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M&A WATCH- Americana’s minority shareholders ask FRA to compel MTO bid by Alabbar: Minority shareholders of Egyptian International Tourism Projects Company (Americana Egypt) are demanding that the Financial Regulatory Authority (FRA) take legal action to compel a company led by Emirati business figure Mohamed Alabbar to make a mandatory tender offer for the Americana Egypt’s […]
Author Archives: enterpriseam admin
Posted inSpeed Round
ERC’s 98-Octane unit trial runs succeeded
ERC just made petrol: Qalaa Holding’s USD 4.3 bn Egyptian Refining Company facility successfully concluded trial operations of its unit producing 98-octane fuel and is set to finish all trial operations by the end of 2Q2019, Qalaa Holdings said in a bourse filing. Qalaa recently announced that it had made its first diesel at the […]
Posted inSpeed Round
Egypt-Saudi interconnection project to hit a milestone in June
Saudis to launch Egypt-Saudi interconnection tender in June: The Saudi government will issue in June a new tender for its power transmission lines that will be part of the now USD 2.5 bn Egypt-Saudi interconnection project, sources told the local press. The project, which had been put on hold, was initially estimated to cost USD […]
Posted inSpeed Round
El Wazir to take the helm of Egypt’s Transport Ministry
MOVES- Engineering Authority’s Kamel El Wazir named new transport minister: President Abdel Fattah El Sisi tapped the current head of the Armed Forces Engineering Authority, Kamel El Wazir, to serve as the nation’s new transport minister, replacing Hisham Arafat, who stepped down after a deadly train crash at Cairo’s main train station. El Sisi made […]
Posted inSpeed Round
Egypt to receive USD 500 mn in loans from the African Development Bank
Egypt to receive USD 700 mn in funding from the AfDB: Egypt is to receive loans totalling USD 700 mn from theAfrican Development Bank (AfDB), the bank’s VP Khaled Sherif told Al Masry Al Youm. The bank will provide a USD 500 mn facility earmarked for electricity projects over two equal installments in June and […]
Posted inSpeed Round
Uber Egypt names Ahmad Hammouda as general manager for Egypt
MOVES- Uber Egypt has named Ahmad Hammouda as the company’s new general manager for Egypt, according to Menabytes. Hammouda joined Uber in 2017 and has worked as an operations executive during his tenure at the company. He fills the position left by Abdellatif Waked, who became the general manager for Uber MENA five months ago.
Posted inSpeed Round
AgTech start-up Bon Harvest to launch blockchain-based inventory system in US and Egypt
EXCLUSIVE- US-based AgTech start-up Bon Harvest is raising a seed round of USD 1.5 mn to launch a blockchain-based inventory system in the US in April 2019 and Egypt in 2020, according to an emailed statement from the company’s Egyptian-American CEO, Teymour el Derini. The two-year-old business aims to use blockchain technology to build an […]
Posted inSpeed Round
CORRECTION- We wrote that Egypt’s crude oil production averaged 1.8 bbl/d in February. We were wrong: Combined oil and gas production last month reached a record 1.8 mn barrels of oil equivalent (boe/d). H/t Tamer N.
Posted inImage of the Day
The future of the high-end auto industry us sleek and almost impossibly expensive
If this is the future of the high-end auto industry, it’s sleek and almost impossibly expensive. Making its debut at the Geneva Motor Show was Hispano Suiza’s USD 1.7 mn Carmen (anove): a 1,005-horsepower electric car which does zero-to-60-mph in under three seconds and packs a maximum 503 bhp. The Carmen represents the 115-year-old Spanish […]
Posted inEGYPT IN THE NEWS
Malaysia deports six Egyptians
Human rights are still dominating coverage of Egypt in the international press, with Reuters and the Washington Post still Malaysia’s deportation of six Egyptians, which we noted yesterday. Other headlines worth noting in brief include: Egyptian workers hoping to find employment in the Gulf are getting squeezed out as GCC countries nationalize their jobs, leaving […]