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Egypt eyes deals worth $15-$20 billion at investment summit

SHARM EL-SHEIKH (Reuters) – Egypt expects to sign agreements worth up to $20 billion at a weekend investment summit in the Red Sea resort of Sharm el-Sheikh, its investment minister said on Friday.Egypt wants the conference to project an image of stability and deepen investor confidence after four years of political and economic turmoil triggered by a 2011 uprising that toppled veteran ruler Hosni Mubarak.Cairo hopes the summit will allow it to double foreign investment…

African Market Watch: Thurs, 12th March 2015

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Egypt: The Egyptian Exchange (EGX) indices showed mixed performance on Thursday, while market capitalisation fell by around EGP 1.3 billion amid pressure from national and Arab sell-offs. The benchmark index EGX30 erased most of its early gains, ending 0.67% higher at 9,640.77 points. The small and mid-cap index EGX70 sagged 0.11% to close at 556.3 points, while the broader index EGX100 inched 0.02% lower to 1,120.18 points. Thursday’s turnover amounted to EGP 821.9 million, generated…

Bank seeks to raise $10 mln via share sale in war-torn Somalia

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NAIROBI (Reuters) – International Bank of Somalia (IBS), one of only a handful of commercial banks operating in the war-torn country, wants to raise $10 million in a public share offering that would be the first of its kind since civil war broke out in 1991.Somalia does not have a stock exchange and most banking is done on informal basis through money transfer firms, but IBS Chief Executive Hassan Yusuf said those ploughing money into…

Nigeria: Weakening Economic Outlook Driven by Low Oil Prices

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Introduction The recent sharp drop in oil prices is taking a heavy toll on Nigeria, the sixth largest net exporter of oil in the world. In 2015, economic activity is projected to slow and the fiscal and current accounts are expected to deteriorate. Although Nigeria has some room to live with higher fiscal and current account deficits in the short term, the economy has limited fiscal and external buffers (low levels of the Excess Crude…

Siemens to supply turbines for Egyptian power plant

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CAIRO, March 10 (Reuters) – Siemens will supply four turbines to a power plant near Egypt’s Suez City to add more than 650 megawatts (MW) of power generation to the creaking national grid, suggesting that government efforts to encourage investment are bearing fruit. The German industrial group said on Tuesday it was awarded a contract to supply the E-Class turbines to the Attika Power Plant under a supply contract with El Sewedy Power System Projects….

African Market Watch: Wed, 11th March 2015

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Egypt: The Egyptian Exchange (EGX) slid on Tuesday, losing around EGP1.3 billion of its capitalisation as traders booked gains from most leading stocks. The benchmark index EGX30 shut slightly lower by 0.04% at 9709.5 points, while small and mid-cap index EGX70 lost 0.52% to 566.38 points. The broader index EGX100 ended 0.34% lower at 1132.29 points. Today’s turnover amounted to nearly EGP 2 billion, while traded volume reached 153.2 million shares and number of transactions…

Egypt bourse expects 7-8 stock listings by mid-2015: chairman

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ABU DHABI (Reuters) – The chairman of the Egyptian stock exchange expects seven or eight companies to list on the bourse by mid-2015, he said on Wednesday.Mohammed Omran told a securities conference in Abu Dhabi that three large companies had already gone public in Egypt this year. However, it wasn’t immediately clear whether these three companies were part of Omran’s calculations for initial share sales in the first half of 2015.Orascom Construction began trading on…

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