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MENA Region > MENA Morning Bell > July 2011 > Thu the 14th
Egypt
PM begins cabinet reshuffle consultations; youth movement presents list with recommendations
Parliamentary elections to take place by November 2011
Ministry of interior ends service of 669 senior officers
Egypt to fix gas pipeline in 7 - 10 days, according to Jordanian energy minister
Ministry of Finance approves payment of EGP1,500 pension to martyrs’ families
Egypt repays matured USD1 billion Eurobond
Egypt Air occupancy drops 50% on political events
PM approves establishment of a 2 million tonnes fertiliser plant to supply local farmers with subsidised tonnage
Saudi Arabia
Eastern Cement reports flat 1H2011 numbers; Yemen uncertainty hurts its 30% owned investment
Yanbu Cement reports strong growth 48% q-o-q, but 1H2011 performance still a lacklustre 6% above 1H2010
SPIMACO releases 2Q2011 preliminary results, with net profit at SAR60.80 million, +41% y-o-y
UAE
Dubai’s non-oil trade in 1Q2011 rise 30% y-o-y to AED235 billion
Dubai Holding unit repays CHF250 million bond
FGB releases strong set of 2Q2011 results and denies offering its Libyan unit for sale
Tamweel launches two new products
Depa reports a backlog of AED2.3 billion as of end June, 2011
Qatar
Qatar caps the price of 268 commodities and food items ahead of Ramadan
Qatari Diar cuts staff as it revamps strategy; buys port in Northern Spain
QEWC and Japan’s Marunbei and Chubu to build 2,000 MW power plant in Oman
Bahrain
National Bank of Bahrain announces net profit of BHD24.09 million for 1HFY11
Al Ahli Untied 2Q2011 profit up 20% y-o-y at USD84.4 million
Tunisia
Curfew imposed on Tunisian city after clashes erupt between youth
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Egypt
PM begins cabinet reshuffle consultations; youth movement presents list with recommendations
After announcing a cabinet reshuffle would take place within a week’s time, last Monday, Prime Minister Sharaf has begun political consultations on how to reshuffle the cabinet, al-Ahram reported. It is not yet clear which ministers will be changed, but according to al-Mal newspaper today, the list of proposed ministers will be submitted to the Supreme Council of Armed Forces (SCAF) on Friday, July 15th. On a separate note, the April 6 Youth Movement has met with the Prime Minister yesterday to give him a recommended list of new ministers, two names for each post. While keeping the names confidential, the movement’s press release indicated that ministers being recommended are for posts in health; higher education; agriculture; finance; telecommunication; environment; foreign and international cooperation; justice; local management; petroleum; manpower; civil aviation; endowment and military production, in addition to both the councils of youth and investment. In addition, the movement is expected to submit another list with recommended changes to 22 governors.
Parliamentary elections to take place by November 2011
Parliamentary elections in Egypt will take place by November 2011; newswires reported, citing a Supreme Council of Armed Forces (SCAF) official. “The registration and campaign period will begin in September, as stipulated by the constitutional declaration approved by the March referendum. But the actual voting will only be around a month and a half after that,” the official said.
Ministry of interior ends service of 669 senior officers
The ministry of interior has ended the service of 669 senior police officers, according to an announcement by the minister. The statement indicated that the ministry has ended the service of 505 generals and 164 senior officers, including those accused of killing protesters. "The police force shares with the people feelings of pain and hope. People involved in security are ... keen to do their role in protecting the revolution and look forward for a future of democracy," Reuters reported, citing a ministry spokesman.
Egypt to fix gas pipeline in 7 - 10 days, according to Jordanian energy minister
Gas exports to Jordan are expected to be resumed after Egypt fixes the gas pipeline in seven to ten days, AFP reported, citing Jordan’s Energy Minister. This follows the fourth attack on the pipeline this year. "Jordan currently has 245,000 tonnes of heavy oil and diesel, which are enough to cover the country's needs for 65 days if the gas supplies do not resume," the minister added.
Ministry of Finance approves payment of EGP1,500 pension to martyrs’ families
The Ministry of Finance has announced approving an exceptional pension of EGP1,500 (c.USD250) to families of martyrs of the January 25th revolution, in line with Prime Minister’s decision taken on February 17th, 2011, state-run Egynews reported. This pension will be grouped along with other pension payments made to recipient families, without any caps or ceiling on aggregate monies received. According to the Prime Minister decree, a compensation of EGP50,000 would be disbursed as a one-off payment to legitimate heirs of the deceased, in case direct beneficiaries are not present.
Egypt repays matured USD1 billion Eurobond
Egypt’s USD1 billion 10-year 8.75% Notes due July 11th, 2011 have matured and were not rolled over, Reuters reported. According to a statement posted on the Ministry of Finance website by BNY Mellon (in its capacity as Fiscal Agent), the notes have reached their ten-year maturity, and the Egyptian government has duly paid the principal and interest.
Egypt Air occupancy drops 50% on political events
Egypt Air’s seat occupancy has fallen 50% due to the political events, al-Masry al-Youm reported, citing Ibrahim Manaa, Minister of Civil Aviation. “Many hotel and airline bookings were canceled after the Balloon Theatre clashes of 28 June,” the minister said, adding that the ongoing protests have contributed to further decline in Egyptian airports by up to 35%. Egypt Air now depends more on Umrah and Hajj trips.
PM approves establishment of a 2 million tonnes fertiliser plant to supply local farmers with subsidised tonnage
Prime Minister Essam Sharaf has approved the establishment of an integrated factory for the production of fertilisers, in an effort to address the recent shortages of supply faced by the local market, reported Al Ahram. The aim is to provide the local farmers with subsidised tonnage, after recent shortages hadcaused local selling prices to increase, dramatically, in the black market. Production will not be geared towards exports, nor will the tonnage be priced according to international prices. The plant is expected to cost EGP1 billion (EGP500 per tonne) for a capacity of 2mtpa. The financing of the project will be a combination of foreign capital (Spanish, French, and US companies), in addition to local agricultural cooperatives, national banks, as well as the public subscription by farmers. The project will be located in Ras Sudr on the Sinai Peninsula, two hours away from Cairo.
Saudi Arabia
Eastern Cement reports flat 1H2011 numbers; Yemen uncertainty hurts its 30% owned investment
Eastern Cement (EACCO AB, Current Price: SAR49.50, Not Rated, Consensus P/E FY11: 12.0x) released 2Q2011 results, with earnings coming in at SAR101 million, flat performance y-o-y and improving q-o-q by 21%. The company’s 1H2011 bottom line is down to SAR184 million from the SAR196 million recorded during 1H2010. Management attributes the decline in bottom line to the lower sales volumes, and a tough half for the 30% owned cement facility investment in Yemen.
Yanbu Cement reports strong growth 48% q-o-q, but 1H2011 performance still a lacklustre 6% above 1H2010
Yanbu Cement (YNCCO AB, Current Price: SAR56.00, Not Rated, Consensus P/E FY11: 14.4x) released its 2Q2011 results, with earnings coming in at SAR150 million, recording y-o-y and q-o-q growth of 32% and 48%, respectively. The company’s 1H2011 bottom line came in at SAR251 million, slightly above the SAR237 million recorded during 1H2010. Management attributes the strength in performance to the increased sales volumes.
SPIMACO releases 2Q2011 preliminary results, with net profit at SAR60.80 million, +41% y-o-y
Saudi Pharmaceuticals Industries and Medical Appliances Corporation (SPIMACO) (SPIMACO AB, Current Price: SAR39.00, Not Rated, Consensus P/E FY11e: 17.97x) released its 2Q2011 preliminary results, with net profit coming in at SAR60.80 million, +41% y-o-y. The y-o-y growth in net profit is on the back of enhancements in the company’s operational efficiencies, and gains from investments in sister companies.
UAE
Dubai’s non-oil trade in 1Q2011 rise 30% y-o-y to AED235 billion
Non-oil trade in Dubai has increased 30% y-o-y during 1Q2011 to AED235 billion, Gulf News reported, citing data from Dubai Customs Authority. Imports grew 40% y-o-y to AED29 billion, while re-exports increased 38% y-o-y to AED61 billion. India topped the list of Dubai's trading partners, reaching AED75 billion in 2011, followed by China and the US, while gold and precious stones, oil, vehicles and automotive spare parts dominated Dubai's re-export market.
Dubai Holding unit repays CHF250 million bond
Dubai Holding’s subsidiary, Dubai Holding Commercial Operations Group (DHCOG), has confirmed the repayment of its CHF250 million (AED1.1 billion) bond that matured yesterday, July 14th, a company statement posted on the NASDAQ Dubai website said. DHCOG further indicated its commitment to meeting its financial obligations as and when they fall due, the statement added.
FGB releases strong set of 2Q2011 results and denies offering its Libyan unit for sale
First Gulf Bank (FGB) (FGB UH, Current Price: AED17.75, Tar
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