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RASHED Advertisements : 41, Sherif Dir. of Public Relations: Street, Cairo, Egypt KAMAL MOKHTAR Tel.: 23939732 - 23926919 ihsvirsiter Head Office : 41, Sherif St., Cairo, Egypt Tel.: 23939732 - 23926919 Fax : 23939732 - 27485844 E-mails Addresses: [email protected] E-mails Address: - , [email protected] 9 I wiliterati 411 saalk■ 46 a 4 asi AS* [email protected] Asal.:34 periodic,[email protected] 3 1 Web. wvvw.meobserver.org Economic covering the Middle East , Arab Gulf and African Markets L.4...- isi.li.rbajiC-e..tiatt [email protected] Web site : www.meobserver.org Please ask for our list Printed at Societe Orientale de Publicite of publications 60th YEAR No. 38 CAIRO WEDNESDAY, SEPTEMBER 25, 2013 ESTABLISHED 1945 (S.O.P.) - Cairo, Egypt %.- IRAN TO GOLD SLUMPS, OIL PRICES GAIN Flash Gold prices and stocks on major markets gave back . INVEST OVER some gains last Friday, after soaring earlier this week in COOLING OFF OR $11B. IN the wake of the Federal Reserve's unexpected decision to CEASEFIRE IS maintain its monetary stimulus, Reuters said. ALUMINUM The Fed's move had spurred benchmark US stock indexes MUCH REQUIRED SECTOR to all-time highs last Wednesday, as well as driving up the IN OBAMA- Iran plans to invest price of gold and lowering bond yields, but doubts about the around 8.5 billion euros direction of US monetary policy remain. ROHANI TALKS ($11.4 billion) in its alu- St. Louis Federal Reserve Bank President James Bullard From Ahmed Foda minum industry as part of said in an interview on Bloomberg TV last Friday that a start It seems that the US plans to nearly quadruple to winding down the stimulus programme was possible in administration could finally production by 2025, an October, depending on upcoming economic data. accept the unscheduled official at mining group Gold prices fell 2.3 per cent last week, giving back about meeting between Obama and Imidro said last Thursday. half of the week's gains, while bonds and currencies were lit- Iranian President Hassan Iran is the 20th largest pro- tle changed. The Dow Jones Industrial Average was down Rohani at a time all sides ducer of aluminum in the 88.96 points, or 0.57 per cent, at 15,547.59. The Standard & have reached to a dead end. Poor's 500 Index was down 7.61 points, or 0.44 per cent, at world, according to the Political analysts believe it 1,714.73. ( Cont. on page 5) Iranian Mines and Mining is a breakthrough in the Industries Development and CONFERENCE AIMS TO ESTABLISH A Tehran-Washington relations Renovation Organisation NATIONAL COUNCIL TO EFFECTIVELY and there are actually some (Imidro), and needs the extra inquiries over this meeting supplies to meet demand TACKLE ECONOMIC WOES during the UN General Assembly sessions. which is growing by 10 per Egypt's Presidential advisor for Political Affairs cent a year. Moustafa Hegazi left Cairo for New York on Sunday to Aluminum is a.lightweight take part in a forum on the Egyptian economy. metal used widely in trans- Hegazi will address the forum, hosted by an American port, packaging and con- center, about the future prospects of the Egyptian economy. Meanwhile, Egyptian government officials, economists, struction. It can also be used and leading business figures are gathering in New York on to make tubes for uranium Monday to discuss Egypt's economic future. enrichment gas centrifuges. The three-day conference, entitled 'Egypt Economic Iran's economy has been Reform Forum: A way forward,' aims to "create a framework 'hobbled by Western sanc- for an Egypt National Economic Council, which would sup- tions aimed at pressuring . General El-Sisi talking to the Minister of Interior Mohamed Ibrahim. He has denied his intention to turn for the presidency. port Egyptian authorities in developing a sound economic Tehran to stop efforts to plan for Egypt's future," according to the event's mission enrich uranium to levels that statement. could be used in weapons. MINIMUM WAGE RATE COULD HAVE UNINTENDED CONSEQUENCES Egypt's interim government, installed after the ousting of Iran produced 338,000 The new minimum wage increase announced by the Prime Minister Hazem al-Beblawy would require raising taxes and could Islamist president Mohamed Morsi in July, is still coming to tons of aluminum last year cause unintended consequences to the economy, according to Finance Minister Ahmed Galal, Al-Masry Al-Youm said. grips with the decline of the country's economy since the and is aiming for 770,000 "The current wage rates do not meet the minimum requirements for decent living, and I personally as a minister wish we could afford January 2011 Revolution. Hassan Rohani tonnes in 2016 and 1.5 mil- much more than a LE1,200 minimum wage, but in order to achieve that, we must apply a just progressive tax, increase production and The budget deficit has grown by a whopping 78 per cent lion tonnes by 2025, Panthea improve the efficiency of services," Galal said. since the 2010/2011 fiscal year, reaching 14 per cent of GDP. Geramishoar, senior expert Galal urged a wider economic perspective. "What is important is to study the impact of any decision on the economic activity and Economic growth, which peaked at 7.2 per cent in June 2008 And my question is what in Imidro's non-ferrous public and private sectorsAsee whether it would encourage growth or not, and whether it would increase unemployment," the minis- before the global financial crisis took its toll, has slowed to kind of solutions the two sides department said at a Metal ter said. an average of 2.3 per cent and the official unemployment could really reach while the Bulletin conference in "The ministry does not have a money store of its own hidden from society! In order to receive funds, we must pull money from dif- rate has risen to 13.3 per cent from 8.9 per cent in the fir Iranian president still insists Geneva. ferent sources... What is more important than fund-raising, however, is making sure that any financial decision will not adversely affect quarter of 2011. (Cont. on page 2) that his country is not willing the level of prices," Galal added. ANGELA MERKEL SECURES to cede any of its nuclear rights IRAQ'S SOUTHERN Galal said if the decision affected prices, the cabinet could be perceived as having deceived people when the wage increase would and is going ahead with its OIL OUTPUT be lost through higher prices. HISTORIC VICTORY IN GERMAN nuclear programme. "The pay increase could possibly come at the expense of those not getting paid, simply because they would become unemployed and ELECTION - BUT FAILS TO WIN And my second question is REMAINS CUT BY this wouldn't be fair. how can the cooling off period ABSOLUTE MAJORITY with Tehran could take place at LEAK "Funding unemployment allowance from the funds allocated for workers' wages is also not fair," he added. "The current cabinet's duty is to act with the utmost credibility because it is not subject to political pressure and is ae&ptable to soci- Chancellor Angela Merkel won a historic third term in a time the US is mulling an Oil pumping to Iraq's office with an overwhelming victory for her ruling con- attack against Syria with Iran southern export terminals -- ety,- he said. The cabinet also must not leave a heavy burden for the following cabinet" Gala' mentioned. servative Christian Democrats in Germany's general is possibly a target. remained reduced due to a election on Sunday night after securing huge gains. Obama's statements imply pipeline leak last Tuesday, EGYPTIAN EXPORTS TO US FALL BY 45% The German Chancellor's Christian Democrats (CDU) there is a diplomatic chance to according to shipping Minister of Trade and Industry Mounir Fakhri Abdul Nour said that Egyptian exports have decreased by 45 per cent, a huge romped home with over 41 settle a three-decade differ- data, adding to the impact fall, in the first half of 2013 compared with the same period last y ear. per cent of the vote - an ences with Iran, differences of planned work taking Meanwhile, Qualified Industrial Zone (QIZs) exports to the US have also fallen by 17 per cent. according to a Ministry of Trade and increase of 8 per cent over that existed since the eruption _ylace, Reuters said. Industry press release. Germany's last general elec- of the Islamic Iranian revolu- The statement came -during the minster's trieettt with the newly formed Egyptian-American Business Cormcii to set forthcoming tion in 2009. They now tion that lead to cutting off The flow rate stood at command 311 seats in the 1.58 million barrels per day plans to regain confidence in local exports to the US market. (Cont. on page 2) Bundestatt - just five short relations between the two (bpd) last week, lower than of an absolute majority. Cotlfitfie& in 1979. GCC ECONOMIC GROWTH TO SLOW THIS YEAR And as I expect solutions normal, the data showed. The economic growth in Gulf Co-operation Council countries is expected to slow to 4 per cent this year and 4.3 per cent next But the election brought a between the two sides would Iraq exported 2.3 million year after two years of sustained expansion, according to a report by Euler Hermes. humiliating defeat for Ms be reached during the UN bpd from its southern ports The GCC posted strong economic growth of 7.2 per cent and 6 per cent in 2011 and 2012, Euler Hermes chief economist Ludovic Merkel's pro-business, lib- eral Free Democrat (FDP) • General Assembly meetings in August. Subran was quoted as saying during the inaugural Trade Credit Insurance Summit under way in Dubai, by Wain news agency. coalition partners for the and could be one of the follow- Iraq has cut output from Saudi Arabia and the United Arab Emirates - the two big_ main contributors - are expected to grow by 4 per cent and 3.5 per cent past four years. They were ing:Firstly, dropping off the the Rumaila oilfield due to respectively in 2013, and 4.5 per cent and 4 per cent respectively in 2014, he said. ousted from the German idea of launching a military the leak, sources said last He noted that the financial fundamentals, including current account surplus, fiscal balance and large foreign exchange reserves, parliament for the first time strike against Syria and I think week, while two berths at remain satisfactory for the region. since 1949 after one of their Angela Merkel this a is far-fetched solution the Basra Oil Terminal are GCC countries, with a strategic position as major global oil exporters, benefit from a strong commercial and budgetary position. The worst election performances because the US-Israeli plan shut due to the early stages expected oil production decline in 2013, driven by lower US demand due to the development of shale gas and China's slowing growth, on record, securing just 4.8 per cent of the vote. aims at destroying the Syrian of planned work. will involve a slight budget surplus decrease, which should be partially offset by an increase in non-oil exports, he said. "It is our worst performance since 1949," admitted the FDP power and Tehran is seen as a spokesman Christian Lindner. strong ally to Syria. "From tomorrow on, we will have to redefine the German lib- Secondly, suspending Iran's WHEAT STOCK IN eral party," he told Germany's ARD television channel. nuclear programme and this Ms Merkel now faces the prospect of forming a coalition gov- could not happen because it Arab Republic of Egypt ALEX EXCEEDED ernment with the opposition Social Democrats, who have 192 Ministry of Electricity &Energy seats, or even the environmentalist Greens, who ended the night will keep Israel the only domi- 1M. TONNES with 63 seats. nating nuclear power in the Egyptian Electricity Holding Co. A total of 1.400 million tonnes region in a way that could con- of wheat are stored in BAHRAIN'S GDP EXPANDS trol all neighbouring countries. Egyptian Electricity Alexandria port after the arrival 5.3% IN Q2 So I think that defusing of an Ukrainian ship to the har- Bahrain's gross domestic product (GDP) grew by 5.3 per cent Mideast war and putting an Transmission Company bour carrying 39,000 tonnes of at constant prices and 8.5 per cent at current prices, according to end to conflicts between super- wheat. a national accounts report for the second quarter of this year, power in the Mediterranean (EETC) Alexandria Port Authority TradeArabia News Service said. and the Red Sea should be a Spokesman Reda el-Ghandour The oil industry contributed 61.2 per cent, while the other sec- priority especially after the said that it is the first time, since 9 tors contributed the rest, Central Informatics Organisation pres- Arab Spring plot knitted by months, in which the stock in the ident Dr Mohammed Al Amer was quoted as saying by Akhbar Obama is now uncovered, the BOO Solar PV port exceeded one million tonne of Al Khaleej, our sister publication. US forces were depleted in the Wheat, adding that all needed BOURSE DUBAI CEO NAMED HEAD war in Iraq and Afghanistan, measures were taken to examine the economic depression, the Power Project the shipment to make sure that it is OF DIFC financial woes, the American fit for human consumption. Dubai has appointed Essa Kazim, currently chief execu- people's rejection of getting tive of bourse operator Dubai Financial Market (DFM), as Traffic and stevedore operations involved in this dangerous the new governor of the emirate's tax-free financial zone, (10x20MW) at are going normally in the port, he game, the British House of state news agency Warn reported. said. Commons' decision not to take Kazim, whose appointment is effective next January 1, will Wheat reserves in Egypt are suf- part in the US attack against Kom Ombo in replace current governor Abdullah Mohammed Saleh as head of ficient until February 17, said Syria and finally the protests in Supply Minister Mohamed Abu- the Dubai International Financial Centre (DIFC). Saleh was Asia, especially Russia and Shady. named to the post in July 2011, Arab News said. China and their allies. Aswan "This step comes in the context of Dubai's keenness to contin- Speaking to reporters following I think reaching a cooling ue to inject new blood into the veins (of government-linked a meeting of the Cabinet's energy off is must needed either organisations), to guarantee their continued growth through giv- Governorate committee. Abu Shady said the through a ceasefire or a truce ing opportunities to distinguished national talents who have .1') government is seeking to offer that could be brokered during 1 :11:2" *4;34_1 proved their efficiency and success in carrying out responsibili- reserves to be enough until the end future talks between Obama Invitation for Prequalification ties," Wain quoted an official statement as saying. of March. and Rohani. In my point of - The DIFC, opened in 2004 and now the Gulf's top financial RFPQ (12/2012/2013) . Nrp . The ministry is waiting for the view, this is the best applicable centre, is one of the UAE's "free zones", offering foreign right time to buy new wheat ship- solutions satisfactory to all investors 100 per cent ownership of their ventures and business- ments on the international wheat sides regardless of what other friendly regulation. market, he said. intentions any side could have in order to save the peoples of EETC the world from the biggest From Al-Sharq Al-Awsat :401442,), nuclear farce that could announces destroy all mankind. that the deadline to Al-Assad's forces Ahmed Foda continue shelling. submit the RFPQ has DELEGATION FROM UAE ARMED FORCES been postponed until ON A VISIT TO CAIRO Sunday 20/10/2013 Major General Essia Saif Mohamed, Deputy Supreme Commander of the United at 12:00 pm. Arab Emirates (UAE) Armed Forces, who was accompanied by a military delegation, is cur- instead of Tuesday 1)+1; 4. *.tli 14L Li I 4.4:i rently visiting Cairo. Sources with Cairo Airport said that this is the second visit 1-10-2013. )°. 1x/1./1 c).4 )11 paid by Saif in a month, which i° 1#1 emphasises the importance of kklat■m:'x the Egyptian-Emirati relations. Ak‘ N. 1 k 43/4 %%VA Atek%Al (c9tt\i1 Sept. 25, 2013 2 ca eport EGYPT BOURSE GAINS ON ARAB LOW TURNOUT ON NEW HEALTH CONFIRMS COTTON GINNING LAND PROSPECTS FOOD SUPPLY MALLAWI Egypt's bourse opened the trading week in the green, with the DESPITE NEW INSURANCE main EGX30 index gaining 1.02 per cent on Sunday to sit at MUSEUM LOOTED 5,587 points. SCHOOL YEAR, LAW TO BE An UNESCO expert mission The gains were mainly driven the Arab Cotton Ginning Company COMMERCE ISSUED in Egypt between 11 and 16 (ACGC), whose share price rose 7.8 per cent to sit at LE5.12 per CHAMBERS SAY September has confirmed that share. The share was the most active during the session, recording a Egypt has witnessed a low Following the approval of a the Mallawi Museum in Minya turnover of LESS million new minimum wage, the gov- turnout on food supply in was almost completely looted Total turnover of the session reached LE408 million, with 120 ernment has started to probe retail chains and cooperatives, during unrest in August fol- shares gaining value and 24 dropping. the implementation of the law despite the beginning of the lowing the overthrow of Trading on the ACGC shares was suspended for 30 minutes for new school year, the country's in all sectors and to take a wide Islamist president Mohamed range of measures aiming at rising more. than 5 per cent as per bourse rules. chambers of commerce has improving living standards, Morsi, MENA said. The company is looking to get regulatory approval to add the claimed, Al-Masry Al-Youm facilitating the services extend- The Paris-based organization activity of "trading in land" to the primary objectives of the compa- said. ed to citizens, developing the said in a press statement on ny, which will enable it to make use of its outstanding land bank. Traders attribute the problem local administration with the Wednesday that the building was "The company has a 60,000 metre square piece of land in to consumer fears that ongoing aim of eliminating bureaucracy intact but 600 items out of a total Gharbiya governorate, and selling it would boost its profits," Eissa political circumstances would and the red tape, assisting fal- 1,080 disappeared from the Fathy, vice president of the securities division at Cairo's Chamber of postpone the new term in some tering companies and projects The Energy ministerial meeting headed by Hazem El-Beblawi. museum. Commerce, told Ahram Online. "That's why there is interest in the areas of Egypt. to enable them of providing new The mission also visited the share." Amr Asfour, deputy chief of jobs and paying wider attention Anglican Church in Minya, the ACGC said last week its net profit for the first half of 2013 rose to the Cairo Chamber of to all health services extended PETROLEUM MINISTER CHAIRS BOARD MEETING Prince Tadros Monastery in LE65 million, 130 per cent growth over the same period a year ear- Commerce's grocery division, lier. to citizens. OF EGPC TO APPROVE PLAN OF FY 2012/13 Fayoum, and the Franciscan said that while purchasing Egyptian investors made up 90 per cent of the session's total trad- Major General Adel Labib, the Petroleum Minister Sherif Ismail has chaired the board meeting of the Egyptian School in Beni Suef, which were power is normal, requirements ing, net-buying at LE7.5 million. Minister of Local Development General Petroleum Corporation (EGPC) to discuss and approve its plan for the all damaged during recent for the new school year have said the local administration law 2012/13 fiscal year. unrest, but could not visit other Real Estate developer, Palm Hills Development (PHD), was the second most active share, gaining 2.15 per cent to close at LE2.38 affected consumers. Asfour will be amended with the aim of During the meeting, the minister stressed the importance of pressing ahead with churches due to the security sit- per share. The company on Sunday approved a LE600 million capi- expected a higher turnout, espe- offering large scale powers to developing petroleum resources to meet domestic demands. Ismail asserted the need for uation. cially on dairy products and governors to improve the services UNESCO Director General tal increase, raising its paid up capital to LE2.696 billion. luring more investments in the research and exploration fields for developing oil discov- Citadel Capital, EFG-Hermes and Commercial International Bank cheese, by the beginning of the extended by the local administra- eries. They minister called for developing current refineries to improve their capacities Irina Bokova had said on 18 new academic period. tion units and transferring gover- August that the organization will gained 1.28 per cent, 1.61 per cent and 1.02 per cent, respectively. and produce high quality petroleum products. The meeting was attended by the minis- The broader-based EGX70 index also gained 0.89 per cent. Khaled Fathalla, member of norates to investment attracting ters of finance, investment, industry and foreign trade and local development. provide all necessary technical zones. the food supply division of support to Egypt, and will CONFERENCE AIMS TO ESTABLISH A Alexandria's Chamber of Minister Labib said the new INDUSTRY MINISTER STRESSES KEENNESS ON mobilise partner organisations to law is of no less importance than NATIONAL COUNCIL TO EFFECTIVELY Commerce, claimed problemat- SOLVING SAUDI INVESTMENTS' PROBLEMS IN recover stolen items and repair ic economic conditions and the constitution adding it will damages to Egypt's cultural her- TACKLE ECONOMIC WOES give more powers to the elected EGYPT widespread fears had lead to a itage. (Cont. from page 1) decrease in purchasing power. local councils and give them the "The government is keen on solving all the At the request of the min- Egyptian speakers and attendees will include: Deputy Prime right to draw up development problems and removing obstacles facing the Sami Mahmoud, head of the istries of antiquities and culture Minister & Minister. Nile cooperatives' branches sec- plans, to run their exclusive budg- Saudi investments in Egypt", affirmed Trade in Egypt, the mission also visit- International Co-operation Ziad Bahaa-Eldin, Minister of ets adding the conditions of elect- and Industry Minister Mounir Fakhri Abdel- tor, said turnout increased by 25 ed the Kasdagly palace in Cairo Investment Osama Saleh, Egyptian Stock Exchange Chairman per cent, claiming the figure is ing their members will be amend- Nour. Mohamed Omran, Dean of the Faculty of Economics & Political from the Belle Epoque era, limited compared to previous ed with the aim of enhancing the "The Saudi investor is treated like the Egyptian Science at Cairo University Hala El-Said, prominent businessman role of women and youth. He said which suffer minor damage in seasons. in the country", Abdel-Nour said during his meet- February 2013. Samith. a societal dialogue will be held on ing with the head of the Saudi side in the Saudi- Sawiris, and Head of the Commercial International Bank - Egypt's Authorities are offering a the new law before its approval. Egyptian Business Council Abdullah bin Mahfouz. 1.17M. EGYPTIANS largest private sector lender - Hisham Ezz Al-Arab. decrease on dairy products and On his part, Monir Fakhry The meeting, attended also by top Saudi OFFICIALLY Among international attendees is 'Thristopher Jarvis, the cheese, of approximately 10-15 Abdel Nour the Minister of Trade investors Sheikh Fand el-Shebokshi and Sheikh International Monetary Fund Mission Chief for Egypt. per cent, in attempts to increase and Industry has offered a pack- Abdel-Rahman el-Sharbatly, tackled the obstacles WORKED ABROAD Egypt stopped pursuing a $4.8 billion conditional loan from the purchasing power and ease the age of incentives an facilities aim- facing the Saudi businessmen in Egypt and ways of IN 2012 international lender, which required austerity measures after Morsi's burden on consumers, ing at reactivating industry sector finding effective solutions to make use of these ousting in July, when friendly Gulf neighbours rushed to pledge $12 Mahmoud added. and supporting investors and the Around 1.17 million investments during the upcoming phase. billion in aid. owners of the underway projects Egyptians received visas and TALAAT "The Egyptian nation will never forget Saudi renewed their permits Instead, Egypt has embarked on a stimulus plan which will and eliminating th difficulties fac- Arabia's support to the country", the minister said. Mounir Fakhri Abdel-Nour. MOUSTAFA ing them as a result of the condi- abroad in 2012, compared to involve pumping an additional LE22.3 billion over the current fiscal tions through which Egypt is cur- 1.129 millions in 2011, year into labour-intensive and infrastructural projects. SEEKING $261M rently facing. according to a report recent- The government has also pledged to enforce a minimum wage of CYPRUS, GREECE AND EGYPT AGREE GUIDELINES LE1200, which will mean additional spending in the millions, while LOAN He said the incentives include ly issued by the Central Egypt's Talaat Moustafa OF TRIPARTITE CO-OPERATION it targets a 34 per cent drop in the budget deficit, relying on a rise in offering the industrial projects Agency for Public Group is negotiating a 1.8 bil- additional time of on year to read- Director Generals of the Ministries of the three countries will probably meet in tax revenues of 43 per cent, as part of a revised state budget. Cairo. Mobilisation and Statistics lion Egyptian pound ($261 just their status adding 7000 (CAPMAS). Participants will explore ways of increasing co-ordination among The guidelines on continuing and upgrading tripartite co-operation were agreed the state's institutions to build and implement a long-term national million) loan with banks for industrial projects will benefit The rise represents an work on its Rehab property from this decisions in the differ- during a meeting of the foreign ministers of Greece, Cyprus and Egypt. economic policy. Speaking after the meeting that took place at the Egyptian Permanent Representation increase of 4.2 per cent. The event is sponsored by the Rockefeller Brothers Fund, a fami- development in Cairo's east- ent cities and industrial zones all About 497,000 Egyptians ern outskirts, the company over the Republic. to the UN, Cypriot FM Ioannis Kasoulides said the talks will continue on the level of ly-owned American philanthropic foundation. political directors of the ministries, based on the guidelines agreed on political and eco- obtained permits to work said last Thursday. During a tour of Beni Sueif abroad in 2012, 5.7 per cent up EGYPTIAN EXPORTS TO US FALL BY 45% TMG, like most property governorate, the Minister of nomic issues. (Cont. from page 1) Kasoulides said that the Director Generals of the Ministries of the three countries will by the previous year, while developers in Egypt, has suf- Trade and Industry said the incen- The US-Egyptian decrees regarding the political situation in Egypt fered deeply from economic tur- tives also include offering falter- probably meet in Cairo while more meetings will follow in the other capitals. 680,000 Egyptian workers have renewed their permits. play a role in slowing trade between the two countries. moil since a popular uprising in ing industrial facilities a six He said Cyprus welcomes the fact that the three countries which belong to the eastern "Developing economic relations between Egypt and the US month time starting this month Mediterranean, consider that developments in the region make it imperative to have an Contracts issued by the 2011 that drove president Hosni Manpower Ministry climbed should top the priorities of the Egyptian-US Business council that Mubarak from office, Reuters during which the facilities will understanding on a tripartite level. will focus on setting an integrated view on increasing Egyptian pay insurance installments of Kasoulides said that beyond the political matters that will be examined "as we live in to almost 506,000 in 2012 said."The company applied to exports to the US market, especially that there is a number of US obtain a long-term loan to workers to the Ministry of Social a volatile region of Eastern Mediterranean, we will also examine issues of economic compared to 469,000 in 2011, companies successfully investing here," Abdul Nour said. solidarity and installing debts at investments, tourism and joint programmes that can be funded from the Euro a 7.9 per cent increase. finance construction work at its On his part, Hani Mahna, the head of the Egyptian delegation in Rehab extension • project. We the end of the time limit on a con- Mediterranean partnership. Saudi Arabia is the top Arab the Egyptian US Business Council said that the council focuses on dition by condition basis. He further said that it was agreed that Egypt together with Cyprus and Egypt and destination for Egyptian work- will inform the stock exchange developin2 relations between the two sides through holding meet- when the talks are completed He said the Ministry of Trade Greece have bilateral issues concerning their Exclusiys §conomic Zones and talks will ers based on the number . of ings with - the US delegation. and the loan is signed," it said in and Industry has asked the begin the soonest and concurrently. issued work permits. Some He added that the council is to visit Washington next month to a statement published on its Ministry of social solidarity to Kasoulides underlined that the agreement between Cyprus and Egypt is still in effect. 667,000 work permits were clear the image of the Egyptian political situation to the US congress contribute to mitigating financial "Some circles, encouraged by Turkey, wanted to question the agreement but there is no issued for Egyptians to work in members as well as a number of business councils. website. burdens of faltering industrial such issue", he added. the kingdom in 2012, which facilities, offer them the neces- On his part, Greek Foreign Minister Evangelos Venizelos said that the tripartite meet- represents 7.2 per cent sary facilities. ing sends a message that we "are determined to promote this political co-operation, to increase compared to 2011. A.R.E. FOREIGN TRADE MONTHLY SUMMARY (April 2013) Meantime, Minister of Finance organise it to a ministerial level and to function within the Middle East and Eastern CAPMAS said 40.6 per cent EXPORTS THROUGH PORTS DURING APRIL 2013 Dr Ahmed Galal has discussed Mediterranean region as three countries that are interested in stability, peace and devel- of the migrants had mid-level with Dr Maha AI Rabbat, the opment". educational qualifications and Table No. 2-A Value in 000 LE (Cont. from last week) Minister of Health the health He also said that the tripartite co-operation does not affect bilateral cooperation "but insurance bill, improving living 30.6 per cent had low qualifi- allows the three countries define their sea zones and make use of the possibilities grant- cations. PORTS April April Change January / April Change standards of doctors, enhancing ed by the international law of the sea in the Mediterranean and deal with energy, provid- their financial resources through EGYPT TO 2013 2012 2013 2012 providing medicines and medical ing for development prospects for our peoples". supplies at the emergency GERMAN TOUR OPERATORS SPLIT OVER NARROW GAP Alexandria 4884211 4010557 873654 18660437 18011272 649165 Departments in public hospitals. BETWEEN Western Frontier 82807 204500 121693- 504635 569908 65273- The Minister of Finance has RESTARTING EGYPT TRIPS Many travel firms halted trips to the country after violence broke out in July and NATURAL GAS Port Said 598138 489199 108939 2117321 1885751 231570 renewed the government keen- Suez ness to take all measures aiming August and governments advised holidaymakers to stay away, according to PRODUCTION AND 3901141 3664896 236245 16071229 12778620 3292609 at improving medical services Reuters. Damietta 1503983 1133580 370403 4221219 4171249 49970 level whether through raising Some major tour operators in Germany, one of the world's biggest spenders on foreign CONSUMPTION Al-Arish 268466 351591 83125- 1255384 1503227 247843- salaries of the employees working holidays, will shortly resume flying tourists to Egypt, although others said they would The Petroleum Ministry Al-Dekhelia 1080156 994134 86022 4215043 3252547 962496 in the medical sector or providing wait for government advice on safety to change. aims to narrow the present Nwebaa - . . . . - Many travel firms halted trips to the country after violence broke out in J;Jiy and medicines and medical supplies gap between natural gas pro- Safaga 41262 70834- 141543 381090 239547- August and governments advised holidaymakers to stay away. 112096 needed for financing the estab- duction and consumption, Ras Ghareb - - - .. . - Accounting for around 11 per cent of gross domestic product (GDP) in Egypt, tourism lishment of hospitals and medical said Minister of Petroleum Ras Shoker . _ . . . - centers, which are needed by the is vital to the country's economy. Sherif Ismail. Kosair and Red Sea ports 207863- society. Thomas Cook Germany and DER Touristik, two of the country's largest tour opera- The ministry plans to take 73439 178027 104588- 337921 545784 South frontier (Wadi Haifa) The Minister said a committee tors, said this week the situation was calm in the Red Sea resorts popular with sun-seek- steps to increase production 146948 91087 55861 546806 390524 156282 of the Ministries of Finance and ers and divers and that trips would restart from September 30. rates and regulate consump- Air Ports 2015915 2126787 110872- 11434223 10307229 1126994 Health has been set up to re- Other major firms TUI Germany, part of Europe's largest tour operator TUI Travel, tion, Ismail said during a gen- Other ports 3850737 2392036 1458701 11490533 8779654 2710879 examine the health insurance law and Alltours said on Friday they would not be flying tourists to Egypt until at least the mainly as regards financing its eral assembly meeting of the middle of next month. They said they were sticking to advice from the German foreign Total 18447203 15748490 2698713 70996294 62576855 8419439 services, the subscriptions of ben- ministry, which has not changed and advises against travel to the resorts. Egyptian Natural Gas Holding Company (EGAS) on eficiaries and the services tat will TUI said all trips were canceled until at least October 15 and they would only restart Source : The Central Agency for Public Mobilisation and Statisties. (CAPMAS) (To Be Cont.) be provided by the project. once the government advice altered. Thursday 19/09/2013. "The government will also As for improving incomes of 1.3B. SECURED BY DOMESTIC the employees working in the pay part of the dues to foreign Percentage distribution of imports through ports during medical sector, the Minister of PRODUCTION FROM MINERALS OILS partners before the end of the April 2013 compared to April 2012 Finance said the Ministry is cur- Petroleum Minister Sherif Ismail chaired Sunday a meeting of the general assem- year and reschedule the ov rently discussing a suggestion bly of Alexandria Mineral Oils Company (AMOC) and Alexandria National remaining", the Minister said. submitted by the Ministry of Refining and Petrochemicals Company (ANRPC) for endorsing the 2012/2013 He called on the company .to 50 Health in this respect, stressing achievements' of both companies. commit to the domestic natural the importance of classifying doc- AMOC Chairman Fathi Eid said the company secured $ 13 billion local products for 42.I tors into many categories accord- gas connection scheme, target- the state instead of importing them. The products included diesel oil, heavy fuel and ing 800,000 housing units at 40 ing to specialisation, working and basic oils. ANRPC Chairman Awad Abu-Helb said the company's net profits hit 350 3.1 experience years in order to main- EGP 2.3 billion investments million Egyptian pounds, noting that the company's output of high-octane fuel reached 30 111 Arr11 2013 tain justice for all. during the present fiscal year. 848,000 tonnes in 2012/2013. 21.02, 0 April 2012 20 Greediness of a group of doctors. 12. 0 10_1, , 03 10.1 - i. 10 gr3, iiir

I swear to keep workin‘ 0 0 0.1 14 0.8 .4 . 0.0-0.0 0.6 0.4 3=0. 0.0 0.0 OA 0.0 11 0.0" according to disciplines of It or V ... THE MIDDLE EAST OBSERVER dollar, euro, yen, Egyptian s EVERY WEDNESDAY MORNING pound .... and .... p ECONOMIC, PUBLISHED TO COVER THE MIDDLE EAST, ARAB GULF Hippocratic Percentage distribution of imports through ports during AND AFRICAN MARKETS Oath ' January/ April 2013 compared to January/ April 2012 Head Office and Advertisements : 41, Sherif Street, Cairo, Egypt 00 Tel.: 23939732 - 23926919 Fax : 23939732 - 27485844 E-mails Address: [email protected] - [email protected] 50 [email protected] - [email protected] i',/ Web. www.meobserver.org 41/4, 40 3511 CCR.: 113389. Printed at Societe Orientale de Publicite (S.O.P.) Cairo - Egypt Ara 2 3 ..-4- t 30 " The Publisher : AHMED FODA rik 0 Jar/ 4012012 19.1 9. Chief Editor : H.A. RAOUF `" ii.i. 20 Economic Counsellors : YASMIN FODA 1 LOMA 1 , a01 W 11.1 MAHMOUD FODA 10 a..._

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h t , SEPT. 25 ,2013 tt)Y.0 015e thr ibbitrund 3 Kahira for Pharmaceuticals and Chemical Industries Co. A Subsidiary of the Pharmaceutical Holding Company - S.A.E. Under the Provisions of Law No. 203 of 1991 Address: 4, Abdel Hamid El-Dib Street, Victoria Square, Shoubra, Cairo, Egypt - Commercial Register No. 117247, Cairo Commercial Registry - The Authorized Capital is L.E. 500 Million - The Issued and Paid-In Capital is L.E. 119.475 Million The Number of Shares is 11.947 Million Shares. The First Notice The Company Has Been Awarded The ISO (9001) 2008 Certificate es account for the financial year ended as at 30/6/2013. approved account statement issued by one of the securities management companies 4.Approving the dividends account of the aforementioned financial year. including the blocking of shares balance stated in the account statement for the pur- Invitation to Attend the Ordinary General Assembly Veeting of the Company 5.Determining the annual regular allowance for the employees based on its fall due pose of attending the general assembly meeting at least three full days prior to the date. date of the meeting. Dr. Adel Abdel Halim Mostafa, the Chairman of the Board of 6.Electing a representative of the shareholders among the corporate bodies from 3.The financial statements and the report of the Egyptian Central Auditing Directors of The Holding Company for Pharmaceutical Products and the Chairman the private sector or individuals as a member of the board of directors of the compa- Organization are available for the shareholders to be informed thereof at the compa- of the General Assembly of the company, has the honor to invite the shareholders to ny. The Shareholders are to submit the nomination application forms according to the ny's head office through Accountant, Ahmed Hassan Sabry in his capacity as the attend the ordinary general assembly meeting determined to be held at 02:30 PM on form prepared for that purpose, and in accordance with the terms declared at the communication and investors relationships officer: (Tel. : 22057262). Monday, corresponding to 7/10/2013 in the Yasmeen Hall of the Engineering company, provided that such form is to be submitted one week at most prior to the 4.Any inquiries or questions regarding the items of the agenda should be person- Authority Guest House of the Armed Forces, the Fourth Floor at 6 Ihsan Abdel aforementioned general assembly meeting date. ally submitted in writing to the company's mahagement in the head office in return Quddous Street, off Al-Khalifa Al-Maamoun Street, Heliopolis, Behind El-Obour The shareholders are kindly requested to pay attention to the follow- for a receipt, or to be sent by registered mail to the company's address (Post Office Buildings, Cairo). ing: Box No. 793) three days at least prior to holding the general assembly meeting; how- In order to consider the following agenda: 1.Each shareholder possessing 10 shares or more is entitled to attend the general ever, inquiries or questions received after that date shall not be considered. 1.The report of the Central Auditing Organization on the financial statements and assembly meeting, in person or by proxy, the validity of such proxy is conditional on the closing accounts for the financial year ending as at 30/6/2013. being granted to a shareholder who is not a member of the board of directors within Dr. Adel Abdel Halim Mostafa 2.Approving the board of directors' report on the company's activity for the finan- a percentage not exceeding 10% of the total nominal shares of the capital and not Chairman of the Board of Directors of cial year ended as at 30/6/2013 and the quittance of the board of directors regarding exceeding 20 % of the shares represented in the meeting, in addition, such proxy The Holding Company for Pharmaceutical Products and the said financial year. must be attested. 3.Approving the financial statements, the closing accounts and the profits and loss- 2.The attendance of the meeting requires that the shareholder should present an The Chairman of the General Assembly of the Company, Not Profit - L.E. 88.626 M. Surplus After Tax - 53.984 m. Shareholders' Share • LE. 23,895 Cash Dividends Amount Per Share (Coupon) LE. 2.00 The Most Significant Notes Accompanying the The Financial Position Statement as at 30/6/2013 Per Thousand L.E. Per Financial Statements For The Financial Year Per Thousand Comparative Thousand Proposed Profits Appropriations Statement Ending as at 30/6/2013 30/6/2013 Description L.E. Year L.E. 1. Company's Profile: Long term fixed assets Kahira Pharmaceutical and Chemical Industries Company (S.A.E) is sub- 53402 Net fixed assets 49146 jected to Law No. 203 of 1991 and its executive regulations. The compa- 6224 Projects in progress 5401 Comparative ny's activity is represented in manufacturing drugs, pharmaceutical prod- 2012/2013 Description 1905 Long term investments 1905 Year ucts, cosmetics, chemical materials, veterinary extracts and drugs and their packaging, distributing and trading in them, carrying out all the 61531 Total long term fixed assets (1) 56452 53984 Distributable profits to be distributed as follows: 36954 Current assets financial and commercial activities related thereto in addition to manufac- 1525 Profits retained from previous year - - - - - 915 turing for third parties and in their premises. 100617 Inventory less provision amounting to L.E. 3.580 92872 million 55509 37869 2. Accounting Policies: 139847 Receivables and notes receivable less the provision 128844 13669 Reserves 5960 The financial statements and the accounts' analysis of the income state- amounting to L.E. 10.291 Million 40315 Distributed Profits 30384 . ment are prepared according to the unified accounting system amended by the decree of the Chairman of the Central Auditing Organization No. 204 22109 Sundry debit accounts less pro isions amounting to 25410 1525 Profits carried forward to the following year 1525 L.E.2.591 Million of 2001 and in accordance with the Egyptian Accounting Standards issued 55509 Current financial investments 37869 as a supplementary framework of the unified accounting system by virtue 127832 Cash on hand and at banks 119877 of the decree of the Chairman of the Central Auditing Organization No. 1570 of 2006. 390405 367003 All the financial transactions are recorded in the books in Egyptian pound, Current liabilities Per Per Cash Flows Statement for the Financial Period and the transactions carried out during the year in foreign currencies are 11791 Provisions 14947 Thousand Thousand translated in Egyptian pound. All the balances of the assets and liabilities 4196 Suppliers 3950 Ending as at 30/612013 L.E. of monetary nature in foreign currencies are revaluated at the end of each 41211 Sundry credit accounts 64491 L.E. financial period. The foreign exchange differences are recorded in the 57198 83388 income statement at the end of each financial period. 333207 Working Capital (2) 283615 Comparative The method of weighted average of cost is used when determining the 30/6/2013 Description 394738 Total investments (1+2) to be financed as follows: 340067 Year commodities inventory cost as set forth in the Accounting Standard No. (2), item No. (25). The inventory of finished products is measured based IOU 43667 First: Cash flows from operating activities (26047) 119475 Issued and paid-in capital 119475 on cost or the net selling value, whichever less. (12533) Second: Cash flows from investment activities 30055 The fixed assets are recorded at carrying (historical) cost and include all 216645 Reserves 216645 (23233) Third: Cash flows from finance activities (33161) the expenses necessary until the installation and operating of the asset 1525 Carried-forward surplus 1525 according to what is stated in the unified accounting system. 53984 Net profits for the year 7901 Change in cash movement (1+2+3) (29153) 119877 Cash balance at the beginning of the period 148723 3. Investments: 391629 Total equity (3) 337645 The long term investments are to be recorded in the financial statements 3109 Long term liabilities (4) 2422 127778 Cash balance at the end of the financial period * 119570 as at 30/6/2013 at purchasing value, and in case there is an impairment, a 394738 Total investment finance (3) + (4) 340067 provision shall be formed for the losses of the impairment in value, taking * The margin of the letters of guarantee with the amount of L.E. 0.053 into consideration that such investments are not traded in the stock The Income Statement for the Financial Period exchange. million was excluded compared to L.E. 0.307 million for the previous From 1/7/2012 To 30/6/2013 PerlbouNAndLE 4. Provisions; financial year. The company carries out a detailed study at the end of the financial year Comparative 30/6/2013 Description concerning all potential liabilities and forming of the required provisions. Year 5. Reserves: Operating income Change In Equity Statement Per Thousand Per Thousand The reserves are made according to law No. 203 of 1991 and its executive Net operating income 342654 386444 L.E. for the Financial Period ending as at 30/6/2013 L.E. regulations. 297818 Less operating income cost 278462 88626 Total profit 64192 6. Tax Position: 95 Decreas Closing 1 The tax inspection was carried out and the tax amounts due to the Tax 105 Add: financial investments revenues Description Opening Increase Other revenues and profits Balance e Balance Authority were paid until the year 2005/2006. However, as for the years 1123 Sundry revenues and profits 2586 from 2007 until 2012, the company is committed to pay the due tax Less: Paid-in capital 119475 119475 amounts based on the submitted tax return in accordance with tax law No. 31632 Administrative expenses 27094 Reserves 216645 216645 91 of the year 2005. 100 Provisions other than depreciation 92 Carried-forward profits 1525 53984 55509 xxx The proposed dividends per share amounts to 2.00 Egyptian pounds. 4311 Other burdens and losses 2613 Net operating profits before finance charges and interest income Total 337645 53984 OW 391629 53811 37074 Accountant, Someya El-Nagdy Finance charges The Head of the Financial Affairs Sector 6127 Interest income 9860 59938 Net operating profit 46934 Central Auditing Organization Dr. Gamal Hafez Takal Add: Pharmaceuticals Accounts Auditing Management The Chairman of the Board of Directors 8911 Foreign currency exchange profits (losses) (286) & Managing Director 1000 Previous years revenues (expenses) 289 Capital gains (losses) 71 Extraordinary revenues and profits (losses) The Auditor's Report on the Summarized Financial Statements of 70138 Net profit before income tax 46719 Kahira Pharmaceutical and Chemical Industries Company as at 30/6/2013 (15468) Income tax (9765) (686, Deferred tax To The Shareholders of Kahira Pharmaceutical and Chemical Industries Company: 53984 Net profit after income tax 36954 We have audited the attached financial statements of Kahira Pharmaceutical and Chemical Industries Company for the financial year ended as at 30/6/2013, from which the attached summarized financial statements were extracted in accordance with the Egyptian Standards on Auditing and in the light of the applicable Egyptian laws and regulations. As stated in our report, dated 1 3/9/201 3, we expressed an unqualified opinion on the financial statements of the company for the financial year ended as Per at 30/6/2013 from which the summarized financial statements attached thereto were extracted. Sum inar of the Board of Directors' Report on the Thousand We are of the opinion that the attached financial statements. are in agreement - in all their material aspects - with the complete financial statements of the Financial Period Ending as at 30/6/2013 L.E. company for the financial year ended as at 30/6/2013. For the purpose of obtaining a broader and more comprehensive understanding of the company's financial position as at 30/6/2013, its operating results for the financial year then ended, and the scope of our audit works, the complete financial statements of the company for the financial year ended as at Description 2012/2013 201112012 a Progress % 30/6/2013 in addition to our report thereon must be referred thereto. Operating income 386444 342654 113 % Auditor Operating income cost 297818 278462 107 % Accountant, Percentage of operating income cost / 77.1 % 81.3 % 94.8% Accountant, Yasser Abdel-Fattah Zeytoun Accountant, Operating income General Manager & Department Manager Deputy Hamdy Gomaa Hanafy Maha Mohamed Arafa Net profit before tax 70138 46719 150 % Approved by, Net profit after tax 53984 36954 146 °A) Cash dividends amount per share 2.00 1.70 118 % Accountant, Abdel-Azim Moselhy El-Badawy Accountant, Hassan Mokhtar Ahmed El-Dalil (Coupon) Undersecretary, Department Manager Senior Deputy Number of shares 11.947 million 11.947 million First Undersecretary (Department Manager) Sept. 25, 2013 BUSINESS OPPORTUNITIES ASIA & AFRICA NEWS Business Opportunities A.R.E. Texts, Laws and Regulations SUDAN CURRENCY FALLS TO RECORD LOW AHEAD OF LIFTING OF (Tenders Prepared by Our Staff) Official Journal- Issue No. 37 (Supplement) - FUEL SUBSIDIES - General tender for water Authority for potable [email protected] Dated 12 September 2013 pipes line 400 m in water and wastewater *** Decree of the President of the Arab Republic of Egypt Ghamasa, invites Egyptian contract- - BOO Solar PV Power No. 587 of the Year 2013 Due date : 1.10.2013 ing companies registered as Project On Extending The State of Emergency Booklet : LE 50 1st rank, third Group, in (10 x 20 MW) Interim President of the Republic, Bid Bond : LE 5000 the Egyptian Federation At Kom-Ombo, in Aswan After reviewing the Constitutional Proclamation issued on 8/7/2013; Client : Dakhalia for Construction and Governorate Invitation for Law No. 162 of the year 1958 on the State of Emergency; Governorate - Ghamasa City. Building Contractors, Pre-qualification IFPQ Decree of the President of Republic No. 532 of the year 2013 on declaring the state of *** Saudi Companies, 1st and 12/2013/2014 EETC is emergency; - Supply of 6 lories 20 tones 2nd category in co-opera- inviting experienced devel- And due to the serious security conditions witnessed by the country; And after the each, tion with International opers to submit their Pre- approval of the Cabinet of Ministers; DECREES THE FOLLOWING: Due date : 2.10.2013 companies (JV- qualification in the imple- Consortium) with refer- Article: 1 - Supply of 17 Lories 10-12 mentation of a solar power The state of emergency declared by virtue of the Presidential Decree No. 532 of the year tones each, ence in design and build of plant and sell the generated potable water treatment 2013 referred to shall be extended throughout the Arab Republic of Egypt for two months Sudanese President Omar El-Bashir greets his supporters Due date : 3.10.2013 electric power to EETC. as of 4 :00 pm of Thursday corresponding to 12 September 2013. . during a rally at a fair in Khartoum. (AP) Client : Delta Sugar Co. - 6 plants to submit their tech- The projects will be a (10 x nical and financial offers to Article: 2 Sudan's currency has fallen to a record low against the October City - Cairo. 20 MW) The present decree shall be published in the Official Journal and shall apply as of the date construct Nasr City Water dollar on the black market as people rush to change sav- *** BOO Solar PV Power of its publication. ings into hard currency ahead of a lifting of fuel subsidies Purification Plant (Abu Issued at the Presidency of the Republic on 6 Duhl Qe'da 1434 (Islamic Calendar), expected to drive up inflation, dealers said, according to - Supply of diesel Air- Project at Kom-Ombo in oweikal) and delivery corresponding to 12 September 2013 (Gregorian Calendar). Reuters. Pressure, pipelines to Nasr City with Aswan Governorate with a There is little foreign trading in the Sudanese pound but the Due date : 9.10.2013 total Capacity 500.000 total capacity of 200 MWp Adly Mansour black market rate is a key indicator of the mood of the business Booklet : LE 300 divided into 10 pieces each elite and of ordinary people left weary by years of economic m3/day by Design and built Bid Bond : LE 16 000 basis. of 20 MW capacity, Al-Wakaye Al-Mesreya/Government Bulletin - ISsue No. 191 crises, ethnic conflicts and wars. Client : Petroleum Pipes Co. based on the BOO Scheme. The rate is also watched by foreign firms such as cellphone Due date : 4.11.2013 (Supplement) Dated 21 August 2013 operators Zain and MTN and by Gulf banks who sell products Cairo. Booklet : LE 10 000 The project developer will *** Ministry of Trade and Industry Decree in pounds and then struggle to convert profits into dollars. Gulf Bid Bond : LE Ten Million be required to design investors also hold pound-denominated Islamic bonds sold by - Supply of 1.2 m.M of Add. Cairo - Egypt. finance, construct, own No. 512 of the Year 2013 the central bank. Ceramic for information *** and operate the plant and Concerning the Termination. of Protection Against the Last Saturday, one dollar bought 7.8 pounds on the black 33377388 - Supply of 848 tones of sell the generated electric Substantial Increase in the Raw and White Sugar Imports market - which has become the business benchmark - com- Client : Mahmoudiah power to EETC in accor- pared to 7.3 a week ago, black market dealers said. Spring Steel different sizes, Without Imposing Final Charges General Contracting Co. - This is the lowest rate since the launch of the currency in Due date : 7.10.2013 dance with a power Minister of Trade and Industry, 2007. The central bank rate is around 4.4. Cairo. Purchase Agreement for 20 *** Booklet : LE 550 Having reviewed Law No. 161 of the year 1998 on Protecting the National Economy The pound has more than halved in value since South Sudan Client : Spring and Transport (twenty) years duration. against the Effects of Harmful Practices in International Trade, seceded in 2011, taking with it three-quarters of the united - Supply of Electricity Due date : (Modified to The Executive Regulations of Law No. 161 of the year 1998 as issued by the Ministerial country's oil output. Oil was the driver of the economy and Manufacturing Co. Amiria - power for Alex. Petroleum Cairo. 20.10.2013 Decree No. 549 of the year 1998, source for dollars needed for imports. Co. 66 KV/C/S MW, Booklet : US$ 3000 Ministerial Decree No. 569 of the year 2008 on amending certain provisions of the exec- "People are trying to move savings into dollars as they *** utive regulations of Law No. 161 of the year 1998, expect much higher inflation and worse economic situation Due date : 2.10.2013 - The Town Gas invites Client : Egyptian Electricity Ministerial Decree No. 950 of the year 2012 on imposing temporary preventive measures after the lifting of the fuel subsidies," said a black market trad- Booklet : LE 200 seald bids from elogible Holding Co. er. Bid Bond : LE 60 000 Tel. & Fax in respect of the raw and white sugar imports, bidders for installation The advisory committee's report dated 27/5/2013, and Finance Minister Ali Mahmoud said it was necessary to lift Client : Alex Petroleum Co. steel pipes 00202/22616537. the subsidies because they cost the treasury 27.5 billion pounds and *** The proposition made by the Trade Agreements Sector in its memorandum dated Mex - Alex. Electrofusion PE 80 ($3.5 billion based on the black market rate) this year. *** - Supply of medical 31/7/2013, "We sell fuel to the local refineries at $49 a barrel and cover Fittings, DECREED THE FOLLOWING: the difference to the global market price," he said. - EETC invites Eligible Due date : 7th. of October Equipmens for Magdi Article (1) Yaakoub Institution Heart He gave no date at a news conference for the lifting but international Bidders to 2013 The protection measures taken against the unjustified substantial increase in the imports Researches Laboratories in newspapers said this would happen in the next few di's.. participted in tender no. Booklet : US$300 of the raw sugar item subject to Sub-headings Nos. (1701.11) & (1701.12) and the white Sudan has sought to offset the loss of southern oil reserves Asswan center, (20/2013/2014) for supply- Bid Bond : No. 1 - US$35 sugar item subject to Sub-heading No. (1701.9990) of the Harmonized Customs Tariff shall by boosting gold sales, which make up almost 70 per cent of ing and supervision of erec- Due date : 8.10.2013 be terminated, and the temporary measures value - applicable during the enforcement peri- exports. But a recent sharp fall of the global gold prices means 000 Booklet : LE 500 tion of 3 Single Phase 167 No. 2 - US$ 8000 od of the ministerial decree No. 950 of the year 2012 referred to - shall be refunded to the 2013 revenues will be well below last year's $2.2 billion. Bid Bond : LE 50 000 payers thereof. A financial source told Reuters the scarcity of dollars has MVA, 500/3/220/3/11kv Client : Egyptian Natural *** Auto Transformer Plus Article (2) become so bad that the government has started using up the Gas - Designing, construction, general ieserves of commercial banks, which are meant to be One Spare Phase: The present decree shall be published in Al-Wakaye Al-Mesreya/ Government Bulletin, E.mail fpurchase@ Managing, and mainte- and shall be enforced as of its date of publication. kept as deposits with the central bank. - Tendered should be the "The central bank are forcing the banks to increase their towngas.com.eg nance and retwrne of con- Issued on 20/8/2013. manufacturer of the equip- *** tainer C12 East of Port- Minister of Trade and Industry reserves directly and indirectly to get their hand on some ments, in case of joint-ven- funds," said a banking source, declining to be named. - The Government of the Said BOT, Mounir Fakhry Abdel Nour The lifting of subsidies is expected to fuel inflation because ture of two or more firms, Arab Republic of Egypt Due date : 20.11.2013 Sudan depends on foreign food inaport,_which are trucked for at least one of them should has arranged finance from Client : Gen. Authority for ••• , days from Port Sudan port across the vigreatintryr"Ikt ---- - be the manufacture of the the KfW Development Port-Said Harpours - Port- Official Journal - Issue No. 36 (Bis-A) - Dated 11 September Annual Inflation stood at 23.8 per cent in July, according to equipments. Bank and European Union Said. the latest data from the statistics office. But independent ana- - The conditions of EETC towards the costs for *** 2013 lysts say the figures has been kept low to appease an angry purchasing and contract- public. A rate at 50 per cent or higher is more realistic. implementation of the ARAB TENDERS Presidential Decree- Law_Na._424LaQUaL043 ing regulation will be con- Sudan had hoped for a fillip with the resumption of South Improved waer and ABU DHABI On Amending Certain Provisions sidered as an integral part Sudan's oil exports though Port Sudan after a 16 month shut- Wastewater Service - Supply, Installation, test of the Issuing Articles of Law No. 89 of the Year 1998 On down for which Juba has to pay in dollars. of the Tender Documents, Programme (IWSP), Oil is now flowing again but production volumes are 60,000 Due date : 18.11.2013 Therefore, the Holding and operating all kinds of Organizing Tenders and Bids barrels a day lower than what the South used to pump as it Bid Bond : US$ 100 000 Company for Water and potable water cooling sys- And Some Provisions of the Said Law proves a challenge to restart hundreds of wells. Client : Egyptian Electricity Wast Water, Lot A tems in Abu Dhabi, The Interim President of the Republic, Sudan avoided an "Arab Spring" that unseated rulers in Transmission Co. - Cairo. Technical Assistance con- Booklet : Derh. 1000 After perusal of the Constitutional Proclamation issued on 8 July 2013; nearby Egypt but soaring inflation has sparked small protests *** The Law on Organizing Tenders and Bids promulgated by Law No. 89 of the year 1998; against President Omar Hassan al-Bashir, in power since 1989. sultant invites Bids from Bid Bond : Derh. 400,000 - Local and International suitable experienced Client : Musanada Co. FM After getting the approval of the Cabinet of Ministers; And based on the view adopted INDIA SEEKS HIGHER FARM SUBSIDY by the State Council, tenderers to submit ten- national or international Procurment@ LIMITS suppliers, or combinations DECREED THE FOLLOWING: India wants global trade rules to be amended so that ders for Environmental musanada.com Article (1) Monitoring components thereof, for the supply of *** developing countries can have higher farm subsidy lim- the following items : The text of clause (1) of Article (1) of Law No. 89 of the year 1998 issuing the Law on package in accordance - Tender for several con- Organizing Tenders and Bids and clause (D of Article (7) of the said Law shall be substi- its to fund food security programmes, Agencies said. - Supply and Installation of Prime Minister Manmohan Singh is expected to take up with the requirements ventional bridges over tuted with the following texts: GIS system Upgrading for waterways to support Article (1), clause (1): the issue with US President Barack Obama during their set forth in the tender Sharkia Water & meeting later this month. document. highway traffic and a The provisions of the attached law on organizing tenders and bids shall be enforced, and Wastewater Affiliated shall apply to the State's Administrative Machinery Utlits, inclusive of ministries, depart- New De1Hi could make its support for a US initiative on The scope of work light rail transportation a trade facilitation agreement at the World Trade Company (2Lots). ments, bodies having special budgets, as well as the Local Administrative Units, Public includes, but is not limit- system. Organisation (WTO) contingent on US backing for its Due date : 3.11.2013 Client : Mubadala Develop. Authorities, whether service or economic, in the cases where no special provisions were efforts to amend farm subsidy limits, the official added. The ed to design, unload Booklet : LE 500 Co. stipulated by the laws or decrees issued for establishing or organizing those entities or by US move is aimed at speeding up movement of goods store, erect, test, start up, Bid Bond : LE 10000 per Lot E.mail - ahuwail@ their regulations issued on basis of such laws and decrees. across borders. commission and main- - Supply and Installation of mubadala.ae Article (7), clause (I): India's Permanent Mi.ssion at the WTO, too, has been tain until issue of Taking Flow Measuring Devices *** It is permissible, in urgent cases which cannot tolerate applying the tender or the prac- instructed by the government to intensify its engagement tice (negotiation) procedures in all their types, that the contracting transaction may take Over and acceptance for Sharkia, Damietta, YEMEN with the US Mission and get its backing. Behira and Gharbia Water place by way of direct agreement according to a permit from: India and several developing countries, including China, certificate for - The Islamic Sukuk Unit A) The Head of the Authority, or the Head of the Administration, and whoever has his Envorinmental and Wastewater Affiliated intends to fund payments Pakistan and Indonesia, have proposed amendments to the Companies (4Lots). powers in other entities, in relation to what shall not exceed in value Five Hundred Monitoring components under the contract for the Agreement on Agriculture at the WTO to remove limits on Due date : 7.11.2013 Thousand Pound. as regards the purchase of movables or receiving of services or consul- Construction of Manakhah public stockholding and food aid. These countries, which and associated to Suez Booklet : LE 700 tancy studies or technical works or transport contracting works, and One Million Pounds are part of the G-33 bloc, want the amendments to be made Tunnel (4.6 km) and (9km) for business contracting works. thermal power plant. Bid Bond : LE 10000 per Lot at the WTO Ministerial meeting in Bali this December. B) The competent Minister, and whoever vested with his powers, or the Governor, in Due date : 27/10/2013 - Supply and Installation of of Road Links in Sana'a - India is apprehensive that once its new legislation on Booklet : US$500 Al-Hodeidah Road. The relation to what shall not exceed in value Five Million Pounds as regards the purchase of food security, which promises subsidised foodgrain to GIS System hydraulic movables, or receiving of services, or consultancy studies, or technical works, or transport Bid Bond : US$15000 analysis upgrading for Islamic Sukuk Unit intends about 70 percent of the population, is implemented by all to prequalify contractors contracting works, and Ten Million Pounds for business contracting works. States, it will breach the WTO's subsidy limit for members. Client : PEGESCo - New Behira Water and for the construction of the C) The Minister concerned with Health and Population, in relation to the vaccines, This will leave India open to penalties under WTO rules. Cairo - Egypt Wastewater Affiliated serums and medical drugs having strategic nature as well as infant milks, in accordance above mentioned major KOREA CONGRESS TO DISCUSS Fax. : 202 261765 19 Company (2Lots). with the controls and conditions specified by the executive regulations. *** Due date : 10.11.2013 tunnel project. The Project Article (2) GLOBAL ENERGY ISSUES Booklet : LE 500 consists of the The present Decree-Law shall be published in the Official. Journal and shall come into Uncertainty over the future of the coal industry, rising - Tender for Designing, Construction of a tunnel force as of the day following the date of its publication. global energy demands and climate change measures will Construction, operating Bid Bond : LE 12000 per Lot be high on the agenda at the 22nd World Energy Congress, and maintenance of Client : Holding Company that is made of 2 Lanes Issued at the Presidency of Republic on 5 Duhl Qe'da 1434 (Islamic Calendar), corre- taking place this October in South Korea, TradeArabia Agricultural station (AGB) for Water & Wastewater with all necessary services, sponding to 11 September 2013 (Gregorian Calendar). News Service said. in the East of Port-Said (HCWW) with a total length of 4.6 Adly Mansour Delegates attending the most prestigious energy event of the Port by (BoT) on 500 000 Technical Assistant team Lot Km. It is expected that year will hear from the world's leading utility and power com- M2 x 1200 M2 long, A invitations for bid will be pany CEOs, said a statement. made in October, 2013. Due date : 23.10.2013 Improved Water and Banque Du Cake FOREIGN EXCHANGE RATES Also contributing to the debate will be government ministers Wastewater Programme Booklet : US$ 350 + US$ 70 from critical power markets such as Russia, South Africa, Booklet : US$ 3000 Treasury Department IN EGP POUNDS Spain, India, Korea, the UAE, Saudi Arabia, and Colombia, it Bid Bond : US$ 1 000 000 (IWSP) Delivery DATED SEPTEMBER 23, 2013 said.They will provide vital insights into market' dynamics and Client : Gen. Authority for Aghakhan, 14 Nile Tower, Add. emerging market designs. The congress will examine issues Port-Said Ports - Port-Said. Kornish El-Nile, Cairo - Email_ifrpiy@yemen. CURRENCY BUY SELL across the power spectrum ranging from the state of nuclear *** Egypt. net.ye - sana'a - yemen energy after Fukushima to energy security, power transmission - The Construction E.mail address:iwspequip- *** US Dollar 6.892700 6.922800 and innovation. Euro 9.260000 9.552500 TUNISIA: PARTNERSHIP BETWEEN Pound Sterling 10.980000 11.275000 'AUCHAN' AND 'MAGASIN GENERAL' Human rights Canadian Dollar 6.558100 6.894700 Danish Krone 1.194800 1.297500 LOOKED AT Norwegian Krone. 1.119100 1.206000 Partnership between "Magasin general" company and Swedish Krone 1.046100 1.121400 the French group "Auchan", was the focus of a meeting Swiss Franc held, on Friday in Tunis, between the government members 7.408900 7.817600 and executives of the two companies. Japanese Yen 6.793300 7.189700 According to a statement of the Presidency of the Australian Dollar 6.371800 6.666000 Government, the meeting turned on supermarket joint projects Kuwaiti Dinar 23.641000 24.551000 scheduled by the two companies in the capital a4ad in some Saudi Arabian Rial 1.828200 1.855900 governorates inland, as well as in the African countries. UAE Dirham 1.873000 1.895200 It also examined the possible solutions to issues hindering Bahraini Dinar 18.059000 18.549000 the achievement of these projects "in line with the legislation Omani Rial 17.611000 18.138000 in force". Qatar Rial 1.873000 . 1.910100 The "Auchan" group holds since 2012, ten per cent of Jordanian Dinar Magasin General Company. 9.374000 9.892600 The Trade and Handicrafts Ministry had announced in March 2013, its intention to give new authorisations for the Above rates are applicable for amounts up to USD. 25.000 or creation of large supermarkets, notably in some specific equivalent for larger amounts, please refer to Treasury Department. regions. Sept. 25, 2013 ARAB & GULF MARKETS bitfit tivr 5 ABU DHABI KUWAIT OIL ADDITIONS SMALLER IDB PLANS TO BUILDING FIRST THAN HOPED ISSUE ANOTHER TO USE ROPEBOT Kuwait Oil Company (KOC) expects to produce far less $1BN SUKUK IN heavy crude from the Ratqa field aad less light oil from SOLUTION the Jurassic field by 2020 than originally hoped, the head 2014 The Capital Gate in Abu The Islamic Development Dhabi has become the first of the state run oil company said, according to Reuters. Exxon Mobil and KOC said they could produce up to Bank (IDB) will not go to the building in the region to international markets to utilise Ropebot technology, 700,000 bpd of heavy oil from the Lower Fars reservoir of the Ratqa field by 2020 when they reached a preliminary deal in raise funds through a US an access solution that pro- dollar sukuk issuance again vides real time live data on 2007, later abandoned, to develop it jointly. KOC Plans to develop the project on Kuwait's northern bor- in 2013, although it may still building maintenance, issue sukuk through private TradeArabia News Service der with Iraq have faced several setbacks since, while the tricky Jurassic gas field looks set to produce less light oil by placement, confirmed Dr said. Ahmad Muhamed Ali, Developed by Q Avalon, a the end of the decade than had been hoped for by 2015. "We are expecting to produce 60,000 barrels of heavy oil President of the IDB, in an leading access solution interview with the Saudi providers, Ropebot is a remote per day from Ratqa (at start up) and then build up to 120,000 bpd by 2020, and 300,000 bpd for the Jurassic," KOC chief Gazette in London. high definition camera technol- Dr Ali and a strong IDB ogy that can beam a wireless Hashim S. Hashim said in response to a question about how much the two projects would produce by 2020. Group delegation have attend- real-time feed from the abseiler ed the G8 Deauville to building management pro- During a public question and answer session held by KOC on Twitter, he did not answer questions on whether Kuwait Partnership with Arab fessionals. Countries in Transition The technology allows main- would be able to meet its overall target of reaching an oil pro- duction capacity of 4 million bpd by 2020, about 1 million Investment Conference in tenance professionals to guide London, which was organized the abseiler's building assess- bpd above its current production. According to the US Energy Information Administration, by the UK Foreign & ment, delivering instructions Commonwealth Office in part- and requests, said a statement. original development plans for Jurassic were to produce 350,000 bpd of light oil, or condensate, by 2015. nership with the European The data can be beamed to Bank for Reconstruction and remote locations anywhere in It is not clear whether the condensate that is expected to be extracted from the Jurassic gas field forms part of the overall Development (EBRD) and the the world, meaning contractors IDB Group. need not be physically present oil capacity target. Slow progress on the technically challenging field presents The IDB issued its last to participate in the building sukuk offering in May this A model of the new future city in Iraq. assessment. Data can also be another supply worry for a country hoping to quadruple its gas output by 2030, especially after shelving a major joint project year - a 5-year $1 billion stored and recorded for future Sukuk Al Wakalah with a reference and documentation, it with Saudi Arabia earlier this year. UAE DEVELOPERS LAUNCH $4.5B. IRAQ PROJECT Kuwait's oil production comes mainly from a few mature fixed profit rate of 1.535 per Dubai-based Al Handal International Group and Abu Dhabi-based Bloom Properties have joined forces to develop 'City said. fields, dominated by the huge Burgan field in the south of the cent per annum and a spread of the Future,' a Dh16.6 billion ($4.5 billion) residential development in Baghdad, TradeArabia News Service said. CEO Pieter Idenburg, Adnec country. Mid-Swaps plus 30 basis The project, which is spread across a surface area of 58 million sq ft, can accommodate up to 150,000 people. It will be built in Group, the owners of the build- points. The IDB Board of phases spanning seven years. ing, said: "Capital Gate is a Governors earlier approved The mammoth development will include 30,000 residential units, five shopping centers, 18 schools and 12 kindergartens, sever- building with a unique design the increase insize of its al commercial buildings, a hitech hospital, a police and civil defence station, a mosque and as well as a health centre. that offers an on-going chal- Islamic Trust Certificates The new project, which will be built to international standards and specifications, is targeted at most slices of Iraqi society, main- lenge to deliver the highest Issuance Programme (sukuk ly the middle-income segment, said the top developers. standards of building mainte- programme) from $6.5 billion A signing ceremony took place in Baghdad in the presence of Iraqi Prime Minister, Nuri Al Maliki to announce the launch of the nance. Q Avalon's technology to $10 billion. project which marks a unique Emirati-Iraq partnership; the first of its kind and the largest in the history of real estate development allows us to assess every detail The multilateral develop- in Iraq. of this building." ment bank of the Muslim The deal was signed by the chairman of the National Investment Commission, Dr Sami Al-Araji and vice chairman of Handal Q Avalon's technology not world has come under pres- International Group, Hardan Al Handal in the presence of several prominent Iraqi officials. only offers surveillance servic- sure from its Board of Dr Al-Araji pointed out that the 'City of the Future' will become one of most prominent modern urban residential projects in es but also allows the skilled Governors to raise funds more technician to carry out instant Baghdad. frequently from the interna- repairs, engineering works, He promised that the National Investment Commission and all stakeholders in Baghdad will provide the necessary support to tional markets by leveraging replacements and even clean- its aaa/aaa/aaa ratings by the ensure the success of the project that would also encourage other investors to launch similar projects that would usher in a new era ing, said the statement. of real estate development and ultimately economic growth in Iraq. top three international credit The project features contemporary architecture designs of its residential buildings and 50 per cent of its total surface area is green UAE MOVES UP IN rating agencies, Moody's open spaces, making it environmentally-friendly and offering a modern sustainable lifestyle for the Iraqi family. BUILT ASSET Investors Service, Standard & Mohammed Handal, the general manager of Handal International Group, said that following the necessary approvals from the Poor's and Fitch Ratings authorities, the group is ready to start implementing the project and work on the construction of the infrastructure. RANKINGS respectively (all with a stable The project will provide more than 10,000 jobs, in direct construction of the project as well as ancillary businesses and opera- Along with Singapore and outlook), and its Zero Risk Weighting for multilaterals tions associated with the project," he added. Brazil, the UAE is poised for a solid two per cent jump in given by the Basel Committee the global built asset rank- for Banking Supervision and 5 NEW FIVE-STAR HOTELS SET TO OPEN IN BAHRAIN ings over the coming decade the European Commission. ALSTOM WINS Hundreds of millions of dinars are being invested in Bahrain's tourism industry with taking the country up two This as opposed to relying too five new luxury hotels set to open in the next six months, a report said. places to 23rd position, said much on the capital resources SHUQAIQ PLANT Adding to the 14 already in existence, they are all expected to be fully up and running by April an expert. of its equity subscribers, of CONTRACT and will create hundreds of jobs across the country, said the report in the Gulf Daily News When it comes to built asset which Saudi Arabia is by far Alstom, a French energy (GDN), our sister publication, TradeArabia News Service said. wealth per person, the UAE the single largest subscriber solutions and transport The Four Seasons Hotel and Resort, in Bahrain Bay, is thought to represent a substantial comes 12th in the global rank- with 4,249.6 million Islamic company, has been awarded investment in Bahrain's tourism industry, although the exact costs of the property have not been ings, with-an-estimated built dinars with 23.62 per cent of a contract to supply steam made public. asset wealth of $122,809 per the voting rights. turbine generators for the The five-star, 201-metre-tall, 50-storey hotel complex is due to open in the $2.5 billion person, while Saudi Arabia is in Prince of Kuwait The IDB sukuk strategy Shuqaiq project in Saudi Bahrain Bay waterfront development in April. creating 700 permanent jobs. the 15th place with $72,861, going forward, explained Dr A rabia.TradeArabta News The Ramee Grand Hotel & Spa, in Seef, has already opened to guests and will be officially revealed Tanzeel Gader, the FORUM TO DISCUSS SAUDI ENERGY Ali, "is to go to market every Service said. launched next month. CEO of Flash Properties, a year with one major interna- The luxury multimillion dinar five-star hotel boasts a spa and wellness centre spread over an OPPORTUNITIES The S227 million contract to leading regional real estate Creating opportunities, building relationships and fos- tional issuance. In the past we entire floor. _ _ _ _ - - supply four 720 MW-ateant-tur-- - -eompanyTei+ing-thefeeem find- tering innovation in the power sector will be the focus Of were not doing that and as a --- bine generator sets was given The 318 room five-star Renaissance Bahrain is due to open in Am waj Islands in January, ings of the Global Built Asset result the IDB was not much while leading international hotel chain, Rotana, also plans to build a new five-star hotel in 2014 a conference to be held in Jeddah from December 1, by lead contractor Hyundai Weit3th Indtx, TratiVATabia known as an issuer in the glob- following the opening of the BD22 million dinar Majestic Arjaan in Muharraq earlier this year. TradeArabia News Service said. Heavy Industries (HHI). The News Service said. al market. Next year (2014) The new Rotana Hotel will be built near Bab Al Bahrain. The three-day Saudi Water and Power Forum (SWPF) Shuqaiq plant is due to enter The Index, which quantifies we will go to the international commercial operation in 2017. The Swiss-Belhotel International will also open next March and is a four-star hotel promising 2013 is being organised by Saudi Arabia's Ministry of Water the accumulated wealth of 30 and Electricity; the CWC Group, experts in oil, gas, energy markets again, hopefully with Aistom's contract includes to offer good value for money luxury accommodation. countries' built assets, is con- Marriott International is also building Bahrain's first JW Marriott Hotel in Bahrain Bay. The and infrastructure: and Moya Bushnak, a Saudi-based water the same size ($1 billion). It is the engineering, manufactur- ducted by EC Harris in con- 50-storey property will have 274 rooms and suites and 102 residences and is set to open in 2016. and environmental company. difficult to assess now the size ing, supply and field services junction with the Centre for The luxury Domain Hotel opened earlier this year in the Diplomatic area. The sleek 36-storey The forum and exhibition is expected to play a critical role of the issuance next year for all four steam turbines and Economic generators, and will also boutique hotel includes nine different social spaces and has the most expensive suite in the coun- and Business in connecting stakeholders and in helping to set the agenda because market coiditions can include all. direct control and try, from between BD2,500 to BD4.230. Research. for sustainable growth, said a statement. change very quickly. In addi- auxiliary systems. According to Bahrain Chamber of Commerce and Industry tourism committee chairman The rankings were highlight- It will bring opportunities for those supplying products, tion we will continue to issue The 2,650 MW power plant Nabeel Kanoo, the growth of the five-star hotel market is a sign things are looking up econom- ed by Flash Properties during a services and expertise to the industry, it said. sukuk through private place- will be located on the king- ically after the recession and political unrest of the last few years. press conference to announce Moya Bushnak's chairman Dr Adil Bushnak, said that this ment to complement our dom's western Red Sea coast "The feeling was that things had to get better eventually and developers would carry on with its participation at the year's programme will take a more innovative format, which resource mobilization activi- and will help Saudi Arabia their plans to build these luxury hotels, no matter what," he said. Cityscape Global, the largest will promote discussions and deliver solutions to the current ties." expand generation base while "Despite the troubles, the belief was, things should carry on as normal. and most influential interna- challenges being faced. The IDB also has an addi- minimising environmental "The events of February 2011, in the minds of many people, were just a small blip and tional real estate event in the "We will be assessing the futtirelplans regarding both tional mandate to issue local impact. although it did put visitors off at first, things are starting to get better now. region to be held from October renewable and nuclear development in the kingdom. SWPF currency sukuk in selected SHELL TESTS "The numbers of people visiting from neighbouring GCC countries are increasing; it may take 8 to 10 at the Dubai World will bring together the key stakeholders involved in these countries. Thus far the IDB a while for that to filter through to the rest of the world as we get negative Press which doesn't Trade Centre. sectors to enable discussions which will assist in shaping the has issued sukuk in Malaysian GIANT IRAQ help but it is all a matter of time. The recent findings of kingdom's power agenda," he added. ringgit and Singapore dollars. OILFIELD, EYES Global Built Asset Wealth It is also exploring the possi- AJMAN BANK ADOPTS ITS FINANCIAL SOLUTIONS Index by analyzing the accu- bility of issuing such sukuk in International Turnkey Systems, or ITS, a leading integrated IT solutions and software 190,000 BPD mulated wealth of 30 countries' GOLD SLUMPS, OIL PRICES GAIN Hong Kong dollars, Turkish Royal Dutch Shell has services provider that specialises in Shariah-compliant banking solutions for Islamic banks (Cont. from page 1) built assets - encompassing all lira and British sterling. begun a test of production at and financial institutions, announced last Thursday a new client partnership with Ajman the property and infrastructure The Nasdaq Composite Index was down 5.26 points, or the Iraq's giant Majnoon oil- Bank, Khaleej Times said. 0.14 per cent, at 3,784.13. The S&P is up 1.6 per cent on the "We have been considering that contributes to economic issuing a sukuk in the sterling field and is aiming to boost As a new addition to ITS' successful and fast-growing financial customer portfolio, Ajman week. output to around 190,000 productivity - is a true indica- market for some time now. But Bank, the first Shariah-based Islamic bank to be incorporated and headquartered in Ajman, has tor of the great potential of the "We're cautioning our clients to keep their powder dry. barrels per day (bpd) in adopted ITS Global Financial Solutions' Ethix-PCD platform to automate and enhance its prof- the main problem has been UAE's real estate market," While markets aren't historically overbought and the Fed has October, an Iraqi oil official it calculation and distribution activities, said a statement from ITS. how to utilize the proceeds remarked Gader. removed some uncertainty, we wouldn't be surprised if we said, according to Reuters. Haitham Abdou, head of ITS Global Financial Solutions, said Ajman Bank's decision to saw some kind of correction going into October," said Mark from such a sukuk issuance. "The test restart of the oil- entrust the enhancement of its profit calculation and distribution processes is testament to ITS' According to him, the coun- We are discussing this with try is investing aggressively in Martiak, senior wealth strategist at Premier Wealth/First field will continue until the end ability to effectively address the business and process pains of banks and financial institutions. Allied Securities in New York. British banks now," he added. of September and production of "We have an impressive track record of working with financial institutions in integrating our its built environment and this But has the IDB discussed around 190,000 barrels per day 1 opens the door wide for more In an encouraging sign for investors, cybersecurity compa- award-winning Ethix platform with their existing core banking software infrastructure." ny FireEye Inc shares opened 101.5 per cent above the initial this issue in its many meetings is expected to be reached in ' Based on Shariah values, ITS will help Ajman Bank achieve its vision to re-establish a human sustained growth of the real with British government min- October," said an official from estate market. public offering price of $20, surging to $40.30. element in banking through offering innovative products and services, building state-of-the-art European shares dipped 0.3 per cent while the euro was isters? "We have discussed the Iraq's South Oil Company who technology systems and contributing to the economic development of the UAE. "With more than Dh5.5 bil- issue with British ministers is close to the project. lion ($1.49 billion) worth of holding near an eight-month high after its best week since "The quality of Ajman Bank's Islamic operations can only be accomplished through having a July. Investors also looked ahead to German elections last when they come with business Shell is in charge of opera- transactions recorded by the delegations on official visits tions at the oilfield, one of four well-structured IT infrastructure in place," said Mohamed Zaqout, chief executive officer of Sunday. Ajman Bank. "Our partnership with ITS is vital as it will not only enable us automate profit cal- current Dubai real estate mar- and when we go to London. I giant southern fields vital to ket, is appears that 2013 will MSCI's index of world shares fell 0.4 per cent but was on Iraq's ambition to at least dou- culation and distribution within Shariah guidelines, but also allow us to offer new products to track for its third straight week of 2 per cent-plus gains and agree with you that it is impor- our customers — products that can be defined and segregated to include restricted as well unre- be the year of revival for real tant we try to resolve this issue ble output that is now around 3 estate industry, on the back of hovered near a five-year high. Japanese stocks slipped 0.2 per million bpd. stricted investment pools." The Ethix Financial Solutions platform provides multi-channeled and a sterling sukuk will give 1 renewed confidence of global cent. corporate and retail products, and services built on a wide range of parameters, installed to The US dollar index was little changed, but held above its the market especially in the AL HABTOOR TO ensure all Islamic requirements are met. A one-time installment will enable Ajman Bank to and regional investors," stated UK a major psychological Gader. week lows after finding some support on Thursday from eco- ANNOUNCE utilise the net income during the calculation period and distribute it among investors according nomic data. boost." to Shariah rules. Islamic banking in the GCC continues to show strong growth according to a According to him, Flash will Dr Ali confirmed that he and 'BIGGEST be displaying projects that are Analysts at BNP Paribas said they expected the greenback recent report by the Ernst & Young Islamic Banking Centre. While growth in the GCC's Islamic to "recover quickly versus the lower-yielding currencies in the the IDB Group will participate banking assets slowed to 14 per cent last year, it outperformed conventional banking assets' generating significant interest PROJECT' G10." Fadi Zaher, head of bonds and currencies at Kleinwort in the upcoming World Islamic growth of 8.1 per cent for the same period. from investors and consolidat- Dubai-based Al Habtoor Benson, said they were also betting on dollar gains. Economic Forum (WIFE) Group is set to announce ing the UAE real estate mar- 2013, which is scheduled to be ket's standing as one of the After taking a battering in May and June on prospects of the biggest project of the reduced US monetary stimulus, emerging market currencies held in London at the end of group to date in the coming dominant players globally. October - the first time it will A firm with over 100 and stocks were some of the biggest winners from the Fed weeks, a statement said, move this week. be held in a non-Muslim coun- according to TradeArabia employees, Flash Properties is try and in the European Union, a well established real estate Indian financial markets were roiled again on Friday, how- News Service. ever, after the Reserve Bank of India unexpectedly raised and which could be important Al Habtoor Group chair- company based in Dubai. The in fostering greater connectiv- company provides a wide range interest rates by 25 basis points. man Khalaf Ahmad Al The Indian rupee fell 0.7 per cent to 62.23 to the US dollar ity between the Islamic Habtoor said the Group will of real estate strategies and finance industry and the glob- solutions in freehold, residen- while Indian shares fell almost 2.0 hold a press conference in the per cent. al halal business sector, which coming weeks to unveil the tial and commercial sector potentially is worth over $1 across the UAE. The benchmark 10-year US Treasury note was up 7/32, project. Al Habtoor said: with the yield at 2.7246 per cent. Benchmark 10-year German trillion. WIFE 2013 is also a "What we have lined up will "Flash Properties is a full- good opportunity for the fledged RERA compliant bro- government bonds were also stable at 1.901 per cent after prove our continuous faith in yields sank to a one-month low of 1.812 per cent on Thursday. Muslim countries to reach out the UAE economy and lead- ker. Our rapid growth and suc- beyond their borders to foster cess has made us as one of the The euro and the euro zone shares and higher-yielding ership. The project we are bonds have been supported by recent signs of economic bilateral business and invest- about to unveil is the biggest leading brokers in Dubai real ment with other regions estate market. We strive to recovery, but some market players are getting nervous before of its kind." He added: "I Sunday's German election. including the UK and Europe. truly believe the UAE is the build long-term relationship On the recent issuance of its with our clients based on strong Though Chancellor Angela Merkel is likely to win a third only place in the world to term, her lead has narrowed in recent opinion polls. A new inaugural sukuk - a $490 mil- invest, and this project will principles of trust, respect and lion Sukuk Al Wakalah - by integrity," he added. euroskeptic party, Alternative for Germany, could make head- prove it. The announcement way the International Islamic is very exciting for the group Annual Liquidity Management on in parliament, which might rattle some investors. and Dubai as whole. What we I ubscripti Corporation (IILM), Dr Ali s 275 In the commodities market, Brent crude oil rose 0.1 per cent have planned is in conjunc- E gypt LE to $108.91 per barrel after a steep drop in the previous session. confirmed that the IDB did not tion with a government proj- From Arab News Mrs Abroad $420 That drop came on increased Libyan production and signs participate in the offering nei- E ect. We can't wait to 295 of a thawing of diplomatic relations between Iran and the ther as a primary dealer or as announce it to the world." *dad altliktm P.ardnuiv, torn TeL: 23939732 West. US crude fell 0.9 per cent on Friday. an investor.

SEPT. 25 ,2013 6

aft The Ministry of Investmen emp his CompanyCom or armaceu ica s HOLDIPHARMA 11 il cyja

1 511 1 ut~t•.. X39 1.9 St/ and Chemical Industries HOLDIPitARMA A Subsidiary of The Holding Company for Pharmaceuticals (S.A.E.) The First Notice Under the Provisions of Law No. 203 of 1991 8, El-Sawah Street, Al-Amireya, Cairo - Commercial Register No. 31838, Cairo Registry - The Authorized Capital Amounts to L.E. 100 Million - The Issued and Paid-In Capital Amounts to L.E. 56.250 Million - The Number of Shares Is 5.625 Million. n nvitahon to A ttend cial year. pose of attending the general assembly meeting at least three full days prior to the The Company's Ordinary General Assembly Meeting 5.Determining the annual regular allowance for the employees. date of the meeting. 3.The financial statements and the report of the Egyptian Central Auditing 6.Electing a representative of the shareholders. among the corporate bodies from the private sector or individuals as a member of the hoard of directors of • Organization are available for the shareholders to be informed thereof through Dr. Adel Abdel Halim, the Chairman of the Board of Directors of The Holding Accountant. Mohamed Mahmoud Ali in his capacity as the company's communica- the company. The Shareholders are to submit the nomination application forms Company for Pharmaceuticals and the Chairman of the General Assembly of tion and investors relationships officer (Tel.: 22841420). Memphis Company for Pharmaceuticals and Chemical Industries, has the honor to according to the form prepared for that purpose, and in accordance with the 4.Any inquiries or questions regarding the issues of the agenda should be person- invite the shareholders to attend the general assembly meeting determined to be held terms declared at the company, provided that such form is to be submitted one ally submitted in writing to the company's management in the head office in return at 4:00 PM on Monday, corresponding to 07/10/2013 in the Yasmeen Hall of the week at most prior to the aforementioned general assembly meeting date. for a receipt, or to be sent by registered mail to the company's address (Post Office Engineering Authority House of the Armed Forces, the Fourth Floor at (6 Ihsan The shareholders are kindly requested to pay attention to the follow- Box No. 920 - Helmiet Al-Zeiton) three days at least prior to holding the general Abdel Quddous Street, off Al-Khalifa Al-Maamoun Street, Heliopolis, Behind El- ing: assembly meeting; however, inquiries or questions received after that date shall not Obour Buildings, Cairo). be considered. In order to consider the following agenda: 1.Each shareholder possessing 10 shares or more is entitled to attend the general 1.The report of the Central Auditing Organization on the financial statements and assembly meeting, in person or by proxy, the validity of such proxy is conditional on the closing accounts of the company for the financial year ended as at 30/6/2013. being granted to a shareholder who is not a member of the board of directors within The Chairman of the Board of Directors of 2.Approving the board of directors' report on the company's activity for the above- a percentage not exceeding 10 % of the total nominal shares of the capital and not The Holding Company for Pharmaceuticals and mentioned financial year and the quittance of the board of directors regarding the exceeding 20 % of the shares represented in the meeting, in addition, such proxy The Chairman of the General Assembly of the Company, said financial year. must be attested. 3.Approving the financial statements, the closing accounts and the profits and 2.The attendance of the meeting requires that the shareholder should present an approved account statement issued by one of the securities management companies losses account for the financial year ended as at 30/6/2013. including the blocking of shares balance stated in the account statement for the pur- Dr. Adel Abdel Halim 4.Approving the profits appropriations account of the aforementioned finan- Total Profit Profit Including Tax Net Distributable Profit The Coupon Cash Dividends Amounts to L.E. 18.135 Million Amounts to L.E. 5.505 Million Amounts to I .F.. 5.171 Million Amounts to L.E. 0.25

Change In Equity Statement for the Financial Period from The Most Significant Notes Accompanying the Financial The Summarized Financial Position Statement as at Statements and the Financial Position as at 30/6/2013 1 /7/2012 to 30/6/2013,_ Ter usand 30/6/2013 PerThousand LE. First: Company's. Profile and Its Activity: Memphis Company for Pharmaceuticals and Chemical Industries is a subsidiary Opening Closing Total Subtotal Description 30/6/2012 Description 1leercisr' of The Holding Company for Pharmaceuticals, and is subjected to the provisions Balance Balance 173836 Long term assets 169192 of law No. 203 of the year 1991 and its executive regulations. The company's ;Issued and paid-in capital 56259 09 110 56250 122963 Fixed assets 117127 activity is represented in manufacturing the preparations and trading in all kinds of medical, diagnostic, pharmaceutical, human, veterinary products, cosmetics, spe- 50873 Less accumulated depreciation 52065 Reserves cial foods and fodder additions, their production requirements, as well as extract- 6913 Projects in progress 7444 . Legal reserve 16641 00 00 16641 ing, preparing and composing all types of materials, chemical elements, herbs and 3355 Other long term investments 3355 Statutory reserve 6823 00 6823 Capital reserve 1379 00 0 1379 others, in addition to manufacturing for third parties and in their premises as well 305 Deferred tax liabilities 317 as exporting pharmaceuticals and chemicals and importing all kinds of production : Other reserves 15750 00 • 8986 6764 61446 Total long term assets 63181 requirements, including equipment, spare parts, chemicals and production inputs Current assets through its factory and its head office in Cairo, in addition to five sale branches 72682 Inventory less provision amounting to 3121 74164 Reserve invested in 1535 00 00 1535 located in Cairo. Alexandria, Assuit, Mansoura and Tanta. 48212 Receivables and notes receivable less provision 44444 ' government bonds Second: The Most Significant Accounting Policies Applied: 7 Carried forward profits 198 3598 5594 (1798) The financial position and the income statement were prepared according to the amounting to 118 decree No. 204 of the year 2001 issued by the Central Auditing Organization and 13074 Sundry debit accounts less provision 2111 15352 (losses) the Egyptian Accounting Standards issued by virtue of the decree of the Minister 35174 Cash at banks and on hand 33039 !Net profit (loss) for the period 5505 00 5505 of Investment No. 242 of the year 2006 as a supplementary framework to the uni- 169142 Total current assets 166999 fied accounting system. 1. Foreign Currency Translation: Current liabilities Total reserves and profits 42326 , 9103 i 14580 36849 , All financial transactions in foreign currencies are recorded in books in the local 22747 Provisions (against liabilities) 18998 Toil equity 98576 9103 ..14580 93099 currency (Egyptian pound), and all transactions carried out in foreign currencies Due to banks are recoded in books in Egyptian pound based on the prevailing exchange rates on the date of recording the transaction. All the balances of the assets and liabilities 37858 Suppliers and notes payable 37174 The Summa . rized Cash Flows Statement as at 30/6/2(113 Per 1hotoand of monetary nature in foreign currencies are revaluated at the end of every finan- 76884 Sundry credit accounts 75353 cial period and the resulting foreign exchange differences are recorded in the 137489 Total current liabilities 131525 Description Amount t' income statement. 2. Recording the Fixed Assets and Their Depreciations: 31653 Working capital 35476 Net cash flows from operating activity 8936 The fixed assets are recorded in books at historical cost. Depreciation of assets 93099 Total investment to he financed as follows: 98657 Cash flows from investment activity (5395) is computed based on the straight line method and according to the rates deter- Equity Cash flows from finance activity (1406) mined and set forth in the unified accounting system. 56250 Issued and paid.in capita! 56250 The th.erul life Of the assets whose useful lives are about to expire and are still Cbainge in cash movement during the period used in production is revaluated in accordance with the standards related to the 33142 Rest n es 42128 fixed assets and their depreciations in compliance with the regular correspondence (1798) Carried fontard profits or losses 198 (+) Cash balance at the beginning of the period No. (2) of the year 2004 issued by the specialized sub-committee of the unified 5505 Net profits for the )ear accounting system. 36849 Total equin 98576 Cash balance at the end of the period as at 30/6/2013 3. Long Term Investments: Long term investments are valuated in the financial statements at cost price Long term liabilities 81 (purchase price) as most of the company's investments are not traded in the stock 93099 Total investment finance 98657 exchange. The auditor's report is attached thereto. Summary of the Roard of Directors' Report on the 4. Inventory Valuation: The valuation of inventory is carried out at cost or the net selling value. The accompanying notes form an integral part of these financial statements and are to be read Financial Perk), from 1/7/ 01, .0. 3Q/6/201 r !moduli 1 .1. whichever less, and such cost is calculated based on the weighted average method. therewith. In addition, the finished products are valuated at cost. Description 311/6/2013 30/6/2012 Progress % 5.. The Reserves: The reserves' balance reached the amount of L.E. 33 million as at 30/6/2013. Operating income 397701 278988 42 % 6. The Provisions: The Summarized Income Statement for the Financial Operating income cost 379566 265015 143 % The company carries out a detailed study at the end of the financial year con- Percentage of operating income cost I 95 % 95 % - cerning all potential liabilities and the formation of the required provisions. Period from 1/7/2012 to 30/6/2013 Per Thousand Operating income 7. Long-Term Low* The company is currently not liable to any loan as the Kuwaiti loan was entire- Net profit before tax 5505 1125 389 % ly settled in the year 2006/2007. Total Subtotal Description 30/6/2012 Net profit after tax 5171 1044 395 % 8. Tax Position: 7 The company pays the tax due amounts on annual basis in accordance with the 397701 Operating income 2 8988 Earnings per share in L.E. 0.92 0.19 - company's tax return. and a settlement was carried out with the Tax Authority until Dividends per share (Coupon) 0.25 0.25 - Less: the year 2001/2002, while the tax inspection of the period 2002/2009 is currently in process through the internal committees of the Tax Authority. The tax inspec- 379566 Operating income cost 265015 ■ppropriations Statement tion related to the sales tax was carried out until 30/6/2010. for the Financial Period from 1/7/2912 to 30/%/.„ I. I lioti.A1111 I .1.. 9. Revenues Recognition: 18135 Total profit (or loss) 13973 The revenues of sales are recognized upon delivering the goods to the client and Add: Total Subtotal Description 311/6/2012 issuing the invoice. 5171 Distributable profits 1944 - The revenues of operating activity for third parties are recognized when eval- 695 Other financial investments revenues 730 3373 (1798) Profits retained from the Previous tar 1083 uating the service rendered to the client and the invoice is issued. Provisions no longer required (other To be distributed as follows: 2127 10. Issued and Paid-in Capital: Reserves: The issued and paid-in capital amounts to L.E. 56.35 million distributed over than depreciation) 160 Legal reserve 100 5.635 million shares with a share nominal value of L.E. 10 per each share, and they 2150 Other revenues and profits 910 160 Statutory reserve 100 are distributed as follows: 173 Capital reserve 128 60 % for The Holding Company For Pharmaceuticals 30 % for The Public and Mutual Funds 2845 • 15614 493 328 10 % for The Union of the Contributing Employees Less: Distributed profits: 1406 Dividends for the shareholders 1406 Accountant. Accountant, 408 Lump sum salaries, attendance and 328 amounting to L.E. 0.25 per share Mohamed Mahmoud Ali 1444 Employees profits appropriations 180 Ashraf Tantawy transportation allowances for the board Economic Affairs General 10 2 Board of Directors members Head of Financial Sector of directors members remunerations 13020 Other administrative expenses 10632 28 Other appropriations 5 2880 Profits carried forward to the following 198 Provisions (other than depreciation) 1750 year Dr. Mohamed Helal 5866 Other burdens and losses 2813 3373 2127 Chairman of the Board of Directors & Managing Director 15523 19294 The Auditor's Report on the Summarized Financial Statements of Memphis Company for Pharmaceuticals and 1686 Net operating profits (or losses) 90 Chemical Industries as at 30/6/2013 Finance charges To The Shareholders of Memphis Company for Pharmaceuticals and Chemical Industries: 1159 1159 Interest income 1864 We have audited the attached financial statements of Memphis Company for Pharmaceutical and Chemical Industries for the financial year ended as at 30/6/20 1 3, from which the attached summarized financial statements were extracted, in accordance with the Egyptian Standards on Auditing and in the light 2845 of the applicable Egyptian laws and regulations. Add (or less): As stated in our report, dated 10/9/2013, we expressed an unqualified opinion on the financial statements of the company for the financial year ended as 2487 Currency exchange differences profits (957) at 30/6/2013 from which the attached summarized financial statements were extracted. (or losses) We are of the opinion that the attached summarized financial statements are in agreement - in all their material aspects - with the complete financial state- ments of the company for the financial year ended as at 30/6/2013. Previous years revenues (expenses) For the purpose of obtaining a broader and more comprehensive understanding of the company's financial position as at 30/6/2013, its operating results 173 Capital gains (or losses) 128 for the financial year then ended, and the scope of our audit works, the complete financial statements of the company for the financial year ended as at Extraordinary revenues and profits 30/6/20 I 3 in addition to our report thereon must he referred thereto. Dated, 10/9/2013 (losses) Auditors 2660 Accountant. Accountant, Accountant, 5505 Net profit (or loss) befog income tax 1125 Abeer Fakhr El-Din Nevin Said Ateya Mohamed Abdel-Mageed Mohamed Accountant, Accountant, 266 Income tax Accountant, - 68 Deferred tax 81 Abdel-Azim Mosselhy El Badawy Osama Ibrahim Fawzy Hemat Mohamed Abdel-Hady Undersecretary, Deparunent Manaper Depur‘ General Manager and Department Ileptity 334 5171 Net profit after income lax 1044 Approved by, Accountant, Hassan Mokhtar Ahmed El-Dalil First Undersecretary, Department Manager