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Meat boycott a tentative success
Over 1,200 restaurants and hotels boycotted red meat on April 26, in a protest organized by the Egyptian Chamber of Tourist Establishments (ECTE), according to local press. The boycott was organized in response to the sudden spike in meat prices in April. The cause of the price rises is unclear, with some blaming private butchers while others blame the cattle traders. A representative of the ECTE says that the day after the boycott, prices fell from LE 75 a kilogram to LE 45, and pronounced it a tentative success.
Annual rate of inflation eases
Inflation rose by 0.71 percent month-on-month in March, reflecting an annual rate of 12.2 percent since March 2009, according to the Central Bank of Egypt (CBE). That is the lowest annual rate in five months and is down from 12.8 percent for the year ending February 28.
Investment firm EFG-Hermes noted that higher meat prices contributed to an overall increase in food prices of 1.4 percent month-on-month.
The CBE reported that Egypt’s net international reserves stood at $34.5 billion at the end of March.
Japan approves loan for wind farm
Minister of Electricity and Energy Hassan Youness announced on April 9 that the government of Japan has agreed to a $432 million loan to finance the construction of a wind-power station in Khaleeg Al Zeit, according to the State Information Service (SIS).
When completed, the station will have a capacity of 220 megawatts. The SIS said Japan offers soft loans to projects that will contribute to limiting the effects of climate change.
Rachid says energy subsidies will end
Trade and industry minister Rachid Mohamed Rachid has said that energy subsidies for all industries will be eliminated by 2012, according to media reports. The reports quoted Rachid as saying that subsidies had already been eliminated for energy-intensive industries such as cement, steel and fertilizers.
Egypt signs 15 oil agreements
Minister of Petroleum Sameh Fahmy has announced 15 new agreements for drilling 64 exploratory oil wells in Upper Egypt, the State Information Service reported on April 6. The agreements represent total investments of about $438 million.
Non-oil exports on the increase
Egypt’s non-oil exports rose 4.8 percent quarter-on-quarter and 25 percent year-on-year to $3.7 billion in the first quarter of 2010, investment firm EFG-Hermes reported on April 13. Food industry exports increased 39 percent year-on-year to $580 million, while engineering and electronics exports rose 56 percent.
Archaeologists find tomb sites, artifacts
A team of Egyptian archaeologists has uncovered a large red granite false door to the tomb of Queen Hatshepsut’s chief minister, the State Information Service reported on March 29. The discovery was made during a routine excavation near the Temple of Karnak in Luxor governorate. The door is 175cm long, 100cm wide and 50cm thick, and is about 3,500 years old.
A few weeks earlier in Ismailiya governorate, the elaborately decorated tomb of Ken-Amun, a royal court official from the 19th dynasty, was discovered. The official was in charge of overseeing royal records. Excavations also uncovered 35 Roman-era tombs in the area.
On April 21, 383 bronze coins dating to the era of King Ptolemy III in the 3rd century BC were found north of Lake Qaroun in Fayoum. Three ostrich egg shell necklaces dating back to the 4th century BC, a pot of kohl from the Ottoman empire and parts of a preserved whale skeleton about 42 million years old were also discovered.
Mohieldin modifies capital market law
Minister of Investment Mahmoud Mohieldin has issued a decree modifying the capital market law, which regulates the issuance of bonds, the State Information Service reported on April 18. The decree requires that bonds be issued within one year of approval by the Egyptian Financial Supervisory Authority.
Taxi program rolls on to Phase 2
Three banks are accepting applications for the second phase of the government taxi replacement program that began last year. Investment firm EFG-Hermes reported on April 14 that the government hopes to replace 30,000 taxis in the second phase and that buyers will be able to repay loans over five, six or seven years. The first phase limited the repayment period to five years.
Bird flu cases, fatalities rise
Cases of bird flu in Egypt have continued to rise, according to the World Health Organization, which on April 9 reported the total number of cases at 109, up from 106 in March. There have been 34 deaths, including two in April.
According to the UN Food & Agriculture Organization Egypt is one of five countries where avian flu, the H5N1 virus, persists. The others are China, Vietnam, Indonesia and Bangladesh.
Canal revenue higher, tolls lower
Suez Canal revenue in March increased 16 percent year-on-year to $379 million, investment firm EFG-Hermes reported on April 12. Revenue for the same period last year stood at $327.9 million. According to the March report of the Suez Canal Authority, 1,439 vessels traversed the canal compared with 1,467 for the same month last year.
Local media reported on April 15 that in an attempt to increase traffic, the canal authority plans to decrease tolls for natural gas tankers between 5 and 15 percent, depending on the size of the vessel.
Tourism revenue up 24 percent
Egypt’s tourism revenue during the first quarter of 2010 was up 24 percent year-on-year at $2.7 billion. Tourist arrivals also jumped, from 29 percent year-on-year to 3.46 million.
Minister of Tourism Zoheir Garana announced on March 30 that in order to protect the natural environment, no new licenses would be issued for projects in Sharm Al Sheikh.
Private sector to distribute fertilizers
On April 20, investment firm EFG-Hermes cited media reports saying private companies had been allowed to start distributing about 30,000 tons of nitrogen-based fertilizers a month.
Previously, only the government-owned and operated Bank for Development & Agricultural Credit was allowed to distribute such fertilizers, and it will continue to do so until September to ensure market stability and prevent price manipulation.
Nuclear site study nears completion
Minister of Electricity and Energy Hassan Youness announced to the Industry and Energy Committee of the People’s Assembly on April 19 that a study of possible sites for Egypt’s first nuclear power plant would be completed soon. One possible location is Al Dabaa, west of Marsa Matrouh, according to the State Information Service.
Dollar stronger against the pound
The Egyptian pound fell on April 20 to its lowest level against the dollar since August 25, according to media reports. On April 20, the pound declined to 5.541 to the dollar from 5.532. The erosion of the euro has strengthened both the dollar and pound relative to the European currency.
Government adds30-year Eurobond
The Egyptian government has added a 30-year Eurobond tranche worth $500 million to its recently announced 10-year, $1 billion bond, investment firm EFG-Hermes reported on April 22. The annual rates of return for the bonds are expected to be about 7 percent and 5.875 percent, respectively. Egypt last issued a bond in 2007, after selling its LE 6 billion Eurobond (dominated by the Egyptian pound) with maturation in 2012.
Entrepreneur summit targets Muslim nations
US president Barack Obama hosted a two-day summit of entrepreneurs from more than 50 nations as part of an effort to strengthen ties with the Muslim world. The summit, which began on April 26, is the result of a pledge by Obama in his speech last June at Cairo University. In his opening speech, which was broadcast live at the US embassy in Cairo, Obama announced the creation of a global technology and innovation fund that could attract $2 billion in private investment. The delegation from Egypt was the largest of any country at the summit.
Exports to UAE grow 6 percent
Egypt’s exports to the United Arab Emirates rose by 6 percent to reach $532.2 million in 2009 versus $503 million the year before, the State Information Service reported on April 25.
At least 10 people remain missing
At least 10 people were killed when a boat bound for Italy capsized on March 30 in the Mediterranean Sea, according to media reports. According to an unidentified Egyptian official, about 25 men were saved by the Egyptian Coast Guard while two bodies were recovered. Eight people remain missing.
According to media reports on April 6, the boat owner and another man have been charged.
Sudan cuts tariffs for Egyptian imports
After three months of negotiations, trade and industry minister Rachid Mohamed Rachid announced that Sudan has agreed to reduce customs duties by 80 percent on goods imported from Egypt, according to media reports on April 28. In 2009, Egypt’s exports to Sudan totaled $563 million, compared with $44 million in imports.
Egypt expected to import more sugar
The US Department of Agriculture (USDA) estimates that Egypt will import 1.2 million tons of sugar this year, up from 978,000 tons in 2009. The USDA website said the increase will replenish domestic supplies that declined when Egyptian buyers reduced purchases last year because of high prices.
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