December 2013

General Authority for Investment and Free Zones Investment Monitor
Investment Monitor
Monthly Report - December 2013
Issue no. 12
Focusing on Investment News and Investment Indicators in Egypt
2013
Contents
Investment News in Egypt •
Minister: initiative to develop Egyptian‐Gulf investments •
Minister: no more privatization of public sec‐
tor companies •
Contract between the Ministry and TEDA to develop six square kilometers in Suez •
Chinese ready plants for SMEs •
Minister: American IPR to increase its invest‐
ments in Egypt by USD 300 million •
•
•
Interest Rates •
Net International Reserves Employment Investments •
New Establishments •
Distribution of New Establish‐ments by Sector •
New Establishments by Gender •
Legal Form of New Establishments after “two revolutions” lishments Chinese FAW conquers Africa with agreement •
Estimates of New Job Creation by Occupa‐tion Saleh: global company to improve iron and •
Estimates of New Job Creation by Gender •
Investments in New Establishments Dis‐tributed by Nationality Misr Insurance increases its paid‐in capital to EGP 2.25 billion •
Inflation Geographical Distribution of New Estab‐
steel factories •
•
Minister: Egypt maintain USD 9 million FDI •
with EMACO •
Growth Trends Minister: Al Ghanem Group to carry out two •
investment projects in Egypt •
Macro economy •
Capital Market New mall and automatic packing factory in 6th •
The Egyptian Exchange Indices •
Trading Aggregates •
Performance of different sectors Investment promotion and sup­
•
Egyptians versus Foreigners port conferences •
Market Capitalization •
Bonds of October •
Saleh: 3 thousand Saudi companies invest in Egypt •
Egyptian‐Gulf Forum 2
1
Investment News in Egypt Minister: initiative to develop Egyptian­Gulf investments
The Minister of Investment, Mr. Osama Saleh launched initiative to stimulate the development of two‐way in‐
vestment between Egypt and the Gulf Cooperation Council, aimed at achieving economic and strategic integra‐
tion necessary for a better future for the Arab peoples. Saleh stressed that the initiative has clear, specific and logical objectives for the next five years and is based on the need to facilitate the movement of capital and labor and reconsider the customs items and facilitate the granting of visas to Arab businessmen. He stressed the importance of activating the common Arab agreements in conjunction with local economic reforms of and modernization of legislative frameworks. This should be combined with offering giant Arab investment opportunities, highlighting the need for a gathering of Arab in‐
vestment bodies to activate the Arab investment profile. Saleh said that global economic blocs and alliances have become a dominant feature, which makes it imperative for Arab counties to be economically unified and integrated. The region has enough strengths, energy and re‐
sources. He added that Arab investments, especially Gulf ones, represent an important weight in the map of local investments. That total FDI amounted to USD 3 billion last fiscal year reflects the attractiveness of local market albeit its extraordinary conditions. Saleh pointed out that the government has undertaken in the past month measures to overcome the effects of successive political developments after June 30 , and continue to implement policies and procedures that pro‐
mote the investment climate to attract more local , Arab and foreign investments, create jobs and help reduce unemployment to ensure the achievement of social justice due to the population of this country. Urging all ministries and state institutions to create an investment conducive climate is the main goal of the Ministry of investment during the current period, he added. This would be achieved through coordination to clear out obstacles to investment through the settlement of disputes, investment contracts and the conclusion of reconciliation and action to simplify procedures and amend economic laws. He noted that the ministry has finalized the amendment of some articles of the law of bids to enable stakeholders to allocate lands directly to investors. The Minister of Investment explained that the Egyptian government has succeeded in solving many problems that used to hinder existing Arab investments, thanks to the efforts to settle dispute conclude reconciliations and settle contracts as well as other instruments, which supported the investment climate. He concluded that the government is determined and serious to resolve all investors’ issues. Source: Al Mal News Minister: no more privatization of public sector companies “The government has no intent to disperse or fire any worker in public sector companies”, the Minister of In‐
vestment, Mr. Osama Saleh stated to Al Masaa Newspaper. He added that the Holding Company for Tourism is currently considering the development and restructuring of some affiliated hotels including Shepherd Hotel. All workers receive their salaries and financial entitlements and no employee or worker is harmed although the hotel is closed, he noted. Saleh explained that no company will be sold or privatized. The Ministry of Investment has finalized a study to develop public sector companies, to be submitted to the Cabinet soon. The study is based on restoring these companies’ leading roles in building the Egyptian economy. Source: Al Masaa 3
Minister: Al Ghanem Group to carry out two investment projects in Egypt The Minister of Investment, Mr. Osama Saleh announced that the Kuwaiti Ghanem Group will start two projects, one in the agricultural sector while the other will be a real estate tourist business. He explained that the first project will be in Luxor over 1,000 acres to grow trees and plants for export to Gulf countries. The second project, suspended since 1974 due to court proceedings, is based in Maadi Kornich over 17 acres. The project’s investment cost at that time was USD 500 million, while the current cost has been determined by the advisory office and has not been announced yet. Saleh noted that Al Ghanem Group is considering a number of projects offered during the Egyptian‐Gulf Invest‐
ment Forum held recently in Cairo. He explained that the arrival of Mr. Qotayba Al Ghanem to Egypt is a golden opportunity to attract more Arab and foreign investments and a strong indicator for stability in Egypt. Other projects will be offered to Al Ghanem, out of 66 projects offered to Gulf investors during the Forum. Source: Al Youm el sabea Contract between the Ministry and TEDA to develop six square kilometers in Suez The Ministry of Investment signed the final contract with the Chinese TEDA to develop six kilometers in the economic zone North West Suez Gulf, following disagreements with the company, threatening to terminate the contract due to the latter’s incompliance with the legal grace for final signature, which ended last November. The Minister of Investment, Mr. Osama Saleh announced the settlement of all pending items in the contract be‐
tween the economic organization and TEDA, expecting the project to attract investments of USD 2 billion, in‐
cluding USD 500 million in infrastructure. The Chinese company will start implementation mid‐2014. Saleh noted that the investor was charged 10 percent of the contract value, equal to USD 15 million in the final contract, which specified EGP 25 per meter. According to the Ministry of Investment, the project will create 40,000 direct jobs and 60,000 indirect jobs. The allocation contract provides that foreign laborers may not ex‐
ceed 20 percent against 80 percent for Egyptians. In order to these percentages to be changed, the capital must be increased. Source: Al Boursa Newspaper Chinese ready plants for SMEs The Egyptian‐Chinese Chamber of Commerce announced an agreement between Cairo and Beijing to import ready‐made plants for lease by SMEs. The Minister of Investment, Mr. Osama Saleh said that the Chinese industrial zones in Suez Gulf will be ap‐
proved within a few days, given that it will strengthen the development of Suez Canal project. He revealed a plan to attract Chinese investments in the period come, making China among the top ten investors in Egypt in‐
stead of its current 24th rank. He explained that China’s experience of SMEs is significant worldwide and can be tailored to Egypt. Saleh added that the Chinese investments in Egypt amount to USD 500 million and must be increased soon, noting that the trade exchange between the two countries is USD 8 billion. Source: Misr Newspaper 4
Minister: American IPR to increase its investments in Egypt by USD 300 million The Minister of Investment, Mr. Osama Saleh revealed that the American IPR Company is willing to increase its investments in Egyptian market by USD 300 million during 2014 using the finance provided by the European Bank for Reconstruction and Development (EBRD). The company has been active in the Egyptian market for thirty years with investments of more than USD 400 million in Al Alamin and Gabal Al Zeit in Suez. The company has recently succeeded in producing more than 40 million perils of oil and natural gas and contributed to attract USD 1 billion to Egypt. The company has interests in the United States of America, Pakistan, Syrian and Egypt. Source: Al Youm Al Sabea Minister: Egypt maintain USD 9 million FDI after “two revolutions” The Minister of Investment, Mr. Osama Saleh said that FDI was USD 8 billion before the 25th of January Revolu‐
tion, which was the largest then in the Middle East. Saleh denied reports that foreign investors withdrew their investments in Egypt following the Revolution. Saleh added that Egypt, after two revolutions, could maintain some USD 9.02 billion in foreign investments, pointing out that political stability is a new start for economic stability. He expected that remarkable political stability will prevail following the referendum on the constitution. Saleh explained that the General Authority for Investment and Free Zones acts to provide foreign investors with guarantees to maintain their rights, within a legal framework. All laws on investors’ protection are being re‐
viewed to attract more investments to Egypt. It endeavors also to settle disputes with investors away from in‐
ternational arbitration. Source: Al Mal News
Chinese FAW conquers Africa with agreement with EMACO The Egyptian Engineering Automotive Manufacturing Company (EMACO), an affiliate of the Holding Company for Maritime and Inland Transport, has signed a partnership agreement with the Chinese FAW, a giant automo‐
tive manufacturer in China. According to the agreement, FAW will manufacture its cars using the EMACO’s pro‐
duction lines, feed the local market and allocate 50 percent of production to African markets, so that actual pro‐
duction start late 2014. The investment cost to be injected by the Chinese government will be USD 60 million to restructure the EMACO’s production lines, within the industry assistance program in Africa announced by the Chinese govern‐
ment in 2006 for which it has earmarked USD 5 billion via the Chinese Export Development Bank, which re‐
quires that a Chinese bank be a partner in the project. The signing ceremony was attended by the Minister of Investment, Mr. Osama Saleh; Chairman of the Holding for Maritime and Inland Transport, Admiral Mohamed Yousif; Chairman of EMACO, Eng. Rafaat Masroga; FAW Marketing Director, Mr. Mosa Dong and Walid Tawfiq, Head of IDI, the Exclusive Agent of FAW. Admiral Yousif said that the agreement will help bring back EMACO to production, given the Chinese side’s wish to make Egypt a production hub of Chinese cars and also a gate for penetration into African and Middle East countries. Source: Al Mal News 5
Saleh: global company to improve iron and steel factories The Minister of Investment, Mr. Osama Saleh announced that a global expert company has been assigned to study the rehabilitation and development of the iron and steel factories in Helwan in order to increase their production and become profit makers. The company’s sales declined to EGP 1.5 billion and made EGP 8,000 million in annual losses. Sahel explained that the study will be finalized end of next month so that executive procedures start on ground. The development and rehabilitation projects will be financed by local banks, while the company’s shares will be partially offered on the stock market to expand the shareholding base. All work‐
ers’ rights will be preserved, he emphasized. Saleh said that the spinning and weaving sector was exposed to a conspiracy over the past years, which could be aborted by the current government via swift actions to rescue the industry. The government has set a plan to improve this industry for EGP 6 billion. Source: Al Akhbar Misr Insurance increases its paid­in capital to EGP 2.25 billion The General Assembly of Misr Insurance approved is paid‐in capital increase by EGP 250 million up to EGP 2.25 billion. Chairman of the Company, Adel Mosa said that the company seeks to have an international credit rating by increasing its paid‐in capital from its own reserves without any contribution from the Holding Company. He added that the company will apply for the credit rating before June 30 and intends to increase its paid‐in capital by another EGP 250 million by the end of FY 2013/14 to be EGP 2.5 billion. Mosa noted that the company acquired 61.5 percent of the property and general insurance market compared to 58 percent last year, which is a technical achievement. The company targets to increase its market share to 68 percent during the coming three years by 10 percent per year. He highlighted the growth rates of direct premi‐
ums, which amounted to 17.5 percent or EGP 4.3 billion compared to EGP 3.7 billion last year. Reinsurance pre‐
miums grew by 27 percent up to EGP 520 million. Source: Al Boursa Newspaper New mall and automatic packing factory in 6th of October The Minister of Investment, Mr. Osama Saleh has laid the cornerstone of a mall in West Somid, Sixth of October City for an investment cost of EGP 52 million. The project to be established by Al Aabd Contracting Company, an affiliate of the Holding Company for Construction and Building, aims to maximize the company’s investment return and build warehouses and supermarkets over 3050 square meters to provide all goods at the best prices. Vacant shops will be leased in order to ensure a variety of activities and services in the mall. Saleh has also laid the cornerstone of another project of automatic packaging of sugar, rice and beans, affiliated to the Egyptian Company for Wholesale Trade in Sixth of October City for an investment cost of EGP 12 million. The project will be concerned with automatic packaging of dried foods, ensuring high quality, safe, healthy and standardised products. The project seeks to impose control on the phases of handling this food stuff, starting from production, transportation, storage and distribution. Source: Iktisad Newspaper 6
Saleh: 3 thousand Saudi companies invest in Egypt The Minister of Investment, Mr. Osama Saleh said that the Egyptian‐Saudi relations are very old, given the fact that Saudi investors are the most able to stand all obstacles in Egypt. He praised the Saudi’s stance towards Egypt and the Egyptian people. Egypt hosts more than 3,000 Saudi companies in the industrial, services, tour‐
ism and recently agricultural sector, he said in his speech during the inauguration of the Egyptian‐Saudi Busi‐
nessmen Association. Egypt’s economic roadmap is based on the strategic partnership with the private sector, Saleh added, noting that the Saudi investments in Egypt were not affected by the Revolution, having amounted to USD 628 million after the January Revolution and have never been stopped. The Saudi Ambassador to Egypt, Mr. Ahmed Al Qattan said that the Kingdom of Saudi Arabia will support Egypt, emphasizing that he trusts the Egyptian men and women’s ability to overcome terrorism. He added that Egypt will restore its leading position in the Arab World, together with the Kingdom of Saudi Arabia, which will support the new Association to contribute to the enhancement of investments. Source: Iktisad Newspaper 7
Investment promotion and support conferences Egyptian­Gulf Forum The First Egyptian‐Gulf Investment Forum was held in December 2013, with the presence of more than 500 investors from the United Arab Emirates, Kingdom of Saudi Arabia and Kuwait as well as a large number of ex‐
ecutive officials from countries participating in the event. At the side‐lines of the forum, seven workshops were held to consider investments opportunities and projects available in the fields of renewable energy, housing, agriculture, petroleum, tourism, communications, IT and transportation, in an attempt to strengthen partner‐
ships with Gulf countries. The forum witnessed meetings for coordination and exchange of views on joint pro‐
jects between Egyptian and Gulf businessmen to create economic partnerships, which support the Egyptian economy an open up broader horizons of cooperation and integration. This would meet aspirations and ambi‐
tions of all parties, given the decline of foreign investments following the January Revolution. The Egyptian economy is expected to receive several vital projects in sectors of petrochemicals, housing, tourism and food industries for billions of dollars. Main results of the forum were as follows: • The Egyptian Social Fund for Development signed an agreement with the UAE Khalifa Fund for the Devel‐
opment of Projects to set an investment framework of small and micro enterprises in Egypt, with an em‐
eriti finance of USD 200 million. The agreement provides that the UAE shall invest USD 200 million (AED 736 million) through Khalifa Fund for purposes of SMEs development, ensuring contribution to the achievement of desired economic and social impact. • Serious negotiations have been launched with Arab investors to carry out 66 new projects for an invest‐
ment cost of more than USD 50 million. • Chairman of the Egyptian‐Saudi Businessmen Council announced the establishment of “Foras” Company with SAR 100 million to support SMEs in Egypt. • Launching an initiative to develop Egyptian‐Gulf investments to facilitate the movement of capital, visas and workers and reconsider custom items. • Settlement of disputes with 19 investors from UAE, Kuwait and KSA. • Chairman of the Arab Organization for Investment said that Gulf investors are determined to inject new investments in the Egyptian property market for USD 10 billion. • Saudi investors are considering the establishment of four companies in the agricultural, property and pet‐
rochemicals sectors in Egypt. Other Arab investors are waiting for the government’s finalization of proce‐
dures to offer the book of terms of the Suez Canal Axis Development Project, whereas UAE, Kuwait and KSA are preparing to invest in the project from their sovereign funds. The banking sector showed its willingness to provide the necessary fund for projects planned for the Axis, making use of EGP 500 billion liquid money in banks. Sovereign funds of UAE, Kuwait and KSA are willing to get involved into the projects to be offered in the Canal Axis. • The government has offered 60 new investment opportunities to Gulf investors in sectors of communica‐
tions, petroleum, tourism, electricity, infrastructure, transport, housing and construction and building. • A number of Gulf investors agreed to invest in projects of water desalination, generation of solar energy and tourist hotels and resorts in Hurghada and Red Sea as well as petrochemical projects and industrial logistic zones in North West Suez Gulf. • Offering 28 investment opportunities in the transport sector, including rails, ports and river transport as well as six opportunities in the tourism sector, out of 60 investment opportunities offered during the Fo‐
rum. 8
2
Macro economy
Growth Trends The economic growth rate stood at around 2.6 percent in Q1 of FY 2012/13 compared to some 0.2 percent during Q1
of FY 2011/12. This increase reflects the recovery of some major economic sectors with an increase in their contribution into the economic activity, which is a positive indicator for a higher growth rate by the end of FY 2012/13.
Figure (1): Real GDP Growth Rate
Percent
8
6.7
5
4.1 4.3 4.5 5.7
6
4
2
0
‐2
‐4
‐6
5.6 5.4 5.5 5.6
5.2
0.4 0.2 0.4
3.3 2.6
2.2 2.2 1.5
1
‐4.2
Source: Ministry of Planning
Inflation The Monetary Policy Committee (MPC) decided, following its meeting on December 25, 2013, to reduce the overnight deposit and lending rates to 8.25 percent and 9.25 percent respectively and also reduce the Repo levels at 8.75
percent and the credit and discount rate at 8.75 percent.
Figure (2): Change in Inflation rate in Consumer Prices (Monthly chart)
Source: CAPMAS
9
Interest Rates The Monetary Policy Committee (MPC) decided, following its meeting on December 25, 2013, to reduce the overnight deposit and lending rates to 8.25 percent and 9.25 percent respectively and also reduce the Repo levels at 8.75
percent and the credit and discount rate at 8.75 percent.
Figure (3): Overnight Deposit and Lending Rates at the CBE
%
Source: Central Bank of Egypt
Net International Reserves At the end of December 2013, net international reserves held by the Central Bank of Egypt (CBE) stood at US$ 17
billion. Net international reserves (NIR) imports coverage ratio stood at 3.3 months by the end of December 2013.
Figure (4): Net International Reserves Held at the CBE (US$ Billion)
Source: Central Bank of Egypt
10
Employment According to the most recent labor force sample survey conducted by the end of Q3 of FY 2013, the unemployment
rate stood at 13.4 percent compared to 12.5 percent by the end of Q3 of FY 2012.
12%
11%
10%
9%
11.90%
11.80%
11.90%
12.40%
12.60%
12.60%
12.50%
13.00%
13.20%
13.30%
13.40%
13%
8.99%
9.03%
8.93%
8.90%
9.10%
9.00%
8.37%
8.60%
8.84%
9.37%
9.20%
9.36%
9.40%
9.12%
8.96%
8.94%
8.92%
14%
11.77%
10.90%
11.10%
Figure (5): Unemployment in Egypt
8%
7%
6%
Source: CAPMAS
11
Investments
3
New Establishments In December 2013, a total 846 new companies were es-tablished by the Egyptian, Arab and Foreign private investors,
compared to 829 companies set up in December 2012. The daily average of new companies established in December
2013 reached 38 companies (211 per week on average).
Figure (6): Weekly Number of New Established Companies during December 2013
No. of companies
250
209
200
150
197
177
155
108
100
50
0
week 5
week 4
week 3
week 2
week 1
Source: GAFI
Distribution of New Establishments by Sector In December 2013, the Services sector accounted for the bulk of new establishments, with 385 new companies. This
was followed by the Manufacturing sector (205 companies) Construction and Building (99 companies), CIT (65 companies), Agriculture (57 companies) and Tourism (35 companies).
Figure (7): Sectoral Distribution of New Establishments during December 2013
No. of companies
400
350
300
250
200
150
100
50
0
385
205
35
57
Source: GAFI
12
99
65
It is worth mentioning that the total issued capital of new establishments amounted to EGP 1118 million in December
2013.
The Manufacturing sector attracted a total issued capital of EGP 349.6 million in December 2013. This was followed
by the Services sector (EGP 310.8 million), Construction and Building (EGP 250.1 million), Tourism (EGP 150.5 million), Agriculture (EGP 45 million) and CIT (EGP 12 million).
Figure (8): Sectoral Distribution of Issued Capital by New Establishments during December 2013
EGP Million
400.0
349.6
350.0
310.8
300.0
250.1
250.0
200.0
150.5
150.0
100.0
50.0
45.0
12.0
0.0
CIT Constructuin
Services
Agriculture
Tourism
Manufacture
Source: GAFI
New Establishments by Gender During December 2013, females accounted for 13.8 percent of new establishments. On the other hand, males accounted for 65.8 percent of newly established companies during December 2013. Legal entities accounted for 20.5
percent of new establishments.
Figure (9): New Establishments by Gender during December 2013
% 20.5
Males
Females
Legal entities
% 13.8
% 65.8
Source: GAFI
13
Legal Form of New Establishments Limited liability companies had the largest share of newly established companies (38.2 percent) during December
2013, followed by joint stock companies (25.4 percent), individual companies (23.2 percent), limited partnership companies (7.8 percent) and joint venture companies (5.4 percent).
Figure (10): New Establishments Distributed by Legal Form during December 2013
% 7.8
% 5.4
% 38.2
Limited liability
% 23.2
Joint stock
Individual Limited partnership
Joint venture
% 25.4
Source: GAFI
Geographical Distribution of New Establishments During December 2013, a total of 846 companies were established with issued capital of EGP 1118 million. At the
level of investment in specific governorates, Giza accounted for the bulk of new establishments, with 12 companies,
followed by Alexandria (11) and then Cairo, Sohag and Sharkeya with ten companies each.
Regarding the value of issued capital, Suez accounted for the largest share of issued capital invested in new companies
established during December 2013, with a total of EGP 41.3 million. This was followed by Assiut with EGP 19.5 million and Cairo, which ranked the third with 13.7 5 million in issued capital.
The following figure indicates geographical distribution of new establishments, issued capital, and numbers of new
jobs created during December 2013:
14
Distribution of New Establishments by Location, Issued Capital and Estimated Jobs during December 2013
Source: GAFI
15
Estimates of New Job Creation by Occupation Newly established companies during December 2013 are expected to provide 6581 job opportunities for Egyptians,
which include 3151 blue collar jobs, 2523 blue collar jobs, 427 engineering jobs, medical jobs, , 157 agriculture jobs,
232 medical jobs and 91 jobs in the tourism sector.
Estimates of Job Creation in New Establishments Distributed by Occupation During December 2013
No. of Jobs
3 500
3 000
3 151
2 523
2 500
2 000
1 500
1 000
500
91
232
427
157
Source: GAFI
Estimates of New Job Creation by Gender Males are expected to occupy 58.3 percent of these new job opportunities, while females are expected to account for
7.9 percent of jobs created. Some 33.9 percent of new jobs will be avail-able for either males or females.
Figure (12): New Establishments by Gender During December 2013
% 33.9
Males
Females
Males/Females
% 58.3
% 7.9
Source: GAFI
16
Investments in New Establishments Distributed by Nationality Egyptian investors accounted for the largest share in issued capital of new establishments during December 2013, hav‐
ing standing at 91.9 percent whereas Arab and Foreign investors accounted for 4.2 percent and 4 percent respectively.
Figure (13): New Establishments by Nationality During December 2013
% 4.2
% 4.0
Egyptians
Arab
Foreigners
% 91.9
Source: GAFI
17
4
Capital Market Market Indices Performance EGX30 index closed at 6,783 points, recording an increase of 9.68 percent. EGX70 index tended to increase by 4.55
percent, closing at 542 points, while EGX100 index increased by 6.48 percent, closing at 923 points.
Table (2): Egyptian Exchange Indices
Source: The Egyptian Exchange (EGX)
Total Market The total value traded recorded LE 15.4 billion, while the total volume traded reached 3,454 million securities executed over 494 thousand transactions this month.
For the last month, the total value traded recorded LE 13.0 billion, while the total volume traded reached 4,059 million
securities executed over 525 thousand transactions.
Stocks trading accounted for 67.4% of the total value traded of the main market, while the remaining 32.6% were captured by bonds over the month.
Table (3): Total Market in December 2013
Source: The Egyptian Exchange (EGX)
18
Table (4): 10 Most Active Companies in Terms of Volume Traded (Main Market)
Source: The Egyptian Exchange (EGX)
Sectoral Performance Food and Beverage sector and a positive fundamental highest return, at about 21%. As shown in Figure Next.
Figure (14): Sectoaral Performance during December 2013
Source: The Egyptian Exchange (EGX)
19
Investors' Activity The Egyptians controlled 87.07% of the value traded during the month. Non-Arab foreign investors accounted for
7.40%, while Arab investors captured 5.53%, after excluding deals. Non-Arab foreign investors were net sellers, with
a net equity of LE 309.81 million, and Arab investors were net buyers, with a net equity of LE 145.06 million, after
excluding deals.
Worth mentioning that the non-Arab foreign investors were net sellers, with a net equity of LE 2,001.05 million since
the beginning of the year. Meanwhile, Arab investors were net sellers, with a net equity of LE 79.96 million, after excluding deals.
Figure (15): Investors' Activity (foreigners and Egyptians) during December 2013
Source: The Egyptian Exchange (EGX)
During this month, the institutions accounted for 49.99% of the value traded, while the remaining 50.01% were for the
individuals.
The institutions were net buyers during this month, with a net equity of 97.97 million, after excluding deals.
Figure (15): Investors' Activity (individuals and institutions) during December 2013
Source: The Egyptian Exchange (EGX)
20
Market Capitalization The total market capitalization of the listed stocks culminated at LE 427 billion at the end of this month, repre‐
senting an increase of 5.91% over the month, as depicted in the table below. Table (5): Market Capitalization during December 2013
Source: Egyptian Exchange
Bonds Over the month, the total bonds' traded value amounted to LE 4,324 million, with a total trading volume of 3,992 thousand bonds, as depicted in the following table. Table (6): Trading Aggregates of Bonds in December 2013
Source: The Egyptian Exchange
21
Previous Publications and Reports
Periodic Publications:
English and Arabic Monthly Reports ( January- December 2013)
•
English and Arabic Quarterly Reports (Q1,Q2, Q3 2012-2013)
•
Macroeconomic Presentation until January 2014
•
Non- Periodic Publications:
Snapshot on the Egyptian Economy (November 2013)
•
Snapshot on the Egyptian Economy 2013
•
Snapshot on the Egyptian Economy 2012
•
Invest in Egypt 2010
•
Egypt Macroeconomic Indicators in 2009
•
For more Reports and Studies, Visit the website of Ministry of Investment and General
Authority of Investments and Free Zones
http://www.investment.gov.eg
http://www.gafinet.org
22
Published by General Authority for Investment and Free Zones (GAFI) Prepared by: Dr. Mona Farid Badran Amr Abu El‐Ela Ahmed Ismail Asmaa Anis Mona Emad Ola Mamdouh Translated by Tarek Fawzy www.gafinet.org Distributed in the Arab Republic of Egypt and abroad to individuals and institutions concerned with monitor‐
ing the performance of investment in Egypt. The information in this publication may be freely re‐used and reproduced provided appropriate credit is given to the source. 23