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The House of Representatives signed off yesterday on the construction of a gas pipeline between Cyprus and Egypt, state agency MENA reported. The pipeline will allow natural gas from the Aphrodite gas field to be transported to Egypt’s liquefaction facilities at Idku and Damietta, and re-exported as liquefied natural gas. The agreement was signed in […]
Author Archives: enterpriseam admin
Posted inInfrastructure
SCA looks to partner with Samsung or Daewoo on new shipyard in East Port Said
The Suez Canal Authority (SCA) is looking to partner up with either of Samsung Heavy Industries or Daewoo Shipbuilding & Marine Engineering Company to build a new shipyard in East Port Said Port, SCA’s shipbuilding advisor Sayed Abou El Fetouh said, according to Al Mal. News came after SCA boss Mohab Mamish visited the South […]
Posted inBasic Materials + Commodities
Egypt looks to diversify wheat imports
The government is looking to diversify its sources of wheat imports through “more realistic” specifications in tenders, Supply Minister Ali El Moselhy told Reuters’ Arabic service. El Moselhy’s statement comes a week after an official said state grain buyer GASC had rejected a Romanian wheat shipment over a “quality issue,” which El Moselhy later confirmed […]
Posted inManufacturing
Al Ahram in talks with investors, banks over EGP 2 bn paper factory
Al Ahram newspaper is currently in talks with banks and investors from the US and China to become partners in building a planned EGP 2 bn paper factory in Rosetta, Chairman Abdel Mohsen Salama said. The factory is planned to have four production lines, including one for newspapers.
Posted inTourism
Hotel revenues grow 30% y-o-y in January 2019: Colliers International
Hotels saw an average of 30% growth in revenue during January of this year compared to January of 2018in Cairo, Alexandria, Hurghada and Sharm El Sheikh according to a report from Colliers International picked up by the local press. This beat Colliers’ expectations that hotels would see revenue growths of only 13%.
Posted inAutomotive + Transportation
House agrees EUR 350 mn loan from EIB to develop Metro Line 1
The House of Representatives has agreed a EUR 350 mn loan from the European Investment Bank (EIB) to finance the development of Cairo Metro Line 1, Al Mal reported. The EIB signed the agreement for the loan with the Investment Ministry in December.
Posted inBanking + Finance
CIB shareholders approve EGP 1/share 2018 dividend
Leading private sector bank CIB’s shareholders approved a dividend payout of EGP 1 per share, the lender said in a bourse filing (pdf). The dividend will be distributed on 28 March.
Posted inOther Business News of Note
IDA to tender 4 mn sqm of land in Sadat and Borg El Arab by September
The Industrial Development Authority (IDA) is planning to tender 4 mn sqm of land for industrial investors in Sadat and Borg El Arab cities in August or September, sources from the authority say, according to Al Mal. The land, 2 mn sqm in each city split into smaller plots of 2-4k sqm, will come at […]
Posted inNational Security
Egyptian security forces kill 46 terrorists in northern Sinai
Security forces have killed 46 terrorists in recent gun battles in northern Sinai, the Armed Forces announced in a statement on Monday.
Posted inON YOUR WAY OUT
Money laundering for dummies
Money laundering for dummies: If you’re the kind of person to dip your toes into the world of illicit narcotics trafficking, chances are at some point you’ll need to find a way to clean up all that dirty money. Bloomberg has you covered. Thankfully you have a lot of options available to you: shell companies, […]