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Egypt’s engagement with Africa continues to shape the narrative in the country’s three main state-owned dailies. Dominating the front pages this morning is President Abdel Fattah El Sisi’s plans to discuss Egypt’s vision for the continent’s development strategy during his four-day visit to Austria (Al Ahram | Al Akhbar | Al Gomhuria). Al Ahram also […]
Author Archives: enterpriseam admin
Posted inWorth reading
China’s Belt and Road Initiative sparks backlash across Asia
Taking shots at China’s Belt and Road initiative. China is reassessing its Belt and Road Initiative (BRI) as mismanagement, accusations of corruption, and poor quality projects implemented under the initiative wreak political havoc across Asia, according to Bloomberg. Maldivian President Abdulla Yameen, for one, was voted out of office after the public learned that his […]
Posted inWorth watching
Blockchain and the IoT are changing how rice is cultivated
A Taiwanese startup is using blockchain technology and the internet of things to change rice production, the FT reports. Sensors planted in the rice fields of isolated eastern Taiwan record weather patterns and chemical changes in soil, and then store that information through blockchain secure technology. The amount of information and the transparency with which […]
Posted inManufacturing
Egypt’s MPC, Malaysia’s Petronas to establish oil refining JV in 1Q2019
State-owned Misr Petroleum Company (MPC) and Malaysia’s Petronas will set up a JV to bring MPC’s underutilized oil refinery plant in Amreya to full capacity by 1Q2019, government sources said. The plan will bring the plant’s capacity to 30k tonnes per year. The JV will import crude from abroad and re-export the refined products under […]
Posted inManufacturing
Elsewedy concludes studies for 2 mn sqm industrial zone in Egypt’s New Alamein
Elsewedy Electric’s industrial development arm has completed its financial and technical feasibility study for 2 mn sqm of industrial land it is developing in New Alamein, CEO Mohamed El Kammah tells Al Mal. El Kammah gave no further details.
Posted inHealth + Education
Egypt extends nationwide crackdown on hepatitis C to schools
The government’s nationwide campaign to detect and treat hepatitis C will be extended to schools to screen 1.1 mn students in nine governorates in the first phase, according to Ahram Online. Diagnosed students will be prescribed medication under their health insurance.
Posted inTelecoms + ICT
Egypt loses mobile subscribers in September, penetration rate falls to 102.93%
The number of mobile service subscribers in Egypt declined 4.84% y-o-y in September to stand at 94.59 mn, down from 99.40 mn in September 2017, according to a CIT Ministry report. This brought Egypt’s mobile phone penetration rate to 102.93% by September-end, down 7.13% y-o-y from 110.06%.
Posted inBanking + Finance
Egypt Aluminum in talks with banks for USD 600 mn financing for new product line
State-owned Egypt Aluminum is in talks with five local and international banks to finance a portion of its planned USD 600 mn new product line, according to Al Mal. The company is looking to borrow 70% of the funds and will finance the remaining 30% through a capital increase. The banks include the National Bank […]
Posted inBanking + Finance
Central Bank of Egypt could raise ceiling for mobile lending
The CBE is studying raising the credit ceiling for mobile nano-lending to EGP 1000-1500, up from EGP 500 currently, banking sources familiar with the matter told Al Mal. The bank is now working to set the interest rate banks will charge for mobile lending services, which are set to be introduced by 1H2019 as part […]
Posted inOther Business News of Note
Eastern Company says counterfeit cigarettes have no impact on the company
State-owned tobacco maker Eastern Company said the counterfeit Cleopatra cigarettes manufactured in Montenegro have had no impact on the company’s growth, according to a statement to the EGX (pdf). The counterfeit production operation — which we delved into last week — took place in 2012, Eastern Co said.