• Ahmed Heikal participates in a dialogue entitled 'Shaping the Future of Energy' on the sidelines of the World Economic Forum in Davos

    CNBC Europe |

    Ahmed Heikal joined a discussion session hosted by CNBC Europe entitled 'The Future of Energy' that presented the developments of the investment scene and highlighted the obstacles to investment. The session also included discussions of the reforms required to enhance the energy sector, along with the exchange of insights on the role technology plays in achieving the desired boost in the energy sector. Members also covered the responsibility of the public and private sectors to modernize and develop the infrastructure and mechanisms required to expand the field of sustainable energy. The dialogue included the participation of Michael Oppenheimer, a political science professor at Princeton University, and a member of the Intergovernmental Panel on Climate Change (IPPC), along with Fahed Ibn Abdul Mohsin Rasheed, Managing Director and CEO of the King Abdullah Economic City, as well as other prominent figures.

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  • The successful solid waste management model in Cairo run by ECARU

    Al Qahera Wal Nas |

    Al Qahera Wal Nas covered the 15th of May solid waste management operation, run by the Qalaa Holdings subsidiary ECARU. The news piece portrayed a step by step description of how the entire operation works. Waste is gathered from 13 neighborhoods in southern Cairo daily, which is equivalent to approximately 2500 to 3500 tons of solid waste. It is then organized and classified to produce both energy alternatives and three different types of compost used for agricultural purposes. Due to its success, the model has been implemented in 8 foreign countries, and has made Egypt the first in the Middle East and Africa when it comes to the production of solid waste into an alternative for energy. The project, inaugurated in 2001 in partnership with the government, has investments worth approximately EGP 100 million.

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  • Ahmed Heikal optimistic about the future, says reforms are long overdue

    CBC |

    Qalaa Holdings Chairman Ahmed Heikal was optimistic about the future in an appearance last night with Lamees El Hadidy on CBC’s Hona Al Assema. He added that government’s reform program is long overdue and essential to sustainable growth and development.

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  • Export industries relying on foreign currency are able to cope with economic pressures- Ahmed Heikal

    Al Arabiya |

    Speaking on the sidelines of the World Economic Forum in Davos, Dr. Ahmed Heikal, Chairman and Founder of Qalaa Holdings, said that export industries of value added products using foreign currency are those capable of facing the difficult economic conditions in the Arab region in the years to come.

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  • Two solar power plants in Egypt- Ahmed Heikal

    Sky News Arabiya |

    Dr. Ahmed Heikal, Chairman and Founder of Qalaa Holdings, said in an interview with Sky News Arabia on the sidelines of the World Economic Forum in Davos that the company is continuing to expand its projects and subsidiaries. He pointed out that there is on-going work on the implementation of two solar power plants in Egypt.

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  • In an interview with Lamees El Hadidy, Qalaa Chairman and Founder, Ahmed Heikal discussed the current state of the Egyptian economy.

    CBC |

    In an interview with Lamees El Hadidy, Qalaa Chairman and Founder, Ahmed Heikal discussed the current state of the Egyptian economy.

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  • Dr. Ahmed Heikal's speech during "Mostakbali" scholarship program launch

    ESC |

    While attending the “My Future” scholarship program, Chairman and Founder of Qalaa Holdings Ahmed Heikal said that advancement can not be attained without the progression of agriculture and industries as well as making new investments in fields such as energy.

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  • Ahmed Heikal talks about his father, veteran journalist Mohamed Hassanein Heikal

    CBC |

    Mona El Shazly interviews Dr. Ahmed Heikal, Qalaa Holdings chairman, on her show “Maakom”, where he talks about his late father veteran journalist Mohamed Hassanein Heikal.

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  • Davos 2016: The future of economic reforms in the Arab world

    Al Arabiya |

    On the sidelines of the World Economic Forum in Davos, Chairman and Founder of Qalaa Holdings, Ahmed Heikal, said during a discussion session on the future of economic reform in the Arab world that the change in global energy prices provides a great economic opportunity that will create numerous jobs within the Arab region.

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  • Sherif Amer talks to Dr. Ahmed Heikal on the construction site of ERC in Mostorod

    MBC Masr |

    Sherif Amer talks to Qalaa Holdings Chairman and Founder, Ahmed Heikal on the construction site of the Egyptian Refining Company (ERC) in Mostorod. Heikal explains the importance of this vital mega project due to launch in 2017.

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  • Sherif Amer talks to Qalaa Holdings Chairman and Founder, Ahmed Heikal on the construction site of the Egyptian Refining Company in Mostorod.

    MBC Misr |

    Sherif Amer talks to Qalaa Holdings Chairman and Founder, Ahmed Heikal on the construction site of the Egyptian Refining Company (ERC) in Mostorod. Heikal explains the importance of this vital infrastructure mega project due to launch in 2017.

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  • Ahmed Heikal keynote speech during COMESA’s Africa 2016 Investment Forum, “Business for Africa, Egypt and the World”

    CBC Extra |

    Ahmed Heikal delivers opening keynote on “the Dream of African Infrastructure” at COMESA’s Africa 2016 Investment Forum, “Business for Africa, Egypt and the World” held under the patronage of Egyptian President Abdelfattah El-Sisi.

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  • Qalaa Holdings aims to reduce its debt to USD 200 million within 6 months- Ahmed Heikal

    Sky News Arabiya |

    In an interview with Sky News Arabia on the sidelines of the World Economic Forum in Davos, Qalaa Holdings' Chairman and Founder, Ahmed Heikal, said that the company aims to reduce its debt to USD 200 million within six months.

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  • Heikal: Qalaa Holdings’ investments in Egypt total EGP 7 bn

    CNBC Arabiya |

    Qalaa Holdings founder and Chairman Ahmad Heikal said that his company’s investments in the Egyptian economy worth nearly EGP 7 bn and represent nearly 80% of QH’s total investments.

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  • Ahmed Heikal’s interview on Akher Al Nahar (Part I)

    Al Nahar |

    Qalaa Holdings Chairman and Founder Ahmed Heikal conducted an interview with Mahmoud Saad on Akher Al Nahar. He discusses a wide array of issues ranging from energy subsidy reform to Arab economic assistance.

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  • Ahmed Heikal’s interview on Akher Al Nahar (Part II)

    Al Nahar |

    Qalaa Holdings Chairman and Founder Ahmed Heikal conducted an interview with Mahmoud Saad on Akher Al Nahar. He discusses a wide array of issues ranging from energy subsidy reform to Arab economic assistance.

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  • Qalaa Holdings To Generate $3 Billion In Revenue From Egyptian Refining Company (ERC) By 2017

    BloombergTV Africa |

    Ijeoma Ndukwe of BloombergTVAfrica interviews Qalaa Holdings Chairman and Founder Ahmed Heikal regarding the Egyptian Refining Company (ERC). Qalaa Holdings expects that ERC should start generating revenue of USD 3 bn by the second-quarter of 2017 at current oil prices. The group last week also announced plans to sell its food businesses later this year in order to raise more than USD 200 mn.

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  • Qalaa Holdings’ Co-Founder and Managing Director Hisham El-Khazindar live on CNBC Arabia’s El-Bosla (Part I)

    CNBC Arabia |

    Qalaa Holdings’ Hisham El-Khazindar outlines to CNBC Arabia’s El Borsa the reasons behind the company’s most recent capital increase to EGP 9.7 billion and its execution mechanism. QH’s Co-Founder and Managing Director also recalled the company’s 2014 capital increase from EGP 4.8 billion to EGP 8 billion by way of capitalizing liabilities resultant from the purchase of additional shares in core subsidiaries.

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  • Qalaa Co-Founder and Managing Director Hisham El-Khazindar live on CNBC Arabia’s El-Bosla (Part II)

    CNBC Arabia |

    QH’s Co-Founder and Managing Director Hisham El-Khazindar discusses the ongoing strategic transformation into a holding company and the related use of proceeds from upcoming divestitures from select non-core assets, as well as the estimated earnings for FY14 and projections for FY15.

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  • Qalaa Holdings searches for Ethiopian gold

    CNBC Arabia |

    Qalaa Holdings Chairman and Founder Dr. Ahmed Heikal, said he expects imports of natural gas to rise over in the near future in order to capitalize on lower fuel prices, adding that Qalaa Holdings will increase the amount of gas it distributes. Heikal also said he expects company revenues to reach EGP 1.1 billion, up from EGP 650 million last year. In an interview with CNBC Arabia, Heikal explained that Qalaa Holdings exited from oil exploration and production 4-years ago, vowing not to return to E&P operations. The Chairman of Qalaa Holdings, who is attending the World Economic Forum in Davos, said he is not attending the global event to make sales or get funding, but rather, to get an idea about future trends and to connect with the leaders of global companies. He also discussed the company’s projects in Africa, saying Qalaa Holdings owns the Mombasa-Kampala railway, which will help transport oil produced in Uganda and Kenya. Additionally, the company’s ASCOM subsidiary is involved in a gold mining project in Ethiopia.

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  • Qalaa Holdings searches for Ethiopian gold

    CNBC Arabiya |

    Qalaa Holdings Chairman and Founder Dr. Ahmed Heikal, said in an interview with CNBC Arabia on the sidelines of the World Economic Forum in Davos that the company is working on four projects in Africa, including Mombasa-Kampala railway, in addition to a gold mining project in Ethiopia.

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  • Global Business 13th January 2015

    CCTV Africa (Youtube Video) |

    Qalaa Holdings Managing Director Karim Sadek discusses Qalaa Holdings investments in Africa and the transformation from a private equity firm into an investment company with a focus on five core businesses. Sadek also discusses how Qalaa Holdings coped with the global financial crisis in 2008, the Egyptian Revolution of 2011 and increasing competing investments in Africa.

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  • Egypt’s economic crisis

    ONTV | Youtube Video |

    Qalaa Holdings managing director Amr El-Garhy appeared on Ibrahim Eissa’s television show yesterday, during which he commented on a variety of issues including the global and domestic implications of declining oil prices. “For Egypt as a net importer of oil, the reduction in price means that the government’s subsidy bill is going down. I think we can expect to see prices go down in the coming months,” said El Garhy. El-Garhy also said that Egypt “must decide who we are as a country. Are we a free market economy that is pursuing private sector-led growth? This identity has to be reinforced and maintained regardless of any changes in government,” he said. “The state is currently playing a large role when they should be playing the role of regulator, not manager or investor,” added Al-Garhy.

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  • Access: Africa - Interview with Ahmed Heikal

    CNBC International | Online - YouTube |

    Access: Africa - Interview with Ahmed Heikal, Chairman and Founder of Qalaa Holdings Previously only available in short segments, the full interview of Chairman and Founder Ahmed Heikal is online at CNBC International Access: Africa's website and their YouTube channel. The wide-ranging interview includes the rationale for the restructuring into an investment company, and the growth story in Africa, among other topics.

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  • Qalaa’s New Structure is ‘the Right Strategy’: Founder

    Insider Monkey | Online - via CNBC |

    The 3:31 minute segment begins with a voiceover narration explaining that Citadel Capital is now Qalaa Holdings, and that the company is going through a restructuring by selling off non-core assets and focusing on its five core sectors in order to become a long-term investment company. The segment then shifts to the interview with Dr. Heikal, where he explains the reason for the restructuring being that the assets held by the company need to be held for longer periods in order to realize their full potential. With regard to operating in East Africa, Dr. Heikal notes that Qalaa Holdings brings capital and experience to the region, both of which are in scarce supply.

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  • Why Qalaa is Selling Non-Core Assets

    CNBC | Online - Video, Access: Africa - Latest Episode |

    The interview continues with Dr. Heikal identifying other players in Africa, including sovereign wealth funds, as well as Qalaa's strategy with regard to funds earned from the exit of non-core assets - namely putting that money back intoQalaa's five core sectors: agrifoods, logistics & transportation, mining, cement and energy - plus micro finance. Dr. Heikal identified energy and infrastructure as his most important plays.

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  • Africa Has a 'Very Welcoming Attitude': Qalaa Founder

    CNBC | Online - Video, Access: Africa - Latest Episode |

    In response to a question about how accepting African governments have been in working with an Egyptian firm, Dr. Heikal replies that by and large, most countries they have worked with have been very welcoming. When asked about his 10-year outlook on Africa, Dr. Heikal replies that first, several factors should be examined. The first two, demographics and resources, he states these have always been positive. He goes on to say that the real game-changer is improving governance in Africa.

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  • Where Should You Invest in Africa?

    CNBC | Online - Video, Access: Africa - Latest Episode |

    Some African countries are "extremely interesting" says Ahmed Heikal, Chairman and Founder of Qalaa Holdings. He also explains how Qalaa deals with corruption, violence and Ebola.

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  • Investing in Africa: Managing the Risks

    CNBC | Online - Video, Access: Africa - Latest Episode |

    Ahmed Heikal, chairman and founder of Qalaa Holdings, outlines what the risks are when investing in Africa which stretch from the political landscape to the financial sector.

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  • Can Africa Have a Continental Railway System?

    CNBC | Online - Video, Access: Africa - Latest Episode |

    Ahmed Heikal, chairman and founder of Qalaa Holdings, comments on the valuation of African assets on building a "connected Africa."

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  • 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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  • Heikal speaks about Qalaa’s exit from Sphinx Glass

    CBC Extra |

    Qalaa Holdings Chairman and Founder Dr. Ahmed Heikal, spoke to CBC Extra TV Channel about Sphinx Glass deal, a transaction worth EGP1.3billion (USD 180 million).

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  • Salon Al-Tahrir: A special episode on Egypt’s economy

    Tahrir |

    Al-Tahrir channel hosted an extensive interview tackling Egypt’s economy on the program “Salon Al-Tahrir,” with Qalaa Holdings Chairman and founder Ahmed Heikal who tackled issues concerning Egypt’s healing economy as well as the challenges faced by the private sector.

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  • Heikal Appears on “Economic Personalities” Show

    Al Arabiya |

    Qalaa Holdings Founder and Chairman Ahmed Heikal appeared on Al Arabiya’s “Economic Personalities” show, during which he spoke about his background and experience.

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  • Qalaa's new structure is 'the right strategy': Founder

    CNBC |

    Originally a private equity group, Qalaa is now an investment holding company. Ahmed Heikal, chairman and founder of Qalaa Holdings comments on the transformation.

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  • 25/30: Ahmed Heikal’s Recipe for Saving the Egyptian Economy

    ONTV |

    Ahmed Heikal was a guest on Ibrahim Eissa’s show 25/30 during which he spoke about Egypt’s economic situation and his recipe for an economic recovery.

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  • Africa's economic outlook

    CNN |

    Founder and Chairman Ahmed Heikal looks at the political and economic outlook for Nigeria and Egypt.

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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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  • Ahmed Heikal is Lamis El-Hadidi’s Guest on “Hona Al Assema” Show

    CBC |

    Qalaa Holdings Founder and CEO Dr. Ahmed Heikal appeared on “Here the Capital” show, hosted by Lamis El-Hadidi on the CBC channel. Dr. Heikal discussed the economic challenges faced by Egypt’s next president, as well as the energy crisis and policies for sustainable economic development.

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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: Investing in Egypt’s Oil Refineries

    Bloomberg TV Africa | Online – Video |

    Citadel Capital Chairman and Founder Ahmed Heikal briefed Bloombeg [sic] News’ Gavin Serkin on the company’s investments with a particular focus on the Egyptian Refining Company and investments in the energy sector.

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  • Video: Bloomberg Africa Interview with Ahmed Heikal

    YouTube | Online – Video |

    In a Bloomberg TV Africa, Citadel Capital Founder and Chairman Ahmed Heikal discussed Egypt’s political situation, explaining the reasons behind the removal of Islamist President Mohamed Morsi. Additionally, Heikal expressed the need to re-integrate peaceful members of the Muslim Brotherhood into the political process. He also said Egypt’s leadership needs fresh new faces. Heikal also talked about Citadel Capital’s transformation from a private equity firm into an investment holding company with a focus on five core industries.

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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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  • Ahmed Heikal suggests that direct investments will create a more balanced Egyptian economy

    CNBC Arabiya |

    Dr. Ahmed Heikal, Chairman and Founder of Qalaa Holdings, said in an interview with CNBC Arabia, on the sidelines of the World Economic Forum in Davos, that direct investment projects will work towards achieving the desired balance of the Egyptian economy.

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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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  • Qalaa Holdings Invites Shareholders to Site Visits

    Al Ahram |

    Qala Holdings has extended its shareholders an invitation to visit the company’s subsidiaries including the Egyptian Refining Company and Dina Farms on 10 April 2017.

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  • Building a Future of Borderless Trade

    This is Africa |

    Qalaa Holdings Managing Director for Transportation & Logistics, Karim Sadek, speaks about the underdevelopment of intra-regional trade in Africa, the need to develop vital infrastructure and the important role that Rift Valley Railways is currently playing to open up regional trade routes on the continent that will significantly facilitate the movement of goods.

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  • New Suez Canal a new artery for Egyptian life, says Qalaa Holdings

    Al Ahram | Print |

    The New Suez Canal project will tackle several problems faced by the Egyptian economy, says Qalaa Holdings President Ahmed Heikal, the most notable of which are a lack of foreign currency revenues, a rising budget deficit, and unemployment. Mashreq, a Qalaa Holdings subsidiary, signed a 25-year concession contract, with the possibility for a 5-year extension to build a one-of-a-kind fuel bunkering facility and other logistical service in Egypt in the East Port Said port. The project is located over an area of 210,000 m2 strategically near the entrance of the Suez canal, and presents an example of government efforts and the patriotic private sector’s resources and experience going into turning the Suez Canal into an international services and logistical zone to utilize the traffic going through the canal.

  • 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.