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The Egyptian Electricity Transmission Company (EETC) is vetting six offers from energy companies to develop a 200 MW solar power plant in Kom Ombo in Upper Egypt, company sources said yesterday. ACWA Power Egypt, Scatec Solar and India’s FRV are competing for the project, alongside three consortiums — one comprised of Elsewedy Electric, IDF and […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Gov’t plans to step up reliance on beets for sugar production
The government is planning to increase its reliance on beets instead of water-intensive sugarcane for commercial sugar production, Egyptian Sugar and Integrated Industries Co. CEO Mohamed Abdel Rehim tells Al Mal. Transforming sugar factories to accommodate this new change in direction could cost up to EGP 3 bn, Abdel Rahim said, adding that the government […]
Posted inManufacturing
Military Production Minister meets with CITIC to jumpstart solar panel industrial complex
Military Production Minister Mohamed El Assar sat down on Friday with Chinese CITIC Group’s International Operations Manager Bruce Xiao to discuss moving forward with an MoU to develop the MENA region’s largest industrial park for solar panel production, according to AMAY.
Posted inManufacturing
Egypt’s pellet producers face threats from cheap imports
Local iron pellet producers have submitted requests to the Trade Ministry to impose import tariffs of at least 10% on imported alternatives, saying they could shut down their facilities without the levy, El Marakby for Steel CEO Hassan El Marakby told Reuters’ Arabic service. The producers, who are operating at less than full capacity, are […]
Posted inReal Estate + Housing
TMG to invest EGP 300 bn in new project in Madinaty
Talaat Moustafa Group (TMG) is investing EGP 300 bn in the Spine, a mixed use project in TMG’s Madinaty city, the company said in a disclosure to the EGX (pdf). The project includes residential, administrative, commercial, and recreational units.
Posted inTourism
Grand Egyptian Museum is now 80% complete
The USD 1 bn Grand Egyptian Museum is 80% complete thus far, the Cabinet said on Saturday. Meanwhile, the construction cost of the recently inaugurated National Museum of Egyptian Civilization in Fustat — the second largest museum in Egypt — totaled EGP 1 bn, the statement added.
Posted inAutomotive + Transportation
Egypt’s passenger car imports rise 79.6% y-o-y in 2018
Imports of passenger cars increased 79.6% y-o-y in 2018 to 101.1k units, up from 56.3k units during the previous year, according to figures from the Customs Authority picked up by Al Mal.
Posted inBanking + Finance
Banque du Caire to allow credit card and loan repayments at Fawry outlets
Banque du Caire will now allow credit card payments and loan repayments to be done at Fawry outlets, Banque du Caire CEO Tarek Fayed said, according to a local source. This will facilitate the repayments of loans and bills without needing to have a bank card. Loans that can be repaid through Fawry include personal, […]
Posted inBanking + Finance
NUCA to receive EGP 20 bn syndicated loan, to issue EGP 10 bn-worth of bonds
The New Urban Communities Authority (NUCA) is set to sign a EGP 20 bn syndicated loan agreement with local banks to fund part of the EGP 27 bn-worth of planned infrastructure projects it’s working on in new cities, banking sources told Al Shorouk. NUCA will also convert EGP 10 bn-worth of land sale receivables into […]
Posted inEgypt Politics + Economics
State of emergency extended for 3 months more
The House of Representatives has extended the nationwide state of emergency for an additional three months, and is expected to take effect at 1 am CLT on 15 January, according to Ahram Online. The state of emergency has been renewed every three months since April 2017.