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The Engineering Automotive Manufacturing, a subsidiary of the Holding Company for Maritime & Land Transport, is close to reaching an agreement with China’s Yutong to assemble 100 buses, Chairman of the Metallurgical Industries Company Medhat Nafei told Al Mal.
Author Archives: enterpriseam admin
Posted inHealth + Education
Egyptian pharma company Ibnsina signs import, distribution agreement with Roche
Ibnsina Pharma has signed an agreement with global pharma company Roche to import and distribute 40 Roche products in Egypt, the company said in an EGX disclosure (pdf). “This strategic partnership will allow Ibnsina Pharma to not only further strengthen its product offering but will give patients across Egypt unprecedented access to the latest pharmaceutical […]
Posted inReal Estate + Housing
Orascom Development Egypt to launch third phase of O West in September
Orascom Development Egypt (ODE) will launch the third phase of its O West project west of Cairo in September, CEO Khaled Bishara said, according to Masrawy. Bishara said the new phase will include high-end apartments.
Posted inTourism
Investors reach out to GAFI’s dispute committee over South Sinai beach fees
A number of investors have reached out to the General Authority for Investment’s (GAFI) dispute resolution committee over the issue of recently imposed fees on the use of beaches in South Sinai, Egyptian Tourism Federation head Hossam El Shaer told Al Mal. The issue has been ongoing for the past two years and a number […]
Posted inTelecoms + ICT
Egypt targets USD 4.7 bn in CIT exports in 2020
The Communication and Information Technology (CIT) Ministry is targeting USD 4.7 bn in exports (outsourcing) in 2020, compared to USD 3.2 bn per year currently, the Information Technology Industry Development Agency (ITIDA) said in a report picked up by Al Mal. The revised targets are markedly more ambitious than those announced in March, which saw […]
Posted inBanking + Finance
CI Capital raises issued capital to EGP 800 mn
CI Capital’s shareholders have approved increasing the company’s issued capital to EGP 800 mn from EGP 544 mn, the company said in a bourse filing (pdf). The company will issue 0.47 bonus shares per each share held.
Posted inOther Business News of Note
CIHC to give El Nasr Steam Boilers’ land to Oil Ministry for debt repayment
The Chemicals Industries Holding Company (CIHC) will give the land at the center of the recently settled Al Kholoud dispute to the Oil Ministry to settle part of its debts, CIHC’s Vice Chairman Walid El Rasheed told the local press. The status of the land was settled last week when Al Kholoud agreed to drop […]
Posted inOther Business News of Note
Egypt’s Export Subsidy Fund yet to ratify mechanisms in new framework
The Export Subsidy Fund has so far only ratified one of three mechanisms through which it will disburse export subsidies, head of the Trade Ministry’s trade agreements sector Amany Al Wesal said. The ratified mechanism gives tax breaks to importers. The two other mechanisms of the framework, which involve cash payments to exporters and investments […]
Posted inEgypt Politics + Economics
Egypt, Kuwait to cooperate on cybercrime
A judicial MoU signed between Egypt and Kuwait yesterday will see the two countries work together to arrest and extradite suspected cybercriminals, Prosecutor General Nabil Sadek said yesterday, according to Ahram Online.
Posted inEgypt Politics + Economics
Duties on iron billets are in Egypt’s interest, says anti-dumping authority
The Trade Ministry’s anti-dumping policy unit issued a report defending the ministry’s decision to impose import duties on iron billets, saying it serves the public interest and is beneficial for the domestic steel sector, according to the local press. Steel rebar factories have been in a legal dispute with authorities since the Trade Ministry imposed […]