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Germany plans to lend Egypt USD 250 mn this year as part of a debt swap arrangement that was suspended in 2011, Germany’s ambassador in Cairo Georg Luy said, according to Amwal El Ghad. The financing is still pending approval from the Bundestag, Luy said, without providing further details on the agreement.
Author Archives: enterpriseam admin
Posted inEnergy
Egypt to export USD 2 bn worth of natural gas next fiscal year
Egypt is expected to export 12 mn tonnes of natural gas worth USD 2 bn in FY2019-20, EGPC official Ayman Othman told the House Energy Committee, according to Al Masry Al Youm. Egypt has exported 4 mn tonnes of gas worth a total USD 589 mn during the current fiscal year, according to Othman.
Posted inBasic Materials + Commodities
Egypt’s wheat imports to remain flat at 12.5 mn tonnes in FY2019-20
Egypt’s wheat imports will remain flat at 12.5 mn tonnes in FY2019-20, according to forecasts outlined in a report by the US Department of Agriculture (pdf). Production will increase slightly to 8.78 mn tonnes from 8.45 mn tonnes in the current fiscal year. This will compensate for a 300k-tonne increase in consumption to 20.4 mn […]
Posted inTourism
Jaz to inaugurate three new hotels in Egypt’s Hurghada, Marsa Alam this summer
Travco hospitality arm Jaz Hotel Group will inaugurate this summer two new hotels in Hurghada and a third in Marsa Alam at a cost of EGP 1 mn, Chairman Alaa Akel tells Al Mal. The hotels have a combined total of 700 rooms. Jaz is pushing ahead with plans to build eight new hotels in […]
Posted inTourism
Egypt’s Albatros, Germany’s Phoenix to build new EGP 850 mn Hurghada hotel
Albatross Holding’s hotel management arm Pick Albatros has partnered with Germany-based travel agency Phoenix Reisen to build a five-star hotel in Hurghada at a cost of EGP 850 mn, company head Kamel Abu Ali told Al Mal. The 350-room hotel, “Blue Spa Resort Hurghada,” is set for inauguration during the summer in 2020 and will […]
Posted inBanking + Finance
Naeem suspends operations at its Etihad Capital Brokerage
Naeem Holding has suspended its Etihad Capital Securities Brokerage due to what it said were poor market conditions, low trading volumes and rising costs, Al Mal reports, citing Naeem Brokerage Managing Director Tarek Abaza.
Posted inLegislation + Policy
Federation of Egyptian Chambers of Commerce requests changes to Mineral Resources Act amendments
The Federation of the Egyptian Chambers of Commerce’s quarries division presented to the House Industry Committee its requests for changes to make to the proposed amendments to the Mineral Resources Act yesterday, division head Ibrahim Ghaly tells the local press. The requests include reducing the punishment for extracting more material than their licenses allow from […]
Posted inEgypt Politics + Economics
Parliament approves EUR 4 mn grant to support Egyptian entrepreneurship
The House of Representatives approved yesterday a EUR 4 mn grant for the development of Egyptian entrepreneurship, funded by a multi-donor trust fund currently managed by the African Development Bank, according to Al Shorouk.
Posted inNational Security
Egypt launches second locally-built small navy warship
The Egyptian navy launched its second locally-built Gowind class corvette on Sunday from the Alexandria Shipyard (ASY), Defence Web reports. The small coastal patrol warship, Al-Moez, contains French military technology, acquired from France’s Naval Group. Egypt ordered four Gowind vessels in 2014 as part of a EUR 1 bn contract which stipulated that three would […]
Posted inON YOUR WAY OUT
For your eyes only, 007 fans
For your eyes only, 007 fans: Aston Martin has revealed the extra special (read: as geeky as Q himself) working spy gadgetry that will feature in the 25 cars being manufactured for Bond’s wealthiest fans, Bloomberg reports. The USD 3.5 mn continuation DB5s are based on the 1964 model Sean Connery drove in Goldfinger, and […]