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    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Turkey eyes $5bn bilateral trade with Qatar

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      Deal signed to set-up first factory in Qatar to assemble electric vehicles

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      Iraq set to award new Faw Port deals

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      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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      Miral’s premier Abu Dhabi waterfront project work on track

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      Aecom wins Neom utilities infrastructure design contract

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        Investments in renewables in Egypt reach LE6 bn: Official

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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        Tadweer opens phase 2 of solar power plant at Al Dhafra

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        France to help Iraq generate electricity, will invest in education, science: Macron

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        Acwa Power inks finance deals for 900MW Dubai solar park

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Qatar’s hospitality sector peaks despite turbulent 2020

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          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Indian company plans $300 million new investment in Egypt

              Livemint

              May 7, 2017
              in Business, Finance
              0

              In a bid to turn around its business in Egypt where it has invested $1.2 billion in eight years, Chemplast Sanmar will infuse an additional $300 million in the country, a top company executive said.
               
              Backed by billionaire Prem Watsa, who invested $300 million in the Chennai-based polyvinyl chloride (PVC) manufacturer in 2016, the firm is betting on improving economic and political conditions in Egypt, mired in years of political upheaval following the Arab Spring.

               “We are investing $300 million in doubling our PVC capacity (in Egypt to 400,000 tons). One particular approval to build a pipeline did not come through and as a result our alternative approach was to make entire finished product there to cut our dependency on the pipeline,” Vijay Sankar, deputy chairman, Sanmar Group, said in an interview in Chennai.

              Egypt’s economy is expected to grow 4% in the year ending 30 June, according to a Reuters poll of 11 economists. The poll estimates economic growth will slow to 3.3% in 2017-18, and will accelerate to 4% in the following year.

              Fortunately for Sanmar, whose business in the North African country has been in distress following the geo-political events surrounding the Tahrir Square revolution, the PVC market globally has started to look up. The market for PVC contracted in China for the first time during the year ended 31 March 2017 and in Europe the market has consolidated significantly, reducing the number of firms to five.

              What’s more, the Indian market is also looking up, Vijay Sankar said.

              “So, where we are located, which is India and Egypt, are the only places where PVC is fast growing and are deficit markets, meaning it has to be imported.”

              Egypt has not been a happy story for Vijay Sankar ever since he took over the reins of chemicals company from his father N. Sankar in 2007-08.
               
              In 2007, it acquired a small caustic soda making business in Egypt. “The idea was to expand VCM (vinyl chloride monomer) and PVC and bring VCM, which is a raw material for PVC, to India so that it becomes a fully integrated business,” Vijay Sankar explained.
               
              Egypt then was coming off 30 years of stable regime. Taxation was more progressive than in India and with project finance available, cost of production was low. Then all hell broke loose.
               
              Financial markets collapsed after the global financial crisis in 2008, delaying Chemplast’s plans to refinance the project.

              “We had to change the mode of refinancing twice. Then the Egypt revolution hit—the Tahrir Square revolution and Egypt had seven governments after that,” he said.
               
              “One particular approval in Egypt (for a pipeline) did not come through so we had to reconfigure our plant totally. All that could go wrong went wrong,” Vijay Sankar said.

              “We were looking for investors for 4-5 years. Unfortunately, because of the location, nobody was willing to commit resources,” he said.

              Complex Securities and Exchange Board of India (Sebi) regulations in those days meant Chemplast Sanmar had to delist from exchanges to bring new investors.

              “It gives us flexibility to attract somebody like Mr Watsa on board,” he said.

              A large part of Chemplast business is commoditized, which by nature, fluctuates and markets do not necessarily favor such businesses.
              Livemint
              7 May

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