Upload
dangkiet
View
217
Download
0
Embed Size (px)
Citation preview
STATE INFORMATION SERVICE
Weekly Economic Bulletin
(12-17 August 2017)
Mohammad Saleh
Sisi highlights key role by Arab Organization of
Industrialization in development process
President Abdel Fattah El Sisi highlighted the key role played by
the Arab Organization for Industrialization - which is a national
economic institution - in the development process.
Addressing a meeting with the organization's chairman Abdel-Aziz
Seif, Sisi called for more efforts to upgrade the organization.
He also urged promoting cooperation between the organization and
foreign countries, including African ones, in the coming period to
increase Egypt's civil and military exports.
Seif reviewed during the meeting a report on his recent African
tour, which included Nigeria, Cameroon and Ivory Coast. He said
officials in the three countries showed great interest in purchasing
products of the organization, opening new cooperation vistas and
exchanging expertise in several fields.
The report reviewed the organization's civil and military products,
said the presidential spokesman Alaa Yousef.
Seif said the organization is participating in several civil projects,
including ones in infrastructure domain, added the spokesman.
Sisi reviews work progress of new administrative capital
President Abdel Fattah El Sisi held a meeting with Minister of
Housing and Urban Development Mostafa Madbouly to discuss the
work progress in the new administrative capital.
The meeting was attended by Chairman of the Board of Directors
of the new administrative capital Ahmed Abdeen, Presidency
Advisor for Urban Planning Amir Sayed Ahmed and Executive
Director of Dar Al-Handasah Consultants Company Mohamed
Yehia Zaki.
During the meeting, Madbouly said that according to the advanced
stage of the implementation, marketing plan for the housing area in
the new administrative capital will be launched soon with a view to
offer the first residential units ahead of Al Adha feast, said the
presidential spokesman Alaa Yousef.
Yousef added that the general design of the central area of the new
administrative capital and its development strategy were reviewed
during the meeting in addition to new capital's central business
district.
Work progress of new El Alamin city was also discussed.
Madbouly affirmed that construction works of the residential and
tourist buildings, road network systems and utilities are underway,
Yousef noted.
A national university comprising a number of applied science
faculties, an opera house,a library and a museum will be
established in new El Alamein city.
During the meeting, Sisi urges to continue implementation plan of
the business district in the new capital city and to stick to the set
timeline in addition to following up the stages of progress of the
rest of the new cities, Yousef further said.
Sisi stressed that such projects should provide high-quality services
for citizens that goes in line with international standards.
Sisi stresses resuming efforts for comprehensive update of
electricity sector
President Abdel Fattah El Sisi stressed the importance of resuming
efforts of comprehensive update of the electricity sector and
developing the transportation sector according to a certain
timetable so as to guarantee improving services offered to citizens
nationwide especially in the Upper Egyptian governorates and
remote areas.
He further affirmed the importance of fulfilling Egypt’s
developmental needs of the electricity energy.
The president stressed the need to finalize studies of plans
pertaining to electricity connection with neighboring countries
putting into consideration its importance in enhancing cooperation
with these countries and pushing forward developmental efforts.
These remarks came during the meeting held between Sisi and
Electricity and Renewable Energy Minister Mohamed Shaker.
During the meeting, the electricity minister reviewed efforts
exerted to improve the services offered to citizens either
household, commercial or industrial consumption, according to
presidential spokesman Alaa Youssef.
Shaker said that the most up-to-date technologies are adopted,
while the customer service system is developed.
The minister reviewed also the work progress in implementing a
number of great national projects carried out in the electricity
sector. He further underlined that experimental operations will be
implemented by Siemens company in Beni Suef, Berulus and the
new administrative capital during the first months of next year.
Concerning the project of the nuclear station for generating
electricity in el Dabaa, Shaker stressed that the Dabaa is being
prepared now for establishing the station.
The minister tackled, during the get-together, steps being taken to
start the ventures of electricity connection with the neighboring
countries so as to make Egypt a hub for energy.
Shaker underscored that measures are now taken for electricity
connection with Saudi Arabia to exchange 3000 megawatts,
besides establishing the green energy corridor with African
countries, Youssef reiterated.
Investment, antiquities ministers probe with Luxor governor
means of luring investors
Minister of Investment and International Cooperation Sahar Nasr
discussed with Antiquities Minister Khaled el Anani and Luxor
Governor Mohamed Badr the investment opportunities in the
Upper Egyptian governorate.
The meeting also touched on establishing two investment regions
in Luxor: a comprehensive one and another one for small and
medium enterprises.
They probed means of benefiting from Luxor’s rich archaeological
areas in luring investments that would in turn help attract more
tourists to the governorate.
Meanwhile, the meeting took up preparations for Nasr’s visit to
Luxor in order to lay down the foundation stone of a branch of the
investment services center in the tourist city, due to cover Upper
Egypt.
Nasr, Chinese company discuss establishing recycling factory
Investment and International Cooperation Minister Sahar Nasr
discussed with the chairman of a Chinese company for waste
recycling establishing a recycling factory in Egypt.
The chairman expressed his company's willingness to invest in
Egypt, in light of the improvement of the country's business
climate.
Operating in 20 countries, our company is one of the world's
leading recycling companies, the chairman said.
The company has conducted a study on offering assistance to
Menoufiya governorate in getting rid of waste, the chairman said,
adding that an MoU has been signed in this regard.
Nasr, Mamish discuss UAE's DP World plan to beef up
investments in SCZone
Investment and International Cooperation Minister Sahar Nasr had
a meeting on Monday with Chairman of the Suez Canal Authority
and the Suez Canal Economic Zone (SCZone) Mohab Mamish to
discuss a plan drawn by UAE's DP World to beef up its
investments in the SCZone.
The Investment Ministry in a statement on Monday said that the
two sides discussed arrangements for a foreign tour that will take
them to Vietnam and Singapore in August to inject new
investments in the country.
For her part, Nasr called for benefiting from the new investment
law that gave incentives and investment protection guarantees for
investors who seek to establish business projects in the Suez Canal
economic zone.
Mamish stressed the importance of channeling all state institutions'
efforts into achieving a comprehensive development in the country
and changing the future of the region, a matter that will in turn help
boost Egypt's economy and create jobs.
He also underlined the importance of Sinai development as the
only way to achieve peace and stability in this important part of
homeland.
On August 9, President Abdel Fattah El Sisi approved the
establishment of a joint development company between the Suez
Canal Economic Zone and the Dubai World Ports group known as
DP World.
According to the deal, DP World will carry out the project in the
Suez Canal area while the Egyptian government will offer all
facilitation necessary for the project's establishment.
Dr. Nasr Meets with EBRD’s Vice-Presidents during her Visit
to London
On 15 August 2017, during her visit to the British capital
“London”, the Minister of Investment and International
Cooperation Dr. Sahar Nasr met with the First Vice-President of
the European Bank for Reconstruction and Development (EBRD)
Mr. Philip Bennett and EBRD’s Vice-President Mr. Alain Pilloux.
The officials discussed current cooperation portfolio with EBRD
and future projects, given that the overall cooperation portfolio
with the Bank reaches approximately EUR 2.6 billion, including
injecting investments in the fields of infrastructure, energy and
transportation as well as supporting the private sector, particularly
SMEs and entrepreneurship.
EBRD’s potential financing of Kitchener drainage project in Kafr
El-Sheikh to increase standards of living and eliminate the
environmental loss arising from the sewage plant was tackled
during the meeting, where the Minister emphasized that the
government would take prompt actions to secure funds for solving
the problem of Kitchener drainage as soon as possible.
Further, the Meeting touched on the arrangements of forming an
advisory council “The Foreign Investment Council in Egypt” to
serve as a dialogue platform between the Egyptian government and
major investment companies in order to settle any disputes and
overcome any obstacles facing foreign direct investments (FDI) in
Egypt, which is considered a fundamental factor in providing job
opportunities. A steering unit for the advisory council will be
established in collaboration with EBRD, added Dr. Nasr.
The Minister asserted Egypt’s keenness on hosting the investment
forum scheduled to be held with EBRD in November 2017, noting
that the forum would give an overview of Egypt’s investment
opportunities and the new Investment Law and its executive
regulations. It would serve as a platform for gathering several
global companies which already invest, or intend to invest, in
Egypt.
Finally, the Minister invited EBRD and its President to take part in
“Africa Forum 2017” scheduled to be held in Sharm El-Sheikh
next December under the auspices of President Abdel Fattah El-
Sisi. Africa Forum, explained the Minister, would call on
increasing investments in Africa and Egypt, besides presenting
investment opportunities in Egypt and developing youth in Africa.
Nasr reviews preparations for upcoming visits by WB
delegations
Investment Minister Sahar Nasr met with Asad Alem, World Bank
Country Director for Egypt, to discuss preparations for WB visits
to the country in August and September.
The first visit is expected to take place between August 20 and 24
and will focus on the inking of the third batch of a three-billion-
dollar fund to support the Egyptian economic and social program,
according to a statement by the Investment Ministry.
Other WB delegations will visit Egypt in September to discuss
projects to develop Upper Egypt, support good governance,
upgrade education and improve the investment climate.
The WB has allocated 500 million dollars for the development of
Upper Egypt, Nasr said.
US pharmaceutical companies look to increase investments in
Egypt
Representatives of US pharmaceutical companies expressed their
interest in a possible increase of investments in Egypt, and praised
the measures taken by the government to improve the investment
climate.
During a meeting with Minister of Investment and International
Cooperation, Sahar Nasr, the representatives of the companies said
that Egypt is the ideal market central investment in medicine, due
to geographical location and large population.
Executive director of Middle East affairs at the US Chamber of
Commerce, Steve Lutes, said that the chamber supports the
expansion of American companies to invest in Egypt and looks
forward to working with the minister to increase the number of
American companies in the country, as well as expand their
investments and businesses.
MENA area director of Glaxo Smith Kline, Fabio Landazabal, said
that the volume of their investments in Egypt reached $800
million, and there is a desire to expand the pharmaceutical sector.
The company has two factories in Cairo and Giza, representing
about 8 percent of the Egyptian market.
The minister said that Egypt welcomes American investors, and its
doors are open to receive their money. He explained that the
government has made a packet of legislation to improve the
business and investment environment, including the finance lease
law and amending the Companies Law.
Landazabal added that Egypt has all the qualifications to attract
investments, such as excellence and competition, as well as the
new investment law that takes into account the social dimensions
and promotes transparency, disclosure and standards of
governance.
New industrial facilities law to attract more regional,
international industrial investments to Egypt
Trade and Industry Minister Tarek Qabil asserted that the
executive regulations of the law aiming at facilitating measures to
issue permits for establishing industrial facilities will make a
revolution concerning industrial investment rates in Egypt in the
coming period.
This came on the sidelines of a press conference that was held to
announce the new regulations.
The minister added that the new regulations will contribute to
attracting more regional and international industrial investments to
Egypt as well as enhancing Egypt’s rating in reports issued by
international institutions.
He also said that the new law aims at facilitating the measures,
avoiding bureaucracy and shortening the time required to issue
permits.
The conference was also attended by Chairman of the Federation
of Egyptian Industries Mohammed Al-Suwaidi, Chairman of the
Federation of Egyptian Chambers of Commerce Ahmed El Wakil,
Egyptian Union for Investors' Associations Head Mohamed Farid
Khamis, Head of Parliament's Industry Committee Ahmed Samir
and other senior officials.
SCZone announced new decreases for container ships
Chairman of Suez Canal Development Zone (SCZone) Mohab
Mamish announced that tariffs on ships will be reduced up to 50
percent to increase the number of containers and transit ships and
encourage investors to hold activities in the Egyptian ports.
Speaking at a press conference to announce the application of the
ports’ unified bill, Mamish said that container ships carrying less
than 200 containers will not be granted a discount, while those
carrying from 200 to 500 containers will have a 10 percent
reduction. Moreover, container ships carrying less than 1,000 and
2,000 containers will get 15 and 20 percent cuts, respectively.
A 25 percent reduction will be granted to container ships carrying
less than 3,000, SCZone Chairman said, adding that 45 percent
will be reduced from ships carrying less than 3,333 containers and
50 percent for more than 3,333 containers.
Mamish added that tariffs cut will be applied on the ports of the
Suez Canal Development Zone as a first phase to develop the Suez
Canal in east and west Port Said, Ain Sokhna and El-Tor.
Decreasing the tariffs does not indicate a decline in the service
level, Mamish highlighted.
In April, Mamish announced reductions on the fees for a number
of shipping lines, as a 40 percent fee discount for bulk cargo ships
moving from South Africa ports to Mediterranean ports was set,
including those along the Black Sea to Ceuta Port.
Egypt tourism revenue bounces back after crippling dollar
shortage: Bloomberg
Egypt’s tourism revenues rose to $1.5 billion in the fourth quarter
of 2017, up from $510 million in the same period a year ago,
Bloomberg reported on Tuesday citing central bank data.
Full-year receipts rose 16 percent to $4.4 billion. Remittances grew
9 percent to $4.8 billion in the fourth quarter, and rose two percent
to $17.4 billion for the year, Bloomberg said, marking “another
step in the country’s economic recovery from a crippling dollar
shortage.”
“Egypt’s main foreign-currency earners are finally bouncing back,
closing in on levels similar to those prevalent before the 2015-2016
crisis,” Reham El Desoki, senior economist at regional investment
bank Arqaam Capital told Bloomberg.
The data is an indication of a slow but sure improvement in
Egypt’s external finances since November, following the floatation
of the Egyptian pound, and a sharp cut in subsidies, as the
Egyptian government seeks to secure a $12 billion IMF loan.
Unemployment rate below 12 percent for first time since 2011
Egypt's unemployment rate dipped below 12 percent in the second
quarter, the first time it has been that low since the political
uprising of 2011.
Nearly 80 percent of those unemployed were young, however.
The Central Agency for Public Mobilization and Statistics
(CAPMAS) said the rate dipped to 11.98 percent from 12 percent
the previous quarter.
Prime Minister follows up progress of energy projects
Prime Minister Sherif Ismail chaired the Supreme Council of
Energy meeting to review and follow up the progress of energy
projects in Egypt, in addition to the oil and gas exploration
operations.
Minister of Petroleum and Mineral Resources Tareq el Molla,
Minister of Electricity and Renewable Energy Mohamed Shaker
and Minister of Transport Hesham Arafat attended the meeting.
PM issues decree to establish golden triangle economic zone
Prime Minister Sherif Ismail issued a decree no. 1788/2017 on
establishing the Golden Triangle Economic Zone as an
independent public authority.
As per the decision, the Safaga-based zone will be under the
supervision of the premier.
The cabinet has earlier pointed out that the zone will include
setting up a variety of economic and developmental activities in
industrial, mining, agricultural development and tourism sectors.
As well, projects aiming at upgrading facilities, infrastructure and
road development will be also established in the Golden Triangle
Economic Zone.
United States Dollar to Egypt Pound
By the end of this week, the average buy price for the US dollar
reached 17.7129 pounds, while the average sell price reached
17.8129 pounds.
Gold Price
The following table shows gold price per gram:
Carat Gold price per gram in
Egyptian Pound (EGP)
24K Gram 728 EGP
21K Gram 637 EGP
18K Gram 546 EGP