Egyptian producer prices down 2.9 percent in August
Egypt's producer price index fell 2.9 percent in August from July to reach 166.8, the Egypt's Information Portal said on its website. It gave the following values for the new producer price index, which is based on 100 in the financial year 2004/5: August 2008, 166.8; July 2008, 171.8; June 2008, 168.5. The government started the new index in October 2007, replacing the old wholesale price index. –Reuters
Experts expect Egypt, Ukraine "wheat for gas" deal to misfire
A decision made by the Egyptian government to import Ukrainian wheat in exchange for Egyptian gas sparked controversy among agriculture and wheat experts about the deal's feasibility and Ukrainian wheat quality, reported GoodNews.
A Ukrainian diplomat last week said Kiev and Cairo have signed a deal through which Ukraine supplies Egypt with wheat in return for Egyptian gas. He pointed out the importance of futures contracts through which Egypt will agree to buy specific quantities of wheat in the coming years from the Ukrainians at fixed rates.
Bank deposits up by 15.3 pct in year
Egypt’s bank deposits — apart from the Central Bank of Egypt (CBE) — $34.8 billion in August 2008, an increase over $29.66 billion in July 2007, according to a monthly report issued Monday by Egypt’s Cabinet Information and Decision Support Center (IDSC). Net International Deposits at the CBE jumped to $34.8 billion in August 2008, upped by 17.2 percent compared to the same period last year, read the report. Suez Canal revenues hit $504.5 million in August 2008, with an increase of 25.2 percent than in August 2007, it said. –MENA
French tourism companies to organize direct flights to Hurghada, Taba
French travel agencies companies will organize direct air flights to new Egyptian tourist destinations. The new trips will include weekly flights from Paris, Lyon and Nantes to Hurghada as well as flights from Paris, Lyon, Nantes and Deauville to Taba.
French companies also decided to increase the number of direct flights to Luxor; operating new trips from Lyon, Nantes, Marseille, Toulouse and Bordeaux and promoted new Nile River cruises, with visits to Sinai and the Red Sea.
The flow of French tourists into Egypt is flourishing. The count of French tourists who visited Egypt during the first half of 2008 increased 27 percent, bringing their number to 305,000 tourist compared to some 244,000 who visited the country during the same period last year. –MENA
SODIC set for Cityscape Dubai
SODIC, one of Egypt's largest real estate developers, said that it will be participating in Cityscape Dubai 2008 held from Oct.6-9 at Dubai International Exhibition Center. SODIC will showcase Allegria and Katameya Plaza to the Emirates market, and unveil the partnership with Solidere International in the development of Eastown and Westown.
"Cityscape is considered the pulse of the property market in the region thus a great opportunity to exhibit our properties," said Managing Director Maher Maksoud, "SODIC will highlight its involvement in diversified projects ranging from high-end villas, middle income housing, city-making, entertainment and tourism development."
The seventh annual Cityscape Dubai attracts regional and international investors, property developers, governmental and development authorities, leading architects, designers, consultants and all senior professionals involved in the property industry. It provides an annual forum that celebrates the very best in real estate, architecture, urban planning and design from around the world.
The booth is designed to look like a small version of the SODIC Sales Center on the Cairo-Alexandria desert road. The original glass complex was designed by Eklego Design Ltd.
Eye on the market
Heliopolis Housing reported a LE 133.25 million in net profits in the year ending June 2008, 18.2 percent up from the previous year, the stock exchange said on Sunday.
United Arab for Unloading & Shipping approved in its EGA held yesterday the increase in its authorized capital from LE 50 million to LE 100 million.
Egyptian for Developing Building Materials declared a rights issuance of 2 million shares, to be added to the outstanding 3 million shares. The new shares will be sold at par value of LE 10/share. Reopening date of subscription on October 7, 2008 till October 9, 2008. Number of covered shares is 861,214.
Ceramic and Porcelain Company achieved net profit of LE 4.4 million in the fiscal year ending June 2008, from zero profits in fiscal year 2007.
Circle drills across North Africa, awaits Morocco discovery
Circle Oil gave an update on future activities in North Africa. According to the company it intends to drill approximately 15 wells on its licenses in Egypt, Tunisia, and Morocco over the next 18-24 months. Currently, drilling has just begun in Morocco and is ongoing in Egypt and Tunisia, reported Energy News.
A seismic study on the Sebou area has been completed and the company has processed and interpreted the results in Morocco. Circle said that in excess of 80 anomalies, each of which has the potential to be a gas producer, have been identified and mapped. The company has just started a six well back-to-back drilling program to test the first batch of these prospects. Each well is expected to take 4-5 weeks to complete including mobilization, drilling, testing, and demobilization. Should the drilling discover commercial gas fields, the company has already purchased three completion strings to assist in bringing these wells into production without delay.
In Egypt the drilling of the Al-Amir SE 1 well on the NW Gemsa permit is nearing completion and results are expected shortly.
Egypt shoots up real estate rankings
According to a report published on HomeOverSeas.com, Egypt has shot up the rankings in Jones Lang LaSalle's latest Global Real Estate Transparency Index, to come 59th out of the 82 countries that were analyzed by the property consultancy in 2008.
Transparency is essential when buying property in an emerging market, and the news is sure to bode well with prospective purchasers currently searching property for sale in Egypt. Stephen Smith of Egyptian development, West Side Village, said, "Finishing 59th may not be a very elevated position but it shows a substantial and welcome improvement.
"The Egyptian government is doing everything it can to offer transparency for foreign buyers and is actively encouraging buyers from the UK to invest in the country's real estate.”
West Side Village is a development of 687 studios and apartments in Hurghada, Egypt. Prices range from £24,950 to around £76,000. The pre-launch of apartments successfully sold-out, and there are only 67 units remaining for sale in phase one. The development is due for completion in 2010.
