A series of explosions that have rocked Egypt's main gas pipeline through the Sinai Peninsula is taking its toll on the companies that need the gas to operate.
Sinai Cement is a prime example. The Cairo company yesterday said it would have to use fuel oil for a longer period because of disrupted access to natural gas supplies. The use of fuel oil will cost the company 25 per cent more than if it used natural gas, the local newspaper Al Mal reported.
This week's explosion, the fourth this year, came after unknown gunmen staged repeated attacks on the pipeline in efforts to destroy what has become a political symbol of the Mubarak regime. The pipeline sends natural gas to Jordan and Israel. The last attack prompted analysts tracking the stock to reassess their view of the business. CI Capital last month downgraded the company to "hold" from "strong buy" as the repercussions from the blasts became clearer.
Sinai Cement's plant was also previously attacked by activists, forcing it to shut down for 11 working days, which has not helped the company's share price.
Yesterday its shares rose 2 per cent to 45.02 Egyptian pounds, although they are trading 25 per cent lower than before the protests began in February. Cement companies have endured months of difficulty as property companies, their main clients, are embroiled in long-winded legal cases over the sale of state land. First-quarter profits at Sinai Cement declined 25 per cent to 116.8 million Egyptian pounds, compared with the same period last year, as demand dried up.
Sinai Cement's peers have not escaped unscathed either.
Suez Cement, Egypt's biggest producer, was last month cut to "sell" from "neutral" and had its 12-month share price estimate cut to 32 pounds by EFG-Hermes Holding. Cement prices are falling and expected to drop further, analysts have said.
Revenue generated through exports to mostly African countries provided some relief, but an extended ban, that ended late last year, has kept this to a minimum.
fhalime@thenational.ae
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
More coverage from the Future Forum
Ten10 Cricket League
Venue and schedule Sharjah Cricket Stadium, December 14 to 17
Teams
Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan
Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad
Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider
Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider
Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah
Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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6025 – Dh20
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Turkish Ladies
Various artists, Sony Music Turkey
SPECS
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Red Joan
Director: Trevor Nunn
Starring: Judi Dench, Sophie Cookson, Tereza Srbova
Rating: 3/5 stars
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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- Critically assess whether a project’s promises or returns seem too good to be true.
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Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
