Egyptian business sector debt dropped by 77% in 3 years

Egyptian business sector debt dropped by 77% in 3 years
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Updated 06 December 2021

Egyptian business sector debt dropped by 77% in 3 years

Egyptian business sector debt dropped by 77% in 3 years

RIYADH: Companies in the Egyptian business sector have managed to decrease their debts by a notable 77 percent in three years.

Hisham Tawfik, minister of Public Business Sector said the debts dropped from 44 billion Egyptian pounds ($2.8 billion) to 10 billion Egyptian pounds, with the remainder mostly consisting of taxes.

Tawfik said that a settlement had been reached on the debt with only taxes outstanding.

He added that the original value of the debt in 2018 also included costs such as electricity and petroleum. 


Advanced Petrochemical to boost capital to $693m through offering bonus shares

Advanced Petrochemical to boost capital to $693m through offering bonus shares
Updated 12 sec ago

Advanced Petrochemical to boost capital to $693m through offering bonus shares

Advanced Petrochemical to boost capital to $693m through offering bonus shares

RIYADH: Saudi-based Advanced Petrochemical said its board has recommended boosting capital to SR2.6 billion ($693 million) through issuing bonus shares.

The capital increase amounts to around 20 percent, up from SR2.16 billion, the Jubail-based petrochemical firm said in a bourse filing.

As per the rules set out, shareholders will be granted one bonus share for every five shares, which will be financed through statutory reserves and retained earnings.

The step comes as the company aims to strengthen its capital base and aid future expansions.


Boeing nears Qatar freighter deal ahead of emir visit: sources

Boeing nears Qatar freighter deal ahead of emir visit: sources
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Updated 22 min 13 sec ago

Boeing nears Qatar freighter deal ahead of emir visit: sources

Boeing nears Qatar freighter deal ahead of emir visit: sources
  • Qatar has indicated it is willing to look at buying as many as 50 freighters

Boeing Co is in advanced talks with Qatar Airways to secure a launch order for a proposed new freighter, and a deal could come as early as next week when the country's ruling emir visits Washington, two people familiar with the matter said on Tuesday.


Qatar Airways is looking at renewing its existing fleet of around 34 freighters with the larger new 777X version in a deal potentially worth $14 billion at list prices, the people said.

Qatar has indicated it is willing to look at buying as many as 50 freighters, with the larger number likely to include options.


Both companies declined comment


GM invests $7 billion to rival EV competitors

GM invests $7 billion to rival EV competitors
Updated 26 January 2022

GM invests $7 billion to rival EV competitors

GM invests $7 billion to rival EV competitors

DETROIT: General Motors said Tuesday it will invest $7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups, intensifying a battle with rival Ford Motor for EV supremacy in North America. This report produced by Jillian Kitchener.

General Motors is putting the pedal to the metal in its race toward an electric vehicle future.

The company announced Tuesday it will invest $7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups.

CEO Mary Barra said the investment will benefit four Michigan manufacturing sites and will create 4,000 jobs:

“The 7 billion investment is the largest in GM’s history and its so appropriate that it’s in Michigan. It includes a new Ultium Cell LLC battery plant – will be located near Lansing. As well as the conversion of our assembly plant in Orion township for the production of the Chevrolet Silverado and the GMC Sierra EV pickups.”

GM said its Detroit-Hamtramck and Orion Township plants will be able to build more than 600,000 electric trucks a year by late 2024, including different variations of the new Chevrolet Silverado and GMC Sierra electric pickups.

“And all together, we will have more than a million units of EV capability in North America by the end of 2025.”

Tuesday’s announcement intensifies a battle with Ford for EV dominance in North America.

In January, Ford said it will have the annual capacity to build 600,000 electric vehicles, including 150,000 F-150 Lightning pickups, within 24 months.

But, both Ford and GM will have to contend with the current EV leader – Tesla. It will soon open a second U.S. plant in Austin, Texas, and is on pace to sell more than 1 million electric vehicles globally in 2022.


Here’s what you need to know before opening bell today

Here’s what you need to know before opening bell today
Updated 26 January 2022

Here’s what you need to know before opening bell today

Here’s what you need to know before opening bell today

RIYADH: Saudi Arabia’s main stock index TASI ended Tuesday’s session in positive territory as gains in the energy, financial, and insurance sectors pushed the index higher.

TASI recorded gains at 0.3 percent, reaching 12,109 points, and the parallel Nomu market closed flat at 25,551 points.

Most major GCC indexes also recorded gains on Tuesday.

Dubai’s DFMGI, Abu Dhabi’s FTSE ADX general index, and the Qatari QSI index all edged up between 0.1 and 0.3 percent.

Bourses of Bahrain, Oman, and Kuwait were down, as well as the Egyptian EGX30 index which closed 0.6 lower.

In energy trading, oil prices rebounded as Brent crude oil crossed $88 per barrel, and US benchmark WTI crude oil reached $85.3 per barrel as of 9:05 a.m. Saudi time.

Stock news

  • The Saudi Automotive Services Co. has acquired 80 percent of gas station operator NAFT Services Limited Co. for $1.1 billion ($293 million)
  • Advanced Petrochemical Co.’s board recommended increasing capital to SR2.6 billion, or by 20 percent, through issuing bonus shares. They also recommended buying back 1.5 million shares to allocate in an employee incentives program
  • Saudi oil giant Aramco has awarded a SR268 million contract to Arabian Pipes Co. to provide steel pipes
  • Dallah Healthcare Co. has signed a memorandum of understanding with KUN Investment Holding Co. for the purchase of 19 percent of International Medical Center Co. through a share swap

Calendar

Jan. 27, 2022

End of Gas Arabian Services’ IPO book-building

End of Scientific and Medical Equipment House’s IPO book-building

Jan. 28, 2022

End of Elm Co.’s IPO book-building 

 


Saudi Aramco awards $71m steel pipes deal to Arabian Pipes

Saudi Aramco awards $71m steel pipes deal to Arabian Pipes
(Shutterstock)
Updated 26 January 2022

Saudi Aramco awards $71m steel pipes deal to Arabian Pipes

Saudi Aramco awards $71m steel pipes deal to Arabian Pipes

RIYADH: Saudi oil giant Aramco has sealed a SR268 million ($71 million) deal with homegrown Arabian Pipes Co. to provide steel pipes, according to a bourse filing.

The contract will be valid for 13 months, the Riyadh-based pipe manufacturer said in a statement to Saudi stock exchange, Tadawul.

Arabian Pipes expects the transaction to impact its financial statements starting from the third quarter of this year until the first quarter of 2023.