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New administrative capital-focused real estate player Pyramids Developments has launched its EGP 750 mn Grand Square business center in the new capital, CEO Hisham El Kholy tells Al Masry Al Youm. The project is slated for completion in 2020 and offers commercial, office and clinic spaces.
Author Archives: enterpriseam admin
Posted inTourism
GTI to operate four flights weekly from Balkan countries to Hurghada
Global Travel International (GTI) will begin operating four weekly direct flights between Hurghada and Macedonia, Serbia and Slovenia starting May until October 2019,local press reported. Talks are also ongoing to bring in flights to Sharm El Sheikh, but no agreement has been reached yet.
Posted inTelecoms + ICT
Egypt’s IT industry 7th most attractive in region - report
Egypt came in 7th in a Fitch Solutions report ranking regional IT market attractiveness amid government efforts to push for digitization,according to the National. The report noted the increasing importance of IT for the Egyptian government, which is investing in digitizing its services and developing tech-focused investment zones. “However, retail PC demand (in Egypt) will […]
Posted inAutomotive + Transportation
Egypt resumes cargo carrying commercial flights to US
EgyptAir has resumed air freight service to New York for the first time since the downing of the Metrojet flight back in 2015, a source at the company told Reuters on Thursday. “(The United States) was apprehensive after the incident, and this may be normal for it, but security procedures and precautions are greater now. […]
Posted inAutomotive + Transportation
Authority to reissue tenders for USD 800 mn Red Sea ports projects
The Red Sea Ports Authority is mulling reissuing its tenders for two multi-purpose cargo and container storage facilities at the Safaga and Nuweiba ports, worth USD 80 mn each, authority head Ayman Saleh told Al Shorouk. The authority signed an MoU in 2017 with the China Road and Bridge Corporation (CRBC) for USD 1.35 bn-worth […]
Posted inBanking + Finance
Afreximbank grants Egypt’s OIH USD 170 mn credit facility
The African Export-Import Bank (Afreximbank) signed on Friday a USD 170 mn credit facility agreement with Orascom Investment Holding to aid the company’s expansion in Africa, according to an Afreximbank statement (pdf). The agreement comes as part of the bank’s strategy to promote trade and investment among African countries, Afreximbank President Benedict Oramah said.
Posted inLaw
Matouk Bassiouny legal adviser to NBK Capital Partners in 4sale investment
Matouk Bassiouny acted as legal adviser to NBK Capital Partners in its investment in Kuwaiti classifieds app 4sale, which is owned by Falcon Group, according to an emailed statement pdf). King and Spalding served as international counsel. No further details were provided on the investment.
Posted inON YOUR WAY OUT
El Sisi orders painting Egypt’s red brick buildings under “unified” color scheme
El Sisi orders painting Egypt’s red brick buildings under “unified” color scheme: In a bid to counter what he has termed the “uncivilized image” presented by Egypt’s unpainted red brick buildings, President Abdel Fattah Sisi has ordered that they must be painted using a unified color scheme, according to Ahram Online. Failure to oblige could […]
Posted inON YOUR WAY OUT
Egypt’s NI Capital named Fastest Growing IB Advisory Firm
NI Capital has been named International Finance Magazine’s “Fastest Growing Investment Banking Advisory Firm” for 2018, according to an emailed statement (pdf). “Our Investment Banking division has made rapid strides in the field; propelling the Government sponsored IPO Program and contributing to the progress of the greater reform program set for the country,” NI Capital […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.88 | Sell 17.96 EGP / USD at CIB: Buy 17.88 | Sell 17.96 EGP / USD at NBE: Buy 17.79 | Sell 17.89 EGX30 (Thursday): 13,483 (+0.2%) Turnover: EGP 727 mn (10% BELOW / ABOVE the 90-day average) EGX 30 year-to-date: +3.4% THE MARKET ON THURSDAY: The […]