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Revolta is planning to invest EGP 60 mn to install electric vehicle (EV) charging stations in Upper Egypt, chief of business development Ezz El-Din Ibrahim said at a presser on Monday, according to local news. Revolta CEO Mohamed Badawy had said earlier this year that the company is planning to install EGP 100 mn-worth of […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Belarus’ MAZ to assemble natgas, diesel-run buses in Egypt
Belarusian state-run automotive manufacturer Minsk Automobile Plant (MAZ) has signed an agreement with the Egyptian Automotive Manufacturing Company (EAMCO) to locally assemble natural gas and diesel-fuelled buses, according to Masrawy. MAZ is expected to source 60% or more of the components for the buses from Egypt.
Posted inBanking + Finance
Middle East Glass Company may receive loan of USD 100 mn from IFC
The Middle East Glass Manufacturing Company (MEG) is in talks with the International Finance Corporation (IFC) over a USD 100 mn loan to refinance some of its debts and finance its capex plans, the IFC said in a disclosure. MEG is also expected to contribute USD 26 mn from internal cash generation, bringing the total […]
Posted inOther Business News of Note
Global Telecom shareholders approve voluntary delisting from Egypt’s bourse
Global Telecom Holding (GTH) shareholders approved the company’s voluntary delisting during an extraordinary general assembly meeting on Monday, GTH said in a statement to the EGX (pdf). The company will buy back shareholders’ shares at EGP 5.08 apiece.
Posted inEgypt Politics + Economics
Egypt blocks two news websites after Huawei complains of attempted extortion
News websites Al Akhbariya and Al Sabah News have been blocked by the Supreme Council for Media Regulation following a complaint from Huawei, Al Masry Al Youm reports. Huawei accused the editor-in-chief Marwa Abu Zaher of extorting the company by threatening to publish false news unless they paid money. The council has claimed that the […]
Posted inON YOUR WAY OUT
Egyptian academics launch social media campaign to demand higher salaries
Doctors start social media campaign for better wages: Egyptian doctors and researchers have created a Twitter hashtag to protest against “deteriorated living and working standards” and call for salary increases, BBC Arabic reports. Participants are urging the government to amend regulations to increase their salaries in a way that fits their educational role and social […]
Posted inON YOUR WAY OUT
Egypt looks at equipping Giza Zoo with waste-to-energy power plants
Authorities are looking into equipping Giza Zoo with waste-to-energy plants, according to Afrik21. The plants would produce 100 cbm of biogas per day from animal waste, and cost around EGP 300-400k.
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.49 | Sell 16.61 EGP / USD at CIB: Buy 16.50 | Sell 16.60 EGP / USD at NBE: Buy 16.50 | Sell 16.60 EGX30 (Tuesday): 14,283 (-0.1%) Turnover: EGP 1.1 bn (83% above the 90-day average) EGX 30 year-to-date: +9.6% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
August: Meetings of the Egyptian-Belarussian Committee for trade, economic, scientific and technical cooperation, Minsk. August: The National Railway Authority is expected to sign a 15-year maintenance agreement for 1,300 railcars it had agreed to purchase from Russia’s Transmashholding under a EGP 22 bn contract. 28-30 August (Wednesday-Friday): Tokyo International Conference on African Development (TICAD), Yokohama, […]
Posted inWhat We're Tracking Today
What we’re tracking on 27 August 2019
Good morning, friends, and welcome to yet another slow news day. We have coverage of the final day of the G7 — during which El Sisi met with US, UK and French leaders — as well as the news that we’ve signed the final USD 500 mn agreement with India’s Lulu Hypermarket for a series […]