South Valley Cement 2009 net profit at $28 mln
Egypt s South Valley Cement posted 2009 net income of LE 151.8 million ($27.5 million), up from LE 6.5 million in 2008, the stock exchange said on Thursday. The exchange gave no other details. -Reuters
LVMH plans luxury developments in Egypt, Oman
LVMH Moet Hennessy Louis Vuitton, the world’s largest maker of luxury goods, plans to open two luxury property developments on islands in Oman and Egypt under the Maison Cheval Blanc brand.
The projects, which are in collaboration with Samih Sawiris, chairman and founder of Orascom Hotels and Development, are already under construction and are expected to open in 2012, the Paris-based company said today in an e-mailed statement. Other venues are also being considered, LVMH said.
The development in Egypt is on the private island of Amoun in Aswan and will include about 40 suites overlooking the Nile, the company said. Both projects were conceived in collaboration with architect Jean Michel Gathy, LVMH said.
The Maison Cheval Blanc in Oman is on the 11 square-kilometer island of Al Sodah and includes 32 private villas, LVMH said.
LVMH also said it created a hotel management unit to retain control of its hospitality businesses while minimizing capital commitment. This will enable the company to maximize the value of its brands and exploit the long-term growth of the luxury hotel industry, LVMH said.
The first Maison Cheval Blanc hotel was built by LVMH Chairman Bernard Arnault in the French ski resort of Courchevel in 2006. -Arabian Business
GSPC inks agreement with Egypt for oil and gas exploration
Gujarat State Petroleum Corporation (GSPC) has inked an agreement with government of Egypt for oil and gas exploration in the African nation where the Indian firm has been allotted blocks.
The Gujarat government-promoted company, in partnership with private sector Adani Group, was recently allotted three blocks for oil and gas exploration in Egypt.
The consortium is led by GSPC, which has 60 percent stake, while Adani Group holds 40 percent, said a GSPC official here today.
The GSPC-led consortium was allotted three blocks by Egypt and agreement for commencing exploration activities has been inked with one block, the GSPC official, who signed the agreement in Egypt, said.
Similar agreements for remaining two blocks will be inked at a later stage, he said.
GSPC already has got two blocks in Egypt apart from three awarded recently. With addition of three blocks, we have five blocks in Egypt now.
GSPC, with its various partners, is engaged in exploration activities in petroleum products at 60 places in India and abroad where it works in more than 20 countries. -Economic Times
Allianz Egypt, Arab Bank sign service agreement
Insurance services provider Allianz Egypt finalized a “Group Life Insurance agreement with Arab Bank, the company said in a statement.
Raymond Cham, chairman of Allianz Egypt, and Samar Al Molla, chairman of the Arab Bank, signed an agreement which will offer Allianz insurance coverage to more than 900 Arab Bank employees.
Construction consumes 70 percent of softwood imports
Egypt’s construction industry consumes 70 percent of all softwood imports, according to statistics published by the Food and Agriculture Organization of the United Nations.
The remaining imports are used in the furniture industry and the production of doors and windows.
Representatives from the Egyptian Chamber of Commerce met with Strategic Marketing & Exhibitions (SME), organizers of the Dubai WoodShow 2010 to discuss the strong demand for softwood in the country. Prior to the event, which will run from April 13 to 15, a series of roadshows has been scheduled in the county by SME to examine the potential in the expanding wood trade and to attract Egyptian wood traders to participate at this year’s show.
Used extensively for scaffolding, forming and joinery, softwood consumption in the country is split at 75 percent of red woods and 25 percent of white woods. Of the total red wood consumption, 32 percent of the redwood is used for furniture industry; 20 percent for non-structural construction; 18 percent for structural construction; 15 percent for joinery; and 15 percent for other uses.
Meanwhile, 35 percent of the imported whitewood is used for concrete forming; 25 percent for scaffolding; 14 percent for packaging; 8 percent for furniture; 6 percent for joinery; and 12 percent for other uses.
Egypt 364-day T-bills average yield slips to 10.293 pct
The average yield on Egyptian 364-day treasury bills declined to 10.293 percent at an auction on Thursday, compared with 10.436 percent at the last auction on March 25.
The central bank said it accepted bids for bills worth LE 3 billion, the same amount it was seeking.
It accepted bids at rates between 10.2 and 10.34 percent, versus 10.39 to 10.5 percent at the previous auction, the bank said. The bills are for issue on April 13 and they mature on April 12, 2011. -Reuters
