Economy Sector - Q2 2018 Report
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Economy Sector - Q2 2018 Report Economy 2 (2018) Report American Chamber of Commerce in Egypt - Business Information Center 1 of 87 Economy Sector - Q2 2018 Report Special Remarks The Economy Q2 2018 report provides a comprehensive overview of the Economy sector with focus on top tenders, big List of sub-sectors projects and important news. Banking, Finance & Insurance Economy Tenders Section - Integrated Jobs (Having a certain engineering component) - sorted by - Generating Sector (the sector of the client who issued the tender and who would pay for the goods & services ordered) - Client - Supply Jobs - Generating Sector - Client Non-Tenders Section - Business News - Projects Awards - Projects in Pre-Tendering Phase - Privatization and Investments - Published Co. Performance - Loans & Grants - Fairs and Exhibitions This report includes tenders with bid bond greater than L.E. and valuable tenders without bid bond Tenders may be posted under more than one sub-sector Copyright Notice &RS\ULJKW$PHULFDQ&KDPEHURI&RPPHUFHLQ(J\SW $P&KDP $OOULJKWVUHVHUYHG1HLWKHUWKHFRQWHQWRIWKH7HQGHUV$OHUW6HUYLFH 7$6 QRUDQ\SDUWRILWPD\EHUHSURGXFHG sorted in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the American Chamber of Commerce in Egypt. In no event shall AmCham be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits. American Chamber of Commerce in Egypt - Business Information Center 2 of 87 Economy Sector - Q2 2018 Report Banking, Finance & Insurance - Non Tenders Section Type Description Date Published Business News Non petroleum exports during the first four months of 2018 increasing by 16 % to reach $ 8.6 billion compared with their $ 7.44 billion level reached during the same Jun 04, 2018 period of 2017. That was announced by Egypt's Minister of Foreign Trade & Industry & reported in the media. Meanwhile the Central Bank announced Egypt's foreign trade with the outside world during the first half of FY 2017/ 2018 reached $ 42.8 billion made of $ 30.8 billion imports & $ 12 billion exports and that compares with $ 29.4 billion imports & $ 10.4 billion exports for the same period of FY 2016 & 2017. Financial leasing contracts in Egypt witnessing an un- precedent growth over the period extending January 1 2017 till February 28, 2018 to reach LE, 33 billion up from Jun 11, 2018 L.E. 21.5 billion by the end of 2016. Development is mainly attributed to increasing demand on financial leasing offer packages circulated on the market. Observers believe the trend would continue in the short to the medium term reflecting a sort of a bottleneck restricting smooth investments flow in the country. Media reports revealed shortly that an alliance of for financial companies are trying to come up with L.E. 600 million financial leasing offer in favor of an industrial project promoted by an unnamed investor. Suez Canal Authority President, General Mohamed Mamish, announcing 52 vessels crossing the Suez Canal on May 18, 2018 with total 3.7 million tons load. That was May 19, 2018 reported in the media quoting SCA President, indicating that half the number of vessels crossed the canal from north with 2.2 million tons & the other half crossed it from south with 1.5 million tons load. Recent periodical navigational statistics of the Suez Canal Authority showed Suez Canal revenues during the first 4 months of 2018 reached $ 1.8 billion marking 12.6 % May 22, 2018 increase above their level in the 2017 comparison period. That was reported in the media revealing that revenues during the month of April 2018 reached $ 479.3 million marking 11.5 % above their level of the same month of 2017put then at $ 429.8 million. The figure was the highest ever achieved by the Suez Canal since reopened in August 2015. With 62 vessels crossing the Suez Canal from both directions on May 13, 2018 carrying 4.2 million tons total weight, Egypt's Suez Canal made a repeated historic record. May 14, 2018 That was reported in the media quoting Suez Canal Authority Chairman indicating that 29 vessels crossed the canal from north with 2.4 million total weight & 33 vessels crossed it from south with 1.9 million total weight. This is the second time that similar number of vessels crossed the canal. Banque du Caire expanding in Africa by opening a chain of new representative offices. That was revealed by Mr. Tarek Fayed, Chairman of the Bank, indicating the Apr 29, 2018 restructuring of the existing branch in Uganda is targeting to regain its earlier weight accompanied with the reshuffling and upgrading of its executive management. Mr. Fayed revealed that an ambitious plan was drawn for the next 5 years to boost the bank's role in in financing small to medium sized projects. Meanwhile the bank noted that it is eyeing also large sized development projects considering its 3 million clients' portfolio at home and abroad supported by more than 7,500 employees & infrastructure. 58 vessels crossing the Suez Canal yesterday, Friday 6/19/2018, carrying total tonnage of 3.7 million tons of petroleum, containers and cargo, of which 33 vessels Jun 18, 2018 coming from the north & 25 vessels from the South. Suez Canal tolls during FY 2017/ 2018 recording the highest annual revenues in its history with $ 5.6 billion up from $ 5 billion only in FY2016/ 2017 marking $ 600 Jun 30, 2018 million increase. That was reported in the media indicating 17,845 vessels crossed the Canal during the year marking 841 additional vessels (4.9 %) with net loads increasing by 9.8 % above 2017 their level in previous year to reach 97.6 million tons. Mr. Mamish here reminded on President El Sisi decision to complete the new Canal project in one year only rather in three years as earlier planned and has contributed in generating almost one billion Dollars revenues obviously apart from other project investments. Loans & Grants A new strategy for cooperation potential with the Islamic Bank Group reviewed recently with the Bank's executives by Egypt's Minister of Economy & Investment Apr 06, 2018 indicates the Bank to allocate Egypt over the years 2018/ 2020 some $ 3 billion apart from earlier announced final allocations to other relevant projects. That extended to supporting water desalination projects in Sinai, opening a regional office for the bank in Egypt to serve Jordan, Sudan, Lebanon, Iraq & Syria, launching a new $ 500 million fund to support science, innovation & technology solutions in projects undertaken by youth. The meeting was held in Tunisia, and honored by Dr. Bandar Hajjar, President of the IDB Group. It was further shared by Eng. Hani Salem Sonbol, head of the Islamic Trade Finance Est., Egypt' Ambassador to Tunisia, Mr. Nabil Habashi, also Dr. Shebab Merzaban, Chief Advisor of the Minister for economic affairs. American Chamber of Commerce in Egypt - Business Information Center 3 of 87 Economy Sector - Q2 2018 Report Banking, Finance & Insurance - Non Tenders Section Type Description Date Published Projects Awards General Mohab Mamish, Chairman of the Suez Canal Authority & its Economic Zone with Deputy President & CEO of the Kuwait based Agility Co. agreed to cooperate in Jun 27, 2018 building & operation of a (unique) logistic center at East Port Said one of the most strategic locations on the Mediterranean. Agreement provides for the development of a logistic axe in the backbone of the extensions of East Port Said Port hosting a unique industrial & logistic infrastructure to support the import & warehousing of raw materials, also the export of & distribution of intermediate commodities & end-user goods all to go via the world famous Suez Canal. Published Co. Performance NBK - National Bank of Kuwait - Egypt posting L.E. 496.9 million net profits for the first quarter of 2018 compared with L.E. 323.5 million posted for the comparison May 16, 2018 quarter of 2017 marking 50.8 % growth. That was formally reported in the media indicating that total assets during the quarter increased by 12.81 % to reach L.E. 59.51 billion by its end up from L.E. 52.75 billion during the same quarter of 2017. Also customers' deposits by the end of the quarter increased to reach L.E. 44.2 billion up from L.E. 38.87 billion in the comparison quarter of 2017. Economy - Non Tenders Section Type Description Date Published Business News Commercial International Bank (CIB) has announced that it has granted two medium-term loans to two of the UAE Abraaj Capital¶s units that have regular cash inflows. Jun 28, 2018 The Egypt-listed bank stated that it has no stakes in the troubled Emirati private equity company and that it has only small stakes in two private equity funds as a limited partner, according to a bourse statement released on Wednesday. The liquidation of Abraaj does not affect the bank in any way, CIB added. Arif Naqvi, the founder of The Abraaj Group, is facing criminal charges in the UAE for issuing a bounced cheque. Earlier in June, Abraaj filed for liquidation, as a response to a group of liquidation petitions after the company was hit by money misuse allegations. Cayman Islands court has approved a request submitted by Abraaj Group for a provisional liquidation of its business, allowing for a court-supervised restructuring and the protection of stakeholders¶rights. Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund. The Egyptian Ministry of Finance (MoF) has announced plans to issue EGP 475.5 billion treasuries in the first quarter of the fiscal year 2018/2019.