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President Abdel Fattah El Sisi met with Algeria’s interim President Abdul Qadir bin Saleh in Cairo on Thursday to talk trade and economic ties, according to an Ittihadiya statement.
Author Archives: enterpriseam admin
Posted inEnergy
Egypt’s NUCA, Saudi’s Fas Energy sign MoU to set up waste-to-energy facility in 10th of Ramadan
The New Urban Communities Authority (NUCA) has signed an MoU with Saudi-based Fas Energy to set up a waste-to-energy facility in 10th of Ramadan City, according to a Housing Ministry statement. No details were provided on the cost or capacity of the facility. NUCA will allocate a land plot to the Saudi company under a […]
Posted inEnergy
Schneider Electric, General Electric awarded power transmission control center contracts
Schneider Electric and General Electric were awarded contracts to build four power transmission control centers under a tender issued by the Egyptian Electricity Holding Company (EEHC), sources told the local press. Schneider Electric will build three power transmission control centers in Cairo, while General Electric will build one in Alexandria, the sources said without disclosing […]
Posted inBasic Materials + Commodities
Centamin raises Sukari gold mine output to 234k ounces in 1H2019
Centamin’s Sukari gold mine produced 117,913 ounces of gold in 2Q2019, bringing production in 1H2019 up to 234,096 ounces, the company said in its quarterly report (pdf) on Thursday. Centamin projects that it will hit its 2019 production target of 490,000 – 520,000 ounces at a cash cost of USD 675-725 per ounce.
Posted inBasic Materials + Commodities
Sugar imports down 10.2% in 1H2019, frozen meat imports up 11.5%
Egypt’s sugar imports declined by 10.2% y-o-y in 1H2019 to 116.4k tonnes, compared to 129.5k tonnes during the same period last year, the General Organization For Export & Import Control (GOEIC) said. Meanwhile, frozen meat imports grew 11.5% y-o-y in 1H2019 to 116k tonnes from 104k tonnes last year, GOEIC said.
Posted inHealth + Education
Egypt’s first AI college opens in Kafr El Sheikh
Egypt’s first artificial intelligence (AI) college has opened at Kafr El Sheikh University and is accepting the first class of students this school year, Egypt Today reports. Admission will only be granted to students with strong academic performance in math.
Posted inBanking + Finance
Your Commercial Registry records will be made available to banks through iScore
The Supply Ministry has signed an agreement with the Federation of Egyptian Banks and credit ratings agency iScore that will open up the records of the Commercial Registry to banks through iScore, Supply Minister Ali El Moselhy said on Thursday, according to a ministry statement. The move was designed to strengthen customer measures by banks, […]
Posted inOther Business News of Note
Cabinet looks to resolve Simo privatization dispute under dispute resolution committee
The Madbouly Cabinet’s dispute resolution committee began last week looking into the six-year dispute over the unwinding of the privatization of the Middle East Paper Company (Simo), Al Mal reports. Investors, the largest of whom is Al Ahly Financial Investment Management, are looking for EGP 500 mn in damages from a decision to reverse the […]
Posted inOther Business News of Note
EFG Hermes to set up real estate private equity fund in 2020
EFG Hermes is planning to set up a real estate private equity fund next year with a number of unnamed real estate developers, EFG Hermes Group CEO Karim Awad said, according to the local press. The fund is part of the firm’s expansion plans over the coming few years, which will also see EFG begin […]
Posted inOther Business News of Note
Ernst & Young wins tender in ABE technology upgrade project
Ernst & Young has won a tender to act as financial advisor to the Agricultural Bank of Egypt (ABE) in the bank’s development of its technology infrastructure, ABE Chairman El Sayed El Qasir told Masrawy. The bank is still in the market for a company to carry out the upgrade, and is currently working on […]