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Facebook joins race for AI chips: Facebook is playing catch up to Amazon and Google in developing chips that can handle the upcoming generation of AI technology, writes the FT. The social network’s AI goals are twofold: to imbue a computer with enough common sense to hold a conversation with a human and to use […]
Author Archives: enterpriseam admin
Posted inDiplomacy + Foreign Trade
AfDB grants Egypt EGP 80 mn to support entrepreneurship
AfDB grants Egypt EGP 80 mn to support entrepreneurship: The African Development Bank (AfDB) has signed an EGP 80 mn grant agreement with Egypt to support entrepreneurship, especially in Upper Egypt and other impoverished regions, the Investment Ministry said in a statement. The grant will largely focus on supporting innovative ideas by youth and women, […]
Posted inDiplomacy + Foreign Trade
Diplomacy + Foreign Trade on 24 February 2019
A delegation of government officials will travel to South Korea this week to talk trade and investment, Trade Minister Amr Nassar said, according to Al Masry Al Youm. This comes a week after Egypt hosted a delegation of South Korean business leaders. The two countries have agreed to form a joint technical committee to find […]
Posted inEnergy
OC consortium to complete 250 MW wind farm in Ras Gharib two months ahead of schedule
A consortium comprised of Orascom Construction (OC), Engie, and Toyota Tsusho Corporation is on track to complete a 250 MW wind farm in Ras Gharib by October, two months ahead of the 24-month construction schedule, National Renewable Energy Authority (NREA) head Mohamed El Khayat tells local industry publication Power News. OC’s ability to deliver on […]
Posted inEnergy
Electricity Ministry raises Benban’s solar park cost-sharing bill
The Egyptian Electricity Transmission Company raised the cost-sharing bill of Benban’s solar park developers by about 25%, local press reported. The raise accounts for the increased cost of building materials the cost of control station and central station to be constructed for the park. Under the Feed-in-Tariff program, companies operating in Benban are to split […]
Posted inInfrastructure
Honeywell signs agreement with Egypt to develop NAC security system
US-based Honeywell has signed with the New Administrative Capital Company for Urban Development (NACCUD) contracts to develop a digital security system in the new capital. “Honeywell will deploy city-wide security and surveillance systems as part of the first phase of development, in collaboration with its partner MTI, to integrate security systems across the capital into […]
Posted inManufacturing
Russia’s CMM to set up crane factory in Russian Industrial Zone
Russian crane building company SMM has signed an agreement with Egypt to set up a crane factory in the Russian Industrial Zone (RIZ) in cooperation with the Russian Export Center, the Suez Canal Economic Zone Authority (SCEZ) said in a statement. A delegation from the Russian company will visit the SCEZ in March to work […]
Posted inTourism
Egypt, Serbia agree to resume Belgrade-Cairo direct flights this summer
Egyptian and Serbian authorities have agreed to resume direct flights between Cairo and Belgrade after a 13-year-long hiatus, Red Sea Investors Association member Tamer Nabil said, according to Al Shorouk. The first flight is scheduled to depart the Serbian capital on 4 June. We had noted last December that Serbia’s Niš Airport, located in the […]
Posted inTourism
Ramses Group to build Hurghada hotel with EGP 800 mn investments
Ramses Youssef Atteya Group is planning to build its sixth hotel with an initial EGP 800 mn in investments in cooperation with Concord Hospitality and two other Egyptian and Saudi companies, Al Mal reports. Construction of the Hurghada hotel will begin in 2H2019 and be completed by the end of 2021, managing director Youssef Atteya […]
Posted inAutomotive + Transportation
Egypt’s Port Tawfik to Saudi’s Jeddah ferry route reopens
Egyptian and Saudi authorities have reopened the Port Tawfiq-Jeddah ferry route after 13 years of inactivity, Red Sea Ports Authority head Ayman Saleh said, according to Al Ahram. The route was suspended in 2006 after the MS El Salam 98 ferry disaster saw the loss of over 1,000 Egyptian expats, Hajj pilgrims and crew members.