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Saasamay 15, 2004 February 15, 2014 AUTOMOTIVE .................................................................. 5 GOVERNMENT BANS MOTORCYCLE AND THREE-WHEELER IMPORTS FOR ONE YEAR 5 A ministerial decree was issued on February 12 to authorize the minister of finance to issue a ban on the importation of motorcycles and three wheelers assembled abroad for one year. .......... 5 REAL ESTATE .................................................................. 5 GOVERNMENT APPROVES SETTLEMENT ON SODIC’S EASTOWN 5 The government has approved the settlement on Sixth of October Development and Investment Company’s (SODIC) East town land. ..................................................... 5 BUILDING MATERIALS ...................................................... 5 LAFARGE PLANS TO USE FUEL COKE ARE CURBED 5 The French company Lafarge has been ordered by the Ministry of State for Environmental Affairs (MSEA) to halt its preparations to build storage units for fuel coke. .......................... 5 -1- Compiled by: Business Studies & Analysis Center (BSAC) Subscribe and unsubscribe by sending an e-mail to: [email protected] Web: http://www.amcham.org.eg EZZ STEEL MAINTAINS ITS FEBRUARY STEEL PRICES AT EGP 4,950/TON 6 Steel prices in Egypt were maintained by Ezz Steel and Beshay Steel for February at EGP 4,950/ton and EGP 4,960/ton, respectively. ........................................................... 6 ECONOMY ...................................................................... 6 NIR INCREASE TO USD17.105 BILLION IN JANUARY 2014 6 Egypt's net international reserves (NIR) increased USD73 million to reach USD17.105 billion in January 2014, up from USD17.032 billion a month earlier. ............................................ 6 EGYPT'S FDI SLOWS IN 1Q2013/14 6 Egypt's net Foreign Direct Investment (FDI) slowed 25% q-o-q in September 2013/14. ............ 6 GOVERNMENT STUDYING CASH-SUBSIDY SYSTEM FOR MOST NEEDY 7 Egyptian authorities are outlining a cash transfer program, which will target between 2 to 3 million families nationwide ............................................................................. 7 EASTERN COMPANY INCREASES PRICES OF LOCAL CIGARETTE BRANDS 7 Eastern Tobacco (link here) increased prices on local cigarette brands by EGP0.50/pack to abide by the minister of finance’s decision ............................................................. 7 ENERGY ......................................................................... 7 GOVERNMENT FORECASTS GAS SHORTAGE NEXT FISCAL YEAR 7 Egypt's energy woes are likely to worsen in the next fiscal year as gas production fails to meet surging domestic demand ............................................................................... 7 FINANCE ........................................................................ 8 EHC TO RECEIVE USD50 MILLION AS THE SECOND TRANCHE OF ITS USD298 MILLION LOAN 8 Egyptian Hydrocarbon Company (EHC), 33%-owned by EK holding, is set to receive USD50 million as the second tranche of its USD298 million loan. ............................................. 8 FINANCE MINISTER APPROVES FUNDING WORTH EGP1.31 BILLION FOR HEALTHCARE, EDUCATION, OTHER SECTORS 8 Minister of Finance Ahmed Galal approved the allocation of EGP1.31 billion to various sectors on Sunday. ............................................................................................... 8 -2- Compiled by: Business Studies & Analysis Center (BSAC) Subscribe and unsubscribe by sending an e-mail to: [email protected] Web: http://www.amcham.org.eg EGYPTIAN BANKS IN “GOOD FINANCIAL POSITION” 8 Egyptian banks are in good conditions, mainly due to the increased confidence in the country's economic and political stability ......................................................................... 8 IT & TELECOMMUNICATION ............................................. 8 MOBINIL TO RECEIVE EGP2.5 BILLION DEBT FINANCING FROM EIGHT BANKS 8 Eight banks have agreed to provide Mobinil with EGP2.5 billion of debt financing for its expansion and debt restructuring plans. ................................................................ 8 AGRICULTURE ................................................................. 9 EGYPT HAS ENOUGH WHEAT TO MID-JUNE, WHILE IT BUILDS STORAGE 9 Egypt's strategic stock of wheat is enough to last until 15 June, the supplies minister said, reassuring the market ................................................................................... 9 FOOD INDUSTRY VETERAN AHMED EL RASHIDI; DINA FARMS RAW MILK PRODUCTION EXCEEDS 200 TONS PER DAY 9 Citadel Capital (AmCham Member) (link here) announced today that its core agrifoods platform company, Gozour, has achieved operational milestones ............................................... 9 LAWS & REGULATIONS .................................................... 10 MINISTER OF FINANCE PREPARES FOR NEW CONSTITUTION’S IMPLEMENTATION 10 In line with the government’s preparations for implementing the new constitution, Minister of Finance Ahmed Galal issued a ministerial decree on January 31 to form a committee to review the financial regulations and economic articles of the constitution. .................................. 10 PROJECTS ..................................................................... 10 NUCLEAR AUTHORITY AND ARMY CORPS OF ENGINEERS SIGN COOPERATION PROTOCOL 10 The Ministry of Electricity and Energy (MOEE) announced that it has signed a cooperation protocol with the Egyptian Army Corps of Engineers to implement Egypt’s first electricity- generating nuclear plant. .............................................................................. 10 TOURISM ...................................................................... 11 -3- Compiled by: Business Studies & Analysis Center (BSAC) Subscribe and unsubscribe by sending an e-mail to: [email protected] Web: http://www.amcham.org.eg OD HOLDING BIDS FOR 49-YEAR LEASE OF LASTAVICA ISLAND 11 Orascom Development Holding (OD Holding) is bidding for 49-year lease of Lastavica Island, Montenegro’s Tourism Ministry ...................................................................... 11 INTERNATIONAL RELATIONS .......................................... 11 NEW GULF AID WORTH USD5.8 BILLION SLATED FOR EGYPT 11 Saudi Arabia is expected to give Egypt up to USD4 billion in additional aids in the form of central bank deposits and petroleum products. ....................................................... 11 LEGISLATIVE UPDATE ................................................. 12 BSAC PUBLICATIONS .................................................. 19 IMPORTANT LINKS ...................................................... 21 -4- Compiled by: Business Studies & Analysis Center (BSAC) Subscribe and unsubscribe by sending an e-mail to: [email protected] Web: http://www.amcham.org.eg Automotive GOVERNMENT BANS MOTORCYCLE AND THREE-WHEELER IMPORTS FOR ONE YEAR Source: Bloomberg, February 13, 2014 A ministerial decree was issued on February 12 to authorize the minister of finance to issue a ban on the importation of motorcycles and three wheelers assembled abroad for one year, in addition to banning imports of parts and components for three months. It appears as though the decision was made to provide the government with a window to enforce stringent regulations on the buying and licensing of two- and three-wheelers. This decision is unrelated to the State Commissioners Authority’s (SCA) recommendation to ban tuk-tuk imports (announced in early January 2014) for which a court case is yet to start. Rather, it is triggered by the recent security incidents whereby police officers were targets of motorcycle shootings among other security threats. The decision to impose a ban presents downside risks to our near-term estimates (two- & three-wheelers represent 12% and 14% of our 2014 proportionate revenue and gross profit, respectively). However, the impact may not be too pronounced as the company already has a sizeable inventory of two- and three-wheelers (an estimated three months). GB Auto (link here) management is currently assessing the impact of the decision. Contents Real Estate GOVERNMENT APPROVES SETTLEMENT ON SODIC’S EASTOWN Source: Al Mal & AL Borsa, February 12, 2014 The government has approved the settlement on Sixth of October Development and Investment Company’s (SODIC) (AmCham Member) (link here) East town land. The case will be passed through to the General Prosecutor and an official announcement will be made later this month. According to earlier news citing Ministry officials, SODIC would be required to pay additional EGP620 million as part of the settlement. In related news, SODIC announced its plans to invest EGP1 billion in its projects during 2014, while maintaining the same level of sales achieved in 2013, which reached EGP2.73 billion, adding that deliveries during 2013 have exceeded the 600 unit mark. In another interview, SODIC’s Managing director, Ahmed Badrawy, announced that the company is aiming to invest up to EGP3 billion in Eastown once the settlement is finalized. Contents Building Materials LAFARGE PLANS TO USE FUEL COKE ARE CURBED Source: Ahram Online, February 6, 2014 The French company Lafarge (AmCham Member)(link here) has been ordered by the Ministry of State for Environmental Affairs (MSEA) (link here) to halt its preparations to build storage units for fuel coke. The MSEA expects the French cement manufacturer in Egypt to wait for a final decision on the use of -5- Compiled by: Business Studies & Analysis Center (BSAC) Subscribe and unsubscribe by
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