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Italy’s Eni is planning to drill nine new development wells in the Zohr gas field until 2020 to achieve production targets agreed upon with the Oil Ministry, an industry source told the press. Zohr’s development plan involves drilling 20 wells, 11 of which have already been drilled. The company is planning to link the 11th […]
Author Archives: enterpriseam admin
Posted inInfrastructure
Egypt to begin talks to build desalination plants under PPP framework
The government is planning to begin negotiations next month with several companies to construct desalination plants to treat 150k cbm of water per day under a PPP framework, unnamed sources tell the local press. The companies include Spain’s Aqualia, France’s Schneider Electric, Switzerland’s Aqua Swiss, and water treatment company Metito.
Posted inBasic Materials + Commodities
Nuclear Materials Authority, Egyptian Black Sand Co complete phase one of sand treatment factory
The Nuclear Materials Authority and the Egyptian Black Sand Company have inaugurated the first phase of their black sand treatment facility in Rashid, authority boss Hamed Meira said. The second phase will be completed in October. The two sides agreed to have the factory fitted and designed by a Chinese company, which will in turn […]
Posted inTourism
Egyptian hotel market continues strong performance in 5M2019
Egyptian hotels saw their average revenue per available room (RevPAR) grow 24% y-o-y during the first five months of 2019, TradeArabia reports, citing the latest Colliers International’s Mena Hotel Forecast. Analysts predict that RevPAR will continue to move upwards throughout 2019, driven by a surge in tourists from overseas.
Posted inAutomotive + Transportation
AOI inks MoU with Czech company Zetor to locally manufacture farm tractors
The Arab Organization for Industrialization (AOI) has signed an MoU with Czech manufacturer Zetor Tractors to locally manufacture farm tractors, Chairman Abdel Moneim El Teras said, according to Al Shorouk. The MoU will see a technology transfer, and Zetor will provide training to AOI technicians and engineers.
Posted inBanking + Finance
Edita finalizes USD 20 mn loan agreement from IFC
Edita finalized yesterday a USD 20 mn loan agreement from the International Finance Corporation (IFC), according to an emailed statement (pdf). Under the agreement, the snackmaker will receive a seven-year, medium-term facility, “with the contract including an option for a second tranche of an additional USD 10 mn.” Edita and the IFC had reached an […]
Posted inBanking + Finance
Blom Egypt Securities applies for short selling license
Blom Egypt Securities has applied for a short selling license from the Financial Regulatory Authority (FRA), Managing Director Mohamed Fathalla told Al Mal. Blom Bank Egypt’s brokerage arm could become the latest to acquire the license after the FRA granted it to EFG Hermes, CI Capital, the Arab African International Securities, and Arqam Securities. The […]
Posted inOther Business News of Note
Government reaches settlement on El Nasr for Steam Boilers
The government will make a EGP 624 mn indirect payment to Saudi Arabia’s Al Kholoud and Faisal Bank to settle the dispute over El Nasr for Steam Boilers, company chairman Emad El Din Mostafa told Youm7. The government will pay the money to other government entities to which Al Kholoud and Faisal Bank owe money. […]
Posted inEgypt Politics + Economics
14 people charged with negligence appear in court over Ramsis train crash
Fourteen defendants appeared in the Cairo Criminal Court yesterday in the first hearing of the case brought against them for the Ramsis train crash, Egypt Today reports. The defendants have been charged with negligence and the prosecution is calling for the maximum penalty to be enforced. The train disaster occurred in February and resulted in […]
Posted inON YOUR WAY OUT
Lab-grown meat is about to become mainstream:
Lab-grown meat is about to go mainstream: Synthetic hamburgers could be retailing at supermarkets at a price of USD 10 within two years as they move from being lab-grown to factory-made, according to Reuters. Lab-grown meat first emerged as a possibility six years ago when Dutch Mosa Meat’s co-founder Mark Post grew a burger from […]