Economy Sector - Q4 2018 Report Economy 4 (2018) Report American Chamber of Commerce in Egypt - Business Information Center 1 of 114 Economy Sector - Q4 2018 Report Special Remarks The Economy Q4 2018 report provides a comprehensive overview of the Economy sector with focus on top tenders, big List of sub-sectors projects and important news. Banking, Finance & Insurance Economy Tenders Section - Integrated Jobs (Having a certain engineering component) - sorted by - Generating Sector (the sector of the client who issued the tender and who would pay for the goods & services ordered) - Client - Supply Jobs - Generating Sector - Client Non-Tenders Section - Business News - Projects Awards - Projects in Pre-Tendering Phase - Privatization and Investments - Published Co. Performance - Loans & Grants - Fairs and Exhibitions This report includes tenders with bid bond greater than L.E. and valuable tenders without bid bond Tenders may be posted under more than one sub-sector Copyright Notice Copyright ©2018, American Chamber of Commerce in Egypt (AmCham). All rights reserved. Neither the content of the Tenders Alert Service (TAS) nor any part of it may be reproduced, sorted in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the American Chamber of Commerce in Egypt. In no event shall AmCham be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits. American Chamber of Commerce in Egypt - Business Information Center 2 of 114 Economy Sector - Q4 2018 Report Banking, Finance & Insurance - Non Tenders Section Type Description Date Published Business News An alliance of six banks clinching an L.E. 10 billion loan in favor of EGPC to finance the importation of petroleum products with part thereof to be deducted from dues of Nov 21, 2018 the Ministry of Electricity. They include the NBE - National Bank of Egypt, Banque Misr, the CIB, AAIB, QNB & Credit Agricole. Final agreement on details will be settled by the end of the next week and the alliance is expected to further include the EGB & Abu Dhabi Islamic Bank Egypt. Kuwaiti National Bank - Egypt opening its 21st branch in Mohandesin putting further milestone to the Egyptian Kuwaiti financial relations. It is located on Nadi El Seid St., Dec 30, 2018 Dokki. Chairman of the Board is Mr. Ali Maaref & CEO is Mr. Khaled El Sellawi. Mr. Al Maarefi announced the Bank targets to increase its branches to 57 by the end of 2021. This is Kuwait second bank in Egypt. The bank has recently opened two centers specialized in extending trade finance services with a third center to be soon opened in Central Cairo. Banque du Caire revealing plans to install 300 new ATM machines including some of them to electronically accept cash deposits. That was reported in the media quoting Dec 13, 2018 Mr. Hazem Hegazi, Deputy Chairman of the bank revealing the bank plans to open 20 to 25 branches annually over the next three years & to increase ATM population to reach 1,000 unit by the end of 2019. El Taamir Co. for Development & Tourist Management at Marina El Almein Center SAE increasing its issued & paid up capital by L.E. 7,434,780 to equal L.E. 20 million Dec 16, 2018 i.e. to equal its authorized capital. That was formally announced by the company indicating the increase need be effected at any branch of El Taamir & Housing Bank country wide during the period 12/11/2018 till 1/9/2018 in favor of its account 0230000001286 to be settled 100 % in cash. Bilateral foreign trade volume between Egypt & China in 2017/ 2018 put at $ 11 billion driving Egypt to become China's largest trading partner in Africa. To which extent Nov 16, 2018 exports to Chine & the inflow of Chinese tourists in Egypt may compensate part Suez Canal revenues during the first 10 months of 2019 totaling $ 4.8 billion marking almost 10 % increase above their level during the comparison period of 2018 put Nov 11, 2018 then at $ 4.3 billion. That was announced by Mr. Tarek Hassanein, speaker on behalf of the Suez Canal Authority. 55 vessels crossed yesterday November 5, 2018 the Suez Canal from both directions carrying 3.5 tons of cargo, oil & containers. That was announced by Mr. Tarek Nov 05, 2018 Hassanein, formal speaker of the Suez Canal Authority. Meanwhile Chairman of the Suez Canal Authority has endorsed the amendment of decree 121/ 2018 on incentives extended to vessels operating with East Port Said Port to include also West Port Said Containers Station (El Wataniya) affiliated to the Holding Co. for Maritime & Land Transport. 62 vessels crossed the Suez Canal on 8/10/2018 with 4. 2 million total load including 39 vessels from the north & 23 vessels from the south. Days earlier Minister of Oct 09, 2018 Planning, Follow Up & Administrative Reform announced Suez Canal revenues during the year 2017/ 2018 increased by 15.4 % to reach $ 5.7 billion. 54 vessels crossing the Suez Canal from both sides on October 16, 2018 carrying about 2.9 million tons total load. That was reported in the media quoting Mr. Tarek Oct 17, 2018 Hassanein, speaker on behalf of the Suez Canal Authority, indicating 32 vessels crossed the canal from north with 1.6 tons total load & other 22 vessels crossed the canal from south (the New Canal) with 1.3 million tons. American Chamber of Commerce in Egypt - Business Information Center 3 of 114 Economy Sector - Q4 2018 Report Banking, Finance & Insurance - Non Tenders Section Type Description Date Published Business News Egypt's Finance Minister Mohamed Mait has told Bloomberg in an exclusive interview that Egypt will not seek further funding from the International Monetary Funding Nov 29, 2018 (IMF) when the ongoing loan deal with the fund ends next year. Egypt reached a three-year $12 billion loan programme with the IMF in November 2016, which has been used to implement sweeping economic reforms such as reducing energy subsidies, imposing new taxes, and floating the currency. "We are now in a position where we do not think we’ll need further funding from the IMF," Mait told Bloomberg. "We are committed to further reforming to our economy and making our economic reform model a good example for other countries." The reform programme is designed to help revive an economy hard hit by a shortage of foreign currency and investment in the turmoil that followed the 2011 uprising. Mait said there “could be some sort of cooperation” with the IMF, but “let me say again, and stress, that this does not mean we’re going to ask for further funding, but there could be some kind of cooperation.” In July, the IMF gave a favourable outlook for Egypt’s economy in its third major review of the country’s economic policies in implementing the loan agreement. The fund projected that the government's fiscal policies could reduce its overall current account deficit to 2.6 percent in 2018/19, down from a previous projection of 4 percent. Inflation initially soared after the government floated its currency in late 2016, hitting over 33 percent in the summer of last year, but has since dropped steadily to 11.4 percent in May 2018, rising slightly to 14.4 in June. The World Bank predicted growth would reach 5.6 percent in fiscal year 2019, supported by private consumption, a continued recovery in tourism, and the new operations of recently discovered gas fields. It also predicted public investment to grow along with the expected private investment if business environment reforms are effectively implemented. Egypt's growth rate for the 2017/2018 fiscal year hit its highest level in ten years as it recorded 5.3 percent growth, compared to 4.2 percent in the year before, according to statements by the country’s planning minister last July. American Chamber of Commerce in Egypt - Business Information Center 4 of 114 Economy Sector - Q4 2018 Report Banking, Finance & Insurance - Non Tenders Section Type Description Date Published Business News Egypt’s Minister of Trade and Industry Amr Nassar spoke On Sunday at the inauguration ceremony of Kia Sorento’s first assembly line in the country. Dec 04, 2018 “The ministry has an ambitious plan to upgrade the automotive industry and its feeder industries, by offering more investment incentives to attract the world’s largest companies to the Egyptian market, and to benefit from the many privileges it has especially in international trade agreements.” Nassar gave examples of international agreements signed with Egypt, such as the Greater Arab Free Trade Area (GAFTA), the EU-Egypt Association Agreement, and the EFTA, COMESA, and Mercosur agreements, which provide a market of roughly 1.8 billion people. This number is expected to reach 2.2 billion, after Egypt concludes the EAU agreement, and then 2.6 billion after concluding the African Free Trade Area negotiations. The automotive industry is one of the main industries that underpin the Ministry of Commerce and Industry’s plan to promote industrial development and foreign trade, Nassar continued. He pointed out that Egypt possesses all the necessary resources to be a major platform for manufacturing and assembling cars, at the regional and international level. The minister regarded the inauguration as a great achievement to the automotive industry, as the company plans the ratio of Egyptian local components in their vehicles to be over 45 percent. Nassar pointed out that Egypt has 170 auto companies operating on market, including 19 companies that manufacture and assemble cars of all kinds, from passenger cars, to buses, microbuses, minibuses, and trucks, in addition to over 150 firms engaged in the manufacture of auto components.