubtedly, Kerry will be Texas : Barak Obama, battered yet still popular after a bruisinglirst term as ings, which have been put into commercial operation successfully for at least three more keen to preserve US pow- president, raises his right hand to be sworn in for another four years as the THE MIDDLE EAST OBSERVER years in three projects at three different locations one of which is outside the manu- leader of an America that is perhaps, as divided politically and socially as at ers in Asia without getting in facture country during the last ten years, b) Type test certificate for the any time since the US Civil War 150 years ago. (Economic covering the Middle East, Arab Gulf any direct 'confrontation with equipment/components proposed. When Obama first took office as the 44th US president, many Americans hoped and African Markets) China. He believes that the best solution at the current stage is The Tender document for the above project will be available at EETC's offices. the symbolism of the first black man in the White House was a turning point in the country's deeply troubled racial history. Obama vowed to moderate the ani- 15% Discount for payment in Jan. 2013 to contain the crisis with North Tenderers may receive the Tender document by submitting an application, in one orig- mus that was engulfing the country, but four years later, the nation is only more Korea and get into negotiations inal and two copies, accompanied by a payment receipt of US$ 2000 (two thousands) divided. While Obama convincingly won a second term, the jubilation that sur- IO % Discount for payment in Feb. 2013 with the Koreas to end missile rounded him four years ago is subdued this time around, and nuclear tests in return for from National Bank of Egypt -Nasr City Branch - Cairo, Egypt (Account 7,5% Discount for payment till Match No.11001007177) at address shown below: some alternate advantages. 2013 I think after all these points , Egyptian Electricity Transmission Company- EETC Kerry's views will play an Purchasing & Stores Sector, Abassia, Cairo, Egypt. Yearly subscription Egypt LE 275 important role in delaying the Tel & Fax + (202)22616537 cold and hot wars as he is Yearly subscription Abroad Tenderers may obtain additional information by contacting EETC's Consultant at US$420 known for being rational, pru- the address shown below: dent and not hasty in taking Yearly subscription Abroad 295 decisive . decisions. I think Electric Power Systems Engineering Company (EPS) Foreign Trade Statistics Kerry's policy will help calm 8th Zone, Building No.7, Misr Leltamer - Sheraton Heliopolis - Cairo, Egypt Tenders, Adjudications and Auctions down the White House and lay P.O Box- 90 Rawdat EI-Sheraton- Opportunies down a new US strategy for Fax: (00202) 2266 18 10 - TeL : (00202) 22669414 - (00202) 22669 424 ARE, Texts, Laws, and Regulations (of the world stability, at least during Official Journals) his leadership of the State [email protected] Department. Foreign Exchange Rats The Tenders must be submitted on 14 March 2013 in two envelopes. Envelope [A] I think also Kerry is the right must contain all required infomiation„except the schedule of quantities & prices and Arab & Gulf Markets choice for this tough task at a must be accompanied by a Tender Security in an acceptable form equal to US$ Asia & African News time the Middle East and Asia New Arab and Intl Projects and Joint- 100,000 (one hundred thousand), Envelope B must include the schedules of quanti- are riddled with many conflicts. Ventures I think he will be able not to fall ties & prices. Middle East and Africa News from the rocky mountains he Only Envelope A of Tenders will be opened on the same day at 12:00 noon O'clock Comments, Analysis and Interviews ... etc. will have to cross starting from (Egyptian local time) in the presence of Tenderers' representatives who choose to Subscription's Dept. January 2013 till the end of his attend, at the headquarters of EETC at the address shown above. Tenderers whose 41, Sherif Sr. Cairo, Egypt. tenure. So I truly believe that Tenders have been determined to be substantially responsive shall be informed of the TeL 23926919 Far : 23939732 the hot and cold wars will not erupt in his term but after that. opening date for Envelope [B]. E-mail :meobserver@hotmaiLcom Web. www.meobservenorg. Ahmed Foda JAN. 23, 2013 ( .11.1itt iv net

SAWIRIS' OCI LOOKS TO KUWAIT FUND TO BANKROLL DEVELOPMENT PROJECTS IN EGYPT MOVE OUTSIDE EGYPT, Arab and foreign development foundations support all steps AND ITS STOCKS MAY taken by the Egyptian government at the economic level. The Kuwaiti Fund for Arab Economic Development is one such FOLLOW foundations, said International Cooperation Minister Ashraf el-Arabi in Orascom and a group of American statements to Kuwait's "Al-Anliba" newspaper of Saturday. investors, among them Microsoft giant Egypt is in need of $14.5 billion in soft foreign loans until the end of Bill Gates, have set into motion a transac- June 2013, Arabi said. Of that only 4.5 billion has been secured through tion set to transition Orascom an in-principle agreement with the International Monetary Fund. Construction Industries into a Dutch com- The Egyptian government has always maintained good ties with pany to be known as OCI N.V. Arab funds,, Arabi said, believing this is beneficial for both sides. The transaction, which is yet to be He said co-operation with the Kuwaiti fund amounted to a total of approved by Egyptian regulators, will $2.2 billion between 1964 and 2012. Egypt has since received 35 loans involve a slow takeover of all locally listed from Kuwait, Arabi noted. OCI stocks as well as those listed on foreign A proposed cooperation programme between 2013 and 2016 states markets, known as Global Depository that Kuwait provides Egypt with an annual $200 million to be used in Receipts or (GDRs), by the new entity OCI bankrolling development projects in the sector of electricity and ener- N.V. gy and in upgrading railways and expanding natural gas networks, Around $2 billion in commitments have Arabi said. been secured, including $1 billion from US QANDIL: L.E. 635M. WORTH OF URGENT investors comprising Cascade Investment, FINANCING FOR IMPROVING RAILWAYS which is wholly owned by Bill Gates, as well Prime Minister Dr. Hisham Qandil has decided to provide L.E.635 as Southeastern Asset Management, and President Morsi during visit to a Conference for development . million as an urgent fmancing for developing railway services. He said Davis Selected Advisers, according to a ..tangent measures will be taken against negligence of workers adding statement from OCI. the safety and security systems of the railways will be reviewed. OCI N.V. — the list part, an abbreviation GOVERNMENT STRUGGLES TO GET A SUKUK LAW ON THE BOOKS This came during the Prime Minister's meeting with Minister of of the Dutch term for a public limited liabil- Officials went to the drawing board with a controversial law on sukuk , or Islamic-sanc tioned bonds, that Transport Dr. Hatem . Abdellatif. A cabinet statement said the number ity company 7-- w811 be based and listed in was set to go before the Shura Council last week. of tourists visiting the red sea and Luxor rose by 15 per cent and 22 per Holland, but will maintain business opera- The Cabinet approved a new draft law on Islamic bonds, along with several other institutions, Finance Minister cent respectively compared to last year. tions in Egypt, with Cairo as its headquarters Morsi Hegazy said Wednesday, and are hopeful about passing the law. QANDLLE RVCEI ES ARAB INVESTORS for North Africa and the Middle East. The first draft law, which is considered a milestone for a country that has long lagged behind in fostering govern- Prime Minister Dr. Hisham Qandil The .Sawiris family, majority owners of ment-sanctioned Islamic finance, was not accepted by Al-Azhar, the country's religious authority. received a delegation of Arab OCI, will be represented as owners in the "Proposed amendments to the Islamic instruments bill from the Islamic Research Academy have been taken into Businessmen and investors. During new company proportionate with shares they account," new Finance Minister Morsi al-Hegazy told Reuters after meeting with top Al-Azhar University officials. the meeting, Qandil called for bene- currently own, according to the statement. The sukuk draft law has drawn criticism from religious figures and financial scholars alike, although state offi- fiting from investment chances The Sawiris family currently holds 55 per cials tout the bonds as the way out of the nation's financial crisis. which are provided by the govern- cent of all OCI shares. The Islamic bonds, which would ostensibly plug some gaps in finance the country's growing budget deficit, rep- ment in upper Egypt, Delta and Sinai While Orascom has trumpeted the transac- resent the first serious step taken to promoting Islamic finance since President Mohamed Morsi came to power. and big projects such as the develop- tion as a sign that foreign investment is Sukuk have become a common financial option in many Islamic countries and a number of European ones, such ment of Suez Canal axis. returning to the country, traders say the deal as France and Germany. Malaysia has nearly two-thirds of all sukuk issued worldwide. The ratings agency Standard The Arab investors delegation said will in essence move OCI outside Egypt and & Poor's has an index for sukuk bonds. L.E.7,8 billion worth of new invest- will likely delist it from the local market. As But adopting the Islamic banking law in Egypt has drawn significant scrutiny from civil society and religious fig- ments will tit njected into Egypt for the company with the largest market cap, this ures — an indication of the struggle over Sharia-based laws in the future. the establishment of projects gener- would represent a significant loss to Egypt's The controversy, experts say, is largely a product of misunderstanding. ating 1450 job opportunities during equity market, traders say. Members of Al-Azhar's Islamic Research Academy' rejected the Finance Ministry-backed bill, saying it "violates the construction period and 22700 "This transaction is proof of the existing Islamic Sharia and endangers the state's sovereignty.", jobs during the operation. Dr. Hisham Qandil international appetite to invest in Egypt and The bill would allow foreigners to own sukuk, as well as shares in local factories and businesses, academy mem- bodes well for the Egyptian economy with ber and former Grand Mufti Nasr Farid Wasel told Al-Masry Al-Youm. - JORDAN PM UNDERLINES DEPTH OF EGYPT more than US$ 1 billion committed by US "It is like we are selling our properties to foreigners," he said. investors," said Nassef Sawiris, the chief The reality, experts say, is that sukuk are financial products that help fund particular projects, not sales of por- TIES executive officer of OCI, in the company Jordanian Prime Minister Abdullah al-Ensour reiterated the tions of public property. depth of his country's relations with Egypt, saying contacts are statement. By fmancing infrastructure, education and other social development projects, the bonds could relieve some of the Sawiris said OCI's existing Egyptian oper- held constantly between the two countries. strain on the country's budget — though whether sukuk could bring in the billions of dollars the government says Speaking to MENA correspondent in Amman, the prime minister ational headquarters, assets, and 45,000 they will remains to be seen. Egyptian employees comprising half of the called for shrugging off differences and looking instead for common One of the main concerns is that putting the Islamic label on this sort of financing is merely cosmetic, a way to grounds. Egyptian Prime Minister Hisham Qandeel has stressed dur- group's global employee base, will likely lure investors into a less than attractive market. For this to translate into a flush of financing, it requires The same benefit from this expanded access to capital. ing his visit of the kingdom in December to King Abdullah " that Egypt factors that would bring back foreign direct investment: political stability, proper administrative management and a will always keep its pledges and has no intention to renege on any Traders told Egypt Independent, however, clear economic plan built on consenstis — all of which are missing. that the transaction, will hurt Egypt's equity agreements, Ensour said. "Sukuk is a financial tool by which the buyer takes part in a project," explains Islamic banker Hassan al-Meshad. Speaking about an Egyptian-Jordanian co-ordination on the market, which may lose a blue chip company "There is no ownership." Palestinian reconciliation file, he said contacts were made recently that represents 20 per cent of the index. Meshad said he felt he could not issue a judgment on the draft law, since it was still in formulation. between the two countries' leaders on the issue. Egypt's Mohamed' index • • • Notwithstanding, the benchmark "It can really help with financing," he says. Morsi briefed King Abdullah on Egyptian efforts aiming to unite the closed Sunday up- 0.41 per eeiwffter drop secretary general of theElyptiakAssociatioa ofjadamic Finance and managing partner at rbe iruG Palestinians, he said, adding that the king welcomed such efforts. liti)inglit.earlier hi -itiwWeek's opening session. Walk! Hegazv. ,- firm Hegazy and Associates, says sukuk will bring in Gulf and Islamic-focused investors. Egypt and Jordan share the same vision of the Arab League toward 1 ..I•Traders say what's- happening with this `Sukuk will definitely broaden the options." he says. the Syrian crisis, he said. He denied that Jordan objected to a planned deal is that Egypt's OCI will become a Dutch In Islam. interest is forbidden, as are other banking practices that are deemed "usurious," or seen as taking adlea- bridge to link between Egypt and Saudi Arabia. entity, listed on the Amsterdam market with - - vary — with many Islamic mos- the possibility of locally listing shares of rage of a person's financial need. Though interpretations of what is acceptable EGYPT KEEN ON NILE BASIN STATES OCI N.V. as Egyptian Depository Receipts. actions resembling widely accepted practices — profits in alcohol, pork and entertainment featuring saris dad DEVELOPMENT This means that local investors who can and women are unanimously considered prohibited_ Minister of Water Resources and Irrigation Mohamed indeed opt to keep their stocks will own for- In a press conference last week, financial authority and banking officials sought to explain the legal nature of the Bahaeddin said that Egypt is keen on developing all Nile Basin eign-listed shares. sovereign bonds to a group of professors, bankers and journalists. They emphasized that the law being discussed per- states, pointing out that the progress of any Nile Basin country tained to government-issued bonds, not those issued py private companies. 40 SYRIAN INVESTORS would give regional strength to the entire basin. More than one expert said foreign ownership should pose no problem, as it is common practice for most interna- During a ceremony held for signing a contract on the 4th phase of a TRANSFER THEIR tional governments to issue bonds on their debt, and the idea of sukuk does not imply ownership. project to eliminate River Nile weeds in Uganda, the. minister said in a BUSINESSES TO EGYPT Al-Azhar's disapproval also worried some in the crowd. One attendee asked how the law could go forward after statement released by the ministry on Saturday that the co-operation Minister of Industry and Foreign Trade the country's religious authority had already rejected it. between Egypt and the Nile Basin states is inevitable and covers vari- Hatem Saleh disclosed a full-fledged plan to Ahmed Naggar, member of the Freedom and Justice Party Economy Committee, responded by saying that ous cooperation domains. set up a Syrian industrial zone in Egypt. because of their Islamic nature, most sukuk buyers would be Egyptian or Arab, so it is unlikely to become a sover- The signed contract, worth two million dollars, is part of a 4.22-mil- . This came after the minister metiwith 40 eignty issue. lion-dollar project which saved a bridge on the Nile from collapsing Syrian investors who decided to transfer their The bonds would be governed by an independent body, and would be guaranteed as Sharia-compliant by an due to the water weed pressure on its foundations. businesses to Egypt after the deteriorating con- appointed official, said Ashraf al-Sharqawy, Supervisory Financial Authority chairperson. The bridge links between Uganda, South Sudan and the Democratic ditions in their country. He said it was good that in the text of the law, the writers had decided to take the word "Islamic" out of the Republic Congo. The minister pointed out that the envisaged description. Syrian projects include textiles,' ready made "It's not about whether this is halal or not," he said, using the Arabic word for describing something sanctioned wear, foodstuffs, engineering and steel indus- in Islam. "Our role is to organize Islamic tools, and this is about investing in line with Islam." TRADE BALANCE OF A.R.E. tries. Naggar said he was hopeful about the law. He emphasized sukuk as a real solution to capital shortage for busi- yr.]. LE 1000 BY GENERAL TRADE SYSTEM DURING OCTOBER 21/12 nesses, and their potential to help the economy move forward. Inaft■ImraMI $600M. IN UAE INVESTMENTS "It has been an international success," he said. "Hopefully we will have many more meetings like this to discuss EXPORTS IMPORTS IN ISMAILIA it." Ismailia Governor Gamal Imbaby received "This law is so controversial because it's related to two issues," Halat Saeed, chairperson of board of the Egyptian lb 01 Emma MN (I) 10 Imo MR En& Dude PRISM Emig ET.. Code Pam bop lima. Velma Teds UAE businessman Gamal El-Ghareer nd the RIM OE Pdmimm Ca OE 011 RM. are OR Nelms Center for Economic Studies, which hosted the codference, told Egypt Independent. "One, it will decide what is PRY oar win delegation accompanying him. The two sides Sharia-compliant, and two, because it's dealing with public assets." PeoRm0 Prod.. 'discussed a suggestion made by the UAE The fact that religious scholars and some experts do not understand how sukuk work is a sign of the government's Sawa MOO 1155262 MONO MEMO II/010 OSR(0 =WM nom 4140916 1367m2- investor to set up a huge investment project for lack of financial experience and economic know-how, some experts say. •a. an MOOR MUM MOW 15MLORS OMR 356'1e61 )211561.0 541EI4 NORM 2096500. producing and manufacturing sugar, as well as "They really mismanaged the whole thing," said Hegazy, from the Egyptian Association of Islamic Finance. CM. 77119 100007 MIRO 1533. 10.441 Mr 1017179, MEWS IRSOMS =NO - construction of a 9 way or a port an Al- lo1100. 151040 016477 MIMEO 146111077 1mon ROOM 20911410 MOROI AMMO ORURO, NATURAL GAS EXPORT REVENUES UP MR Buhairat Al-Murra for shipment and unloading Egypt's natural gas exportation revenues leapfrogged by 7.19 per cent from January to November 2012 to stand ROOM ORRIS 2/025901 117190141 0655010 19I049 706081 NORM ROMA /MOM IISMOR of the raw materials. 1011 at $1.974 billion against $1.842 billion in the corresponding period in 2011. cm. OMR 20190 71195144. MM. MOM 15564503 mote m.o. moo. msoos. The investments of this project will hit $600 Revenues of petroleum products' exports dropped by 6.6 per cent from January to November 3012 in comparison million which will provide access to investors • VA10011. 2.00. OE RIM.. with the same period in 2011 to stand at $5117.2 million, according to Egypt's cabinet Information and Decision POW and pave the road for more projects. Support Center, a copy of which MENA received on Sunday. 10 Ile*: TY 1.01 Pop."POStS EmPonm I AirtnIto or* ms WORLD'S BIGGEST SHIP Egypt's production of crude oil, condensates and butane gas inched 1.3 per cent up in the first 11 months of 2012 Sm. :Oa Cm1r0 Am, kW f.6r MONEmles 1i MM. MOWS I lie k r.. 1 - TRANSITS SUEZ CANAL in comparison with the sameiperiod in 2011, the report said. Trade balance for ARE during October 2012 British passenger ship Queen Mary2-the 60 NEW UNIVERS' TES WITHIN 10 YEAR COURSE world's hugest of its kind-transited Suez Canal Minister of Higher Education, Dr. Mostafa Mossad, said that the Ministry has laid down the planning of setting with a cargo of 152,000 tonnes, 2600 passen- up 60 new universities within the course of the forthcoming ten years, comprising 20 state-run and 40 as private gers and the workers on board who are 1300 in enterprise as well as some international universities that are scheduled to be set up for the first ever time by virtue number. of bilateral agreements concluded with foreign governments. eI $200M. FROM • ewes KFAED TO EGYPT ir,br, ANNUALLY TILL 20loom totattativititi' 2016 Planning & International THE MIDDLE EAST OBSERVER Co-operation Minister Ashraf MOOR/ - al-Arabi said - that the pro- EVERY WEDNESDAY MORNING [I posed co-operation pro- Truk Bohm. IWm. the ECONOMIC, PUBLISHED TO COVER gramme between 451"2I6 Egyptian government and the .22347x6 THE MIDDLE EAST, ARAB GULF Kuwaiti Fund for Arab Average us E exchange rate :6.120600 AND AFRICAN MARKETS Economic Development Head Office and Advertisements : 41, Sherif Street, Cairo, Egypt (KFAED) in which the latter Trade balance for A.R.E during October 2012 Tel.: 23939732 • 23926919 Fax : 23939732 - 27485844 offers $200 million annually Valve in 000 LE E-mail, Address: through financing develop- [email protected] - [email protected] periodicals@meobservenorg [email protected] ment projects in the fields of Web. www.meobserver.org power, energy, railways and CCR.: 113389. natural gas girds. Printed at Societe Orientate de Publicite (S.O.P.) Cairo - Egypt The Minister pointed out that The Publisher : the Arab Fund for Economic & 7I AHMED FODA IX Eger Chief Editor : H.A. RAOUF Social Development (AFESD) has granted $15 million to Economic Counsellors : YASMIN FODA Egypt to give about-face for the MAHMOUD FODA government institutions. N.M.M. HASHED He noted that the Saudi Dir. of Public Relations : MRS. H. BOCTOR Arabia has pledged to finance My Monthly incori* So big to the Egyptian economy with $4 Annual Subscriptions ; cover and worm me. billion after the January 25 Egypt : LE275 Aborad : $420 - £295 Revolution. JAN. 23, 2013 - • ARAB PROJECTS thottitir.. 3 SODIC DELIVERS SUPPLYING NEW KEY EGYPT EMAAR UNVEILS NEW SERVICED PROJECT RESIDENCES POWER STATIONS Emaar Properties, the developer of iconic real estate' WITH NATURAL Sodic, one of Egypt's top assets, has launched The Address Residence Fountain real estate development com- GAS panies, said it has handed over Views, the first exclusive serviced residences in Downtown Dubai, TradeArabia News Service said. The ministerial group on the first of nine buildings in energy discussed .last Westown's Forty West neigh- With Downtown Dubai hosting over 60 million visitors to become the world's most visited destination, the new Wednesday means of anti- bourhood to Dar AI plying underconstruction Handasah, a leading design dedicated serviced residences are a distinctive investment opportunity, billed to be a home for the 'city's residents power stations with natural and architectural consultancy growing firm, TradeArabia News and a second home for tourists from.around the world, gas to cater for Service said.. who wish for short or long stays in Dubai, said a statement energy needs especially dur- Forty West is the first mixed- from Emaar. ing the summer season when use development launched in Residents become part of one of the most vibrant consumption peaks.. Sodic's Westown, which is lifestyle communities, described as 'The Centre of Now,' The conferees also tackled designed to be the urban heart of with an array of choices spanning retail, leisure and hos- means .of tightening market Sodic West, the largest planned pitality in close proximity, it stated. monitoring measures, to • mixed-use development in Offering an unparalleled lifestyle choice, The Address secure needed diesel oil and Egypt's Sheikh Zayed area. Residence Fountain Views is a 55-level dedicated serv- extending natural gas to more It is double the size of iced residences development in Downtown Dubai, the households. The group was Zamalek and the development Foreign Affairs Minister Prince Saud Al-Faisal said that the 3rd Arab Economic and Social Development Summit held in most prestigious square kilometre on earth, said a senior formed as part of the govern- boasts 3,000 residents today and Riyadh last Monday and Tuesday seeks to adopt an amended unified agreement for investment of Arab capitals inArab coun- official. ment's programme to co-ordi- has a catchment area of 60,000 tries. Addressing Arab foreign and economy ministers gathered to prepare, a draft agenda for the Arab Summit, Prince Saud An integral part of the expansion of The Dubai Mall, nate and ease the implementa- people. said that inter Arab investments are primarily designed to strengthen the role of the private sector as a key partner in devel- The Address Residence Fountain Views is directly linked tion of projects outlined by Scheduled for delivery start- opment. to the world's largest shopping and entertainment destina several ministries in the com- ing 2013, Forty West will offer tion, with all residences also opening to spectamilar views ing period. over 130 fully finished homes SEA HOUSING Q4 PROFIT TRIPLES TO $8.75M of Burj Khalifa, the world's tallest building, and The The meeting was attended designed by Machado & Silvetti RED by the ministers of petroleum, Gross Profit of the fourth quarter of 2012 reached Dubai Fountain, the world's tallest performing fountain. Associates, one of the most Red Sea Housing Services, a leader in modular With only 280 residences, all to be serviced by the pro- finance; supply, electricity prominent architecture and housing solutions, has posted a net income of SR61.41 million compared to S11.21.63 million in fessional team of The Address Hotels + Resorts, the and local development along urban design firms, with a live- SR32.87 million ($8.75 million) for the fourth 2011, an increase of 183.91 per cent. newest lifestyle development in Downtown Dubai offers. with representatives from the quarter of 2012, against SR10.89 million in Q4 The company has recommended the distribution of - ly piazza that will include . investors the choice of spaciolis I, 2, 3-beckbani; and 4- Ministries a . Military restaurants cafes and retail out- 2011, making an increase of 201 per cent, SR60 million as cash dividends for 2012, or SRI.5 bedroom apartments. Production, Scientific lets. Forty West will also TradeArabia News Service said, per share, which represents 15 per cent of the compa- Ahmad Al Matrooshi, the managing director, Emaar Research, Environment and include a boutique hotel and According to company officials, the major rise in ny's share capital. Properties, said: "As the world's most visited tourism,' International Co-operation. commercial building. net income compared to 2011 is mainly attributed to "The decision of distributing dividends comes in shopping and lifestyle destination, Downtown Dubai is EMIRATE "It is a huge testament to the strong increase in Revenues, which were up by line with the efforts of the Board of Directors in order today the connoisseur's choice for premium homes in Forty West that Dar Al 5.42 per cent, and the huge 183.91 per cent growth in to enhance shareholder returns. This decision was Dubai. Today, the city has established its clear lead as a INVESTMENT Handasah selected this particu- gross profit, and 205.99 per cent in operating profit, originated subsequent to the strong financial results business and tourism hub recording significant growth in COMPANY ASK lar development," remarked which was a result of the noticeable increase in rental of Year 2012, which will be implemented immediate- Maher Maksoud, the CEO and passenger arrivals, tourist numbers and the duration of revenues and reduction of installation cost in camps. ly after completing and the necessary procedures and stay of guests." AGRICULTURE managing director of Sodic. During the twelve months of 2012, Red Sea acquiring approvals from relevant official bodies," "Dar AI Handasah is widely BAHRAIN MEP SUNINIIT SEES $380M MINISTRY Housing Services recorded a net income of SR120.42 said Mohammed Othman Mallawi, Investor Relations CULTIVATING recognised as one of the million, which is the highest in the past three years, manager, Red Sea Housing Services. IN DEALS region's leading and most Business deals worth $380 million were concluded 30000 FEDDANS • respected design and architec- reflecting a growth rate of 54.60 per cent from "Dividends distribution will be given to registered SR7.89 million during the same period in 2011 due to shareholders during the upcoming general assembly, during the Arabian MEP Conference and Exhibition Agriculture & Land tural consultancy firms, and held recently in Bahrain, a report said . Reclamation Minister Salah their decision to collaborate the significant increase in revenues reaching to which will be announced in due course. SR864.84, which is the second highest revenue "The Year 2012 has seen remarkable financial There were also more than 3,500 visitors at the three- Abdul-Mo'men said that one with Sodic in Forty West signi- of the Largest specialised in fies it as the premium residen- achieved in the company's history. results, which reflect our commitment to the growth day show, in which nearly 100 exhibitors from Bahrain tial destination of choice," he Earnings per Share for the twelve-month period strategy of Red Sea Housing Services to reinforce our and the region took part, organiser Exposure Media man- agricultural production invest- added. reached SAR 3.01 compared to SAR 1.94 for the cor- presence across local markets and access new prom- aging director Sijo Joseph said, according to the Gulf ment companies in the United responding period in 2011. Another highlight in the ising markets, which will enable us to help satisfy the Daily News. Arab Emirates has asked the RAILROAD report is the 57.23 per cent increase in Operating housing needs of the country by leveraging the huge The event, at the Bahrain International Exhibition ministry to allocate 30000 NETWORK TO LINK Income for the twelve months of 2012, growing from growth potential and strong investment prospects," Centre, was held under the patronage of Works. Minister feddans in east of Owainat EP CITIES SR85.31 million during the same period in 2011 to he added. Essam Khalaf. zone. . Work is scheduled to begin SR134.14 million. "We will remain steadfast in our efforts to expand Use of green technologies in the fields of mechanical The minister pointed out next year on a train network While it recorded an increase of 205.99 per cent in our activities across local, regional and international and electrical engineering came under the spotlight at the that the company will culti- that will link major cities of the operating profit to SR37.27 million during the fourth housing markets. We are expecting to witness a qual- event, which also highlighted the latest developments and vate and plant the feddans Eastern Province as part of the quarter of 2012 compared to SR12.18 million same itative leap and a recognised advantage of the various trends in the fields of mechanical, electrical, plumbing, with Sugar beet. public transportation projeet, period of 2011, These strong results have positively industrial projects that will commence during the cur- heating, ventilation, air conditioning insulation, refrigera- LE15M. TO SG said. tion and automation. Traffic police directors of contributed to the company's gross profit, which rent year, especially in the western region due to the DEVELOP . grew by 49.38 per cent during last year of 2012 to hit government support for all industries especially the "The business that has been done is testimony to the fact Dammam, Riyadh and Jeddah that business in Bahrain is back on track after passing claim that traffic problems in SR221.37 million over SR148.19 million during the oil sector, the mining and industrial sectors as well," RAILWAY SECTOR • these cities are a result of the same period in 2011. concluded Mallawi. through a difficult period," he said. • . The'Transport Mirdstry rapid expansion. The obvious "Visitors, not only froni Bahrain but around the GCC, In need of at least LE15 bil- solution to this problem is to gave an impetus to the show, which had the blessings of lion to develop the railway develop other transportation alter- ABU DHABI TO PICK IWPP DEVELOPER BY MID-2013 the Works Minister. sector, said Minister Ilatein natives. Six international consortiums have been pre-mudi- The 1,500-megawatt (MW) and 55 million gallon per "The support we received from the ministry was of Abdel-Latif. These projects will provide fled to bid for Abu Dhabi's ninth independent water day Mirfa plant will be located on the Gulf coast 160 km great significance and was a major contributor towards Speaking at a press confer- transportation for up to 300,000 and power project (IWPP), with the winner expected to from Abu Dhabi, the capital of the UAE. making the show a success." ence held following a cabinet persons a day in the major cities. be chosen by mid2013, a,senior official of the emirate's , The six pre-qualified consortiums are le.{1_,b0apan's Bahraini company Kavalani & Sons wa.: one of the meeting last Wednesday, The municipalities are prepar- utility said on Thursday, Reuteres said. Marubeni, GDF-Suez, Singapore's SembCorp, Japan's major exhibits/Ls at _event along with.severaLletning -Abdel-Latif skid''''lliat." - ing the final 'studies for these companies from around the GCC. altematives... TARA RT. of Tvinsrioxt. The selected developer will'take a 40 per cent stake in a Sumitomo Corporation, France's EDF and Korea's Doosan President Mohamed Morsi special purpose company in which the Abu Dhabi Water & Heavy Industries. Nehmeh, a leading provider of industrial solutions in asked the ministry to prepare Jabarah Al-Seraisri said the public Qatar & Bahrain, also took part and showcased the most transportation project is a priority Electricity Authority (Adwea) will hold the rest. Abu Dhabi produces more than 9,000 MW of electricity an urgent development. plan in in the ministry's projects. "Next month the bids will be received from the six pre- from its eight independent water and power projects, most advanced equipment and technology focussing on envi- order to be reviewed by him It creates an opportunity for the qualified groups and after evaluation we will select the of which is consumed in Abu Dhabi and about 22 per cent ronment-friendly exhibits. as of withen a week. private sector to participate in the developer," Adwea general director Abdulla Saif al Nuaimi exported to the northern emirates, according to latest TAQA STARTS OPERATIONS AT NEW . The plan entails reconsider-, construction and maintenance of told Reuters on the sidelines of the World Future Energy Adwea statistics. ing ways to manage the rail- these projects. EGYPT SUBSTATION : Summit in Abu Dhabi. Demand is forecast to grow at 11.3 per cent annually in Tarp Power, Egypt's first privately licensed power way sector as an economic. SR 11B. The selection will be made by July, he said. Abu Dhabi up to 2015. developer and operator and a Citadel company, Said it authority, he explained, say-. ALLOCATION TO has begun operations at its 120 MVA substation in ing that Mere are only eight Nabq area to cater to the increasing tourist demand in companies which work in the WIDEN ROAD QATAR PLANS $27B. ROAD PROJECTS . South Sinai, TradeArabia News Service said. • railway sector. The minister Qatar's road sector will witness a tunities to do business in Qatar as the 1 NETWORK JOIN Qatar; and chairman and managing Taqa Power is a branch of Taqa Arabia; . Citadel said that he called for provid- . , OUR DAILY FREE sharp increase in contract awards country enters the next critical phase director of Qatar Petroleum. Capital's full-se'rvice energy distribution platform with a ing LE160 million to develop with $27 billion worth of upgrades of its , preparations to host Fifa World Supported by Qatar's Ministry of focus on gas and electricity distribution and fuels market, railway crossings;. LE600 mil- • NEWSLETTER planned for the country's road net- Cup in 2022. Contractors, consultants Trade and Business, Qatar Chamber The 2013 national budget has ing. lion to overhaul carriages, and work, according to a report. and other stakeholders would not want and Public Works Authority With this new LE200 million ( $88 million) substation, LE105 million to upgrade' allocated SR 11 billion for 223 Qatar, along with Saudi Arabia, has to miss the massive surge of contracts (Ashghal), the conference will take new road projects across the Taqa will be the first privately licensed power developer locomotives. Kingdom, said Transport one of the GCC's busiest road markets that will be awarded in the next few place at the Grand Hyatt Hotel in to provide electricity to the 35 million sq m tourist devel- Minister Jabara Al-Seraisry on to date, with contracts valued $1.8 bil- years, with details and leads to be Doha from February 17-20, 2013. opment on the Red Sea Coast. • $400 M. DEAL Saturday. lion awarded so far. Qatar's road mar- announced in various presentations Among the critical topics that will "We are very pleased to be launching this crucial proj- SIGNED TO .. The total length of roads under ket in 2012 has been propped by two and panel discussions throughout the be discussed at the conference include ect, particularly at a time when Egypt's energy consump- the new projects will be 3,708 major .awards, the $640 million deal duration of the conference," said tendering and bid preparation insights tion is growing so rapidly. Private-sector-led projects such LAUNCH 6TH km," he said, adding that the min- awarded to the UAE'iAl-Jsber Group Edmund 0' Sullivan, chairman, Meed from major and mid-sized contractors, as the Nabq Substation will be the key to meeting Egypt's GENERATION istry would conduct studies and for package 13 on the Doha Events, organisers of Qatar Projects achieving project efficiencies and growing demand for electricity," remarked Ithaled Abu make designs for 1,523 km roads Expressway and the $961 million deal 2013. Tracking the growth and devel- transparency on tenders and project Bald, the chief executive officer of Them Arabia. . SATELLITE . during this year, Arab News said. awarded to South Korea's Hyundai opment of Qatar's transport sector, bids, as well as driving costs down for Arab Satellite Riyadh will have new road "We are grateful for the..continued support of the Engineering & Construction for the including details of potential contract materials, workforce and project Ministry of Electricity as we Work to be 'part of the solu- Comm u projects valued at SR 1.48 billion, Lusail Expressway, TradeArabia awards, will be discussed significantly resources. Transport projects through- followed by Makkah SR 1.2 bil- tion' to ensure that Egypt has reliable access to energy- Organisation (Arabsat) News Service said. at the forthcoming Qatar Projects out the GCC will also be thoroughly and by helping develop the infrastructure that is key to lion, Madinah SRI billion, According to Meed Projects, 2013 conference - the biggest gather- discussed, as the region undertakes a signed $ 400- million con- Qassim SR 1 billion and Eastern both attracting investors and to the growth of the tourism tracts to make and launch Province SR 1 billion. spending on future projects will sig- ing of stakeholders, owners, contrac- massive road building and upgrade, industry." nificantly increase this year as more tors in Qatar's project sector that is with $4.9 billion worth of construc- the sixth generation satellite "There will be 22 road projects With a capacity of 120 MVA. which is expandable to , than 30 highway projects, valued at being held under the patronage of Dr tion contracts in the road sector (Dada in Riyadh on in the Asir region," the minister 160 MVA and upgradable to 375 MVA, the substation's Saturday. • ' . said, adding that they would cost $27.5 billion, are awarded. The year Mohammed bin Saleh Al-sada, already awarded last year. up 22 per current voltage level is 66/22 KV upgradable to 220/66/22 SR 1.1 billion. 2013 onwards presents bigger oppor- Minister of Energy and Industry, cent compared to 2011 Culture and Information. KV. Minister Abdul Aziz Khoja, Tabuk will have eight projects The project has been designed to cover both the current valued at SR 744 million, Hail 13 QANDIL UNDERLINES NEED TO DEVELOP INFRASTRUCTURE and future electricity needs of the entire 35 million- Telecommunications and projects worth SR 660 million, It is necessary to establish better infrastructure in Egypt and not to focus only on upgrading the railway sector, Information Technology and Northern Border Province 11 square-meter Nabq tourism center. said Prime Minister Hisham Qandil. The rapidly growing tourist development, located near Minister Muhammad Mulla projects worth SR 324 million. He, meanwhile, said that there are various sectors in the country that need development, including electstieity, sanitary French- Economic The southern province of Jazan Sharm EI-Sheikh International Airport, currently includes and drainage and roads. "We cannot allocate all the state resources in one direction and leave the rest of the ectoa,' he added around 100 resorts as well as residential and commercial Development . Minister will have projects worth SR 792 while opening Saturday kbakery complex, which is affiliated to the Armed Forces, in 15th of May City. million, Najran SR 430 million,. projects. Arnaud MOntebourg attended Balm SR 644 million and Al-Joa Accompanying Qandil were Supply Minister and Internal Trade Bassem Ouda along ith Cairo Governor Osama Kamal. The substation will extend an electricity distribution the ceremony, Arab News SR 404 million, AI-Seraisry said. Egypt has been hit by a spate of tragic acciden s in recent days, including the Badrashin and Imbaba train accidents and network to all of Nabq's tourism, commercial and residen- said. the collapse of a building in Alexandria, he said. tial facilities, including a number of mega development QANDIL DISCUSSES - He also extended deepest condolences to the families of the victims and vowed to provide full care and support for them. • Arabsat signed the deals PPP projects currently under construction such as City Stars with the consortium of two Prime Minister Hisham Qandil said that a Nabq and Porto Sharm. companies Astrium and • DEVELOPMENTAL range of urgent measures will be taken to tight- Dr Magdy Saleh, the managing director of Taqa Power en the control on the railway sector, noting that Thales Alenia Space and PROJECTS said, as per the agreement, the company will purchase Arianespace. Prime Minister Hisham 900 railway crossings will be J developed. A electricity from the Egyptian Electricity Transmission Qandil held a meeting to dis- meeting will. be held with the Transport Khalid our . Ahmed Company at Egyptian electricity unified grid prices, then Ballchycdr, president and . cuss a number of Public-private Minister to get acquainted with the ministry's distribute it to its customers within the Nabq tourism cen- partnership (PPP) developmen- plan to develop the railway sector, he added. CEO of Arabsat said that the tal projects. ter. Talking about the price of bread in the newly- According to him, the design and tendering of the-proj- contracts for manufacturing. Ministers of Utilities, Drinking inaugurated complex, Qandil said that the actu- and • launching Badr7 were Water and Sewage, Housing, ect began in the second half of 2009 and construction al cost of the bread is 33 pilasters and the gov- cocommencedmm in 2010. The substation began operations last worth more than $ 400 ..mil- • Utilities and Urban Development, ernment sells it at 5 pilasters. He also noted we lion. "The new satellite Badr- Finance and Transport attended week. , the meeting. that the cost of the bakery complex hit 18.3 Taqa Power had recently signed the Medgtid Industrial 7 will be co-located at Arabsat The meeting tackled 10 proj- million pounds, saying that around 40 bakeries Partnership with 12 leading companies from Europe. The exclusive Hot -Spot 26°E with • - ects, to be implemented in 2013. will be opened soon. Asked about allocating alliance of leading industrial partners involved in 'the pro- AraliSat other satellites known The projects are expected to one billion dollars from the Suez Canal's rev- duction, transmission and distribution of electricity aims as Back. Badr-7 will provide attract investments with a total of enues for setting up projects for youths, Qandil . to work together to come up with clean; renewable, alter- massive satellite capacities for LE17.2 billion and will provide said that the Suez Canal's revenues hit around native energy, sources for North Africa. • television broadcasting, more than 26,000 jobs during $5.6 billion per annum and it is a humble fig- their establishment and about ure. But a project to develop Suez Canal will MALAYSIAN INVESTMENT FOR• telecommunications and 17.000 jobs after their operation. provide tens of billions to the state, he said, RENEWABLE ENERGY information exchanging serv- The projects include a water adding that a Wan to develop the Suez Canal Malaysian Prime Minister Najib Tun Razak arrived in ices in Ku-band in addition to treatment plant in Abu Rawash, will be laid out within the coming two months. Egypt on Monday on a threeday visit. the broadband services in Ka- solid waste recycling project to Regarding securing celebrations marking the Razak discussed with Egyptian officials items on the band," he said. "The 6th gen- generate electricity, developing, eration satellites are a quan- operating and maintaining indus- second anniversary of the revolution, Qandil Islamic Summit agenda held in Cairo February 6-7 with trial Safaga port and other proj- said that the government supports peaceful 56 countries participating. tum leap in terms of the man- ects in different domains and rotests and there are directives to the security He also discussed increasing Malaysian investments in ufacturing technology and the , regions in Egypt. to protect protesters. Egypt, particularly in new and renewable energies and capabilities of these satel- infrastructure domains. lites," the CEO said. JAN. 23 , 2013 BUSINESS OPPORTUNITIES iff ibmt gita Banking Affairs Business Opportunities NATIONAL BANK OF OMAN Q4 AIRIER Texts, Laws and Regulations PROFIT JUMPS 48% (Tenders Prepared by Our Staff) National Bank of Oman, the sultanate's fourth- Official Journal- Issue No. 51 (Supplement) - largest lender by market capitalisation, posted a 47.8- - Tender for supplying Boxit, 24/2012/2013 for sup- Dated 20 December 2012 per cent rise jumped in fourth-quarter net profit on 5000 Electronic Trans 40 Due date : 30.1.2013 pling and supervision of Arab Republic of Egypt Presidential Decree- Sunday, beating analysts' expectations. Reuters said. W. Booklet : LE 5000 erection of 3 Single The lender made a net profit of 10.2 million rials ($26.5 Law- No. 160 Of The Year 2012 Amending Some Provisions million) in the final three months of 2012, according to Due date : 5.2.2013 Client : Alex. Co. for Phase 167 MVA, of Law No. 88 Of The Year 2003 Reuters calculations based on previous financial state- Bid Bond : LE 3500 Refractoris - Nozha - 500/3/220/3/11 KV auto ments, up from 6.9 million rials in the same period in 2011. - Supply 26 Photo-copy Alex. Transformer Plus One Of The Central Bank, The Banking Sector And Money Four analysts polled by Reuters had estimated an average *** Machines, Spare Phase, President of the Republic fourth-quarter profit of 8.7 million rials. Due date : 11.2.2013 Full-year profits stood at 40.7 million rials. climbing 19 Due date : 4.2.2013 - The Mechanical and per cent on the previous year's figure of 34.2 million rials, Booklet : LE 300 Electrical Department Booklet : US$ 3000 After having perused the Constitutional Proclamation, promulgated on 13 February 2011; a statement to the Muscat stock exchange said. Bid Bond : LE 10 000 invites sealed bids from Bid Bond : US$ 100 000 Constitutional Proclamation, promulgated on 30 March 2011; Constitutional Proclamation, promulgated on 11 August 2012; and Constitutional Proclamation, promulgated on 8 The bank was helped by a 15-per cent rise in net interest Client : Al-Menia eligible bidders for Client Egyptian income. which increased to 67.2 million rials in 2012. December 2012; and After approval of the Cabinet of Ministers; University, Al-Menia. "Rehabilitation of the Electricity Transmission DECREED THE FOLLOWING LAW, THE TEXT OF WHICH IS HEREUNDER Loans and advances grew by 14 per cent in 2012, hitting *** 1.91 billion rials against 1.67 billion rials at the end of Mechanical and Company - EETC, STATED: 2011. - Tender for supplying Electrical equipment for Central Purchasing Article - 1 Customer deposits rose 18 per cent year-on-year, stand- pipes and parts, Mariut No. 2 pumping Department, The texts of the first and third paragraphs of Article (116) of Law No. 88 of 2003 of The ing at 1.89 billion rials against 1.6 billion rials at the end of Central Bank, the Banking Sector and Money, shall be replaced by the following texts: Due date : 10.2.2013 station" located at Abbassia Nasr City, Cairo Article (116) - First Paragraph 2011. Total assets gained 14 per cent in the same period to Booklet : LE 300 Alexandria governorate 2.54 billion rials at the end of 2012. Fax. & Tel. : 22616537 "Entry of foreign exchange into, or its exit from, the country shall be warranted for all pas- Fitch Ratings affirmed NBO's BBB+ rating in Bid Bond : LE 7000 on turn key basis, follow- *** sengers, provided its amount shall be within ten thousand American dollars, or their equiva- November, citing improving profitability, liquidity and - Supply cables, ing are design data of the - International Tenders lent in other foreign currencies". Article (116) - Third Paragraph asset quality on account of the bank's new strategy. Due date : 18.2.2013 station :- No. of units (4) to submit Tenders for However, it noted the bank's weakening capital position "Entry, or exit, of foreign exchange by means of postal letters or packages, shall be prohib- Booklet : LE 500 Vertical, Discharge/unit Steam Turbine ited". - its core capital ratio &dined 0.5 per cent in the first nine Bid Bond : LE .14 000 (6.5m3/sec) and Static months of 2012 to 12.8 per cent on the back of strong Generators Article - 2 growth - at a time when other Omani banks are mulling Client : Cairo Co. for Head (9.5m). Condensers Package in This Decree-Law shall be published in the Official Journal, and shall have the force of law, rights issues. Petroleum• Refianery - Due date : 26.3.2013 accordance with the and shall be put into force as of its date of issuance. Issued at• the Presidency of the Republic NBO shares closed 0.7 per cent lower on the Muscat Mostorod - Cairo. on 6 Safer 1434 (Islamic Calendar), corresponding to 19 December 2012 (Gregorian Booklet : LE 1500 requirements set forth in Calendar). bourse Sunday. *** Bid Bond : Euro 42 000 + the Tenders Document • DEUTSCHE WINS TOP ISLAMIC - Tender for supply 2 LE 68 000 Mohamed Morsi for South Helwan SOO FINANCE AWARD Half Transport and Client : Ministry of Water Supercritical Power

Deutsche Bank has announced that is has been recog- transport Cars, Resources - Mech. & Plant 3x650 MW. Al-Wakaye Al-Mesreya / Government Bulletin - Issue No. 286 Dated nised by Islamic Finance news as the "Best Islamic Due date : 5.2.2013 Electrical Dep. Cairo. 18 December 2012 Trustee/Custodian 2012", TradeArabia News Service The scope of work Booklet : LE 1000 Tel. : 22069294 includes, but is not limit-' Ministry of Investment Decree No. 22 of2012 Amending The Text of said. *** This is the third consecutive year that Islamic Finance Client : Egyptian Co. for ed to furnishing all plant, Article (127) Of The Executive Regulations news has recognised Deutsche Bank's excellence in provid- Pharmaceuticals Trade, - Tender for Extension of labor, technical and pro- ' Of Law On Supervision and Control on Insurance in Egypt ing Islamic Trustee and Custody Services in their annual Shobra - Cairo. Bassous substation by fessional services, con- Global Banking Awards, a statement from the bank said. * * * 500 KV Transformer The Minister of Investment; At its locations in Dubai and Doha, the bank has been struction equipment, - Supply single cabine bay, Adjudication No. technical assistance on After having perused the Constitutional Proclamation, issued on 13 February 2011; developing investment products designed in accordance Constitutional Proclamation on 30 March 2011; with Islamic law for a growing clientele in the Middle East cars, 23/2012/2013, site and training and to Constitutional Proclamation, issued on 11 August 2012; and South East Asia for over ten years. Due date : 5.2.2013 tenders technical & com- perform all operation Law No. 10 of the year 1981 on Supervision and Control on Insurance Business, in Egypt, Salah Jaidah, chairman of Islamic finance at Deutsche Booklet : LE 330 mercial to be submitted necessary and required its Executive Regulations and amendments thereof; Bank, said: "We are honoured to have received these Law No. 159 of of the year 1981 on Joint Stock Companies, Partnership Limited by Shares awards from Islamic Finance news, as they confirm our - Supply private cars, according to tender con- to design, fabrication, Due date : 5.2.2013 ditions in one sealed and Limited. Liability Companies, and its Executive Regulations; expertise in servicing the needs of the growing Islamic furnishing, delivery, Law No. 10 of the year 2009, regulating Supervision over Non-banking Financial Markets • finance market." Booklet : LE 330 envelope, Interested bid- transport to the site, and Instruments; "The Qatar Deal of the Year Award reflects Deutsche - Supply a Bus (48 ders should submit the unload, store, erect test. Presidential Decree No. 192 of the year 2009, promulgating the Statute of the Egyptian Bank's capabilities to structure complex Islamic Finance Passengers) and a Mini- envelope on or, start up, commission and Financial Supervisory Authority; transactions as well as its dedication to the State of Qatar." Presidential Decree No. 181 of the year 2012, deeming the Prime Minister as the minister Sriram Iyer, regional head of global transaction banking Bus (24 Passengers), Due date : 4.2.2013 maintain until taking Due date : 5.2.2013 Booklet : US$ 3000, From responsible for applying the provisions of Law No. 10 of the year 2009; and in the Middle East and Africa at Deutsche Bank, said: over and acceptance cer- Prime Minister Decree No. 991 of the year 2012, delegating the powers of the minister "Through our expertise in the Islamic finance business we Booklet : LE 330 National Bank of Egypt. tificate for the Steam responsible for applying the provisions of Law No. 10 of the year 2009 to the Minister of have been able to steadily grow our award-winning trustee Client : Al-Beheira Bid Bond : USD 100 000 Turbine Generators & Investment; and and custody businesses. We are dedicated to deliver world- Electricity Dis Co. Client : Egyptian Condensers. Upon the recommendation of the Chairman of the Board of Directors of the Egyptian class Islamic finance solutions to our clients." Financial Supervisory Authority; Deutsche Bank is deeply committed to the development Damanhour. Electricity Transmission Due date : 24.2.2013 *** Company (EETC) DECREED; of the Islamic finance industry and is broadly recognised as Booklet : USD 3000 (Article One) a world-class provider of Islamic financial solutions, the - Supply, Erection new Abbassia, Nasr City, Bid Bond : USD 6,500 000 The following text shall be added to the ultimate clause of Article (127) of the Executive statement said. (Elevators), Cairo, Egypt. Regulations of the Law on Supervision and Control on Insurance in Egypt: The bank has also won "IPODeal of the Year" award for Client : Upper-Egypt Due date : 5.2.2013 *** Electricity Production Co. The following persons shall be exempted from the condition of obtaining one of the qual- the Felda Global Ventures $3.4 billion IPO and "Qatar Deal ifications or experience set out in Item (1) of the present Article: of the Year" award for its role in the State of Qatar $4 bil- Booklet : LE 1500 - International Call for ** * . Bid Bond : 125 000 tender No. 1 (2012) Any person who has previously registered as an insurance broker, in accordance with the lion dual tranche sukuk. ARAB TENDERS provisions of the previous laws; and Client : Gen. Health NREA is announcing the RAKBANK LAUNCHES ISLAMIC ABU DHABI Any person proved to have entered into a contract as a trainer at the productive system of Insurance Authority, availability of a 6 piece of BANKING SERVICE - Supply of laproscopic the insurance or re-insurance companies before 18 November 2008, and continued to work RakBank, also known as the National Bank of Ras Al- Shobra El-Kheima. land each one has an in the productive system of these companies till the aforementioned date, provided that he Khaimah, has launched its new Islamic banking servic- *** approximate area of items, must be a holder of certificate of completion of the General Secondary Study, or the Technical es including a wide range of products from accounts, - Supply of 1000 tones of (15km2) in Gulf of Suez, Due date : 5.2.2011 Secondary Study, or their equivalent, with at least a two-year practical experience in insur- loans and cards to Takaful policies, TradeArabia News based on Auction system, Booklet : Derh. : 1000 ance or re-insurance business". • sodium Tri poly (Article Two) Service said. Sufficient for establish- - Supply Disinfectant ow. The services will be offered through a separate brand, Phosphate, Minister of Investment Decree No.6 of the year 2009 shall be cancelled. Due date : 4.2.2013 ing a 100 MW Wind items, (Article Three) RakBank Amal. Due date : 12.2.2013 "As the fastest growing bank in the region, introducing Booklet : LE 250 farm Project for each This Decree shall be published in Al-Wakaye AlI-Mesreya / Government Bulletin and shall Booklet : Derh. : 500 come into force as of the day following its date of publication. Islamic Banking is the natural direction for RakBank as it Client : Egyp. Salt & Soda piece of land NREA shall Bid Bond : Derh. 250 000 Issued on 4/12/2012 strives to better serve existing and potential customers in Co. Moharam Bay - Alex. avail the land to techni- the country through added choice," said Graham *** cally qualified Client : Ministry of Minister of Investment Honeybill, RakBank chief executive officer. investor(s) through Health Osama Saleh "The Bank's solid reputation for success and its commit- - Tender for Purshasing Rnvelopes www.moh.gov.ae *SO ment to customer service pave the way for a promising Transport Micro- Sealed Auction and shall then *** foundation for Amal with the potential to set itself apart in Buses3/4 Half Transport Al-Wakaye Al•Mesreya / Government Bulletin - Issue No. 280 sign a USUFRUCT a crowded market," said Mufaddal Khumri, RakBank head Cabine, SAUDI ARABIA (Supplement - A) Dated 11 December 2012 of Islamic Banking. Agreement with the win- Due date : 12.2.2013 - The General Authority Ministry Of Industry and Foreign Trade Decree No. 982 ' Available throughout the Bank's 33 branches, RakBank ning investor(s). of Civil Aviation Amal provides financial solutions to a wide customer base Booklet : LE 330 of the year 2012 The investor(s) shall use ("GACA") of the with a preference for Sharia-compliant products and serv- Bid Bond : LE 30 000 the land only for the pur- Kingdom of Saudi On Continuing Imposing An Export Duty On Blocks Of Crude- ices, he added. Client : Wassat El-Delta "With rising investment flows in Islamic Finance in the pose of establishing a Arabia wishes to invite Marble And Granite Co. for Electricity UAE and Dubai's ambitious plans to set up an integrated Wind farm Project, and international and leading platform for an Islamic Economy, RakBank aims to be at Production, hence selling the pro- Minister of Industry and Foreign Trade; companies' participa- Following reviewal of Law No. 118 of the year 1975 on Export and Import; the forefront of Islamic Banking solutions to meet growing Talkha - Dakahlia. duced energy to himself tion, through a competi- local demand," explained Khumri. *** The Statute of Rules Enforcing the provisions of Law No. 118 of the year 1975 on import or to his contracted cus- tive bidding process to and export and the system of imported and exported goods inspection and control procedures RakBank Amal's Sharia-compliant products include - General tender for sup- Jood Account, a unique Mudaraba-based savings account tomers. provide a 2nd ground promulgated by Ministerial Decree No. 770 of the year 2005, and its amendments; that allows customers to grow their savings while earning plying 50000 water Duedate : 24.2.2013 handling License in the Ministerial Decrees nos. 1049 of the year 2009, 561 of the year 2010, 278 of the year 2011 chances to win Dh500,000 ($136,000) in its quarterly draw. meters 3/4 inche. Booklet : Euro 500 for and 707 of the year 2011 on Imposing An Export Duty on Blocks of Crude Marble and following international Granite; Also, two lucky winners will pocket Dh10,000 each per Due date : 29.1.2013 each peace of land airports : month and 100 others will receive Dh2,500 each. And upon the proposition of the Foreign Trade Sector in its memorandum dated Booklet : LE 5000 Bid Bond : Euro 100 000 1. King Abdulaziz 28/11/2012; In addition to its two debit cards. RakBank Amal also Bid Bond : LE 200 000 6ffers two credit cards 'through RAK Islamic Finance for each piece of land International Airport DECREES THE FOLLOWING Company, a fully owned subsidiary of RakBank. Sharing - Water raising sets for Client : New and ("KAIA") in Jeddah. Article: 1 the trendsetting features of RakBank Cards, RakBank water. Renewable Energy 2. King Khalid Ministerial Decree No. 707 of the year 2011 referred to on imposing an export duty at a Amal does not charge an annual fee on the sharia-compli- Due date : 29.1.2013 Authority. rate of L.E 150 per tonne of blocks of Crude or roughly trimmed marble (H.S Code 2515.11) International airport and blocks of Crude or roughly trimmed granite (H.S Code 2516.11), shall continue to apply ant cards which are also eligible for up to 5 per cent cash Booklet : LE 300 *** ("KKIA") un Riyadh. back. for a period of two months that ends on 12/12/2013. In addition, it brings its cardholders exclusive dining and Bid Bond : LE 8000 - Supply of 3 Single 3. King fahad Article: 2 lifestyle privileges with RAK Islamic Feast and RAK - Supply of 20 Listening Phase 167 MVA, International Airport The present decree shall be published in the AI-Wakaye AI-Mesreya / Government Bulletin Islamic Lifestyle. Customers are sure to receive continuous St, 500/3/220/3/11 KV, ("KFIA") in Dammam. and shall apply as of its publication date. rewards and benefits through exclusive weekly deals, Due date : 30.1.2013 Auto Transformer Plus 4. Domestic Airport Issued on 11/12/2012 including 50 per cent discounts at various Sharia-compliant Booklet : LE 150 one. Spare Phase (optional). Minister of Industry and Foreign Trade outlets, through RakBank Deals on rakbankae/amal/deals, Adjudication No. Eng./ Hatem Saleh which is also supported by an interactive mobile applica- Bid Bond : LE 500 Due date : 25.2.2013 tion. Client : Potable water Co. (24/2012/2013) Client : General Authority Amal Auto Finance, based on the Islamic concept of Gharbia - Tanta. EETC invites Eligible of Civil Aviation - Jeddah Murabaha, will also help customers get the car of their * * * • International Bidders to - Saudi Arabia, Banque Du Caire dreams with minimal documentation and quick approvals,a FOREIGN EXCHANGE RATES - Supply of 5000 tones participate in tender no. Fax +96626404822. Treasury Department statement said. *** IN EGP POUNDS SOFTBANK TO SELL EACCESS DATED JANUARY 21, 2013 STAKES TO SAMSUNG, ETC. 0 Irani nuclear CURRENCY BUY SELL Japanese telecommunications firm Softbank has talks table decided to sell a two-thirds stake in eAccess, a smaller US Dollar 6.620000 6.650400 Euro 8.710000 9.000000 mobile service provider, to Samsung Electronics and 10 Pound Sterling 10.405000 10.692500 other companies reports said last week, AFP said. Canadian Dollar 6.536100 6.846500 Softbank, which last year signed a $20 billion takeover Danish Krone 1.128200 1.225400 of US firm Sprint Nextel, is in talks with 11 possible buy- Norwegian Krone 1.133900 1.222200 ers, including Ericsson and Nokia Siemens Networks as Swedish Krone 0.980300 1.051100 Swiss Franc 6.929300 7.274300 well as Japanese firms, the Nikkei newspaper said. Japanese Yen 7.206900 7.616500 Cutting its eAccess stake to below one-third will enable Australian Dollar 6.819900 7.136400 Softbank to skirt the government policy on spectrum allo- Kuwaiti Dinar 22.823000 23.724000 cation to telecom service providers, the Nikkei said. Saudi Arabian Rial 1.753600 1.782900 Softbank turned eAccess into a wholly owned subsidiary UAE Dirham 1.789200 1.820700 Bahraini Dinar 17.344000• 17.818000 on Jan. 1, and will remain its top shareholder with a 33-per Omani Rial 16.914000 17.423000 cent stake, major media said. Qatar Rial 1.798900 1.835200 But the communications ministry has viewed the pur- Jordanian Dinar 9.003100. 9.496600 chase as running counter to the policy of allocating fre- Above rates are applicable for amounts up to USD. 25.000 or quency bands fairly to cellphone carriers, Kyodo News From Al-Sharq Al-Awaat said . equivalent for larger amounts, please refer to Treasury Department.

Th e 1.1 'AN 23 2°13 ARAB & GULF MARKETS ast ..15rrivr aft gib*got Amin 5 BAHRAIN PLANS MENA ONLINE WORLD'S BIGGEST ANNUAL FOOD RENEWABLE TRADING SEES AND HOSPITALITY SHOW SET IN ENERGY SETUP SOLID GROWTH DUBAI Bahrain may soon build The MENA region has GIULFOOD, the world's largest annual trade show for renewable energy stations recorded a remarkable the food and hospitality industry, is set to broker more to generate electricity, 2500 per cent increase in international business opportunities than ever before, with a record 110 country pavilions and 4,200 exhibitors after a study conducted by its internet users over the Masdar explored the pos- past 10 years, according confirmed for the 2013 event. More than 50,000 brands to the latest research by across every sector of the show will be on display, SG said. sibility of setting up such Taking place on Feb. 25-28, 2013 at the Dubai World Trade stations on the Hawar j Arabnet and Discover Centre, the show has expanded by 13 per cent in size to offer I Digital Arabia, Saudi Islands, TradeArabia a record 113,398m, in exhibition space to participating News Service said. i Gazete said. exhibitors from as far afield as Brazil, New Zealand, 1 With 72 million Internet The Supreme Council for Argentina, Australia, Russia, South Africa, Switzerland, Environment President users and a mobile penetra- France, USA and Vietnam. The increasing market demand for tion rate of virtually 100 food and drink in the region is matched by growth in global Sheikh Abdulla bin Hamad ■ per cent, it is expected that participation at Gulfood every year. Al Khalifa last week met, at 1 there will also be a signifi- Gulfood is strictly a trade-only event and is open to busi- Emirates Palace in Abu cant growth in online trad- ness and trade visitors from within the industry only. Gulfood Dhabi, UAE assistant for- 1, Mg. is open from Feb. 25-27, and on Feb. 28. The online entry fee eign minister, special envoy , A closer analysis of the is AEDI25 and onsite entry fee is AED250. for energy and climate According to the Etonomist Intelligence Unit, food imports change and Masdar compa- latest figures reveals the to the GCC, which totaled $25.8 billion (AED94.7 billion) in convergence between ny chief executive Dr 2010, are expected to rise to $53.1 billion (AEDI95 billion) Sultan Ahmed Al Jaber and I mobile and Internet usage, in 2020. I with the region shifting Gulfood enables global and regional players in every sec- discussed results of the towards intemet-enabled tor of the industry - from ingredients to finished foods and study to set up renewable mobile devices. The pene- Interior Minister Prince Muhammad bin Naif signs a separate agreement with US Secretary of State HiRlaty Clinton in from food retail to hospitality services - to tap into this power stations in southern tration rates for such Washington last week. prospective growth. Bahrain. devices currently stand at "With 61 per cent of our visitors coming from outside the Sheikh Abdulla wel- 69 per cent for Saudi UAE, Gulfood is a truly global show for the food and hospi- comed the visit of a Masdar 1 Arabia, 58 per cent for the SAUDI-GERMAN CO-OPERATION tality industry. The sheer scale, volume and value of business delegation to Bahrain, UAE and 41 per cent for conducted at the show is unmatched by any other exhibition pledging to provide all in the world," said Trixee Loh, Senior Vice President, Dubai facilities for the second I Egypt. In addition, 34 per World Trade Centre, the organizer of Gulfood. "The 18th edi- . cent of tablet owners have PACT SEALED IN MUNICH phase of the project. A Saudi Arabian high-ranking delegation of 60 businessmen, headed by Fahad Al-Hammadi, Chairman of the tion of the show promises to bring even better variety in prod- purchased applications and ucts, services and technologies as well as more opportunities The team conducted a the demand is expected to National Construction Committee, visited the six-day BAU 2013 - the world's leading trade fair for construction for education and networking." feasibility study on setting grow. materials, architecture and systems that concluded Saturday at the trade fair in Munich, SG said. up at least two renewable Mubasher Financial The German-Saudi Arabian Liaison Office for Economic Affairs (AHK Saudi Arabia) organized the visit from Saudi KURDS DEFEND KEY OIL POLICY, energy stations. An agree- Services (MFS) is con- Arabia. The delegation met with the State Secretary of the Federal Ministry of Transport, Building and Urban Development, REJECT BP DEAL ment will be signed with tributing to this trend by Rainer 'Bomba. Iraq's Kurdistan has defended its oil policy as constitu- the Kingdom to start estab- making online security a The Federation of the German Construction Industry, headed by Vice President Klaus Pollath, signed an MOU with the tional, and rejected a deal between Baghdad and BP for lishing the clean power cornerstone of its award- National Committee for Contractors at the Council of Saudi Chambers (NCC) with the objective of fostering closer rela- an oilfield in the disputed city of Kirkuk as an "illegal" generating stations. ! winning trading platform. tions between the two organizations as well as to establish measures to facilitate future co-operation in the fields of engi- step in the autonomous region's feud with the central gov- neering and construction. ernment, Reuters said. UAE SEES NO Malek Kanawati, CEO The statement came after Iraq's oil minister said Baghdad's of Mubasher, said: "The The delegation also visited selected German exhibitors which are interested to cooperate with Saudi Arabian companies. government would sue companies exporting crude from NEED TO 1 region has high Internet Furthermore they had the opportunity to get in contact with German exhibitors & decision makers. Kurdistan, warned of cuts to the self-ruled region's federal REDUCE OIL penetration rates, but ini- Once again the trade fair attracted around 2,000 exhibitors from more than 40 countries and approximately 240,000 visi- budget and announced an accord with BP in Kirkuk. Iraq's tially this did not automati- tors from all over the world. central goVernment and Kurdistan Regional Government or OUTPUT cally translate to high rates Every two years this event brings together market leaders from the sector to participate in a unique international display KRG, run by ethnic Kurds, are locked in a widening dispute The United Arab of online trading because of competence from all construction areas. over control of oil revenues, oilfields and territory that is fray- Emirates does not see the many investors first need- BAU is also the world's largest trade fair for architects and construction engineers, attracting around 50,000 design pro- ing the country's uneasy federal union. need to cut oil production, ed reassurance about the fessionals. Key topics for the future of the industry, such as sustainability and green buildhig, play an important role in all The ethnically mixed city of Kirkuk, sitting on the internal the UAE's oil minister said security of online transac- sections of the exhibition. The many attractive events included high-caliber forums with experts from all over the world. border between Iraq and Kurdistan, is at the heart of their after being asked whether long-running battle over constitutional rights to the Opec his country would follow ■ lions. We are helping to member's crude reserves. I bridge this gap by deliver- GCC GROWTH 'SET TO DROP TO 3.6% IN 2013' Saudi Arabia's big reduc- "Iraq's citizens are simply tired of this sort of language of tion in output in late 2012, ing the strongest possible GCC economic growth is set to slow to 3.6 per cent in 2013 from 5.4 per cent in 2012 as the three-year surge in regional threat and intimidation, which in the cynical pursuit of narrow security features." oil production comes to an end, a report said, according to TradeArabia News Service. political agendas serves only to create division and strife," the Reuters 'said. I DUBAI HITS However, on the ground, business conditions are expected to remain solid as governments maintain elevated levels of investment KRG said in a statement. "No. At the moment we and social spending, which will ultimately support confidence and private sector activity, added the latest GCC Brief released by "In terms of oil and gas management, the KRG firmly are just producing the way 32-MONTH HIGH the National Bank of Kuwait (NBK). • believes in, and abides by, the letter and spirit of Iraq's perma- we are," Mohammed Al- Dubai's bourse rose to Geographically, Qatar and Oman are likely to be the region's best performers. But project market activity will also help build or nent, federal constitution." Hamli told journalists in a 32-month high in early sustain growth momentum in Kuwait and Saudi Arabia, the brief said. Oil minister Abdul.Kareem Luaibi said Baghdad intends to Abu Dhabi. trade, breaking above a According to NBK, oil prices will average $100 per barrel over the forecast horizon - a level that allows most GCC governments sue Genet Energy - the first company to export oil directly The market is well bal- long-term resistance level to finance higher spending without draining their financial reserves. from Kurdistan - and may slash the government's allocated 17 anced... Well maybe it's a as bullish sentiment on GCC oil production is projected to fall by 1-2 per cent per year over the next two years as Gulf Opec producers move to reverse per cent budget to the region unless it halts what he rejected some of the big output increases seen since 2010. little bit over supplied but UAE equities continued, as smuggling. Luaibi announced a preliminary agreement generally it is well sup- Reuters said. But there are risks to this forecast, the report said. with BP to revive the northern Kirkuk oil field, which is suf- A major global economic; downturn could see global oil market fundamentals loosen by more than expected in 2013. pushing oil fering massive output declines. plied," he said. The emirates index prices below $100 per barrel for a prolonged period. This would put government fiscal balances under pressure and cause cuts in climbed 1.1 per cent to spending or delays in proje let execution, weakening economic growth. • ip 1,4 3 3 1,794 points, it highest Over the medium-term, ]major economic reforms in argas,such as the labor market, education, and competition policy are need- 1333 1 13 331 33,13 1116i11111. level since April 2010. ed to enable the private sector to grow more independenllyof state support. Stick refonns'haVe &ken it back seat-ofiatems govern- 1-- Technical analysts said ments have prioritised measures to boost incomes and jobs, the brief §aid...... • ....- • 11•131•13031' breaking the 1,785 level Despite healthy rates of economic growth, GCC inflation remains low. Weighted consumer price inflation had fallen from 2.7 ' Prpo Poll. • Wei.. would indicate the comple- per cent mid-year to 2.0 per cent by October and is expected to have averaged 2.4 per.cent in 2012. The decline has been driven I TOPPISPOONCIMOMMINIVAIIIII I tion of a major reversal by a deceleration in food price inflation in some countries, soft figures for housing rents and the lagged impact of earlier US dol- ,0000,1 1 pattern. lar strength on import prises. 41611/plitle•11, A slight pick-up in inflation to 3 per cent is seen in 2013, as some of these factors go in to reverse while domestic economic •Pexp,PID j TAQA BEGINS ottathotammira, growth remains strong. Hc twever, at these levels, inflation is unlikely to register as a major policy concern. I RESTART OF UK Fiscal and monetary policies will remain expansionary. Aggregate GCC government spending is seen rising by 6,8 per cent per . 4151," year over the next two years and by 2014, spending could be nearly 50 per cent higher than in 2010. 6161 oar** BRENT OIL 331011/005r3 3 3 Lower oil production an d prices will hit oil revenues, however, and the region's budget surplus will more than halve from 12 per 3 41.31111 FLOW cent of GDP in 2012 to 5 per cent by 2014, the NBK brief added. rwnw Abu Dhabi National Interest rates are expected to stay at recent record lows, in order to help manage exchange rate pegs against the US dollar. MPIGNIIIIIIP•11•PACIPPPS TOIMUMNITAIRIMMIPIPILOWNINCOMIP I Energy Company (l'aqa) pormapap■Tk Bank lending is also likely to remain solid overall - and particularly in those countries where growth is strongest. Banking sec- 33 13 e13.111113 said it has begun the process tor profitability should sets an improvement after a provisioning-affected 2012 - so long as the global economy maintains its foot- II 11133001.3130(tt., of restoring the flow of an 10331131,4 ing. •Pta•Sa, estimated 80,000 barrels per ••4410211, day (bpd) of crude oil in SABIC NET RISES 11% IN 04 '-'a, Britain's Brent pipeline sys- Saudi Basic Industrkss Corp. (Sabic), the world's bigger petrochemicals group by market value, posted an 11.3 per /11.3031,31 tem, which forms part of the cent rise in fourth quarter net profits Saturday. 3.1,131, global Brent oil benchmark, The chemicals, metals and fertilizers conglomerate earned net income of SR5.83 billion ($1.55 billion) in the three months Middle Eastern investment banking fees reached $536.1 million during 2012, a 19 per cent I Reuters said. The company ending December 31, compared to its profit of SR5.24 billion a year ago, it said in a bourse statement, SCI said. increase over 2011, according to a report from Thomson Reuters. i said on Tuesday it had found Its full-year perforrnal ice, with net income of SR24.7 billion, represented a fall of 15.5 per cent from 2011, when the com- It also said M&A (mergers and acquisitions) transactions with Middle Eastern targets 1 an oil leak in one of the legs of pany enjoyed successive quarters of record performance. reached $20.0 billion last year, double the activity seen in the region during 2011 ($9.8 bil- the Cormorant Alpha oil plat- The fourth-quarter results marked a 7.6 per cent fall from its third quarter net earnings. lion), and the strongest annualtotal since 2008. ! form in the North Sea, closing Sabic, 70 per cent state-owned, cited a "higher cost of sales and lower sales prices for certain products, despite higher I the site and the Brent pipeline sales and production vo lames and reduction in financial charges" for its fall in 2012 net income. EGYPT FOREIGN RESERVES SOAR TO $15.5BN I system that handles a total of Egypt's foreign reserves have risen to $15.5 billion, helped by a deposit by Qatar to 1 90,000 bpd, as a precaution. The gain in profit "was mainly because of higher prices in the fourth quarter," said Ahmed Shams El Din, Cairo-based director of equity research at EFG-Hermes Holding. EFG-Hermes had earlier forecast profit of SR6.4 billion. support the economy, its finance minister said, although they are still close to critical 1 As Brent is one of the four levels after being run down to defend Egypt's currency, Reuters said. 1 North Sea oils used as a Sabic shares have advanced 3.9 per cent this year, compared with a 3.6 per cent increase in the benchmark Tadawul All The central bank put reserves at $15.015 billion at the end of December. It has imple- 1 benchmark to price oil around Share Index. mented a new regime for buying and selling foreign currency and currency controls to try 1 the world, partly via Brent The quarterly profit increase was Sabic's first in 2012. Full-year net income for the maker of fertilizers, plastics and steel to stem a fall in reserves, which have tumbled from $36 billion before the uprising that top- crude futures, the system's declined 16 per cent to 'SR24.7 billion; highlighting the company's struggle amid slowing economies in Europe and a resur- pled Hosni Mubarak in early 2011. closure supported global I gent US chemical industry. Finance Minister Al-Mursi Al-Sayed Hegazy told reporters about the new reserve figure prices on Wednesday when Europe's economic v voes also reduced demand for Sabic. The World Bank cut its 2013 global growth forecastMi s month on Saturday without giving further details about the deposit by Qatar, a generous donor to several other factors were to 2.4 per cent from 31 per cent. weighing on them. Egypt. Sabic said the decline in annual profit was because of "higher cost of sales and lower sales prices for certain products Qatar said earlier this month it had lent Egypt $2 billion and given it $500 million out- "Investigations have found despite higher sales and production volumes and reduction in financial charges." there is no connection right. If has pledged to stand by Egypt to help support the nation, which has beentattered Income from operations for the fourth quarter increased 7.5 per cent from a year earlier to SR10.2 billion. It had earnings by political turmoil and violence that has scared away investors.' between the Brent pipeline 1 per share of SR8.24 in 2012, compared with SR9 the previous year. system and the pipeline Hegazy Said reserves should rise further in future after approval of a draft law allowing Petrochemical and plastic products represented 75 per cent of the Kingdom's non-oil exports in November, according to Egypt to- issue sovereign Islamic bonds, known as sukuk. The draft law was passed by cab- involved in the release," data from the Central 'Department of Statistics and Information in Riyadh. Asia was the top destination for non-oil exports TAQA said in a statement on inet this week but needs the backing of the Islamist-led upper house of parliament. Wednesday. "The process of at 40 per cent, followed by the Middle East at 29 per cent. The minister said in December that Qatar had deposited $500 million, although the restarting Brent throughput Subsidiaries also suffered from shutdowns. Saudi Kayan Petrochemical Co. (Kayan) fell the most in six months on Jan. reserve figure for that month was still around $15 billion, the same as at 'the end of follows a thorough technical 13 after quarterly resu Its for the affiliate of Sabic missed estimates for the eighth consecutive time. November. evaluation that shows it is safe Saudi Kayan's fourt h-qukrter loss widened to SR195 million from SR191 million in the year-earlier period. The central bank has said reserves have reached a critical level. At $15 billion, reserves to do so without any increased Saudi Arabian Fertilizer Co. (Safco) is 43 per cent owned by Sabic and Yanbu National Petrochemicals Co. (Yansab) is cover roughly{ three months of imports. risk to Cormorant Alpha." _ 51 per cent owned. Both also reported a decline in quarterly earnings. Egypt has spent about $21 billion of its reserves since the start of 2011 when the upris- r 1 ing against Mubarak erupted, plus several billion dollars in additional aid and support from Qatar and other donors to defend the Egyptian pound. YEMEN PARLIAMENT APPROVES $42.9B. Cairo is negotiating a $4.8 billion loan from the International Monetary Fund. After the SPENDING PLAN deal was agreed in principle in November, it was delayed after Egypt postponed some Yemen's parliament approved the transitional g mvernment's 2.77 tril- unpopular tax rises viewed as needed to secure the IMF funds. • , lion rials ($12.9 billion) 2013 spending plan on Saturday, four weeks An IMF team is expected to return to Egypt in the corning weeks for fresh discussions. after it was passed by the cabinet, after the former president's party ENERGY, SECURITY TASK FORCE LAUNCHED.AT WFES withdrew objections to some spending, Reuters said. A new task force to focus on the impact of energy on security and to examine ways Yemen, the poorest Arab,state, is grappling with the aftermath of political of forestalling energy-related conflict was launched today at the ongoing World Future Energy Summit (WFES) in Abu Dhabi. tumult in 2011 that toppled Ali Abdullah Saleh and two domestic insurgen- The task force was set up by the International Peace Institute (IPI), a policy research cies that have caused a humanitarian crisis. think tank based in New York and Vienna, and Masdar, a leading renewable energy com- Restoring stability is seen as key by Washing ton and Gulf countries pany based in Abu Dhabi, Reuters said. because of Yemen's location on the important Red Sr ;a oil shipment route and -The purpose of the task force is to examine the linkage between energy and security and the presence there of an al Qaeda wing that vows tot ripple Saudi Arabia's nil- to strengthen multi-lateral mechanisms to promote co-operation and to prevent and defuse ing family and strike international targets. energy-related conflict. The cabinet said in December its budget plan fort his year projected spend- -"Energy should be a motor for development and co-operation, not a source of conflict," said Terje Roecl-Larsen, the president of WI. He cited tensions in Northern Iraq, Southern ing of 2.77 billion rials and a deficit of 682 billion vials. Sudan, the Niger Delta and the East Mediterranean as examples of how competition for A source in parliament told Reuters the breakthrough came after a meeting energy resources can cause instability. between interim President Abd-Rabbu Mansour Hat li and members of parlia- Dr Sultan Ahmed Al Jaber, UAE special envoy for energy and climate change, and CEO ment. of Masdar, said: "With energy demand predicted to grow nearly 50 percent over the next Saleh's party, the General People's Congress, holds a majority in parlia- ' 20 years, competition for resources will increase. ment, giving it powers of veto over important laws. such as budgets. The task force will examine current multilateral mechanisms to prevent and defuse ener- It had objected to the amount of "general spending" in the budget plan. gy-related crises. It will review what lessons have been learned from past experience and Last year the country did not pass its budget pla n until April. what confidence-building measures have been successful. It will look at the role of the private sector in promoting energy co-operation, and it will The economy of Yemen shrank 10.5 per cent in 2011, further destabilising focus on a number of regions that are vulnerable to energy-related conflicts. Special atten- the country and worsening poverty in a country wit tere two in five people live tion will be given to regions such as the Arctic, Central Asia, the Caucasus and the Caspian, on less than $2 a day. the Mediterranean, the Middle East and North Africa as well as West Africa. a

JAN..23, 2013 AFRICA & ASIA NEWS itille fgat JAPAN NIGERIA TO RANK 13TH AMONG SOUTH GOVERNMENT, WORLD'S TOP 20 ECONOMIES BY • AFRICA-BRAZIL BANK OF JAPAN 2050 TRADE "GETTING igeria has been projected to rank 13th among PARTNERSHIP HITS CLOSER" ON the world's top 20 economies by 2050, given its potentials, Agencies said. POTHOLES MONETARY N According to a report titled: "World in 2050," pub- s the five members of POLICY lished by PwC's macroeconomics team, Nigeria and the BRICS group of . emerging economies - STATEMENT other emerging economies, including Vietnam, India, A Indonesia, Malaysia, China, Saudi Arabia and So uth Brazil, Russia, India, China apanese Economics and South Africa - tighten Minister Akira Amari Africa are set to grow much faster than the G7 countries - France, Germany, Italy, Japan, the United Kingdom, the ranks and seek to expand their said on Sunday that United States and Canada over the next four decades. global influence, the inevitable Jthe government and the Bank trade spats have begun, The report noted that with a projected Gross Domestic of Japan were getting closer Product (GDP) of nearly $4 trillion by 2050 and an annu- Agencies said. to an agreement on a joint al average real GDP growth rate of about 6 per cent, as A decision last month by South statement on monetary policy well as a youthful and growing working population, African Trade and Industry expected to be issued next Nigeria is projected to rank among the world's largest Minister Rob Davies to pursue a general tariff increase on chicken week. economies by 2050 if it can realise its full potential. The report stated that a growing, prime working age imports in response to concerns The government has been that Brazil is "dumping" the pressuring the population, together with rising average rates of school - BOJ to adopt a 2 product could also hit Argentina, per cent inflation target and ing and technological progress, drive Nigeria's strong make job creation part of its growth prospects. a leading trade expert here has monetary policy mandate. But the report's projections relied on the country using warned. "(A difference between )the its oil wealth to develop a broader-based economy with Duane Newman, director of government and the BOJ is better infrastructure and institutions - regarding rule of the Johannesburg-based Cova narrowing about the contents law and political governance - which will support long Advisory, explained that of the joint statement, but I can term productivity growth. Argentina and Brazil, both of which export significant quanti- not disclose details," Amari A supporter for Pakistani leader Tahirul Qadri holds a placard at a protest rally in Islamabad last week. CHINA WILL BE BIGGEST MARKET: ties of chicken to South Africa, told public broadcaster NHK. - "It is obviously necessary to APPLE CEO • are the main countries without share common policy goals pple expects China to overtake the United free trade agreements with between the government and States as its biggest market, CEO Tim Cook Pretoria to protect them from the . the BOJ and strengthen co- A told a Chinese government news agency. planned tariff hike. operation." GHANA: $80M. WORLD BANK CASH LIES FALLOW "China is currently our second largest market. I "There could be some unin-' Amari said it was important or decades now, urban dwellers, especially those (ii) restoring long-term financial stability, viability and believe it will become our first. I beli eve strongly that it tended consequences from to try to beat deflation by set- will," the Xinhua News Agency quoted Cook as saying Minister Davies' decision not to ting up inflation goals. living in Accra, Kumasi and Takoradi have been sustainability of the Ghana Water Company Limited. carrying jerry cans, which were recently chris- Under the terms of the agreement, Ghana was to do all the in an interview. target just Brazil with anti-dump- Sources familiar with the F The report gave no details of when Cook thought ing duties, but to raise the tar- BOJ's thinking told Reuters tened 'Kufuor gallon', searching for water from all paper work, and submit them to the bank, and if approved, sources due to the scarcity of the commodity, Agencies the amount would be released. It was through this that the China might pass the United States. Apple Inc. spokes- iffs," explained Newman. that the government and the people in China did not immediately respond to a request An investigation of the chick- BOJ had agreed to set 2 per said. WB released $73.4 to execute aspects of the project. The World Bank (WB), apparently worried over the devel- The Chronicle, however, gathered that because Ghana for comment. en trade between the two coun- cent inflation as a new target at Apple has said sales in China more than doubled in its next rate review on January opment, voted a whopping $153 million in 2004 to help the failed to meet the strict conditions for the release of the tries from 2008 to 2010, con- 2010 and 2011 though growth has slowed in the past 21-22, when the central bank government of Ghana solve the problem and make water funds, the project that should have ended in 2010, has now ducted by the International Trade will also consider making an available all year round to the people. been extended to 2015, whilst the struggle for potable water year. Administration Commission open-ended commitment to Unfortunately, due to administration bottlenecks, only $73 in the urban centres continues unabated. The cost of the proj- Apple's iPhones, iPads and other gadgets are popular (ITAC), confirmed allegations buy assets until the target is in million, out of the budgeted $153 million has been disbursed ect has also ballooned from $153 million to $203 million. with China's highest-earning consumers but the coun- that Brazil was dumping whole sight. since 2005, when the first tranche of the money was A source at the World Bank office in Accra told The try's fast-growing smartphone market is dominated by chickens and boneless cuts of Amari also said the joint released. Information pieced together by The Chronicle indi- Chronicle that even though he was not holding brief for the handsets that run on rival Google Inc.'s Android system. chicken on the South African statement would likely not cates that the government, realising that the pipes carrying Ghana Water Company, the implementing agency, a number Cook was in Beijing to meet with Chinese regulators market. include the phrase "long-term" treated water to various homes in the cities were inadequate, of factors have contributed to the delay in the execution of and managers of state-owned China Unicorn Ltd., the The ITAC's findings made a to describe the timeline for whilst the existing ones were rusty, approached the WB for the project. According to him, the implementing agency first first Chinese carrier to support Apple's iPhone. strong case for Pretoria to slap achieving the inflation target. assistance to lay new pipes and also replace the outdated has to appoint a consultant to design the project, open ten- Xinhua said Cook did not respond to rumors Apple 'anti-dumping' duties on the ZIMBABWE: SUGAR ones in the system. ders to select a suitable company or companies to execute might be developing a lower-cost iPhone for developing South American nation. OUTPUT TO The bank agreed to the proposal, and on July 27, 2004, the project, and do pre-qualification before the actual work markets such as China. According to the ITAC's INCREASE approved US$153 million to execute the project. Per the starts. All these, he argued, takes time. China Mobile Ltd., the world's biggest phone carrier report, anti-dumping duties can imbabwe's sugar out- agreement, the project should be executed within six years, The source also noted that when the tenders for the vari- by subscribers, did not immediately respond to a request be imposed when there is a price put in 2012/13 is with the closing date fixed at December 31, 2010. ous aspects of the project were opened, it was discovered for information on whether it was disc ussing with Apple difference between sales in a expected to increase The Project Development Objectives, according to the that the contractors had quoted figures which were higher possible arrangements to support the i Phone. producer's own market and Z China Mobile has no formal agreement with Apple but by almost 16 percent to 430 World Bank office in Accra, were to (i) significantly than what the World Bank was prepared to pay. The govern- prices charged on exports, when 000 tonnes from the 372 000 increase access to the piped water system in Ghana's urban ment, therefore, had to re-negotiate with the bank for an says its network is used by several million Chinese cus- there is material injury to pro- tonnes in 2011/12 season due centers, with an emphasis on improving access, affordabili- additional $50 million, which shot the cost of the project to tomers who brought in unlocked iPhc)nes from abroad. ducers in the importing country to an expected six-percent ty and service reliability to the urban poor; and $203 million. China Mobile has more than 700 million subscribers and and when there is a causal link increase in area harvested, support from its network could help to promote iPhone between the imports and the ciencies of the sugar mills use in China. damage. AHEAD OF ELECTIONS Apple opened a multistory flagship store on a promi- The report found that with after significant investments, calded by spontaneous anti-rape and corruption pralests near dee seat of girrerainent in New Delhi, India's Agencies said. nent corner in Beijing's busy Wangfuji ing shopping dis- regard to whole chickens, price ' ageing leaders are scrambling to win over spasm sinindlnenedyneng urban pepoliella alseadolt trict in October, raising its number of mainland retail out- Sugarcane production in the due to be held by early next year Reuters said undercutting by Brazil caused 2012/13 season is estimated at S lets to 11. Independent stores also rese 11 Apple products. material injury to South African and Sonia Gandhi, the 66-year-old leader of the ruling Congress party, grappled 3,5 million tonnes, 17 percent Prime Minister Manmohan Singh, 80, According to Xinhua, Cook responded to complaints producers, a loss of market share with terms like "flash mob" and "Twitter" at a brainstorming meeting this weekend that focused on the new generation and more than the three million last about wages and other work issues at Foxconn, the and a loss of potential growth. season. Sugar exports are growing social media. Taiwanese company that assembles A.pple's products in Similarly for boneless chicken About two thirds of India's 1.2 billion people are under 35 and the population is shifting to cities, eroding political par- therefore projected to reach vast factories in China, by saying his company enforces cuts, the report found evidence ties' traditional dependence on the rural poor. 160 000 tonnes in the 2012/13 strict codes of conduct for its suppliers. of price undercutting, suppres- Looking weary after nine years in coalition government, the Congress leadership is widely seen as aloof and.out of touch. season, with the European "We care very deeply about every worker that touches sion of South African producers' the first of its kind in a decade, was the party's attempt to adapt to fast-changing demographics as it prepares Union (EU) and the United The meeting, an Apple product, whether they are m aking it, selling it, ability to increase their prices, to contest for a third consecutive term. States as major export destina- serving it or marketing it. We hold ourselves to a very and a drop in sales volume, out- Gandhi's son, Rahul, 42, was anointed party vice-president at the meeting. As the scion of a dynasty stretching back to tions. high standard there," he was quoted as saying. put, market share and growth. According to the Global India's independence from Britain in 1947, the party wants him to be prime minister if it wins the elections. Agricultural Information His mother, who in the past has promoted welfare programmes for the rural poor, gave a speech that placed uncharacter- CHEAP BOTSWANA Network (GAIN) Report 2012, istic emphasis on urban job creation for the young middle class in one of the world's fastest growing major economies. IMPORTS AFFECT (Zimbabwe Sugar Annual "We have to recognise the new changing India, an India increasingly peopled by a younger, more aspirational, more China's growth Report), due to firming domes- demanding and better educated generation," Gandhi told party leaders. LOCAL DEALERS tic prices, no regional exports "We cannot allow our growing educated and middle classes to be disillusioned and alienated from the political process." s a result of the influx of are expected in 2012/13 sea- second hand imported Singh's government is already seeking to win over the middle class with reforms aimed at boosting economic growth, hits 13-year low cars coming into the son. such as subsidy cuts that have been backed by Gandhi, despite initial misgivings they would hurt the poor. A "The increase in sugarcane country, many second hand car, Political analyst Amulya Ganguly said it was good the party had "suddenly discovered" the youth and urban middle class, dealerships have been fighting production can be attributed to but said more economic reform was needed, as was a clean-up of the police and bureaucracy, widely seen as corrupt. China GDP Yearly growth (%) Quay lady growth (%) y-o.y hard to stay competitive. This a six percent increase in the "Sops will not work in modern India. The government has to create an environment for employment which will come expected area harvested to 37 week the Economist spoke to the through economic reforms," Ganguly said. . 14.2 500 hectares and to an Managing Director of Reliance Rahul Gandhi, often criticized for his low public profile, has so far given few clues to his own policies. But he will like- improvement in sugarcane Motors, Shahid Hasiib a local yields per hectare. This ly have to contend with Narendra Modi, an opposition leader whose reputation for clean governance and economic growth dealer who had to find new ways increase in yields is mainly due along with a slick modern media strategy have won admiration. of surviving in a now tough mar- to availability and timely appli- Modi, chief minister of Gujarat for the Bharatiya Janata Party, is perhaps the politician who has best tapped into this trend, ket. cation of production inputs but his association with religious riots a decade ago make him unpalatable to many. "We are not doing too well due such as fertilisers and chemi- High economic growth helped the Congress party do well in urban areas and win a second term in the last general elec- to the cheap Botswana car imports. cals following improved stabil- tion. But a scandal-plagued four years of wobbly economic performance may have cost much of that support. Individuals are buying cars from • .{ I L.-L-L isation of Zimbabwe's econo- The delegates came armed with ideas on how the party should embrace social media, which the government has at times 99 00 01 02 03 04 05 06 07 06 09 10 11 12 04 01 02 03 04 Botswana and selling them on the 2011 2012 my since dollarisation in tried to contain. AFP road which in turn affects our busi- Sowell Chew MIS ness." 2009," the GAIN report said. RWANDA IS NINTH FASTEST GROWING ECONOMY GLOBALLY Zimbabwe's market to the Hasiib said although business is wands will be one of the top 10 fastest-growing economies in the world this year even as it braves challenges INFLATION DATA SNAPS 'WINNING tight, there is hope as competition EU is secure up to 2015 for presented by aid cuts, Agencies said. duty-free and quota-free sugar STREAKS FOR CHINA, HONG KONG leads to competency and when a exports under the Economic, R STOCK company sells good cars and pro- Last year, Germany, the US, Britain and the EU suspended part of their budget support for this year over allegation that Partnership Agreement. ainland Chinese shares suffered their worst vides excellent service, people will "Due to firm domestic the country was helping M23 rebels in the DR Congo always come back. "There must be The Economist, in its latest report on global economic trends for 2013, indicated that Rwanda's economy would grow at day in nearly four months on Friday, drag- competition, and with the high prices, Zimbabwe did not ging Hong Kong into the red, after export to the regional markets 7.8 per cent this year, making the country the ninth fastest-growing economy in the world and the second-best in sub- M number of car dealerships in the Saharan Africa. December inflation data came in higher than expect- market, there must be competition. in 2011/12 season, and no ed, crimping hopes of fresh monetary easing to nurse regional exports are expected In the global ranking of what it terms as 'the top growers', the paper has Mongolia, with a projected growth rate of 18.1 It is survival of the fittest." in the 2012/13 season," the per cent, on top of the list followed by Macau at 13.5 per cent. Libya leads in Africa at 12.2 per cent. In sub-Saharan Africa, China's economic recovery. He also said there is a strong report said. Mozambique is projected to register the highest growth at 8.2 per cent, with Rwanda, which is seen growing; at 7.8 per Chinese brokerages and growth-sensiti ye sectors led loss- misconception from the public on "However, the full potential cent, on its heels. es after annual consumer inflation accellerated to a seven- imported vehicles. "In Namibia all of sugarcane production is not This projection echoes that of the economic planners at the Ministry of Finance and Economic Planning. , month high of 2.5 per cent in December on rising food cars are imported, the country does being realised. Currently, pri- The Economist termed Rwanda's ranking, along with other star performers of the world, as part of a 'more cheerful seg- prices, surpassing a 2.3 per cent Reuters 'poll consensus. not have a car manufacturing site of its own so every vehicle is an vate growers are only supply- ment' of an otherwise gloomy global economic outlook. The Hang Seng Index shed 0.4 per cent: on Friday and 0.3 import which makes them all ing about 490 000 tonnes of The newspaper also lauded Rwanda as one of the countries that have made tremendous progress over the last 10 years, per cent on the week. The China Enterprises Index of the top Chinese listings in Hong Kong fell 0.7 per cent on the day equal. The only challenge comes to sugarcane. Most sugarcane enabling it to transform its economy towards a service-oriented one. and 0.8 per cent on the week, Reuters said. pricing and the availability of car plots allocated to newly reset- While reacting to the report, the Rwanda Development Board (RDB) acting chief executive officer, Clare Akamanzi, On the mainland, the CSI300 of the top Shanghai and body parts." t tled farmers are under-utilised affirmed that the country would this year achieve or even surpass its medium-term plan economic objectives. Shenzhen A-shares closed down 1.9 per cent on the day and Owned by Auto Craft, a due to the unavailability of "Rwanda's economy has been on track, growing at credit and financing. This has 1.6 per cent on the week, while the Shanghai Composite Japanese company, Reliance over 7 per cent annually; therefore, 'the fundamentals Index shed 1.8 per cent on Friday and 1.5 per cent this week. Motors has been in operation since led to the development of ini- for achieving this target are already in place. That is tiatives aimed at rehabilitating Losses on Friday were their worst s ince Sept. 20 and November 2005 and specialises in why analysts at The Economist and others rank new and second hand cars. and restoring cane production snapped a five-week winning streak for mainland indexes as Rwanda highly," Akamanzi said. Augmenting the Windhoek branch on approximately 11 000 their relative strength index (RSI) readings dropped out of are two more, one in Swakopmund hectares of land on the private A Ministry of Trade and Industry 2012 preliminary overbought levels for the first time since Dec. 24. and the other in Oshikango from growers' cane fields over the economic performance review shows that the country's "It's not the end of the world. We hay e been trending in where the Angolan market is tar- next three to four years," the investment rate (the per cent of investment to the gross overbought territory for a while anyway, s:o this higher head- report added. domestic product - GDP) reached 25 per cent, surpass- line inflation is a trigger for some profit taking. We are in a geted.Has iib said the Oshikango Plans to restore private ing the 21 per cent target set earlier. consolidation phase," said Hong Hao, Bank of branch caters for the Angolan mar- growers' cane lands hinge on ANGOLA: JUSTICE SECTOR GETS Communication International's chief equir y strategist. "I won't worry too muchlabout the hig;her inflation data, ket and sales are going well due to continued access to the EU the large population of that coun- Adaptation Funding pro- TRADE UNION since much of it is down to rising food prices and extreme try. The vehicles they supply are he justice sector in central Huambo province winter weather. But today's data hurt son to expectations for gramme, of which Zimbabwe affordable enabling Reliance to was allocated US$58 million, has since Friday a trade union after the a cut in interest rates or bank reserve requi cements in the first swearing in- of management structure mem- post impressive sales of seventy to of this US$12 million was T half of the year," Hong added. eighty cars a month while bers elected in December during a meeting held for made available for rehabilita- Before the inflation data was released on Friday, the offi- Windhoek is only at ten to fifteen tion of infrastructure and the purpose, Agencies said. cial.China Securities Journal reported the it the central bank Addressing the swearing in ceremony, the head of the units a month. replanting of 1 200 hectares of may cut benchmark interest rates once ar td cut the required Reliance Motors sells all sorts of trade union, Miguel Arcanjo Balaca, pledged to work private grower cane land in reserve ratio once or twice in the first ha; if of 2013 in a bid cars, with the most popular mar- toward the unification of all employees of the justice 2010/11 season, and was com- to lower corporate finance costs. ques being Golf, Polo, and the pleted in August 2011. sector. He said that the workers union of justice, while Beijing will target 8.5 trillion yuan ($1..37 trillion) in new many Toyota models. A tranche of US$11 million social partner of government, will work hard to local-currency loans in 2013 and 13 per cant annual growth All cars come with a two year is expected to be released for improve the labour, social and economic issues of the in the broad money supply (M2), the same paper reported, warranty, and a 100,000 km or six the further replanting• of cane, staff. Miguel Arcanjo also acknowledged the existence citing anonymous regulatory sources. months service plan. Reliance and the rehabilitation of the of several, enormous and complex challenges, but he Shares of Aluminum Corporation of China (Chalco) in Motors has its own dedicated Mkwasine rail line. said to count on the cooperation of all members. Hong Kong, which spiked 6.5 per cent cm Thursday after workshop at their Windhoek China's trade data trumped expectations, di ived 3 per cent on branch where minor repairs are Friday. Its Shanghai shares declined 2.7 per cent. &L30.4: &I) done.