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Several US oil companies have expressed their interested in developing Egypt’s offshore oil and natural gas resources and are expected to bid in the sale of exploration blocks in the Red Sea, Oil Minister Tarek El Molla said yesterday, without naming specific companies, according to Reuters. An exploration and production tender for oil and gas […]
Author Archives: enterpriseam admin
Posted inInfrastructure
IDA delays industrial land tenders until 2019 following clash with NUCA
The Industrial Development Authority (IDA) has postponed its tender of 11 mn meters of industrial land to investors to 2019 due to conflicts with the New Urban Communities Authority over the jurisdiction of the land, an unnamed source told Youm7. The IDA had planned to tender 11 mn meters in each of 2018 and 2019, […]
Posted inBasic Materials + Commodities
Egypt’s GASC buys 240k tonnes of US, Russian, Romanian wheat in int’l tender
The General Authority for Supply Commodities (GASC) purchased 240k tonnes of wheat in an international tender on Thursday for delivery between 10-20 January, according to Reuters. The lowest offer came from US-based Cargill, at USD 221 per tonne FOB. GASC purchased 120k tonnes from US suppliers and 60k tonnes each from Russian and Romanian suppliers. […]
Posted inManufacturing
Gov’t in talks with CNRC on tire manufacturing in Egypt
The military production and public enterprises ministers met on Friday with representatives from China National Tire & Rubber Corporation (CNRC) to discuss establishing a factory to locally manufacture tires, according to a Public Enterprises Ministry statement (pdf). The factory would manufacture tires for tractors, passenger vehicles, buses, and trucks for domestic and export markets.
Posted inHealth + Education
Egypt launching EGP 200 mn education fund
The government is planning to launch a EGP 200 mn education fund that will be used to finance upgrades and development to Egypt’s education system, Planning Minister Hala El Said said on Wednesday,according to AMAY. The fund will focus on hiring new teachers, expanding the number of classrooms and making upgrades to existing facilities, she […]
Posted inReal Estate + Housing
CONSTEC inks EGP 430 mn agreement with SODIC
Construction and Design (CONSTEC) was awarded contracts worth EGP 430 mn for construction works on SODIC’s projects in the North Coast and New Cairo, which includes SODIC’s Caesar compound in the North Coast, CONSTEC General Manager Ashraf Abdel Hakam told Al Masry Al Youm.
Posted inTourism
Egypt in talks with Serbia to increase flights to Hurghada
Egypt and Serbia are in talks to schedule additional flights from Belgrade to Hurghada, Al Shorouk reports. Red Sea Governor Ahmed Abdallah and representatives from local tourism companies are set to visit Serbia soon to promote tourism and launch new charter flights between Belgrade, Hurghada and Marsa Alam.
Posted inTelecoms + ICT
Vodafone Egypt to invest EGP 4.5 bn in fiber optics infrastructure by March 2019
Vodafone Egypt is planning to invest EGP 4.5 bn in fiber optics infrastructure by March 2019, Vodafone Egypt CEO Alexander Froman said, according to Al Masry Al Youm. We had noted in December that the company is planning to increase its investments by 10% over the following three years to meet rising demand in the […]
Posted inAutomotive + Transportation
Parliament not happy about loans for rail project, demands investment instead
House Economic Committee member Amr El Gohary is not happy at the prospect of taking on more loans to finance the Alamein-Ain Sokhna high-speed electric rail project, the construction of which he tells Al Mal should be funded through local and foreign investments. China had pledged USD 1.2 bn to help finance the EGP 70 […]
Posted inBanking + Finance
EFG Hermes Leasing planning EGP 300 mn securitized bond issuance this week
EFG Hermes Leasing is planning to make a EGP 300 mn securitized bond issuance “in the coming days,” EFG Hermes Finance CEO Walid Hassouna tells Al Mal. CIB and Banque Misr will sign on as guarantors of the issuance, he added. The move is part of a securitized bond issuance plan that would see EFG […]