Word: orascom
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...Egyptian Foreign Ministry summoned the Algerian ambassador in Cairo last week to hear complaints about violence against Egyptians and Egyptian businesses in Algiers; and Algeria slapped Egyptian telecommunications giant Orascom Telecom with a $596.6 million bill for outstanding taxes, sending Orascom shares - a popular Middle East stock - tumbling. On Nov. 19, Egypt recalled its ambassador to Algeria "for consultations...
...hundreds of Chinese firms active there, which make up the largest group of foreign investors. Those investors now actually have an ally in Kim Jong Il, who has quietly reversed his earlier decision and started upgrading the country's dilapidated communications infrastructure. Toward the end of last year Orascom Telecom, the Middle East's largest wireless firm, was awarded a contract to install a national cell system. The 25-year contract, in a joint venture with the North Korean state telecom entity, calls for a $400 million investment, which Orascom doubled down on by also investing in a bank...
...three years, according to Handelsbanken. So while "we invest, and grab as much revenue as possible," says Telenor Pakistan's Johnsen, "we can't imagine that we will recover our initial investment any time soon." Powerful companies like China Mobile have recently joined Telenor in Pakistan, and Egypt's Orascom is fighting for a share both there and in Bangladesh...
...other pioneers are already there. Orascom, an Egyptian conglomerate, recently signed a $115 million deal to buy a stake in a North Korean cement company. And later this month, a British firm will begin offering subscriptions for the first ever D.P.R.K.-focused investment fund. Colin McAskill, director of the Chosun Development & Investment Fund, says it will concentrate on the mining industry. "You have to think off the wall in North Korea, because nothing conventional has ever worked there," he says...
...terrorists, and two remain missing. Sawiris once shut down IraQna for a couple of days to compel the release of some of his employees. Insurgents, he explains, don't like to be without service. And IraQna has turned out to be a relatively safe bet financially compared with Orascom's adventures in Syria and Yemen, where Orascom was muscled out of partnerships in both countries, says Sawiris, with the Arab regimes there affording no protection or legal recourse. That behavior won't cut it much longer, and governments like Egypt's now realize that Arab businesses have to play...