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President Abdel Fattah El Sisi’s meeting with Vatican Representative Leonardo Sandri during which he reaffirmed the country’s commitment to respecting freedom of belief, adopting moderate Islam, and fighting violence and terrorism is topping the front pages of all three state-owned newspapers this morning (Al Ahram | Al Gomhuria | Al Akhbar).
Author Archives: enterpriseam admin
Posted inWorth reading
Egypt’s ultras: Alive and still kicking
Football supporters will be the revolutionary vanguard, said Karl Marx never: While football fans in Western countries have never been known for their revolutionary spirit, ultras in the Middle East are renowned for their political participation and have often been the driving force behind popular protest. In the past decade, football culture has helped to […]
Posted inManufacturing
Damietta Furniture City’s manufacturing complex to be completed in 2022
The Damietta Furniture City Company will complete and being operating its 331-feddan furniture manufacturing complex by 2022, company CEO El Moataz Bahaa El Din said. The project is a 20-minute drive from downtown Damietta, and will include 150 furniture factories, some 1500 smaller workshops, exposition halls, banks, hotels and other facilities.
Posted inReal Estate + Housing
ODE sales in O West project
Orascom Development Egypt (ODE) began sales in its EGP 3.3 bn “O West” development, its first home project located west of Cairo, the company said in a bourse filing (pdf).
Posted inTourism
Egypt opens 170 km Red Sea Mountain Trail
The opening of the new long-distance Red Sea Mountain Trail is raising hopes for the emergence of a different kind of tourism in the mountainous area outside Hurghada, according to Lonely Planet Travel News. The 170 km trail, which comprises a network of trading routes used by Bedouins for centuries for trading and hunting, takes […]
Posted inTelecoms + ICT
Network International launches new mobile payment platform in Cairo
Payment solutions provider Network International launched its new Android-powered platform N-Genius in Cairo on Sunday.It is designed to offer credit card and mobile wallet users a variety of payment options, including mobile payment solutions, all major credit cards and the national debit card, according to the company’s press release.
Posted inTelecoms + ICT
Egypt aims to grow CIT exports by 12% annually
Egypt aims to increase CIT exports by 12% annually over the next three years to reach USD 4.5 bn by 2021, Communications and Information Technology Minister Amr Talaat said. Egypt’s CIT exports currently stand at USD 3.2 bn per year, accounting for 4% of GDP. The country aims to have the figure reach 5% through […]
Posted inBanking + Finance
DP in talks with Egypt banks for USD 500 mn Ain Sokhna port expansion
UAE’s DP World is in talks with banks in Egypt to arrange a USD 500 mn loan to finance its Ain Sokhna port expansion project, banking sources told Al Shorouk. Some of the banks are based in GCC countries but all have branches in Egypt. The loan will cover the company’s total investments in the […]
Posted inBanking + Finance
Seven banks agree to lend Al Marasem EGP 1.6 bn for New Cairo project
Seven banks have agreed to provide a EGP 1.6 bn Islamic loan to Al Marasem International for Development to finance the construction of its “Fifth Square” project in New Cairo, sources told Hapi Journal. The loan will be extended over a six or seven-year period, and the company is expected to reach financial close within […]
Posted inOther Business News of Note
Only minority shareholders can vote on Amer Group delisting: FRA
Amer Group’s minority shareholders will be the only ones allowed to vote on the Board of Director’s plan to delist the company’s shares from the EGX, the Financial Regulatory Authority said in a bourse filing. Thursday’s trades on Amer Group and Porto Group were canceled following the announcement.