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El Sisi holds talks with Palestinian President Mahmoud Abbas: President Abdel Fattah El Sisi held talks with Palestinian President Mahmoud Abbas in Cairo yesterday, according to an Ittihadiya statement. El Sisi reaffirmed Egypt’s commitment to the establishment of an independent Palestinian state with East Jerusalem as its capital. The meeting came a few days after […]
Author Archives: enterpriseam admin
Posted inEnergy
Zohr gas condensates production increases to 4,000 tonnes per day
Production from Eni’s Zohr gas field increased to 4,000 tonnes of gas condensates per day, up from 3,500 tonnes in 2018, a source within the petroleum sector told the local press. Eni is said to have completed drilling and linking 10 wells in the Mediterranean, increasing production to 2.3 bn scf/d. It now plans to […]
Posted inEnergy
Interest on overdue electricity bills to rise to 17.5% in May
Interest rates on electricity bills overdue by more than three months will rise to 17.5% starting from May, chief of the South Cairo Electricity Distribution company Mohamed El Sisi said, according by Al Mal. The rate includes the current 16.5% interest rate set by the Central Bank of Egypt plus an additional 1% for the […]
Posted inBasic Materials + Commodities
Egypt extends export tariffs on raw leather for another year
Trade Minister Amr Nassar has issued a decree to extend tariffs on exports of raw leather for a year starting 2 May, said Amani El Wassal, head of the ministry’s foreign trade and agreements department. The decision sets the tariff on exports of cow or buffalo hide at EGP 250 apiece, while tariffs on goat […]
Posted inReal Estate + Housing
Ismailia for Real Estate Investment looking to invest EGP 150 mn by year-end
Al Ismaelia for Real Estate Development aims to invest EGP 150 mn this year in purchasing new buildings and improving existing property, CEO Mohamed El Taher told Al Shorouk. The company is looking to buy four or five new buildings in the downtown area, El Taher said, without giving a timeframe. Al Ismaelia is the […]
Posted inTourism
Deutsche Hospitality to open two new Egypt hotels this year
Deutsche Hospitality has announced plans to open two new hotels in Egypt this year, adding to its current portfolio of twelve hotels in the country, Hotelier Middle East reports. The two new hotels, both members of the Steigenberger Hotels & Resorts group, will be built near Damietta and beside the Giza pyramids, respectively. Both will […]
Posted inTelecoms + ICT
Huawei to experiment with 5G in Cairo Stadium during AFCON
Huawei will experiment with 5G technology at Cairo Stadium during this summer’s African Cup of Nations (AFCON), according to a cabinet statement. The announcement came following a meeting between Prime Minister Moustafa Madbouly, ICT Minister Amr Talaat, and the Chinese telecom giant’s chairman of the supervisory board and audit committee Li Jie. The meeting also […]
Posted inBanking + Finance
NUCA agrees with Egyptian banks on EGP 6 bn loan
The New Urban Communities Authority (NUCA) has agreed with a banking consortium on a EGP 6 bn loan to meet “urgent” financial needs, banking officials told Al Shorouk. The consortium includes the National Bank of Egypt, CIB, the Arab African International Bank, and the Housing & Development Bank. The loan is part of EGP 20 […]
Posted inOther Business News of Note
MM Group shareholders approve 0.25 share/ each held as 2018 dividend
MM Group shareholders approved stock dividends for 2018 of one share for every four shares held , the company said in a bourse filing (pdf).
Posted inEgypt Politics + Economics
Egypt signs agreement with AUC and King’s College to boost gov’t efficiency
The Planning Ministry has signed an agreement with the American University in Cairo and King’s College in London to train civil servants ahead of moving to the new administrative capital, Al Masry Al Youm reports. The agreement follows a cooperation protocol signed between the ministry and the universities in January.