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Middle East Investment 2015

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Egyptian Steel pushes ahead with growth but new plants delayed

CAIRO Egyptian Steel says it is pushing ahead with plans to quadruple its capacity despite long-standing currency and energy crises, with trial production at one new plant starting in December but another project at Ain Soukhna delayed until late next year.

Saudi Mobily aims to become profitable again within 12 months: CEO

RIYADH Saudi Arabia's Etihad Etisalat aims to become profitable again within 12 months, its chief executive said this week, a year after the kingdom’s number two telecom operator made the first in a series of shock earnings restatements.

Egypt's Banque Du Caire sees 40-45 percent rise in profits for 2015

CAIRO Banque Du Caire, Egypt's third largest state bank, expects a 40-45 percent increase in profits this year following a restructuring, according to its chairman, Mounir El Zahid.

Large Saudi gas price rises would damage chemicals industry: Tasnee

RIYADH The chief executive of National Industrialization Co (Tasnee), which has interests in petrochemicals, metals and chemicals, said any big rise in Saudi natural gas prices risked "killing the golden goose".

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KIPCO may seek partners for $5 billion real estate scheme

KUWAIT KIPCO is ready to fund construction of its planned $5 billion real estate project in Kuwait, but is open to bringing in partners to help speed up completion, its vice chairman said on Tuesday.

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Morocco sees $10 billion from auto industry exports by 2020

RABAT Morocco expects auto industry exports to reach an annual 100 billion dirhams ($10.2 billion) by 2020 as a result of PSA Peugeot Citroen starting production at its new 557 million euro ($630 million) factory.

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Egypt bourse hit by emerging market storm, sees new IPOs in 2016

CAIRO Egypt's stock exchange was hit by this year's rout in emerging markets, leading firms to postpone share offerings and liquidity to dry up, but parliamentary elections should help restore investor confidence in 2016, chairman Mohamed Omran said.

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Saudi developer Dar sees new era of government cooperation

RIYADH Saudi Arabia's Dar Al Arkan Real Estate Development Co  thinks it can keep growing next year despite low oil prices, as the government prioritizes spending on housing and tries to increase the private sector's role in ending a shortage of homes.

Egypt's Beltone Financial expects to manage four flotations in early 2016

CAIRO Egypt's Beltone Financial Holding expects to manage four stock market flotations worth a total of more than 2.5 billion Egyptian pounds ($311 million) in the first half of 2016 on the back of improved market conditions, its chairman said. The offerings, including one by Beltone Capital, managed by Beltone Financial's private equity arm, had been expected in 2015 but were postponed when an emerging markets rout deterred investors from Egyptian markets.

Telecom Egypt looks to settle disputes before entering mobile market

CAIRO Its fiery former chief executive no longer at the helm, Egypt's state-owned landline monopoly Telecom Egypt (TE) says it is resolving longstanding disputes with mobile providers that may pave the way for the mobile license it has sought for years.

Egypt's giant Zohr gas field aims to start output in 2017: minister

CAIRO Egypt aims to start natural gas production from its massive offshore Zohr field in 2017, a year ahead of schedule, oil minister Tarek El Molla said.

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