New board for state banksPrime Minister Ahmed Nazif will issue a decree on Sept. 23 restructuring the board of directors of three public banks – National Bank of Egypt, Banque Misr and Banque du Caire – after the conclusion of a three-year round for the current boards. Al Gomhouria newspaper reported that Banque du Caire would have a separate board for the first time since its acquisition by Banque Misr in August 2005. Banque du Caire’s BOD will be headed by Mohamed Kafafi, the vice chairman of Banque Misr. Banque du Caire’s new board is responsible for the further restructuring of the bank, in preparation for its sale to a strategic investor. Meanwhile, Mohamed Barakat will still head Banque Misr and NBE will still be headed by Tarek Amer.
Orascom Construction to pay $1 dividend Orascom Construction Industries will pay an interim cash dividend this month of the equivalent of $1 per share or $2 for every GDR share, the firm said on Monday. Orascom Construction said in a statement it would make the payment on Sept. 24 to holders of ordinary shares as of Sept. 21, and the dividend would be paid in Egyptian pounds. It did not say what the record date would be for holders of GDR shares. OCI, Egypt’s largest builder by market value, said last month its second-quarter net income from continuing operations had more than tripled to $239.5 million, beating market expectations. -Reuters
Net international reserves up to $34 billionEgypt’s net international reserves (NIR) rose to $34.8 billion at the end of August 2008, up from $34.7 billion at the end of July 2008, according to the Central Bank of Egypt website. In its daily market report, Beltone Financial said, “This is the second consecutive month that the year-on-year growth in NIR is stable at 17.4 percent, following 14 months of high growth, exceeding 20 percent, due to the high flow of foreign currency from investment inflows, goods and services export receipts and improved returns on the reserves balance. “Net international reserves have been rising steadily since October 2004 and we expect they will continue to rise, albeit by a calmer rate in the absence of major investment deals.
554 new company establishmentsA total of 554 new companies have been established during July 2008 with total issued capital of LE 2.6 billion compared with 213 new company establishments with issued capital of LE 1.9 billion a year ago. Out of the total, 226 companies (41 percent) were service companies, 98 companies (18 percent) belonged to the real estate sector, 85 companies (15 percent) belonged to the agriculture sector, and 74 companies (13 percent) belonged to the manufacturing sector, reported Al-Alam Al-Youm.
Eye on the marketMAC Holding, a subsidiary of Oriental Weavers (OW) acquired 143,991 shares, representing 28.8 percent of the Egyptian Sponge Company for a total value of LE 19.2 million, or LE 133.50 per share. According to the Minister of Petroleum Sameh Fahmi, natural gas networks have been extended from Arish, Egypt to Homos, Syria reaching 1,000 km with an investment cost of $800 million, reported Al-Akhbar.A Japanese company is to establish a new factory for producing spare parts in the free zone of Port Said with estimated investments of $11 million, reported Al-Akhbar.
China grants Egypt $5.1 million to develop agriculture, special educationChina granted Egypt $5.1 million in aid to develop the agricultural sector and establish new school for the handicapped in Menufiya, reported Al-Ahram. The aid includes $1.5 million for supporting the Egyptian agricultural sector with Chinese expertise and $3.6 million for establishing a new school for the handicapped in Kafr Meselha. Egypt is currently seeking another $200 million aid from China to develop the trade and industry exhibition and Cairo International Center for conferences by establishing a new hotel in the area.
Manpower Ministry to establish employment agencyThe Ministry of Manpower and Migration in Egypt has drafted a plan to establish a national employment agency. The agency will comprise the three labor parties: government, employers and employees, said Minister of Manpower Aisha Abdel Hady on Saturday. Abdel Hady said the agency will help reduce unemployment in Egypt. -MENA
Alexandria City Center environment protection campaignAlexandria City Center launched an environmental campaign to raise awareness about the effects of climate change. The drive combines fun with education to create awareness among the city’s children. As part of the initiative, City Center organized a drawing contest for children. The competition involved children listening to a live talk on climate change by representatives from two community groups, Techno Kids and Future Kids, with the help of images and videos. The children then had to interpret that information into sketches. Over 300 children participated in the contest with judges narrowing the selection to 32 paintings, which are currently on display for 15 days at the mall’s main extension. Omar Gaafar, general manager of Alexandria City Center, said, “Some parents told us how their children learned and pointed out simple everyday actions such as switching off lights and air-conditioning when not needed and turning the water taps off to help save the environment. We hope through our ongoing exhibition visitors will understand that each individual has a role to play in the fight against climate change and through our collective efforts we can protect the environment.
