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Egypt has signed an MoU with China to export dates, according to Al Shorouk. A Chinese official said last month that the country was preparing to begin importing dates, as well as pomegranate, honey and onions. Egypt currently runs a large trade deficit with China, accounting for only USD 1.8 bn of the USD 13.8 […]
Author Archives: enterpriseam admin
Posted inEnergy
Egyptian-Chinese solar research facility opens in Sohag
A joint Egyptian-Chinese solar research facility in Sohag was inaugurated on Monday to serve as an experimental lab for solar cell research and development, according to the local press. Egyptian research institutions provided EGP 30 mn towards the facility while the Chinese Ministry of Scientific Research contributed USD 750k. The project is part of a […]
Posted inEnergy
EETC signs contract with Al Kharafi consortium to build EGP 440 mn substation
The Egyptian Electricity Transmission Company (EETC) has signed a contract with an Al Kharafi-Taikai-NHVS consortium to construct a substation in East Damietta at a cost of EGP 440 mn, EETC head Sabah Mashaly said. The project will be financed partly through international financiers and partly by the EETC, and will take up to 12 months […]
Posted inAutomotive + Transportation
Careem in talks with Egypt over mass transit services
Careem is in talks with the government to provide mass transit services, newly-appointed General Manager Wael Abou El Ela told Al Mal, without providing further details. We are still yet to hear from the Egyptian Competition Authority regarding the USD 3.1 bn Uber-Careem merger earlier this year. The regulator threatened to fine each company EGP […]
Posted inAutomotive + Transportation
FinMin to study gov’t tuk-tuk plan over the coming three weeks
The Finance Ministry is going to “study” the government’s plans to replace tuk-tuks with minivans, Minister Mohamed Maait said yesterday, according to Al Masry Al Youm. Prime Minister Moustafa Madbouly said last week the government plans to crack down on the three-wheelers by having tuk-tuk manufacturers switch their production lines to natural gas-powered minivans. Automotive […]
Posted inAutomotive + Transportation
Professional Taxi ride-hailing app to launch beta IOS version within two weeks
Ride-hailing app Professional Taxi will launch a beta version on iOS in the coming two weeks, according to the local press. The company is also planning to expand its services to Sharkia governorate, 10th Ramadan City and Sadat City in the coming months.
Posted inBanking + Finance
Food producers move towards e-payments amid push for financial inclusion
Food producers have begun collecting their payments from retailers electronically through apps such as Fawry, Farm Frites General Manager Ahmed Seddik told the local press. The company has recently signed contracts with a number of electronic payment apps to increase security in transactions as part of its financial inclusion strategy, Seddik said. Juhayna has also […]
Posted inBanking + Finance
Egypt’s Fawry to move into micro insurance brokerage early 2020
Fawry is planning to venture into micro insurance brokerage by early 2020, CEO Mohamed Okasha told the press, without providing much detail beyond saying the service will be provided in partnership with “insurance companies that offer this product.” The Financial Regulatory Authority granted the e-payments platform a license to provide insurance brokerage services earlier this […]
Posted inBanking + Finance
Egyptian Stock Exchange removes GTH shares
The EGX has taken Global Telecom Holding’s shares off the exchange after the company completed all voluntary delisting procedures, the domestic press reports. GTH’s shareholders approved the delisting during an extraordinary general assembly meeting last month after the company’s main shareholder, Veon, completed a mandatory tender offer taking GTH private.
Posted inON YOUR WAY OUT
Restoration complete, two ancient tombs in Luxor open to visitors
With restoration complete, two ancient tombs in Luxor open to visitors: Two ancient Egyptian tombs in Luxor have been opened to visitors following their restoration, Egypt’s Antiquities Ministry announced earlier this week. Xinhua has a selection of pictures of the stunning paintings inside the tombs.