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CAIRO: Egypt’s farming and tourism sectors could be hurt as climate change takes its toll on the country, fueling food security concerns in what is already the world’s largest wheat importer, an environment official said. Climate change in Egypt threatens to cut key agricultural crops, force millions to migrate, flood or alter tourism destinations, and …
Orascom Construction Industries (OCI), Egypt’s biggest listed builder, has secured a loan worth more than €175 million ($212.6 million) to part finance the buying of assets from Dutch chemicals group DSM, a newspaper said on Wednesday. OCI, which also makers fertilizers, said on Tuesday it had completed the purchase of DSM’s melamine and agricultural businesses. …
Egyptian group Ezz Steel said on Wednesday first-quarter net profit surged 78 percent and strong domestic demand and a recovery in global flat steel prices would continue to boost margins. Egypt’s largest steel producer said net profit was LE 105 million ($18.53 million), compared with LE 59 million in the same quarter last year, as …
CAIRO: Egypt’s benchmark index slipped 1.7 percent, ending four days of gains, as mounting doubts over the pace of the global economic recovery hit stocks worldwide and oil prices weigh. Index heavyweight Orascom Telecom led the decline, slipping 5.9 percent. Traders said investors had expected news on Orascom’s talks to sell some of its assets …
Egypt’s producer price index rose 15.79 percent in April from a year earlier, based on index figures released by Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS). The index was at 163.5 in April, up from 157.5 the previous month and 141.2 last year. The government started the new index in October 2007, replacing …
Orascom Construction Industries (OCI), Egypt’s biggest listed builder and fertilizer maker, on Tuesday said it has completed its purchase of Dutch chemicals group DSM’s melamine and agro businesses. "As of today, all regulatory and legal procedures have been completed and the European Union Commission has approved the transaction on May 25th," it said in a …
The Egyptian pound weakened and may slide to 5.70 to the dollar if it breaks the 5.67 resistance mark, a forex trader at an Egyptian bank said. Breaking 5.7025 would take the pound to its weakest level since March 2006. On Tuesday, the pound slipped to 5.6628 to the dollar from 5.6590, tracking euro weakness. …
DUBAI: Qatar will issue eight-year conventional bonds worth 5 billion riyals ($1.37 billion) with a coupon of 6.5 percent on Tuesday, while the same-sized Islamic portion awaits approval, a central bank source told Reuters on Tuesday. The issues should help Qatar — the world’s top natural gas exporter — launch a local debt market and …
CAIRO: Arafa Holding, Egypt’s biggest garment exporter, hopes to keep sales in 2010/2011 at last year’s levels of $332 million while doubling profits to $20 million on improved margins in the UK and higher US sales. "Improvements in European markets, especially UK margins, and further penetration of the US market will drive profits forward," Arafa’s …
Ezz Steel has not received any formal notification from the Algerian authorities regarding its $750 million Algeria project, it said in a statement to Egypt’s stock exchange on Sunday. Algerian Industry and Investment Minister Hamid Temmar on Thursday said the government froze the 2007 deal with Ezz Steel and was in talks with other investors …
Emirates Telecommunications Corp (Etisalat) has not bid for the Algerian unit of Orascom Telecom, a spokesman for the UAE telecoms provider said on Sunday. "We did not discuss with Orascom and did not make an offer," Ahmed bin Ali told Reuters. On Thursday, the Egyptian mobile firm said it would enter negotiations to sell its …
Orascom Telecom would prefer to stay in Algeria, but has been obliged to enter talks to sell its unit Djezzy to the government, Executive Chairman Naguib Sawiris said on Monday. "We did not want to leave. Until this moment, we are negotiating with the Algerian government. We may not reach an agreement, and the choice …
Egypt’s main index closed 0.5 percent higher, its fourth session of gains, buoyed by Orascom Telecom which was up on continued speculation over an imminent close to its deal to sell assets to South Africa’s MTN. Orascom, which surged 12 percent on Sunday, rose 3.1 percent. "OT rallied on speculation that talks with MTN are …
DUBAI: Gulf Finance House will sell its 50 percent stake in Bahrain Financial Harbor Holding to Emar Bahrain, the company said in a statement on Monday. The sale, which is part of the cash-strapped firm’s strategy of divesting non-core assets, come as Gulf Finance House raises funds to repay a $300 million loan. Analysts have …
CAIRO: Egypt’s regulator will not allow Orascom Telecom (OT) to buy a stake in Vodafone’s Egypt unit if the deal gives OT management stakes in two competing firms, a telecoms official said on Sunday. In remarks published on Thursday, telecommunications firm Orascom’s Executive Chairman Naguib Sawiris had said his company would consider competing for a …
Egypt’s Alexandria Cotton Exporters’ Association (Alcotexa) agreed to sell 906 tons of cotton in the week that ended on May 29, an Alcotexa official told Reuters on Sunday. The sales comprised 247 tons of Giza 88, 12 tons of Giza 92, 422 tons of Giza 86 and 225 tons of Giza 80, the official said. …
Egyptian telecommunications firm Orascom Telecom (OT) expects to know the outcome of talks to sell some of its African assets to South Africa’s MTN within days, it said on Sunday. "The ongoing negotiations around the acquisition by South Africa’s MTN of some of Orascom Telecom’s African units will be determined within a week," the Egyptian …
Heavyweight Orascom Telecom (OT) surged 12 percent, its biggest rise since January 31, after it said it expects to know the outcome of talks to sell some of its African units to South Africa’s MTN within days. OT’s rally helped push up the main index, which rose 2.8 percent in its third session of gains. …
MUSCAT: Oman Oil Company, the state investment arm of the non-OPEC producer, signed an agreement to buy 30 percent of a subsidiary of Brazil’s Vale in the Gulf Arab state, an Oman Oil Company statement said on Sunday. "Oman Oil Company signed an agreement to buy 30 percent stake in Vale Oman Pelletizing Company LLC …
LONDON: Oil hit a two-week high above $75 on Friday, heading for its first weekly gain in almost a month on rallying stock markets and expectations of rising US oil consumption. Oil prices have risen more than 7 percent this week with official data showing soaring fuel demand in top consumer the United States and …
Iraq is mulling a third oil auction for some of its supergiant fields, such as Kirkuk and East Baghdad, if there is enough interest from foreign oil firms, Iraq’s oil minister said on Thursday. Iraq signed a series of deals with international oil companies after two bidding rounds last year to develop some of its …
Dubai International Capital, an investment unit of conglomerate Dubai Holding, has sold off its last listed, liquid assets, a source familiar with the matter said, with creditors ready to queue up and see the upshot. DIC sold investments in EADS, Sony and ICICI — for which it paid as much as $1.5 billion in total …
The son-in-law of Tunisia’s president launched the country’s first Islamic bank on Friday to tap into growing demand for alternative finance and investment products in the secular-leaning country. North Africa has begun to embrace Islamic finance after years watching from the sidelines, partly to channel more Arab Gulf petrodollars into the region. Sharia-compliant finance bans …
CAIRO: Orascom Telecom lept 8.5 percent, boosted by announcements it will negotiate the sale of its Algerian Djezzy unit to the Algerian government and might consider bidding for control of Vodafone Egypt. The announcements help push Egypt’s benchmark index up 2.2 percent to 6,200 points, the second day of gains that have allowed it to …
Egypt has shut down two of Torah Cement’s production lines and filed a case on charges the company damaged the environment, the environment ministry said on Tuesday. Torah, majority owned by Suez Cement, the country’s largest listed company, operates one of the oldest cement plants in the country. "Despite providing the firm with all technical …
Egypt will spend an additional LE 32 billion ($5.65 billion) on subsidies in 2010/11, but the increase will not affect the overall budget deficit, the finance minister said on Wednesday. "We have done an adjustment for the energy subsidy, but it is budget neutral," Youssef Boutros-Ghali told Reuters, after the cabinet spokesman had announced approval …
Apache Corp said on Wednesday that following its second discovery this year in Egypt’s Matruh Basin, it plans to drill 11 more exploration wells in the western desert region. The oil and gas exploration and production company said the Samaa-1X well in the Matruh tested 44 million cubic feet of natural gas and 2,910 barrels …
Egyptian mobile firm Orascom Telecom said on Thursday it would enter negotiations to sell its Algerian unit Djezzy to the Algerian government. Algeria’s trade minister had said on Wednesday it would not allow South Africa’s MTN to buy Djezzy, part of a broader deal that could have made MTN the world’s third-biggest mobile operator if …
CAIRO: Orascom Construction Industries (OCI), Egypt’s biggest listed firm, said on Thursday that first-quarter profit rose 10.4 percent after margins on fertilizer sales improved and construction costs were kept down. The builder and fertilizer-maker’s net profit of $116.6 million was in line with the average $117.3 million forecast of seven analysts polled by Reuters. Their …
CAIRO: Egyptian mobile firm Orascom Telecom would consider a bid for Vodafone’s 55-percent stake in its Egyptian unit if it were put up for sale, Orascom’s executive chairman said. Egypt’s fixed-line monopoly Telecom Egypt, 80 percent owned by the government, said last week it was considering boosting its 45 percent stake in Vodafone Egypt, the …
