DOCSLIB.ORG

Egypt Weekly Newsletter December 2013, 1St Quarter

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Egypt Weekly Newsletter December 2013, 1St Quarter EGYPT WEEKLY NEWSLETTER DECEMBER, 2013 (1st QUARTER) CONTENT 1. Political Overview……….......…01 2. Economic Overview…………....02 3. Finance…………………………..…..03 4. Investment……………..…………..03 5. Tourism…………………………...….04 6. Agriculture.………………………….04 7. Energy..…….………..…..……....…05 8. Industry……………………………….06 9. Construction…..…………………..07 10. Projects………………………..……07 11. IT & Telecom……………………..08 12. Retail Trade……………………...09 13. International Trade…………..09 14. International Relations …….. 10 POLITICAL OVERVIEW NASL sources say will not take part in constitution referendum Source: Egypt Independent, 4 December, 2013 National Alliance Supporting Legitimacy (NASL) has expressed rejection toward the new constitution saying it instead supports the 2012 constitution. It has refused to participate in the referendum to approve the new amended constitution. During a meeting with European Union delegation, sources from the alliance said it called on the union to take stance against “military coup and massacres committed against people.” They added that European delegation demanded response over the alliance participation within the referendum on constitution. The sources added that the alliance insisted on rejecting calls for political appeasement, participation in referendum or engagement in any political process so as not to give any legitimacy to the current regime. They added that they will sue it internationally. Mohamed Abu Samra, secretary general of the Islamic Party, told Al-Masry Al-Youm , “We agree on meeting with foreign delegations because we have legitimacy. If we belonged to opposition, we would reject meeting the delegation.” He added that the meeting tackled the roadmap proposed by the Muslim Brotherhood which includes forming committee to amend the constitution, forming government that enjoys consensus among all political groups, empowering youth and issuing code of honor. Amr Farouq, Wasat Party Spokesperson, said in a statement, “the meeting tackled possibility of regime opponents’ participation in referendum on constitution.” He added that their participation depends on the atmosphere of the referendum regarding available freedom for media professionals and intellectuals, the referendum publicity and finding constitutional solution for the ongoing crisis. Magdy Qarqar, NASL figure, said “we accepted to meet in order to respond to the inquiries and clarify issues.” He also expressed the alliance’s rejection toward Egypt Weekly Newsletter 1 Thai Trade Center, Cairo December, 2013 (1st quarter) Sherif Yehya intervention within Egypt’s local affairs. Muslim Brotherhood figure Mohamed Ali Beshr said they heard the European delegation’s point of view and expressed the alliance’s view regarding political incidents. He assured that the alliance has not decided yet about participation in the constitution or not. ECONOMIC OVERVIEW ITALY PROVIDES USD66 MILLION GRANT TO DEVELOP SUPPLY SECTOR Source: Beltone, 2 December, 2013 Italy has allocated a grant worth USD66 million for Egypt to develop its supply sector, according to an official statement from the Ministry of Supply and Internal Trade. Italy allotted USD45 million to build grain silos in the Giza governorate. The Minister of Supply and Internal Trade noted that USD21 million has been assigned to develop bread bakeries in Sheikh Zayed. Minister Abu Shady met on November 21 with Italy’s ambassador to Cairo Maurizio Massari to discuss joint cooperation projects between the two countries in the field of sustainable development. The parties agreed to create a joint committee made up of the ministry’s experts and embassy’s technical office to develop a plan for the projects’ implementation. EUROMONEY TO HOLD EGYPT-GCC INVESTMENT FORUM IN CAIRO Source: Ministry of Investment, 1 December, 2013 Euromoney Conferences announced that it will return to Cairo on the 4-5 December for the inaugural Egypt/Gulf Cooperation Council (GCC) Investment Forum. This timely event will bring together key Egyptian and GCC investors, financiers and partners to debate and discuss the significant investment opportunities present in Egypt’s economic restructuring, according to the press release. This unique forum will focus on fostering ongoing strategic partnerships between Egypt and the GCC as both parties look towards a future of continued collaboration and increased economic stability in the region. Through a series of targeted workshops this forum will look closely at the main industry sectors. Topics will include: renewable energy, housing and real estate, agriculture and food, hydrocarbons, IT and telecommunications, transportation, infrastructure, and tourism. The Egyptian Ministry of Investment and the United Arab Emirates in partnership with Euromoney will welcome to Cairo distinguished delegates from across Egypt and the GCC. Together we will provide a platform to establish clear solutions for how to progress amidst the challenges of the current economic environment. WORLD BANK AGREES ON FINANCIAL PACKAGE Source: Beltone, 3 December, 2013 The World Bank approved a financial aid package for Egypt aimed at funding several projects. The Minister of Finance Ahmed Galal identified four main projects the World Bank will fund in the areas of social development, education, health, infrastructure, as well as fighting poverty. He did not specify the amount, but said a World Bank mission is expected to arrive to Cairo next week to finalize the details. However, unnamed sources said that the loan is expected to be around USD2 billion, Egypt Weekly Newsletter 2 Thai Trade Center, Cairo December, 2013 (1st quarter) Sherif Yehya with a grace period of seven years and an interest rate of 1% to be paid over 20 years. Galal also said Egypt is negotiating with Saudi Arabia over a new aid package expected to be finalized by the beginning of next month. The amount will be identified soon. However, the sources revealed that the amount could be around USD5 billion in the form of grants for petroleum products and development projects. FINANCE MINISTRY OF FINANCE ISSUES GUIDELINES FOR FY2014/15 BUDGET Source: Beltone, 30 November, 2013 The Ministry of Finance issued guidelines for the FY2014/15 budget. In the guidelines, the Ministry stressed on the importance of social spending in the budget especially on food subsidies, health, and education. It alluded to the importance of abiding by the concept of having the treasury single account (TSA) in the Central Bank of Egypt. It stated that when requesting investment-spending allocation, the ministries should clarify their investment criteria and should abide by these allocations. The guidelines also stated that any new employment in the public sector should be based on actual needs. It reiterated that 10% of monthly revenue of special funds should be transferred to the treasury. It also stressed the importance of rationing government purchases of goods and services and limiting them to only what is extremely necessary. The Ministry of Finance underscored the importance of maintenance work that would save the country’s productive capacity. It finally stated that it is pushing for water and electricity conservation, which will be reflected in spending in the upcoming budget. INVESTMENT Investments plagued with low-qualified workers Source: Financial Times, 29 November, 2013 Egypt is suffering a clear lack of investments, which many businessmen who run factories in various industrial zones across the country have blamed on low-qualified with low production rates. Since the 25 January revolution, investors have looked upon Egypt with caution and some have even chosen to set up shop elsewhere. During Morsy’s one-year in office alone, Egypt saw one of the worst falls in the number of millionaires in the world, losing around 3,000, according to the latest report released by the Credit Suisse Research Institute’s (CSR) Global Wealth. Street violence, unrest and turmoil of course played a large role in investor's withdrawal of Egypt, as investment inflows fell slightly by 12.4 percent, from $2.46 billion in the second quarter to $2.16 billion in the third quarter of the 2012/2013 fiscal year. Meanwhile, the number of Egyptian factories which have closed in recent months hit alarming indices, affecting 613 factories who have halted their operations. Though he says the key reason for a decline in investment is instability, Alaa El-Sakty the chairman of Badr Investors Association (BIA) emphasized that lack of labor in the Egyptian market still plays a substantial role in the withdrawal of investors. “How I can launch a new project if there are no well-qualified workers?” asked Hossam El- Hawary, the owner of a wrought iron manufactures at Badr industrial zone. El- Egypt Weekly Newsletter 3 Thai Trade Center, Cairo December, 2013 (1st quarter) Sherif Yehya Hawary is a small businessman who owns a small factory producing wrought iron products using high leaser techniques. The factory employs a modest number of workers and designers. “The well-trained workers are mostly not available, and besides those few who are trained are very careless and not disciplined,” El-Hawary said, adding that sometimes workers they skip many days of work due to mere apathy. The well-trained workers are volatile, which means after working for a very short time they could leave their post, which has recently pushed some businessmen to force the newly hired workers to sign contracts for a defined period to guarantee the workers stability. “I've felt the crunch for years with 30 workers, who come and go after a
Load more

Recommended publications
  • Army Sets 48-Hour Ultimatum
    AILY EWS TUESDAY, JULY 2, 2013 N D ISSUE NO. 2226 NEWSTAND PRICE LE 4.00 EGYPT www.thedailynewsegypt.com Egypt’s Only Daily Independent Newspaper In English BLOCK PARTY UNDER SIEGE SAD PANDA Cairo’s Mugamma is one of many Eight killed and 70 injured during New iconic character, emblematic government buildings nationwide an attack on the Brotherhood’s of revolutionary melancholy, to be blockaded by protesters headquarters in Moqattam flourishes in Cairo street art 2 3 8 Kerry confident about safety Army sets 48-hour ultimatum of US embassy in Cairo THE ARMED FORCES SAYS IT WILL PRESENT ITS OWN ROADMAP FOR THE 30 June protests draw comments from US Secretary COUNTRY IF POLITICAL FIGHTING DOES NOT END ON WEDNESDAY Kerry, President Obama, and German foreign minister By Nourhan Dakroury “What is clear right now is that al- By Basil El-Dabh, Rana Muham- though Mr Morsi was elected demo- mad Taha, and Hend Kortam Secretary of State John Kerry an- cratically, there is more work to be nounced on Sunday his keen attention done to create the conditions in which The Armed Forces will implement to the developments in Egypt and con- everybody feels their voices are heard,” a roadmap for the country if the firmed his confidence in the safety of the he concluded. Presidency and his opposition can- US embassy in Cairo as well as its staff. The United Nations warned on Mon- not resolve their differences within “Egypt is a great concern to all of day that the current political situation 48 hours. us,” Kerry said, explaining that he held in Egypt will have a “significant impact” “The Armed Forces reiterates talks with Gulf country leaders about on the democratic transformation of its call to meet the demands of the the political situation in Egypt, in addi- other countries in the Middle East.
    [Show full text]
  • Egypt Weekly Newsletter April 2014, 3Rd Quarter
    EGYPT WEEKLY NEWSLETTER APRIL, 2014 (3rd QUARTER) CONTENT 1. Political Overview………........... 01 2. Economic Overview……..….…..02 3. Finance..…………………………..….03 4. IT & Telecom………………………..03 5. Energy……………………………….…05 6. Petroleum.…..………………………05 7. Automotive..………………………..06 8. Real Estate.…………..……..……...06 9. Laws & Regulations………………07 Compiled by Thai Trade Center, Cairo POLITICAL OVERVIEW Egypt to hold presidential elections May 26-27 Source: CNN, April 13, 2014 Egypt's presidential elections will take place on May 26 and 27, Egyptian media reported Sunday, citing an announcement by the country's Presidential Elections Commission. Army chief Abdel Fattah el-Sisi announced Wednesday that he would resign and declared his candidacy in the national polls. El-Sisi, 59, Egypt's defense minister, had to leave the army in order to run for president. El-Sisi deposed President Mohamed Morsy of the Muslim Brotherhood, Egypt's first freely elected leader, last year following mass protests against the latter's rule. The officer is popular among Egyptians who supported the army's decision to remove Morsy from power a year into his term -- seeing el-Sisi as the kind of strong man needed to end the turmoil dogging Egypt since a popular uprising in 2011 ended Hosni Mubarak's three decades of one-man rule. But el-Sisi is reviled by the Islamist opposition, which sees him as the mastermind of a coup against an elected leader and the author of a fierce crackdown on dissent. Egypt has suffered bloody internal strife since Morsy was overthrown. Also on Sunday, unknown gunmen opened fire on a security personnel carrier in Egypt's Sinai region, killing one soldier and injuring three policemen, the state-run Al-Ahram newspaper reported, citing a military source.
    [Show full text]
  • Economy Sector - Q4 2018 Report
    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.
    [Show full text]
  • The Military, the Media and Public Perceptions in Egypt Communication and Civil-Military Relations
    The Military, the Media and Public Perceptions in Egypt Communication and Civil-Military Relations Egypt Civil-Military Relations Conference Paper Series Paper 3 Romuald Bolliger DCAF Mohamed Elmenshawy DCAF a centre for security, development and and Ragnar Weilandt the rule of law Egypt Civil-Military Relations Conference Paper Series Paper 3 The Military, the Media and Public Perceptions in Egypt Communication and Civil-Military Relations Romuald Bolliger Mohamed Elmenshawy DCAF DCAF a centre for security, and Ragnar Weilandt development and the rule of law About DCAF The Geneva Centre for the Democratic Control of Armed Forces (DCAF) is an international organisation dedicated to assisting states – both developed and emerging democracies – in advancing good security sector governance, within a democratic framework and in respect of the rule of law. DCAF provides in-country advisory support and practical assistance programs to states that seek to strengthen governance of their security sector. DCAF works directly with national and local governments, parliaments, civil society, international organisations and defense and security forces. DCAF currently has 62 member states, including Lebanon and Tunisia. In its activities, DCAF is guided by the principles of neutrality, impartiality, inclusive participation, and local ownership. For more information, please visit DCAF’s website: www.dcaf.ch Disclaimer The content of this publication and the views expressed are the exclusive responsibility of the author and do not necessarily reflect the opinion of DCAF or DCAF’s member states. Acknowledgement This publication was financed by the DCAF Trust Fund for Security Sector Development Assistance in North Africa. For more information about the Trust Fund, please visit: www.dcaf-tfna.org Series editors: Karina Priajina, Jean-Michel Rousseau, Andrea Cellino Series editor assistant: Elias Geoffroy Cover picture: Egyptian armed forces spokesman Col.
    [Show full text]
  • MICRO, SMALL and MEDIUM ENTERPRISES in EGYPT Entrepreneurship, Business Procedures and Value Chain Analysis
    MICRO, SMALL AND MEDIUM ENTERPRISES IN EGYPT Entrepreneurship, Business Procedures and Value Chain Analysis Creative Associates International | August 2014 MICRO, SMALL AND MEDIUM ENTERPRISES IN EGYPT Special Focus on Entrepreneurship, Streamlining Business Procedures and Value Chain Analysis AUGUST 2014 REPORT SUBMITTED BY ACCELERATE CONSULTING AND DEVELOPMENT 5 AMMAN SQUARE, DOKKI SUITE 21, FLOOR 2 CAIRO, EGYPT 1 Table of Contents Executive Summary ............................................................................................................... 4 Introduction .......................................................................................................................... 5 CHAPTER 1: DEPICTING THE MICRO, SMALL AND MEDIUM ENTERPRISE ECOSYSTEM IN EGYPT ................................................................................................................................................................................................ 6 1. Macroeconomic Outlook .............................................................................................................................................. 6 2. The Role of Micro, Small and Medium Enterprises in Economic Growth................................................ 9 3. Key Challenges ............................................................................................................................................................... 11 4. Recent Developments ................................................................................................................................................
    [Show full text]
  • Egypt's Import Economy
    B U S I N E www.amcham.org.eg/bmonthly S S NOT FOR SALE M O N T H L Y MARCH 2014 ALSO INSIDE: L L EGYPT GOES DIGITAL L L CAIRO’S INDIE FILM SCENE L L AMCHAM, EGYPT-U.S. BUSINESS COUNCIL JOINT MISSION TO WASHINGTON T H E C H I N A S Y N D R O M E M A R C H 2 0 1 4 Egypt's import economy M A RC H 2 0 1 4 VO LU M E 3 1 | I S S U E 3 Cover Story 24 Made in China Cairo is awash with cheap goods from Asia that are either imported through proper channels or smuggled in. But questions have been raised lately about whether these products are safe and reliable, while Egyptian factories struggle to stay afloat. Cover Design: Nessim N. Hanna Inside 12 8 Editor’s Note 10 Viewpoint The Newsroom 12 In Brief The news in a nutshell 16 Region Notes News from around the region © Copyright Business Monthly 2013. All rights reserved. No part of this magazine may be reproduced without the prior written consent of the editor. The opinions expressed in Business Monthly do not necessarily reflect the views of the American Chamber of Commerce in Egypt. 6 I Business Monthly – March 2014 M A RC H 2 0 1 4 VO LU M E 3 1 | I S S U E 3 18 40 42 Market Watch Executive Life 32 Stock Analysis 40 Dining Out Heat rises Spanish confusion 33 Capital Markets A glance at stocks & bonds 42 Food What's cooking? 35 Money & Banking Forex and deposits 36 Key Indicators The economy at a glance 37 Egypt-U.S.
    [Show full text]
  • Received by NSD/FARA Re&Mtoni\M$34M%M, ^26:45 AM
    Received by NSD/FARA Re&mtoni\M$34M%M, ^26:45 AM u.s. Department of Justice Supplemental Statement Washington, DC 20530 Pursuant to the Foreign Agents Registration Act of 1938, as amended For Six Month Period Ending May 31,2015 (Insert date) I - REGISTRANT 1. (a) Name of Registrant (b) Registration No. Hill and Knowlton Strategies, LLC 3301 (c) Business Address(es) of Registrant 607 14th Street NW Suite 300 Washington, DC 20005 2. Has there been a change in the information previously furnished in connection with the following? (a) If an individual: (1) Residence address(es) Yes • No • (2) Citizenship Yes • No • (3) Occupation Yes • No • (b) If an organization: (1) Name " . ' Yes • No H (2) Ownership or control Yes • No __ (3) Branch offices Yes • No g] (c) Explain fully all changes, if any, indicated in Items (a) and (b) above. IF THE REGISTRANT IS AN INDIVIDUAL, OMIT RESPONSE TO ITEMS 3,4, AND 5(a). 3. If you have previously filed Exhibit C1, state whether any changes therein have occurred during this 6 month reporting period. Yes • No B If yes, have you filed an amendment to the Exhibit C? Yes • No • If no, please attach the required amendment. 1 The Exhibit C, for which no printed form is provided, consists of a true copy ofthe charter, articles of incorporation, association, and by laws of a registrant that is an organization. (A waiver of the requirement to file an Exhibit C may be obtained for good cause upon written application to the Assistant Attorney General, National Security Division, U.S.
    [Show full text]
  • The Energy Crisis Comes to a Head
    BUSINESS MONTHLY BUSINESS MONTHLY www.amcham.org.eg/bmonthly NOT FOR SALE A P R I L 2 0 1 4 OUT OF OUT OF GAS GASThe energy crisis comes to a head ALSO INSIDE: L L FISH FARMS GROW UP L L HOMES FOR THE MASSES L L A TASTE OF BRAZIL APRIL 2014 NEW TOC_TOC.qxd 4/2/14 4:57 PM Page 2 A P R I L 2 0 1 4 VO LU M E 3 1 | I S S U E 4 Cover Story 28 In the dark With Egyptians poised to elect anoth- er new president, the power crisis is more serious than ever. Experts say the country can no longer afford to postpone painful but necessary struc- tural changes to its energy policy. Cover Design: Nessim N. Hanna Inside 16 12 Editor’s Note 14 Viewpoint The Newsroom 16 In Brief The news in a nutshell 20 Region Notes News from around the region © Copyright Business Monthly 2013. All rights reserved. No part of this magazine may be reproduced without the prior written consent of the editor. The opinions expressed in Business Monthly do not necessarily reflect the views of the American Chamber of Commerce in Egypt. 8 I Business Monthly – April 2014 NEW TOC_TOC.qxd 4/2/14 4:57 PM Page 3 A P R I L 2 0 1 4 VO LU M E 3 1 | I S S U E 4 23 44 46 Market Watch Executive Life 36 Stock Analysis 44 Dining Out Liquidity-driven market buoys Lovely Mirai tries a little too hard investors 37 Capital Markets 46 War dance A glance at stocks & bonds Egypt’s growing capoeira scene 39 Money & Banking Forex and deposits 40 Key Indicators The economy at a glance In Depth 41 Egypt-U.S.
    [Show full text]
  • EGYPT: Telecommunications & IT February 2015 Egypt: Telecommunications & IT
    EGYPT: Telecommunications & IT February 2015 Egypt: Telecommunications & IT TABLE OF CONTENTS Map of Egypt .......................................................................................................... 4 Executive Summary ............................................................................................. 5 Industry Structure ................................................................................................ 6 Market Overview ................................................................................................... 7 Figure: Sectoral Contributions to GDP ................................................................................................................................. 7 Figure: Subscribers by Operator ............................................................................................................................................. 8 Figure: Egypt Investment Goods ............................................................................................................................................. 9 Fixed Line Telephony ............................................................................................................................................................. 10 Figure: Mobile Subscription Projections .......................................................................................................................... 10 Figure: Internet Structure ....................................................................................................................................................
    [Show full text]
  • Akhbar Al-Youm Economic Conference Egypt the Future September 7-9, 2014
    Akhbar Al-Youm Economic Conference Egypt the Future September 7-9, 2014 conference Events Future Partners 10/1 Akhbar Al-Youm Economic Conference Egypt the Future (The first Day) Sunday, September 7, 2014 Time The Speech 19:00 The opening session 19:00- 19:10 Introduction and recitation of the Holy Quran 19:10- 19:20 The speech of the Chairman of Akhbar Al-Youm Foundation Conference goals and events 19:20- 19:40 The speech of the Prime Minister 10/2 Akhbar Al-Youm Economic Conference Egypt the Future (The Second Day) Monday, September 8, 2014 Time The event 9:00- 11:00 The First Session (investment obstacles and reform policies) The session head, Dr. Hani Sarie-Eldin Speakers 9:00- 9:15 Dr. Ashraf El Araby Minister of Planning and Administrative Reform 9:15- 9:30 Dr. Hassan Fahmy Chairman of GAFI 9:30- 9:40 Eng. Naguib Sawiris 9:40- 9:50 Dr. Ahmed Heikal 9:50- 10:00 Mr. Mohamed Abu Elenen 10:00- 10:10 Mr. Mohamed Farid Khamis 10:10- 10:20 Dr. Mona Zo El Fakar 10:20- 10:30 Mr. Mohamed El Sewedy 10:30- 10:40 Mr. Hossam Farid Hassanein 10/3 10:40- 10:50 Open discussion 10:50- 11:00 The comment of the session head 11:00- 11:30 Break The second session (the financial, tax and monetary policies) The head of the session, Mr. Mahmoud Abdel latif Speakers 11:30- 11:45 Dr. Hany Kadry Ministry of Finance 11:45- 12:00 Dr. Hisham Ramez Governor of the Central Bank 12:00- 12:10 Mr.
    [Show full text]