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A consortium of consultants overseeing a bidding war between companies hoping to manage the USD 1 bn Grand Egyptian Museum (GEM) has finished preparing the tender’s booklet of conditions, Antiquities Minister Khaled El Anany said. A number of legal and financial experts — including the Japanese International Cooperation Agency (JICA), the biggest financier behind the […]
Author Archives: enterpriseam admin
Posted inTourism
EgyptAir to operate three flights a week to Douala, Cameroon from 21 July
EgyptAir will begin operating three indirect flights a week to Cameroon’s largest city Douala from 21 July, according to Ahram Gate. Flights will take place on Sundays, Tuesdays, and Thursdays, and passengers will take a connecting flight from the Chadian capital N’Djamena.
Posted inTourism
Deutsche Hospitality to open two new Steigenberger hotels in Egypt by year-end
Deutsche Hospitality will inaugurate two new Steigenberger-branded hotels in Taba and Luxor by the end of the year, the German company’s CEO told the local press. The planned hotels will add 679 rooms to the company’s Egypt portfolio. There was no mention of the hotels’ expected cost or exact timeline.
Posted inAutomotive + Transportation
Egypt elected member of International Air Transport Association for the first time
Egypt has been elected as a member of the International Air Transport Association’s (IATA) board of governors for the first time ever, according to a Civil Aviation Ministry statement. Ahmed Adel, head of the EgyptAir Holding Company, will serve a three-year term on the board.
Posted inAutomotive + Transportation
Gov’t to prepare report on converting taxis, minibuses into dual-fuel engine vehicles
The government will prepare a report on the costs and process of converting taxis and minibuses into dual-fuel engine cars, according to a Cabinet statement. Prime Minister Moustafa Madbouly asked for the report following a meeting with Military Production Minister Mohamed El Assar, Oil Minister Tarek El Molla, Trade Minister Amr Nassar, and the head […]
Posted inAutomotive + Transportation
NAT to launch tender for Metro Line 1 renovation plans
The National Authority for Tunnels (NAT) will begin accepting bids from companies to take part in the renovation of Metro Line 1 (El Marg-Helwan) in the coming days, head of the authority Essam Elwaly said. The tender will include upgrading electricity networks, signals, and control systems, as well as refurbishing old trains and purchasing new […]
Posted inBanking + Finance
FRA grants Prime Holdings brokerage arm short-selling license
The Financial Regulatory Authority (FRA) approved granting Prime Holdings a short-seller’s license, local press reported on Thursday. Prime’s brokerage arm becomes the fifth to receive the license, joining the brokerage arms of Arqaam, EFG Hermes, CI Capital, and the Arab African International Securities. Short-selling transactions are expected to begin in 3Q2019, according to statements by […]
Posted inBanking + Finance
Egypt’s market regulator grants UE Lease approval to offer factoring services
Arabia Investments Holding’s UE Lease has received preliminary approval from the Financial Regulatory Authority (FRA) to begin offering factoring services, and will be licensed to do so in 4Q2019, Arabia Investments CIO Rania Afifi said.
Posted inOther Business News of Note
FRA issues new guidelines for takaful insurers switching to conventional policies
Mutual guarantee “takaful” insurance providers looking to make a switch to offering conventional insurance plans will now have to comply with newly issued Financial Regulatory Authority guidelines (pdf). Under the new regulations, the providers will be required to submit certain documents, including the company’s plan to clear off outstanding takaful policies and reasons for requesting […]
Posted inOther Business News of Note
Attijariwafa Bank looking to set up EGP 150 mn insurance arm in Egypt
Attijariwafa Bank has submitted a license request to the Financial Regulatory Authority (FRA) to set up an insurance company in Egypt with EGP 150 mn in capital, according to the local press. The bank has tapped Bahaa-Eldin Law Office to handle the legal proceedings.