British Conservatives & US Republicans ask: The : The truth An American- about the What a mess we got Israeli- Iranian lobby 6 ourselves into ? Iranian making 4 ESTABLISHED 1945

Economics is Geography has made us everywhere, and neighbors. History has understanding made us friends. Economics economics can has made us partners, and help you make necessity has made us better decisions allies. Those whom God and lead a has so joined together, happier life. let no man put asunder. Tyler Cowen / Themeobserver.com John F. Kennedy An American economist, academic & writer 35th President of the USA 1962 - Present / Themeobserver.com L.E 2.85 1917 - 1963 63 rd Year No. 19 www.meobserver.org Wednesday, 11 May 2016

News Cairo & Moscow discuss signing 4 in agreements on El Dabaa Nuclear Plant Numbers $308m EGP105m Egypt’s Orascom Egypt’s Palm Hills Egypt is to partake in the economic conference in St. Petersburg on June 16 Construction has Development Company’s won two contracts first-quarter net profit $31.4bn is the cost Cairo held preliminary talks with setting up the nuclear station with worth €270m dropped by more than Moscow over signing 4 executive Russian financing, which were ($307.75m) for work 40 per cent year-on- of Iraqi bombings agreements on Dabaa Nuclear signed in November 2015. By vir- on the third phase year to EGP105m, the Plant, and had other discussions tue of these two, 4 principle deals, of Cairo’s third real estate company with The Export-Import Bank of which are considered the green Dabaa metro rail line, it said in a bourse over 12 years Korea’s delegation on granting light to starting the project, were $3bn funds to implement several sealed. The meeting also saw said on Monday. statement on Monday. Iraqi ministry of planning has an- projects in Egypt. conversing about boosting joint nounced lately that the damages Minister of International Coop- relations in different fields, includ- caused by terrorist attacks to the eration Sahar Nasr discussed with ing trade and industry. state’s institutions, between the the Russian Ambassador to Cairo Kirpichenkov invited Nasr and Sergei V. Kirpichenkov, at the Qabil to attend the economic fo- $55.3m $11.9bn years 2004 and 2016, hiked to Bahrain has awarded 12 China will invest IQD 37tr- or $32bn. presence of Minister of Trade and rum that will be held in St. Peters- tenders worth $55.3m) in $11.9bn this year The defense ministry is the industry Tarek Qabil, enhancing burg from 16 to 18 June, under the the first quarter of 2016, in building aviation joint economic cooperation. They auspices of the Russian president, most harmed entity of all, with and invited bids for 17 infrastructure, the damages reaching IQD 15.35tr, have also considered the latest and in which nearly 400 persons Minister of Planning Salman Al- updates of the 2 agreements on participate every year. others worth BD101m official Xinhua news Gameeli reported. Bombings in- ($266m) for projects agency reported late curred all ministries a total of IQD related to roads, sanitary on Wednesday, citing 35tr (nearly $30bn) and other work and infrastructure the country’s civil non-ministerial bodies the sum upgradation. aviation regulator. of IQD 1.6tr ($1.4bn), on top of Smart airports to post $13bn growth by 2019 which came the central bank with IQD 708bn losses. Smart World Company, a joint venture be- tions in the field, including airport systems, “We regard this exhibition as the perfect As for the governorates, Anbar tween Etisalat and Dubai South, participat- infrastructures and security applications. podium for displaying Smart World’s new came first in terms of destruction ed in 15th Airport Show Dubai, the world’s Wessam Gamol, Smart World’s CEO, collection of the services through which we 2.8% 34% largest platform for companies to present said: “The Airport Show Dubai is consid- can greatly contribute to enhancing quali- Japan’s monetary Air Arabia on Monday costs which are estimated at IQD base stood at ¥386.19 declared that its first 107bn, while damages caused to airport and aviation-related products and ered a pioneering platform for the airport ties to provide more developed services at the governorates’ infrastructure services. The event, held on May 9-11, industry’s stakeholders from around the better costs”, he added. trillion at the end of quarter net profit (local administrations only) are represents a perfect opportunity for Smart world, and with the airports paying more A recent study shows that the growing April, up 2.8 per cent jumped by 34 per cent worth IQD 154.99bn. World, the Arab Gulf’s technology services and more attention to adopting new smart demand on smart technology will render from a month earlier, to Dh114m compared provider, to showcase its advanced infor- technologies, the demand on them is now the international market of smart airport a the Bank of Japan to Dh85m in the same By Eiman Rashed mation technologies and e-communica- accelerating their growth in the region”. $13bn growth by the year 2019. said last week. period last year. Mohamed bin Salman's intelligence and Salman Al-Saud's wisdom An image that reflects Saudi Arabia's new vision 2030 A wide controversy believe that the prince among the Saudi aimed through this youth has sparked meeting to tell Saudis recently on social me- that achieving pro- dia over a picture that gress in their country shows Deputy Crown and rendering Vision Prince Mohammad 2030 successful re- bin Salman meeting quires solidarity and the Scholar Moham- cooperation, while at ad Al'Arefe- follower the same time leaving of Islamic Awakening room for different opin- Movement- and Cleric ions and exchanging Hamad Al Atiq- a fun- Deputy Crown Prince Mohammad bin Salman meeting viewpoints in a reason- damentalist following the Scholar Mohamad Al'Arefe Hamad Al Atiq able realistic way. Al-Gammi Movement. to which a number of bia will be built and Thus, many hope This scene is regard- Saudi figures and me- developed by the that the conflicting ed by millions of Sau- dia representatives of hands of them all". ideologies would get dis as unusual, for al- all movements and Besides, the journal- the message, and 'Arefe and Al Atiq are beliefs were invited to ists that attended the most importantly see clear examples of the witness launching Vi- meeting, during which beyond the end of ideological conflict sion 2030, under the the prince answered their noses and com- that has been going auspices of King Sal- all their questions, prehend that the new for so long in Saudi man bin Abdulaziz. there were present Saudi Arabia embrac- Arabia, among such It seems to send many characters of es everyone without movements. This im- an indirect, yet pow- completely different, exclusions, accusa- age was taken at the erful, message to all even opposing, view- tions or distrust. meeting held by the streams, which is: points and directions. deputy crown prince, "The new Saudi Ara- Some observers By Rania Imam Correction Arab Republic of Egypt Ministry of Electricity and Renewable Energy Egyptian Electricity Transmission Company Gamasa 220/66/11 kV GIS S/S (Package B) Adjudication No. (62/2015/2016) Invitation for Bid 1. The Egyptian Electricity Transmission Company (EETC), has applied for a loan from the “European Development Partners” (EIB, European Commission, AFD and KfW) hereafter referred to as EDP’s to finance the power transformer Contract for Ga- masa 220/66/11 kV GIS S/S.

طبع مبطابع دار لل�صحافة توزيع جريدة www.meobserver.org 2 Home 11 May 2016 Ministers of telecommunications & finance discuss launching 4G technology Minister of Telecommunications and Information Yasser ElKady convened with Minister of Fi- nance Amr EL-Garhy to talk over licensing the 4G technology. This comes under the telecom- munication development plan that aims at improving provided services and maximizing invest- Yasser ElKady “Made in Egypt” ments in the sector and the state revenues. ElKady said that releasing this new technolo- gy is a step forward in the field, since it will have a positive impact on the internet and communi- cation services, in terms of the speed, money, The first biggest campaign to support national industries and cut imports and quality. The four Egyptian telecommunication compa- nies will be granted license to provide this tech- nology, whose cost will be determined according to the needs of each of them. Transactions of the Egyptian community in Kuwait decline by $1bn since the beginning of the dollar crisis Central Bank of Egypt’s Gover- nor Tarek Amer’s visit to Kuwait came to discuss the drop in Egyptian expatriates' transfers by nearly $1bn, since the crisis of the Egyptian pound broke out, re- ported some Kuwaiti resources. Amer was cited saying: “The unofficial transactions repre- Tarek Amer sent a huge stumbling block and affect one of the most important foreign currency sources in Recenlty, a number of tional industry and settle Egypt, namely transactions of Egyptian expa- local campaigns were any problems they face to in Egypt triates”. He added that the difference between launched lately under the develop it. Providing high- the official and parallel dollar exchange values name of “Made in Egypt” quality Egyptian products ranges from 15 to 20 per cent. to support Egyptian indus- will help open up new During the visit, Amer tried to fix this decline experts on economy and by encouraging investing in “Belady” dollar cer- tries. This follows launch- markets, cut imports and industry will partake. Made ing similar campaigns reduce the wide gap be- tificate, which was issued February 26, 2016 for El-Shaf’y assured that Egyptians working abroad. abroad, starting from tween them and exports. any Egyptian interested in Netherlands, which come Moreover, under this engaging in the campaign Ahmed Ezz’s trail over iron as an initiative by busi- campaign, officials in min- is welcome. Meetings with nessmen and economists istries, chambers of com- government officials are seeks boosting the value ent sectors, like tourism, to boost Egyptian exports. merce, industry federation currently held to agree on of Egypt’s manufactures agriculture, real-estate licenses adjourned to November The economist Khaled and major companies will specific bases according to stand out and compete and construction among Cairo Criminal Court decided El-Shaf’y said that every be reached out to engage to which the campaign will in international markets. others, are allowed to par- to adjourn trail of businessman Egyptian must contribute in the process through By the same token, a be launched. This will be ticipate to promote their Ahmed Ezz and Amr Assal, For- to protect and promote which Egyptian products carried out through set- set of businessmen and mer Chairman of Industrial De- national industry, which will be able to compete in- ting-up connection chan- youth launched a similar products abroad. velopment Authority, in the case would require the products ternationally. All those in- nels with major compa- campaign in a number of This initiative is adopted known in media as “Iron licens- to have certain specifica- terested in the sector will nies to adopt and support foreign countries under by 2 young businessmen, es” to early November. tions and qualities to be be sought for moral sup- the idea. the name “Made in Egypt” Tamir Salim and Moham- The decision came because appealing to all consum- port. They will be asked The campaign mainly to encourage exports. It ed Shaarawi who assured the court, presided by Judge Mo- Ahmed Ezz as well to do some related hamed Al-Kiatty Al-Kishery, the membership of ers, especially abroad. targets promoting Egyp- included organizing a se- that the main target of this He added that the research. Later, an inter- tian products, after their ries of fairs that visit as counselors Adel Mahdoor and Mohamed Kamil “Made in Egypt” campaign national conference will development to conform many countries as possi- campaign is to showcase and Secretariats Ahmed Fahmy and Ayman Abdel includes setting a compre- be held in which govern- to world specifications, na- ble, starting from Nether- the Egyptian products in a Latif, did not receive the case’s technical report. hensive plan by support- ment and specialized au- tionally and internationally. lands. different unique way. By Hossam Abdel Haq ing all workers in the na- thorities and a number of In addition, the campaign Companies from differ- Egypt-South Korea Business Consumer Protection Agency refers 5 Auto Forum starts in Cairo The Egyptian-South Korean Business Forum starts Thursday the 12th of May in Cairo. The Founded in 1958 by Ahmed Fouda forum discusses ways for boosting bilateral eco- companies to Egyptian Tax Authority on evasion nomic cooperation and exploring investment op- 1st edition 6165 issues portunities in the infrastructure and energy pro- jects in addition to the Suez Canal. rd th 63 year Issue 5/2016 - 19 edition Consumer Protection and state’s rights, nec- National Motors (Nasr tax dues less than what Organized by the Egyptian Businessmen As- Agency (CPA) called essary legal measures City), and Egyptian for they are supposed to, Authorised by sociation and the Korea International Trade As- on all consumers to were adopted against Engineering Studies which harms the state’s sociation (KITA), the forum is held under the the Supreme Council of Press review the value of pur- the companies involved (6th of October). revenues. auspices of Egyptian Trade and Industry Minis- "An Egyptian Joint Stock Company" chase bills and remain in such acts, accord- These companies By committing such ter Tarek Qabil and South Korean Trade Minister Over 50 years covering Middle cautious when dealing ing to CPA’s Chairman mislead consumers actions, companies Joo Hyung-hwan. have violated Article 5 A high-profile South Korean delegation com- East and Gulf Economic News with auto companies. Atef Yacoub. Moreover, and evaded taxes by This warning follows the complaints were re- giving them invoices of Law No. 67 of the prising representatives of Hana Bank, the South Publisher and Chairman several complaints that ferred to the Egyptian with values less than year 2006, and Article Korean Federation of Small and Medium-Sized when buying cars they Tax Authority. A number what they paid, which 15 of its executive reg- Enterprises and the Seoul International Wom- Mahmoud Fouda received invoices for of companies, work- harms their rights and ulation. en's Association is participating in the forum, [email protected] less than what they ac- ing inside Egypt, were interests, especially if Yacoub called on citi- as well as, a number of well-known companies, tually paid. busted on the above a flaw showed in the zens to cooperate with notably Hyundai Cars, Samsung and SGS Con- Editor-in-chief Within the framework mentioned accusations, bought car. In this case, the agency and help it struction are attending the forum. Egyptian President Abdel Fattah El Sisi and H.A.Raouf of cooperation be- which are: Auto Samir customers will only get better control the mar- tween all government Rayan (Nasr City), El- back the sum written ket by reporting any vi- his South Korean counterpart Park Geun-hye Consultant of ME Affairs had attended on March 3 the signing ceremony institutions and efforts masria for Cars Com- on the invoice. Moreo- olations or complaints. Yasmine Fouda of nine agreements on joint cooperation in sev- to control market and pany (Maadi Corniche), ver, through these ille- eral fields including higher education, justice, in- Editors protect both citizens B Auto (Sheraton), gal acts companies pay By Alaa Abdelwanis dustry, trade, railways and upgrading ports. Amira Elhamy Rania Imam Eiman Rashed [email protected] EGX 30 re-faces resistance level at 7700 points Raafat Abdel Moez, Techni- the analyst said that inves- agement the right to end problem basically emerges Layout cal analyst at Osool ESB Se- tors are confused, because any trading with unreason- from Article 21 and not what Ahmed Saber curities Brokerage, said that EGX’s management still able prices. The difference the stock does, since they Translator officer Egyptian Exchange (EGX) maintains its decision to up- between reasonable and only apply the law. Aghareed Mahmoud benchmark index EGX30 hold daily trading on Beltone unreasonable prices is sub- As for the index of small re-focuses this week on re- stock. Moreover, it started to ject to individual judgments, and medium stock EGX70, Address sistance level at 7700-7750 cancel dealings with certain and it is not on the stock Abdel Moez said it focuses points, which is expected to prices, based on Article 21 management to do that, but on resistance level near Volkswagen fined EGP Head office hinder it from keeping mov- of Money Market Law. This it is the job of research de- 375 points, which is fore- 41Sherif St., Cairo, Egypt ing upwards. article is considered loose, partments at money market cast to stop it from moving 50K and Skoda - Artoc In a statement to MEO, since it gives the stock man- companies. That’s why, the upwards. Tel: 00.202.23926919 Auto fined EGP 20K Fax: 00.202.23939732 Cairo Economic Court ruled in case no. 1291 Mob: 01222174062 of the year 2015 fining Artoc Auto’s Chairman AFC’s CEO & Managing Director Saad Abou El-Maaty: Yussef Ibrahim the sum of EGP 20K. It also [email protected] obliged the company to pay legal fees and an- other EGP 1001 to the plaintiff. Whereas, in case Annual subscription rates The countdown to the 31st annual conference on water treatment technology starts no. 1396 of the year 2015, the court fined Karim Basil, Volkswagen’s Legal Representative and Egypt L.E 275 The countdown to the 31st con- and more than 700 people from chair the conference, announced Chairman, the sum of EGP 50k. Arab Countries US$ 375 ference on water treatment tech- around the world. that the key axes that will be dis- The 2 cases started when the Consumer Pro- Rest of The World US$ 420 nology, which Abu Qir Fertilizers On the sidelines of the confer- cussed this year will be: tection Agency received complaints that cars and Chemicals Company (AFC) ence, an industrial exhibition will · Water scarcity and providing sold by these companies had flaws, but they re- [email protected] holds every year, has started. be held in which the participating alternative resources frained from fixing them. Thus, the agency took This year the event will take place companies will showcase the latest · Latest water treatment tech- necessary measures and referred them to pros- Al-Ahram Distribution in Egypt from 17 to 19 May in Four Sea- equipment and techniques in the nologies adopted worldwide ecution and the court then issued the above- sons Hotel- San Stefano- Alex- field. · The environmental impacts of mentioned verdict. Al-kawmia Distribution in the world andria, and will see the contribu- AFC’s CEO & Managing Direc- industrial projects, among other Saad Abou El-Maaty tion of 15 Arab and foreign states tor Saad Abou El-Maaty, who will topics. www.meobserver.org 11 May 2016 Banks & Companies 3 The market ended all last week’s the sessions in red except for Thursday’s session when it recorded a 1.2 per cent hike.

The change in trend came on the back of the ministry of fi-

nance’s confirmation that the application of capital gains tax on listed companies will be postponed till the end of May 2017. $3bn Prior to this surge the market was losing ground under The African Export-Im- a selling spree by both Arabs and foreigners during , , port Bank (Afreximbank)

both Tuesday and Wednesday. Sunday and Mon- will seek to raise around day were off in the market to celebrate labor US$3bn this year via day and Easter. Overall the market lost Eurobonds, syndications almost three per cent in the first week and bi-lateral and institu- of trading in May on transactions tional lending in order to , that valued, at LE3 bn com- finance its activities. pared to LE3.9 bn in the previous week. CBE: Five banks acquire 59.6% Bells from the Trading Floor of banking sector total assets 500,000 Five banks acquired 59.6% of the total to about EGP 429.5bn. Four Egyptian banks will assets’ size of the Egyptian banking sec- The CBE’s report showed also that the be arranging the biggest tor, in which 40 banks operate, according top ten banks acquired about 79.05% of financing in the history of to the Central Bank of Egypt (CBE). the total banking sector’s investments in Zahraa Maadi Emaar Misr In its quarterly report, the CBE stated the country's housing sector securities and government treasury bills. Investment & The first quarter results of the real estate change since 2007. worth EGP20bn ($2.25bn) that banks operating in the local market The portfolio of these investments at developer showed a 47.4 per cent urge The company’s activities include de- to build 500,000 low-income held EGP 2.485tn in total assets as of banks together amount to about EGP in its net profits compared to the previous signing, constructing and management of homes. the end of December, of which approxi- 1.105tn. The share of the top 10 banks Development (ZMID) year to reach LE254.5m. power stations as well as real estate devel- mately EGP 1.481tn assets were held amounted to EGP 874.053bn, while the Meanwhile, the company’s sales de- opment, hotel management in addition to by the largest five banks operating in the share of the largest five banks amounted Zahraa Maadi Investment clined by 20 per cent to come at LE597.4m financial leasing. ­The­­ company’s projects market. to EGP 750.103bn, an estimated 67.84%. & Development’s business Emaar Misr, a unit of Dubai’s Emaar Prop- portfolio valued at LE53bn include Marassi The report added that the largest 10 As for the size of the bonds and long- results, for 2016 first quar- erties, floated13 percent of its shares and resort in the Norther Coast, Up town Cairo banks operating in Egypt hold approxi- term loans at banks, the CBE said their ter, show a 36.38 per cent in an initial public offering in June. It was in Mokattam area and Mivida project in the mately 72.358% of the total assets in the balance reached EGP 43.556bn by the growth in profits, compared the largest offering on the Egyptian ex- fifth settlement east Cairo. banking sector, an asset volume of about end of December. The share of the top to last year. ZMID’s unau- EGP 1.798tn. 10 banks reached EGP 27.657bn, an dited financial statements While the CBE did not disclose the estimated 63.497%, while the share record EGP 43.13m profits, The Eurasian Union & Egyptian Stock names of the top five or ten banks, Daily of the largest five banks reached EGP News Egypt has learned that the list of 26.736bn, an estimated 61.383%. against EGP 31.62m during Following the approval of participating. EGX de- appreciate the steps taken the same period of last year. $500bn the top five banks in terms of assets’ The capital of the 10 largest banks in the Eurasian Economic cided to hold the event in by it, concerning emerging size includes the National Bank of Egypt, Egypt amounted to about EGP 56.149bn The company had posted Union, Egyptian Stock Sharm El-Sheikh. Dr Mo- markets. It also stresses Saudi Arabia’s projects Banque Misr, the Commercial Interna- as of the end of December 2015, which Market (EGX) will host hamed Omran, Chairman on the importance of in 2015 net profits of EGP market in 2016 boasts tional Bank, Qatar National Bank Al-Ahli, represents 58.204% of the capital of the 161.85m, compared to EGP the union’s 22nd annual of EGX, said that choos- latest EGX’s efforts to $500bn worth of schemes meeting, which will be ing the Egyptian stock to strengthen regional and and the Banque Du Caire. 40 banks operating in the Egyptian mar- 112.5m in 2014, with a 43.6 in the pre-execution phase The five banks that make up the re- ket, amounting to EGP 96.468bn.The per cent increase. held next November, with host these annual meet- international relations, for spanning the power and nearly 30 chairmen of Eu- ings proves how much in- the deep impact this has mainder of the top ten include, the Arab capital of the five largest banks amount- Zahraa Maadi City’s general water, transport, hydro- ropean and Asian stocks ternational organizations on the market. African International Bank, HSBC Egypt, ed to EGP 48.696bn, an estimated planning project includes carbons and construction AlexBank, Faisal Islamic Bank of Egypt, 50.478%, according to the CBE. establishing one-stop resi- sectors. and Crédit Agricole Egypt. The CBE added that the 10 larg- dential area, parks, light Abraaj Group Banking customers had deposited est banks operating in the local market industry zone, and public, EGP 1.383tn in the 10 largest banks in compiled provisions amounting to EGP administrative and com- The private equity firm and would include both a managing the sale. Egypt at the end of December, which 38.751bn in order to face bad debt, an mercial buildings. The city is looking for a financial private placement and an Abraaj plans to retain a represents 72.47% of the total customer estimated 58.206% of the total provisions stretches for 1110 feddans house to evaluate the IPO. Cleopatra Hospital, stake in the business fol- deposit volume. Customer’s total volume in the banking sector as a whole, which owned by ZMID, and the hospitals group it plans to the to-be -listed group, in- lowing the IPO. Abraaj, of deposits reached EGP 1.908tn. amounts to EGP 66.575bn. list on the Egyptian stock cludes four private hospi- which manages about The five largest banks held EGP 1.13tn, The five largest banks immunised project was approved by exchange. The company tals: Cleopatra, Cairo Medi- $9.5bn in assets, has Cairo governorate’s deci- a 59.218% share of the total deposit vol- themselves against bad debt by com- is also preparing the pro- cal Center, Al Shorouq and made 28 investments in ume.The CBE also reported that the 10 posing provisions amounting to EGP sion no. 186 of the year spectus of the offering Nile Badrawi. The Egyptian the health-care industry largest banks in the marketed had collect- 30.181bn, an estimated 45.333% of total 1979. which would be in the regulator has approved the globally, deploying more ed approximately 67.68% of the balances form of a capital increase listing and EFG-Hermes is than $1bn. bank provisions. of loans and discounts offered to the cus- In order to counter any surprises in $1.44bn tomers by the end of December. the future, banks working in the local The report showed that the size of market compiled reserves worth EGP Abu Dhabi General Servic- these balances reached about EGP 44.751bn at the end of December, of es Company (Musanada) 791.499bn by the end of 2015. The share which EGP 36.234bn are reserved in the said work was progress- of the largest 10 banks reached about top 10 banks, which marks an estimated ing well on the $1.44bn EGP 353.716bn, while the five largest 80.968% of their value, and about EGP Mafraq-Ghuwaifat Inter- banks acquired 54.264% of the total of 24.897bn in the largest 5 banks, an esti- Cleopatra Hospital plansCleopatra to at- through the offering. Hospital Moreover, subsidiaries. The company is also national Highway project, these balances, a share which amounted mated 55.634%. - DailyNewsEgypt tract new capital investments, as the underwriting will be for the planning to establish clinics in the linking western region cities it started to adopt necessary pro- final price of the offering which new urban communities». and facilitating commercial cedures for launching public and will be announced according to «The company intends to use the transport on the interna- private offerings for 40m of its EGX’s approved offering publica- proceeds of the capital increase tional road. stocks at maximum, namely 25 tion. subsequent to the combined of- per cent of the company’s total Cleopatra Hospital intends to allo- fering to support growth plans and capital stocks listed in EGX. cate this increase in capital to sup- finance the capital expenditures The private offering addresses in- port and finance its expansions of the planned expansions at Al- dividual investors, entities working plans that come under its devel- Shorouk and Cleopatra hospitals, in securities and money institu- opment strategy. For, the com- as well as purchase a plot of land tions, while the public one targets pany has received the approval in New Cairo to establish a new the audience in the Egyptian mar- of necessary monitory entities to hospital,» he added. ket. The principle shareholder will be listed in EGX in April 2016. It is It is worth mentioning that the op- sell stocks for the same prices to currently following the necessary erational unaudited results of the both public and private sects. legal procedures for approving the group in 2015 showed that the Abu Dhabi Islamic Following this “combined offer- prospects from EGX and Egyptian company’s profits amounted to ing” and starting trading in EGX, Financial Supervisory Authority EGP 741m. The gross profit regis- 70.7% the company will issue stocks to (EFSA). tered EGP 234m, while the opera- Khaleeji Commercial Bank increase its capital, 40 stocks at Cleopatra Hospital’s CEO and tional profit, before taxes, interest, Bank- Egypt (ADIB) (KHCB), a Bahraini Islamic maximum, provided that the num- Managing Director Ahmed Ez- depreciation, and amortization, retail bank, has reported a ber of these is equal to that of zeldin said: “The company, which recorded EGP 183m. The total net growth of 70.7 per cent in Abu Dhabi Islamic Bank- Egypt’s profits- period of 2015. Net banking fees and the offering, after excluding any traces its roots back to 1976, con- profit reached EGP 52m. net profit for the first quarter for 2016 first quarter- increased com- commissions are estimated at EGP 84m, shares that might be re-bought sists of four hospitals: Cleopatra Besides its subsidiary hospitals at $7.43m when compared pared to the same period of last year. with an EGP 20m increase, while net by the principle shareholder to Hospital, Cairo Specialised Hospi- and clinics, the company plans to with BD1.67m for the same The bank’s standalone financial state- trading revenues increased by EGP 26m sustain and re-balance the price tal, Nile Badrawi Hospital, and Al- set-up independent medical cent- period last year, reported ments, for the period ending March 31, reaching EGP 64m. of stocks. The right to underwrite Shorouk Hospital. It is the largest ers in each of its hospitals, and the Gulf Daily News, our show net profits less tax of EGP 83.7m, Total deposits, of 2016 first quarter, the increasing capital stocks is private hospital group in Egypt, each with a specialty, like trans- sister publication. against EGP 62.4m, during 2015 first grew by 7 per cent reaching EGP 22bn, entitled to the shareholder selling regarding the number of beds and plantation and radiology...etc. quarter. and total funds are valued at EGP 12bn, Commenting on its standalone finan- posting a 6 per cent growth rate, the bank cial statements and profits, the bank said reported. its total revenues reached EGP 455m, ADIB’s total assets grew by 13 per Al Arafa for with a 43 per cent or EGP 136m increase cent, namely EGP 3bn, to reach EGP than the same period of last year. Net 27bn, while tax dues decreased by EGP Investment And financing revenues reached EGP 307m 30m, 23 per cent, to EGP 100m, com- Consultancies (AIVC) with an EGP 90m, compared to the same pared to the same period of last year.

The garments group posted consolidated net profits of $12.452m in 2014/2015 , al- 20% most the same level of its prof- Oil prices fell last week as its a year earlier . investors cashed in on a The low growth rate in the 20-percent rise over the profits came on the back of its past month, outweighing exports to Europe being nega- the impact of crude pro- tively affected by the strength- duction cuts in Canada ening pound in exchange of where a huge wildfire has the euro and pound Sterling. disrupted oil sands opera- The company also said in tions. a statement it sent to the 14 banks among Egypt’s top taxpayers for stock exchange that its prof- its were affected by the fact Orascom Telecom Media and Technology (OTMT) that it had to transfer it in its financial statements to - dol The regulatory viola- OTMT’s majority share- tender offer, according to this season: head of Large Taxpayer Center lar which gained momentum tions hindering Beltone’s holder an exemption from the regulator should have acquisition of CI Capital having to issue a manda- been triggered back in For the current tax season 2015/2016, The list also included Etisalat Misr, in exchange of the euro and 14 banks came among Egypt’s top tax- Citibank, Telecom Egypt, Faisal Islamic sterling. will be resolved as early tory tender offer to buy 2012 when OTMT’s own- as next week. The Egyp- out minority sharehold- ership structure changed payers, according to Osama Tawakol, Bank, Credit Agricole, Sidi Krier Petro- Al Arafa Investments and head of the Large Taxpayer Center at the chemicals Company, Emirates NBD, and Consultancies holds ap- tian Financial Supervi- ers in OTMT, noted En- during the company’s de- sory Authority might grant terprise. The mandatory merger. Egyptian Tax Authority. the Arab Petroleum Pipelines Company. proximately 14 per cent mar- Tawakol said the 22 names on the list Also on the list were the Housing and ket share of the UK formal include 14 banks, two telecommunica- Development Bank, National Bank of men’s wear market through 400 kV tions companies, and five petroleum and Kuwait-Egypt, Exxon Mobil Corp, SAIB, its subsidiary “Baird Group” Orascom Construction(OC) petrochemicals companies. Arab Company for Projects and Urban that manages 235 stores in Bahrain is set to launch He added that the Commercial Interna- Development, ENPPI, Bank Audi, and UK. It owns the Concrete The construction and fertilizers com- and the Sawiris Family together hold- a major 400 kV electric- tional Bank (CIB) topped the list of out- United Gas Derivatives Company. brand which is considered pany appointed Jérôme Guiraud as ing 51 per cent of the company’s eq- ity transmission line aimed standing taxpaying institutions, followed ETA aims to collect tax proceeds of the largest retailer for luxuri- non-executive Chairman of the Board, uity on the Board. Guiraud has been at reducing short circuits by Qatar National Bank Al-Ahly (QNB), EGP 342bn for this fiscal year, from EGP ous men’s & kids’ wear in the replacing Nassef Sawiris, until the CEO and director at NNS Capital since and ensuring transfer of HSBC, Banque Du Caire, the Arab Afri- 372bn, having excluded EGP 30bn since Country. dissolution of the AGM on 25 May. 2008, and currently sits on the board electricity from the produc- can International Bank (AAIB), and Alex- the Value Added Tax (VAT) was not im- Guiraud will represent NNS Capital of OCI NV. tion plants to load centres andria Bank. posed. - DailyNewsEgypt across the kingdom. www.meobserver.org 4 MENA Region 11 May 2016 The September 11 attacks: An American- The Author Louis Cammarosano wrote that Saudi Arabia played a great role in maintaining Israeli- the dollar as the world's Iranian making key reserves currency

Early March 2016, a US federal court ordered a group affiliate to Al-Qaeda and financed , in case no. 3229, to pay the sum of them to recruit more members and execute Tablet Maga- $10.5bn in damages to the families of those the attacks. Meanwhile, Western media and zine unveiled in a re- killed in the September 11, 2001 attacks. This a number of Congressmen launched a furi- port the truth about the Ira- comes following accusations by the US ad- ous assault against KSA to distract attentions nian lobby in the USA and the secret role it plays to influence ministration that Iran struck a secret deal with away from this rule. the American society and deci- sion-makers. Its efforts resulted into concluding the Nuclear Deal between Iran and Here are few questions that need to be attacks proves the US administration's cunning the P5+1. answered: USA plays for which team, what President Hosny Mubarak was not and manipulation. "I have always believed, and still are the 28 papers, and what is the role of the does, that 9/11 attacks are an Iranian-Israeli mak- The truth Iranian and Israeli lobbies in these attacks? fooled by the scenario of the attacks ing. Several clues have emerged, but the Zionist Bob Graham, former senator and chairman of media is trying to cover," he added. He pointed the Senate Intelligence Committee, is one of the out that powerful professional media outlets are The magazine mentioned and he doubted the possibility of about the most informed figures about documents related the way to face this American blackmailing against in its report names of KSA is Risks of the Saudi threats to Washington. many US high-profile fig- to the September 11 attacks, and he wrote about any Arab or Muslims being involved a shadowy Saudi role in the attacks in his novel A number of experts believe that the Saudi threats ures that the Iranian lobby to the US manifest its choice to blowing it all away and managed to commu- "Keys to the Kingdom". He emphasized that the Fingers pointing to an Iranian lobby for everyone. While Washington, on the other hand, nicate with and even influ- confidential information reported in a 28-page file Israeli- American involvement: sought to press the Congress against passing the bill ence. Moreover, it succeeded trace the attacks to a network of people who are Evidence came out unveiling that the US and Israel that would allow them to sue KSA over 9/11 attacks. in being present in and affecting believed to have started sponsoring terrorism fol- co-conspired in the attacks, for over 700 Jews who Last month, senior officials at US Secretaries of The National Iranian American Coun- lowing their arrival in the US. "I do not believe that were employees at the World Trade Center did not State and Defense warned members of the House cil (NIAC), which was clear in the growing 19 persons- most of who do not speak English, show up at work on September 11, which proves their of Representatives' armed forces committee that rapprochement between the US and Iran. have never been to the US, and some of who knowledge of the time of the attacks. This was to cre- The report focused on the major role played by have not received a high school education, passing this bill jeopardizes the American econ- ate a new enemy for the whole world to fight, namely omy. The Author Louis Cammarosano had previ- , the Iranian immigrant who moved to the US can execute such a complicated mission Islam and Muslims, under the pretext of countering in 2001 from Sweden where his parents fled before the Ira- ously tried to analyze the repercussions of any US- without a substantial back up from inside terrorism and extremism. We have seen how Iraq nian Revolution. Parsi is "the one for whom all glasses are Saudi political crisis on the economy, concluding: the US", he added in an interview with and Afghanistan paid a high price for these attacks, raised in Washington these days, seeing he is the idol of "60 minutes" show, assuring that "Saudi Arabia has a great role in maintaining the rapprochement between his original country Iran and because of the American plot executed meticulously. dollar as the world's key reserves currency". "the support structure that made This scenario was revealed by Thierry Meyssan, residence America", said the report. 9/11 possible" did not come from Cammarosano pointed out that it is not important Parsi is the founder and representa- a French journalist and political activist, who ques- a specific source. how much oil KSA sells to the US, especially since tive of NIAC, which is located in the tioned in one of his books the Arab involvement in it does the same to many other countries across USA, and he is considered a win- In the same context, Chief the attacks, and refuted the American stories, con- National Security Corre- the world. But, what really matters is what it does ner in the ongoing battle since sequently sparking a wide international controversy. to keep oil priced in US dollars at OPEC, which Robert Pape 1997 between the US and Iran spondent for CNN Jim He said that the fourth plane they claimed it crashed Sciutto said that the con- means that it holds its position as the main reserve over the latter's nuclear ca- into the Pentagon is a lie, for no plane hit the build- currency to its member states. pacity, which paves the way cealed files from the 9/11 ing, adding that what happened was entirely an This mutual agreement has been going on for more reconciliation be- investigation committee's American scheme. For, the Boeing 757-200 is a since the 1970s, which created the phenomenon tween the 2 countries. The report might include evi- huge plane with the capacity to carry 239 persons report identifies some of dence on links between known as "Petrodollar" which in turn resulted into and can travel 900km/hour, and if it had truly struck a non-stopping international demand on dollars, Reza Aslan the lobby's key members: a Saudi official to the the Pentagon, it would have caused way more dam- Sahar Nowrouzzadeh, attackers. "Case cent- both in the form of cash and securities. Because age than could be imagined. Moreover, he wonders of its heavy debts, Washington sustains its budget the White House’s Iran ers on 28 pages of that why its ruins were not found. desk officer, is a former 9/11 commission report. through dollar bonds mostly sold to foreigners, NIAC employee. NIAC’s Those are 28 pages there President Hosny Mubarak: which means that it must always ensure that there advisory board includes are so classified and they The attackers flying the plane were not is a high demand on its currency. Philip J.crowley two former U.S. diplomats, are set to focus on the role amateurs but rather professionals As for the current US presidential candidates' Thomas Pickering, a former stance on the bill, the Republican Donald Trump of overseas governments in Mubarak questioned the attack on the World Trade ambassador to Israel, and John said that the main reason his country supported the 9/11 plot. Saudi Arabia Center and that any Arabs or Muslims might be Limbert, who was held hostage by Saudi Arabia is because it needed oil, but now it has long denied any involve- involved. On September 15, he said to CNN that the revolutionary regime in 1979. Past does not, adding that in case the American leader- ment and never been impli- whoever carried the attack must have flew more Sahar Nowrouzzadeh speakers at NIAC leadership conferences ship is changed, they won't need any of the Saudi cated. Of course, the majority of than once over the area to know what hindrances include Joe Biden’s National Security Adviser oil. "I think if Saudi Arabia was without the cloak the suicide bombers in 9/11 were they might face when flying on a low level. When Colin Kahl, and the White House’s Middle East Direc- of American protection of our country’s… I don’t Saudi but we're talking government he was asked by the interviewer if he suggests that tor Rob Malley. Other past speakers from the political realm think it would be around. It would be, whether it include: Robert Hunter, former U.S. ambassador to NATO; PJ here," Sciutto said. He added " Now the attack is in fact an American internal operation, was internal or external, it wouldn’t be around for Crowley, State Department spokesperson under Hillary Clin- that the key thing about these 28 pages he responded quickly that he does not want to jump very long. And they’re a money machine, they’re ton; Hans Blix, former director general of the IAEA. Other in the 9/11 report and CNN, we did our to hasty conclusions. He also said that, out of his a monetary machine, and yet they don’t reimburse Aaron David reputable names include figures like Aaron David Miller own reporting on this going into last year is experience as a former pilot, he assures that the us the way we should be reimbursed,'' he added. from the Wilson Center, Robert Pape from the Uni- it centers on one particular Saudi government attackers were not amateurs but rather profession- The Democrat candidate Hillary Clinton reportedly versity of Chicago, and Suzanne Maloney official and did he have knowledge of the 9/11 als who must have practiced several times on the supports the bill, as well. This means that the US, under from the Brookings Institution. Indeed, attacks in advance. Did he provide support? mission. For his part, Director-General of ISESCO its new president, will probably sue the Saudi regime. the impressive roster of speakers There's evidence that he met with some of the Dr Abdulaziz Othman Altwaijri, said that proposing at NIAC events is evidence of hijackers." and discussing a bill to trail and accuse KSA of 9/11 Parsi’s assiduous cultivation E.R of friendly contacts, both here and in Iran. The biggest NIAC boost- er in academia is the au- Saudi Arabia: Will maintain its stable petroleum policies thor of The Israel Lobby himself, Harvard Univer- Saudi Arabia's new energy minister said able capacity." troleum Ministry has been renamed the sity’s Stephen Walt. The on Sunday the world's largest crude ex- Since 2014, Saudi Arabia has led Ministry of Energy, Industry and Mineral in-house portion of Par- porter was committed to meeting demand OPEC through a new survival-of-the-fit- Resources. si’s network also includes for hydrocarbons from its customers and test strategy aimed at defending market "The creation of a new Ministry in Saudi public intellectuals, like Joe Biden would maintain its petroleum policies. share rather than reducing production to Arabia that brings together the Kingdom's Iranian-American authors "Saudi Arabia will maintain its stable support oil prices. abundant and unrivalled energy and min- Hooman Majd and Reza petroleum policies. We remain commit- Falih's comments on Sunday support eral resources and industrial capabilities Aslan, as well as figures ted to maintaining our role in international analysts' views that no shift in Saudi oil is in line with the ambitious objectives of from Iranian business energy markets and strengthening our policy is likely as a result of his appoint- Saudi Vision 2030," Falih said. concerns, like Atieh Bahar, position as the world's most reliable sup- ment. Falih's appointment was part of a "Saudi Arabia will maintain its stable who are reportedly close plier of energy," Khalid al-Falih said in an bigger Saudi shake-up announced on petroleum policies. We remain commit- to the Iranian regime, espe- e-mailed statement. Saturday as King Salman restructured ted to maintaining our role in international cially former President Akbar "We are committed to meeting exist- some big ministries in a major reshuffle energy markets and strengthening our Hashemi Rafsanjani. ing and additional hydrocarbons demand intended to support a wide-ranging eco- position as the world's most reliable sup- Colin Kahl from our expanding global customer base, nomic reform program. plier of energy," Khalid al-Falih said in an Thomas Pickering backed by our current maximum sustain- As part of the restructuring, the Pe- e-mailed statement. Khalid Al-Falih www.meobserver.org 11 May 2016 Interviews 5 Hossam Heiba, Investment Manager at Al Ahly for Development & Investment: Bedaya fund is negotiating with 3 banks to secure financing for Bedaya’s EGP 15m light system factory Middle East Observer interviewed Hossam Heiba, Investment Manager at Al Ahly for Development & Investment, to discuss Tax and insurance measures Bedaya Fund’s negotiations with banks to secure dollar loans to import machinery and equipment for its factory. The com- should be facilitated to pany, is affiliate to The General Authority for Investment. Heiba talked about small and medium sized enterprises' means to encourage and finance them as well as his thoughts encourage small projects on the economy.

Tell us about the latest updates of Bedaya Fund. Banks now focus on small enterprises We are currently negotiating with 3 banks to get financ- that need from EGP 500K to 1m funds. ing in dollars, so we can im- port machinery to operate The banking sector cannot handle all Bedaya’s EGP 15m factory for light systems. The land these enterprises, for there are too many parcel and the building are al- ready secured, and we have of them. Thus, they should turn to com- contracted on the equipment with Chinese suppliers. But, panies that finance micro-enterprises the money is not transferred yet since it is hard to provide foreign currency. That’s why What kind of problems How do you see the Central we are trying to find the per- did you face when Bank’s recent definition operating the factory? of small enterprises? fect way to fund the project Hossam Heiba and MEO reporter for it to be economically fruit- These would be the usual I think it needs few adjust- problems that are recurrent in ments, because some of the ful. state and formal investors. Egypt, namely securing foreign enterprises it included had domestic market, for as of 2006 and 2007 when taxes were How did the banks respond currency to import equipment more than EGP 100m sales, Does Nile Bourse have a during negotiations? and loans from banks which 220 employees and EGP 50m reduced, the state’s levies in- role to play in financing creased. That’s why, a directo- They definitely were not hin- took way more time than the capital. Such are upper medi- small–sized enterprises? regular and such enterprises um-sized and just medium or rate could be set-up especially dering our efforts and were I think the need for that will rather very helpful. Yet, they cannot afford that. small. for small portfolios with a man- emerge later and not today. ager experienced in this field. face a problem with dwin- Moreover, banks now focus Hossam Heiba What do you think the best Small-sized enterprises should dling dollars. We are expect- on small enterprises that need Do you think the govern- way is to develop small and small enterprises have no more encourage small and medium be revitalized first to attract ing to hear from them within from EGP 500K to 1m funds. ment will achieve the target- medium-sized enterprises? than 5 per cent stake. This enterprises. investments, which would pre- 2 weeks. The banking sector cannot ed 5 per cent growth rate? The state has to ease proce- should be boosted, because it sent later the need to increase handle all these enterprises, What about the informal Well, the status-quo proves the What about the project’s dures, trade and industry li- is not enough. Moreover, there capital or disengage from for there are too many of them. sector and turning it opposite. The economic growth feasibility studies? censes, and dealings with tax should be more drives and en- projects through Nile Bourse. Thus, they should turn to com- into a formal one? requires higher GDP, more for- The feasibility studies were and insurance authorities for couragement through granting However, this sector is not ap- panies that finance micro-en- eign investments, and better conducted at a certain dol- these companies, for they face more privileges to major com- This sector must be encour- pealing to investors right now, terprises. industry and trade indicators. lar exchange value, but it in- a lot of obstacles, especially panies that deal with small and aged to drive it to join the for- so they do not turn to that Are there any other incen- medium-sized enterprises. mal economic system which bourse but to other companies There are all hard to achieve creased later by 15 per cent. with the latest two. amid the dollar crisis. That’s why, we are working Moreover, the term small and tives to encourage small and In addition, quality standards would result into a great bal- with less problems. on them again, trying to figure medium-sized enterprises medium-sized enterprises? should be laid down, and the ance in tax and different facil- It could be said that tax facili- Finally, I call on state officials to out the best way to achieve must be re-defined to comply Yes, indeed there are. This more these companies comply ity levies. Most informal econ- tation and not exemption is the explain to us how they plan to the project. We refuse to turn with world standards, i.e., to could be carried out through with them, the more they will omy workers don’t operate major factor to revitalize this achieve these rates. to black markets to secure specify their capital and the different national enterprises or be awarded through tax facili- through official paths which kind of enterprises. We do have our need for dollars. size of sales and labor. provisions to ministries in which tations and others. All this will represents a burden to the some related experiences in By Mahmoud Hammad Tourism Travelstart Egypt Wins Best Online Travel Agency for Third Consecutive Year

Travelstart Egypt wins Ama- launch of our Arabic travel portal deus Award of ‘Excellence for and our next platform for travel Outstanding Performance’ and consultants,” said Ahmed Saad, ‘Leading Online Travel Agent Country Manager of Travelstart For 2015’; Follows Travelstart’s Egypt. “The past year hasn’t successful launch of Arabic lan- guage portal been easy for Egypt’s travel and In recognition of its leadership tourism industry, but Travelstart in the travel industry, Travelstart Egypt was able to drive strong Egypt was honoured as Egypt’s gains, supported by continu- best online travel agency for ously improving our technology. the third consecutive year at Furthermore, we’re pleased that Amadeus’ annual gala awards our strategy to focus on tech- in Egypt, where it picked up the savvy, adventurous customers “Leading Online Travel Agent For 2015” award. The company is paying off,” also received an Excellence for Registered users of Travel- formation which reveals that the Outstanding Performance award start Egypt soared to 3m dur- Important discoveriesThe byfamous British Nicolas researcher, tomb wasReeves actually designed for due the progress made through- ing 2015, supported by the in- Nicolas Reeves, who assumed Queens of the 18th density and out the last two years and the troduction of the fully-functional that the tomb of the beautiful not for one king Tutankamon; he increased business volume added that the northern wall of Arabic language portal. Online Queen Nerfertiti is behind the that has positioned Travelstart the tomb was divided by the red- travel booking is a high growth tomb of Tutankamon, recently among the top 10 travel agencies submitted a new study. - color and it has also been cov- market with Egypt’s online tick- in Egypt by airline ticket sales. The recent study by the Brit ered by limestone in order to sep et purchases are expected to “We’re delighted to have re- ish researcher Nicolas Reeves arate the main room of the tomb grow from US$1.9bn in 2014 to from the other secondary room. ceived the online travel awards revealed that Tutankamon tomb US$2.8bn by 2020, according to was designed for a Queen and Nicolas, said that the northern from Amadeus. 2015 proved not for a king; Reeves stated wall is very different from the to be another momentous year payment service provider Pay- that he reached this conclusion rest of the walls and research for Travel Start Egypt, with the Fort. through a series of pictures that indicate that it was been actually he took in 2014, which illustrate modified; the colors of the wall important information that are and the information displayed- registered over the walls of the were modified; the British re tomb. - searcher added that the tomb of He added that a recent secre Tutankamon was not designed tive door has been discovered solely for the King. His sudden behind the walls of the tomb; death came as a shock and- there is also another small room- there wasn’t enough time actu that has been discovered by ar ally to build a designed tomb chitects inside the tomb. for the King; the alternative was Reeves said that the room has finding a quick solution and this- been closed in a very primitive- was choosing a tomb at the Val way by limestone; its walls con- ley of the Kings, in Luxor. tain written numbers and vital in www.meobserver.org 6 International 11 May 2016 British Conservatives & US Republicans ask: What a mess we got

In the United Kingdom, the La- ourselves into bour party member Mr. Sadiq Khan, a British citizen ; son of a bus driver, became the mayor of Lon- don, his Conservative party rival Mr. Zac Goldsmith, born with a gold spoon suffered a humiliating defeat. Mr. Khan astounding triumph over his rival, has ? been quite sound; considering his being a Muslim. Mr. Khan pointed out “ Fear does not make us safer, it only makes us weaker and the politics of fear is simply not welcome in our city” well said words that developed optimism, strength and a vision towards a brighter future of Unity. Donald Trump Paul Ryan The two parties that used to lead the United States & United Kingdom are losing ground and solidarity; which will have an impact on voters

In Scotland, The Scottish National up till June 23rd when people vote runner up for being their Presidency complete shutdown of Muslim immi- Party won its third straight victory in whether Britain is to remain or depart Candidate. “I invite a lot of Repub- grants to the United States in light the Scottish Parliament, a triumph from the European Union. Mr. Cam- licans and independents who I’ve of the San Bernardino, California, that its leader, Nicola Sturgeon, eron as leader of the Conservatives, been seeing on the campaign trail, shooting that was declared a terror- called historic, even though the (along with a number of economists who’ve been reaching out to me, I ist attack. Despite Trump’s proposal, party narrowly lost its majority with and bankers) is campaigning for Brit- invite them to join with Democrats,” a fair amount of the billionaire’s as- 63 seats down from 69 Seats, falling ain to remain, while Mr. Boris John- Mrs. Clinton told CNN. “Let’s get off sets come from business ventures in short of the 65 seats required for a son a Conservative who has held the the red or the blue team. Let’s get the Middle East; which puts his state- majority in the 129-Seat Parliament. London mayor post since 2008 and on the American team.” Focusing on ment in doubt as he may neither deny The Labour Party fell to the third is currently a leading figure in the the democrats full support, minority his Gulf partners visit to the US, nor place with 24 Seats, behind the Con- campaign is all for Britain’s depar- voters, independent and Republi- Muslims of any nationality from visit- servatives with 31 Seats. Scots re- ture - who knows, perhaps he will be can-leaning voters turned off by Mr. ing the land of the free. jected independence , a 2014 refer- the new Conservative party leader if Trump will be the playing cards for The problem with the Trump case endum, but there is speculation that Britain decides to leave the European Democrats to win the Presidency is that US policy makers need to a new referendum could be called, Union. With such a division over the over the Republicans for the second re-think their strategy for a foreign particularly if Britain leaves the Eu- coming month British Conservatives time in a row. policy tutoring to candidates prior to ropean Union. Mr. Corbyn, head of are in a state of mess.. On the other hand, the Republi- their access to the Presidency race. the labour party bluntly stated that In the United States, Mrs. Clin- can House speaker, Paul D. Ryan Along with other actions and com- the Labour party had defied its crit- ton is practically the runner up for said he was “just not ready” to back ments made by Mr. Trump, Repub- ics and “hung on” in England, and being the Democrats candidate for Mr. Trump, announcing the division licans realised that he may not be that there was “a lot of building to do Presidency, her campaign is reposi- within the Republicans camp. Mr. speaking their language and as it is in Scotland.” tioning itself to reaching out for the Trump being reffered to as a loose appealing to some, The Republicans On the the other hand, Mr. Camer- Republican voters including officials, cannon reflected a turmoil since his house is divided and the US Repub- on’s success in Scotland and losing specially that Cruz has officially de- appearance on the stage for Presi- licans are in a mess too. the capital is an illusion of victory, as parted the Presidency scene, leav- dency. Trump has taken the World by the Conservatives will remain divided ing Mr. Trump as the Republicans a Storm when he called for “total and By Mahmoud Fouda

Hillary Clinton Sadiq Khan

Boris Johnson David Cameron Greece protests ahead of vote on pension and tax change China's exports and imports slow more than expected

Protesters have gathered out- fault on €3.5bn in debt payments Eurogroup ministers from New fears about the health of Chi- performance across Asia, pointing to in March as government measures side parliament in Greece ahead due in July if an agreement is not countries which use the euro will na’s economy have been sparked another challenging year for emerg- to kickstart growth, including six of a vote on further austerity reached soon. assess “a comprehensive pack- by figures showing that both exports ing markets ... some sort of market interest rate cuts since late 2014, measures in return for more in- The International Monetary age of policy reforms as well as and imports fell more than expected correction might be inevitable.” seemed to help. ternational bailout money. Fund and other European part- the sustainability of Greece’s last month. China’s exports to the United However, the April figures suggest Exports fell 1.8% compared with States - the country’s top trade that the rebound may not be sus- The rally coincides with a ners are demanding that Greece public debt”, a statement says. April last year, according to offi- partner - slid by 9.3% in April, but tained. three-day general strike against implement further auster- “Both elements need to be in cial figures, reversing a recovery in those to the European Union in- Both official figures and a private- the introduction of tax and pen- ity measures to generate nearly place in order to finalise the pro- March. creased by 3.2%. sector survey for April revealed a sion changes. €4bn in additional savings - con- gramme’s first review and un- Imports sank by 10.9% compared Economic growth in the world’s mixed picture for China's manufac- Greece has been unable to tingency money in case Greece lock further financial assistance with the same month in 2015. second-largest economy slowed turing sector. unlock the next loan instalment misses future budget targets. to Greece.” That marked the 18th consecu- to 6.7% in the first three months of The official purchasing manag- of €5bn (£4bn) after clashing tive monthly decline, suggesting this year. That was the weakest fig- ers' index (PMI) showed a marginal with its creditors over the need that domestic demand remains ure since the financial crisis, expansion last month, but Caixin's for more reforms. weak despite a rise in infrastructure but activity picked up survey found the 14th consecutive spending. month of contraction in the sector. The protests come amid fears Economists had expected exports Beijing has said it will take steps of another crisis in the Eurozone. in April to fall by just 0.1%, after a to boost exports, including encour- An extraordinary meeting of surprise 11.5% rise in March. aging banks to increase lending the Eurogroup was held on Mon- They had also expected a smaller and raise tax rebates for some day. slide in imports, 5%, after a 7.6% de- companies. Greece agreed to a third cline in March. China increased its share of world rescue package worth €86bn Zhou Hao, of Commerzbank in exports from 12.3% to 13.8% last (£60bn; $94bn) last year. Singapore, said: “Both exports and year, meaning that its export sector There are worries it may de- imports came in weaker than ex- remained competitive despite higher pected, in line with the soft trade costs. www.meobserver.org 11 May 2016 Youth &Technology 7 Heavy & light equipment The road to succes You want to earn 2200 pounds a day: palm spathe is the answer Are you a tough-minded or a tender-minded person?

Life is a series of steps , by which you choose real man and one of the truly tough minded to accomplish success or surrender to de- people in this world”; wrote Norman Vincent. feats and obstacles. He was a natural born athlete and one of Psychologists highlight the difference the very best; but early in his high school ca- between two important terms; which are, reer he started to limp and soon it developed tough-minded and tender-minded. According that he had cancer. to William James , the famous philosopher- He actually had an operation and his leg psychologist, the world is made up of two kinds was amputated. of people “the tough-minded” and the “tender- Soon , he went to meet the coach of his minded”. football team and asked him to be one of Tender-minded are the ones who wilt under the team managers; he did a great job and Egypt is very rich in palm part of local needs for wood. experience can be gained dur- (EGP 55,000) obstacles and difficulties; they are cut to the he was infusing the team with his power and quick by criticism and lose heart; they con- enthusiasm ;within six weeks he had another spathe, we can see it every- The massive annual produc- ing the preliminary phases of 2.Mechanic mixer stantly wine and usually fail. examination but his parents did not tell him where, especially in Sinai and tion of spathe can be used to work. Moreover, the product (EGP 18,000) Upper Egypt. Yet, it is not prop- produce several types of com- has better qualities than other On the contrary, the tough minded indi- the examination results which indicated that erly benefited from, although pressed wood, like plywood, similar raw materials, which 3.Assisting tools viduals, are people from all walks of life, he had a lung cancer. it’s one of the oldest plants particle boards, and counters, would give it a head start in (EGP 3000) the manual workers, merchants, moth- He decided to go back to the team and he ers, fathers, teachers, old and young was able to record the victory of one of the in Egypt that could be traced at the lowest cost. In addition, the market. 4.Spathe grinder (EGP 17500) people too. Their main characteris- main football team in Camel town in New back 10,000 years ago. It is experiments have proved that Regarding the total cost tic is that they have an element of York. After his success he was hospitalized only used in few simple crafts, palm spathe products resem- and expected profits, he said 5.Spathe cutter machine toughness built into them; they and after a few weeks he passed away. In fact like making wooden cages ble other wood products, in that one board of spathe (EGP 40,000) have the power to stand up and Jim had known all along about his death- sen- and furniture, and sometimes terms of flexibility, resistance (1220*2440mm*16mm) re- Total cost of equipment= face difficulties and life obsta- tence; but he was the perfect example of a it is just burned to ashes to get and hardness qualities, while quires nearly 20kg of ground EGP 133500 cles. tough- minded person who was able to take rid of it. they top them in outer appear- wood and 7-8kg sticking ma- The father of positive it. Some people might say but he died any- Dr Walid Abu Batta, re- ance and being irresistible to terial. The price of one meter Some have said that the cut- thinking, Norman Vincent, ways; positive thinking did not do him much. searcher at Agriculture Re- fire. is estimated at 1900 pounds, ter machine could be replaced wrote a story in his book, However, this is not true, he refused to put search Center, said that Egypt The Egyptian researcher and the net sales would be by the grinder, but this could “The Amazing Results his head in the sand and he was able to face is short on natural woods and pointed out that the center 1100 pounds for a cubic meter. lead to its depreciation in a of Positive Think- his death after achieving major success; he consequently has to import its adopted a project that aims at short-time. It should be noted ing”, that reflect the actually chose success ! He chose not to be needs of wood. Since this rep- using the 25 spathes produced As for the prices of required that the prices of these tools toughness of a defeated ; he took his life short as it was and resents a burden to the state’s a year. It is an intensive labor equipment, they are differs from one brand to an- tough minded used to create courage and faith. budget, now is the time to start project that does not require believed to be as follows: other and local ones cost less young man. This is actually how a tough-minded person is. using this material to satisfy high operating capacity, since 1. Hydraulic Press than the imported. “Jim Mack- ey, was a #Stay tuned to more success stories By Amira Elhamy Mind Games Apple headed to China's highest court after losing exclusive rights to iPhone trademark Apple is not happy to lose its in several other cases against “IPHONE” was a renowned from folder-sized bags to purs- exclusive trademark rights for Xintong,» said Josh Rosen- name in the mainland prior to es, card holders and even key the iPhone brand name in Chi- stock, a spokesman for Apple, Xintong Tiandi's registration of keepers. All of them bear the na, after the Beijing Municipal China Daily reported. “We in- the trademark. Apple claimed it trademark «IPHONE,» which is High People's Court ruled in fa- tend to request a retrial with the already trademarked the name a bit different to Apple's iPhone vor of Xintong Tiandi Technol- Supreme People’s Court and for its electronics in 2002, while in terms of the first letter on ogy (XTT) using the label «IP- will continue to vigorously pro- XTT filed a patent to register each trademark and how XTT HONE» on its leather goods. tect our trademark rights.” the name «IPHONE» in 2007. used all capital letters. The iPhone is Apple's flag- XTT applauded the ruling However, it was only in 2009 Perhaps the China-based ship device and its most popu- and even announced the com- when the iPhone first hit stores leather goods maker plans lar product in mainland China, pany’s “victory” on its website. in mainland China. The court to take its achievement to the which is an important factor The translated version of the also didn't take note of the next level, as it hinted at plans because China is the biggest page says that from now on iP- small «i» in the name of Apple's to join the Swedish fashion de- smartphone market in the hone is not only a mobile phone handset. signer GALO in a grand exhibi- world. and not “exclusive to Apple’s Apple now has 11.3 percent tion business. When that hap- «Apple is disappointed the home.” of the total market share in Chi- pens, more products with either Beijing High People's Court Tech Times reported that na, with more than 49 million iP- «iPhone» or «IPHONE» labels chose to allow Xintong to use the Chinese trademark regu- hones sold. It follows the lead of may just become a familiar the IPHONE mark for leather lator said in a 2013 ruling local rivals Huawei and Xiaomi. sight among shopping enthusi- goods when we have prevailed that Apple failed to prove that XTT's leather goods range asts. - Tech Times (Word seeks - Old West) ASSAY OFFICE GOLD NUGGET RUSTLER BANK ROBBER GUNSLINGER SADDLER Uber, Lyft spend big, lose big BARN HATS SALOON GIRL BLACKSMITH HIRED HAND SCHOOLHOUSE BOOTS HORSES SCOUTS BUCKBOARD ICE HOUSE SHOOTOUT BUNKHOUSE LASSO SHOTGUN in Texas vote on driver fingerprinting CALAMITY JANE MARSHALL SPURS CHAPS MINE SHAFT STIRRUP COAL OIL OUTLAWS TOWN HALL The two companies spent more action group underwritten by COWPOKE PELTS TRADING POST than $8 million to repeal a city Uber and Lyft. DAVY CROCKETT PIGS TUMBLEWEED ordinance requiring the finger- Residents were asked to de- DOCTOR PIONEERS WAGON print-based criminal checks cide whether a transportation DRESSMAKER POST OFFICE WANTED POSTER and launched what turned into ordinance passed by the City FENCE RANCH HAND WHISKEY the most expensive race in the Council in December should be GENERAL STORE REVOLVER WILD BILL HICKOK Texas capital’s history. Voters repealed and replaced with one said by a margin of 56 to 44 backed by the on-demand ride percent they wanted the finger- companies. print checks to stay. The city ordinance calls for The companies outspent all ride-hailing service drivers to their opponents by 80-to-1 and have fingerprint-based criminal when the votes were tallied background checks, while the their campaign contributions ride-hailing companies backed broke down to being more than one that does not. $200 for each vote in favor of The group supporting man- their position. dated fingerprinting said the “Disappointment does not Campaign signs concerning a municipal vote over fingerprint requirements for ride- heavy spending was a signal begin to describe how we feel hailing companies such as Uber and Lyft are seen along a roadway in Austin, Texas. that the Uber and Lyft campaign about shutting down operations was motivated more by cor- in Austin,” Uber’s Austin gener- porate profits than passenger erate,” Lyft said, adding it will al manager Chris Nakutis said The costly municipal election safety. in a statement. suspend operations in Austin in Austin came as other cities Other places battling over The stakes were high for the as of Monday. consider imposing fingerprint- fingerprints include Atlanta privately held Uber [UBER.UL] The loss could prod other cit- based background checks on and Houston, which along and Lyft, which say their back- ies to require fingerprint crimi- drivers. The Austin election with New York is one of the ground checks are already rig- nal background checks, en- marked the first time a major two major U.S. cities where orous and ensure safety. couraged that they can survive U.S. city put the regulations to Uber operates even though its “Unfortunately, the rules a bruising electoral battle with a vote, which happened after drivers are required to under- passed by City Council don’t the ride-hailing services, ana- a petition drive by Ridesharing go the fingerprint background allow true ridesharing to op- lysts said. Works for Austin, the political checks. - Reuters www.meobserver.org 8 11 May 2016