An American alliance is developing the Tahrir Complex with investments of 3.5 billion pounds.. 4 billion pounds is an initial budget deficit in the first quarter of the current fiscal year Advertising area

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headlines

Egyptian food exports are on track to cross $4 billion for the first time by the end of the year

“Egyptian Saudi Investments” intends to acquire stakes in two companies in Egypt

A parliamentary committee proposes an amendment to the real estate tax law for factories

Imposing anti-dumping duties on US imports of PVC

Samih Sawiris expects a slow recovery in tourism

ABB for Electrical Industries aims to increase its exports to 35% next year

With investments of $35 million, El Sewedy opens an industrial complex in Tanzania

“Tourism” finishes evaluating the classification of Cairo hotels this month

main story

An American alliance to develop Tahrir Complex with investments of 3.5 billion pounds

An American consortium of 3 companies won the process of developing and rehabilitating the Tahrir Complex building, with investments exceeding 3.5 billion pounds.

A statement issued by the Council of Ministers said that the consortium is made up of “Global Ventures Group”, “Oxford Capital Group” and “Al Otaiba Investment Company”, and its victory came after a bidding process aimed at attracting developers and partners from all over the world, specialized in the rehabilitation and development of historical buildings. It was liquidated into three alliances, to win the American alliance for the best technical and financial bid, in addition to the alliance's rich precedent for the development of a group of historical buildings in America and Europe.

Prime Minister Mostafa Madbouly witnessed the signing ceremony of an agreement with the winning coalition, and the agreement to select the winning coalition was signed by: Amr Elhamy, Executive Director of the Egypt Sub-Fund for Tourism, Real Estate Investment and Antiquities Development of the Sovereign Fund of Egypt, and Randall Langer, Chairman of the Board of Directors of “Global Ventures Group” John Rutledge, Chairman of Oxford Capital Group, and Amr Shoukry, Head of Business Development at Al Otaiba Investment Company.

The total investments that will be pumped into the development process amount to more than 3.5 billion pounds. The importance of developing the Tahrir Complex comes due to its historical and symbolic value to the Egyptian people, according to a government statement, as it is the most famous government site in downtown Cairo in Tahrir Square. The statement said that the strategy of the Sovereign Fund in this regard includes developing the building to be a multi-use (hotel - commercial - administrative - cultural), and in harmony with the nature and development efforts undertaken by the state in the downtown area and Khedive Cairo.

In a related context, Al-Mal newspaper quoted Ayman Suleiman that the fund intends to double its investment portfolio during the new year 2022 to reach between 22 and 23 billion pounds, with a focus on the sectors of the green economy, infrastructure, logistics and tourism, pointing out that the fund is studying contracts of up to 4 New agreements in the field of green hydrogen production, especially in light of the recent expression of external parties' desire to invest in this field in the Egyptian market. He also confirmed that the fund intends to launch a new fund to invest in the field of education.

Top news

The state’s general budget recorded an initial deficit in the first quarter of the current fiscal year amounting to 4 billion pounds, according to what the Egyptian Deputy Finance Minister Ahmed Kajouk told “Al-Sharq with Bloomberg” website. The primary deficit or surplus is the difference in state revenues from its expenditures, excluding debt expenditures. Egypt plans to record a primary surplus of 1.4% of GDP for the current fiscal year 2021-2022, according to the general budget data published on the Ministry of Finance website.

Egypt has not recorded an initial deficit at the level of the fiscal year for nearly 6 years, according to the same data. Egypt aims to reach the total deficit ratio to 6.7% by the end of the current fiscal year, from 7.4% a year ago, and to increase economic growth to 5.6% compared to 3.3% a year ago, and the total deficit includes debt expenses... Details

Al-Mal newspaper quoted Kajok, that the ministry will announce a stimulus package to support the strategy of transition to a green economy, during next March, explaining that this integrated strategy is currently in the study phase, and the implementation process will begin as of the next fiscal year.

The Export Council for Food Industries expected a jump in the total Egyptian food exports this year by 14.2% compared to last year's exports. Tamim Al-Dawy, Deputy Executive Director of the Council, said that according to the results achieved by the food industry sector exports in the first 10 months of this year, the total exports for the year are expected to exceed the $4 billion barrier. He explained that during the first 10 months of this year, exports amounted to 3.5 billion dollars, equivalent to the whole of last year..Details

In a parallel context, the National Food Safety Authority announced an increase in food import and export inspection fees between 100 and 1000%, and for the first time, the authority decided to collect a fee for laboratory examination of food products intended for export, if the authority or the importing country requested an examination of one of the pollutants or food additives for each shipment. Food import duties on various products have also been adjusted at an increasing rate, ranging between 100 and 1000%...Details

Egypt's exports of engineering industries jumped by 44% in the first 10 months of 2021, reaching $2.643 billion, compared to $1.838 billion in the same period last year. Mai Helmy, Executive Director of the Export Council, revealed that in October, engineering exports achieved the largest export figure during the year with a value of $351.5 million, an annual increase of 45 percent, according to a press release.

During the same comparison period, data from the Export Council for Leather, Shoes and Leather Products showed an increase in the sector's exports by 63 percent, recording $70.48 million, compared to $43.23 million. And last October witnessed the sector's exports worth 7.12 million dollars, with an annual growth of 55.8%.

An Emirati fund has acquired 25% of the "Gimnay Holding" company owned by businessman Naguib Sawiris, which owns 100% of the "Aura Developers" company operating in Egypt. The value of Gemini Company amounted to 400 million dollars, and the Emirati company acquired 25% of it for 100 million dollars, equivalent to 1.57 billion pounds.

Naguib Sawiris, CEO and Chairman of Ora Developers, announced an investment deal with Chimera Abu Dhabi, and according to the deal, Chimera, through one of its subsidiaries, will contribute to increasing the capital of Gemini Global Development Egypt. in exchange for a minority stake in it.

The deal of the Emirati fund “Shimera” to acquire “Gimnai Holding” coincides with the announced deal for the acquisition of the Sixth of October Development and Investment Company “SODIC” by an Emirati alliance. What is the significance of these deals and their impact on the future of the real estate market?.. Details

On the other hand, Ahmed Abdel Rahman, Senior Investment Manager at Saudi Egyptian Industrial Investments Company, revealed that his company intends to acquire stakes ranging between 25 to 35% in two companies operating in the construction and pharmaceutical industries, with a total value of $18 million during the second half. from 2022.

He explained that the value of one of the two deals amounts to 10 million dollars, while the second ranges between 7 to 8 million, and it is possible to implement a third deal, referring to the “money” to the company’s intention to exit one of its investments during the next year at a value of 150 million pounds, provided that it will be re-employed. in the implementation of new acquisitions.

The House of Representatives Industry Committee suggested calculating the real estate tax for industrial establishments according to the book value. Moataz Mahmoud, head of the committee, said that this proposal came after the committee asked the Minister of Finance to cancel the real estate tax on factories, but he ruled out the possibility of it happening.

He pointed out that the committee works according to a vision aimed at lifting the burdens on the industrial sector, which contributes to the operation of stalled and faltering factories, and thus the state achieves its plan to reduce the import bill and enhance the movement of exports. He added to Al-Borsa newspaper, that the book value of the factory will be determined according to a committee in which the Real Estate Tax Authority is represented, and the matter will be controlled in the legislative amendment targeted to be made, in addition to including a clause penalizing the committee in case of overestimating taxes or differentiating between one industrial facility and another.

B Investments Holding established a new company called “B Investments in Healthcare” with a licensed capital of one billion Egyptian pounds to invest in promising Egyptian companies in the field of specialized healthcare. Omar Al-Labban, head of investor relations at B Investments Holding, said that B Healthcare, the investment arm of the holding company, is about to finalize the acquisition of the Egyptian Center for IVF during the coming period, after obtaining the necessary approvals. He explained that the office of Dr. Zaki Hashem and Partners is the legal advisor to his company, and the office of Dr. Ziad Bahaa El Din Law Firm is the legal advisor to the Egyptian Center for IVF.

Al-Labban added to “Al Borsa” newspaper, that the company is looking at a number of investment opportunities in the field of fertility and reproductive health, and there are between 2 and 3 investment opportunities under study, and he expects to complete a new deal in the same specialty during the first half of next year.

Today's video

Mohamed Salah intends to invest in gyms and healthy food restaurants in Egypt, and said that the matter will start soon, in an attempt similar to conveying his nutritional and health experience to the Egyptians, as he said that many talents in Egypt need someone to guide them to the right path. follow

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Nevin Gamea, Minister of Trade and Industry, issued a decision to impose a final anti-dumping duty of 9% of the CIF value (costs, insurance and freight charges) on Egyptian imports of PVC, originating or exporting from the United States of America, which falls under item (3904100090). ) of the harmonized customs tariff, provided that this decision shall be implemented for a period of 5 years from the date of its publication in the Egyptian Gazette.

The board of directors of Orascom Construction has recommended the acquisition of an import company owned by the Sawiris family for a value of $35 million. The recommendation will be voted on by the extraordinary general assembly of shareholders on December 27, with the Sawiris family abstaining. Noting that the company had given initial approval on October 19 to study the acquisition of a family-owned company specialized in importing equipment and machinery.

Samih Sawiris, Chairman of the Board of Directors of Orascom Development Holding, presented in an interview with “Al Arabiya” channel yesterday his expectations regarding the performance of the tourism and travel movement during the next year, and suggested that it would be similar to what happened in the current and past years, in light of the sector’s suffering currently from the confusion of some countries. In the sovereign decisions, especially since some countries made decisions and returned to them due to the spread of the new Corona virus “Omicron” mutant.

He added, "It is clear that the travel movement will decrease, and that the crisis in the tourism sector will continue, and any recovery that has occurred or will occur will be slowly, and this crisis will extend until the next tourist season in the summer of next year."

Sawiris confirmed that Orascom is studying the current capabilities in the Saudi tourism sector after the amazing boom in the Kingdom, ruling out the existence of competition between Egypt and Saudi Arabia within the tourism sector, given that the latter is heading towards elite tourism because the cost of everything is more expensive than Egypt, so there is no need for it to compete for Tourists who come to Egypt.

Speaking of tourism, the Ministry of Tourism intends to complete the evaluation and classification of hotels in Greater Cairo this December, in conjunction with evaluation operations in the Red Sea and South Sinai governorates. A source in the ministry said that the evaluation of 50% of the hotel capacity in Greater Cairo has been completed, and it is expected that all licensed hotels in the area will be evaluated during this December, according to the newspaper, “Al Borsa.” He added, "The evaluation and classification review processes for hotels in all regions are continuing within the framework of the government's policy and the Prime Minister's instructions to raise the efficiency of the Egyptian tourist product and work on its quality."

According to the official, the summer season this year for Cairo hotels was better than last year, with occupancy ranging between 70 and 80 percent, and East and Central Cairo hotels were the best.

ABB, which specializes in electrical industries, aims to increase its exports from its factory on the 10th of Ramadan by 10% next year. The company’s exports to the Arab, African and European markets are currently 25%, and the target is to raise the percentage to 35% in 2022, said Mohamed Salem, director of ABB’s factories in Egypt and North and Central Africa, in an interview with Economy Plus… Details

Ahmed Makki, CEO of Bunya Group, said that an invitation has been received from the State of Angola to bid with other countries to manage the State Telecom Company, and in the event of winning, investments worth $200 million will be injected, in addition to working on the implementation of a project to establish fiber-optic lines in The Democratic Republic of the Congo, in cooperation with the telecommunications company and the Postal Authority there, with expected investments of $500 million, with the first tranche of $50 million being pumped, according to Masrawy.com.

The Board of Directors of Madinet Nasr for Housing and Development approved the report of the independent financial advisor regarding the study of the fair value of the Mink Real Estate Investment Company and Egy Can Real Estate Development, provided that the reports are presented to the ordinary general assembly of the company's shareholders to consider the approval of the acquisition of the two target companies.

And Nasr City had previously announced that it would acquire Minak by allocating a portion of a cash increase to the issued and paid-up capital allocated to the old shareholders in the amount of 374.4 million pounds in the nominal value to finance the deal, with the appointment of Abdullah Salam as managing director, and the royal Salam family intends to raise its share to 5 % of Nasr City shares.

The Board of Directors of Abu Qir Fertilizers and Chemical Industries Company has chosen Al-Ahly Capital Holding Company and its companies to act as a financial advisor to the International Company for Methanol and its derivatives - under establishment - with the aim of securing the necessary financing for the methanol and ammonia project to be established in the Suez Canal Economic Zone, according to Abu Qir's statement.

A few months ago, Abu Qir Fertilizers signed a shareholder agreement with Helwan Fertilizer Company and Al Ahly Capital Holding Company to establish the Misr Methanol and Petrochemical Company. The investment cost of the first phase of the project is about $1.6 billion and has a production capacity of one million tons of methanol and 400 thousand tons of ammonia annually.

Jumeirah Egypt Real Estate Development intends to launch a project in Sheikh Zayed City, and another residential project with a commercial part in the Fifth Settlement area, with a total expected investment of about EGP 20 billion for the company next year. The North Coast has reached between 6 and 7 billion pounds, and the company is looking into negotiations with local banks to obtain bank financing to enhance financial solvency after previously relying on self-financing for expansions, as part of a plan next year, according to Al Mal.

Rock Redcon Company for commercial and administrative centers is also planning to launch its first real estate projects, “Golden Gate” in early 2022, with investments estimated at 12 billion pounds, which will be implemented until 2035, and according to Hisham Moussa, the company’s managing director, the project will be built on an area of ​​161,000 square meters. In New Cairo, it is a commercial, administrative, entertainment, service and mixed-use project, adding to Amwal Al Ghad that the company is currently negotiating with a number of banks to obtain the necessary financing for the project and will announce it in the first quarter of next year.

The National Pharos Investment Bank expected that remittances from Egyptians abroad will continue their gradual growth in the medium term to reach $35.5 billion by the 2023-2024 fiscal year, in parallel with restoring tourism revenues to growth until they double in the 2021/22 fiscal year to record $8.8 billion compared to $4.9 billion during 2020/2021, reaching $13.7 billion during 2023/2024. In a research note, Al-Ahly Pharos expected that net foreign direct investment inflows would rise at a moderate pace to reach $9 billion in mid-2024.

In an official statement, the Tax Authority called on the financiers of the investment mission in Cairo, especially the free zone companies, which are obliged to join the electronic invoice system in its fifth phase, the need to urgently go to the mission before December 15, to complete the procedures for joining the electronic system, in order to prevent them from being subjected to legal accountability.

The Ministry of Agriculture, Land Reclamation , Communications and Information Technology has launched the smart assistant project for the farmer, which bears the name “Hudhud”. The application is in Arabic, and relies on artificial intelligence techniques to create more effective communication with farmers by providing digital guidance content on topics of interest to farmers and smallholders, to enable them to easily obtain agricultural consultations and sound guidance..Details

El Sewedy Electric has inaugurated the El Sewedy Industrial Complex and an electric cable factory in Tanzania with investments of $35 million, according to a statement from the company yesterday. The industrial complex is located on an area of ​​about 120,000 square meters, and includes factories for cables, wires, transformers, meters, and PVC, in addition to a logistics center on an area of ​​4,800 square meters. The complex is working on producing solutions and equipment for Tanzania's industrialization strategy 2025 and will provide more than 500 job opportunities for young engineers and technicians in its first phase, which includes the cable and wire factory..Details

Dr. Rania Al-Mashat, Minister of International Cooperation, revealed the request of Arab funds to finance the inauguration of silos to store wheat and grain, which is a major part of the reforms since since 2015 there has been insufficient storage capacity for wheat, Al Mal said.

The National Telecommunications Regulatory Authority has begun procedures to raise the efficiency of basic communications services in the Sinai Peninsula, by financing the construction and operation of mobile phone stations in 30 urban areas and 4 vital roads with lengths of up to 112 km, at a total cost of 513 million pounds, and according to a statement by the agency, the services will start operating. end of June 2022.

Orientals Industrial Development Group plans to open and operate the fourth factory in the company’s industrial zone in “Ain Sukhna”, which works in the field of petrochemicals, during March next year, according to “Al Borsa” newspaper. Engineer Sameh Attia, managing director of the company, said that the company’s industrial zone in Ain Sukhna has 3 factories already operating in the area, two of which are for petrochemicals, and another for safe clothing used in construction sites. The company plans to complete the installation and development of the first phase, on an area of ​​two million square meters, by the end of the first quarter of next year.

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Gulf Economy

The Saudi Arabian Oil Company “Aramco” has signed a $15.5 billion (SAR 58.1 billion) leasing and leaseback deal that includes its gas pipeline network in the Kingdom, with a consortium led by BlackRock Fixed Assets Company “BlackRock” and Hassana Investment Company - arm of Investment management for Saudi Arabia's General Organization for Social Insurance - making it one of the world's largest energy infrastructure deals.

According to a statement issued by the company yesterday, when the gas pipeline deal is completed, Aramco will receive revenues of about $15.5 billion, which will enhance its financial position. The deal creates additional value from the company's diversified asset base, attracts the interest of a wide range of investors around the world, and highlights attractive investment opportunities, according to "Economy East".

Arabic and international

The World Bank said that the total external debt stocks of the countries of the Middle East and North Africa amounted to $370 billion in 2020, an increase of 8.5% over 2019. According to the World Bank’s World Debt Statistics 2022 report, the total external debt of the countries of the Middle East recorded and North Africa $350 billion by the end of 2019.

وارتفع الدين الخارجي طويل الأجل لدول منطقة الشرق الأوسط وشمال أفريقيا بمقدار 11 مليار دولار، وبنسبة 4% خلال عام 2020، ليصل إلى 277 مليار دولار، مقابل 266 مليار دولار في عام 2019.. التفاصيل

انخفضت الليرة التركية بنسبة 0.7% مقابل الدولار خلال تعاملات أمس، بحسب وكالة “رويترز”. وعادت الليرة من جديد لأدنى مستوياتها أمام العملة الأمريكية، متأثرة باستمرار المخاوف بشأن سياسات التيسير النقدي للبنك المركزي، رغم ارتفاع معدل التضخم بأكثر من 21%.. وسجلت الليرة التركية 13.85 للدولار، مقابل إغلاق يوم الجمعة الذي بلغ 13.7485، ولامست أدنى مستوى لها على الإطلاق عند 14 مقابل الدولار الأسبوع الماضي بعد تراجع كبير خلال الشهر الماضي.. التفاصيل

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