BA on the market THE MINISTRY of Investment has announced that it intends to sell between 75 to 80 per cent of the Bank of Alexandria's shares to a strategic investor. In advertisements published in international and local papers, the ministry said it was "seeking non-binding expressions of interest from prospective investors", adding it intends to make five per cent of the bank's shares available to its employees. It will also make between 15 to 20 per cent available to the public through an initial public offering on the Cairo and Alexandria stock exchange after the completion of the strategic sale. Citigroup Corporate and Investment Banking were selected in the summer of last year to advice the government on the bank's privatisation. Measured by total assets and customer deposits, BA is the fourth largest commercial bank in Egypt. It offers its services in 190 branches and outlets around the country. The government first announced that it would be selling BA in early 2005 as part of its efforts to restructure Egypt's financial system. Since then it has been trying to clean up the bank's portfolio. Last month BA sold its portfolio of public enterprise non-performing loans to the National Investment Bank for LE6.9 billion. A number of BA's assets were sold including a 33.8 per cent stake in the Egyptian American Bank. DaimlerChrysler Egypt thrives DAIMLERCHRYSLER Egypt has recorded a 21 per cent increase over 2004 in its total car sales. Total sales in 2005 for both Mercedes-Benz and the Chrysler Group were 3,903 units compared to 3,228 units in 2004. The figures were recently announced during DaimlerChrysler Egypt's annual press gathering. According to Managing Director of DaimlerChrysler Egypt Hans-George Lutz, performance results for 2005 highlighted the company's leading position in the premium luxury and SUV segments. DaimlerChrysler Egypt continues to hold a leading position for its portfolio of brands according to Lutz. He emphasised that the company has shown consistent growth in both premium luxury (E-class and S-class) and SUV segments. This success is in line with DaimlerChrysler's total worldwide sales of more than four million passenger cars in 2005. The figure which is a new record for the company represents a total increase of 3.8 per cent over sales in 2004. Lutz said that DaimlerChrysler Egypt plans to continue its aggressive product offensive in 2006 and take the market challenges head-on. "An impressive and ever increasing line-up of products and an aggressive, combined sales and marketing strategy are all part of this year's activities," Lutz told Al-Ahram Weekly. Solar management ELECTRICITY was the focus of the Fifth International Conference on Electrochemistry (ICE V) held in Luxor in the Upper Egyptian governorate of Qena. Attended by delegates from 21 countries, the conference was organised by Qena's South Valley University and the Egyptian Society of Electrochemistry. Topics discussed included developing energy from renewable provincial sources such as solar and wind energy electricity as well as energy and water treatment. Secretary-General of ICE V Mahmoud Khodari said that climate change and energy security are "two concerns that will come to dominate the energy sector in the coming years". The conference also stressed the importance of energy efficiency and conservation and addressed the challenges of reliable energy supplies, increasing energy consumption, and energy-related environmental degradation. On the map THE MUSCAT Festival held in the Sultanate of Oman has concluded after drawing two million visitors and boosting the country's retail sales by 20 per cent. Eman Youssef attended the highly visible annual event which is one aspect of the country's endeavour to project itself as a modern economy. While still dependent on petroleum as a main source of revenue, the Sultanate is attempting to develop alternative resources. Ahmed Macki, Oman's minister of economy and deputy chairman of its Financial Affairs and Energy Resources Council told reporters that after the crash of 1999-2000, the government implemented measures to establish better supervisory controls and regulations. The government has also upgraded the country's stock market "which in less than 20 years, is one of the most progressive, best-regulated and transparent stock markets in the region" according to Macki. Oman's tourist sector also holds potential for growth. According to director of tourism promotion at the Ministry of Tourism Salim Al-Ma'amari , the Omani government is tapping different markets from which to draw tourists. Egypt figures prominently as a potential partner in tourist exchange as well as investment. Orascom Group for Hotels and Development (OHD), a major Egyptian investor, is already operating in Oman. "As the Gulf economies have grown and also diversified, Oman's capital has become a major destination for business and leisure travelers alike," chairman of OHD Samih Sawiris told Al-Ahram Weekly. OHD carried out the development of Oman's Al-Soda Island at an investment cost of $250 million. The company is also planning to invest in the construction of a small OHD resort 30 kilometres south of the capital and build three upscale hotels in Muscat.
