Egypt Independent: Economy-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Trade Min.: Devising a road map for WTO necessary http://www.egyptindependent.com//node/2443250 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/12/17/94/mounir_fakhry_abdel_nour.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Minister of Trade and Industry Mounir Fakhry Abdel Nour returned home on Sunday coming from Switzerland, where he participated in the World Economic Forum.<br />On the sidelines of Davos Forum, Abdel Nour participated in a World Trade Organization (WTO) meeting, which tackled a number of development issues.<br />In the WTO meeting, Abdel Nour said that devising a road map for the activities of the WTO this year has become necessary for making Doha Development Round successful.<br />In addition, he said that a program should be outlined for the developing countries.</p> Mon, 26 Jan 2015 15:36:00 +0000 MENA 2443250 at http://www.egyptindependent.com sites/default/files/photo/2014/12/17/94/mounir_fakhry_abdel_nour.jpg Sources: Emaar Properties targets Q2 for $270 mln Egypt unit float http://www.egyptindependent.com//node/2443249 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/06/05/484151/201460_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Dubai&#39;s Emaar Properties will submit plans to float its Egyptian unit to the North African country&#39;s regulator &quot;within days&quot; ahead of an initial share sale earmarked for the second quarter, two sources aware of the matter told Reuters.</p><p>The initial public offering (IPO) of a portion of Emaar Misr is expected to be worth in excess of 2 billion pounds ($270.3 million), making it the largest flotation on the Cairo bourse since 2007.</p><p>&quot;Within a few days, Emaar Misr will offer the documents to the stock market. The IPO will be in the second quarter, God willing,&quot; said one of the sources, who spoke to Reuters on condition of anonymity as the information isn&#39;t public.</p><p>&quot;You&#39;re talking about a big launch, certainly over two billion pounds.&quot;</p><p>A unit of Emaar Properties, the largest real estate developer in Dubai, Emaar Misr has a portfolio of investments in Egypt worth around 53 billion pounds, according to its website.</p><p>&quot;Emaar is preparing for listing Emaar Misr, its wholly-owned Egyptian subsidiary this year and the preparation works are in progress,&quot; a spokeswoman for the parent company said.</p><p>&quot;The timing of the IPO will be dependent on the market conditions, and details on the terms of filing, size, and banks will be announced when they are finalised.&quot;</p><p>Arranging the listing will be EFG Hermes and JP Morgan, the second source said.</p><p>Should the flotation of the Egyptian business go ahead, it would be the second Emaar unit to be listed inside a year, after Emaar Malls Group raised 5.8 billion dirhams ($1.58 billion) from its 15.4 percent IPO in September.</p><p>Emaar is also watching markets for the best time to float its hospitality business, it said earlier this month.</p><p>The Emaar Misr listing would highlight the linkage between Egypt and the United Arab Emirates, with the latter providing large amounts of financial, energy and political support to the country since the army toppled President Mohamed Mursi of the Muslim Brotherhood after mass protests against his rule in 2013.</p><p>Etisalat, the former monopoly telecoms operator in the UAE, said in August it was evaluating listing on the Cairo bourse its Egyptian business, Etisalat Misr.</p><p>There has only been one major IPO in Egypt since the political turmoil which began in 2011: in May 2014, Arabian Cement Company raised around 700 million pounds.</p> Mon, 26 Jan 2015 15:25:00 +0000 Reuters 2443249 at http://www.egyptindependent.com sites/default/files/photo/2014/06/05/484151/201460_0.jpg Egypt's market loses LE350 million on Monday, EGX30 down 0.65% http://www.egyptindependent.com//node/2443244 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/06/19/484151/217788_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s market main index declined 0.65 percent &nbsp;on Monday&#39;s session recording 9,834.81 points and a turnover of LE756million, the Egyptian Exchange data showed.</p><p>Meanwhile,&nbsp;the broader EGX70 index and &nbsp;the EGX100 index inched &nbsp;up 0.26 percent and 0.12 respectively.</p><p>Arab and local institutions recorded net sales of LE25.81million and LE15.94million respectively, while local retail investors and foreign institutions recorded net purchases of LE27.61million and LE10.31million respectively. &nbsp;</p><p>EGX market capital lost LE350 million to hit LE521.11 billion compared to LE521.46 billion on&nbsp;Thursday&#39;s session</p> Mon, 26 Jan 2015 14:17:00 +0000 Egypt Independent 2443244 at http://www.egyptindependent.com sites/default/files/photo/2014/06/19/484151/217788_0.jpg Egypt awards $2.2 bln LNG tender to 4 foreign firms-state gas board http://www.egyptindependent.com//node/2443189 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/01/15/499612/a_ship_passes_a_petro-industrial_complex_in_kawasaki_near_tokyo.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s state gas board has awarded a $2.2 billion tender to import 75 cargoes of liquefied natural gas (LNG) to four international firms, its chairman said on Sunday, as the country seeks new energy sources.</p><p>Declining production and increasing consumption has turned the Arab world&#39;s most populous country from an energy exporter to a net importer, prompting a flurry of activity in past months to boost foreign supplies.</p><p>The four companies will supply four cargoes a month over about two years, Khaled Abdel Badie of state-run Egyptian Natural Gas Holding Company (EGAS) told Reuters.</p><p>Abdel Badie did not identify the four companies. Seven firms, including London-based energy major BP, bid for the tender in October.</p><p>The country of about 90 million relies heavily on gas to generate power for households and industry, but has had difficulty securing imports because it lacks a terminal to process LNG, which is natural gas chilled into a liquid state.</p><p>But after two years of delays, Egypt contracted Norway&#39;s Hoegh LNG for a floating storage and regasification unit, opening the door to LNG imports once the terminal is operational by the end of March.</p><p>Since the deal with Hoegh was finalised, Egypt has signed a deal with Algeria for six LNG cargoes and expects to complete an agreement with Russia&#39;s Gazprom later this month.</p> Sun, 25 Jan 2015 18:42:00 +0000 Reuters 2443189 at http://www.egyptindependent.com sites/default/files/photo/2015/01/15/499612/a_ship_passes_a_petro-industrial_complex_in_kawasaki_near_tokyo.jpg