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The Oil Ministry has inked a EGP 1.6 bn agreement with Acwa Power to connect natural gas lines to the company’s Luxor power station,reports the local press. Sources familiar with the matter noted that this represents half the overall cost of establishing a natural gas line that will service the plants’ fuel needs. Once fully […]
Author Archives: enterpriseam admin
Posted inInfrastructure
Honeywell to sign new administrative capital security systems agreement
US conglomerate Honeywell will sign an agreement on Thursday with the New Administrative Capital Company for Urban Development to develop security systems at the new capital,Masrawy reported. The company, which won the tender for the job last December, will install public surveillance cameras, posts, control systems, and other devices expected to be operational early 2020.
Posted inManufacturing
Thyssenkrupp fertilizer factory inauguration set for 2Q2019
The USD 1 bn fertilizer factory ThyssenKrupp is building in Ain Sokhna is expected to be completed in March and inaugurated by President Abdel Fattah El Sisi in 2Q2019, Mubasher reports. Construction of the nine-plant phosphate-based fertilizer complex is reportedly 98% complete. El Sisi met Guido Kerkhoff, CEO of Thyssenkrupp, at the Munich Security Conference […]
Posted inTourism
Egypt’s Nabq Sinai plans to build EGP 300-400 mn hotel in Ain Sokhna
Hotelier Nabq Sinai is planning to build a new EGP 300-400 mn hotel in Ain Sokhna, which will be financed through equity and proceeds from its planned IPO, Chairman Hossam Attia tells Al Mal. The company is expecting to finalize the preparations for an IPO to sell 25% of its shares, which we had noted […]
Posted inTourism
Porto Said hotel due to open in 1Q2019
Amer Group will open its "Porto Said" hotel in the first quarter of this year, the company said in a statement to the bourse (pdf). The hotel is part of an estimated EGP 3 bn commercial tourism residential project that has been in the pipeline since April.
Posted inBanking + Finance
NBE to loan out EGP 6 bn by June, EGP 600 mn for natgas projects
The National Bank of Egypt (NBE) is planning to loan out EGP 6 bn to its retail customers by June, bringing the total loan portfolio to EGP 65 bn, retail risk group head Karim Soos told Al Mal. NBE will also finance EGP 600 mn-worth of projects converting homes and cars to natural gas, Soos […]
Posted inOther Business News of Note
20 Russian companies looking at Russian Industrial Zone
Twenty Russian companies are keen to establish facilities in the planned USD 7 bn Russian Industrial Zone (RIZ), Russian Industry and Trade Minister Denis Manturov said, according to MENA. The remarks come days after Suez Canal Authority boss Mohab Mamish arrived in Moscow to finalize the agreement for the zone. RIZ will be operational by […]
Posted inOther Business News of Note
GAFI announces e-payment move amid Egypt’s financial inclusion vision
The General Authority for Freezones and Investments’ (GAFI) main investors’ services center will only accept electronic payments as of 20 February, GAFI announced yesterday, according to Al Masry Al Youm. GAFI intends for the remaining centers to follow suit as the government pushes to move towards a cashless society.
Posted inON YOUR WAY OUT
Anti-vax movement spurs global measles outbreak
Measles — that totally preventable disease we’ve been immunizing the world against since the 1960s — is back, the FT reports. The World Health Organization reported that cases of the measles in 2018 rose by 50% globally. Global health experts point to parents’ refusal to inoculate their children as the largest single reason behind the […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.51 | Sell 17.61 EGP / USD at CIB: Buy 17.49 | Sell 17.59 EGP / USD at NBE: Buy 17.49 | Sell 17.59 EGX30 (Monday): 15,277 (+0.2%) Turnover: EGP 1.3 bn (47% above the 90-day average) EGX 30 year-to-date: +16.8% THE MARKET ON MONDAY: The EGX30 ended […]