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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Industry & Trade

Kuwait Energy Announces Discovery at Egypt’s Abu Sennan


Published 2014-10-22 14:31:00| Amwal Al Ghad English

Kuwait Energy and their main partner, the Egyptian General Petroleum Corporation (EGPC), announce Wednesday that the operated exploration well ASA-1 st3 on the Abu Sennan license, onshore Egypt discovered hydrocarbons in the Abu Roash" E" and Abu Roash " C" formations. The ASA-1 st3 licensees are Kuwait Energy 50% (operator), Dover 28% and Beach Energy 22%. According to a statement released by Kuwait Energy, the well was tested successfully over the Abu Roash "E" and Abu Roash "C " reservoirs, with flow rates achieved of 1,604 bopd and 2,164 bopd respectively. This is the seventh exploration success in the Abu Sennan concession and the twenty third discovery in Egypt for Kuwait Energy since 2008. On the development front, the Company has successfully completed the appraisal of the El Salmiya-6 well. The test results from the primary target, Kharita Sandstone, are 2,750 bopd and 9.7 MMscfd of gas on ¾" choke. In this respect, Sara Akbar, CEO of Kuwait Energy , said: "I am delighted to announce yet another discovery for Kuwait Energy at Abu Sennan. Egypt continues to be a flourishing region for us and this exploration success has the potential to add to our reserves and daily production levels." Kuwait Energy is an independent oil and gas exploration and production company operating in the MENA region; and As at 31 May 2014, Kuwait Energy 's working interest proven and probable reserves were 165.7 million barrels of oil equivalent and its current production has reached approximately 25,069 barrels of oil equivalent per day as at 30 June 2014.
Tech news
Egypt’s non-government organization Eitesal is planning to make expansions into the African markets through the upcoming AfICTA Summit, the prime event of the Africa ICT Alliance, said chairman Hazem El Tahawy to Amwal Al Ghad. AfICTA will take place in Cairo from November 3-5, in alignment with Cairo ICT 2014 (4-7 Nov 2014), Guests of AFICTA will be active members in Cairo ICT events including the match making function. Africa Information & Communication Technologies Alliance (AfICTA) is a private sector led alliance of ICT Associations, Multi-national Corporations, Companies, Organizations and Institutions in the ICT sector in Africa. The main mission on AfICTA is to encourage multi-stakeholder dialogue fostering accelerated and ICT enabled development in Africa and the use of cutting-edge innovative technologies including mobile, computing and satellite technologies to achieve an Information society in Africa. More than 250 delegates including government executives, business organizations, decision-makers, and experts from international Business Associations; ITU, ICC, ICANN are expected to participate in the AfICTA Summit 2014. The Egyptian Information Telecommunications, Electronics & Software Alliance (Eitesal) is an NGO (Non-Governmental Organization) founded in 2004 as a result of the merger of the two major IT associations in Egypt, forming a one strong organization representing the entire Egyptian ICTE industry. Eitesal has about 280 ICTE companies in Egypt working in the areas of: Electronics, Telecommunications, Software, Training, System Integration, Content, Consultancy, Outsourcing Providers and Call Center Services.
Internet News
Yahoo Inc is expected on Tuesday to outline cost-cutting efforts and give details of how it is evaluating possible acquisitions as it faces pressure from an activist investor, the Wall Street Journal reported, citing a person who was briefed on the plan. Yahoo is considering acquiring one or more large technology startups with some of the $5.8 billion it made from the initial public offering of Alibaba Group Holding Ltd, the newspaper said. Representatives at Yahoo did not immediately respond to an email seeking comment outside regular U.S. business hours. Last month, activist investor Starboard Value LP publicly pressured Yahoo to cut what it referred to as a "bloated" cost structure. Starboard, the second activist investor to target Yahoo in the last three years, also said the company should quickly "monetize" its Asian assets, which exceed the enterprise value of its actual business. Earlier this month, Yahoo said it is reducing the size of its operations in Bangalore, India, the Internet company's largest engineering facility outside its California headquarters. It is also closing its office in Jordan. Yahoo is "streamlining" its operations in foreign offices, which might involve a combination of closing offices, cutting jobs and moving workers to its Sunnyvale, California, headquarters, the Journal said.