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We don’t mean to be self-deprecating here, but isn’t it a little amusing that the ‘Egyptian’ pound is yet to be 100% Egyptian? The quarter, half and whole EGP coins are minted using only a “little over” 50% domestic content, Egyptian Mint Authority head Abdel Raouf Ahmady told Hona Al Asema’s Lama Gebril (watch, runtime: […]
Author Archives: enterpriseam admin
Posted inDiplomacy + Foreign Trade
Dar Al Shorouk and Xinhua sign publishing cooperation contract
Egyptian Dar Al Shorouk publishing house and Chinese Xinhua Winshare Publishing and Media Company signed a publishing cooperation contract yesterday at the Chinese Cultural Center in Cairo, Xinhua reports.
Posted inEnergy
EETC signs PPA for Lekela’s 250 MW Suez wind farm
The Egyptian Electricity Transmission Company (EETC) and Lekela Power signed yesterday the power purchase agreement for Lekela’s USD 325 mn, 250 MW wind farm in the Gulf of Suez, Lekela, said in a statement (pdf). Lekela, which is majority owned by Actis, is preparing to begin construction on the project, and will reach financial close […]
Posted inEnergy
EETC delegation in Khartoum to set dates for Egypt-Sudan electricity linkage trials
A delegation from the Egyptian Electricity Transmission Company is currently in Sudan to decide on when to begin trial operations on the first 100 MW phase of the USD 60-70 bn Egypt-Sudan power interconnection project, an Electricity Ministry source tells Al Shorouk. The trial operations were scheduled to begin this month, but were pushed back […]
Posted inBasic Materials + Commodities
Agriculture Ministry announces 40.5% reduction in cotton acreage
The Agriculture Ministry reduced its planned cotton cultivation area for 2019 by 40.5% y-o-y to 200k feddans, down from 336k feddans last year, according to the local press. According to Minister Ezzedin Abu Steit, the reduction comes as Egypt has yet to clear last year’s supply.
Posted inBasic Materials + Commodities
Serbia open for Egyptian citrus exports
Serbia has agreed to allow Egyptian exports of citrus, potatoes and onion into its market, the Agriculture Ministry said in a statement. Egypt has also accredited Serbian wheat, paving the way to begin importing it in the future.
Posted inManufacturing
Evergrow agrees EGP 1.2 bn loan with three banks
Evergrow for Speciality Fertilizers has reached an EGP 1.2 bn financing agreement with the National Bank of Egypt, the Arab African International Bank and Abu Dhabi Islamic Bank, Chairman Mohamed Al Kheshen told the domestic press. The financing will be used to fund new investments and covers 60% of the company’s total investment plans of […]
Posted inHealth + Education
El Sisi meets with president and board of the American University in Cairo
President Abdel Fattah El Sisi met yesterday with the American University in Cairo’s Board of Trustees and President Francis J. Ricciardone, congratulating them on a century since the founding of the university, according to an Ittihadiya statement. El Sisi emphasized during the meeting the necessity of continuing to develop friendly strategic relations between Egypt and […]
Posted inAutomotive + Transportation
Brilliance Auto to assemble China-origin cars in Egypt by early 2020
Brilliance Bavarian Auto is planning to begin assembling its China-origin H330 and V3 models in Egypt by early 2020, general manager Khaled Saad said. The company will use the existing facilities of its parent company — BMW’s Bavarian Auto Group (BAG) — in 6 October, and is targeting an output of 10k vehicles in the […]
Posted inBanking + Finance
Global Lease in talks to increase financing portfolio by EGP 500 mn
Global Lease is in talks with four local banks, including Attijariwafa and United Bank, to increase its financing portfolio by EGP 500 mn over the next two months to reach a total of EGP 3.5 bn, said CEO Hatem Samir. The company has already secured a total of EGP 3 bn in loans from 14 […]