Sons of the long-term Egyptian president Hosni Mubarak, Alaa and Gamal Mubarak are arested on charges of stock market manipulations back to 2012. Yasser El Mallawany, non-executive vice chairman, board member of EFG-Hermes and Hassan Heikal, former member of the same board were arrested on the same case. There are three more bankers and stock traders detained on the same charges.
State-owned Eastern Company is number one producer of the cigarettes and tobacco in heavy-smoking country. In an attempt to fix the budget government is selling a stake in it – 4.5 percents – to any who will show the interest. Advisor of the sale, EFG Hermes, is has valuated the stake at 2 billions EGP.
Union Fenosa Gas, the joint Eni and Spanish Naturgy company was forced to halt natural gas supplies to the Damietta facilities thus interrupting the cycle. It was back to the “Arab spring”, when Egypt’s own low gas supplies has forced the government to revert all available gas to internal market to avoid riots.
Al-Amal Automative is known as AvtoVAZ dealer and service company in Egypt. Beginning from April Lada Granta will be assembled locally. Granta will be manufactured in Cairo suburb plant of Al-Amal.
Italian energy corporation, Eni, a long time partner of ARE in oil and gas production, has announced new gas field discovery. It is situated in the Western Desert. The reserves are yet to be announced but it is widely believed that they will be huge even by the modern scale.
As the Egypt reforms it’s economic in a favor of more market-oriented and less socially-responsible while rising the prices for fuel and power, cutting subsidies and introducing new taxes the state’s prospects for servicing the credits are upgraded. Meanwhile the foreign and internal debts of Egypt is rising as the country grows more and more dependent on the external financing. In a combination with lowering quality of life of the poor and young population of Egypt it may not yield the positive results.
The Nile Tower project has a history and it is not an easy one. The idea to rise a skyscraper on the shores of Nile that will overlook the whole Cairo up to the Giza pyramids was coined by Hosni Mubarak. As a revolt of 2011 has removed him from power and the economics worsened the idea, developed by the renowned architect Zaha Hadid in 2007, was put on hold.
Apache Corporation, an American oil and gas exploration company is a veteran of the Egyptian business. It has been in Egypt for 22 years. It holds biggest plots in the Western Desert – 5.6 millions in 25 concessions. During the year 2017, Apache received approval of the NW Razzak and South Alam El Shawish concession blocks. Combined, the two concessions added approximately 1.6 million net undeveloped acres in Egypt. It allowed the company to broaden the cooperation with Egypt and to set the bold goal to invest 1 billion USD annually.
Egypt is determined to turn to the Natural Gas exporter and the first party of it will be sold as soon as January 2019, El Watan reported. It is not specified who will be importer of the Egyptian gas, though.
Emirates NBD has published Purchasing Managers’ Index for the Egyptian private economy. PMI is definitely positive and Emirates NBD assumes that is is positive mark for the entire economic agenda pushed by Egypt and the creditors, IMF and the World Bank.