Economy Sector - Q3 2018 Report Economy 3 (2018) Report American Chamber of Commerce in Egypt - Business Information Center 1 of 102 Economy Sector - Q3 2018 Report Special Remarks The Economy Q3 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 102 Economy Sector - Q3 2018 Report Banking, Finance & Insurance - Non Tenders Section Type Description Date Published Business News 54 vessels crossing the Suez Canal on July 15, 2018 from both sides carrying 3.3 million tons of petroleum, containers & cargo. That was reported in the media quoting Jul 16, 2018 navigational statics of the SCA - Suez Canal Authority indicating the total number of vessels was equally divided between both the northern & the southern entrance. Several buying offers from Gulf banks, mainly from the UAE & Kuwait, were received by the Central Bank of Egypt to buy out Egypt's Al Mottahed Bank. On his side, the Jul 09, 2018 bank is exclusively owned by the Central Bank. The deal surprised nobody considering the strong progress, profits & expansion of the Gulf banks in the Egyptian market. Wheat inventory said to be sufficient for more than 4 months & the government plans to purchases about 6.5 million tons of wheat for the present year. That was Aug 06, 2018 revealed by the Ministry of Supply & Home Trade indicating that recent wheat procurement deals were of higher cost due to increased wheat prices on the world markets. The Ministry returned all news and rumors claiming the ministry intends to procure wheat at whatever unprecedented prices to assure annual demand. The Ministry assured that last year purchases of wheat are equal to those budgeted for the present year. Suez Canal on August 27, 2018 witnessing the crossing of 50 vessels from both sides accompanied with 3.2 million tons of total cargo including 19 vessels coming from Aug 28, 2018 the north, from Malta, heading to Holland with the other 31 vessels coming from the south (the New Canal). The largest thereof was coming from Malaysia to Egypt. That was announced by Mr. Tarek Hasanein, Speaker on behalf of the SCA - Suez Canal Authority. UAE based United National Bank opening in a week time four new branches in Egypt namely in Qena, Beni Swef, Mit Ghamr & Heliopolis (in Cairo). That was reported in Jul 15, 2018 the media indicating the development raises the number of the bank's branches in the country to 47. Development reflects to which extent the bank is keen & interested to reach his clients base all over the country. Cyprus is looking forward to cooperate with Egypt through different economic and financial opportunities. Sep 12, 2018 Cypriot Finance Minister Harris Georgiades said that his country will soon complete a double taxation avoidance agreement (DTA) with Egypt, Middle East News Agency (MENA) reported. Georgiades met with the head of the Egyptian House of Representatives on Tuesday, as part of his official visit to Egypt, leading a parliamentary delegation. Businesses and companies from Cyprus also look forward to invest in Egypt, he added, especially with the recent economic reforms. 46 vessels crossing the Suez Canal on 9/3/2018 with 3 million ton total loads of which 21 vessels crossed it from the northern side & 25 vessels crossed it from the Sep 03, 2018 southern side. General Mohab Mamish, Chairman of the SCA - Suez Canal Authority & of the Suez Canal Economic Zone announced 67 vessels crossed the canal from both sides Aug 09, 2018 carrying 5 million tons total load. No waiting time was recorded. Chairman& CEO of the UAE Dubai National Bank - Egypt expressing the view that the acquisition of an (Egyptian) bank is a cornerstone of the Bank's future strategy (in Sep 03, 2018 the country). That was reported in the media quoting Mr. Mohamed Berro, CEO of the Bank, considering the development is required to maintain presence among the five major banks in Egypt. He reminded the bank has competed the last year on the selling of Barclays Bank's option which he obviously lost in favor of Wafa Bank of Morocco. Still the bank confirmed the acquisition concept is still valid yet declines from giving more details on the issue. We may fairly remind that two major Kuwaiti Banks are actively operating in Egypt lead by the NBK & we expect the circle to soon get larger, also without excluding the later joining of Saudis. American Chamber of Commerce in Egypt - Business Information Center 3 of 102 Economy Sector - Q3 2018 Report Banking, Finance & Insurance - Non Tenders Section Type Description Date Published Business News The Egyptian cabinet approved at its weekly session on Wednesday a funding agreement of 205 million euros between the European Bank for Reconstruction and Sep 06, 2018 Development (EBRD) and the Egyptian government to upgrade the metro¶s line one, one of the main transport systems in the Egyptian capital. The agreement will support the partial refurbishment of Cairo¶s oldest metro line through rehabilitating the components of the railway infrastructure including energy units, signals, and central control systems. The metro¶s first line was inaugurated in 1987 and serves up to 1.8 million commuters on daily basis, said the Minister of Transport Hisham Arafat, adding that efforts are being made to improve the service. The rehabilitation programme of the Egyptian metro is expected to receive an additional 350 million euro loan from the European Investment Bank and another 50 PLOOLRQHXURORDQIURP)UHQFKGHYHORSPHQWDJHQF\$JHQFH)UDQoDLVHGH'pYHORSSHPHQW The 33 station metro line stretching from El-Marg north Cairo to Helwan in the south is one of the three lines that connect Cairo. A fourth line is currently under construction. Loans & Grants CEO of an affiliate to the Islamic International Agency for Trade Finance, Mr. Hani Sonbol, assuring a $390 million first trench of a loan signed earlier with Egypt's Jul 17, 2018 Minister of Investment & International Cooperation is to be soon activated. That was reported in the media indicating that the deal by the beginning of 2018 provided for extending Egypt about $ 3 billion soft loans to finance imports of supply commodities & fuel. ADB - African Development Bank releasing the 3rd & last trench of its $ 1.5 billion loan in its date to support the Government economic & social program with no claims Sep 29, 2018 of any delay. That was announced by the Minister of Investment & International cooperation indicating the next stage will witness more support from the bank to private sector projects & infrastructure in Sinai to attract investors to that part of the country most probably backed by Gulf investors & partners. Projects in Pre-Tendering Phase 47 vessels crossing the Suez Canal on July 31, 2018 from both ends loaded by 2.9 million tons of oil & gas, containers & cargo. They included 16 vessels from the north Jul 31, 2018 heading to Oman & 31 vessels from the south (the new Canal) heading to Malta. That was announced by Mr. Tarek Hassanein, Forman speaker on behalf of the Suez Canal Authority. Economy - Non Tenders Section Type Description Date Published Business News Egypt¶s parliament voted on Wednesday in favor of newly appointed Prime Minister Moustafa Madbouly¶s policy statement, which was delivered before parliament on 3 Jul 26, 2018 July, Al-Ahram Arabic news website reported. The vote came during Wednesday¶s plenary session, where parliament speaker Ali Abdel-Aal said that he will be hearing comments by MPs on the cabinet¶s programme. ³Your proposals come to benefit citizens and the homeland, and we will study the possibility of implementing them,´Abdel-Aal said. In July, Madbouly said the five goals set to be achieved by 2030 are national security, improving living standards, continuing economic reform, human development and foreign policy goals. Madbouly outlined the cabinet¶s vision in the programme dubbed ³Egypt Takes Off.´ Article 146 of the constitution states that a newly appointed prime minister must deliver a policy statement before parliament, after which MPs should vote on the policy within 30 days of the appointment of the PM. American Chamber of Commerce in Egypt - Business Information Center 4 of 102 Economy Sector - Q3 2018 Report Economy - Non Tenders Section Type Description Date Published Business News Banque Misr, Egypt¶s second largest state-run bank, seeks a 20 percent rise in its customers¶deposits to hit 803 billion Egyptian pounds by the end of the financial year Jul 31, 2018 2018-2019, vice chairman Akef El Maghraby said. The customers¶deposits posted 669 billion pounds in June 2018, he added.