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Real estate developer Marakez has signed a contract with Hassan Allam Construction for its AEON residential compound, according to a press release (pdf). AEON, located southeast of Mall of Arabia in 6 October, will come at a cost of EGP 2.2 bn over a built up area of 66.5k sqm. The project will offer 401 […]
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
No more new capital land for Egypt’s investors, developers this year
The New Administrative Capital Company (NACCUD) will not be offering any more land to investors and developers this year, and will only be handling allocation requests it has already received, NACCUD Spokesperson Khaled El Hosseini had told the domestic press.
Posted inTourism
Egypt to launch tourism promotion campaigns in India, China, Latin America
The Tourism Ministry will kick off its promotional campaign for the winter season with campaigns in India, China, Latin America, and Europe, according to Al Mal. Ramping up tourism campaigns is part of minister Rania Al Mashat’s five- pillar strategy aimed at reforming the sector.
Posted inTourism
Rixos to inaugurate three new hotels in Hurghada in 2019
Rixos Hotels is planning to inaugurate three new hotels in Hurghada by the end of 2019, Zawya reports. No details on the investment value of the new facilities were provided. The hotels — located in Makadi Bay, Magawish, and Sahl Hasheesh — will add 2,000 rooms to the hotel chain’s room supply in Egypt. This […]
Posted inAutomotive + Transportation
Gov’t to establish national shipping and maritime transport company
Prime Minister Moustafa Madbouly has commissioned his government to draft a plan to set up a national company for shipping and maritime transport, according to a cabinet statement. The move aims to link Cairo with its African neighbors and facilitate Egyptian exports on the continent. The decision was announced following a meeting between Transport Minister […]
Posted inBanking + Finance
Orascom Development Egypt renegotiates terms on 2016 syndicated facility
Samih Sawiris’ Orascom Development Egypt (ODE) has reached an agreement to amend the payment terms of a syndicated loan it had arranged through local banks in 2016, sources said, according to Al Mal. Under the amendment terms, ODE will make an immediate payment of EGP 650 mn and settle the remainder over 5.5 years — […]
Posted inOther Business News of Note
EFG to pay EGP 499 mn in dividends at 0.65 per share
EFG Hermes agreed this week to pay EGP 499 mn in dividends to shareholders at 0.65 per share, according to a company statement (pdf). The company reported a net profit of EGP 1 bn on revenues of EGP 4.3 bn last month.
Posted inOther Business News of Note
Arabia Investments hearing against Peugeot postponed until 9 June
The court hearing for a case brought by Arabia Investments Holding (AIH) against Peugeot has been postponed until 9 June, reports Al Mal. AIH had sued the French automaker for damages worth EUR 150 mn for allegedly breaking terms of contract.
Posted inEgypt Politics + Economics
Trade Ministry, UN, ILO sign document to combat illegal migration
The Trade and Industry Ministry signed yesterday a contract with the International Labor Organization for a project aimed at curbing illegal migration by providing jobs, according to a cabinet statement. The UN-funded program aims to combat the root problems of illegal migration.
Posted inON YOUR WAY OUT
Will we see a new Egypt-themed collection from luxury fashion house Burberry?
Will we see a new Egypt-themed collection from luxury fashion house Burberry? On a recent visit to Egypt, Burberry’s creative director Riccardo Tisci seems to have found some inspiration for the luxury fashion house’s next collection, if some of his recent social media posts are any indicator. Harper’s Bazaar Arabia, for one, is anticipating an […]