• Suez canal 'important' global asset: Qalaa Holdings

    CNBC | Online – Video |

    Ahmed Heikal, chairman of Qalaa Holdings, one of the companies taking part in the expansion of the Suez Canal, says the project will be delivered on time.

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  • Video: Lamees El Hadidy: Economic Challenges that Face Egypt’s Next President

    Youtube | Online – CBC |

    Citadel Capital Founder and Chairman Dr. Ahmed Heikal was a guest on Lamees El-Hadidi’s show “Here is the Capital.” During the interview, Dr. Heikal covered a wide range of issues, including Egypt’s energy policy, the management of water resources, and subsidies. Dr. Heikal bemoaned the fact that Egypt’s foreign policy neglected Africa for several decades, adding that he feared that countries such as Uganda will follow in Ethiopia’s footsteps in building more dams along the River Nile. According to Dr. Heikal, Egypt is approaching a period during which water will be rationed and priced to reflect scarcity. Regarding the country’s energy crisis, Dr. Heikal explained that Egypt needs to rely on alternative sources of energy such as coal, adding that fuel shortages have led to a debt of EGP 2.5 trillion. Dr. Heikal recommended reforming Egypt’s inefficient subsidy system, explaining that direct cash subsidies for eligible citizens over the age of 21 would be a much more efficient system.

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  • Video: Euronews Interview with Ahmed Heikal

    Youtube | Online – Video |

    Isabelle Kumar, Euronews, interviews Ahmed Heikal, Founder and Chairman of Citadel Capital, during the 5th EU-Africa Business Forum in Brussels, on March 31st 2014.

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  • Video: Private Equity in Africa’s Transport Sector

    CNBC Africa | Online – Video |

    A subsidiary of Citadel Capital, Africa Railways is the lead investor in a deal that has seen it purchase a 34% equity stake in Rift Valley Rail from Safari Rail Company. For a closer look at private equity in Africa's transport sector, CNBC Africa interviewed Karim Sadek, MD of Transport & Logistics at Citadel Capital.

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  • Video: El-Khazindar: Citadel Capital’s Investment Reach US$ 7 Billion

    Youtube | Online – Video |

    Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar, revealed that the company’s investments in Egypt amount to US$ 7 billion in a variety of heavy industry and infrastructure sectors, employing up to 40 thousand workers. In an interview with Khairy Ramadan, El-Khazindar explained that Citadel Capital’s new US$ 3.7 billion refining project will help resolve the energy crisis, adding that the government’s Petroleum Authority owns 25% of the project. He also emphasized that increasing Egypt’s per capita income from US$ 2,000 to US$ 10,000 annually is not very difficult given the country’s unique geographical location, natural resources and labor pool.

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  • Video: Egypt After 20 Years, Hisham El-Khazindar at AUC

    Youtube | Online – Video |

    In a speech at the American University in Cairo (AUC), Co-Founder and Managing Director Hisham El-Khazindar urged Egyptians to shrug-off pessimism about current events and become more optimistic about their country's future. El-Khazindar pointed out that many countries such as Turkey have gone through more difficult periods than Egypt is in today. However, with hard-work and determination, these countries have transformed themselves in the past two decades to become economic powerhouses, saying he is certain Egypt will do the same.

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  • Video: Egypt Needs ‘New Blood’ in Power: Citadel Capital Ahmed Heikal)

    CNBC | Online – Video |

    In an a video interview with CNBC, Dr. Ahmed Heikal, Chairman and Founder of Citadel Capital, says the Egypt is in need of younger and more progressive politicians in order to get back on track.

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  • Video: Ahmed Heikal Talks Egyptian Referendum

    CNN | Online – Video |

    Citadel Capital Co-Founder and Chairman Ahmed Heikal puts his support behind the draft constitution, saying that ratification of this document is an important step towards stability and the rule of law in Egypt. Dr. Heikal said the charter sets new precedents for the protection of minorities and basic human rights and that he looks forward to its ratification. He also contextually framed the referendum as a vote of approval for the removal of Mohamed Morsi from office last July. When asked about the negative aspects of the constitution, Dr. Heikal likened this period in Egypt’s history to difficult times in US history, when a nation is under attack is forced to make tough decisions in order to maintain peace and security.

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  • Citadel Establishes Energy Platform Company, Plans Capital Increase and Expansions

    Al Mal | Print – Front Page |

    According to Al Mal newspaper, Citadel Capital has established a holding platform company named Citadel Energy, in which the company would consolidate its entire energy assets except for its exploration and production assets. The paper says Citadel Energy will undergo a capital increase worth US$ 380 million, in which shareholders will have the right to swap their shares for Citadel Capital shares within a period of three - five years. According to insider sources, US$ 260 million from the proceeds coming from the capital increase would be directed mainly to a planned electricity plant with an annual capacity of 750 megawatt. The plant will use natural gas as feedstock. Additionally, the company would also raise capital for platform companies Tawazon and Mashreq by US$ 20 million each, while investing US$ 40 million in renewable energy. The article further stated that the proposed electricity plant’s total investment cost would amount to US$ 2 billion to be financed through US$ 1.5 billion in debt, in addition to US$ 500 million in equity.

  • New Refinery Promises Some Relief to Egypt Fuel Crisis

    Reuters Africa | Online – Investing News |

    Construction of Egypt's largest oil refinery, with capacity to produce half the volume of diesel currently being imported, is expected to begin next week, the project leader said. The Egyptian Refinery Company (ERC) plant, 20 kilometers north of Cairo, will use fuel oil produced by an old refinery nearby as feedstock to produce 2.3 million tons of diesel per year. It should cut Egypt's reliance on imports of crude oil and petroleum products, which have become a severe drain on the government's scarce foreign currency reserves. "It's been a long and arduous battle but we're finally getting there," Tom Thomason, chief executive of ERC, said in a phone interview this week. "Cairo is a very big market for diesel ... Our project will avoid importing and shipping costs as we're right here," Thomason said. ERC hopes to bring the refinery onstream by early 2017, he said. The refinery was proposed in 2006 but efforts to secure financing were frustrated by the financial crisis of 2008-09 and then by the Egyptian uprising of 2011 that toppled former president Hosni Mubarak. ERC has secured funding through a US$ 2.6 billion debt package and US$ 1.1 billion in equity provided by the Egyptian General Petroleum Corporation (EGPC), Qatar Petroleum International and Egyptian private equity firm Citadel Capital, among others.

  • Ahmed Heikal to the EU-Africa Business Forum: Africa is the Last Investment Frontier

    Al Shorouk | Online – News |

    Citadel Capital Founder and Chairman Dr. Ahmed Heikal described Africa as the last untapped investment frontier. Investment in education will be a fundamental step in battling acute poverty. Heikal’s 30-minute speech was delivered at the opening ceremony of the EU-African Business Forum held in Brussels drew an analogy between Africa’s current economic situation and that of China at the beginning of the 1980’s. The Citadel Capital Chairman emphasized that computer (internet) and language (English) education were key for Africans to catch-up in the information age race, which will determine economic growth rates for the next 50-years. Dr. Heikal also mentioned Citadel Capital’s educational grants to academically-gifted Egyptian students. He also provided an overview of Citadel Capital’s transformation into an investment holding company, focusing on long-term investments in Egypt and Africa. Recalling Citadel Capital’s start in 2004, Heikal said he started with only EGP 2 million, disclosing that he currently owns about 15% of the company. In response to a question about the person who most inspires him, Heikal named Egyptian financier Talaat Harb.

  • El Moslemany Meets with Egyptian Alumni of Harvard University

    Al Wafd | Online – Front Page |

    Presidential Media Adviser Ahmed El Moslemany met with a group of Egyptian alumni of Harvard University in order to listen to their views on the current state of affairs in Egypt. The group included Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar, who emphasized that Egypt is blessed with several attributes that other countries can only dream of, such as a sizable population, a unique geographical location and natural resources, explaining that other countries with less resources such as the Asian tigers, Brazil, India and Mexico were able to achieve a better living standard for their citizens. El-Khazindar said it was necessary to establish a suitable environment for investments and implement economic policies in which the private sector can partner with the government in the fields of education, health-care and infrastructure.

  • Mohamed Shoeib: Egypt Needs to Rely on Alternative Energy Sources

    Al Borsa | Online – News |

    Egypt’s daily total energy production is at 18,000 MW, from which only 6.5% are supplied from the high dam and 0.7% comes from new and renewable energy, stated Mohamed Shoeib the Managing Director of Citadel capital’s Energy Arm.

  • The Energy Crisis and Solutions Discussed at Al Watan Symposium

    Al Watan | Online – News |

    In a symposium held by Al-Watan to discuss Egypt’s energy crisis and possible solutions, Mohamed Shoeib the former Head of EGAS and the current Energy Division Head of Citadel Capital’s energy arm explained that Egypt’s needs an energy strategy. Shoeib explained Egypt’s energy crisis and made suggestions as to how the government should tackle the issues of subsidy spending. Shoeib also talked about the benefits of importing coal to power Egypt’s cement industry, while adhering to international environmental standards. Furthermore, he called on the government to utilize different sources of energy as opposed to the current 98% dependence on expensive conventional fuel sources.

  • Citadel Capital’s Plan for East Africa’s Growing Businesses

    The East African | Online – News |

    Interview with Dr. Ahmed Heikal regarding investing in Africa, policy recommendations, Citadel Capital’s performance and RVR issues.

  • Citadel Capital’s Heikal Sees ‘Aggressive’ Asset Sale

    Bloomberg | Online – News |

    Egypt’s Citadel Capital SAE will “aggressively” sell assets in “non-core” industries after it completes a capital increase, as a part of its transformation from a private equity firm into an investment company, said Chairman Ahmed Heikal. Speaking in an interview at the World Economic Forum in Davos, Switzerland, Heikal said the assets will fetch “good valuations” as investors welcome a government plan to return to democracy after the army ousted President Mohamed Morsi in July. The rights offering will allow Cairo-based Citadel Capital, which has about US$ 10 billion invested in 15 sectors, to take majority ownership of companies in five industries including energy, transportation, mining and cement. “You will see us aggressively making disposals,” said Heikal. Citadel Capital may also “make incremental investments in companies we already own,” he said. “We are very bullish on Egypt,” Heikal said. “The risk-return trade-off in Egypt is a fantastic one.” The company’s projects include a US$ 3.7 billion oil refinery in Cairo, which Citadel expects to provide half of the diesel Egypt now imports. Twenty-six percent of the project, which is “progressing very nicely,” is complete, Heikal said. Citadel may also select one or two “strategic partners” for a storage and bunkering project in the Suez Canal region within four months, Heikal said. The project’s capital expenditure may be between US$ 220 million to US$ 380 million, depending on “how big we start,” he said.