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Egypt has achieved an average natural gas surplus of 1.56 bn cf/d, an Oil Ministry source told the local press.Production at the Zohr natural gas field is expected to rise to 2.95 bcf/d by next July, up from 2.3 bcf/d currently. The country’s average gas consumption is expected to reach 6.39 bcf/d through FY2019-2020 out […]
Author Archives: enterpriseam admin
Posted inEnergy
SODIC signs agreement with IMC for 330 kWh solar plant
SODIC has signed a cooperation agreement with the Industrial Modernization Center (IMC) to build a 330 kWh photovoltaic (PV) power plant in Sheikh Zayed in collaboration with the United Nations Development Program (UNDP), IMC CEO Amr Taha Ahram Gate. The project, which is aimed to generate 520 mWh per year, is expected to cut carbon […]
Posted inEnergy
Egypt-Sudan electricity connection to go live at the end of 2019
The Egypt-Sudan 300 MW electricity grid interconnection project is expected to go live at the end of the year, Electricity Ministry spokesperson Ayman Hamza said, according to Mubasher. Egypt has completed “all necessary preparations” for a set-up estimated to have cost USD 56 mn. The political upheaval in Sudan has delayed the trial launch for […]
Posted inEnergy
EETC looking to settle EGP 1.9 bn cost-sharing bill with Benban solar companies
The Egyptian Electricity Transmission Company (EETC) will hold a meeting with the Benban Solar Energy Developer Association to settle the EGP 1.9 bn rise in the cost-sharing bill for projects in the Benban solar park, EETC sources tell the local press. According to the sources, the companies working on the solar projects are refusing to […]
Posted inTourism
Gov’t to launch tender for managing Luxor temples
The government is planning to launch a tender to select a private sector company to manage the Karnak and Philae temples, and the Valley of the Kings, Antiquities Minister Khaled El Anany said without specifying a timeframe. The ministry is also looking to contract private companies to run the Grand Egyptian Museum and the area […]
Posted inBanking + Finance
Paynas, five lenders enter final stage talks for loans
Egyptian fintech startup Paynas is in final talks with five venture capital funds over financing agreements it expects to secure by 3Q2019, CEO Mohamed Mounir told Al Mal. The company will use the financing to fund expansion plans, which include developing its technology infrastructure to expand its client base across the country, Mounir said. The […]
Posted inBanking + Finance
CI Capital’s BoD approves launching consumer finance arm
CI Capital’s board of directors have approved setting up a consumer finance company offering installment plans for durable goods, according to an EGX disclosure (pdf).
Posted inOther Business News of Note
Spain’s Mr Jeff laundry app sells 10 franchises in Egypt
Spanish laundry app company Mr Jeff has sold 10 franchises in Egypt since it began operations here several weeks ago, the company announced in a press release (pdf). The company is proposing to forego royalties and marketing fees for Egyptian franchisees during their first year of activity in an effort to boost take-up.
Posted inLaw
Shahid Law’s Venture, Gemini agree to offer business mentorship to startups
Shahid Law Firm’s startup-focused department, Venture, has signed an agreement with Gemini Enterprises Africa that will see Gemini offer entrepreneurs access to business mentorship, according to an emailed statement (pdf). Venture, which Shahid launched earlier this year, offers legal services to startups through an online platform.
Posted inEgypt Politics + Economics
Fifty-five financial fraud cases worth over EGP 200 mn resolved in one month
The General Administration of Public Money Investigations has resolved fifty-five cases of financial fraud worth a combined EGP 200 mn and 3 mn in foreign currency (mainly USD and EUR), Egypt Today reports. The crimes ranged from bribery and administrative corruption to illegal currency trade, money laundering and tax evasion.