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The Damietta LNG facility will be operating at its full capacity of 5 mn tonnes a year in 4Q2019, an unnamed industry official told Youm7. Italy’s Eni saidearlier this month that it is in talks over the LNG facility in Damietta and expected that it should begin operations “soon this year.” Egypt needs to settle […]
Author Archives: enterpriseam admin
Posted inEnergy
Egypt, Kuwait likely to renew expiring oil and fuel purchase agreement
The Kuwait Petroleum Corporation has given an initial approval to a request from Egypt to extend once again an oil and fuel purchase agreement that is due to expire in December, a source from the Egyptian General Petroleum Corporation (EGPC) told Amwal Al Ghad. The agreement was signed in 2013 and renewed for three years […]
Posted inBasic Materials + Commodities
Medsofts plans to invest EGP 180 mn in Nile Silos
Medsofts is planning to invest EGP 180 mn in expanding the storage capacity of Nile Silos to 235k tonnes, General Manager Tarek Tawfik told Al Mal. The expansion will be funded by three banks, including CIB and United Bank, and Medsofts — ADM’s Egypt subsidiary which owns Nile Silos in partnership with Wadi Group — […]
Posted inBasic Materials + Commodities
Egypt announces state of emergency as Nile water volumes fall 5 bn cubic meters in 2019
The Irrigation and Water Resources Ministry has announced a nationwide state of emergency due to Egypt’s share of Nile water falling 5 bn cubic meters in 2019, according to a statement. Decreasing rainfall in the Ethiopian highlands is primarily responsible for the declining water volumes, head of the ministry’s planning sector Eman El Sayed said, […]
Posted inHealth + Education
Health Ministry to spend EGP 673 to overhaul 36 PHC facilities under new system
The Health Ministry is planning to spend EGP 673 mn to renovate 36 primary healthcare facilities enrolled in the first phase of the new healthcare system, government sources said. The facilities will get 700 new beds to absorb patient flow in central hospitals providing services under the scheme. The government is planning to spend EGP […]
Posted inTelecoms + ICT
MCDR to set up EGP 100 mn Internet of Things JV with French company, Egyptian sovereign entity
Misr for Central Clearing, Depository, and Registry (MCDR) is planning to set up a EGP 100 mn Internet of Things company, MCDR Chairman Mohamed Abdel Salam said, according to the local press. MCDR will hold 20% of the company, with the remaining ownership split between an unnamed French company and a “sovereign entity.” No further […]
Posted inBanking + Finance
Tamweely Microfinance to launch seven new branches through partnership with National Postal Authority
Tamweely Microfinance is launching seven new branches in National Postal Authority (NPA) offices throughout Egypt as part of a partnership between the two organizations, it said in a statement (pdf). The new branches will be set up in Beni Suef, Minya, Sohag and Qena, bringing the total number of Tamweely branches in Egypt to 35. […]
Posted inOther Business News of Note
DHL to announce launch of new distribution center next month
DHL will announce in August the opening date of a new internal distribution center in Sixth of October, Country Manager Ahmed Elfangary told the local press. The company also plans to open four new branches and expand its fleet before the end of 2019, and has recently completed an expansion of its main headquarters at […]
Posted inSports
Younger brother of banned Egyptian tennis pro handed temporarily suspension
Egyptian tennis player Youssef Hossam, whose brother Karim was handed a permanent ban from the professional sport, has been suspended for alleged “integrity violations,” reports the Associated Press. The Tennis Integrity Unit provisionally suspended Youssef, who is ranked 410th in the world, pending an ongoing probe. Youssef’s brother was found guilty last year of 16 […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.50 | Sell 16.62 EGP / USD at CIB: Buy 16.50 | Sell 16.60 EGP / USD at NBE: Buy 16.53 | Sell 16.63 EGX30 (Tuesday): 13,364 (-0.4%) Turnover: EGP 724 mn (21% above the 90-day average) EGX 30 year-to-date: +2.5% THE MARKET ON TUESDAY: The EGX30 ended […]