Special Articles - Africa Business Reports
Maridive has contract with Nigeria, also offers services to Malaysia and indonesia, said Issa Eleish, Chairman of the company in a interview June 30. “The outlook is very positive,” Eleish said. “We increased our efforts, increased our units, took more work and we are trying to tighten our belt.”
The company may consider offering shares of Maridive Offshore Projects on the Egyptian Exchange when oil prices stabilize between $75 and $80 a barrel, Eleish said. He expects oil prices to reach that range by the end of this year. Crude for August delivery traded at $68.23 in electronic trading on the new York Mercantile Exchange today.
Revenue from new vessels and contracts as well as cost cuts are expected to help the company offset the impact of the global financial crisis, Eleish said. Full-year profit is expected to be around $100 million, little changed from last year.
Maridive generates more than 80 percent of its revenue outside Egypt, offering offshore construction services and support vessels, investment bank HC Securities & investment said in a note today, resuming its coverage of the company with a “buy” recommendation. Maridive shares, up 2 percent at 2:07 p.m. in Cairo trading, have gained 42 percent this year as oil prices rebounded 52 percent.
The worst global financial crisis since World War II has triggered a decline in charter rent rates especially in Egypt, though the bulk of Maridive’s operations in the Persian Gulf “were not greatly affected,” Eleish said.
The company added eight vessels to its fleet since its initial public offering on the Egyptian Exchange in May last year. “In 15 days ...
Drug trafficking is a world-wide problem that has gotten more dangerous the past decade. About a quarter to two-thirds ...
Russia and Nigeria's presidents Dmitry Medvedev and Umaru Yar'Adua signed six agreements on cooperation to explore and develop Africa’s biggest ...
SAP and PlaNet Finance join forces to offer technology and finance support to microfinance institutions (MFIs). The two companies are focus ...
Overview
Tanzania is one of the poorest countries in the world. Its economy severely depends on agriculture, which ...
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Latest News
So far, the USAID, Western Union and other partners have "set aside $1.5 million for the program" and they hope the amount could increase through donations. The applications are due July 21, 2009. "The program is really great to encourage…
“I expect the momentum to build and recovery will remain robust,” Robert Bunyi, the managing director of Nairobi-based Mavuno Capital, said on phone.Violence in January and February last year after a disputed election left more than 1,500 people dead and…
Zimbabwe's prime minister, Morgan Tsvangirai, said it was "an overwhelming success" since he made a global appeal to gather funds in Europe and the United States. The funds will help the country "rebuild" its demolished economy. In addition,…
<a onmouseover="return escape( popwQuoteShort( this, 'HAR:SJ' ))" href="http://www.bloomberg.com/apps/quote?ticker=HAR:SJ">Harmony Gold Mining Ltd., Africa’s third-biggest producer of the metal, said fiscal fourth-quarter output probably rose 3 percent from 349,801 ounces in the third quarter. Chief Executive Officer Graham Briggs plans to expand…
TPS Eastern Africa Ltd. (TPSEA KN), which owns the Serena Hotels in Kenya, Uganda and Tanzania, jumped 9.8 percent to 45 shillings.“It is more of an issue of the price resetting itself to where it was originally,” Francis Mwangi, an…
<a onmouseover="return escape( popwOpenWebSite( this ))" href="http://www.beltonefinancial.com/" target="_blank">Beltone Financial, an Egyptian investment bank with $4.2 billion under management, plans to expand its presence in the Middle East within a year as stock markets in the region recover. “I would be…
The goal of the project is to give a few families from the Isiolo and Wajir districts, chance "to own a home at half the normal cost" by the end of 2009. Pastoralists from Garissa, Mandera, Samburu and Moyale districts…
The Dutch diplomat, Frans Bijoet noted that 18 districts of the provinces of Sofala, Manica and Tete, in the centre of the country, had benefitted from funding of US$27 million invested via the United Nations Children’s Fund (UNICEF) in water…
Meanwhile, the country is waiting for credit of $1 billion from the IMF and World Bank. These requests were not included in the prediction. Furthermore, the government is facing its own growing debt. So far, Ghana’s budget deficit will grow…
The temporary increase will be from July 1, 2009 to March 31, 2010, according to the National Energy Regulator of South Africa. The increase in the price of electricity will alter consumer spending, since consumer's disposable income will decrease.…
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Exclusives - Africa Business Publications
Pirates of Somalia
The current Proliferation of piracy off the coast of Somalia has posed a substantial threat to development and commerce in the Horn of Africa. Ravaged by political instability, internal strife, and one of the least developed economics in the world, Somalia is a prime location for piracy. Maritime hijackings in the area have accordingly been on the rise, much to the detriment of international trade and the delivery of aid to Somalia. The threat of piracy has made travel around the Horn of Africa significantly more dangerous and costly, ultimately resulting in increased commodity prices and the disruption of international trade. Aid agencies, furthermore have been forced to travel with naval escorts or suspend deliveries to the region altogether, plunging millions of Somalis into…
The Failing Economy of Zimbabwe
Amid the harsh economic times that global markets are experiencing, the word ‘economy' has come to be closely associated with concepts of money. What is often forgotten is that the science of economics is a much broader field that encompasses how scarce resources are disbursed throughout a population. This differentiation is important when looking at the current global economic crisis because giving more money to certain countries will not necessarily put that country in a better economic position. These countries suffer from certain inefficiencies that are embedded in their infrastructure.
