"Production is the buzz word, it is the door to curbing unemployment, inflation, and a country's survival" / Themeobserver.com Ahmed Foda Founder of The Middle East Observer / Themeobserver.com L.E 2.85 1932 - 2015 ESTABLISHED 1945 Starting with china... Gaber Nassar reveals emerging markets Secrets to Success on threshold of new what goes around beneath global crisis 9 7 6 Cairo University Dome rd for Youth 63 Year No. 5 www.meobserver.org Wednesday, 3 February 2016 Egypt revives its African7 rootsA more President Sisi invites international and African businessmen to COMESA Forum in Sharm el Sheikh on February 20th By Rania Imam Africa Investment Forum 2016 will be held on Febru- ary 20-21, under the auspices of President Abdel Fattah al-Sisi, at the Maritim Jolie Ville International Congress Middle East forges ahead with $352bn railway projects Center in Sharm el-Sheikh, one of the largest and the most advanced conference centers in the Middle East. A total of 16 major rail- Centre.The event, to be ments are now diversify- The conference is organized by the Ministries of In- way projects worth a held in partnership with ing their resources, putting vestment, Foreign Affairs, Industry and Trade, and In- whopping $352 billion are the Ministry of Public more emphasis on projects ternational Cooperation; in collaboration with the Egyp- currently under way in the Works UAE and the Fed- that are not oil-related,” tian Agency of Partnership for Development (EAPD) Middle East as the region eral Transport Authority remarked Jamie Hosie, the and COMESA Regional Investment Agency, and un- forges ahead with its plans - Land & Maritime, will project director at Middle der the umbrella of the African Union Commission. to set up a strong passen- bring together rail opera- East Rail.“With transport The Forum aims essentially to encourage the participa- ger and freight transport tors to source solutions in and logistics sectors play- tion of the private sector investments in Africa, as to also network, said a report building the Middle East ing an increasingly impor- develop new relationships and partnerships, and highlight released ahead of a key rail network, said the or- tant role in the region’s investment opportunities in the Africa horn. industry event in Dubai. ganiser Terrapinn Middle economies, governments The forum comes as part of the attention paid by Egypt The Middle East Rail, a East. are now looking towards in cooperation with the African countries at all lev- major rail exhibition and “With current market innovative technologies els, where the government is working on activating the conference in the region, conditions as they are, it’s to boost economic sec- mechanisms for investment opportunities and possibili- will be held from March 8 a great opportunity for in- tors that will boost intra- ties available to ensure increased investment opportuni- to 9 at Dubai International ternational rail suppliers to regional trade and tourism ties, along with the expansion of trade between Egypt and Convention and Exhibition enter the market. Govern- activities,” he added. African countries. President Al-Sisi Cont. on page 10

طبع مبطابع دار لل�صحافة توزيع جريدة www.meobserver.org 2 MEO Home 3 February 2016 New controversial amendments by the Central Bank of Egypt Experts expected that monetary funds and fixed income funds will amount of money invested in money market funds and fixed income witness a decrease during the coming period following the deci- funds of banks should not exceed 2.5 per cent of total deposits in sion of the Central Bank of Egypt (CBE) stating that the maximum local currency instead of 5 per cent.

Mahmoud Nagla, the director of the monetary funds will remain higher than the allowed limit, this regard. fund of the National Bank of Egypt, said that the particularly those where customers enjoy long- The core capital of any bank consists of share- amendments made by the Central Bank of Egypt term investments. The positive effect will be on holders' equity and declared public and legal will negatively affect cash funds and fixed -in the new cash funds to be established during the reserves and undistributed profits, while Article come funds in the Egyptian market, because they coming period as they will be covered quickly, 150 of the implemented regulations for the Law will reduce their sizes, pointing out that this per- he said. of capital No. 95 of 1992, states that it may not centage was previously reduced by the CBE from Mohamed El-Naggar, a money market expert, exceed the maximum of the funds invested in the 10 per cent to 7.5 per cent, then to 5 per cent and said that the Central Bank of Egypt’s amend- fund 50 times its capital which should not be less finally, to 2.5 per cent in the new amendments. ments aim to tighten control over investments in than L.E.5m paid in cash. In exclusive statements to the Middle East money market funds and fixed income funds, and The new regulations state that the banks that Observer, Nagla said that the percentage set by reduce the amount of money invested through have exceeded these limits must stop issuing the CBE will not be realized overnight, because them, and also to encourage banks to expand and any new investment documents for both exist- no one can force investors in monetary funds or diversify their base of banking clients, in order to, ing and new customers until they are committed. fixed income funds to exit. Therefore, many in- increase loans offered to small and medium-sized They also state that subscribers in these processes vestors believe that monetary funds are the saf- enterprises. should be the bank's customers only, and to carry est in the meantime, and several companies have Regulations set by the Central Bank of Egypt out procedures of "know your customer" to veri- resorted to invest in these funds. state that the maximum amount of money in- fy their seriousness. He pointed out that some of the funds may re- vested in money market funds and fixed income Among the most prominent banks that are get- main for up to a year until they reach the maxi- funds of banks should not exceed 50 times the ting ready to take advantage of the CBE’s deci- mum limit set by the CBE and there are funds maximum contribution of the bank in the total sion are namely, Audi bank that possesses assets with investments exceeding 5 per cent, therefore money market fund by 2 per cent of the core capi- in cash funds of L.E.258m, which is less than the exceeding the limit permitted by the bank before tal, whichever is less, taking into account the pro- set 2.5 per cent, the Banking Company Bank, last week's amendments, because their customers visions of the Capital Law No. 95 of 1992 and its which can add new assets worth L.E.631m, as did not leave. implemented regulations, especially as stipulated well as, the Egyptian Gulf Bank, which can add He expected that the investments of monetary in Article 150 and relevant instructions issued in assets worth L.E.281m in its monetary fund. Watch Out: Unregistered drugs promoted on screen 16 satellite channels before the prosecutor in 60 misleading advertising cases

The Consumer Protection Agency allowed to be registered as human Cinema channel and three against for broadcasting an ad of a product (CPA) warned consumers against pur- drugs, cosmetics or their advertised Panorama Film for broadcasting an called "German cream", claiming that chasing medical products that are of therapeutic purposes. ad of (Fixed Herbal Tea), for body it treats bone pain, while the Ministry anonymous sources and have not been Nine reports were referred to the slimming and that it is safe for chil- also confirmed that this product is not licensed by the Ministry of Health be- public prosecutor against Time Com- dren consumption. Again the Ministry registered. cause of their danger to public health. edy channel and seven complaints of Health denied that the advertised The head of the Agency added that The Agency stressed that the warning against Time Ekhtarna Lak channel, product is registered. all the channels and companies that came after receiving complaints from four against Time Cinema channel, Six complaints were referred to were referred to prosecution, violated citizens who bought these products three against Time Taxi channel, three prosecution against Cairo Cinema Article 6 of the Consumer Protection then discovered that they were unfit against Time Channel movie, seven channel for broadcasting an ad of a Act No. 67 of 2006, which stipulates for use and have no medical benefit. against Channel Time Action, two varicose veins belt that completely that the supplier and the advertiser The head of the Agency said that against Cairo channel drama and a eliminates the pain of varicose veins. inform the consumer with correct in- they monitored the misleading ad- complaint against each of Cairo Cine- The Ministry of Health also, an- formation concerning the nature of vertisements that are broadcasted ma channel and Panorama Film chan- nounced that this product is not reg- the product and its specifications and on the screens of 16 satellite chan- nel. The channels broadcasted an ad- istered. to avoid what could lead to creating a nels that claim to have medical ben- vertisement for "Sun Burst", a product Ekhtarna Lak channel and Time wrong or misleading impression. efits including treating a number of that they claim has the ability to cure Film were referred to the prosecutor He added that the companies and diseases. The Agency contacted the baldness and increase hair density. for broadcasting a Grow Fast prod- the channels violated Article 14 of Ministry of Health to inquire whether The Ministry of Health confirmed that uct for the treatment of underweight Law No. 10 of 1966 on food control the advertised products are registered the product did not obtain any license children and adults while, the prod- which prohibits trading or advertising at the Ministry and licensed or not. from the Ministry. uct is not registered with the Ministry in any way except after registration The Ministry of Health reported that Six complaints were filed against of Health. Finally, Panorama film 1 and obtaining a license from the Min- the products under inquiry are not Panorama Drama 2, five against Cairo was also referred to the prosecution istry of Health.

Founded in 1958 by Ahmed Fouda A new call for educational reforms in Egypt 1st edition 6165 issues Government adviser says country is being transformed into a The new office under the leadership of President Abdel Fat- rd th 63 year Issue 2/2016 - 4 edition 'learning society'. tah Al-Sisi has relentlessly called for educational reforms, in- It is clear how education plays vital roles in the prosperity and troduced new technological means and opened new doors to Authorised by the Supreme Council of Press development of communities, in Egypt for instance, schools modernized education to help raise levels of knowledge among "An Egyptian Joint Stock Company" and universities are key influencers on the country's progress. Egyptian youth.

Over 50 years covering Middle The challenge does not just lie in open- Minister of Higher Education and Scien- we produce cutting-edge research and East and Gulf Economic News ing new doors to western systems, but tific Research, Prof Ashraf Hatem, Secre- innovation, and we are an open nation rather in developing the country's domes- tary-General of the Supreme Council of keen to build partnerships. In Egypt, there Publisher and Chairman tic education and rely more on practical Universities; Prof Tarek Shawki, Chair- are thousands, if not millions, of bright ways of learning. The existing systems man of the Presidential Advisory Council young people who know that education is Mahmoud Fouda heavily rely on memorization as it ne- for Education and Scientific Research. the key to their country’s future and their glects the benefits and experiences gained The partnerships will link Cairo Uni- own." This partnership has the potential [email protected] from handy practices - the ways by which versity with King’s College London, to transform both Egypt and the UK and youth engage and relate more to subjects Sussex University and Aston Univer- to help our countries succeed for genera- Editor-in-chief being taught. sity; Alexandria University with London tions to come. The British-Egyptian Year H.A.Raouf The economic challenges Egypt faces South Bank University and University of Research, Innovation, and Education Consultant of ME Affairs are basically presented in the country's of Dundee; New Giza University with builds on the two countries’ strong exist- resources, security and most of all the University College London; and the Arab ing partnership and a wide range of UK Yasmine Fouda educational level of its youth. Lately, new Academy for Science, Transport, and efforts to support young Egyptians with Editors business opportunities have been pre- Maritime Transport with Brunel Uni- education and skills. sented to the youth as many projects have versity, Staffordshire University, Aston Since 2010, the British Council has Khaled Al Amin been successfully put into light , with University and Cardiff Metropolitan Uni- helped 75,000 Egyptians learn English Rania Imam the new Small and Medium Enterprises versity. or gain internationally-renowned UK (SME's) policies, the government seems Prof Ashraf Hatem, witnessed the sig- qualifications. Through the prestigious Eiman Rashed to be keen on offering youth the proper nature of the partnerships at the Egyptian Chevening Awards programme, the UK environment and facilities to start up their Embassy in London and said last week: has offered 170 postgraduate scholarships [email protected] ambitious projects. Partnership with the UK is a key goal in to Egyptians over the last five years; the Layout Mohamed Rouchdy, a CIB official re- aged a generation” of young people who academic books and journals, which will order to ensure quality and internation- number for the next five years is expected sponsible for SME's told the Middle East are not able to compete in a global mar- be open to all members of the public in alization of the new Egypt. This week we to reach over 300. The £20m Newton- Ahmed Saber observer, "the government has obliged the ket, according to a government adviser. the country. will be signing 10 partnerships with top Mosharafa science and innovation fund bank to have 20 per cent of loans dedi- Tarek Shawki, chairman of Egypt’s Presi- Dr Shawki said he hopes universities UK institutions including UCL, King’s was launched in 2014 and is expected to Address cated to SME's by the year 2020, which dential Advisory Council for Education will use the resources to improve their College, Brunel, Sussex, and others, provide funding for over 300 PhD schol- Head office clears out the new leaderships serious and Scientific Research, said the - coun curricula. “The philosophy is not to have which are part of the launch of the 2016 arships, placement schemes, and post- concerns regarding opening new doors of try’s poor education system has “killed a top-down solution that fits all. We are year between Egypt-UK for science, in- doctorate fellowships. 41Sherif St., Cairo, Egypt opportunities to the youth, and to cleverly the curiosity and creativity” in young building an enabling environment,” he novation and higher education. A British education, the British cur- take advantage of such option, the youth people. “The system in the past 30 years said.“Politicians want to see immedi- The President of Egypt is leading the riculum, and British educational standards Tel: 00.202.23926919 must be on high education levels to suc- has really damaged a generation,” he told ate feedback but the results will not be country towards a modern learning soci- are already attractive to many Egyptian Fax: 00.202.23939732 ceed in grabbing opportunities offered by Times Higher Education during a visit to seen the next morning.” He added that ety. It is a golden era for education and students. For example, through independ- such decision." the UK last week. the country is “learning from the best”, innovation in Egypt. The close coopera- ent links between British and Egyptian Mob: 01222174062 Such reforms must be followed up by “Now [these people] are frustrated be- citing the UK as one example, and com- tion between UK and Egypt is a prime universities, 15,000 Egyptian students take reviving educational systems and intro- cause they are not sufficiently educated pared Egypt’s higher education reforms to example of national vision promoting UK-accredited degrees at universities such [email protected] ducing new technologies to the learning to assume competitive jobs. It’s not their earlier transformations in Singapore and excellence and international cooperation. as Ain Shams University, the British Uni- Annual subscription rates process. Only then youth would be able fault – it’s the way they were taught. We Malaysia. The agreement also established 2016 as versity of Egypt, and the Arab Academy to take advantage of the SME's that are did not give them the right skills to com- Against the backdrop of the Education the British-Egyptian Year of Research, for Science and Technology in Alexandria. Egypt L.E 275 presented. Because simply, if a young pete in a very tough world. It’s a shame World Forum, the world’s largest gather- Innovation and Education. There will It is vital to amplify the role of educa- Arab Countries US$ 375 freshman had the proper education need- we didn’t prepare them for that.” ing of education and skills ministers, uni- be a formal launch event in Egypt this tion within Egyptian communities, stu- ed to run businesses and is fully aware of He added that President Abdel Fat- versities from the UK and Egypt signed February 2016, with a program of events dents should feel enthusiastic while head- Rest of The World US$ 420 the always changing surrounding envi- tah Al-Sisi is seeking to rectify this by 10 partnerships boosting collaborative throughout the year to be announced then. ing to their educational institutions. Our [email protected] ronment, not only would he succeed in increasing investment in education and work and research. British Ambassador John Casson said, schools and universities must be looked building up his project, but will also be research and transforming the country A British Council organized senior del- "Education is an area where the UK and upon as the students "second home", and Al-Ahram Distribution in Egypt part of building the nation's progressing into a “learning society”. Last month egation from the Egyptian education sec- Egypt are perfect for each other. The UK the relation between students and profes- economy. the government launched the Egyptian tor was last week in London attending the is a global education leader – 4 of the top sors should be praised and appreciated by Al-kawmia Distribution in the world Egypt’s education system has “dam- Knowledge Bank, a free digital library of Forum, including: Prof Ashraf El Sheihy, 10 universities in the world are British, both sides. www.meobserver.org 3 February 2016 Home 3 Experts’ opinions varied on targeted economic growth rates Brief on local stocks Economists and investment bank of- But, there should be facilitating legis- ficials had different views in regards lations that allow investors to estab- to the government’s economic growth lish companies swiftly and transfer rates target -of around 5.5 per cent- foreign currency abroad. in the current fiscal 2015-2016, com- pared with 4.2 per cent during the Ganayni: No evidence on possibility previous one. of achieving growth rates EGX

Supporters said in statements to the Amr el Ganayni, the Head of Financial Resistance level Middle East Observer that the gov- Institutions sector at the Commercial ernment's target rate can reach 5.5 International Bank (CIB), said there remains steady per cent, providing the implementa- are no indicators on the possibility of tion of various projects and focusing achieving the economic growth rate on increasing the income resources targeted by the government. at 6100 points through different means, not just He added that increasing foreign Ehab Saeed, Board Member at Osool tourism, which is witnessing constant direct investment rates, attractive volatility. ESB Securities Brokerage, said that the investment legislation and the return performance of The Egyptian Stock Ex- However, opponents of the govern- of tourism, which is a major source ment's target rate told the MEO that change (EGX) currently awaits the re- of foreign currency, are inevitable in ported news on a Saudi-Russian agree- the economic growth requires a high order to achieve positive growth rates. gross national product (GNP), attract- ment to decrease oil production during ing foreign investment, and upgrading Heiba: Economic situation proves the upcoming period in order to support trade sectors, which are unrealized in prices and lower the daily 2-3 million light of the dollar crisis. opposite of what government expects barrels oversupply in the market. In a statement to MEO, Saeed pointed Dalawer: Possible, provided Hossam Heiba, the Director of In- out that such news positively support the vestment at Al Ahly Company for performance of EGX; as the decrease of diverse projects, resources Development and Investment, said of Egypt's stable policies. witnessing an improvement during Capital, ruled out the achieviement oil supply would have a good effect on the events and conditions on the He added that the government the current period parallel to the rise of economic growth rates that were the Gulf markets, and consequently on Economist Dr Sherif Dalawer said ground prove the opposite of what should use maneuvering as well as in actual GDP growth rate, which targeted by the Egyptian government, EGX. that the government can achieve the government targets. Economic flexibility, meaning that it does not exceeded 3 per cent. However, there asserting that it is a very optimistic He added that the EGX benchmark the targeted growth rate, through growth requires a high gross national focus on one direction, especially are number of challenges that require rate and the government must keep index EGX30 is still facing a new re- providing diversified projects and product, he said. in light of the global economic a continuation of economic reforms, an eye on global economic slowdown sistance level at 6100-6200 points, attracting investment, especially in He added that economic growth slowdown and crises in the Gulf to achieve the targeted growth rates. rates. which might temporarily hinder it from light of the current instability of requires attracting foreign invest- and emerging markets. Therefore, He explained to MEO that invest- becoming higher. tourism which is likely to recover ments and development of indus- achieving growth rates is not sim- ment files should be opened, all Badran: 5.5 per cent rate is As for the index of small and me- during the current time. trial and trade sectors, which are ple, he said. problems facing investors must be dium stocks EGX70, he said the focus He explained that encouraging the an optimistic rate, economy unrealized in light of the dollar resolved and issuing legislation that will be on the new resistance level near national industry and setting regula- crisis, the lack of foreign currency motivate them to enter Egypt have to is able to meet challenges 360 points. And if the index managed to tions concerning imports could boost Shafei: May be and the deflationary monetary poli- be accelerated for the flow of direct stay above it, it is expected that it would the GDP, the remittances of Egyptians cies adopted by the government. reached in case of foreign investments to Egypt. This is He told MEO that foreign capital is continue to bounce higher to reach 370 abroad may as well compensate to He urged those responsible for eco- the main element in achieving growth conservative during the current pe- points. the absence of tourism. The current facilitating legislation nomic growth rates in Egypt to explain rates for the Egyptian economy. riod. However, the Egyptian economy Saeed further added that the good interest rates encourage people to to us how will they realize those rates. exchange the dollar to the Egyptian Economist Khaled El Shafei said Hazem Badran, the Deputy Execu- is able to face the global slowdown performance of the leading indices dur- pound, in light of the Central Bank the economic situation in Egypt is tive Head of the investment bank CI as it does not depend on oil revenues. ing the past days has contributed to the By Mahmoud Hammad success of the EGX30, and its ability to remain in the green zone, especially the Commercial International bank (CIB) index that enjoys the relatively high- est weight in EGX30 index, as it man- Ministries on spot aged once again to reach near the level of EGP 32, at the time when it tends to move contingently. He added that the resistance levels of Minister of Supply: CIB index on the short-term are at EGP 32. And in case the index managed to bounce higher, it is expected to then re- peat the experiment of the previous re- EGP 195 plunge in cement prices sistance level near EGP 33.50. Minister of Supply and In- weekly average production, Greater Cairo, and EGP 770 for the rest of governorates; ternal Trade Dr. “Khaled supply, and sales in local mar- for the rest of the governo- Wady El-Neel Co. with EGP Hanafy” said that all cement kets for this month compared rates; Assiut Cement Co. with 877; El-Arish Cement with companies held their prices to the last one. This month the EGP 859 Amreyah Cement EGP 650; Building Material steady for this month, ex- weekly average production Co. with EGP 831; Alexan- Industries Co. (BMIC) with cept for 2 companies; SPAN- reached 999,178 tons, the sup- dria and Beni Suef Cement EGP 860; El-Nahda Cement Egyptian cement factory ISH EGYPTIAN CEMENT ply reached 1,989,119 tons, Companies with EGP 720; with EGP 850; and ASEC Ce- COMPANY (SPEGYCO), and the sold products in local Lafarge cement Co. with EGP ment with EGP 820 for each and Misr Cement Company- markets reached 967,956 tons; 871 for Cairo, and EGP 893 ton. Qena (MCQE.CA) which while last month the weekly for the rest of the governo- Dr. “Sayed Hagag”, Chair- lowered their prices by EGP average production was one rates; Sinai Cement Co. with man of Central Administra- 155-195 for each ton. million and 53 thousand tons, EGP 800 for all governorates, tion for Studies and Internal Atef Yaacoub MCQE.CA lowered the the total supply was 2 million except South Sinai in which Trade Development – Inter- price of a ton of cement from and 44 thousand tons, and the the price is EGP 815 for each nal Trade Sector, pointed out EGP 785 to EGP 630 in As- amount of cement distributed ton; Misr Beni Suef Cement that cement companies and wan, from EGP 785 to EGP in local markets was 997,710 with EGP 760; South Valley agents may sell products for A Hustle on 620 in Sohag, from EGP 790 tons a week. Cement Co. with EGP 790; less than these prices; pro- to EGP 610 in Qena, from “Hanafy” added that the MEDCOM- Aswan Cement vided that they announce EGP 785 to EGP 590 in Red companies that kept their with EGP 800 for all gov- their prices to consumers at Al-Hayat channel Sea, and from EGP .750 to prices steady are Suez Ce- ernorates, and EGP 850 for selling; adding that there will EGP 560 in Cairo; whereas, ment Group of Companies Cairo; Sinai White Portland be daily monitoring cement Maj. Gen. Atef Yaacoub, Chairman of SPEGYCO lowered the price (Tourah Cement, Helwan Cement Co. with EGP 780; companies and plants, and on the Consumer Protection Agency (CPA) by EGP 10 from EGP 540 to cement, and Suez Cement Arabian Cement Company retail and wholesale traders said Al-Hayat had refrained from imple- EGP 530 for each ton. Companies) with EGP 850 (ARCC.CA) with EGP 897; to guarantee abiding by the menting the decision of the Agency to “Hanafy” pointed out that for each ton; al-Qawmiyya El-Sewedy Cement with EGP prices set. pay complainants the awards they won Cement workers there is a decrease in the Cement with EGP 750 for 879 for Cairo, and EGP 899 in the channels’ contests. By Alaa Abdelwanis Yaacoub said that referrrig Al-Hayat to prosecution is a clear message that CPA works toward applying the rule of law Egypt to set up Within the framework of the Agen- The Interrelationship between cy’s plan to protect consumers’ rights and interests, and to apply Law No. 67 for the year 2006 on protection of con- first commodities sumers; Yaacoub said that the Agency has referred Mr El-Sayyid el-Badawi, Psychology and Economy in his capacity as the legal representa- exchange in 2016 tive and Chairman of Sigma Media Co. Egypt will set up the Middle East’s first commodities All fears of Man are gious conflicts among set the priorities, goals, (owner of Al-Hayat channel), to 6th of exchange this year as Amman-based Sigma Invest- suppressed energy that 18 religious sects they and results; and also a October prosecution office for failing to abide by the decision of CPA to give the ments has completed the feasability study at a cost could be turned to a had to face. 20-year plan (till 2020). competants' awards -won in the chan- of LE1.3 million, announced Supplies and Internal driving power. If we All of a sudden, Ma- · Second, he decided nel’s contests- of Money Show, Let’s Trade minister, Khaled Hanafy, on Monday. adopt the popular psy- laysia was able to trans- Make a Deal, and The Millionaire. The plan is to trade eight commodities through 2 chological principle form all the suppressed to place education and scientific researches on Yaacoub added that CPA launched million contracts in the first year while targeting 9.5 regarding the power of energies, bureaucracy, investigations over the subject of the million contracts in five years, said a ministry state- impeded energy, and poverty, tensions, and top of priorities, back- ing this decision with complaints proved valid, as the agency ment. Small farmers are expected to be some of the we were able to find fear to a positive mo- addressed Al-Hayat to resolve the issue. main sellers in the exchange, said Hanafy. the balance between tivating energy; when others to allocate the largest portion of the Yet, the channel has denied responsibil- EGYCOMEX, the company running the ex- theories and applica- “Mahathir Muhammad” ity, claiming that it contracted with Sony public budget to educa- change, focuses on ‘linking local markets to world tion in our societies; became Prime Minister Pictures Television Production Co., spe- prices’, according to Sigma investments website. then we would reach in 1981 and managed tion, training of crafts- cialized in producing contest shows, and The new exchange is part of an ambitious mega- the greatest civili- to launch a compre- men, eliminating illit- so did the contesters. project announced in 2014 to turn Egypt into the zation of our time, hensive renaissance. eracy, and conducting Yaacoub mentioned that CPA as- centre for grain exchange in the MENA region. alongside our greatest His famous speech in scientific researches. He signed a number of law enforcement ancient one. Alexandria Library can also sent tens of thou- officers from the CPA Investigation De- Let me take you on a never be forgotten in sands on scholarships to partment to go to the headquarters of the quick journey to Malay- which he said that the foreign universities. company, but was not found in the ad- dress mentioned; and after further inves- sia, this great country of Egyptian renaissance · Finally, he com- tigations, it could not be located, raising 28mn population and carried out by Muham- municated with utmost 230,000 km2 area. The mad Ali is the one that more suspicions over fraud. Thus, CPA honesty and transpar- referred the issue to its BOD which is- people of this coun- inspired him to do the ency to his people the sued a decision to oblige the channel to try used to live in the same in his country. I economic conditions of pay due values of the awards. But, Al- woods; and their work also recommend you all and the strategy he laid Hayat failed to abide by the decision of was confined to plant- to read his famous book down for the country. CPA within the period set, so the com- ing rubber, bananas, “The Malay Dilemma’ He also stated that the pany was referred to Public Prosecution and pineapples, and of in 1970. "comprehensive renais- for violation of articles 1, 6, 8, 9, and 24 course fishing. The av- So, what did Mahathir sance" principle must of Consumer Protection Act No. 67 for erage annual income of Mohammad do? be reached through the year 2006. each of its citizens used rewarding and punish- Finally, he called on consumers to contact to be less than 1,000 · First, he planned a ment. the agency on hotline 19 588 to send their 10-year future map for Khaled Hanafy dollar, not to mention complaints without any financial burdens, or the political and reli- Malaysia, in which he By Eman Taher Mahathir Muhammad log on to its website WWW.CPA.GOV.EG. www.meobserver.org 4 Companies 3 February 2016 An Italian business delegation in Egypt In preparation for the Egyptian - Italian summit Italian ambassador in Egypt: The Italian com- ing from the Italian experience in establishing panies delegation aim during the visit to explore the new furniture city -which is planned to be the most prominent investment opportunities in established in Damietta- especially in providing Egypt; especially in the context of the Suez Canal the latest machinery used in this industry. This Area Development Project. is through coordinating with Italian wood manu- A delegation of 30 major operating Italian facturing experts, as well as in the automotive in- companies is visiting Egypt this week under the dustry and its feeding development. In addition chairmanship of Federica Guidi, the Italian Min- to cooperation in the field of technical and pro- ister of Economic Development. fessional training through establishing more spe- cialized technical institutes similar to Don Bosco The visit is a prelude for the Egyptian-Italian Institute -a major success story in this field- that Summit that is planned to be held during this year should be praised and experienced by manufac- under the chairmanship of President Abdel Fattah turers in Egypt. El-Sisi and the Italian Prime Minister Matteo Ren- zi, said Minister of Trade and Industry Engineer For his part, the Italian Ambassador in Cairo Tarik Kabil during a meeting with Maurizio Mas- stressed his country's desire to increase the as- sari, the Italian ambassador in Cairo. Kabil added pects of joint cooperation with Egypt. Pointing that the visit is an assurance of political leaders' out the significance of the upcoming visit of desires to support and enhance their bilateral rela- Italian Minister of Economic Development to tions, especially the economic ones, and broaden Egypt, which will contribute to supporting and their cooperation. enhancing trade and investment relations, and in achieving further economic integration be- There are many investment opportunities avail- tween the two countries. able for the Italian companies in Egypt during the The ambassador also assured the Italian next period, especially in sectors such as leather, companies delegation aims -during the visit- furniture, auto-motive industries, small and medi- to explore the most prominent investment op- um-sized enterprises to which the government at- portunities in Egypt, especially in the context taches special importance. In the context of major Egyptian president Abdel Fattah Al-Sisi meets with Italian delegation of Suez Canal's zone developmental project, national projects such as Suez Canal Zone's De- beside other vital sectors to which the Egyp- velopmental project, Kabil added. industry, which its first and second stages are vestors to participate in Al-rubiky's third stage, project for both Egypt and Italy; as it will con- tian government will prioritize during the next The meeting discussed areas of joint coopera- currently being finalized, in preparation for the giving the Italian investors great opportunities of tribute to the development of the Leather Indus- phase; along with a review of potential areas tion with the Italian side, especially in the frame- transfer of Masr Al Adeema's tenneries to the participation in such huge project, the Minister try, and provide added value. of cooperation with their counterparts from the work of the resettlement of Al-rubiky leather new location. Along with allowing foreign in- noted. He also stressed on the importance of the Kabil pointed out the importance of benefit- Egyptian companies.

Scholarships

Top 100 Civil Society Scholar Awards Scholarships for studies in Public Policy KSP Excellence Scholarship Type: Master’s Degree, Ph.D. or other for Arab students Type: doctoral degree Ph.D. or other doctoral degree Who: All applicants regardless of na- Type: Master’s Degree companies tionality are automatically considered Who: Who: Ph.D. students and faculty for scholarships; earmarked scholarships Nationals from Arab countries from Egypt, Libya, Palestine, for Syrian students for all the degrees; Tunisia, Sudan, South Sudan, MENA-region scholarship for the 2-year in Egypt Syria and Yemen. What: Scholarships amount to Master of Public Administration program 10,000 euros per year. What: 50-100% tuition waiver and health What: Awards for projects of up insurance, top candidates receive accom- When: to $10,000 for doctoral students; represent modation and a living stipend in addition academic year 2016-2017 $15,000 for faculty When: Students enrolling in 2016-2017 Where: Sciences Po, Paris When: Academic Year 2016-2017 Where: School of Public Policy at Central 11% of GDP Ashraf Salman European University, Budapest, Hungary Program Length: up to 2 years Where: Worldwide Program Length:1-3 years, Minister of Investment Ashraf Salman, on behalf of Prime Minister Engineer Sherif depending on the degree Deadline to Apply: 01/10/2016 Ismail, attended the honoring of representatives of the top 100 companies operating Program Length: in the Egyptian market, according to their performance over the past three years. Two to 9 months Apply at: MENA region scholar- Check URLs to apply on our ship: http://spp.ceu.edu/middle-east- Deadline to Apply: 02/15/2016 website www.meobserver.org The Minister of Investment said that Development, Raya Holding, Heliopo- scholarships Mundus these initiatives are important in Egypt, lis Housing, ELEC, international agri- especially as the international rankings cultural crops, North Cairo Flour Mills, of companies are an important source Arabic for Ceramic & Porcelain, Man- of information for the businessmen and soura for poultry, the Egyptian Starch international financial institutions that and Glucose, ASEC Company for Min- guide their beyond borders investments. ing, Mena Touristic and Real Estate He explained that the classification of Investment, Delta Insurance, Egyptian companies on the basis of the market Housing Development and Reconstruc- capital and the number of days of trad- tion, Egyptian for Developing Build- CI capital the new Taycoon in the market ing in the stock exchange is a good sign ing Materials Industry, the Export De- and a reflection of the performance of velopment Bank, Egyptian Real Estate Hazem Badran, the Deputy Executive income sources and investments more companies. At the same time it is an in- Group, Faisal Islamic Bank, Gharbia Head of the investment bank CI Capi- in stocks as 90 per cent of CI Capital 's dex to that can be expanded to include Islamic Housing Development, Arab tal, said negotiations and meetings have growth -during the last period- was the Arab markets and many global markets, Gathering Investment, Cairo Oils & taken place between Egyptian compa- result of investing in stocks. he said. Soap, Misr Cement Qena, Al-Ahram for nies listed on the Egyptian Exchange He pointed out that CI Capital plans Among the honored were the Hold- printing and packaging, Egyptian Arab and the largest corporate investors to introduce four companies in the ing Company for Maritime Transport, – Themar Securities, Ismailia National base from Europe, US, the Gulf Co- Egyptian Exchange in 2016. Compa- Alexandria Containers, United Arab Food Industries, "Foodico". operation Council, reached around 90 nies in sectors of construction, food- Shipping, Canal Maritime Agencies, Salman said that the total revenues foreign investors representing nearly stuffs, tourism and hotels, to provide Juhayna Food Industries, Amer Group of the one hundred companies reached 40 multinational investment companies stability of global markets and the Holding, Palm Hills Development, about 11% of the GDP for 2013/2014. Cairo Housing and Development, TMG The average growth of sales and earnings that manage around 30 trillion dollars Egyptian Exchange. Holding, Oriental Weavers Group, Un- of these companies increased by 8% be- worldwide, during a New York invest- Mahmoud Atallah, the CEO of CI ion National Bank, Pioneers Holding tween 2013 and 2014, pointing out that ment conference in Egypt with the aim Capital investment bank, said the Investment, Nasr City Housing, EFG- they are positive indicators of a good of promoting investment in the Egyp- Egyptian economy needs to highlight Hermes, Orascom Telecom and Media, future performance for these companies. tian Exchange and increasing foreign positive developments taking place on Ezz Steel Group, Al Ahly for Develop- The Ministry of Investment said that direct and indirect investments. the ground, whether the newly elect- ment and Investment, El Shams Hous- the list of the top 100 companies includ- He explained that CI Capital man- ed parliament or the Central Bank of ing and Development, Ezz Ceramics ed a number of public sector companies, ages assets exceeding 9 billion pounds, Egypt Coordinating council, as well as and Porcelain, Prime Holding Company namely Alexandria Company for Con- the largest of which is the value of in- targeting to raise investment rates and for Financial Investment, Al Baraka tainer and Cargo Handling of the Hold- vestments ranging between 4 and 5 amendments made to the investment Bank, Sixth of October Development ing Company for Maritime and Land billion pounds, represented in the mon- law. and Investment «Sodic» and GMC In- Transport, which came first on the list, etary fund of the Commercial Interna- He explained that Egypt is considered dustrial, Commercial and Financial In- in addition to the Canal Shipping Agen- tional Bank (CIB). one of the emerging markets in the re- vestments Company. cies Company, Heliopolis Company for He added that the Fund will not be gion, where most of countries depend The list also included Upper Egypt Housing and Reconstruction, the Hold- affected for at least three years due mostly on oil revenues, and around 90 Contracting, Arabian Development and ing Company for Chemical Industries to reducing volume of investments in per cent of projects in those countries are Investment Holding, Naeem Holding and the General Company for Ceramic money market funds, especially that based on oil prices, which consequently Investment, Cairo for Investment and & Porcelain. CIB is witnessing a steady growth. He benefit from high global oil prices. Mahmoud Atallah advised investment banks to diversify From the trading floor

The rebound in oil prices is fueling a revival in lieve that a currency devaluation is inevitable which OTMT recently acquired had its board lease to the stock exchange attributed the loss- Delta Sugar: the market which closed in the positive terri- any time in light of Egypt’s current account of directors meeting last week to approve ac- es to the fact that it faced deterioration in its The company released preliminary figures tory in most of the trading sessions last week. deficit and deteriorating foreign reserves. quiring a LE1 billion loan from Orascom Tel- production volume due to shortage in the coal for its 2015 financial results showing a net Hopes that OPEC and non-OPEC producers ecom Media and Technology Holding and ACT supplies, in addition to the slowdown of its income of LE27.95 million and sales revenues might eventually agree on a deal restraining Qalaa Holdings: Financial & Business Consultancy. sales values because of the country’s volatile of LE 1.138 billion. This exceeds Prime Secu- Telecom Egypt the state fixed line monop- oil production to boost prices have pushed up The company’s subsidiary MENA Glass has and unstable economic and political conditions. rities’ estimates which were net loss LE 26.44 oly said it had prepared an emergency plan to prices to almost $36 a barrel from a 12-year finalized the sale of its entire stake in two of million and revenues of LE 1.082billion. overcome any event that may affect its services Juhayna Food Industries: low close to $2.7. its units. Misr Glass Manufacturing Company Prime expects the company to benefit from during the anniversary of the 25 January Revo- The leading dairy and juice producer posted an (MGM) and United Glass Company (UGC). the presidential decision to increase customs The rebound was also fed by the central bank’s lution. The company’s crisis management cent- increase of 64.6 per cent in net profits for dur- Both companies were sold for a value of LE- tariffs on imported sugar. According to the decision to raise the cap on foreign currency er has assigned a team to receive complaints ing the fiscal year ending December 2015 with 828million. The company said a number of new decision both imported raw and refined deposits to $250 thousand per month for im- about urgent issues that affect the company’s profits of LE279 million. Revenues came at its foreign shareholders raised their stake in sugar will be exposed to a tariff of 20 per porting food, capital machinery, manufacturing services or facilities across the country. Cut- LE4.23 billion compared with LE 3.7bn in the the company to 5.216 per cent from 4.856 per cent. The company relies mainly on the pro- components and medicines. The move is hoped ting of internet communications was one of the preceding year. cent. The related parties increased their stake duction of raw sugar and it was extensively to energize the production stalled since last tools used by Mubarak’s government during The fourth quarter saw a strong performance harmed by the unfair competition in 2015, as through buying shares for a total amount of LE February when the CBE first decided to im- the 18-day long revolution to limit the protests due to the decline in the prices of powder milk seen by Prime. Furthermore, a Prime research 6.938million. pose a ceiling to deposit over $10,000 in a day to cut off social network. which represents more than 50 per cent of note expect the industry conditions to gradu- and $50,000 a month in Egypt’s banks. the company’s raw materials cost. On another ally improve in 2016, leading to the decline However, the market witnessed a selling Orascom Telecom Media and Technology Egyptian Iron and Steel Co. (HADISOLB): front, the company said it will invest LE600mn of the industry inventory levels by around 40 spree that pushed the EGX30 index to lower Holding (OTMT): The state owned company posted LE 322.4mil- during 2016 in order to increase production ca- per cent. than 6100 points on Sunday, a trend that ana- The company will be done with the due dili- lion loss in the first half of 2015/16 compared pacity -particularly in the juice segment- estab- A 20 per cent tariff was applied on refined lysts expect to be maintained. Foreign inves- gence review of CI Capital within two weeks. to losses of LE326.3million for the same pe- lish four logistic centers and expand the dairy sugar since April 2015, yet there was only 2 tors remain net sellers as many analysts be- On another front, Beltone Financial Holding riod of the previous fiscal year. A company re- farm to 4,000 cows per cent applied on the raw sugar. www.meobserver.org 3 February 2016 MENA Region 5 Saudi youth's time to shine UAE's progress towards sustainable development MEO - In efforts to attract more foreign direct investments to its MEO - The United Arab Emirates pledged to hold its environmen- Maktoum Solar Park, the shift sides is crucial, the Egyptian markets and lessen the reliance has jumped into a whole different tal responsibilities, as it started towards cleaner energy sources government has recognized the on the unhinged falling oil prices, level of developmental sophis- massive clean-energy initiatives and reduced carbon emissions is significance of the Emirati ex- the Saudi government is taking tication through paying most of with a targeted 24 per cent of its evident. perience and had opened several into consideration permitting its attention to new clean energy energy to be produced by renew- Electricity demand from indi- communication channels to ben- foreigners to own 100 per cent projects as alternatives to the fall- able energy resources by the year shares of companies in four dif- viduals, industries and commer- efit from the ongoing practices ing oil revenues worldwide. UAE 2021. The UAE should be proud cial buildings — which are major ferent industries - beside the re- leaders gathered last Saturday in a of its clean energy leadership role. consumers of electricity — is high implemented by the gulf state. tail industry that already allows two-day retreat in Bab El-Shams, Abu Dhabi’s renewable energy and the UAE has a significant A great example of UAE›s inno- this, Mohamed Helal, secretary to discuss and shed lights on the agency Masdar was a key spon- carbon footprint. Competitively vative success is presented in its general of the Saudi Economic nation›s agenda «post-oil» phase sor of Solar Impulse, the flying priced oil, gas and energy prices, tourism sector, the country was Cities Authority, presented last -unlike many oil producing coun- laboratory full of clean technolo- while driving economic growth in able to turn its featureless golden week in an interview in Riyadh. tries- Emirates had quickly shifted gies that represents 12 years of some traditional industries, is un- sand deserts into one of the hottest its depending on oil revenues, as it research and development. Solar It has been clear among Mid- Saudi's new education approaches dermining renewable energy and touristic spots across the globe, dle-eastern communities how started digging new pathways of Impulse generated tremendous stifling growth in what could be a foreign powers have interests - according to the International serve the BIGGER PICTURE profitable developments through global excitement when it at- Dubai became a favored destina- key sector of the country’s future in the region due to its vast re- Labor Organization Statistics and reach conclusions free of non-oil investments such as tech- tempted the first round-the-world economy. tion for international travelers, as (ILOSTAT), unemployment emotions» nology and clean energy. it became a multi-cultural center sources and its strategic geo- solar flight to demonstrate how a Women empowerment is also a political values, what has been among the youth (15-24) stands His highness King Sal- The meeting witnessed the pioneering spirit and clean tech- main concern to the government, for Arts, Sports and Science. termed the “Arab Spring” is ob- at around 30 per cent (most of man, has taken new measures presence of both their highnesses nologies can change the world. as efforts to enhance women in Sustainable development is vious now to be a sophisticated which are women). The falling to boost constructive energy Sheikh Mohammed bin Rashid oil revenues are slowing the within the governmental sectors The Zayed Future Energy Prize banking and financial sectors had what Egyptian President Abdel foreign agenda. Al-Maktoum, Vice President and government’s efforts to create through positioning young Roy- — which represents the environ- been widely executed across the Fattah Al-Sisi had persistently In the Saudi Kingdom, the at- ruler of Dubai, and Sheikh Mo- mental vision of the late Shaikh country. Modernity can›t just be mosphere among the youth has more jobs for youth, yet new alties in powerful posts, Deputy urged to fulfill since his arrival hammed bin Zayed Al-Nahyan, Zayed Bin Sultan Al Nahyan — an image that we look up to and been energized, the sense of be- out-of-the-box thinking and the Crown Prince of Saudi Arabia Crown Prince of Abu Dhabi and celebrates impactful, innovative wonder how it could be reached, to office, Egypt already has re- longing and worries of regional beyond belief teen-spirit came Second Deputy Prime Minis- Deputy Supreme Commander of and long-term achievements in reforms and practices proposed sourceful and valuable capacities, threats, became main drivers to as perfect alternatives to counter ter, Minister of Defense Prince the Armed Forces. The conference renewable energy and sustain- by governments are what rather the challenge is to take advantage Saudi youth, made them enthu- strike the targeted attacks on the Mohamed Bin Salman, is the included discussions on possibili- ability. It reflects the UAE’s com- indicates whether a community is of those resources and make sure siastically looking up to their Saudi economy. king’s favorite son, and has ties to diversify the economy, as it Threats are also presented in been involved in Saudi politics mitment to finding solutions that modernized or not. Success could not to put any of it into waste. One leadership and work firmly to also prioritized the government›s the new US foreign policy shift since the age of 17. Earlier last meet the challenges of climate only be gained through experi- of the vital elements in successful be part of the new diversified efforts to achieve sustainable de- ence, while holding back trials economic era. The young popu- towards Iran, the long going an- month, The Independent pub- change, energy security and the sustainable economies is the la- velopment. The challenges pre- environment. As the first coun- won›t really put into test whether lation is a key player in facing tagonism between the west and lished an article about the pas- bor force, which Egypt abundant- sented are common within almost try in the region to set renewable reforms are feasible in a society new challenges of cheap oil the Islamic revolution in Iran sionate prince with a head line questioning “The most danger- all GCC countries in general, but energy targets and as home to the or not. ly posses, the trick is to maintain exports, if righteously taken ad- seems to be no longer holding back economic deals and lifting ous man in the world?” the UAE had cleverly prepared International Renewable Energy sufficient use of such force and vantage of, the new generations Egypt has a lot of challenges sanctions. The armed crisis in A 28 year-old official in the its agenda to make drastic shifts, Agency (Irena), Masdar City and that were common in the UAE›s make sure not a single Egyptian is could be reasons of the King- from oil-depending towards Yemen comes as a disruption to Saudi’s government confirmed the Mohammad Bin Rashid Al case, co-operation between both exploited or oppressed. doms 21st century triumphs a more open and branched-out and help stability and control be real economic challenges facing in special statements to the Mid- economy. maintained back in the turbulent Saudi Arabia, the new leader- dle East Observer, “the media Emirates› GDP was classically surrounding environment. ship on the other hand, makes both globally and regionally has supplied by oil (i.e. During 1980›s In Bloomberg’s report on the drastic market swings and po- been waging campaigns against almost 80 per cent was the oil new government policy, Helal litical modifications keeping the “Wahabism”, attempting to contribution to the nation›s GDP, announced, “the decision had Kingdom entrenched on both link terrorist values to peaceful while non-oil revenues presented already been made on some of regional and global scenes. teachings presented by historic around 20 per cent). However, in the industries,” the Saudi Ara- It’s time for the younger Muslim cleric Mohamed Ibn our current times, oil only have a bian General Investment Au- Saudi population to prove their Abdelwahab.” A wicked war intended to cut the roots of share of around 30 per cent while thority, known as SAGIA, has competence, acquire stability moderate Islam and generalize non-oil revenues conquered the identified about four sectors in and regain political influence. the stereotype of Islam as a vio- bigger chunk of UAE›s Gross Do- which full foreign ownership The Arab world’s backbone is always known to be Saudi Ara- lent religion, there are currently mestic Product›s income. may be permitted, he added without elaborating. bia, it holds the holiest sites of attacks against young princes in UAE is now focused more on New decision to allow for- Islam, the Saud Royalty con- efforts to distort the image of non-oil revenues, sectors like eigners own full shares of stantly insured the unity and the Saudi royalty, he added. infrastructure, governmental ser- non-oil investments, relaxing safety of Arabia’s lands. The Foreign media is campaign- vices, aviation, among others regulations and opening fresh region is in need of solidarity, ing against Saudi Arabia, they have been put under the spotlight doors of opportunities, are new technology is a new language have put Deputy Crown Prince as future reliable sources of in- leadership’s means to bypass that could possibly reunite Arab Mohamed Bin Salman under the come. A westernized approach the synthetic obstacle of fall- youth to stand on mutual basis, spot light, attempting to distract was taken towards real develop- ing oil prices that came as at- aim for common interests and him away from the decisive war ment and prosperity, the country tempts to hit the Kingdom’s absorb threats placed by foreign against Houthis in Yemen. Yet, succeeded in standing out against economy. This new policy will voracities. the Arab world started to show all odds and has achieved touched allow effortless job-creating «We do not just need to look signs of awareness, the Iran cri- progress in revolutionizing and machines to operate in many outside the box, rather... we sis awakened nations to stand diversifying its economy. local industries, young Saudi’s need to get ourselves outside united, as hope will always In lights of the COP21 climate will find new opportunities and and wonder around, then look remain bright in hearts of the change summit, Emirates had UAE's innovation unemployment rates will drop in... only then one is able to ob- younger generations.

The Muslim World -if integrated- could be the challenges could only be overcome through UNITY. breaking the distance and setting the boundaries most likely into arguments. But we always miss toughest power on planet. One language, One As a classic Pink Floyd song recalls «United We between us, that›s the only way they could assure a key element while debating, Brainstorming... religion, Connected Geography... Skies could be Stand, Divided We Fall» - this typically implies on their control over our resources. Unity is reached when you put your feelings aside and absorb each the limit! Arabs must understand that existing our current situation, as enemies focus most on through discussions, that turns into debates, ...other›s thoughts www.meobserver.org 6 Interview 3 February 2016 Gaber Nassar reveals what goes around beneath Cairo University Dome

In wake of the Egyptian government's deep concerns with restructuring local Our young team of reporters felt most welcomed by the president's office of pounds. He discussed terrorism threats and how they should be best dealt educational institutions and injecting innovative technological approaches staff, 4.30 pm was our appointment, we waited for no longer than 15 minutes with, and much more. We were scheduled for a 15 minutes interview, yet we in Egypt's young minds, The Middle East Observer had an exclusive before we were allowed to enter Dr Nassar's warm and welcoming office. ended up with 40 minutes as the conversation got caught up from one hot interview with Cairo University's President, Dr Gaber Nassar, to dig deeper subject to the other… into challenges that tackle the country's education and present a clearer Here we reveal Part 1 of our interview with Cairo University's President. image on the future administrative vision. To be resumed in next week's issue, During our meeting, Dr Gaber Nassar You are welcome to visit our online page @ www.meobserver.com and our revealed his administrative reforms that saved the country's budget billions social media pages to watch the full recorded interview. Conducted by: Khaled Al-Amin and Mahmoud Ali Q: What do you think of the univer- Q: How useful is the Open Uni- sity and pre-university education versity education in Egypt? And system, and the government expend- is it profitable to the university? iture on education in Egypt? "This method of If we compare the inputs and outputs Actually this is a big question, but teaching intoxicates of Open University education, we will we can say that education is the na- actually find it is not profitable. On the tional project through which Egypt and damages the contrary, it generates losses, for the can achieve progress, because proper tuition fees for each student are EGP education is the guarantee against students' brains, thus 1200, which is very low. That type of terrorism. Those who are poorly edu- they become an easy education is profitable when the - uni cated are the fuel of terrorist groups. versity provides services for the stu- Another point is that university and prey to terrorist... the dents, but unfortunately that's not the pre-university education needs to be case in most universities. Nowadays, updated, which mostly has nothing to thing we won't allow" education had become just a compli- do with the pretext of being short on mentary matter, with no proper educa- money; because there are a lot of deci- year'sfirstsemester, we have enforced tional services, all that is offered is a sions that could be taken to update the a rule to ban professors from selling single class per week and that's it. But, education system that does not neces- sheets or notes to their students, or to the Open Education Center in Cairo sarily require funding. The actual main exceed the prices set in the university. University has established huge infra- problem is that the pre-university edu- That's why some - especially in the structure for innovative and technolog- cation was left vulnerable to ministers Faculty of Archeology- have started ical education. We wish to benefit from individual decisions, at a time when selling such sheets and notes in the li- such education through our partner- the government had no specific plans, braries in Bein el-Sarayat. Thus, when ship with European universities that clear vision, or strategy concerning some students reached me earlier last have great experience in such area. education. That's why it was not that month -through my social network ac- Cairo University wanted to suspend awkward to find that an appointed counts- I have talked to the dean and is based on a bank of questions- about Science School) their books range the open educa- minister took individual decisions -fol- requested the issuance of an urgent 500-1000 questions in each subject- around EGP 200, instead of EGP 800... tion system and lowed by others, in the absence of gov- report by the following week's Sun- the exam is then put using computers, meaning that 5 subjects each semester The university ensures develop a new ernmental management, mechanisms, day. I did receive the report, and have and even professors teaching the sub- cost studentS no more than EGP 110. one, but the Su- and clear schedules. I do believe that announced on my social network ac- jects do not know the questions. Each This has proved very successful, for preme Council of we are still wanting in this strategy. counts the decisions taken regarding exam is 80 questions, 2 hours long, now we can see students of this fac- Universities thought that it is better The same thing could be said about this issue. I have to say that teaching namely 1.5 minutes for each question. ulty using university's books and ref- the academic excellence to develop the existing one. Thus, we university education, I do believe that through these sheets and notes is in We make 10 different exam sheets with erences, instead of notes and sheets, currently await the issuance of the new reforming and restructuring education fact ruining education al systems, and different colors and orders, as we give which in turn saves the students and executive regulations to assess how systems and universities is not impos- any improvement efforts that dismiss each row of the 10 in the examination their families more money. & freedom of speech much development could be achieved. sible to accomplish. It gnerally require such point can only result into zero commission different copies. Thus, we Regarding the decision to establish Q: What is the thing you are most administrative and monetary reforms improvements. I believe that facing don't need intensive monitoring, for a student services complex in Cairo proud as the President of the Uni- which could save many wasted uni- this problem must be dealt with soon, this could be an open-book exam. Af- University, the Council of the univer- versity? And what is your vision for versities' resources. I have previously because it has reached a desperate ter 30minutes from finishing the exam, sity doesn't like this hideous uncivi- to employees, students the years ahead? mentioned some aspects of the Univer- unimaginable phase. This method of it is corrected electronically, and re- lized look of the scattered cafeterias all There are lots of things I am proud of sity's experience regarding this. There teaching intoxicates and damages the sults are announced online. So that stu- over the campus, as there is no control during my time as President of Cairo are several problems in our education- students' brains, thus they become an dents become less dependent on Bein over them. Thus, for over a year now University, on top of them is the com- al systems, ones that could be simply easy prey to terrorist... the thing we el-Sarayat system. We cannot counter we have been thinking about establish- & its teaching staff munity's recognition, whether the aca- solved without any financial costs. won't allow. this illegal parallel system with force, ing a student services complex. In the demic one -students and the teaching Yet, on the contrary, it could save the Thus, this year we have applied the because we lack the power necessary space between the Institute of African very important service provided at staff here in Cairo University- or the government money, like for instance rule of teaching using references, fully to do so. But most importantly, we can Research and Studies, and the faculty the finest universities. Egyptian community's appreciation of the school books problem. The Minis- banned sheets and notes in the faculty counter it by decreasing the level of of Law -allocated to build an annex my reforming efforts and their fruitful try of education forming commissions of Science, partly in the Faculty of students' dependence on and need to for the latter- but, it was granted a Q: What do you think of the results, evident here in the university. that develop curricula and books un- Commerce and Faculty of Arts. As of such parrallel systems. That's through building in Sheikh Zayed's City. The recent controversies raised over That is the thing I am most proud of. used by students is a waste of public next year, we will apply it to all facul- updating books and references, complex's ground floor will be a U- banning university professors from funds. It is some sort of disrespect to ties. There is in fact another decision providing them with faculties shaped parking lott, the first and appearing on T.V without prior Q: What do you think of the calls on the ministry, as those books have noth- linked to this one... which is reforming discounted prices. Now we second floor will have student permission? Are you pro or against? amending the constitution? and developing student assessment ing worth keeping for. Students set provide the students, i.e. services stores, and cafete- We do not actually know the basis I think we should give the House of and examination systems, because such books aside, replacing them with at the Faculty of Dar Al rias. There will also be of such decision to ban professors Representatives a chance, and do not without updating such systems, the other study sheets. The government Uloom (house of a unit for food safety from appearing on TV, or from writ- just make hasty judgments about it, but previous banning decision would be spends more than EGP 2bn on those and inspection ser- ing in press. We have not issued such we should instead encourage and sup- then useless. Factors that make stu- books. It could in turn classify the sub- vices, which is a rule here in Cairo University, and we port it, since we cannot afford its fail- dents resort to educate their minds us- jects, specify curricula to be taught, never will. The university ensures ure. I do believe that everyone should ing sheets or notes, just memorize the then each year it could choose only 3 the academic and speech freedoms support it, its success is a success to questions/answers by heart, is because publishers specialized in developing to its teaching staff, employees and the Egyptian government, because this is the way to prepare for exams set curricula to carry out this task. This students, all in accordance to the the latter won't stand the failure of in form of essay questions -a from that will provide no less than 50 per cent constitution and applicable laws. If the parliament since it is a vital stage requires mainly memorizing. Thus, of government revenues -namely EGP someone committed a violation, we in the future road map. By electing since I was appointed President of the 1bn. In addition to saving EGP 2bn... indeed hold him accountable. But, the House of Representatives, Egypt University, and under our 2-year-old this guarantees companies will com- we do not have any such rules, as has managed to accomplish its gov- development efforts, I have estab- pete to give their best in developing we assure there have not been ernmental branches, as it also had a lished a developmental unit of not only the curricula but methods of any calls on the university to significant influence on Egypt's global examination and assessment teaching. This is one thing that could take such decision. status. That's why we should all back it systems, which has ac- achieve progress without financial up, till it proves its success. complished a lot. In- costs -saving EGP 3bn that could be The suggestion to amend the consti- cluding applying the allocated for developments elsewhere tution is a premature one, no constitu- double-sheet ex- in the system; like building schools, or tion could be amended without first amination sys- supporting teachers. coming into force, this is just absurd. tem which Q: Tell us about your latest deci- Thus, its articles have to come into sions; first to stop teaching in col- effect first, and if any issues concern- leges using notes and sheets, and the ing the articles emerged, only then Cairo University: A history beyond a century the constitution could be amended. second to establish a student servic- Another important issue is that under es complex? King Fuad I Univer- before being renamed King Fuad I, faced many ident, Amr Moussa, Ex Secretary General of the area, the House of Representatives' current In fact, we believe that any decisions sity, this was the origi- problems due the British occupation at that time Arab Leaugue, Magdi Yaccoub, Professor of Car- polish- we take in Cairo University to re- nal name of one of the and the lack of professional faculty members. diothoracic at Imperial College in London, Naguib ing its bells formation, and the absence of a solid form the educational system are most significant educa- The university became a state institution under Maffouz, Egyptian Nobel Prize winner and many bringing back majority, it would be hard to get very essential, they are also tional institution in Egypt, King Fuad I in 1925. In 1940, four years following others. their shinning the two-thirds vote required our way to deal with some Cairo University. his death, the University was renamed King Fuad Cairo University is ranked in the top of universi- colors, and estab- to amend the articles of the of the ongoing condi- Cairo University is Egypt's I University in his honor. It was renamed a second ties in Egypt and Africa; in fact, it is one of the 50 lishing a museum constitution. Therefore, tions that we have ex- premier public university. It was time after 1952 Egyptian revolution. largest institutions of higher education in the world. for it. The Council also these calls are actually amined. As of this founded on 21 December 1908. It The University currently enrolls approximate- Dr. Nasser explains to MEO that education examined a study on a pro- in vain. was originally founded by a com- ly 155,000 students in 22 faculties. The Medical is one most important corners stones that can ject by the Faculty of Engi- mittee of private citizens with royal School, also known as (Kasr, Qasr-el-'Ayni), was help having a strong future in Egypt. Education neering to establish a network patronage. At that time Egyptian intel- one of the first medical schools in Africa and the is also one of the major elements which aid hu- of lights that links the univer- lectuals and public figures were calling Middle East. Its first building was donated by manity and make it able to fight ignorance and sity's clock to other ones; like Al- for the establishment of a modern profes- Alaini Pasha. It has since undergone extensive ex- extremism. Kasr al-Ainy Clock. The President sional education to be presented to Egyp- pansion. The University Council reviewed preparations of Cairo University is Dr. Gabber Nas- tians; however the establishment of the Egyp- Remarkable Egyptian figures graduated from for the renewal of The Cairo University Clock, sar acknowledges being part of the rich tian University, this is originally its first name Cairo University. Adly Mansour, Egypt's ex-pres- which included cleaning out the surrounding academic life that Cairo University enjoys. www.meobserver.org 3 February 2016 Youth 7 A walk through Cairo International Book Fair By Yasmine Fouda The 47th Cairo International Book Fair 2016 opened its doors on last Wednesday and will continue till Wednesday the 10th of February, at the Nasr City Fair- grounds. The occasional book fair with its multiple halls, Sour Al-Azbakia Center (for Recycled and Old Books), and streets of Bookstalls is not only one of the oldest & largest fairs worldwide, it is also officially the 2nd most attended book fair in the world after the Frankfurt Inter- national Book Fair with an average of over a million visitor annually. This is the best watch- have a coffee before heading left to- place and time to find unique offers for books ing as you wards the other side of the Fair where - published both locally and internationally - could probably you will find a street with Bookstalls on Saudi pavilion at as referred to by visitors, Book Lovers & key see some of the lo- your left and the Italy Hall on Institutional Libraries as publishers and dis- cal dancing as well, your right. Italy Hall, is the Foreign books tributors offer their best discounts during the fair. the show is practically run- lobby, mainly English as well as the French Cairo Book Fair ning most of the day. You will then Hall, that lie in the center of the Hall. MER- It is astonishing to see the number of titles right the head towards a street of publishers' IC stand inside Italy hall has a nice section sees heavy turnout stocked and on display over such a vast first Build- Bookstalls displaying their latest books and of best seller novels that is quite unique and area that is estimated at 70,000 square me- ing consti- other multimedia products released exclu- the most recent selection of specialized ti- The Saudi Arabia pavilion at the 47th edition of the ters, so start early if you want to get the full tutes of various sively at the Fair, and as the street extends tles, The Hall is mostly academic titles on Cairo International Book Fair has been attracting tour. Entry ticket is EGP 1, daily opening countries & offi- on your right, you will pass by cultural ses- display covering various sectors of Arts and huge crowds with titles displayed in various fields of hours are cial bodies should you will find sions, authors signing books and the famous Sciences, yet some stands in the Hall have human thought, science, literature, and religious her- from The Ministry of De- fense stand with its itage, on display. The Holy Qur’an, children’s books Azbakia Center, where you will find old and other titles for children, cooking and gen- and studies of human development have proved to be 10.00am diversified publications, followed by coun- used books sold at a fraction of its price. eral readers. Watch out from spending too t o tries stands like the Bahraini stand - one major attractions for visitors at the Saudi stall. If you had the time to dig in, do not be much time in one Hall as you could uncon- The Saudi pavilion, visitors with more than 110 MERIC 8.00pm that stands out as the most attractive stand surprised when you find the rarest of books, sciously loose track of (Halls at the fair, the Saudi Arabia Official Stand titles, mostly translations of the Holy Qur’an and as most of the displayed ones are usually time... the Prophet’s biography in 45 different languages close at with samples of publications released by owned previously by famous writers, jour- 7.00pm). including Russian, English, French, and various Af- MERIC stand its Universities & Public Libraries, as well nalists and book collectors. While wander- rican languages like the Somali, Swahili, Urdu, and From the as, Oman, Sharjah Book Fair, Greece stand ing through the many halls of Egyptian and Fulani. inside Italy main en- and many other countries. foreign bookstalls on the sidewalk, you will Representative of the Ministry of Islamic Affairs try point When you leave that Hall, you will prob- reach the end of the boulevard where a food in the exhibition Ibrahim Al-Tamimi said the min- hall has a nice on Salah ably hear the music displayed by the artis- court is set, which may be the perfect energy istry outs in great efforts in the service of the Holy Salem tic groups who are playing southern Egyp- boost time after such a tour, you may as well Qur’an in all countries of the Islamic world, as there Road, tian music, you should take your are new languages added each year for translation of section of best on your time the Holy Qur’an and the Prophet’s biography. The efforts are directed toward delivering and facilitat- seller novels ing reading of Qur’an and the Prophet’s biography for non-native Arabic speakers, which helps them absorb and understand the meanings of the Qur’an in a simple way. The Saudi pavilion this year also has on display 241 titles about children, including the latest ver- sions and products based on best methods and ways of education, and teaching Arabic to non-native speakers, as well as educational materials in the chil- dren’s education. Mind Games Secrets to Success Success through a positive mental attitude is the we plan to take you into the world of achieving important person in his life his magic talisman and road to achieve your dreams. Inside each and every your dream and lessons learned. with PMA he saw clearly that he needed a plan to human being is an invisible talisman who directs Everyone has talents regardless of his dilem- convert his creativity into reality, he then count- your success, inner satisfaction, happiness and ma, but God never leaves us stranded. If life ed his blessings and discovered how thankful he wealth, this talisman is your brain with the letters hands us a problem, Solutions are within our should be to have his family around him, and that PMA (Positive Mental Attitude) emblazoned on one abilities pending on how motivated we are to use in these blessings lies his plan. So, he gathered side and NMA (Negative Mental Attitude) on the them. Some see ill health as a pediment, others his wife and kids and revealed his plan. "I am no other. see handicap as an ultimate pediment towards longer able to work with my hands, so I decided One side has the power to attract the good, achieving one's dream. to work with my mind. You will all take the place while the other has the power to repel you and rob If this is true let's look at a man like Milo C. of my hands, and let's plant every tillable acre of you of all that makes life worth living. You need Jones, Milo was a farmer from Wisconsin, who op- our farm in corn. Then let's raise pigs and feed not blame God, as his words inspire divine guid- erated a small farm, although he worked hard he them the corn, and slaughter the pigs while they ance throughout your life. By keeping your mind was unable to yield more than his bare necessities are young and tender and convert them into sau- focused on your target, you develop the desire for himself and his family. Year after year, Milo sages. Then we can package them under a brand and need for its achievement. Have the courage to grew older and one day Milo got struck with exten- name. We'll sell them in retail stores all over the aim high and strive daily to keep your goal before sive paralysis and was confined to bed. His relatives country", and then he laughed "They'll sell like hot you, and Learn to turn disadvantages into advan- and friends thought that this was the end of it and cakes". And they did sell like hot cakes ! tages as opportunities may come in disguise. Un- that Milo will live un-happy forever, specially that In a few years the brand name "Jones little Pig derstand that those who made it from poverty to his paralysis was incurable. Sausages" became famous all over the nation, and wealth did it by learning that the actual happiness Milo needed to secure his family, he knew his Milo C. Jones lived to see himself is in enjoying the road to success, they learned body was paralyzed but his mind was unaffected, a millionaire and became a happy the joy of work. Through this series of articles, Milo then got to meet the most man because he was useful.

Outside the box Word seeks A simple project that ideas for startups In investments and • ALIT • CUCKOO • MENU • SCRUFF turned its owner projects sector, there is • ALU- • DEFENSE • OFFEND • SCULPT another type of busi- ness; a type of busi- MINIUM • DOWNY • PAID • SHORT to a millionaire:they came up with the ness that is creative, Cuppow project under It might be a simple up to date, and innova- • BATTY • DRAMATIC • PIRATE • SULK which they worked with habit; but in the mind of tive; and that requires • BEHOLD • FACE • POSTE- • TABLE experts on developing a great pioneer it turned coffee lids of great use developed minds • BURNOUT • FLUFFY RIOR • TENOR "Joshua Resnikoff" from and cool designs. After capable of thinking • TILTING an ordinary man into a that they launched their- out of the box in order • CANON • GLADE • RAINFALL very famous business- own website and a Fa to achieve success • COM- • GRILLE • RATTAN • TUBA man. "Resnikoff", like cebook account for their and make profits; this • UPTIGHT many others, drinks cof- products, and started is the most important MANDER • GUILT • RIDICULE fee daily; but what really publishing videos on lesson to learn in the • VANITY upset him was the cof- • COWHIDE • LIFT • SCARCE YouTube; in order for world of business. • WRABLE fee spilling all over him their products to reach as There are lots of while driving the car. many people as possible. So, one day he decided- - stories of the kind When the Cuppow whose protago- to search for lids to cof went on sale in Janu fee cups, but he could not - nists are young - ary 2012, it generated men from outside find any; he then asked massive profits, turn - his friend "Aaron Par - the business ing later into the larg world who one", a medical design est coffee lid manufac engineer, to make him a turer in the U.S. Now endeavored to glass cup with plastic lids be different and - the product is sold to use for drinking coffee heavily all over the innovative, in the car without hav world. and managed ing it spilt. They started to make tons working on the idea, till By Eman Rashed of money. Plastic Urinals Cardiologist Dr. "Muhammad Abdel-Azim" weird thing, he found out that they are used sold them to clinical laboratories with more says that during a visit to Sweden to attend for being easier and safer. Dr. "Abdel-Azim" than 70% profits, and he was surprised to a medical conference, he noticed when go- then went back to Egypt with a number of find out that plastic factories have already ing to the rest room that there were plastic these urinals, and asked a plastic factory to started to manufacture this product and sell urinals given to the ladies. Asking about this manufacture 10,000 of the same product. He it to clinical laboratories. www.meobserver.org 8 International 3 February 2016 Between the mystery of the mountains and the peacefulness of the sea lies Nuweiba Nuweiba, one of the most crystal clear water of Gulf Castle Zaman is designed peaceful spots in the world; of Aqaba surrounded by the in a distinctive way to allow it is located in the eastern red sea mountains, makes the you to spend mornings and part of Sinai Peninsula. It scenery a memorable one. nights there. At night the eco- lies between Sinai mountains Further north, in the direc- friendly handcrafted lighting and the Gulf of Aqaba, nearly tion of Taba, lies several fixtures are all lightened up 150Km north Sharm el Sheik. beaches, the most famous two to give you a chance to have are Ras Shaitan and Ras el your drinks in a charming and Nuweiba lies over a barqa beaches. mysterious atmosphere, and 5097Km; originally it was One of the most exception- listening to the especial al- inhabited by Bedouins from al places in Nuweiba is Castle bums played in Castle Zaman two famous tribes, Tarabin Zaman; it lies two kilometers will complete your incompa- and Mezayena. away from Ras Shetan, and rable experience. The exceptional Bedouin 18 kilometers from Taba atmosphere with the slight heights. With its exceptional The wooden designs of the touch of primitive of life is medieval architecture, it lies castle, reflects a natural setting what makes Nuweiba unique. on a cliff that overviews a while the colors used reflect Tarabin village might be the mountainous view of Jordan, the comfort and warmth. In ideal spot which portrays the Saudi Arabia, and Egypt. the morning the indoor area famous Bedouin-style of life. Being a day use spot, visi- is brightened by the sun beam Visitors can rent huts and tors in Castle Zaman enjoy which penetrates through the enjoy the simplicity of nature. eating mouthwatering food holes that exist in the ceiling Sophistication has no room cooked in Egyptian earthen- to allow ideal ventilation and in Nuweiba camps, which ware and roasted at conveni- temperature. While at night embrace different kinds of ent temperature, while chill- the light fixtures allow visitors hut. The essence is to make ing by the pool. to enjoy an exotic stay at the visitors in deep harmony with Lying on a cliff, the castle terrace which is surrounded by nature. has a Panoramic view over the mountains. Tourists hit Nuweiba the sea and the mountains It you are looking for clear- mainly to relax and chill of Nuweiba. The location ing your mind and reviving by its peaceful beaches. In and the design of the natural your soul, then Nuweiba fact, beaches in Nuweiba are pool is just brilliant. It is should be your next spot to totally different from any designed in a special way hit in Egypt, where you can a other beaches in Egypt. The to give you the illusion that draw a relaxing rejuvenating warmth of the weather com- the natural pool is just an experience. bined with tranquility makes extension of the sea, so you Stay tuned to more tours in its visitors in a state of me- are actually enjoying both Egypt..The land of wonders# diation during their stay. The views. Castle Zaman in Nuweiba By Amira Elhamy Breaking stories from Europe and the Americas With global headwinds, falling demand, foreign mobile services have partially recovered, and we surged to 42.5 per cent and costs dropped 7.3 per currency fluctuations and weak profit margins; continue to work to restore a full service.” Hack- cent. Since Xerox used to operate on two differ- markets remain skeptical. These tough chal- ers tried to deny customers access to HSBC’s ent businesses, the decision of separation was lenges weigh on some companies while others, online services through overloading the system not so difficult. Xerox Chief Executive Officer, naturally, make big deals. Have a look at some with enormous requests driving it to crash. Thus, Ursula Burns, said in an interview, “The reason of the latest news stories about companies in Eu- customers could not send or receive payments why it was easy to get to a decision is because rope and the Americas. and could not even log into their accounts. we do have two businesses that rotate around two HSBC reassured customers on Twitter saying different axes.” HSBC online banking system crashes for the that it is closely monitoring the situation with law Annual revenue of the document technology second time enforcement authorities to pursue the hackers. company is predicted to reach $11 billion while HSBC appologises to clients after its online The bank advised customers to go to their local the outsourcing company is expected to have $7 banking system crashed for the second time in branch or contact personal telephone banking for billion in revenue. Burns admitted that Xerox’s less than a month due to cyber- attack. The glitch urgent transactions. board and executives would negotiate with any- occurred on the last Friday of the month− a pay- Finally, HSBC said, “Internet and mobile bank- one interested in the deal. “They are both strong day for many people, ahead of the Bank Holi- ing are now fully recovered. Thanks for your pa- and both large companies. But this would not be a day and two days ahead of deadline for paying tience and again we apologise for the disruption.” small buy at $11 billion and $7 billion,” she said. tax. This was really bad news for many people. James Friedman, Susquehanna Financial HSBC tweeted, “We are working hard to restore Xerox to separate officially into two companies Group LLP analyst, said Xerox’s services busi- services, and normal service is now being re- Xerox Corp (XRX.N) will separate, expectedly ness once it splits it becomes “an easy acquisi- will yield about $2.4 billion in savings over the eral Electric also agreed to invest 200million eu- sumed. We appologise for any inconvenience.” by the end of 2016, into two companies; one will tion for someone but they will try and grow it next three years. ros regarding GE’s aviation unit Avio Aero. The Later, the bank managed to defend its sys- manufacture printers and copiers and the other themselves.” agreements were signed in Florence before GE General Electric to invest over €500 million tem against any data breach. The bank tweeted, will be the business process outsourcing com- According to Burns, the leadership and names Chairman, Jeff Immelt, and Italian Prime Minis- in Italy “HSBC UK internet banking system was at- pany. Carl Icahn will hold three board seats on of both companies were not yet decided. Burns ter, Matteo Renzi. tacked this morning. We successfully defended the outsourcing company. He tweeted that “the added that the services business has transformed General Electric (GE.N) has just agreed to invest The Italian government, like many govern- our system.” The bank also said: “HSBC internet separation will greatly enhance value for Xerox over the years and is not only the ACS asset. By over 500 million euros ($546 million) in central ments, aims at attracting foreign investments in banking came under a denial of service attack this Corp shareholders.” the end of 2014, it sold its informational technol- Italy. “More than 500 million euros is earmarked order to sustain its economy which shows modest morning, which affected personal banking web- Xerox shares jumped around 6 per cent to ogy outsourcing part to France’s Atos SE (ATOS. for a project to build oil and gas turbines in Tus- prospects of growth. sites in the UK.” It added, “HSBC’s internet and $9.78, while its profits in the fourth quarter PA) for more than $1 billion. Xerox said the split cany,” sources said according to Reuters. Gen- By Amal Mohy Russia holds key rate at 11% as economy lags CNBC - Russia kept its interest rate steady on Friday but announced it wouldn’t rule out tightening monetary policy if inflation risks rise, after a month in which the ruble dropped to record lows as oil prices deteriorated. January marked a difficult month for the Russian economy, which saw its currency decline in near lockstep with the falling oil price, sending the ruble to fresh record lows of 85 rubles per dollar last week. The ruble was trading near 75 to the U.S. dollar after the central bank›s first monetary policy decision of 2016. «It seems pretty clear that policymakers have been spooked by the latest fall in oil prices and the ruble, which has caused the inflation outlook to deteriorate,» Wil- liam Jackson, a senior emerging markets be some room for rate cuts. But in so far after worrying data released Monday economist with Capital Economics told as these do happen, they will come much showed Russia›s gross domestic prod- CNBC via email. later in the year, and be relatively small,» uct contracted by 3.7 percent in 2015, It was also the first time the - cen he said. Interest rates have come down much worse than the 0.6 percent growth tral bank warned it may not be able to significantly since being hiked to 17 per- tracked in 2014 but roughly in line with hit its inflation target by 2017, Jackson cent in December 2014, though today›s forecasts. highlighted. Russian inflation did retreat decision still leaves the bank off its No- That was alongside a 4.5 percent an- from 15 percent in December to 12.9 vember 2014 level of 10.5 percent. nual drop in industrial production for percent, but the headline rate is still far And though Russian President December, a 15.3 percent plunge in re- cry from the central bank›s 4 percent in- Vladimir Putin famously declared the tail prices from a year earlier, and an 8.7 flation target. worst of the crisis over at his end-of-year percent fall in fixed investment. Though «It›s clearly difficult to predict interest press conference, analysts say there›s unemployment has held steady at 5.8 rates in an environment where oil price still some way to go. In a research note percent, wage growth dropped a whop- movements make a significant contribu- released Wednesday, Chris Weafer, a ping 10 percent, which is likely to hit tion to the inflation outlook. Given the senior partner at Macro-Advisory said consumption levels. weakness of the economy it would prob- the crisis will officially be over once we There may be a brief respite for Mos- ably take quite a lot to actually force the see oil prices stabilize above $35 per bar- cow, though. Weafer wrote that he ex- MPC (monetary policy committee) to rel, the ruble settle near 78, sanctions re- pects a temporary drop in inflation to less raise rates,» Jackson added. moved and a stabilization across wages, than 10 percent by the end of March, but «Our sense is that, so long as infla- inflation and interest rates. warned consumer prices could rise again tion continues edges down and oil prices Some have gone so far as to predict a in the second quarter if the ruble travels and the ruble stabilize, there may still second year of recession for the country, north of 80 against the dollar. www.meobserver.org 3 February 2016 Asia 9 Starting with China...emerging markets on threshold of new global crisis Emerging markets pay for quantitative expansion of global banks' policies

Sayed Aweidi, a global money markets analyst and kets. This crisis will reach all head of technical analysis at T-Matrix Company, economies and affect economic said that the current period witnesses the transmis- growth rates, as emerging mar- sion of the global financial crisis that occurred in kets, mainly China, are the larg- developed markets in 2008 to the emerging mar- est consumer worldwide. MEO - In an exclusive statement to the to funds that borrow from the global central the more drops in prices occur. Middle East Observer, Aweidi said that the banks -with interest rates of around 0.25 per He explained that China had focused in economic problem is -for the time being- in cent. the past on manufacturing and conquering emerging countries, while the 2008 global He pointed out, the problem of China is the world markets, but it discovered that its crisis hit developed markets. The crisis was not a domestic one, but a problem of a de- products are not widely sold, thus it decided followed by US Federal Reserve and other creased global demand. Its products are the to focus currently on the domes- central banks' -whether in Japan or England- same and their prices have not changed, tic consumption -through entry in the expanding quantitative easing and therefore, companies' profits started to selling its products at its policies. Which have resulted in the trans- decline, due to inflation and the rise of debt local markets- especial- fer of stumbling funds to emerging markets rates from time to time and that was where ly in light of the great through the global central banks’ debt pur- China’s problem began. increase in population. chase of faltering companies and re-pump- He pointed out that China is the largest This would lead to ing cash into the market. oil consumer worldwide, and in light of de- price hikes if products He added that cash was moved into hedge mand for China's products and its inability are not widely avail- funds, through which bonds of emerging to sell its products, demand for energy, oil able, therefore China countries (China, Brazil, South Africa and and raw materials drastically dropped. is experiencing an eco- Turkey) were bought and therefore, the cash He stressed out, the crisis in emerging nomic change that would pumped by developed countries went to markets will continue for a long time, it not likely to have positive emerging markets. Hedge funds used assets is not just a 2016 issue, as it would be in- impacts before 4 or 5 years. they owned for borrowing, and so emerging creased if the US Federal Reserve raised in- Global reports revealed that emerg- markets debts rose. The borrowing at that terest rates again. ing countries, especially countries of the Situation to time and the purchase of funds of emerging “We are currently witnessing the transi- BRICS bloc, witness an exit of funds in bonds was encouraged by the low US inter- tion of the 2008 global financial crisis in the meantime, and this is expected to in- est rates' proximity to zero. developed markets, into emerging markets, crease in the coming period. Especially He asserted that the interest rate’s decline as it will consequently hit global markets with reference to the meeting of US Fed- worsen if US encouraged hedge funds to purchase bonds and affect rates of economic growth. The eral Reserves next month, which now in abundance from emerging markets, in emerging markets, mainly China, is among seems likely to score another increase US light of the interest rates ranging between the biggest consumers in the world,” he said, interest rates -rates that have been stable Fed raises 1 and 2 per cent, which is considered low noting the abundance in supply whether en- over the course of previous decade's glob- for emerging markets but represent a profit ergy or raw materials -the greater the supply, al markets. interest again

Latest Finance News Stories from Asia

China to revive ancient Silk Road It has been such a dramatic week for investors and companies being hit by lower For decades, The Chinese Silk Road did not grab the at- In 2013, the Chinese president Xi-Jinping announced demand, fragile profits and economic shifts. In order to survive daunting difficul- ties, mostly, these investors and companies are forced to take major decisions tention of world leaders. Its economic salience was forgot- The Belt and Road initiative (the Silk Road Economic Belt including moving businesses, merging with other rivals, borrowing, cutting costs ten until China unleashed a grand plan for revitalizing this and the 21st Century Maritime Silk Road) in order to re- and buybacks among others. Here is the latest finance news from Asia you may not want to miss. trade route. vive the ancient road which links the east and the west. Silk Road is an old network of trade embrace un-precedented opportunities Saudi Arabia, and Iran since assum- mately 60 countries in infrastructure routes connecting China and India to and challenges. ing his office, on which 52 cooperation projects such as ports, pipelines, Profits halve at Indian the Mediterranean Sea. The road has Since his announcement 3 years agreements were signed covering en- railways, highways, and factories two branches, the northern branch ago, the Chinese president started to ergy, communications, environment, throughout Southeast, South, and Cen- starts at Bulgaria, and passes by East- pay visits to some of the neigbouring culture, aerospace, and science and tral Asia. The China Development Vedanta Resources ern Europe, Black Sea, Marmara Sea, countries in order to build up mutual technology in order to deepen Bei- Bank has announced plans to pump The Indian energy giant, Vedanta, has been margin” of 23pc. “We’ve taken a series of and ending at Venice, Italy. The south- beneficial economic relationship. jing's constructive engagement with $900bn into investments in the forth- severely hurt by falling commodity prices pragmatic decisions and these are show- ern branch begins at china and goes These countries will boost their own the struggling yet promising region. coming years. The Asian giant has also as its profits have plunged 51pc to reach ing through and delivering additional cash through Turkestan, Khorasan, Iraq, economic growth, while opening up Such cooperation entails infrastruc- dedicated the $40bn Silk Road Fund to $493m (£345m) in the fourth quarter. Ve- flows,” he said. Syria, then passes through Egypt's their markets to the Chinese products. ture projects including the develop- financing the initiative and the newly danta Resources mines copper, zinc and Total revenue for the quarter dropped gate to North Africa. In the words of one think tank schol- ment of an industrial area in the Suez formed Asian Infrastructure Invest- iron ore and operates on oil and gas across 27pc to $2.4bn. The Silk Road derives its name ar, Belt and Road, “is not an entity or Canal corridor that will form part of ment Bank (AIIB) will also finance India, Africa and Australia. Its aluminium The group said it had achieved “good from the lucrative trade in Chinese silk mechanism, but rather a cooperative, the “One Belt, One Road” initiative Belt and Road projects. unit was better with earnings before inter- progress” concerning some of its debt, carried out along its length; the term win-win initiative.” to expand China’s trade and economic According to experts, the way to est, taxes, depreciation and amortisation which reached $7.9bn at the end of 2015. was coined by the German geography In a bid to pave the way to the silk ties in Asia and beyond. flourishing the road is not an easy (ebitda) slumping 84pc year-on-year even However, the company claimed this would scientist "Ferdinand von Richthofen" road, President Xi Jinping made his Meanwhile, Chinese banks have sailing, since each country sited along as production rose to record levels. diminish in the next months. “We want to in the 19th century. according to Wiki- first overseas tour Two already invested up to the belt faces a bulk of economic and Vedanta's Zinc India business main- create a bit more headroom and our bank- pedia. weeks ago to $250bn in ap- political challenges. tained its profits, yet output from its inter- ers are supportive of reviewing debt cov- The road played a pivotal role in Egypt, proxi- Large debt burdens, volatile mar- national zinc operations dropped driven by enants,” said DD Jalan, its finance director. the cultural interaction and civiliza- kets, and devaluated currencies pose the closure of its Lisheen mine in Ireland Vedanta confirmed that the merge of its tion between the nations of the Asian the highest macroeconomic problems after 17 years of operation. Tom Albanese, two main Indian subsidiaries, Vedanta Ltd continent. in these states respectively. chief executive, said cost reduction had en- and Cairn India, will be completed by the The importance of the Silk Road Political corruption facing these abled Vedanta to produce a “robust ebitda second quarter. diminished after world traders countries is also deemed to de- found it easier to transmit their fer the success of the project. goods through sea, being Thus, enterprises and in- much safer and cheaper. vestors will not find it easy Now the Chinese au- to operate in such environ- Japan fund undecided on thority considers the Silk ment, which need full Road as an important pil- understanding of the lar in its plan to overhaul current economic and Sharp Foxconn raises offer its sagging economy. political conditions fac- Innovation Network Corp of Japan Sharp and its bankers are consider- More than 60 coun- ing each country. (INCJ), a Japanese state-backed fund, ing both offers, however, according tries and some inter- said it had yet to decide on its poten- to Reuters, the INCJ offer had been national organizations tial bailout plan for Sharp Corp; amid preferred since the government would are involved in this news reporting that Taiwan's Foxconn, like to keep its technology in Japanese new project, which By Doaa Hussein known previously as Hon Hai Preci- hands. sion Industry, had raised its offer for INCJ is interested in merging Sharp to 659 billion yen from an earlier Sharp's liquid-crystal display busi- offer of around 625 billion. ness with Japan Display Inc, in which INCJ officials have been considering the fund is the major shareholder. offering Sharp more than 300 billion Japan Display and Sharp produce yen ($1.7 billion) and up to 350 billion high-resolution smartphone screens Asia puts economic priorities yen of financial assistance from the to Apple. They are both faced by company's two main lenders. The fund tough competition from Asian rivals had been expected to agree on a rescue including South Korea's LG Display New Japanese economy minister vows to carry Abenomics torch plan last Friday, yet no formal decision Co Ltd. The fund also aims at merg- Nikkei - Nobuteru Ishihara, Japan's first "arrow" -- realizing a strong Ishihara will lead the creation of has been made according to Tetsuya ing Sharp's white goods unit with that new economic and fiscal policy min- economy by combining fiscal and the government's annual blueprint Hamabe, INCJ Executive Director. of Toshiba Corp. ister, promised Friday to focus on monetary stimulus and growth strat- for economic and fiscal policy, in- achieving growth, dispelling con- egies. Specifically, Abe has set the cluding a revision of its fiscal con- cerns that his fiscally conservative goal of achieving a nominal gross solidation plans, due out in early views could hinder some of Prime domestic product of 600 trillion yen summer. Ishihara is aware that some Minister Shinzo Abe's policy priori- ($4.9 trillion) by around 2020. members of his own intra-party fac- Consortium signs agreement ties. Some market participants thought tion are arguing against spending Ishihara has big shoes to fill by that Ishihara's ascent would lead to cuts ahead of the summer's upper succeeding Akira Amari, a veteran belt-tightening given his reputation house election, and speculation is with Myanmar's aviation authority on future airport lawmaker felled by graft allegations. as a fiscal conservative who has growing that he will not try to push A consortium, comprising Japan's JGC tional Airport will be the largest airport in Amari was a key architect of Abe's served as vice chairman of the ruling for fiscal discipline too hard. Corporation, Singapore-listed Yongnam Myanmar. The airport is predicted to be the reflationary policy, dubbed Abenom- Liberal Democratic Party's tax com- New target for the opposition Holdings and Changi Airports Internation- main international gateway into Myanmar, ics. mission. While the Democratic Party While Ishihara might be able to al, signed a Framework Agreement with particularly Yangon - a commercial hub at "We must have solid discussions of Japan was in power, Ishihara led allay worries about the fate of Abe- Myanmar's Department of Civil Aviation Singapore. The new Hanthawaddy Interna- about policies for the first new arrow. talks between the LDP-Komeito al- nomics, concerns persist about his (DCA) last Saturday. According to a con- tional Airport will foster connectivity for I will put all my heart and soul into liance and the DPJ to work out an political skills. Commenting on the sortium spokesman, a feasibility study is Myanmar, boosting the flow of business this," Ishihara said at his inaugural agreement that paved the way for a construction of intermediate storage underway and the project is estimated to and travellers. press conference, referring to three consumption tax hike to 10%. facilities for radioactive waste as cost US$1.5 billion. The airport is projected to be completed new initiatives of the Abenomics But his mention of economic environment minister, Ishihara drew Situated at an area of about 9,000 acres, by 2022. Some of the project cost will be policy. "We will expand the econo- growth at the press conference ap- fire by saying that, in the end, money 80 km northeast of Yangon near Bago, financed through the Official Development my's virtuous cycle." pears to be an indication that Ishihara will decide whether municipalities with a capacity of 12 million passengers Assistance (ODA) loan from the Japanese Ishihara will be in charge of the intends to stay the course. agree to host such facilities. Nobuteru Ishihara per annum; the new Hanthawaddy Interna- government. www.meobserver.org 10 Africa 3 February 2016 Investment Minister: 21 African Heads of State and 96 ministers are expected to attend the forum President Al-Sisi invites businessmen from Africa and across the world to COMESA Forum in Sharm El-Sheikh on 20 February Egypt's hosting of the COMESA China, Japan, Unites States as well Forum in 2016 comes as a result of as the widely known international Egypt's success to hosting the Tripar- businessman Agha Khan. Fahmy tite Summit of (COMESA, SADC, also mentioned the participation of and EAC), which was a trademark 21 African Investment Agencies at in the history of the 3 major African the Forum. integrativeblocs. This Summit wit- Integration among COMESA nessed the launching of a Free Trade countries Area (FTA) grouping all of the three economic blocs. The Tripartite TFA "We aim to facilitate doing business encompassing 26 Member/Partner in the continent... there are promising States, with a combined population investment opportunities in Africa, of 625 million people and a Gross which is one of the most attractive Domestic Product (GDP) of $1.2 destinations for investment", Heba trillion, is an important step towards Salama, Head of the COMESA Re- the establishment of an African Eco- gional Investment Agency said. She nomic Union. also revealed that the size of the Investment Minister, Ashraf Sal- continent's population consumption man, noted that Egypt seeks -through plays around $2.4 trillion -from a hosting this forum- to start a more Egyptian businessmen invested $2.5bn in construction sector& $2.2bn in chemical industries GDP of $3.6 trillion. Salama added that the European developed phase in investment and to accommodate the industry- the market is getting replete, and thus trade relations with African coun- Minister said, pointing to Suez Ca- Africa will be the most attractive tries. They are going to discuss the nal Axis Developmental Project and Africa's economic growth (5 per cent) to be market in coming years, noting that future visions of partnership and co- the new area's capacities to include companies like General Electric has operation between governments and large investments. The Minister also decided to pump $2bn new invest- businessmen. This is to achieve eco- said that there are plans to ensure ments across the continent to raise nomic development investing oppor- increased due to continent great potentials movement of funds and investment the number of its African employees tunities and possibilities abound in through Africa. Ethiopia, the Comoros, Mali, Ma- to December 2015, in more than 62 in financing a number of proposed to four thousand. Salama also talked the continent, this is reflected in the Ambassador Hazem Fahmy, Sec- lawi, Sudan, Libya, Tunisia, Algeria projects with a labour force of over projects, through organizing more about investment opportunities in interest of Egypt's popular political retary General of EAPD, also point- and Morocco, and the Ministry is 21 thousand workers. The construc- highly profiled promotional tours Rwanda and Congo, as she invited leadership to strengthen the Egyptian ed out the importance to strengthen negotiating with many other African tion and building materials sector targeting prioritized countries to in- people to invest in Africa. "We seek role in Africa at all levels, through trade and investment ties with Afri- countries. is the most field that Egyptian busi- vest the great potential abound in the to establish an African Free Trade encouraging Egyptian investments can countries for the best of our Afr- He also explained that the Ministry nessmen invested in Africa at a rate African continent. Area in the near term, especially after in African countries, he added. can interests. of Investment is working to help the of $2.5bn, followed by the chemical the signing of the Tripartite Agree- 500 million trained For his part, Ambassador Salah al- Boosting cooperation with Africa Egyptian private sector to enter into industries sector with investments ment last year in Sharm El-Sheikh," African workers Din Abdel-Sadek, Head of the State Salman announced that the Minis- those markets, by providing them estimated at $2.2 bn. Salama said. Information Service, confirmed the try of Investment has signed sev- with all the information about in- Salman added, the Ministry of Salman confirmed that there are 500 Ambassador Abdel-Sadek on his need for cooperation with represent- eral memoranda of understandings vestment opportunities in all sectors, Investment has organized many million trained African workers, giv- part, said that the State Information atives from the media sector, in order (MOUs), with investment promotion and through enhancing communica- promotional Egyptian businessmen ing the continent competitiveness Service is properly prepared to fa- to cover the forum's events in a way agencies in 12 countries, as a reflec- tion between the business organiza- delegations to a number of African to attract investment, adding that cilitate the task of media delegations that reflects the government 's - con tion of the government’s readiness to tions in Egypt and their counterparts countries, in efforts to learn about the growth of the African economy participating in the COMESA Fo- cerns to increase cooperation with provide those countries with exper- in Africa. In addition, research on the investment climate and opportu- is about 5 per cent, and can be in- rum. He asked the media to register partners from the African continent. tise and support in all technical and mechanisms for cooperation -with nities. Along with the Ministry’s ef- creased in light of the continent's their data as soon as possible on the Ambassador Fahmy said that administrative aspects. The Ministry international and domestic financial forts to organize investment forums great potential. website so that they can participate President Al-Sisi had already invited also contributes to the institutional institutions- are underway to ensure in Egypt for some African countries, The Minister said that it has be- and cover the live global event from delegations for the COMESA forum development plans carried out by the freedom of the of capital transfer such as Ghana-Egypt Business Fo- come imperative for African coun- different countries. in Sharm El-Sheikh. A total of 21 Af- such agencies through preparing and cover risks. rum and Zambia-Egypt Business tries to work hand in hand to face rican Head of States and 96 Minis- and organizing a number of special- The Minister added that those ef- Forum. The Ministry is keen to in- competition from other continents, ters have been invited along with a ized training programs in collabora- forts led to expanding the results vite counterpart ministries to all the pointing out to the movement to- number of countries and busi- tion with the General Authority for of investment and economic coop- major economic events organized in wards freeing Africans’ mobility to nessmen such as Investment. Organized a number of eration between Egypt and African Egypt. all countries, through different eco- training courses for more than 350 countries, as Egyptian investments The Minister revealed the strat- nomic alliances. This COMESA fo- trainees from African ministries, in- in Africa increased dramatically dur- egy of investment cooperation with rum aims to make things easier for stitutions and investment promotion ing the last period, especially in the African countries, which includes business partnerships and joint vben- agencies, Salman added. fields of construction, infrastructure, providing the opportunity for Egyp- tures. As discussing ideas of fully In- energy, agriculture, agro-processing, tian companies from the public and tegrated African markets is out of the Agreements for promoting trade livestock, communication, informa- private sectors, banks and public question now, the Minister stressed. exchange tion technology and mining sectors. and private financial institutions to The Egyptian government has so- Salman noted that many Investment As he explained, according to FDI identify investment opportunities phisticated strategies to rebuild in- Promotion and Protection Agree- Market Report, the Egyptian invest- available in African countries. It frastructure -through electricity pro- ments have been signed, nine of ment in Africa exceeded $7.9bn dur- also includes exploring opportuni- jects, building new roads between which went in-effect with each of ing the period from January 2003 ties and possibilities of participating provinces, making energy available Top Economic News Stories from Africa Africapitalism Africa will achieve 4.4 per cent economic growth this year, CA) in Addis Ababa, Ethiopia, an improved regional business Capitalism is defined as an economic and polit¬ical system in which up from 3.7 per cent last year, driven by increasing domestic environment and increasing public investment particularly in a country’s trade and in¬dustry are controlled by private owners for profit, rather than by the state. It is ‘’a way of or¬ganizing an econ- demand and mounting investment in infrastructure, the Unit- infrastructure will also boost growth. Other keys include de- omy so that the things that are used to make and transport products ed Nations has projected. According to the recent UN World veloped macroeconomics management and promoting trade such as land, oil, factories, ships etcetera are owned by people and Economic Situation Prospects Report released last Tuesday and investment ties with emerging economies. Let us move to companies rather than by government.’’ The synonyms for capitalism by the world body’s Economic Commission for Africa (UNE- the top economic news stories from Africa. are pri¬vate enterprise, free enterprise, privatized industries, laissez faire, private ownership. The Sun - Africapitalism would seem toring, training, networking and funding like the African version of capitalism, for 1000 African start-ups per year for the but not so, according to the propo¬nent, next 10 years. TEEP kicked off in Janu- Kenya to destroy largest stockpile and Founder, Tony Elumelu Founda- ary 2015 with 20,000 applications from tion and Chairman, Heirs Holdings, Mr 54 African countries and territories, and Tony Elumelu, an audacious strategist with support from Accenture and a pan and quintessen¬tial entrepreneur, who African selection Com¬mittee. 1000 bud- of ivory worth $270 million led the team that gave birth to Stand- ding entrepreneurs from 54 African coun- ard Trust Bank(STB) from the ashes of tries under¬went 12 weeks online business Although Kenya banned ivory trade in 1989, the esti- Kenyatta said, “We want future generations of Ken- Crys¬tal Bank, at a period the bank- skill training programmes and paired with mated number of elephants killed every year for their yans, Africans and indeed the entire world to expe- ing industry was steeped in a crisis of 400 expert mentors around the world. And ivory reaches 3000 elephants. In this regard, Kenya’s rience the majesty and beauty of these magnificent confidence, and made great success of towards the end of 2015, a Boot camp wildlife authority announced it will burn its huge animals.” According to Richard Leaky, Chairman of it through innovative and aggres¬sive held in Lagos where entrepreneurs got ivory stockpile, worth £270 million and equivalent to Kenya Wildlife Service, the average weight of a pair marketing and best practices. STB was US$5000 in seed capital with the option of 4,000 killed elephants. of tusks was about 36 kilos; i.e. the haul would ac- to later merge with a much bigger and a further $5000 low interest loan or equity The event will take place at an anti-poaching sum- count to 4000 elephants. more established United Bank for Africa each year to nurture their ideas and ulti- mit in April and will be attended by several heads of More than 30,000 elephants are still killed each Plc (UBA) in one of the most strategic mately develop the continent. state and celebrities, including Leonardo DiCaprio, year and ivory is still smuggled into other countries mergers in the Nigerian capital market. Africapitalism has received rave re- Elton John and Nicole Kidman, among others. in Asia, despite a ban on ivory trafficking in 1989 and South Africa’s PIC aims at According to Elumelu, views in international publica¬tions The fire will be eight times the size of any ivory the breakthrough of anti-poaching programmes and ‘’Af¬ricapitalism is the middle ground such as the Financial Times, Fortune stockpile that has been burnt before. President Uhuru awareness in Africa. between business and philanthropy. The and the Economist. It has also been a raising Barclays Africa stake key tenet of the concept is that it is both theme of discussion at several interna- The Public Investment Corp., manager of the bulk of necessary and possible for entrepreneurs tional conferences such as the Oxford the South African government’s pension fund money, and society to pros¬per simultaneously African Confer¬ence organized by said it would like to increase its stake in Barclays Af- and entrepre¬neurship should be the cor- Oxford Univer¬sity, London, Africa Nigerian businesses target rica Group Ltd. nerstone of Africapitalism and a defining CEO Forum in Germany in 2014 and “The fact that Barclays Africa has a strong platform feature of market liberalization in Africa’’. US Africa Summit hosted by President across the continent means that it would be a good part- He believes that despite laudable progress, Obama in Washington, also in 2014. '100% mobile-first market’ ner for the PIC as it rolls-out its strategy in Africa,” said the private sec¬tor is moving too slowly An African Business news website, Dan Matjila, chief executive officer of PIC. He con- towards entrepreneurial value creation: Ventures Africa, reportedly referred to Success for both tech start-ups and more traditional can use it to send messages to your loved ones,” Ms firmed that there is no such deal at the moment. ‘’If Africa is to meet the demand for new the US President as ‘’Obama the Af- businesses in Nigeria suggests that Nigerians are cop- Osagie adds. Barclays Plc has controlled the South African bank jobs, and to create wealth suffi¬cient to ricapitalist’’ following his pledge of ing with the age of what investors have called the “100 By 2025, Africa is predicted to have 360m smart- since 2005, with ownership of a 62.3 per cent stake. sustain domestic economic growth, we $7million to the ‘’Power Africa’’ ini- per cent mobile-first market”. Smartphones are rap- phones, while internet access in the continent will hit According to the Financial Times, the new CEO, Jes must sharpen our en¬trepreneurial focus tiative which aims to advance access idly becoming essential gadgets in Nigeria, a country 50 per cent, according to McKinsey Consultants. Staley, may diminish London-based Barclays’ Af- and make fast progress.’’ to power in Ethiopia, Ghana, Kenya, that has the largest population in Africa (180 million Further, after the rally of smartphone sales in Ni- rican presence. On top of its stakes in most of South To walk the talk, Elumelu de¬clared Liberia , Nigeria and Tan¬zania. And people). geria, tech entrepreneurs began to encourage Nigeri- Africa’s lagest companies, along with investments in the year 2015 as the Year of the African in a keynote speech at the 2014 Global “The smartphone in an average Nigerian’s life is ans to use their smartphones to buy online products. Togo-based Ecobank Transnational Inc. and Dangote Entrepreneur and backed it up with a Entrepreneurship Summit, US Vice your office, your workspace, your first-hand- enter Jumia, for instance, has recently partnered with South Cement Plc of Nigeria; the PIC already holds around launch of US$¬100million Tony Elumelu President, Joe Biden praised the im- tainment right there at your fingertips”, says Vien African telecoms group MTN in order to make future 6 per cent of Barclays Africa. “We are fairly satisfied with how the company is run,” Matjila said. Entrepre¬neur Programme(TEEP) which portance of creating an entire climate Bamidele Osagie, a young talk show host. customers with MTN mobile subscriptions browse for is aimed at identifying and providing men- in which innovation and ideas flourish. “It is also the love of your life, in the sense that you free and thus boosts its sales. www.meobserver.org 3 February 2016 Indicators 11 Prices in US$ Energy Futures

Symbol Price Change %Change Volume

OIL 30.95 -0.67 -2.12% 52068

BRENT 33.66 -0.58 -1.69% 40009

NAT GAS 2.112 -0.04 -1.86% 3662

RBOB GAS 1.065 -0.018 -1.64% 1674

METAL FUTURES Symbol Price Change %Change Volume

GOLD 1126.4 -1.6 -0.14% 23730

SILVER 14.265 -0.078 -0.54% 3624

COPPER 2.081 0.026 1.24% 12539

PLATINUM 863.9 -6.2 -0.71% 2128

AGRICULTURE FUTURES Symbol Price Change %Change Volume

WHEAT 477 1.75 0.37% 3165

SOYBEAN 884 3.25 0.37% 7337

CORN 372.5 1.25 0.34% 11961

SUGAR 12.76 -0.07 -0.55% 5607

COFFEE 117.75 UNCH 0% 0

COTTON 61.91 0.12 0.19% 659

ROUGH RICE 11.03 0.025 0.23% 36

COCOA 2868 UNCH 0% 0

Source: CNBC As of Tuesday 02/02/2016

The Middle East Observer does not have any responsibility for any mistakes, errors or changes in the tenders’ information. Such errors are the reponsibility of the companies that publish these tenders.

Renewal Works Al-Khairy, Behira. Closing date: 1 March 2016 Description: The Ministry of Housing, Closing date: 7 February 2016. Bid bond: L.E. 5000 Utilities and Urban Communities, New Bid bond: LE6000 Cost of tender documents: L.E. 50000 cities Authority, New Burj Al- Arab Cost of tender documents: LE200 Client: Ministry of Agriculture and City Development Agency announces Client: General Authority for Fish Lands Reclamation launching two General tenders for com- Resources (GAFRD). Miscellaneous: Enquiries Session to panies registered in the Egyptian Union Miscellaneous: The envelopes will be be held on Sunday 14 February 2016 at for construction and building opened at 11:00 a.m. the Project Premises in Cairo. 1- Agriculture Works ( Renewal, Website: www.etenders.gov.eg Address: 7 Nadi El-Seid Street, near to replacement and development of the city www.agr-egypt.go.eg the National Agricultural Library. entrance in El-Kafoury Road from point Telephone: 37619753 44 to the administrative city borders ( 3- Fish Farms: Fax: 37619756 Teraat Bahij ) . Description: Licence of beneficial Closing date: 24 February 2016. interest for five years of Fishery Farm Bid No. 16 Bid bond: L.E. 20000 plus 5% in case of 51 Feddans, in the area of Masraf 7, Supply and installation works of tender acceptance Kafr El-Sheikh . Description: Supply and installation of Cost of tender documents: L.E. 200 Closing date: 8 February 2016. electric pumps, buried uPVC Pipeline Client: Ministry of Housing, Utilities Bid bond: 20000 L.E. for Margor and Marwa development and Urban Communities. Cost of tender documents: 200 L.E. and butterfly hydrants and valves on Miscellaneous: The technical enquiries Client: General Authority for Fish El-Hammam , Arab El- Ataweel Branch session will be held on Resources (GAFRD). Canal , El Fath and Abnoob Districts, Address: The Headquarter of The Miscellaneous: The envelopes will be Assiut Governorate. Ministry of Housing, Utilities and Urban opened at 12:00 afternoon. Closing date: 1 March 2016 Communities, New cities Authority Website: www.etenders.gov.eg Bid bond: L.E. 5000 Website: www. Newcities.gov.eg www.agr-egypt.go.eg Cost of tender documents: L.E. 45000 2- Utilities Works Client: Ministry of Agriculture and Description: Implementing internal 4- Fish Farms: Lands Reclamation utilities works ( Drinking water network Description: Licence of beneficial in- Miscellaneous: Enquiries Session to – Drainage system) for the sixth district terest for five years of Fishery Farm of be held on Sunday 14 February 2016 at and housing land pieces including the 150 Feddans, in the area of Dameitta . the Project Premises in Cairo. social housing project in the city. Closing date: 8 February 2016. Address: 7 Nadi El-Seid Street, near to Closing date: 25 February 2016. Bid bond: 8000 L.E. the National Agricultural Library, 11th Bid bond: L.E. 170000 plus 5% in case Cost of tender documents: 200 L.E. Floor – Dokki, Giza , Egypt . of tender acceptance Client: General Authority for Fish Telephone: 37619753 Cost of tender documents: L.E. 1000 Resources (GAFRD). Fax: 37619756 Client: Ministry of Housing, Utilities Miscellaneous: The envelopes will be Water meters and Urban Communities. opened at 1:00 afternoon. Description: Manufacturing and as- Miscellaneous: The technical enquiries The Final insurance to be paid by 10 sembly of household water meters of 0.5 Currencies session will be held at 12:00 afternoon per cent of the total value of the tender inch to 1.5 inch diameter for tender No. 1 on : 24 February 2016, for the three first years in the same ses- Closing date: 7 February 2016 For tender No. 2 on 25 February 2016. sion including the annual raise valued Bid bond: LE1m Code Buy price Sell price Code Buy price Sell price Accepted customers will be noti- by 5 % of the Contract. Performance bond: 5 per cent of fied later by opening of the financial Website: www.etenders.gov.eg contract price envelopes. www.agr-egypt.go.eg Cost of tender documents: LE25,000 US DOLLAR USD 7.78 7.830 AUSTRALIAN DOLLARS AUD 5.482 5.582 Address: The Headquarter of The Min- Client: Holding Company for Potable istry of Housing, Utilities and Urban Extinguishing and fire alarm systems Water & Sanitary Drainage EURO EUR 8.469 8.550 Kuwait DINAR KWD 25.544 25.892 Communities, New cities Authority Description: Implementing and Address: 5 Talaat Harb Street, Cairo Website: www.newcities.gov.eg designing purchasing and installation Phone: (202) 24583591/ 6 extinguishing and automated fire alarm POUND STERLING GBP 11.175 11.304 SAUDI RIALS SAR 2.075 2.089 Technological and computer stuff systems for the required work in produc- Lifting stations and discharge Description: The Ministry of Higher tion location in Abo Zeinima and Raas pipelines CANADIAN DOLLAR CAD 5.529 5.617 U.A.E DIRHAM AED 2.118 2.132 Education bids for offering the General Malaab – South Sinai Governorate. Description: Implementation of lifting tender to purchase the following techno- Implementing and designing and instal- stations, discharge pipelines and sloping logical needs for the college: lation extinguishing and automated fire in works at the Shatb village in Markaz DANISH Krone DKK 1.129 1.146 BAHRAIN DINAR BAD 20.500 20.794 1- General tender Number ( 5) to alarm systems for the following: Assuit as part of the SSIP2 project purchase stationery , printer ma- Pharomanganese Factory and all its in- Closing date: 14 February 2016 NORWEGIAN KRONE NOK 0.887 0.902 OMANI RIAL OMR 20.077 20.338 chines, photocopying machines, faxes clusions in Abo Zeinima in South Sinai . Bid bond: LE500,000 ceiling fans. Cement Factory and all its inclusions. Finance: World Bank Closing date: 15 February 2016. Closing date: 16 February 2016. Cost of tender documents: LE10,000 SWISS FRANC CHF 7.601 7.692 QATAR RIAL QTR 2.128 2.152 Bid bond: L.E. 5000 Bid bond: L.E. 100000.Cost of tender Client: Potable Water & Sanitary Drain- Fans Bid Bond: L.E. 1500 documents: L.E. 1100 age Company 6.411 6.506 10.910 11.055 Cost of tender documents: L.E. 150 Client: Sinai Manganese Company. Address: Nazlet Abdella, Administra- )YENS(100 JPY JORDAN DINAR JOD Client: The Ministry of Higher Educa- Miscellaneous: The tenders to be tive Building, Assuit tion and Scientific Research. submitted into two envelopes technical Phone: (088) 2297911 Miscellaneous: The envelopes will be and financial ones in the general tender Data are latest for edition, as per Tuesday 02/02/2016; GMT 8:00PM opened at 12:00 afternoon. No. ( 7). Cairo West Supercritical Thermal Telephone: 23516086 The tender is valid for at least 3 months Power Plant 2- Technological stuff from date of opening the envelopes. Description: Cairo Electrcity Produc- Description: The Ministry of Higher A photocopy of all required documents tion Company (CEPC). Cairo West Education and scientific research bids must be submitted according to the Supercritical Thermal Power Plant 1x for the General tender Number (6) to tender documents. 650 MW Gas purchase the following technological Oil FIRED UNIT STEAM TURBINE needs for the college: Development of on-farm irrigation GENERATOR AND CONDENSERS. General tender Number ( 6) to purchase Description: International Competitive The Government of Arab Republic of stationery, printer machines, photocopy- Bidding (ICB) among the National and Egypt has secured a loan from the Arab ing machines, faxes ceiling fans. International Business and Private Sec- Fund for Economic and Social Devel- Closing date:15 February 2016. tor Contractors. opment . The proceeds of which will be Bid bond: 6000 L.E. The Ministry of Agriculture and Land relent to Cairo West Electricity Produc- Cost of tender documents: L.E. 150 Reclamation – represented by the “ OFI- tion Company (CEPC) to part-finance Client: The Ministry of Higher Educa- DO Project” bids for two tenders for the procurement of materials and as- tion and Scientific Research. its bidders from the Public and Private sociated services for several packages of Miscellaneous: The tender envelopes Business Sector Contractors at both Cairo West Supercritical Thermal Power will be opened at 12:00 afternoon. The National and International levels Plant, which will consist of one steam The tenders will be offered into two to submit their bids for the following Generator and one 650 MW Steam financial and technical envelopes. operations funded by the International Turbine Generator and Condensers. Enquiries session to be held for the two Fund for Agriculture Development – Closing date: 20 March 2016. tenders on Wednesday, 10th of February (IFAD) in Assiut Governorate: Bid bond: USD 2 500 000. 2016. Miscellaneous : Bid documents , could Cost of tender documents: US $ 3000 Telphone: 23516089 be purchased from the “ OFIDO Client: Egyptian Electricity Holding Project ” located at “ No. 7 Nadi Company (EEHC) Fish Farms El-Seid Street, near to the National Ag- Miscellaneous: The tenders must be 1- Description: Licence of beneficial ricultural Library, 11th Floor – Dokki, submitted in two envelopes at 12:00 interest for five earsy of Fishery Farm Giza , Egypt . noon of 139 Feddans, in the area of King Fees of both tenders will not be refund- (Egypt Local Time). Envelope A must Marriott, Alexandria. ed as the offers also must be submitted contain all the required information, Closing date: 7 February 2016. in ( ONE ) closed envelope (Technical (except all schedules of Quantities and Bid bond: L.E. 5000. and Financial ). Prices . USD Envelope B must contain Cost of tender documents: L.E. 200 Envelopes will be opened in the pres- all schedules of Quantities and Prices . Client: General Authority for Fish ence of all budders of their representa- On March 20th 2016 at 12:00 noon Resources (GAFRD). tives at ( 12: 00 ) afternoon Local Time. Egypt Local Time. Both Envelopes Miscellaneous: The envelopes will be The projects Managements deserves A&B will be opened immediately opened at 11:00 a.m. the right to exclude and / or ignore late thereafter in the presence of Tenderers Address: 4 El-Tayaran Street, Nasr offers / or offers which are not accompa- representatives who choose to attend. City, Cairo, Egypt. nied by the Primary Bid Security. Procurement Notice No. 80 Miscellaneous: The envelopes will be Address: 41 El-Salam Avenue , Centre opened at 12:00 afternoon. Bid No. 15 District, New Cairo, Cairo, Egypt.. Website: www.etenders.gov.eg Supply and installation works Telephone No.: 20-2-2617 6497 www.agr-egypt.go.eg Description: Supply and installation of electric pumps, buried uPVC Pipeline 2- Fish Farms: for Margor and Marwa development Description: Licence of beneficial and butterfly hydrants and valves on Tenders from the correspondents interest for five years of Fishery Farm El-Maana Branch Canal , El Fath and in the Middle East of 81 Feddans, in the area of Al-Masraf Abnoob Districts, Assiut Governorate. www.meobserver.org 12 3 February 2016