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Egypt Weekly Newsletter November 2014, 2Nd Quarter

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Egypt Weekly Newsletter November 2014, 2Nd Quarter EGYPT WEEKLY NEWSLETTER November, 2014 (2nd QUARTER) CONTENT 1. Political Overview………..........01 2. Economic Overview……..….…..02 3. Finance..…………………………..….05 4. IT & Telecom………………………..05 5. Energy……………………………….… 06+ 6. Agriculture.…..……..………………07 7. Building Materials……..…………08 8. Real Estate.…………..……..……...08 9. Laws & Regulations…..…………. 08 10. Hot Issue……………………….……09 Compiled by Thai Trade Center, Cairo POLITICAL OVERVIEW Parliamentary polls to be held before end of March, says El-Sisi Source: Egypt Impendent, November 13, 2014 Egypt's president Abdel-Fattah El-Sisi said in a meeting with a delegation of American businesspeople on Monday that Egyptian parliamentary elections will take place before the end of March 2015. The statement is the closest estimate given by an official regarding the date of the polls, which has been shrouded in mystery for quite some time. A statement by presidential spokesman Alaa Youssef said El-Sisi mentioned that the third objective of Egypt's transitional roadmap, following a new constitution and presidential elections, "will be achieved before the International Economic Summit which Egypt will host in the first quarter of 2015." The delay of a date for elections was criticised by politicians and observers who have argued the delay is unconstitutional; Egypt's January 2014 constitution says electoral procedures for parliamentary elections must commence after 6 months following the constitution’s ratification. The meeting included representatives from the Egypt-US Business Council and the American Chamber of Commerce in Egypt. Egypt Prime Minister Ibrahim Mahlab attended the meeting along with many members of cabinet including the industry and trade, planning, investment, electricity and renewable energy and petroleum ministries. Largest US Business Delegation Ever Visits Egypt Source: Ahramonline, November 10, 2014 Representatives from over 60 U.S. companies wrapped up Tuesday a two-day visit to Egypt described as the largest such delegation in history that aimed to explore Egypt Weekly Newsletter 1 Thai Trade Center, Cairo November, 2014 (2nd quarter) Sherif Yehya potential businesses to boost the country's ailing economy. But critics say the visit strikes the wrong tone amid a government crackdown on freedoms. Delegates to the conference, organized by the U.S. Chamber of Commerce, stayed clear of politics. During a two-hour meeting with President Abdel-Fattah el-Sissi, they listened to his vision for improving the economy and the pressures he faces from a disgruntled and demanding population. The delegation includes a personal envoy from U.S. Secretary of State John Kerry, Ambassador David Thorne. Ahead of the visit, Kerry said a critical component of Egypt's success is economic growth driven by policy reform, a message the delegation will deliver to Egyptian authorities. The visit coincided with an ultimatum by authorities given to civil groups to register under a restrictive law that was drafted under the regime of Hosni Mubarak, or face shutdown and prosecution. The deadline passed with authorities taking no immediate action. The groups say the deadline still hangs over their head, and is a threat to their work which deals mostly with government violations and crackdown. "Egypt is suffering the most ruthless crackdown in decades but John Kerry is busy promoting US business there," Kenneth Roth, executive director of the New-York based Human Rights Watch, wrote on Twitter ahead of the visit. His organization closed its offices in Cairo earlier this year, citing concerns over the crackdown, after failing to register. Egyptian authorities have also rounded up thousands of protesters and supporters of Islamist President Mohammed Morsi, who was ousted last year by the military led by el-Sissi, after popular protests accusing him of monopolizing power. "We all recognize that this country has been through turmoil and we recognize that the economy is challenged," said Gregori Lebedev, a senior member of the Board of the Directors of the Chamber of Commerce and co-leader of the delegation. "I think the size of the delegation reflects the fact there was a prospect of change and reform and let's go see for ourselves what those prospects are because we would like to be a part of that solution if we can and we certainly want to be part of (Egypt's) long term growth." ECONOMIC OVERVIEW Egyptian exports fall 12.52% month-on-month Source: Egypt Economist, November 12, 2014 The total value of Egyptian exports in October has reached $1.309bn, recording a 12.52% decrease compared to September levels that stood at $1.497bn, the Ministry of Industry and Foreign Trade monthly report showed. The total value of exports between January and the end of October recorded $18.218bn, representing an increase of 1.29% compared to the corresponding value last year. The targeted value of exports in 2014 is $25bn, compared to $21.5bn in the previous year according to the ministry’s report. Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour told Daily News Egypt in September that the government is working to reduce the balance of trade deficit. Abdel Nour said this would be achieved through increasing exports and decreasing imports to fill the gap. Speaking about the procedures the government has taken, Abdel Nour said the law granting preferential treatment to local products will significantly reduce imports and address the trade deficit. Egyptian exports have increased despite the high energy prices that resulted in high production costs and the closure of many potential markets including in Syria, Egypt Weekly Newsletter 2 Thai Trade Center, Cairo November, 2014 (2nd quarter) Sherif Yehya Libya, Iraq, and Sudan, Abdel Nour said. Egypt’s main exports include furniture, leather, agricultural products, engineering and electrical products, foods, readymade garments, and handicrafts, according to the report. PepsiCo Egypt imports $20m in agricultural supplies Source: Egypt Daily News, November 13, 2014 PepsiCo has put forward a request to the Ministry of Agriculture for land to cultivate potatoes, according to General Manager of PepsiCo North East Africa and Egypt Ahmed El-Sheikh. The company put forward the request to be able to produce locally instead of importing. He announced that the cost of importing seeds will be approximately $20m, and that the ministry is considering the project and will offer technical assistance through ministry laboratories. El-Sheikh added the company is currently cultivating 5,000 acres and will cooperate with small farmers and 4,000 farms during the next phase. PepsiCo will also buy these farmers’ potato production in accordance with the company’s technical specifications. Al-Sheikh added that the company’s investments for the year 2014 reached approximately $270m, which included the development of a number of factories, sales and production lines, and new distribution refrigerators. A number of job opportunities were provided as well, he said. Al-Sheikh said that through company’s social responsibility efforts, 100 small companies were developed via company contributions to training and financial support. He explained that a recent meeting between US companies and the Egyptian government was also attended by a number of ministries and eight ministers from the economic group. All were careful to emphasise the removal of all penalties for investors and improvements in the investment climate. Al-Sheikh added: “The economy is on the right path, and this is easily observed right now. We are feeling tangible movement in growth rates.” Regarding new and renewable energy, Al-Sheikh said that his company is currently working to utilise new energy in company storage, although the process is a difficult one to implement in factories due to high costs. He said that the government has promised to provide the energy supplies required by factories to ensure that stoppages do not take place. Wheat stock sufficient until March: Supply minister Source: Al Mal, November 12, 2014 Minister of Supply and Internal Trade Khaled Hanafy told Reuters that Egypt’s stocks of wheat for the subsidised bread programme will last until the end of March. Hanafy added that the country bought 235,000 tonnes of French and Ukrainian wheat last Wednesday to be shipped to the country between 11 and 20 December. The world’s largest wheat exporter, Russia, has pledged, following a meeting between President Abdel Fattah Al-Sisi and Russian President Vladimir Putin in August, that Moscow will supply the country with 5m tons of wheat over the coming period. Egypt, the world’s largest wheat importer, consumes around 11m tonnes of wheat per year, of which 4m tonnes are obtained from local farmers. The remainder is imported from Russian, Ukraine, Romania, United States, France and other countries, according to chairman of the Grain Industry Chamber within the Federation of Egyptian Industries Hesham Abou El-Dahab. Wheat imports from Russia and other countries were suspended in 2013 by former president Mohamed Egypt Weekly Newsletter 3 Thai Trade Center, Cairo November, 2014 (2nd quarter) Sherif Yehya Morsi with then supply minister Bassem Auda announcing relying on the country’s domestic harvest. However, after Morsi’s removal from power in July 2013, the interim government returned to importing wheat, saying that the Islamist president had depended on “false and misleading” data regarding local rates of production. EMIRATES NDB EGYPT ARRANGES EGP711 MILLION LOAN FOR CAIRO INTERNATIONAL AIRPORT Source: Amwal Al Ghad, November 11, 2014 The Emirates NBD – Egypt, is arranging an EGP711 million (USD101.1 million) loan for the Cairo International Airport upgrading project, which represents 30% of the total syndicated loan, the bank said in a statement. The project is estimated to cost EGP3 billion. In this respect, Managing Director Giel-Jan Van der Tol said the loan would help boost tourism, which represents an important part of the Egyptian national economy. “We diversify our investment portfolio to cover various sectors,” he said, expressing confidence in Egyptian economy's ability to achieve high growth rates in the next few years.
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