Egypt news

French oil company buys Shell’s fuel network in Egypt

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French oil and gas company Total acquired Royal Dutch Shell’s fuel 
retail network in Egypt in an attempt to strengthen its distribution 
position in the country and across the whole region.<br />
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“Through this acquisition, we reaffirm our ambition to pursue our 
development in Africa and in the Middle East in the retail business,” a 
spokesman at Total said.<br />

The details of the transaction and its price have not been disclosed.<br />
<br />
<br />

“The sale is consistent with Shell’s strategy to concentrate its 
downstream footprint on a smaller number of assets and markets,” Shell 
reported to the media.<br />
<br />
<br />

The French company has been trying to strengthen its position to 
become the biggest gasoline retailer in Africa. The company referred to 
the recent sale of some refineries in the UK and Germany, and its 
refining and marketing businesses in Finland and Sweden as examples of 
its expansive plans.<br />
<br />
<br />

The company has engaged heavily in a massive exploration effort to 
find new oil and gas reserves.  It has also targeted emerging markets 
where the demand for fuel and oil are growing fast.<br />
<br />
<br />

Egypt has been facing fuel shortages on a daily basis, which have 
affected most economic and business sectors. Officials at a number of 
power plants reported that they were forced to curb their production a 
little due to the fuel crisis.<br />

Total currently owns 70 fuel stations in Egypt, which represents four percent of the market share.</div>

French oil company buys Shell’s fuel network in Egypt

French oil and gas company Total acquired Royal Dutch Shell’s fuel retail network in Egypt in an attempt to strengthen its distribution p...

Muslim Brotherhood hosts former Malaysian PM

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Deputy Supreme Guide of the Muslim Brotherhood Khairat 
El-Shater and former Malaysian Prime Minister Mahathir Mohamad held a 
press conference to compare the transition Malaysia saw under Mohamad’s 
tenure to Egypt’s current phase.</div>
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Mohamad recommended that the Egyptian government turn its 
focus to social justice and infrastructure in its post-revolution phase.
 The former prime minister said that Malaysia’s religious and ethnic 
diversity did not prove to be an obstacle to progress, and that many 
groups set ideological differences aside to take part in the evolution 
of the country.</div>
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The prominent Malaysian politician also turned his 
attention to Egypt’s opposition forces, saying it was critical that they
 participate in upcoming elections and reach out to the people.</div>
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He warned that there was a fine line between freedom and 
chaos, saying that a chaotic atmosphere would hamper economic growth and
 create new obstacles for future progress.</div>
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He stressed the importance of securing investments and adopting an economic policy that created new opportunities for labour.</div>
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<br /></div>
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El-Shater praised the progress that Malaysia made under 
Mohamad and said that it was the first example of an Islamic state that 
had managed to emerge as a developing country that adopted modern 
methods while maintaining the culture of its people.</div>
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<br /></div>
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Mahathir Mohamad was the fourth prime minister of Malaysia.
 He held his post for 22 years from 1981 to 2003, during which Malaysia 
saw rapid economic growth and development.</div>
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<br /></div>
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The press conference was part of a two-day visit to Egypt, 
in which Mohamed is scheduled to meet many political figures as well as 
President Mohamed Morsi.</div>
</div>

Muslim Brotherhood hosts former Malaysian PM

Deputy Supreme Guide of the Muslim Brotherhood Khairat El-Shater and former Malaysian Prime Minister Mahathir Mohamad held a press confe...

Video allegedly shows kidnapped Sinai soldiers

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A video emerged on Sunday showing what appears to be the seven 
kidnapped security officers blindfolded. The officers identified 
themselves and listed their kidnappers’ demands.<br />

The camera rotates between the seven soldiers who state their names, 
ages, ranks and stations. At one point the barrel of an assault rifle 
makes an appearance, though the kidnappers are not shown in the video.<br />
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The highest-ranking soldier, 20-year-old volunteer non-commissioned 
officer Corporal Ibrahim Sobhy Ibrahim of the Border Guards, said their 
kidnappers’ demands are the “release of Sinai’s political prisoners”.<br />
<br />

“We beg of you to release the Sinai political prisoners as soon as 
possible because we cannot take anymore of this. We cannot handle any 
torture,” Ibrahim said, addressing President Mohamed Morsi.<br />
<br />

He added that a prisoner by the name of Sheikh Hamada Abou Sheita 
topped the list of prisoners the kidnappers demand be released.<br />
<br />

Abou Sheita was arrested in September 2012 after being sentenced to death in absentia on charges of attacking security forces.<br />
<br />

Security officials on Thursday denied Abou Sheita’s claims of having 
lost his eyesight in prison due to torture and beatings at the hands of 
security forces.<br />
<br />

“Mr President, are we as valuable to you as [former Israeli soldier] 
Gilad Shalit was to Israel? To the extent that 1,000 Palestinians were 
released in exchange for this one soldier’s release, and there are seven
 of us?” Ibrahim asked.<br />
<br />

The soldier also carried a message he said was on behalf of the rest 
of the soldiers to Minister of Defence and the Armed Forces Commander in
 Chief General Abdel Fatah Al-Sisi.<br />
<br />

“Your men are dying as you remain on your seat. Please move and take 
action and release the Sinai political prisoners,” he said before the 
rest of the soldiers started yelling “save us, Mr President” and “we 
cannot take this anymore”.<br />
<br />

Unidentified gunmen kidnapped seven off-duty security personnel on 
Thursday; six of them belong to different sections of the Ministry of 
Interior and one of the detainees, Ibrahim, is a military volunteer 
non-commissioned officer with the Border Guards.<br />
<br />

Meanwhile, President Morsi called for a national dialogue with 
political parties and leaders which took place at the Presidential 
Palace on Sunday evening, the presidency announced.<br />

Opposition coalition the National Salvation Front, as well as several
 of its component parties, announced their boycott of the meeting and 
called on the president to take more serious action.<br />
<br />

At time of print there had been no official response to the video.<br />

North Sinai Governor Sayed Abdel Fatah Harhour held a press 
conference on Sunday morning and denied that security apparatuses held 
any kind of negotiations with the kidnappers.<br />
<br />

Harhour said they were trying to narrow down the list of places where
 the soldiers are being held but were having trouble doing so since no 
group announced responsibility for the kidnapping. He added that the 
presidency also denied all rumours of negotiations.<br />
<br />

“The kidnappers could be the families of those arrested in the 
aftermath of the 2005 Taba bombing or the 2011 Al-Arish Police Station 
attacks. It could also be an entity that does not want stability in 
Sinai and hopes to get the international community involved,” Harhour 
said.<br />
<br />

The governor, a former military major general, said that all options were possible, be it negotiations or a military operation.<br />
<br />

“It is better for my son to return a martyr than for the government 
to negotiate with terrorists,” Mohamed Abdel Hamid Mohamed, the father 
of conscript Ahmed Abdel Hamid Mohamed, said.<br />
<br />

In response to the kidnapping security forces stationed at the Rafah 
Border Crossing have entered the third day of a sit-in closing the 
crossing in support of their kidnapped comrades.<br />
<br />

Major General Abdel Fatah Harb, their direct superior, tried to 
negotiate with the soldiers and asked them to reopen the crossing but 
they refused and kicked him out, chanting “down with the rule of the 
Supreme Guide”, “the police and the army are one hand”, and “Oh Sisi we 
are behind you”.</div>

Video allegedly shows kidnapped Sinai soldiers

A video emerged on Sunday showing what appears to be the seven kidnapped security officers blindfolded. The officers identified themselve...

Khaled Said’s case set for retrial

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The criminal department of the Court of Cassation decided on Saturday
 to accept the appeals presented in the case of Khaled Said.<br />
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Both the prosecution and defendants appealed sentences issued in October 2011
 against police officers Mahmoud Salah and Awad Ismail; the two 
policemen were sentenced seven years in prison for cruel treatment, 
wrongful arrest and torture.<br />
<br />

Said was dragged outside an internet cafe and beaten by two policemen
 in Alexandria in 2010; they smashed his head against marble stairs 
which led to his death, according to witnesses. The police then claimed 
he was a drug dealer who choked on a packet of drugs he swallowed.<br />
<br />

An independent forensic report showed the packet was forced into his throat after his death.<br />
<br />

The Alexandria Criminal Court scheduled the retrial for 1 June. “This
 brings us back to square one,” said Khaled Said’s lawyer, Mahmoud 
Afify.<br />
<br />

He added that the court can either toughen the punishment or mitigate it; it can also support the initial sentence.<br />
<br />

“Anything is expected, the court can even find them not guilty and 
then my brother’s rights will be lost forever,” said Zahra, Said’s 
sister.<br />
<br />

Said was viewed as a victim of police brutality. His incident is 
widely viewed as one of the main reasons for igniting the 25 January 
Revolution in 2011.<br />
<br />
Source : dailynewsegypt.com </div>

Khaled Said’s case set for retrial

The criminal department of the Court of Cassation decided on Saturday to accept the appeals presented in the case of Khaled Said. B...

Tamarod collects over two million signatures

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Tamarod campaign announced on Sunday it had collected 2,029,592 
signatures throughout Egypt, withdrawing confidence in Mohamed Morsi as 
president.<br />
<br />

Tamarod, or “Rebellion”, is a petition campaign that <span style="text-decoration: underline;">was launched</span>
 in late April to gather signatures disapproving of President Morsi. The
 campaign is also calling for early presidential elections.<br />
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<div style="text-align: center;">
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In the campaign’s first press conference, held on Sunday, its members
 announced the two million signatures were collected in 10 days alone.  
Campaign spokesperson Mahmoud Badr said that the signatures proved the 
people have started to lose their confidence in Morsi.<br />

“If you are confident about your popularity, hold early presidential 
elections,” Badr said, addressing President Morsi and his aides.<br />
<br />

Campaign members also called on all opposition movements to hold onto
 their initial decision to boycott the upcoming parliamentary elections.<br />
<br />

Badr also commented on Minister of Defense Abdel Fatah Al-Sisi’s <span style="text-decoration: underline;">latest statements</span>.
 The defense minister said on Saturday that the army was not the 
solution to the current political issues the country faces, and that it 
would not resort to policing the streets. He also dismissed the 
possibility of the military forcefully removing Morsi.<br />
<br />

“Our campaign doesn’t call for a military coup,” the Tamarod 
spokesperson said. “We call on people to turn against the president and 
withdraw their confidence in him since he betrayed his agreement with 
the people.”<br />
<br />

Meanwhile at Cairo University, campaign members collecting signatures
 were subjected to harassment by alleged Muslim Brotherhood affiliates. 
Mahmoud Hussein, campaign coordinator in Giza, said four campaign 
members were shortly held at a university security office after going to
 the security officials to complain about the harassment.<br />
<br />

Tamarod was launched two weeks ago by members of Kefaya. The campaign
 is aiming to collect 15 million signatures before 30 June, the day that
 will mark Morsi’s one year anniversary in power. Several opposition 
groups announced their solidarity with the campaign including the 6 
April Youth Movements, both the Democratic and Ahmed Maher fronts.<br />
<br />

“Our campaign will succeed,” Badr said during the press conference. 
“On 30 June, we will be at the [Presidential] Palace with 15 million 
signatures.”</div>

Tamarod collects over two million signatures

Tamarod campaign announced on Sunday it had collected 2,029,592 signatures throughout Egypt, withdrawing confidence in Mohamed Morsi as p...

Egypt ‘too big to fail’: Director of Actis in Egypt

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<i>Actis is an emerging markets investor with US$5.2 billion funds under
 management. Through the expertise of over 120 investment professionals 
on the ground in twelve countries, Actis identifies investment 
opportunities in three areas: private equity, infrastructure and real 
estate. Daily News spoke to Actis’s Director in Egypt about the current 
business environment in Egypt, the challenges as well as the solutions 
to reposition Egypt as an attractive investment destination. </i><br />
<br />
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<br />
<i><b>Please tell us more about Actis?</b>
</i><br />
Actis is a pan-emerging markets private equity investor headquartered
 in London. We specialize exclusively in the emerging markets, with a 
growing portfolio of investments in Africa, Asia and Latin America. We 
have been investing in the emerging markets for over 65 years as part of
 CDC [Commonwealth Development Organisation], the UK’s development 
finance arm; and since 2004 as Actis after spinning out from CDC.<br />

We invest in private equity, energy and real estate. These are the 
three businesses we focus on. Under private equity we focus on some 
specific sectors which are the consumer sector, the financial services 
sector, as well as the industrial and the health care sectors.<br />
<br />
<br />

<b>What about the portfolio of the company?</b><br />

Since our operations in Egypt in 2001, we have invested over $500m 
spread across a number of investments. Our first management buy-out was 
acquiring El-Rashidi El-Mizan from Unilever in 2002, then we acquired 
Sidi Krir power station which was one of the three BOT power plants. In 
2007, we invested in Sinai Marbles and Granite, then in Mo’emen, an 
independent leading Egyptian food group, in 2008. In 2009, we invested 
$244m in CIB; we are currently the largest shareholder of the bank. We 
then created a payment processing platform called ‘Emerging Markets 
Payments Holding’ (EMPH), which started off by acquiring the 
Mediterranean Smart Cards company in Egypt in 2010, which has now grown 
to become a multi-country financial service and payment processing 
business.<br />
<br />
<br />

<b>What is Actis current portfolio in Egypt?</b><br />

Actis is currently invested in CIB, EMPH and Sinai Marble.<br />
<br />
<br />

<b>Are there any projects for Actis in Egypt in the pipeline?</b><br />

We continue to be open for more businesses in Egypt despite the 
difficult conditions, but this needs to be reflected in very high 
quality opportunities.<br />

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Our strategy will continue to be the same with the look-out
 for market leading, well managed businesses in the consumer sector, the
 financial services sector, as well as the industrial and health sectors
 in Egypt.</div>
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<br /></div>
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<br /></div>
<b>Why do you focus on these sectors in particular? </b><br />

These are defensive sectors that tend to hold the ground well during 
difficult conditions. They are also successful in countries with high 
populations like in Egypt. The rise in the middle class in Egypt has 
also helped to sustain these sectors, which have continued to do well 
despite the challenges in Egypt over the last two years.<br />
<br />
<br />

<b>Do you think that these sectors could be affected because of the US Dollar exchange rate?</b><br />

The exchange rate is a problem across the board, but I do think that 
the market leaders are well managed and are continuing to do well 
despite the difficult situation. That being said, the exchange rate is 
an issue that affects all the business sectors. It is one of the biggest
 problems in foreign investors’ mindsets today.<br />
<br />
<br />

<b>What is the impact in your opinion on the downgrade of Egypt and some of the banks’ Long-Term Foreign Currency Rating (FCR)</b><b>?</b><br />

The FCR downgrade creates a negative impact on the overall investment
 appetite in the country. It can give wrong signals for investors who 
are monitoring the Index or seeking general investment opportunities in 
Egypt. But for Actis<b> </b>we are doing very specific asset picking in 
target sectors on the back of quality assets that are well managed and 
have completed to trade well since the revolution. I think we can still 
have attractive investment opportunities for investors looking for 
medium to long term outlook.<br />
<br />
<br />

<div dir="LTR">
<b>Evaluate the market, especially after the unrest and turmoil?</b></div>
The unrest and turmoil are naturally bad, and they give a negative 
impression. But we have to separate between this and the underlying 
performance of specific companies that have a defensive market 
positioning and strong management teams, which have allowed them to 
continue to grow well despite the difficult circumstances.<br />
<br />
<br />

<b>Do you think that the market can get over these challenges soon?</b><br />

I don’t know, but I sure hope so. I think market recovery needs to 
happen very soon, as the economy is severely strained because of the 
challenges in reserves, the foreign exchange, the lack of foreign direct
 investments, and the growing inflation rates. All these issues should 
be addressed sooner than later.<br />

In my point of view, however, Egypt is ‘too big to fail’. I also 
believe that the political stability which is the very prerequisite for 
any economy to prosper is an essential component. If this is achieved, 
the much calmer environment and streets will then trickle down into the 
economy.<br />

The biggest enemy to any investor is uncertainty and low visibility; 
and both are found in Egypt today. So I think one of the main things the
 government has to do is to speak to the target audience with more 
clarity and transparency, sending clear messages on key issues, such as 
foreign exchange rates. What is going to happen for example for someone 
who wants to invest in Egypt today from off shore? Will they be able to 
bring dollars into country and convert them into Egyptian pounds to buy 
assets? Are they going to be able to exit, buy dollars off shore again, 
etc. Lack of transparency leads to lack of credibility and visibility, 
and creates a lot of uncertainty which needs to be tackled very quickly.<br />
<br />
<br />

<div dir="LTR">
<b>What do you think about these problems specifically?</b></div>
All these problems are linked; the budget deficit and energy are very
 much linked, for example. The government has no sufficient inflows to 
cover their expenditure because they have had very low FDI coming into 
the country. That is also because of the low revenues and the increased 
expenditure which will lead the budget deficit to cross 11% to 12%, 
which is huge. It is also not clear what is going to happen on the tax 
front; will there be taxes on capital gains? Will there be any taxes on 
IPOs [Initial Public Offering]? Will the income tax increase or not? 
This is in addition to the continued hunt for money from businessmen, 
thus creating a very negative message for foreign investments in the 
country.<br />
<br />
<br />

<b>Do you think there is any kind of economic identity in the constitution in Egypt?</b><br />

Without dwelling on political issues,<b> </b>I believe that the constitution could benefit from a boarder base representation of all Egyptians.<br />
<br />
<br />

<b>What do you think about the recent acquisition deals in the Egyptian market, like NSGB, Hermes?</b><br />

EFG Hermes [and QInvest] deal has not gone through yet. The situation
 is not clear, and this is directly linked to the lack of visibility in 
the regulatory environment. Regarding NSGB [National Société Générale 
Bank], this was more motivated by Société Générale France who wants to 
exit NSGB due to other priorities rather than a specific view on Egypt. I
 think there might be a market misperception that the price is an issue,
 but I think there are more details behind that.<br />

Orascom Telecom and OCI (Orascom Construction Industries) are high 
profile cases. We don’t know how these are going to end up. Obviously 
it’s going to impact the EGX significantly because of Orascom’s volume 
on the EGX, but I think that step has been taken because of legitimate 
worries about the investment environment in Egypt today.<br />
<br />
<br />

<b>Are we going to see specific foreign investments from certain countries?</b><br />

Investors, regardless of their country, are still making investments 
as they see good opportunities to gain more profits. If we can deal with
 the lack of visibility and transparency, political cohesion, and the 
foreign exchange rate, I think we will be surprised about the number of 
investors who will invest in Egypt. Egypt is a fundamentally attractive 
market that is passing through a difficult stage these days.<br />
<br />
<br />

<b>Evaluate Egypt among other emerging markets?</b><br />

<b> </b>Egypt is one of Actis’s target markets where we remain to be 
invested despite the current challenges, and we do hope to see great 
improvements in all aspects of the economy and the regulatory system 
soon.<br />
<br />
<br />

<b>What about your investments in Africa?</b><br />

Africa is our largest market with total investments of $1.5bn. We 
have been ranked as the best private equity fund manager in Africa 
because of our dedication to the region. There are other promising 
markets in Africa such as South Africa, Nigeria, and Kenya; while in 
North Africa there is also Tunisia and Morocco.<br />
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Whatever happened to the student movement?

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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgr_9ix2p1kddzvz3GG8GifILtW_oY8ez0tEbsx1wEEH6BHXADVx5weWwExK_Hsgzrv5r77V9f5fXBqRBJd69e1XQctkynIvEUKfNdUJrQbPXUNvCiEFK-_n5z2OI2A977_yE6SoQvK1G0/s1600/5-3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgr_9ix2p1kddzvz3GG8GifILtW_oY8ez0tEbsx1wEEH6BHXADVx5weWwExK_Hsgzrv5r77V9f5fXBqRBJd69e1XQctkynIvEUKfNdUJrQbPXUNvCiEFK-_n5z2OI2A977_yE6SoQvK1G0/s1600/5-3.jpg" /></a></div>
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 There are currently more than three million Egyptian 
students enrolled in higher education. Before the revolution, most of 
them dreamed of an opportunity to escape a country that is plagued by 
both corruption and nepotism.</div>
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However, most of them were inclined to 
take a confrontational stance towards the social problems they once 
tried to escape. A wave of unprecedented forms of protesting in modern 
Egyptian history swept over campuses.</div>
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Strikes, sit-ins, demonstrations 
and even occupy movements became a usual sight in both public and 
private universities, something that was thought to be as one of the 
undesired outcomes of the revolution, an unnecessary new cult that would
 distract students from their so-called sole purpose in life, studying.</div>
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The truth however is that the Egyptian student movement has
 been playing a vital role in national politics for the last 100 years.</div>
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At times of excessive tyranny and brutal repression, when social 
injustices and grievances reached intolerable levels while the political
 arena and so called elites were shattered each striving after his very 
own personal interest, it was time for students to act.</div>
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At times like 
these, students almost always rose to the occasion and acted as the glue
 that consolidated different political and social fragments in order to 
lift injustices off the wide Egyptian society. Yet the question remains,
 where are the Egyptian students at the moment and why are they so 
dormant on the national level except for some angry yet repeated 
statements on social media, despite their unprecedented level of 
activism inside the walls of the universities?</div>
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The student unions are the only elected entities on campus,
 thus they are the official representatives of the student body. They 
used to be highly politicised until Sadat cancelled political 
committees, dissolved the Egyptian student union that is composed of 
student unions from all Egyptian universities and prohibited political 
activities on campus after he was loudly opposed by leftist students who
 resented the political reorientation of Egypt towards the West and 
regarded privatisation as a prominent threat (his financial support and 
intentional revival of the Islamist forces to get rid of the leftist 
forces that greatly opposed his neoliberal policies are outside the 
scope of this article).</div>
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Since then, candidates for the student union 
were prevented from running for office if they were discovered to be 
affiliated with the opposition. Moreover, the success of the almighty 
State Security forces in recruiting student union presidents as 
informants not only ensured the de-politicisation of the universities, 
but it has also managed to destroy the trust of the students in the sole
 body that is supposed to be representing them.</div>
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 Even though this has 
changed after the revolution with the introduction of a new student 
constitution that allows political activities and supposedly grants 
freedom of expression on campus, the fact that this constitution was 
imposed on students without being subjected to public voting is still in
 itself a major concern for the students who regard this act as blunt 
state intervention in student affairs regardless of its intentions.</div>
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The most difficult challenge students will have to face 
beside the security apparatus and the gap of trust between them and the 
student body is the newly formed class of elitist student 
revolutionaries who have claimed ownership of the revolution and 
declared impotent marches and chants as a profession that would pave the
 road for their recognition. This group of students interprets the 
slogan “the revolution continues” as the need to be present on the 
streets at all times without having a clear strategy on how to transform
 the chants into actual reforms. The problem with this new class of 
elite activists, who have gained their reputation from taking part in 
the revolution and engaging in clashes with the Ministry of Interior 
afterwards, is that despite their respectable tactical experience, they 
lack long-term strategies. Therefore, they have gradually diverted from 
their initial goals to the extent that the means have become a goal by 
themselves. These students, who are sometimes driven by their 
affiliation with political parties, prefer limited participation in 
student protests to ensure maximum media exposure and avoid any 
unnecessary clashes with the authorities, the same authorities they 
attack day and night on social media, and lame statements.</div>
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If the students are to ever regain their position as a 
vital player in the national political arena in a time marked by 
marginalisation of youth from a highly patriarchal society, they would 
have to regard themselves as the seed of the future Egyptian left. They 
have to have an applicable long term strategy that builds on past 
experience and aims to reform educational institutions while focusing on
 long term benefits. They would also have to realise that as much as 
they are needed to advocate for reforms on campus, they are also needed 
to advocate for social justice, political freedom and economic reforms 
off campus. This is because they are the most vocal and diversified 
class in a society of both educated and uneducated illiterates.</div>
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Can you hear the students sing?</div>
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<em><strong>Taher El Moataz Bellah is the Student Union 
President at the American University in Cairo and Vice President of the 
Egyptian Student Union for Private Universities.</strong></em></div>
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Whatever happened to the student movement?

There are currently more than three million Egyptian students enrolled in higher education. Before the revolution, most of them d...

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