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Egypt Revives Its African Roots "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.
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