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The Egyptian Electricity Transmission Company (EETC) and General Electric (GE) have signed an agreement to establish an EGP 89 mn monitoring center for the Benban solar park, Al Mal reported. The agreement comes as part of the government’s strategy to develop the energy sector. Construction of the project is expected to take eight months.
Author Archives: enterpriseam admin
Posted inManufacturing
Egyptian cement producer Aswan Cement to launch ready-mix concrete business
Aswan Cement is planning to venture into the ready-mix concrete market to diversify its business amid saturation in the cement market, company sources said. The company will begin in September building 10 batch plants at an initial investment of EGP 200 mn. It is in talks with EU-based equipment suppliers and the Arab Organization for […]
Posted inReal Estate + Housing
Egypt’s NUCA allocates EGP 16 bn land to new city investor
The New Urban Communities Authority (NUCA) has allocated EGP 16-bn worth of land plots under a new land tender mechanism that allocates land directly to investors, a source from the Housing Ministry told the press. A total of 170 companies made the 10% down payment specified by the new mechanism and were allocated 170 land […]
Posted inTourism
Luxury Steigenberger Hotel El Lessan opens in Ras el Bar
Steigenberger has opened its 4.2k sqm Hotel El Lessan in Damietta’s Ras El Bar, the company announced in a statement. The hotel has 153 rooms, including 15 suites, all of which feature a balcony with a view of the Nile and the sea. Egypt is one of Steigenberger’s "most important and strongest growth markets,” said […]
Posted inOther Business News of Note
Union National Bank’s BoD approves voluntary delisting from Egypt’s exchange
Union National Bank’s board of directors has approved a decision to voluntarily delist the bank’s shares from the EGX and purchase the minority shareholders' shares at their fair value, according to a bourse disclosure (pdf). The board has called for an extraordinary general assembly meeting to vote on the delisting and nominated its chairman to […]
Posted inLegislation + Policy
El Sisi ratifies law keeping stamp tax on Egypt’s stock transactions unchanged
President Abdel Fattah El Sisi has signed into law a recently-passed bill keeping the provisional stamp tax on EGX transactions unchanged at 0.15%, according to the Official Gazette (pdf). The House of Representatives gave its final nod to the bill last month. The tax was scheduled to increase to 0.175% on 1 June as part […]
Posted inNational Security
US State Department approves potential USD 554 mn military sale to Egypt
The US State Department has approved a potential USD 554 mn military sale for Follow-On Technical Support (FOTS) for various ships to Egypt, the Defense Security Cooperation Agency (DSCA) said. “The proposed sale is essential to maintain Egypt’s national security, regional stability, and the [unobstructed] flow of worldwide commerce via the Suez Canal,” the DSCA […]
Posted inMy Morning Routine
My Morning Routine: Menatalla Sadek, CEO of Hassan Allam Utilities
Menatalla Sadek, CEO of Hassan Allam Utilities: My Morning Routine looks each week at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Menatalla Sadek, CEO of Hassan Allam Utilities, which is an investment […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.49 | Sell 16.62 EGP / USD at CIB: Buy 16.50 | Sell 16.60 EGP / USD at NBE: Buy 16.53 | Sell 16.63 EGX30 (Wednesday): 13,392 (+0.2%) Turnover: EGP 626 mn (6% above the 90-day average) EGX 30 year-to-date: +2.7% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
28 July-02 August (Sunday-Friday): Fab15 Conference and Graduation Ceremony, TU Berlin, El Gouna, Egypt. 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 […]