Tenders in for Suez Bay Northwest Economic Area
Out of a total 29 companies, both local and international, who submitted tender offers to take part in the development of the Suez Bay Northwest Economic Area, only 11 were deemed qualified, according to a statement from the General Authority for Investment and Free Zones.
The committee overseeing the international tender submitted a report for review by the boards of the general authority of the Suez Bay Northwest Economic Area and the area’s main developer, the statement said.
One of the criteria stipulated is that companies participating in the tender must have previous experience in developing, managing and marketing economic zones on an international level.
After reviewing the initial offerings from companies around the world, the authority put Egypt TEDA’s – and Egyptian-Chinese company – at the top of the list to develop six square kilometers as a first phase of the establishment of the economic zone.
Egypt TEDA will invest more than $270 million in developing the area, including building the infrastructure as well as providing utilities and basic services for the projects that will be established in this area.
The company will also be responsible for marketing, managing and maintaining the area.
Investment Minister Mahmoud Mohieldin said the overall development will encompass 150 projects and provide 40,000 job opportunities.
With this project, the ministry is targeting labor-intensive small and medium enterprises that will export locally manufactured products after satisfying the needs of the local market.
In cooperation with the housing ministry and the Suez governorate, the ministry of investment said it is equally important to develop New Sokhna City as a residential community complete with services and utilities to cater to the workers on the new economic zone. -Daily News Egypt
Centamin ups reserves view at Egypt gold mine
Gold explorer Centamin Egypt said the reserves estimate for its Sukari gold mine in Egypt had increased by 72 percent to 6.4 million ounces.
The firm said on Thursday this marked an increase of 2.7 million ounces from the previously reported 3.7 million ounces in March 2007.
The new reserves were based on drilling up to Jan. 25 and used a gold price of $700 per ounce, it said.
“The ongoing drilling program has been very encouraging, and the company is confident that this will result in further additions to the reserve and resource inventory, said Chief Executive Josef El-Raghy. -Reuters
FT says will not propose another offer for Mobinil
France Telecom announced that it is not willing to propose another offer to buy the remaining 49 percent stake in Mobinil after the Capital Market Authority refused its previous offer of LE 200 per share.
FT is willing to go back to international arbitration in case it does not receive a transfer of Orascom Telecom Holding’s (OTH) indirect stake, reported Al-Mal.
In other news, Egyptian Company for Mobile Services (Mobinil) announced that the Middle East Rating & Investors Service has assigned the company’s credit rating with an “A+ compared by previous rating “A, the company said in a statement on the stock exchange website. The company said the rating reflects Mobinil’s strong financial performance.
Orascom Telecom targets acquisitions in Morocco, Asia
Orascom Telecom Holding SAE, the Middle East’s biggest mobile-phone company, may buy companies in Morocco and Asia as it continues its strategy of investing in densely populated countries with potential for growth.
“We are looking now at three major acquisitions, Naguib Sawiris, Orascom Telecom’s chairman and chief executive officer, said in an interview with Bloomberg. “One of them is in Morocco and two of them are in Asia, he said, declining to name them. -Bloomberg
EIB to finance infrastructure projects
European Investment Bank (EIB) plans to finance a number of infrastructure projects in Egypt with ?400 million to ?500 million this year, according to Jane Mackferson, the chairman of EIB’s Middle East Department.
The projects will include initiatives in the petrochemicals, power generation, environment, water and renewable energy sectors. -Noozz
World Bank to loan Egypt $270 mln
The World Bank approved Wednesday granting Egypt a loan worth $270 million to finance part of its railway restructuring plans. -Al-Alam Al-Youm
Saint-Gobain, Sisecam to develop activities in Egypt, Russia
France-based materials maker Saint-Gobain and Turkish glass firm Sisecam have agreed to jointly develop their flat glass (float) activities in Egypt and Russia, by carrying out two projects together.
Sisecam will take a minority stake in Saint-Gobain Glass’ investment project to build its first float glass production line in Egypt, alongside Saint-Gobain’s local partner, MMID.
In addition, a joint venture will be set up between Saint-Gobain and Sisecam for the construction of a float line in Russia, in the Republic of Tatarstan. A feasibility study for this investment was recently announced by Trakya Cam, a company of the Sisecam Group.
Output from this plant will be sold in the building and automotive markets. -Construction News
