Balance sheet time INVESTMENT Minister Mahmoud Mohieddin told a press conference late last week that public enterprise sector companies have fared well this past fiscal year. These companies' results were revealed during various general assemblies that have been held over the past month in the presence of the minister, whose jurisdiction includes these public enterprise sector entities. Although the companies made a total of LE2.243 billion in profits, this figure does not include the losses incurred by the holding company for spinning and weaving, which alone totalled some LE1.7 billion. The overall profits, then, for the year totalled some LE450 million, a positive sign when compared to last year's net loss of LE900. Companies affiliated to the spinning and weaving holding company employee some 124,000 employees. Twenty-four of this holding company's 29 entities are loss-making. The holding company for trade also suffered some LE195 million in losses. Although the general assemblies also looked into the leadership of these companies, only one -- the holding company for food industries -- had a major change take place at the top. Its new head, Ahmed El-Rakaybi, who formerly ran BiscoMisr, is expected to carry out major restructuring. Mohieddin said the skill El- Rakaybi demonstrated at the helm of BiscoMisr was needed at the food industries holding company. The minister said a second company -- the holding company for pharmaceuticals -- would also be witnessing a reshuffling of its board of directors -- in the near future. The new board, he said, "is expected to include members of the private sector". Arab-American trade ties EARLY this week, a delegation of 21 businessmen from the United States began a 12-day visit to Egypt, the United Arab Emirates and Qatar. Hosted by the American Arab Chamber of Commerce (AACC), the delegation will hold meetings and open dialogues with high-ranking Egyptian government officials and business and trade organisations, with an aim towards strengthening trade ties between Egypt and Southeastern Michigan. "The purpose of this trade mission is to open dialogue between the Arab world and Southeastern Michigan and to seek ways through which both sides can do business and build mutual understanding," said AACC Chairman Ahmed Chebbani, a member of the delegation. It is worth noting that one of AACC's main objectives is to build economic bridges, and promote and strengthen its member businesses in the domestic and international arenas, between the US and the Arab world. The chamber also serves as its members' voice with governmental agencies and local entities.
