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** #6 INVESTMENT WATCH- Nestlé Egypt will inaugurate a new instant coffee factory in January, Trade and Industry Minister Amr Nassar announced on Thursday, according to a ministry statement. The statement does not provide details on the cost or location of the new facility, which will house eight production lines. Nestlé will direct the factory’s […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Is Egypt about to take on a USD 45 bn loan from Russia for Dabaa?
Egypt to take on USD 45 bn in financing from Russia for Dabaa? Russian President Vladimir Putin offered to lend Egypt USD 45 bn to finance the construction of the Dabaa nuclear power plant, which will be built by Russia’s Rosatom, the Financial Times reports. Putin made public the offer during his annual foreign policy […]
Posted inSpeed Round
Central bank wants to roll mobile phone records into the calculation of your credit score
** #7 The central bank wants to take mobile phone records into account when credit scores are calculated: Mobile network operators could be forced to make records of bill payments on customer accounts available to state-backed credit rating agency iScore under an initiative that has the backing of the Central Bank of Egypt and Ministry […]
Posted inSpeed Round
Prosecutor General charges three former Tri-Ocean Energy execs with allegedly embezzling “USD 1 bn”
** #8 Prosecutor General charges three former execs of the company once known as Tri-Ocean Energy with embezzling “USD 1 bn”: Prosecutor General Nabil Sadek referred three former executives from Tri-Ocean Energy (now known as Mog Energy) to a criminal court for prosecution on charges they embezzled as much as USD 1 bn. The case […]
Posted inSpeed Round
Social Solidarity Ministry to present new Social Security and Pensions Act to cabinet soon, as FinMin drafts law to give financial inspectors powers of arrest
LEGISLATION WATCH- The Social Solidarity Ministry is expecting to present a draft of the new Social Security and Pensions Act to the Madbouly Cabinet as soon as ministry officials complete their final review of the bill, Deputy Minister Nevine El Qabbag told Al Shorouk. Under the new law, pensions (which are governed by their own […]
Posted inSpeed Round
Samsung VP Sherif Barakat to leave his post early November
MOVES- Samsung Egypt Vice President Sherif Barakat (LinkedIn) will reportedly be leaving his post by early November, according to an unconfirmed story in Al Mal, citing sources close to the company, which is said to be looking to bring in a Korean executive to succeed Barakat.
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
Health Minister Hala Zayed and Tourism Minister Rania Al Mashat are scheduled to appear at the House of Representatives on Tuesday, Ahram Online reports. Reps. are expected to question Zayed about the quality of health services offered at public hospitals and rural medical centers. Al Mashat, meanwhile, will brief MPs on the government’s new overseas […]
Posted inImage of the Day
British Second World War vets return to Egypt for 76th anniversary of Battle of El Alamein
Returning to the battlefield 76 years later: Six British veterans of the Second World War returned to El Alamein yesterday “to visit the desert battlefield on the 76th anniversary of the decisive Allied victory that marked an important step toward the eventual defeat of German and Italian forces in Africa in May 1943. … The […]
Posted inEGYPT IN THE NEWS
Quiet morning for Egypt as France denies Amnesty International allegation it supplied weapons to quash protests
It’s a relatively quiet morning for Egypt in the foreign press, with no one story stealing the spotlight. ** #9 The UK press is going berserk over an alleged case of “body snatching” in which a family claims the body of a British man who died while playing in a pool on holiday was returned […]