"If you look at the "Leaving Egypt and Nile on a map of the people I loved Egypt, you don’t so much, and the think it has moved environment I liked, very much, but was definitely worth the river is very it, because I also violent and has have great love for moved over time" medicine and science" Sarah Parcak / Themeobserver.com Magdi Yacoub An American archaeologist British-Egyptian cardiothoracic surgeon 1979 - present / Themeobserver.com L.E 2.85 1935 - present ESTABLISHED 1945 Following President Al-Sisi’s major success in attracting Arab and foreign investments EFG Hermes Leasing's CEO Ahmed El-Kholy 2 EFG Hermes Leasing's capital Middle East is estimated at EGP 1bn 5 Observer discusses the next battle Interview with Boris Bornman It is now on the Egyptian government to save the pound against dollar to control prices Complex General Manager at Starwood Hotels and Resorts 6 63 rd Year No. 17 www.meobserver.org Wednesday, 27 April 2016 News Saudi Arabia unveils Vision 2030 in Deputy Crown Prince: The fund will control more than the globe’s investments Numbers congratulates the Egyptian people, The powerful young prince over- “We have developed a case of would come from transferring the seeing Saudi Arabia’s economy un- oil addiction in Saudi Arabia,” he ownership of Aramco to the PIF. President Abdel Fattah Al-Sisi, veiled ambitious plans on Monday had earlier told al-Arabiya television “We are speaking about more Defense Minister Sedki Sobhi, aimed at ending the kingdom’s “ad- news channel. than $2 trillion. We expect the valu- diction” to oil and transforming it into His “Vision 2030” envisaged rais- ation to be more than $2 trillion. In 5-1/2-month the cabinet and House of Representatives Asian shares reached a a global investment power. ing non-oil revenue to 600 billion addition to that there are other as- on Sinai Liberation Day 2016. Deputy Crown Prince Mohammed riyals ($160 billion) by 2020 and 1 sets that will be added to the fund, 5-1/2-month high on Thursday bin Salman said the world’s top oil trillion riyals ($267 billion) by 2030 and part of it is already added. as oil prices rallied over 4 Chairman/ Mahmoud Fouda exporter expects state oil company from 163.5 billion riyals ($43.6 bil- He said it could “turn into a global percent overnight thanks Saudi Aramco [SDABO.UL] to be lion) last year. But the plan gave few investment fund with a size of up to to a smaller than expected valued at more than $2 trillion ahead details on how this would be imple- $3 trillion dollars”. of the sale of less than 5 percent of mented, something that has bedev- The partial privatization of Aram- increase in U.S. crude it through an initial public offering illed previous reforms. co was also central to the plans, and inventories and abiding The Egyptian-South Korean Business (IPO). The 31-year-old prince gave as- Prince Mohammed said it would be hopes that producers may He added that the kingdom would sured answers to questions on the transformed into an energy compa- eventually agree ways Forum to kick off on May 5 raise the capital of its public invest- plan, and appeared to pitch his com- ny that he expected to be valued at to ease a global glut. ment fund to 7 trillion riyals ($2 tril- ments to appeal across the Saudi $2 trillion to $3 trillion, and that less The forum will discuss lion) from 600 billion riyals ($160 social spectrum, and in particular to than 5 percent of it would be listed ways of boosting bilateral billion). young people, who face unemploy- on the stock market. economic cooperation and The plans also included changes ment and an economic downturn So big is the state oil company be- exploring investment op- that would alter the social structure despite their country’s oil wealth. Deputy Crown Prince Mohammed bin Salman cause of its rights to the kingdom’s portunities in the infra- of the ultra-conservative Muslim Even before oil prices started to vincing skeptics that the kingdom crude reserves, that selling even 1 structure, energy projects kingdom by pushing for women to plunge in 2014, economists had can prosper in an era of cheap oil. percent of its value would create the South Africa and Iran have and the Suez Canal, Chief $1bn Executive of the Egyptian have a bigger economic role and by regarded Riyadh’s fiscal policy and At the center of the plan is the re- biggest initial public offering (IPO) agreed to increase non-oil offering improved status to resident economic structure as being unsus- structuring of its Public Investment on earth, he said. Businessmen Association expatriates. tainable, but reduced income from Fund (PIF), which Prince Moham- He said other Aramco subsidi- trade and investment to a Mohamed Youssef said. “We will not allow our country ever energy sales has made reform more med said would become a hub for ary companies would also be listed billion dollars by 2020. Organized by the Egyp- to be at the mercy of commodity urgent. Saudi investment abroad, partly along with other publicly held com- tian Businessmen Associa- price volatility or external markets,” The plan appeared to lift senti- by raising money through selling panies, and added that one major tion and the Korea Interna- Prince Mohammed said at his first ment on the Saudi stock market shares in Aramco. benefit of privatization was that it tional Trade Association news conference with international .TASI, where shares jumped by 2.5 Asked where Riyadh would find would increase transparency and (KITA), the forum is to be Minister Tarek Qabil journalists, who were invited to a Ri- percent in the heaviest trading for the funds for a $2 trillion dollar fund help limit corruption. $148m held under the auspices of A high-profile South Ko- yadh palace for the event. eight months, but it fell short of con- after recent borrowing, he said it (Cont. on P04) General Electric (GE) has Egyptian Trade and Indus- carried out $148 million try Minister Tarek Qabil and rean delegation comprising South Korean Trade Minis- representatives of Hana worth of overhauls ter Joo Hyung-hwan. The Bank, the South Korean Emirati deposit arrives at Central Minister of Finance holds a conference and maintenance work forum will be attended by a Federation of Small and on production plants number of well-known com- Medium-Sized Enterprises of the Ministry of panies, notably Hyundai and the Seoul International at Senior Financiers Center Women’s Association and Electricity over the past Cars, Samsung and SGS Bank of Egypt on May 15 Amr EL-Garhy, Minister of Finance, Construction, Youssef un- others is due to participate holds a conference tomorrow, six months, a report derlined. in the forum, he asserted. The promised $2bn Emirati allocated to Egypt- which said. The operations deposit is expected to ar- is estimated at $2bn and Thursday, in the tax directorate rive at the Central Bank of given in the form of in- at Senior Financiers Center. This included many Egypt on May 15. It is be- vestments- will be used to The Third Annual Energy event coincides with the deadline production plants in lieved to bring back a great carry out the suspended of companies submitting tax re- Ataqa, El-Mahmudeya El- turns- on April 30 of every year. deal of balance, following projects, due to shortage Minister Amr EL-Garhy Nubareya, North Delta. the withdrawal of the $1bn in fluidity. Conference Energy and While, deadline for individu- Qatari deposit and the The Egyptian economy als’ tax returns was on March 31 and generated $750m Club de Paris. will likely revitalize, with Sustainable Development 2016 tax levies of EGP 197bn as of July 1, 2015 till the The Emirati deposit shall the dollar dwindling crisis end of last week, according to earlier statements by Head of Egyptian Tax Authority Abdel Moneim contribute to fixing the coming to an end soon In 10 May 2016, Business News Matar. EGP 319bn budget deficit thanks to the govern- Foundation is holding its third By Rania Imam by next year, as well as ment’s strategic plans on annual energy conference amid 500,000 supporting foreign cur- economic recovery, ac- numerous shifts at the local, re- Egypt’s housing ministry rency reserves. Moreover, cording to some informed gional and global levels and in Investors: A new navigation line linking announced on Thursday the other half of the sum sources. the trends of investment in the that low-income citizens will energy sector. be able as of Saturday to The conference comes amid a Suez and Kenya to serve Egyptian exports local market that set a legal frame- purchase tender specification On the sidelines of Egypt- new commercial offices work for the first time to liberate booklets to see if they are Czech Business Forum, in Ghana, Djibouti, Cote Algeria GDP grew 3.9% in 2015 the energy market and invest in Minister Plenipotentiary d’Ivoire, Uganda, Tan- eligible to apply for one of new and renewable energy. In Ali El-Leithy, Head of zania, besides Mexico over 500,000 affordable Algeria’s economy grew has significantly hit its fi- addition to signing the Dabaa commercial representa- and Muscat. Their work by 3.9 per cent in 2015, up nances, Algeria has been nuclear power plant convention, housing units currently under tive office, said that a will kick off next July, the from 3.8 per cent the previ- trying to diversify the econ- the feed-in tariff agreements that construction, state news number of Arab investors beginning of a new finan- ous year, boosted by higher omy through incentives to have entered into force as well as are now considering op- cial year.