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Egypt’s agricultural exports fell to USD 1.01 bn from September 2018-February 2019, down from USD 1.07 bn during the same period the previous year, the Agricultural Export Council announced, according to reports in the domestic press. Around 41% of the exports were shipped out to other Arab countries, down slightly from 48% the previous year.
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Military Production Ministry signs MoU with Belarusian company over grain silos
The Military Production Ministry signed yesterday a memorandum of understanding with Belarusia’s Selenergo to manufacture silos and granaries in partnership with the Helwan Machinery and Equipment Company, according to a ministry statement.
Posted inTourism
Middle Eastern tourists visiting Egypt expected to increase 50% by 2022
The number of Middle East tourists visiting Egypt is expected to increase by 50% to 2.23 mn by 2022 from 1.49 mn, with Saudis leading the growth, reports the local press. Figures from Colliers International suggest that visitors from the rest of the world are also expected to increase, with the number of European tourists […]
Posted inTelecoms + ICT
Communications Ministry tests mobile network
The Communications Ministry has contracted an unnamed international company to run quality of service (QoS) tests on Egypt’s mobile network this month, Minister Amr Talaat tells Youm7.
Posted inAutomotive + Transportation
Paris-Cairo EgyptAir flight MS804 crashed due to technical faults- French investigators
The 2016 crash of Paris-Cairo EgyptAir flight MS804 was the result of a mechanical fault brought on by poor maintenance, according to a report by the French justice ministry seen by Reuters. The French BEA air accident investigation agency had previously held that the crash was caused by a fire in the cockpit. Egyptian authorities […]
Posted inBanking + Finance
Suez Canal Authority denies FinMin to pay off USD 600 mn in debt
The Suez Canal Authority denied it has reached an agreement with the Finance Ministry to pay off USD 600 mn worth of the authority’s debt to state-owned banks, according to a cabinet statement. The authority maintained the canal brought in historical revenues in 2018.
Posted inBanking + Finance
Dice explores options for EGP 100 mn loan
Dice Sport and Casual Wear is exploring the possibility of an EGP 100 mn medium-term loan from CIB to partially fund its EGP 140 mn acquisition of a factory from Cairo Cotton, reports Al Mal. Dice will fund the remaining EGP 40 mn from its cash reserves.
Posted inOther Business News of Note
Elsewedy to pay out EGP 1.7 bn in shareholder dividends
Elsewedy Electric agreed this week to pay EGP 1.7 bn in dividends to shareholders at EGP 0.8 per share, according to a company statement (pdf). Elsewedy Electric reported in February a 17.3% y-o-y drop in net profit to EGP 1.5 bn in 4Q2018, down from EGP 1.8 bn in 4Q2017, while revenues for the quarter […]
Posted inEgypt Politics + Economics
Egypt aims to cover 4.4 mn families under social safety net by 2020
The Social Solidarity Ministry aims to cover 4.4 mn families under its social safety net programs Takaful and Karama by the end of 2020, sources told the local press. Cash-based social net programs currently cover 20% of families and individuals who need them, the sources said. Egypt is planning to spend EGP 327.7 bn on […]
Posted inEgypt Politics + Economics
Member of police service accused of murdering Copts receives death sentence
A criminal court has sentenced to death a member of the police service charged with murdering a Coptic man and his son last December, Reuters reports. The Grand Mufti has signed off on the sentence, which may still be appealed.