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TransGlobe Energy announced yesterday that it began drilling for oil at its SGZ 6X exploration well in the South Ghazalat concession in the Western Desert. The company also said that it successfully began production from two wells in West Bakr in the Eastern Desert, with output from each well currently averaging around 800 bpd, exceeding […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
GASC to launch next international wheat tender in two weeks’ time
The General Authority for Supply Commodities (GASC) could be issuing a new wheat tender next month, S&P Global says. Egypt’s current consumption rate will require the country to return to the market soon, despite the Supply Ministry saying earlier this month that strategic reserves are sufficient to cover consumption until February. GASC had purchased earlier […]
Posted inBasic Materials + Commodities
FEI’s wants the Supply Ministry to use private sector silos for wheat storage
The Federation of Egyptian Industries’ grains division has submitted a request to the Supply Ministry to use private sector silos to store the wheat used to produce subsidized bread loaves, rather than storing the wheat in dirt silos that expose the crop to spoilage, Al Shorouk reports. According to the division, private sector companies have […]
Posted inManufacturing
Marubeni to build textile factory in Kafr El Sheikh for Cotton Holding co.
Japan’s Marubeni Corporation will be building a new textile factory in Kafr El Sheikh for the Cotton & Textile Industries Holding Company under an MoU signed yesterday, Al Ahram reports. The project will be funded through a facilitated loan from Japan Bank for International Cooperation (JBIC), which will be repayable over 10 years, with an […]
Posted inManufacturing
Ezz Steel Rolling Mills to borrow EGP 2.5 bn for working capital, expansion
Ezz Steel subsidiary Al Ezz Rolling Mills is near closing a EGP 2.5 bn loan agreement with five local banks to finance its working capital and expansion plans, a banking source said, according to Amwal Al Ghad. The banks include the National Bank of Egypt, Banque Misr, Banque du Caire, Suez Canal Bank. No further […]
Posted inHealth + Education
Egypt’s SEDICO to export locally manufactured medications to Italy
SEDICO Pharmaceutical Company has signed agreements to begin exporting five of its meds to Italy “in the coming period,” chairman Awad Gabr said. The company has already exported a batch of one of the products, and will begin shipping the remaining four products in the coming months. An EU delegation is also reportedly set to […]
Posted inTourism
Indonesia’s Sahid Group to operate Cairo-based hotel with Egypt companies
Indonesian hotel operator Sahid Group is looking to operate a hotel in Cairo in partnership with Egyptian private or public sector companies, General Manager Andrizal Amran said, according to Al Mal. The group is also planning to set up hotel management and hospitality schools as it expands into Egypt.
Posted inBanking + Finance
EFG Hermes, NBE, CIB and AAIB bod on NUCA’s EGP 4.5 bn securitized bond issuance
EFG Hermes has formed a consortium with CIB, National Bank of Egypt (NBE), and Arab African International Bank (AAIB) to compete for the management of a EGP 4.5 bn New Urban Communities Authority (NUCA) securitized bond issuance, Al Mal reported. NUCA will use capital raised from the issuance to proceed with its urban development plan, […]
Posted inBanking + Finance
SMEs authority looks to provie EGP 2.5 bn in SMEs financing in 4Q2018
The SMEs Development Authority is looking to provide up to EGP 2.5 bn in financing for SMEs before year-end, authority head Nevine Gamea said yesterday. Gamea’s announcement comes after Investment Minister Sahar Nasr announced on Sunday that her ministry is in talks with the World Bank for a USD 200 mn loan to develop youth- […]
Posted inBanking + Finance
Housing Ministry, CBE look to expand Mortgage Finance Fund by EGP 10 bn
The Housing Ministry is in talks with the CBE to extend the EGP 20 bn Mortgage Finance Fund with an additional EGP 10 bn tranche, deputy Housing Minister Khaled Abbas tells Al Mal. The current tranches are expected to be disbursed by year-end. The fund seeks to boost financing the middle- and low-income segments by […]