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News that Arab leaders are rejecting Donald Trump’s move to recognize Israeli sovereignty over the Golan Heights topped the front pages of all three state-owned newspapers this morning (Al Ahram | Al Gomhuria | Al Akhbar). The leaders gathered at the Arab League summit in Tunisia yesterday.
Author Archives: enterpriseam admin
Posted inWorth reading
Richard Sorge: The story of a formidable, Bond-like WWII Soviet spy
Richard Sorge: The story of a formidable, Bond-like WWII Soviet spy: A new book on the life of World War II era Soviet spy Richard Sorge — Owen Matthews’ An Impeccable Spy: Richard Sorge, Stalin’s Master Agent — is the first to tell his story through previously classified intelligence archives, Victor Sebestyen writes for the […]
Posted inWorth watching
Surging demand for batteries is sending us to the deep sea for metals
Surging demand for batteries is sending us to the deep sea for metals: The FT explores the surge in demand for niche metals used in electric car batteries fueling a race to successfully mine the deep sea, where metal reserves exceed that on land several times over (watch, runtime: 2:24).
Posted inEnergy
Dana Gas receives USD 19 mn from Egypt operations
Dana Gas received USD 19 mn from its operations in Egypt, including the EGP equivalent of USD 10 mn of receivables from the Egyptian government and another USD 9 mn from the sale of natural gas condensate, the company announced yesterday. Dana Gas’ outstanding receivables from Egypt has now reached USD 140 mn, its lowest […]
Posted inEnergy
Molla: great demand for Red Sea geological data
International oil companies have shown significant interest in purchasing the geological data for the Red Sea oil and gas concessions being tendered, Oil Minister Tarek El Molla said in a meeting with Prime Minister Mostafa Madbouly, according to a Cabinet statement. No other details were given.
Posted inInfrastructure
Kenya-based ZEP-RE to set up shop in Egypt within one year
Kenya-based ZEP-RE (PTA Reinsurance Company) is looking to set up a regional office in Egypt within one year, a source from the insurance industry told Al Mal. There was no mention of the size of the investment, but the source added that Egypt will serve as a hub for the company’s regional operations. ZEP-RE is […]
Posted inBasic Materials + Commodities
Tecnimont bids for operations and maintenance for Kima 2 plant
Marie Tecnimont is in negotiations with Egyptian chemicals company Kima to handle operations and maintenance for Kima’s new manufacturing facility, Kima 2, according to Al Mal. The Italian company was previously contracted to execute the EGP 11.6 bn plant. We had previously reported that the project is partly financed by a consortium of six banks.
Posted inManufacturing
Teda to invest USD 320 mn in Suez Canal development projects
The Teda Investment company has signed agreements with a consortium of eight other investment firms to offer USD 320 mn in financing for projects in Ain Sokhna as part of the Suez Canal development efforts, according to statements from Teda CEO Nahla Emad reported by the local press.
Posted inAutomotive + Transportation
Transport Minister meets with World Bank delegation over railway projects
Transport Minister Kamel El Wazir met yesterday with a delegation from the World Bank to review joint projects and discuss further avenues for cooperation to upgrade the safety and security system of Egypt’s railways, according to a ministry statement.
Posted inAutomotive + Transportation
Tarros Med to start first maritime service to Libya
Tarros Med Egypt announced it launched the first regular cargo shipping service between Egypt and Libya on 24 March, according to Al Mal. The service, which will run monthly, leaves from Alexandria and stops in Napoli, Genova, Malta, Tripoli, and Misrata.