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LEGISLATION WATCH- The Social Solidarity Ministry will present a draft of the new Social Welfare Act to the House of Representatives “within days,” Minister Ghada Wali said on Sunday, according to Al Mal. The bill, if passed, would require the government to provide families eliminated from the Takaful or Karama social welfare programs with jobs. […]
Author Archives: enterpriseam admin
Posted inEGYPT IN THE NEWS
Egypt doesn’t need to worry about protest contagion from France
With the African Cup of Nations 2019 falling to Egypt topping coverage in the foreign press, here are some choice headlines that caught our eye: Egypt doesn’t need to worry about France’s “yellow vest” protests sparking a renewed uprising here at home, because the French protests were specifically about a domestic issue, Dawn Brancati and […]
Posted inON THE FRONT PAGES
Sisi talks power projects, SMEs with gov’t
Talks between President Abdel Fattah El Sisi and his government about electricity and renewable energy projects dominated the front pages of the country’s three main state-owned dailies (Al Ahram| Al Akhbar | Al Gomhuria). El Sisi urged the government to move forward with projects to connect national power grids with neighboring countries amid government efforts […]
Posted inWorth reading
Saudi broadcaster MBC video service challenges Netflix
Media has become a key soft power tool in the contemporary world — especially the Middle East, where Saudi Arabia in particular has been wielding this secret weapon against its regional rivals, Simon Kerr writes for the Financial Times. As an answer to Qatar’s controversial Al Jazeera Network, a Saudi publishing firm controlled by the […]
Posted inDiplomacy + Foreign Trade
Egypt reopens Rafah crossing
Egyptian authorities limit passage through Rafah crossing: Egyptian authorities are allowing Palestinians in Egypt to enter Gaza through the Rafah border crossing but have not permitted crossing in the other direction, Reuters reports. This comes after Hamas’ takeover of the border crossing — the sole exit point for some 2 mn Gazans — led Egypt […]
Posted inBasic Materials + Commodities
Export fees on fresh and frozen fish removes
Trade and Industry Minister Amr Nassar decided to scrap export fees on fresh and frozen fish for one year, according to a decision published in the Official Gazette, Youm7 reported. Nassar also renewed export fees on animal feed raw materials for one year to encourage local processing, Pyramid Poultry company chairman Anwar El Abd said.
Posted inManufacturing
Al Ahram Security Group partners with Italian investors for door accessory company
Al Ahram Security Group is setting up a JV with unnamed Italian investors to establish a EGP 750 mn door accessory production factory in Tenth of Ramadan City, reports Al Mal. Ownership of the JV, Securo, will be split 75:25, with Al Ahram holding the balance, head Samir Aref said.
Posted inManufacturing
Egyptalum estimates expansion project at EGP 13.9 bn
Egypt Aluminum (Egyptalum) has revised to EGP 13.9 bn its cost estimation for a planned capacity expansion project, the company said in a bourse disclosure (pdf). The company had previously said that the project, which will aim to increase its production capacity to 570K tonnes from 320K tonnes, will cost some USD 600 mn (c. […]
Posted inTourism
Egypt recovers ancient artefact from London auction house
The Antiquities Ministry announced yesterday it has reclaimed a cartouche of King Amenhotep I that was illegally smuggled into the UK, according to a ministry statement. The 18th dynasty artefact was spotted at an auction house in London, and had been with the Egyptian embassy since September. It was reportedly stolen from the open museum […]
Posted inAutomotive + Transportation
Transport Ministry prepares to purchase new trains from Spanish company
The Transport Ministry has selected an unnamed Spanish company to supply six new trains for EUR 126 mn, and is seeking Cabinet approval before signing final contracts, sources tell Youm7. The purchase will be financed through a facilitated loan from the European Bank for Reconstruction and Development.