Egypt | - Part 5

What can $300 billion buy in Egypt? A new capital or a pipedream

CAIRO (Reuters) – It is a project as ambitious as Egypt’s ancient pyramids. Built from scratch to escape Cairo’s choking pollution, a planned new capital will feature an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower and more than 10,000 km (6,200 miles) of boulevards, avenues and streets.The city, meant to be built within just seven years, was unveiled last week at the Sharm El-Sheikh economic summit, where President Abdel Fattah…

MOPCO in talks to hire financial advisor for IPO

Posted on by The Editorial Team

State-owned Misr Fertilizers Production Company (MOPCO) is in talks to appoint an independent financial advisor to set the stock’s fair value in preparation for listing on the local stock market, said Chairman Hassan Abdel Alim. The Egyptian Exchange said it received a request on Thursday from the state-owned fertiliser producer to list on the stock market with EGP 2.3 billion capital. The portion of shares to be floated has not been defined yet, the top…

Egypt, Arabtec near agreement on $40 bln housing project: govt

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Egypt’s housing ministry and Dubai’s Arabtec have agreed some of the terms for a $40 billion project to build one million homes across the country, and they will sign a final contract within 10 days, a ministry spokeswoman said on Tuesday. Earlier this month, the housing minister said he hoped to conclude a deal for the mega development – seen as part of economic and political support to the country by the United Arab Emirates…

Egypt’s Sawiris to diversify Orascom, invest $500 mln in Egypt

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SHARM EL SHEIKH, Egypt (Reuters) – Top Egyptian businessman Naguib Sawiris said he was ready to invest $500 million in Egypt and was diversifying his telecoms business into infrastructure, energy and transportation, sectors which need major funds in the country.Sawiris, a billionaire from a powerful Coptic Christian family, said the investment conference in the Red Sea resort of Sharm El-Sheikh had been a success but that the government would need need to make efforts to…

Sisi confident after investment summit; now for the hard part

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SHARM EL-SHEIKH, Egypt, March 15 (Reuters) – President Abdel Fattah al-Sisi was so confident after Egypt signed billions of dollars of deals at an investment summit that he publicly joked on Sunday about haggling with the world’s top chief executives. Yet the real challenge has only just begun.”To Egyptian and international partners, if you really want to contribute to developing this country, you must work night and day and, as for the cost, please give…

Egypt signs MOUs with developers for $12.7 bln in projects-minister

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SHARM EL-SHEIKH, Egypt (Reuters) – Egypt has signed preliminary deals with four Arab real estate developers for four projects worth a total of $12.7 billion, the country’s housing minister said on the sidelines of an economic summit on Sunday.The Arab world’s most populous country faces a persistent housing shortage, with population growth outstripping new construction of affordable housing units.Moustafa Madbouly said that the housing ministry had signed MOUs with Egypt’s Mountain View and Saudi Arabia’s…

Sisi says Egypt needs $200-$300 billion to develop

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SHARM EL-SHEIKH, Egypt (Reuters) – Egypt needs $200-$300 billion to develop, President Abdel Fattah al-Sisi said at an international investment conference on Sunday, pressing his campaign to lift the Arab world’s most populous country from years of economic turmoil.Egypt, with a population of about 90 million, has been hit hard by economic and political upheaval since an uprising that toppled autocrat Hosni Mubarak four years ago. Investment shrivelled, tourism dwindled as did foreign currency reserves.With…

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