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Egypt, EIB sign EUR 350 mn agreement to finance Cairo Metro Line 1 renovation: Investment and International Cooperation Minister Sahar Nasr signed yesterday a EUR 350 mn loan agreement with the European Investment Bank (EIB) to finance the development of Cairo Metro Line 1, according to a ministry statement.
Author Archives: enterpriseam admin
Posted inEnergy
Siemens completes key substations in Egypt
Siemens has completed the installation of two key substations that will connect the Burullus power plant to the national electricity grid, supplying 15 mn Egyptians with power, according to a company press release. The 500/220-kilovolt (kV) Samanoud and Aboul Matameer substations, completed with El Sewedy, will provide electricity to residents and industries in the Delta, […]
Posted inEnergy
Egypt’s petroleum exports increase 5% y-o-y in 9M2018
Egypt’s petroleum exports rose to USD 1.85 bn in 9M2018, up from USD 1.76 bn in the same period last year, registering a 5% increase, according to CAPMAS figures MENAFN picked up. Petroleum imports have also gone up, reaching USD 4.98 bn from January to September, up from USD 3.83 bn the previous year.
Posted inEnergy
Reliance Egypt to invest EGP 200 mn in waste-to-energy projects in 2019
Logistics and waste management company Reliance Egypt is mulling investing EGP 200 mn in waste-to-energy projects next year, waste management department manager Michael Hanna said. The company’s decision will depend on the government raising the relatively low waste-to-energy tariff it has in place at EGP 1.03/kwh.
Posted inEnergy
Talks to set up USD 2 bn solar panels factory break down between Egypt's gov't, China's CGL group
The Military Production Ministry appears to have caved in its negotiations with a Chinese company over a planned solar panel factory, and has agreed to buy up the facility’s output, government sources said. Previous talks with China’s Golden Concord Group on a USD 2 bn plant had fallen through after disagreements over what to do […]
Posted inHealth + Education
El Sewedy Education in talks for EGP 650 mn loan to fund new capital university
El Sewedy Education is in talks with local banks for a EGP 650 mn loan to finance the first phase of a EGP 6-7 bn university in the new administrative capital, which El Sewedy will launch under a partnership with Coventry University, Chairman Ahmed El Sewedy said. The company approached the National Bank of Egypt, […]
Posted inReal Estate + Housing
Hyde Park to invest EGP 4 bn in Egypt’s East Cairo and North Coast projects
Hyde Park Developments is planning to invest EGP 4 bn in its two projects Hyde Park New Cairo and Coast 82, said CEO Amin Serag. EGP 3 bn will go toward the former, which is located in the Fifth Settlement, and EGP 1 bn toward the latter, on the North Coast.
Posted inTourism
ODE’s agreement with Thomas Cook worth EGP 200 mn
Orascom Development Egypt (ODE)’s agreement with Thomas Cook to develop a hotel and rebrand another in the Red Sea’s El Gouna resort town is estimated to be worth EGP 200 mn, it said in an EGX disclosure (pdf). Orascom Hotels Management (OHM), an ODE subsidiary, will develop Casa Cook Hotel, which is expected to open […]
Posted inTourism
First Finnish flight in 6 years lands in Hurghada
For the first time in six years, a Finnish airliner landed in Hurghada International Airport yesterday, following a decision by the Scandinavian country to lift a travel ban on Egypt-bound flights, Egypt Independent reports.
Posted inAutomotive + Transportation
Auto sales to fall short of targets this year
Automotive sales will unlikely surpass 170k units by the end of the year, after initially being expected to reach 200k units, head of the automotive traders association Osama Abo El Magd told Youm7. According to Abo El Magd, the expected fall to 0% of customs duties on European cars as of 1 January is putting […]