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A subsidiary of UAE-based Global Pioneers Group has broken ground on a shopping mall in a multi-use district of the new administrative capital, Chairman Sami Sayed said. The project is expected to cost EGP 750 mn and should be complete in 2020, Sayed added.
Author Archives: enterpriseam admin
Posted inTourism
Marsa Alam’s new Berenice International Airport to open in the summer
The new Berenice International Airport in Marsa Alam is set to open this summer, according to the Egypt Independent. The former military airport was renovated at a cost of around EGP 500 mn. Once operational, it is expected to serve as a key connection point for Marsa Alam, and bring revenues in tourism and investment. […]
Posted inTourism
Steigenberger Hotel in Haram opens after EGP 20 mn-worth renovation
Public Enterprises Minister Hisham Tawfik inaugurated yesterday Steigenberger Hotel in Haram after a EGP 20 mn renovation, the local press reported.
Posted inAutomotive + Transportation
Egypt set soon to sign EBRD financing agreement for 100 railway locomotives
The National Railways Authority (NRA) will sign in the coming days a financing agreement with the European Bank for Reconstruction and Development (EBRD) for the purchase of 100 new locomotives, a source close to the matter tells Al Mal. The authority is expecting to launch a tender by no later than next month. In related […]
Posted inBanking + Finance
Egypt’s Elsewedy secures USD 100 mn loan from BM for Africa expansion plan
Elsewedy Electric has signed a USD 100 mn loan agreement with Banque Misr to finance expansion plans in Africa, sources told the press. Baker McKenzie’s Cairo-based law firm Helmy Hamza & Partners acted as legal counsel to the bank on the agreement, the sources said.
Posted inOther Business News of Note
Orascom Construction approves USD 0.30/share dividend payment
Orascom Construction’s board of directors approved on Sunday a dividend payout of USD 0.30 per share, according to a company statement (pdf). Shareholders holding shares on Nasdaq Dubai will receive the payment in USD, while those holding shares on the EGX will receive the payment in EGP equivalent. The dividends will be distributed on 25 […]
Posted inEgypt Politics + Economics
Supply Ministry in talks with FinMin, bakeries over switching subsidies to cash handouts
The Supply Ministry is in talks with the Finance Ministry, subsidized bread bakeries, and other key stakeholders over its planned shift from in-kind subsidies to cash handouts, an unnamed source from the ministry’s General Authority for Supply Commodities (GASC) tells Al Mal. The source denied recent reports that there are concrete plans to make the […]
Posted inEgypt Politics + Economics
National newspaper prices to rise by EGP 1 in July
The National Press Authority has agreed to raise the price of national newspapers by EGP 1 starting July, Ahram Gate reports. The authority has asked editors-in-chief to present plans to develop their websites and launch monthly subscriptions.
Posted inON YOUR WAY OUT
Egypt’s e-commerce industry poised to grow thanks to internet use, infrastructure
E-commerce in Egypt is expected to grow rapidly, in part because we have the highest number of internet users in the MENA region — although they make up only half the population — according to Admitad MENA’s most recent industry report (pdf). Admitad anticipates “impressive” growth in Egypt’s e-commerce industry due to growing internet use, […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.6486 | Sell 16.7486 EGP / USD at CIB: Buy 16.64 | Sell 16.74 EGP / USD at NBE: Buy 16.65 | Sell 16.75 EGX30 (Monday): 13,867.47 (-1.07%) Turnover: EGP 364 mn (50% below the 90-day average) EGX 30 year-to-date: +6.38% THE MARKET ON MONDAY: The EGX30 ended […]