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Heirs of Egyptian billionaire Mohamed Al-Fayed at war over $2 billion fortune

by Editor
written by Editor

The passing of Egyptian billionaire businessman Mohamed Al-Fayed, the former owner of Harrods department store and father of the late Dodi Fayed, has ignited a fierce contest among his four adult children over his substantial $2-billion estate.

Following Al-Fayed’s demise last week, whispers of a “sibling power struggle” and a “Succession-style battle” for the considerable wealth have begun to circulate.

Now in contention, the assets are to be divided among his four heirs, all from his second marriage to Finnish socialite and former model, Heini Wathen, aged 68.

Al-Fayed and Wathen, united in matrimony in 1985, brought four children into the world: Jasmine, aged 42, Karim, 39, Camilla, 38, and Omar, 35.

The death of Al-Fayed has not only marked the end of an era but has also triggered a high-stakes battle among his heirs for control of his substantial fortune, leaving the world eagerly watching how this family drama unfolds in the coming months.

Before his death, Al-Fayed was one of Egypt’s and the United Kingdom’s wealthiest businessmen, amassing an impressive fortune estimated at $2 billion. His journey from humble beginnings in Alexandria to riches is extraordinary.

Al-Fayed’s rise to prominence was underscored by his ownership of the prestigious Harrods department store, a venture he acquired in 1985. In 2010, he made headlines again by selling Harrods to Qatar for a staggering $2.4 billion.

Not stopping there, he extended his interests to include the Ritz Paris Hotel and Fulham Football Club. In 2013, Al-Fayed handed over Fulham Football Club to U.S. auto parts magnate Shahid Khan for a reported sum of $300 million.

Renowned for his opulent lifestyle and outspoken views, Al-Fayed remained a top figure throughout his life. He was particularly vocal in his criticism of the British royal family, alleging their involvement in the tragic 1997 car crash that took the lives of his son Dodi and Princess Diana in Paris. 

Al-Fayed consistently maintained that the couple’s demise was not an accident, stating, “because they still don’t accept that Dodi, my son, an Egyptian, a Muslim, can be the stepfather of the future king,” as he conveyed during an interview with 60 Minutes Australia.

Source; billionaires.africa

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AFRICA NEWSEgyptNorth Africa

Egyptian billionaire Ghabbour family suffers $26 million loss

by Editor
written by Editor

The Egyptian billionaire Ghabbour family has seen the market value of their equity stake in GB Corp slump by more than $26 million over the past 43 days due to a significant decline in the share price of the group.

Data gathered by Billionaires.Africa revealed that the Egyptian billionaire Ghabbour family’s stake in the Egypt-based automaker has slumped by EGP 805.68 million ($26.03 million) since August 2 as investors on the local bourse continue to reduce their stakes in the group.

Founded by the late Egyptian auto tycoon Raouf Ghabbour in 1985, GB Corp has emerged as a leading automobile distributor and assembler in the Middle East and North Africa. The Ghabbour family currently holds a significant 62.9-percent stake in the automaker, solidifying their position as one of the wealthiest investors on the Egyptian Exchange.

Under the family’s leadership, GB Corp has undertaken substantial expansion, recently culminating in a rebranding initiative to unite the group’s subsidiaries, including GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.

Since August 2, GB Corp shares on the Egyptian stock exchange have slumped by 17.38 percent, declining from EGP 6.79 ($0.2195) on August 2 to EGP 5.61 ($0.1813) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including the affluent Ghabbour family.

As a result of the double-digit percent slump in the automaker’s share price, the market value of the stake held by the affluent Ghabbour family has slumped by EGP805.68 million ($26.03 million) in 43 days, falling from EGP4.64 billion ($149.81 million) Aug. 2 to EGP 3.83 billion ($123.78 million) at the time of writing.

Despite the recent downturn, the family remains one of the richest investors on the Egyptian stock exchange. 

Source; billionaires.africa

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Egypt recorded 29.5% increase in exports to Nile Basin countries in 2021
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Egypt recorded 29.5% increase in exports to Nile Basin countries in 2021

by Editor
written by Editor

The Central Agency for Public Mobilisation and Statistics issued the Annual Bulletin for Trade Exchange Between Egypt and Nile Basin Countries in 2021 that presents and analyses trade volume (exports- imports) with Nile Basin countries, (Sudan, Ethiopia, Uganda, the Democratic Republic of Congo, Kenya, Tanzania, Rwanda, Burundi, Eritrea, South Sudan).

The total value of exports to Nile Basin countries reached $1.55bn in 2021, compared to 2020s $1.19bn in — an increase of 29.5%.

Meanwhile, the total value of imports from Nile Basin countries reached $0.66bn, compared to $0.56bn — an increase of 17.8%.

Sudan came ranked first on the list of countries Egypt exports to with a value of $826.8m, compared to $500.1m — an increase of 65.3%. The most important items exported to Sudan were plastics and their derivatives and sugar and confectionery products.

Kenya came in second place with a value of $382.0m, compared to $387.2m — a decrease of 1.3%. The most important items exported to Kenya were plastics and their derivatives, iron and its derivatives, paper and pulp, salt and sulphur, soils, stones, and cement.

In terms of imports, Sudan came first once more with a value of $336.7m, compared to $224.9m — an increase of 49.7%. The most important items that were imported are live animals, grains and rapeseed, medicinal plants, and fodder.

Furthermore, Kenya came in second with a value of $248.9m, compared to $238.4m — an increase of 4.4%. The most important items that were imported are coffee, tea, and other spices.

Chemical and plastic products ranked first in terms of exports with a value of $475.4m, compared to $391.4m — an increase of 21.5%.

Meanwhile, animal and plant products, beverages, and tobacco came in first in terms of imports with a value of $553.6m, compared to $438.3m in 2020 — an increase of 26.3%.

© 2022 Daily News Egypt.

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AfricaAFRICA NEWSBusinessEgyptNewsNorth AfricaNorthern AfricaOil & Gas

Egypt and Greece reject Turkey-Libya maritime hydrocarbons deal

by Radarr Africa
written by Radarr Africa

Egypt and Greece on Monday rejected the signing of the unity government in Libya, based on two memoranda of understanding formulated by Turkey in the field of hydrocarbon resources to explore for gas and oil.

In a statement, the Egyptian Foreign Ministry said that Minister Sameh Shoukry and his Greek counterpart Nikos Dendias confirmed that the outgoing unity government in Tripoli does not have the authority to sign any international agreements or memoranda of understanding.

In a press conference with his Libyan counterpart Najla Mangoush, Turkish Foreign Minister Mevlüt Çavuşoğlu said during the signing of the MoUs: “The hydrocarbons agreement just signed aims to establish cooperation between Turkish and Libyan companies in exploration, based on the concept of mutual profit on land and at sea.”

Longstanding dispute

The dispute between Egypt, Greece, and Turkey dates back to November 2018, when Ankara signed a maritime agreement with the former Libyan Government of National Accord.

Practically, the new agreement will open up more areas for Turkey to explore for energy in the Mediterranean, in areas that Greece and Cyprus mentioned as belonging to them.

Egypt previously described the deal as “illegal”.

On Monday Çavuşoğlu said, “There may be a misunderstanding regarding the maritime jurisdiction agreement. This is an agreement signed between two sovereign countries and is valid.”

“Moreover, Turkey and Libya informed the UN of signing the agreement, and we registered the boundaries of our continental shelf with the UN, and now Libya must determine its continental shelf and its maritime jurisdiction areas and register it with the UN.”

The signing of the two memoranda of understanding between Ankara and Tripoli coincides with tension between Egypt and the unity government in Libya, despite a period of calm and rapprochement between the two sides in recent months.

Turkey has gained great weight with the ruling forces in western Libya since its military support for the Government of National Accord (GNA) in repelling the attack of the commander of eastern Libyan forces, retired General Khalifa Haftar, on the capital, Tripoli in 2019.

Source: Egypt Independent

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World Bank approves a $400m loan to Egypt for low-carbon freight railway

by Radarr Africa
written by Radarr Africa

The World Bank has approved a $400 million loan to Egypt to develop a railway bypass for freight trains that will help improve and decarbonise the country’s transportation and logistics sector, the lender said on Monday.

The Cairo Alexandria Trade Logistics Development Project will allow for increased freight capacity along the congested railway corridor between the Alexandria Sea Port, Greater Cairo Area and the newly constructed 6th of October Dry Port further west.

The GCA corridor currently accommodates three freight trains per direction per day, with the rest dedicated to passenger trains. The new bypass would allow 15 container trains per day by 2030 and up to 50 trains daily by 2060.

Because transporting freight by train rather than by road has a lower carbon footprint, the bank estimates the project will reduce greenhouse gas emissions by 965,000 tonnes over 30 years.

Egypt’s transportation sector is the second-largest contributor to the country’s greenhouse emissions after energy, contributing about 19 per cent.

“This agreement will support the government of Egypt’s progress towards clean, smart transportation to reduce emissions, all within the framework of the green economy transition, while also increasing private sector participation in development efforts,” Egyptian Minister of International Co-operation Rania Al Mashat said in a separate statement.

As host of the UN climate summit Cop27 next month, Egypt has been ramping up projects and investments for its green transition.

Through its National Climate Strategy 2050, the country plans to spend $211 billion on mitigation programmes to avoid and reduce emissions, and another $113bn on adaptation programmes to respond to the impact of climate change. However, it faces a funding gap of about $250bn.

The $400m in development financing for the $998m railway project is being provided by the International Bank for Reconstruction and Development, the World Bank’s lending arm.

It has a 29-year term with a seven-year grace period, and also includes technical and institutional support for the National Railways Authority, the ministry said.

The development finance portfolio between Egypt and the World Bank includes 15 projects worth $5.7bn in the sectors of health, entrepreneurship, transport, social protection and small and medium enterprises.

Minister of Transportation Kamel El Wazir said the latest project is “aligned with Egypt’s pressing development priorities, which include decarbonisation, trade facilitation, private sector participation and gender balance in the workplace”.

One of the project’s objectives is to increase the number of containers moved by rail “from zero to 184,000 per year”, he said.

Private investors will be able to operate their trains on the national tracks by paying a fee through a new infrastructure access charging regime.

The project will also encourage female labour force participation by providing childcare options and supporting their professional development, the World Bank said.

“We hope that through supporting more job creation, including for women, a cleaner environment, and providing safer mobility, the operation will contribute towards a brighter and more prosperous future for all Egyptians,” said Marina Wes, World Bank country director for Egypt, Yemen and Djibouti.

Source: The national news

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EGAS announces 5 new gas discoveries in Mediterranean Sea, Nile Delta

by Radarr Africa
written by Radarr Africa

The Egyptian Natural Gas Holding Company (EGAS) announced that 5 new gas discoveries were made in the Mediterranean and the Nile Delta, with total reserves of about 317 billion cubic feet of gas, in addition to confirming reserves of 471 billion cubic feet after drilling the well (Bashrush 3) in the Mediterranean.

Executive Director of EGAS, Magdy Galal, added during the company’s general assembly, to approve the results of the financial year 2021/2022, indicated that gas exports increased over the year by 44 percent on an annual basis, as 84 shipments of liquefied natural gas were exported from the gas liquefaction plants in Idku and Damietta.

ALSO READ: Egypt’s gas exports hit $8B in 2021/2022

He pointed out that two new international bids were launched to search for gas and oil, which were fully launched for the first time in a digital form through the Egypt Exploration and Production Gateway, and resulted in the assignment of 3 areas to Eni and the British Petroleum Company, with a total investment of $278 million and signature grants of more than $29 million.

A three-dimensional seismic survey program with OBN technology, a modern technology implemented for the first time in the Mediterranean, has been implemented to explore the deep layers with a total area of ​​about 330 square kilometers in the Atoll and North Tabia marine areas of the BP company.

Source: Egypt today

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Sisi directs CBE’s governor to end obstacles to import, manufacture within two months

by Radarr Africa
written by Radarr Africa

President Abdel Fatah El-Sisi directed the Governor of the Central Bank of Egypt, Hassan Abdullah, to end all obstacles facing import and local manufacturing operations, resulting from the Russian-Ukrainian crisis, within two months.

This came during President Sisi’s inauguration of a number of new national projects in the investment zone in the city of Banha in Qalyubia Governorate, via “video conference”.

“The private sector in Egypt represents about 75 percent of the size of the economy and the state directs great support to the industry, and we will facilitate all obstacles and difficulties that businessmen and manufacturers may face,” according to President Abdel Fatah El-Sisi.

In his speech, Sisi indicated that Egypt aims to reach the value of exports to $100 billion, which is a modest number when compared to a country with a population of more than 104 million, as he described it.

Earlier in September, the Central Bank of Egypt (CBE) issued new instructions to facilitate import operations, as well as other instructions it had previously issued, after a meeting of the Deputy Governor of the Central Bank, Gamal Negm, with manufacturers.

These instructions included the release of imported shipments that worth up to $25,000 to importers once every 6 months, while shipments with a value exceeding $25,000 are released using Form 4.

The CBE also excluded the foreign component from opening a documentary credit in the case of electronic goods that are assembled in Egypt and consist of local parts next to the imported parts, and shipping documents are accepted in light of the fact that they are a production requirement.

“Accepting the proceeds of companies’ cash deposits in foreign currencies resulting from export operations with neighboring countries “Libya – Syria – Sudan – Palestine – Iraq – Yemen”,” the instructions revealed.

In addition to using it in the implementation of import operations, taking into account the proportion of the value of deposits with the volume and nature of the customer’s usual activity and the value of the documents indicating the export operation.

ALSO READ: Egypt set up committee to ease customs clearance and tax return to participants in COP27

According to the Central Bank of Egypt’s statement, the exporter must complete a true copy of the customs declaration certified by the competent customs, the General Organization for Export and Import Control, and the foreign trade sector in the Ministry of Trade and Industry, according to the two periodicals issued by the Central Bank on May 13, 2015 and October 20, 2015.

Source: Egypt today

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Egypt set up committee to ease customs clearance and tax return to participants in COP27

by Radarr Africa
written by Radarr Africa

 Finance Minister Mohamed Ma’eit has decided to form a committee, whose job it will be to ease customs clearance and value-added tax return to participants in the upcoming climate summit, COP27, which will be held in the Egyptian Red Sea resort city of Sharm el Sheikh in November.

The committee should group senior officials of the customs and tax authorities, the Finance Ministry said in a statement Sunday.

ALSO READ: Egypt Prepares for Flagship United Nations (UN) Climate Conference

A simplified guide has been issued in Arabic and English about the customs clearance measures and VAT returns to be adopted temporarily upon departure of the participants, read the statement. 

Source: Egypt today

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Egypt aims to raise $6B through selling stakes in state-owned companies before mid-2023

by Radarr Africa
written by Radarr Africa

Egypt aims to raise up to $6 billion, before June 2023, by selling stakes in state-owned companies, according to the Minister of Planning, Hala El-Said.

El-Said added that the program may include offering shares to the public, or selling shares to strategic investors, with the support of the country’s sovereign fund. 

The minister did not identify the companies nominated for the sale, according to Bloomberg Al Sharq.

The minister noted that additional wealth funds in the Gulf and other countries will be contacted, and there is a plan for a promotional tour in Europe and Asia by the end of October to showcase investment opportunities in Egypt.

“Sovereign funds are usually long-term investors, and they add value in terms of expertise, financing and technology,” she added.

Egypt recently established a “pre-IPO” fund, which aims to restructure some state-owned assets and prepare them for offering in the market.

She revealed that the goal is to transfer assets amounting to $3 billion to this fund within three to six weeks, including a power plant built in cooperation with the German company “Siemens”.

Source: Egypt today

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AfricaAFRICA NEWSBusinessEconomyEgyptEnergyNewsNorth AfricaNorthern AfricaOil & Gas

Egypt’s gas exports hit $8B in 2021/2022

by Radarr Africa
written by Radarr Africa

Egypt’s exports of natural and liquefied gas amounted to about $8 billion in the fiscal year 2021/2022, according to a cabinet statement on Sunday.

Previously, Finance Minister Mohamed Maait said that Egypt earns about $500 million per month from natural gas exports and aims to raise that number to $1 billion in the coming period.

The government has implemented a plan to rationalize electricity consumption in order to provide natural gas used in the stations in order to export it abroad in light of the high global prices.

Egypt’s exports of natural gas rose, after starting to implement a plan to rationalize electricity consumption in August, according to what Prime Minister Mostafa Madbouly said in mid-September.

The Cabinet amended the method of calculating the selling prices of natural gas for nitrogenous fertilizer factories, to become according to a new price equation, so that it is not less than $4.5 per million British thermal units.

On the other hand, the government kept the selling price of natural gas supplied to the non-nitro-fertilizer industry at $5.75 per million British thermal units, provided that this decision does not apply to factories that will be accounted for according to price formulas included in natural gas supply contracts.

Moreover, the price of supplying natural gas to nitrogenous and non-nitrogenous fertilizer factories has been set since last November at $5.75 per million British thermal units.

Nitrogenous fertilizers are used more among ordinary farmers, while the use of non-nitrogen fertilizers is increasing among investment companies in order to enhance the productivity of the acre and thus profits.

The cost of consuming nitrogenous fertilizers from natural gas rises to represent 60 percent of the production cost, which is a higher rate than non-nitrogenous fertilizers.

Source: Egypt today

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