SUBSCRIBE NOW THE MIDDLE EAST ( LE. 3 ) OBSERVER TO : THE MIDDLE THE PUBLISHER: AHMED FODA CHIEF EDITOR: H.A. RAOUF EAST OBSERVER MIDDLE EAST COUNSELORS: YASMIN FODA Economic AHMED SHAFIK covering the MAHMOUD FODA N.M.M. RASHED Middle East, Dir. of Public Relations: KAMAL MOKHTAR Arab Gulf and Head Office : 41, Sherif St., Cairo, Egypt African Markets Tel.: 23939732 - 23926919 Mob. : 01006670340 Head Office Emails : [email protected] 41, Sherif St., Cairo, Egypt [email protected] Tel. : 23939732 - 23926919 Fax : 23939732 - 27485844 [email protected] Mob. : 01006670340 Printed at Societe Orientale de Publicite Emails : [email protected] (S.O.P.) - Cairo - Egypt [email protected] - [email protected] 62nd YEAR No. 1 CAIRO WEDNESDAY, JANUARY 7, 2015 ESTABLISHED 1945 PRESIDENTIAL DECREE PRESIDENT SISI AND EMIR OF KUWAIT DISCUSS BILATERAL SISI REVIEWS WITH BUSINESSMEN Comment ON CREATING PHOS- OPPORTUNITIES OF INVESTMENT IN EGYPT PHATE INDUSTRIAL RELATIONS, ISSUES OF COMMON CONCERN TO THE REGION President Sisi met with the members of the Kuwaiti Chamber of SUBTERRANEAN ZONE IN ASWAN Commerce and Industry under Ali Thanyan Al Ghanem and 15 WATER HOPE OF President Abdel Fattah Al-Sisi has Kuwaiti investors with whom he discussed available chances of invest- issued a decree on establishing a ment in Egypt. During the meeting, Kuwaiti Businessmen expressed AGRICULTURAL phosphate industrial zone in Wadi willingess to take part in the economic conference which will be held EXPANSION IN Helal in Al-Sebaia City in Edfu, in Sharm El-Sheikh in March with the aim of supporting Egypt. The Aswan governorate at investments of Kuwaiti Businessmen offered the problems faced by Kuwaiti investors EGYPT LE 3.3 billion, and on an area of 5,115 in Egypt and called for solving them immediately. The issue of subterranean feddans. watercame underspot after The industrial zone in question will $1 BN KUWAITI INVESTMENTS IN President Abdel Fattah El Sisi include 12 integrated industrial com- ELECTRICITY, GAS PETROLEUM announced the reclamation of plexes and is expected to offer thou- Al-Sisi’s visit to Kuwait opened new investment horizons sands of openings, industry Minister million feddans within the between the two countries, especially that the Kuwaiti investments framework of a plan to reclaim Mounir Fakhry Abdel Nour has said. in Egypt are ranked third at the Arab level. Abdel Nour asserted that the area is four millions feddans during the On his part, Moataz Al-Alfi, head of a Kuwait holding investment coming period, Dr. Hossam rich in phosphate ores, which can be group in Egypt unveiled investment expansion to the tune of $1 billion used to produce fertilizers and chemical Moghazi of Al-Ahram said. products. The Minister went on to say in the coming period via a Kuwaiti fund in the fields of electricity, gas and petroleum. Some people might believe that that the industrial zone has the poten- dependence on subterranean tials to be one of the largest zones in the He pointed out that the number of Egyptians working in Kuwait hit about 500,000 ones. water in the light of the high cost phosphate production and exportation of production thereof is unsuit- field. 6.3% INCREASE IN THE VALUE OF able; however, the use of subter- EGYPT TO RESUME INDUSTRIAL PRODUCTION IN THE SECOND ranean water is a must for many ISSUING BONDS IN reasons: QUARTER (APRIL - JUNE) 2014 Egypt has limited amount of INT’L MARKETS Central Agency for Public Mobilisation and Statistics issued on Egypt will resume issuing bonds River Nile water amid a massive 1/1/2015, the Quarterly Statistical Bulletin for industrial produc- increase of population and shrink- in the international markets under a tion of public / public business and private sector establishments decision taken by the cabinet on ing area of arable land; this could which have more than 25 employees forthe second lead to an increasing gap between Monday. quarter(April/June) 2014. The step will help increase offer and demand in the food sec- Emir of Kuwait during the reception of President Sisi. The most important indicators are: Egyptian resources, said the economic The value of industrial production (excluding petroleum) reached tor. committee chaired by Prime Minister 84.86 billion pounds in the second quarter of 2014 compared to 85.05 Accordingly, Egypt pursued a Ibrahim Mahlab. On his first official visit to Kuwait, President Abdel sisterly Arab countries. He said Kuwait's participation in billion pounds during the first quarter of the same year, a decline of strategy that aims at the reclama- DANAGAS GETS $60M. Fattah El Sisi held a session of talks with Sheikh Sabah the economic conference for supporting Egypt next March 0.22 per cent, while the value of production (the second quarter) 2013 tion of more land in the desert FROM EGYPT Al Ahmed Al Jaber, the Emir of Kuwait on means of will be strong and effective, referring to keenness to take (the same quarter) was 79.82 billion pounds, an increase of 6.32 per areas that constitute around 95% Dana Gas, the Middle East's lead- boosting bilateral relations in all fields and a wide part in carrying out projects that would benefit the cent. (Cont. on page 2) of the total area of land in Egypt. ing regional private sector natural gas range of regional and international issues of common Egyptian people. CAPITAL INVESTMENTS IN ARAB The strategy includes the con- company, has received $60 million concern. ENERGY TO TOP $684B. struction of trade, industry and (Dh220 million) from the Egyptian He said the situation in the Arab region gives rise to con- KUWAITI INVESTORS: SISI VISIT IS tourist hubs as well. Government, TradeArabia News A CLEAR CUT MESSAGE THAT Energy capital investments in the Arab world will total $685 bil- The total number of subter- Service said. cern adding it is time for Egypt to return to play its role. lion over the next five years, according to a new report. He said Egypt's role is important in Iraq and in solving The report, by the Arab Petroleum Investments Corporation ranean water wells is estimated at The payment represents 28 per cent of EGYPT’S ECONOMY HAS 77,000. The Ministry of Water the total overdue receivables of $212 the Syrian crisis, referring to Egypt's attempts to solve the (Apicorp), was presented to officials and delegates at the 10th Arab million. All of this money will be used to Syrian crisis. He said Kuwait is looking forward to attend RECOVERED Energy Conference in Abu Dhabi, said a report in the Gulf Daily News Resources and Irrigation is used to pay for the company’s overdue industry the economic Summit, and the Arab summit in Cairo next Kuwaiti investors have expressed hope that (GDN), TradeArabia News Service said. survey the wells regularly nation- receivables, fund future investment March adding we are preparing for handing over the President Sisi's visit to Kuwait will bear fruits, at the Set against the backdrop of continuing regional turmoil, uncertainty wide to calculate the used quanti- requirements and address operational Presidency of the Arab summit to Egypt, which is capable investment level adding the visit is a message that in many global and regional economies and a declining oil price, ties and record the levels of sub- expenses in Egypt, the company said. of shouldering responsibility for the main causes of the Egypt's economy has recovered following the develop- Apicorp's latest Arab Energy Investment Outlook predicted lower terranean water in these wells. Earlier in 2014, Dana Gas and the Arab World .Answering a question on Arab co-operation ments witnessed by Egypt during the past three years. investment levels compared to the previous year's report. In some areas, like the new and Egyptian Government signed the land- They said there is an ample opportunity for the return of It stated that energy sector investments would have dipped even fur- old al-Farafra, subterranean water mark gas production enhancement for combating terrorism in the light of the lack of an Arab agreement on the term of terrorism. investment in different projects in Egypt which need big ther had it not been for an apparent catch-up effect, particularly evident is 1,000 deep in the wells; this agreement (GPEA) which allows the in the power sector, as well as ever-increasing project costs. company to significantly enhance pro- He said the Kuwaiti cabinet expressed satisfaction with financing. They said the visit will provide a chance for dis- makes the extraction of water duction and gradually recover its out- security, stability and sincere steps on the path towards cussing all the problems faced by businessmen who are Apicorp's report highlighted the growing divide between the GCC from these wells costly (the cost standing receivables in a phased manner progress and prosperity in Egypt, adding he is confident looking for incentives that could help them increase their and rest of the Arab region in terms of their credit ratings, and it pin- of digging one well could hit over a three-year period going forward. that the visit will serve the common interests of the two investments in Egypt. (Cont. on page 2) pointed three primary constraints on energy investments. LE2million). (Cont. on page 2) (Cont. on page 2) (Cont. on page 3) Sidi Kerir Petrochemical Company (Sidpec) Won the Award of Pioneer Works of Achieving Sustainable Development Sidi Kerir Petrochemical Company resent the state of the art in all (Sidpec) has been awarded the prize of fields such as energy, social pioneer works of achieving sustain- responsibility, environment able development for the year 2014 preservation, occupational during the ceremony organised by the safety and health procedures Environmental Compliance & and quality standards that Sustainable Development Office of achieve business excellence the Federation of Egyptian Industries and sustainable development.