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Several independent power producers (IPPs) have reportedly made offers to the Electricity Ministry to construct new wind farms with a combined capacity of 2,150 MW, ministry officials told the local press. The companies are based in China, Germany, the US, and Saudi Arabia, and have proposed projects under engineering, procurement, and construction (EPC) + finance […]
Author Archives: enterpriseam admin
Posted inEnergy
NREA to receive offers for 50 MW Zaafarana solar plant on 25 July
The New and Renewables Energy Authority (NREA) will receive on 25 July financial offers from three international bidders in its tender to construct a 50 MW solar plant in Zaafarana, sources from the authority told the press. The bidders are India’s Vikram Solar, Germany’s B Electric, and China’s NARI Group. NREA is expected to announce […]
Posted inInfrastructure
Egypt begins talks with Chinese-European consortium to build new capital control center
The Electricity Ministry has begun talks with China’s State Grid Corporation (SGCC), Siemens, and ABB to build an interactive control center for the new administrative capital, ministry sources told the local press. The Egyptian Electricity Holding Company will use loans it has already secured to finance the project, which the sources estimated will cost between […]
Posted inManufacturing
Edita to launch new products, construction on Morocco facility to begin next month
Edita Food Industries aims to launch a number of new products as part of expansion plans, Chairman Hani Berzi said, without providing further details or specifying a timeframe. The company also plans to begin the construction of its snack food production facility in Morocco in August, rather than in July as we reported earlier this […]
Posted inReal Estate + Housing
SODIC signs agreement with NUCA to convert land plot function
SODIC has signed an agreement with the New Urban Communities Authority (NUCA) to convert the function of a Western Cairo land plot from agricultural to housing, the company said in an EGX disclosure (pdf). The company expects the new project to be on sale in 4Q2019, it said.
Posted inTelecoms + ICT
TE, Egypt’s Etisalat cooperate on virtual fixed line, bit-stream services
State-owned Telecom Egypt has signed four agreements with Etisalat Misr to allow the latter to provide virtual fixed line and bit-stream services to its customers through TE’s infrastructure, TE said in a press release (pdf). Under the terms of the bit-stream agreements, “Etisalat Misr will be able to provide its fixed broadband customers with the […]
Posted inAutomotive + Transportation
Alamal auto group suspends production of BYD S5 amid low demand
Auto assembler Alamal Group is suspending its production of BYD S5 cars due to declining demand, board member Gamal Amin said, Al Mal reports. The company originally intended to assemble 50 units per month and sell 600 in 2019, but poor market conditions caused in part by the decision to scrap customs on imported European […]
Posted inBanking + Finance
Egypt’s Baraka Bank to launch sharia-compliant daily return mutual fund
Al Baraka Bank is planning to launch a sharia-compliant investment fund that pays out dividends on a daily basis, Al Mal reports. The EGP 100 mn fund will screen potential investments for compatibility with sharia law. It will invest in EGP-denominated debt and CDs and will be managed by EFG Hermes Asset Management.
Posted inBanking + Finance
HC Securities’ brokerage arm receives short-seller license
HC Securities’ brokerage arm became the latest investment bank to receive a license approval from the Financial Regulatory Authority to become a short seller, HC said in a statement (pdf), joining the brokerage arms of Arqaam, EFG Hermes, CI Capital, the Arab African International Securities and Prime Holdings.
Posted inOther Business News of Note
Capmas: 9.7% y-o-y rise in non-Egyptians working in private sector, investment
The number of non-Egyptians working in the private sector and investment in Egypt increase 9.7% y-o-y in 2018, according to Capmas statistics. The total figures (recorded as 14,777 in 2018 and 13,469 in 2017) included 45.2% from non-Arab Asian countries, 23.9% from European countries, 21.4% from Arab countries, 7.5% from the Americas and Australasia, and […]