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The General Authority for Supply Commodities purchased 350,000 tonnes of wheat last Thursday in an international tender, according to Reuters. Nearly 83% of the purchase is of Russian wheat, with the rest being Ukrainian. Delivery is scheduled between 21 and 31 January.
Author Archives: enterpriseam admin
Posted inManufacturing
Fresh Electric to establish four factories, targets EGP 8 bn sales
Home appliance manufacturer Fresh Electric is planning to set up four new component and spare part production facilities in Egypt to decrease its reliance on expensive imports, Managing Director Bahaa Dimitri said, according to Al Shorouk.
Posted inTourism
Russian security delegation to inspect Hurghada airport
A Russian security delegation will inspect Hurghada International Airport today, a security source said, according to Al Shorouk. The inspection process will last until 16 December, and is meant to determine whether the airport’s security procedures are up to standards and will allow Russia to resume charter flights to the Red Sea town.
Posted inTelecoms + ICT
Cisco eager to grow and invest in Egypt, CEO tells El Sisi
American hardware giant Cisco Systems is eager to expand its presence and invest in Egypt, as well as cooperate with the government on its “digital transformation,” CEO Chuck Robbins said during a meeting with President Abdel Fattah El Sisi on Thursday.
Posted inAutomotive + Transportation
Uber’s founding CTO Oscar Salazar invests in Halan and joins its board
Uber’s founding Chief Technology Officer (CTO) Oscar Salazar has joined the board of Egyptian tuk-tuk and motorcycle ride-hailing app Halan, the company announced at RiseUp on Friday, according to Menabytes. Salazar was also one of the investors in Halan’s series A investment round.
Posted inAutomotive + Transportation
Careem to launch bus service across Egypt governorates in six months
Ride-hailing company Careem will expand its bus service, which it launched last week in Cairo, to other governorates in six months, Careem Bus Director Hadeer Shalaby said. The company has invested USD 100 mn in developing its bus service.
Posted inBanking + Finance
SFD to finance ValU-Swvl installment plan cooperation
The Saudi Finance Fund (SFD) will finance an agreement between mass transit app Swvl and EFG Hermes’ valU that will see the two provide installment plans for drivers at an interest rate of 5%, Al Masry Al Youm reported. No details were provided on the amount of funding SFD will provide. ValU signed a similar […]
Posted inBanking + Finance
Consortium to provide EGPC with USD 750 mn loan for arrears
A Mashreq Bank-First Abu Dhabi Bank-HSBC consortium is arranging a USD 750 mn, five-year loan for the Egyptian General Petroleum Corporation (EGPC), which will be used to pay off arrears to international oil companies, banking sources told Al Shorouk. Each of the three banks will contribute an equal share to the loan. The final contracts […]
Posted inLegislation + Policy
Investment Ministry looks at three-year extension for tax discount program
The Investment Ministry is mulling a three-year extension to the seven-year tax discount scheme introduced under the Investment Act, Minister Sahar Nasr said, according to Al Mal. If enacted, the changes would give new projects 10-year tax discounts from their date of operation. The scheme gives new investments in “underdeveloped” areas tax breaks of up […]
Posted inEgypt Politics + Economics
Egyptian court schedules hearing to abolish presidential term limit
An Egyptian court has officially scheduled a hearing for a petition to cancel the two-term limit the constitution imposes on presidents for 23 December, MENA reported, according to Reuters. There has been much speculation on potential amendments to the constitution that would effectively allow President Abdel Fattah El Sisi to remain in office after the […]