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Sunday, 13 Apr 2014

Egypt to Launch an International Exploration Tender for Gold on March 15


Insights MENA

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Economic Outlook

Economic Outlook

Egypt’s Industrial Development Authority (IDA) approved 8000 new industrial projects, and 6000 industrial registrations were issued in the last 16 months. Moreover, IDA targets creating investments through its new facilities offered. For instance, 5.4 million Acers are now allocated for industrial developers and protocols of 3 BN EGP were signed to exploit new 35 industrial zones across the country. This will help the government in generating new investment and employment opportunities.  Dubai’s Electricity and Water Authority (DEWA) has mounted around 80,000 smart meters in Dubai replacing all mechanical and electromechanical water and electricity meters. An expansion plan to cover the entire emirate should be complete within a couple of years. The estimated replacement cost is around 7 BN AED making DEWA the first to introduce such service to the region. Moreover, such investment will help customers monitor their energy consumption levels through smart meters and application saving energy and reducing associated costs.  Throughout the financial crisis, banks in Saudi Arabia managed better than most of their peers in developed markets, thanks to consistently strong profitability and a low risk profile, Standard & Poor's Ratings Services noted in a report published on Tuesday titled "Lending Volume Will Shore Up Saudi Banks' Profitability as Higher Funding Costs Loom".  Qatar's Ambassador to India and senior officials of Qatar from the Ministry of Economy and Commerce have discussed multi-dimensional and growing cooperation between India and Qatar and possible potential joint investments.  France is keen to offer technology and services covering entire scale of mining sector from exploration to downstream industries in the wake of Saudi Arabia's plan to transform its nascent mining industry into the "Third Pillar" of the economy after oil and petrochemicals.
Political Events

Political Events

 Qatar-US defense ties were discussed addressing mutual concern, particularly in the military affairs. The latest developments of the Darfur peace process were reviewed, and efforts to include it in the non-signatory parties to the Doha Document for Peace in Darfur (DDPD) in order to join the document-based peace process and participate in the national dialogue.  Lawyer Mortada Mansour announced that he will compete in the Egyptian presidential elections against former defense minister Abdel Fattah Al-Sisi and Hamdeen Sabahy. Mansour attributed insecurity and violence to the poor implementation of laws. His presidential program concentrates on restoring Egypt’s international position, and improving living standards.
Stock Market

Stock Market

 Egypt stock-market recorded the biggest daily loss in 7 months on the 31st of March.  The decline in Egypt’s tourists figure negatively affected the results of Orascom Hotels (ORHD).  Actis private equity fund sold 23 MM shares in Commercial International Bank (COMI) for 816 MM EGP to national and Arab institutions.  .DFMGI rebounds from regional stock market losses caused by diplomatic tensions with its neighbor Qatar to record the best daily gains in eight sessions. Real estate sector led gains with Emaar and Arabtec as the main contributors.
Companies Transactions

Companies Transactions

UAE: Dubai’s Damac sets price thoughts for USD sukuk Dubai’s Damac Real Estate set price thoughts for its five-year, benchmark-sized US dollar sukuk issue, in basis points, at mid-swaps plus the mid-300s. The proceeds will be used for Damac’s general corporate purposes; benchmark-sized is generally taken to mean at least 500 MM USD. Knowing that sukuk will be listed on the Irish Stock Exchange and NASDAQ Dubai.  UAE: Emaar launches Samara Villas in Dubai’s Arabian ranches Dubai developer Emaar has announced the launch of Samara, a villa community, in its popular development Arabian Ranches after recording strong investor interest for its previous communities. The new project, which includes villas designed according to Spanish coastal architecture, will feature 177 three to five –bedroom villas in four styles.  UAE: Nakheel evaluating IPO, plans another new development The company was currently in the early stages of planning the listing, and that it would take place after all of Nakheel’s debts were paid off. The chairman also confirmed that Nakheel was planning to announce another new development in Dubai in a “completely new location.” That requires Capital raise.  UAE: Dubai-based Souq.com raises 75 MM USD funding from Naspers Dubai-based e-commerce site Souq.com announced that it has raised an additional 75 MM USD funding from its existing investor, South African media group Naspers Limited. This round of funding brings the total amount raised by Souq.com to 150 MM USD (551 MM Dhs), the largest amount raised by any internet-based business in the region.  Egypt: Egypt’s EFG-Hermes sinks to 2013 loss on one-off charges EFG Hermes has made a net loss of 335 MM EGP pounds (48 MM USD), compared with a profit of 211 MM in 2012. Excluding the charges, normalized net profit doubled from 2012. EFG-Hermes said the one-off charges totaled 761 MM EGP, including 616 MM in the fourth quarter alone.  Qatar: QIB in talks for Bank Asya stake Qatar Islamic Bank (QIB) has entered into exclusive discussions to acquire a stake in Turkey’s Bank Asya. The bank is seeking to finalize the transaction within the next few months, subject to obtaining the required regulatory approvals.  Kuwait: Kuwait’s Burgan Bank says to raise capital this year to comply with Basel III Kuwait’s Burgan Bank wants to raise more capital this year to comply with the Basel III banking industry regulations while any acquisitions were unlikely to come soon. The increase, which may happen in the third or fourth quarter of this year, could be “pure capital” or perpetual bonds or both.  Kuwait: Commercial Bank of Kuwait will convert Islamic Banking Commercial Bank of Kuwait, the Gulf state’s fifth largest lender by assets, said a majority of shareholders had approved a plan to convert the bank into a full-fledged Islamic lender.  Oman: Oman Air to raise capital by 519 MM USD as annual loss widens State-owned Oman Air is to raise its capital by 200 MM OMR (519.48 MM USD) to finance annual loss (113.34 MM OMR in 2013) that has been increased by 16%. After this transaction, Oman Air will have 700 MM shares worth 1 OMR each.

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