Africa & The Middle East

BIMCO welcomes news that the Suez Canal Authority won’t increase tolls for 2015, with the exception of LNG ships.

Qalaa Holdings, which owns ASEC Cement, has announced that it has signed a sale and purchase agreement to divest its 80% stake in Cairo-based investment bank Pharos Holding.

The African Development Bank is supporting the launch of the Africa Energy Leaders Group.

According to research by EC Harris, the UAE's construction industry is enjoying resurgence, driven by major projects such as Expo 2020 and spending on social infrastructure.

Speaking at the World Economic Forum, Ahmed Heikal, Chairman and Founder of Qalaa Holdings, noted the challenges and opportunities that Egypt currently faces.

Both Semen Indonesia and Dangote Cement have announced a transition of power to new CEOs.

A delegation from CNBM International Engineering Co., Ltd visited Egypt to further its cooperation with the Egyptian government.

The Green Building Council of South Africa has appointed Seana Nkhahle from the South African Local Government Association as its new Chairman.

Lafarge has extended the closing date for the MTO applicable to minority shareholders of Ashaka Cement in Nigeria, and is reportedly buying back a <15% stake in Lafarge India.

At a forum sponsored by Qalaa Holdings, owner of ASEC Cement, it was announced that the two countries had formed a permanent council to promote trade opportunities.

A group of Qatari investors has met with Ethiopia’s president to discuss plans to invest US$500 million in the country.

Dickinson Group of Companies announces appointments to its senior management team in line with its strategy to enhance its operations in South Africa and expand its presence elsewhere in the continent.

Oman Cement Company’s initial, unaudited financial results indicate a 12.8% y/y decline in net profit after tax in 2014.

Saudi Arabia’s largest cement company, Saudi Cement, reported an 8.9% rise in fourth quarter net profit, beating analysts’ forecasts.

Reports today show the mixed views on the potential merger of the two South African cement companies.