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The Wall Street Journal is blowing the flight suspension out of proportion: Egypt’s tourism industry will suffer a heavy blow because British Airways suspended flights to Cairo for a week, Jared Malsin claims in the Wall Street Journal. The news will apparently “taint the view of potential tourists who will be left wondering what further […]
Author Archives: enterpriseam admin
Posted inWorth watching
Elon Musk wants to put wires into our brains
Someone tell Elon Musk that Black Mirror isn’t an instruction manual: Elon Musk unveiled during a presentation his frankly bizarre plans to put hundreds of chip implants into our brains (watch, runtime: 18:28). Neuralink is composed of around 1k thread-like chips that are one tenth the width of a human hair, which are inserted into […]
Posted inEnergy
China’s United Energy eyeing solar power plants in Egypt
Electricity Minister Mohamed Shaker met yesterday with a delegation from China’s United Energy Group, which is interested in setting up solar and concentrated solar power plants, according to Al Mal. The Hong Kong-listed energy firm has been eyeing new investments in Egypt’s energy sector since at least last October.
Posted inEnergy
EFG Hermes eyes US renewable energy market
EFG Hermes is looking at potentially venturing into the American renewable energy market with wind or solar power projects over the coming period, head of private equity and asset management Karim Moussa told Hapi Journal, without providing further details. EFG is working on implementing a comprehensive expansion plan over the coming period, including setting up […]
Posted inHealth + Education
Egyptian healthcare company Speed to inaugurate new hospital in August 2020
Speed Medical is planning to inaugurate its new hospital in Obour City by August 2020, Chairman Mahmoud Lasheen tells Al Mal. Speed Medical will spend some EGP 150 mn to have the facility up and running, which will be financed through retained earnings to raise its working capital, Lasheen added. Lasheen had previously estimated the […]
Posted inReal Estate + Housing
HCHD extends auction to lease Merryland sections to 28 Aug
Heliopolis Housing and Development (HHD) has extended an auction to lease Showland and a children’s park at Merryland amusement park by 10 days to 28 August 2019, the company said in a press release (pdf).
Posted inTourism
EgyptAir begins new flights between Douala and Cairo
EgyptAir began yesterday operating its new flight route to Douala, Cameroon, MENA reports. We previously reportedthat the airline would start running three indirect flights a week, with passengers catching a connecting flight from the Chadian capital N’Djamena.
Posted inAutomotive + Transportation
Glovo officials meet with drivers to end Egypt strike over scrapped incentives
Officials from delivery app Glovo’s Spain office are in town to meet with 120 drivers currently on strike in protest at the company’s decision to end financial incentives and compensation, sources close to the matter told the local press. The company had scrapped financial benefits without providing explanation, the sources said, adding that drivers are […]
Posted inBanking + Finance
Three banks cover NUCA’s EGP 6 bn securitization bond tranche
Three local banks fully covered the EGP 6 bn of securitization bonds offered by the New Urban Communities Authority (NUCA) last week, Al Mal reported. The National Bank of Egypt, CIB, and the Arab African International Bank covered EGP 2 bn each. This is the first tranche of NUCA’s planned EGP 10 bn issuance of […]
Posted inBanking + Finance
Egypt’s market regulator grants Tycoon brokerage a short selling license
The Financial Regulatory Authority (FRA) has granted Tycoon Securities Brokerage a short selling license, according to Al Mal. The company will now join seven others authorized to short sell — including Arqaam, EFG Hermes, CI Capital, the Arab African International Securities, Prime Holdings, and HC Securities. Short selling transactions are expected to begin in 3Q2019, […]