Egypt Edition 
MENA+ Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Egypt and Kuwait signed several cooperation agreements on security, sports, labor, arts and culture, and education during the 12th session of the Egyptian-Kuwaiti joint committee, according to a Foreign Ministry statement.
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
Mountain View aims to increase investments in Egypt by as much as 20% in 2019
Mountain View plans to increase its investments in Egypt by 20% during 2019, CEO Ayman Ismail said, according to Al Mal. The company intends to invest some EGP 50 bn in its PPP project with the New Urban Communities Authority, Ismail said, without adding further details
Posted inTourism
Albatross Holding to build two new Hotels at Red Sea destinations
Albatross Holding plans to break ground on two new hotels in Soma Bay and Hurghada early next year, and open their doors as early as the following year, Chairman Kamel Abu Ali said. The company is in talks with local banks for loans to cover 30% of the projects’ financing, and will self-finance the remaining […]
Posted inAutomotive + Transportation
China’s CRRC to supply Egypt with 22 trains for new capital-10 Ramadan line
Egypt has contracted China’s CRCC to manufacture and supply 22 trains for Egypt’s 10 Ramadan-new capital railway line, according to Xinhua. The trains will include a total of 132 train cars, and will each have a maximum capacity of 2,222 passengers. The Chinese company will also provide maintenance services for 12 years.
Posted inBanking + Finance
ACC to restructure outstanding loans through new syndicated loan
Cement supplier Arabian Cement Company (ACC) is receiving a syndicated loan from the European Bank for Reconstruction and Development and CIB to restructure its USD 23 mn and EGP 499.3 mn outstanding debt to a local bank, according to a press release (pdf). The facility will give ACC more room to fulfill its long-term strategy […]
Posted inBanking + Finance
EBRD extends USD 50 mn to AAIB for Egypt exporters, importers
The European Bank for Reconstruction and Development (EBRD) has extended a USD 50 mn facility to the Arab African International Bank (AAIB) to drive export and import growth, according to a press release. The facility will see the EBRD “issue guarantees in favour of international commercial banks covering the … risk of the transactions undertaken […]
Posted inBanking + Finance
Central Bank of Egypt plans to launch polymer banknotes by 2020
The CBE will launch plastic or polymer banknotes by 2020, which are more durable than their paper counterparts, CBE Governor Tarek Amer told state news agency MENA, according to Al Shorouk. Amer said polymer banknotes are already being used in major economies and that the move would be positive for Egypt’s currency market as it […]
Posted inOther Business News of Note
AIIB, SCA and Investment Minister meet to discuss Asian-Egyptian cooperation
Suez Canal Authority Chief Mohab Mamish and Investment and International Cooperation Minister Sahar Nasr met with a delegation from the Asian Infrastructure Investment Bank in Ismailia yesterday to discuss potential avenues for cooperation to develop infrastructure in the Suez Canal Economic Zone, according to Al Mal.
Posted inOther Business News of Note
Alaa El Saba to consolidate, list his businesses within three years
Alaa El Saba (not Alaa Saba the investment banker turned private equity investor) is looking to roll investments including car distributor El Saba Automotive and a tourism company into a new holding company structure that could be listed on the EGX within three years, he said yesterday. El Saba plans to retain advisors for the […]
Posted inSports
Egypt’s Essam, Hammamy win first-day matches in PSA tournament
Egyptian squash players Shehab Essam and Karim El Hammamy each won a match on the opening day of the CIB Black Ball Squash Open, leading them to enter the second round of a PSA Platinum event for the first time in their careers, according to PSA World Tour. Essam beat Scotland’s Greg Lobban, while El […]