Industry & Trade
Orascom licenced to build Aswan’s $100mn solar plant
Published 2015-08-31 16:59:33| Hesham Ibrahim
Egypt-based O Capital for Energy, a fully owned by Orascom Telecom, Media & Technology, has obtained a licence and the land plot to build up a 50-megawatt solar plant in Aswan. With investments worth US$100 million, the plant will be in Kom Ombo, situated 45 km (28 miles) to the North of the city of Aswan, about 800 km (497 miles) to the South of Cairo, according to O Capital’s CEO Tamer El Mahdi. Last March, O Capital signed a concession agreement with the Egyptian Electricity Transmission Company (EETC) for the solar energy project during the country’s economic development conference held in Sharm El-Sheikh. The signing ceremony was in the presence of Egyptian Minister of Electricity Mohamed Shaker and business tycoon Naguib Sawiris. Established in March 2015, O Capital for Energy is a subsidiary of Egypt-based Orascom Telecom, Media & Technology; dedicated for construction or management, operation and maintenance of power plants with different sources and distribution networks.
- Orascom licenced to build Aswan’s $100mn solar plant
- Samsung Loses $44 Billion of Value in Worst Streak Since 1983
- Investment in Eni mega gas field in Egypt to reach $7bn
- Chinese investments in Egypt record US$480mn
- Orascom’s O Capital, Norway’s REC to start solar projects in Egypt
- Telecom Egypt targets $511mn investments to upgrade infrastructure
- Eni CEO says open to selling stake in Egypt mega gas find
- Sinai Cement registers US$4mn net losses in H1
- Cement price stable for 9th month, steel price stable for 8th month
- Indonesia-Egypt trade exchange records $1.2bn annually – official
Tepid demand for Samsung Electronics Co.’s newest Galaxy smartphones triggered a fifth straight monthly decline for the electronics maker, wiping out about $44 billion in market value since April. Shares of the world’s biggest smartphone vendor slumped 8.1 percent this month, extending their longest losing streak since December 1983. Samsung dropped almost $12 billion of value in August alone as the South Korean company surrendered market share to Apple Inc. and Chinese competitors. Samsung’s decision to steal a march on Apple and advance the release of new Galaxy smartphones failed to dispel pessimism about its second-half earnings. Apple is expected to take the wraps off a new iPhone on Sept. 9 and release it in time for the crucial end-of-year holiday shopping season. “We all know its smartphone business isn’t doing well,” said Lee Seung Woo, an analyst at IBK Securities Co. in Seoul. “I can’t really figure out when the stock will stop declining. The fundamentals look problematic.” The stock has been the biggest drag on the 758-member Kospi index in the past six months, leading the benchmark 2.2 percent lower in the period. It ended Friday at 1,089,000 won. The drop in market capitalization is almost equivalent to the value of General Motors Co. Misreading Market Samsung profit has fallen five straight quarters, and third-quarter net income is estimated at 5.33 trillion won ($4.5 billion), down from 5.63 trillion won in the three months ended June, according to data compiled by Bloomberg. Samsung’s global smartphone market share fell more than 3 percentage points in the second quarter, and it no longer is the top seller in China, the world’s biggest mobile-phone market. It is being undercut at the high end by Apple’s bigger iPhones and at the mid-range and low end of the market by devices from Xiaomi Corp., Lenovo Group Ltd. and Huawei Technologies Co. Samsung misread demand for the S6 models released in April, failing to produce enough three-sided screens for the Edge while the regular version struggled against the iPhone. One of its latest models, the Galaxy Note 5, was criticized by reviewers and customers this month as the company acknowledged that the device can break if the stylus is inserted backward into the storage slot. “Foreign selling of shares is adding pressure on the stock, which now seems attractive value-wise,” said Greg Roh, an anlayst at HMC Investment Securities Co. in Seoul. “The smartphone business isn’t going to worsen further from here, but any rebound seems highly unlikely.”
Egypt is looking to add 500,000 new Internet users by the end of 2015 and increase its internet penetration rate to 50 percent from 34 percent by the end of 2016, communication minister Khaled Ali Negm said. The communication and information technology ministry mandated reduced prices at the start of August as part of its plan to expand Internet access across Egypt and improve speeds. "Every 10 percent increase in Internet penetration increases Egypt's gross domestic product by 1.8 percent," the minister told Reuters in an interview. The ministry hopes to add 1.5 million additional users by the end of 2016 to its current base of 3.4 million ADSL broadband users and increase the minimum speed to 2 megabits per second from the 1 megabit per second currently offered, he said. Since the lower prices came into effect at the beginning of August, 31,000 new Internet subscribers have come online. "By the end of 2016, the Internet in Egypt will look completely different," Negm said.
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.
Most Popular »
- Obama: U.S., Israel in talks 'for months' over security cooperation
- Commodities slump on China crisis
- Hollande, Merkel, Putin back ceasefire plan for eastern Ukraine: France
- OiLibya to export 500T made-in-Egypt oils to Ethiopia per month
- China is growing at 'reasonable' pace despite pressures: Premier