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“The USD 1.6 bn Egypt-Saudi power grid will be operational in 2020,” head of the studies and design sector at the Egyptian Electricity Transmission Company (EETC) Lamya Youssef said, according to Al Mal. The project, on which talks resumed after a halt period, was slated for inauguration in 2020, with trial runs set for next […]
Author Archives: enterpriseam admin
Posted inEnergy
Rockhoppers begins Jahraa 6 oil production in Egypt’s Abu Sennan concession
UK’s Rockhopper Exploration began production from its Jahraa 6 oil well in the Western Desert’s Abu Sennan concession, bringing the concession to 3,800 bopd, the company said in a statement (pdf). Rockhopper has a 22% interest in the concession and is owed arrears of USD c. 1.9 mn from the EGPC, the company was sure […]
Posted inInfrastructure
FinMin to launch 6 October dry port PPP tender by early 2019
The Finance Ministry will launch the public-private partnership (PPP) tender for the c. USD 110 mn 6 October dry port by early next year, head of the ministry’s PPP unit Ater Hanoura told Amwal Al Ghad. The project is comprised of cargo zones, customs clearance offices, and multipurpose storage facilities and will be linked to […]
Posted inBasic Materials + Commodities
Egypt to begin exporting fruits and vegetables to Japan
Egypt will begin exporting fruits and vegetables to Japan after quarantine officials from both countries reached an agreement on quality and safety standards, Agriculture Minister Ezzedin Abou Steit said, according to the State Information Service. Crops set for export include potatoes, garlic, watermelons and dates. Agriculture officials have been targeting new export markets lately and […]
Posted inTourism
Tourism Ministry considering three mechanisms in establishing private equity fund to upgrade hotels
The Tourism Ministry is considering three scenarios for the upgrade of Egypt’s hotels and resorts through its planned private equity fund, unnamed sources told Al Mal. The scenarios include the fund fully acquiring hotels and developing a plan to increase revenues; partially acquiring hotel shares and using dividends to pay off its debts; and hiring […]
Posted inBanking + Finance
SMEs authority in talks with WB for USD 200 mn loan to fund Egypt SMEs
The SME Development Authority is in talks with the World Bank for a USD 200 mn loan to finance new projects, authority head Nevine Gamea tells Amwal Al Ghad. The authority is expecting to reach a final agreement by year-end. We had noted last month that the government had approached the bank for a USD […]
Posted inBanking + Finance
Beltone’s Auerbach Graysonnamed “Best Performing Broker in Africa”
Beltone Financial’s New York-based brokerage subsidiary Auerbach Grayson & Company has been named “Best Performing Broker in Africa” for Africa Investor’s 2018 Index Series Awards at NASDAQ Marketsite for the fifth time, it said in a press release (pdf). Auerbach Grayson & Company opened its first international office in London in June as part of […]
Posted inOther Business News of Note
Carbon Holdings’ USD 11 bn petrochemicals projects gets spotlight in the African Investment Forum
Carbon Holdings showcased its USD 11 bn Tahrir Petrochemicals Complex (TPC) at the African Investment Forum in Johannesburg last week, it said in a statement. “The Africa Investment Forum represents an important opportunity for us to exhibit our proposed circa USD 11 bn TPC polyolefins plant as an example of a megaproject that is not […]
Posted inOther Business News of Note
Modus Capital plans to fund 10 ICT startups in the next 12 months
New York-based Modus Capital intends to fund 10 ICT startups in the coming year, Modus’ founder and CEO Kareem Elsirafy told Al Mal. Having recently launched in Egypt, the entrepreneurial venture capital firm is planning to expand in the second quarter of 2019 to Dubai. Modus is currently in the process of reaching agreements with […]
Posted inEgypt Politics + Economics
Former Menoufia governor sentenced to 10 years in prison for bribery
A criminal court sentenced yesterday former Menoufia Governor Hisham Abdel Basset to 10 years in prison and handed him a EGP 15 mn fine for accepting bribes worth USD 1.5 mn, according to the Associated Press. Abdel Basset has been charged with accepting bribes in return for awarding construction and IT contracts to Egyptian businessman […]