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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        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        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        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        

Egypt News

UPDATE: Egypt Cabinet Reshuffle won't affect March Economic Summit - PM

Published 2015-03-05 14:26:05| Amwal Al Ghad English

Egypt's prime minister said on Thursday that a limited cabinet reshuffle would not affect an investment summit in Sharm el-Sheikh scheduled for March 13-15. "Egypt is a state of institutions. It will not affect the economic summit," Ibrahim Mehleb told reporters. The presidency announced a cabinet reshuffle that included changes to eight ministries, including the interior, agriculture, education, tourism and telecommunications portfolios.
International News
The world's biggest restaurant chain, McDonald's, will stop US purchases of chicken injected with antibiotics important to human medicine. Chicken served in the company's 14,000 US restaurants will be free of such antibiotics within two years, it said. The move comes amid concerns that the overuse of antibiotics in chicken may affect the drugs' effectiveness in fighting diseases in people. McDonald's has been battling to win back customers amid slowing sales. Many poultry producers give their birds antibiotics to make them grow faster. But overuse of the drugs could lead to them becoming less effective in treating illness and disease in humans. McDonald's worldwide like-for-like sales - which strip out the effect of new restaurants opening - fell by a more-than-expected 1.8% in January on the back of a supplier scandal in China. Healthy chickens Its image was also tarnished after a human tooth was found in a portion of fries in Japan last year. The firm issued an apology in January. In a statement, Marion Gross, senior vice-president of North America supply chain, said that McDonald's "believes that any animals that become ill deserve appropriate veterinary care and our suppliers will continue to treat poultry with prescribed antibiotics". But after treatment, the bird "will no longer be included in our food supply". However, McDonald's chicken will be given ionophores, an antibiotic which helps keep chickens healthy but is not used for humans. The company also said that dairy products, such as low fat white milk and fat-free chocolate milk, would be derived from cows that have not been treated with rbST - an artificial growth hormone. "While no significant difference has been shown between milk derived from rbST-treated and non-rbST-treated cows, we understand this is something that is important to our customers," Ms Gross said. The changes come in response to growing US consumer demand for food made with natural ingredients only. Last month, Swiss food giant Nestle announced that it would be removing all artificial flavours and colours from its chocolate products in the US.
Mohammed Al Madani, chancellor at Saudi Arabia’s ministry of foreign affairs, is a frequent flier, logging at least 10 international trips a year on diplomatic missions to London, Lisbon, Manila and elsewhere. Before packing his bags, he usually checks in with the Al Tayyar travel agency in Riyadh. Al Madani is one of 3 million Saudi and non-Saudi government workers and their families who move in and out of the country every year, according to the Saudi Central Department of Statistics & Information. Publicly traded Al Tayyar Travel Group Holding Co. has captured almost half of the domestic market for the VIP travelers, and is Saudi Arabia’s largest air travel business. “They’re always my first choice when coming to London,” Al Madani’s 21-year-old son, Fahad, an information technology student at Middlesex University, said in an e-mail. Such loyalty has helped Al Tayyar’s founder, Nasser bin Aqeel Al Tayyar, amass a fortune valued at more than $2.4 billion, according to the Bloomberg Billionaires Index. Al Tayyar, 58, is also the founder and president of Dubai-based Arab Publishers House, the publisher of Forbes Middle East and four other publications. He’s never appeared on an international wealth ranking. A spokeswoman for Al Tayyar who asked not to be identified because she’s not authorized to comment publicly about the business, confirmed the billionaire’s stake and said he would not comment on his wealth. Pilgrimage Packages Al Tayyar provides airline reservations, mobile ticketing, hotel booking and ground transportation services through 370 branches in Saudi Arabia and at 18 companies outside the kingdom. It also organizes travel for foreign medical care and education, as well as Hajj and Umrah pilgrimage packages, according to its website. Other businesses include cargo shipping, magazine publishing and a real estate development company that was founded in 2008 to build and manage hotels, apartments, resorts and clubs. The business plans to transform what the billionaire said in 2012 was a neglected element of the country’s infrastructure. Revenue has increased an average of 19 percent annually in the past three years to more than 7.7 billion riyals ($2 billion) in 2014. The stock has risen almost 340 percent since it began trading on the Tadawul Stock Exchange in June 2012, after adjusting for a stock split. The Tadawul All Share Index has risen about 38 percent in that period. Local Sponsor Saudi Arabia accounts for about 90 percent of Al Tayyar’s sales, according to Abdulaziz Ahmad Jawdat, a research analyst at Riyadh-based Saudi Fransi Capital. The 82-year-old kingdom is one of the most difficult places to visit in the world due to its lack of freedoms, according to Washington D.C.-based Freedom House, giving Al Tayyar a further hold on the tourists who want to visit and the residents who want to leave. Al Tayyar was the first company to receive official permission from the Saudi government to organize and promote domestic pilgrimage travel packages in the kingdom in 2000, according to its website. Its packages cover visa services and other authorizations, and include special prices during Ramadan, accommodations, reserved seats on flights and buses, medical services and even special trips to the holy sites upon request. Religious tourism makes up 37 percent of all inbound trips to the kingdom and half of all travel spending there, according to Jawdat. The Hajj pilgrimage to Saudi Arabia’s holy city of Mecca is a mandatory religious duty that Muslims must carry at least once in their lifetime. More than 1.3 million non-Saudi pilgrims came from 163 countries to perform the Hajj last October, according to figures released by the Minister of Interior, up from 1.1 million the year before. Cultural Sites The government plans to increase the capacity of the Holy Mosque to accommodate more than 2 million worshipers, including adding new security infrastructure and air-conditioning systems, as well as hotels and a rail and bus station in Medina. “Once the Holy mosque expansion is complete, which is expected by 2018, the number of religious visitors might even triple,” Jawdat said. Al Tayyar has also been expanding outside Saudi Arabia, acquiring Chester, England-based luxury tour operator Elegant Resorts Ltd. from Thomas Cook Group Plc for 88 million riyals in February 2014 and Manchester-based United Co-Operative Travel Management Ltd. for 85 million riyals a month later. Last month, the company announced the formation of the Saudi Heritage Hospitality Co. with the Saudi Commission for Tourism & Antiquities to promote tourism at cultural sites across the country. Al Tayyar has a 20 percent stake in the new business. Government Travelers The billionaire has been in the travel business most of his life. Before founding the company in 1980, he worked at a local bank and at the reservations department of Saudi Arabian Airlines. He left the airline and opened up his own reservation business in Riyadh with four employees and about $300,000. “My dream was to establish a private airline company, but Saudi laws prevented me from doing that,” Al Tayyar said in a 2012 interview with Jeddah, Saudi Arabia-based Arab News. Instead, he decided to sell tickets on behalf of the airlines. Al Tayyar has a 45 percent market share among Saudi corporate and government travelers whose business represented two thirds of its sales in 2014, according to the company’s annual report. Kingly Gesture Its domestic travel business got a boost with the accession of King Salman bin Abdulaziz to the throne on Jan. 23, 2015 after the death of his 90-year-old half-brother King Abdullah bin Abdulaziz. One of the new king’s first acts was to hand out $32 billion in cash to Saudi citizens, John Sfakianakis, the Riyadh-based director of the Middle East region at London-based investment manager Ashmore Group Plc., said in an e-mail. The extra disposable income from the new King could encourage more Saudis to travel because 80 percent of the money would go toward consumption, Sfakianakis said. “Saudis tend to react positively to such measures,” he said. “They are very consumer driven.”