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The US sees significant potential in the Eastern Mediterranean energy project and “will continue advancing energy development in the region as a priority,” Assistant Secretary of State Francis Fannon said, according to the AP. Fannon, who is in charge of energy-related affairs, made his remarks on the sidelines of Nicosia meetings between Cyprus, Israel and […]
Author Archives: enterpriseam admin
Posted inEnergy
Electricity Ministry has concerns on implementation cost of Cyprus power linkage project
The Electricity Ministry reportedly has concerns over the implementation cost and landing point of the 2,000 MW subsea power cable to connect the electricity grids of Egypt, Cyprus, and Greece, unnamed government sources said. The ministry sent comments to EuroAfrica Interconnector on its prepared feasibility studies for the USD 4 bn project, citing security and […]
Posted inEnergy
RGS Egypt eyes new USD 20 mn factory with China’s Sako Power
Egypt’s RGS is in talks with China’s Sako to build a USD 20 mn plant to manufacture solar inverters, with plans to produce solar panels, heaters and energy-saving LED lamps at an integrated industrial complex, RGS CEO Mohamed Ali Ismail told Al Shorouk. Production will meet the needs of the local market in Egypt, and […]
Posted inInfrastructure
ASORC in talks with local, Gulf banks for USD 500 mn loan in financing for refinery
The Assiut Oil Refining Company (ASORC) is in talks with local and Gulf banks for a USD 500 mn loan as part of the financing package for its USD 1.9 bn hydrocracking facility, unnamed banking sources said, according to Al Shorouk. ANOPC had previously approached the National Bank of Egypt, Banque Misr, CIB, Arab African […]
Posted inReal Estate + Housing
OUD, El Mostakbal to co-develop 200 feddans in Mostakbal City
Orientals for Urban Development (OUD) is set to sign an agreement with El Mostakbal for Urban Development to co-develop 200 feddans in Mostakbal City, according to Al Shorouk. No details were provided on when the two companies expect to sign the contracts.
Posted inTourism
EGOTH to sell 51% stake in Grand Continental Hotel
The state-owned Egyptian General Company for Tourism and Hotels (EGOTH) plans to sell a 51% stake in the Grand Continental hotel project, EGOTH Chairperson Mervat Hataba tells Al Mal. EGOTH plans to form a JV with the private sector to manage the site of the hotel — one of downtown Cairo’s historic grand hotels, whose […]
Posted inBanking + Finance
National Bank of Egypt to roll out 500k “Meeza” debit cards in December
The National Bank of Egypt (NBE) is planning to roll out 500k national “Meeza” debit cards next month, through which it will target both banked and unbanked customers, NBE’s head of retail Alaa Farouk tells Al Mal. The card — which pensioners, civil servants, and subsidy recipients will be the among the first to access […]
Posted inBanking + Finance
HSBC to manage USD 150 mn loan for PICO Group
HSBC is managing and marketing a USD 150 mn loan for PICO that will allow the company to restructure its existing loans, sources tell Al Shorouk. The sources did not disclose further details on the financing package.
Posted inBanking + Finance
United Bank looks to exit three companies by start of 2019
The United Bank of Egypt is looking to exit three companies by January 2019, sources said on Saturday, as the bank looks to restructure its investment portfolio. United Bank is looking to sell its shares in El Amal for Paints company, El Nasr for Castings, and El Nile Development. The divestments are valued at a […]
Posted inBanking + Finance
AfreximBank in talks over USD 800 mn loan for Arab Contractors, Elsewedy Electric
The African Bank for Import and Export (AfreximBank) is considering arranging and managing an USD 800 mn loan for Arab Contractors and Elsewedy Electric to build a USD 2 bn, 2.1 GW hydroelectric dam over Tanzania’s Rufiji River, according to Al Shorouk. Arab Contractors was awarded the tender for the dam last month.