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Fas Energy, a subsidiary of Saudi Arabia’s Al Hokair Group, reportedly completed a 50 MW solar power plant under phase one of the feed-in tariff program for USD 75 mn, an unnamed official from the New and Renewable Energy Authority said, according to Al Mal. We reportedearlier this month that the government was planning to […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
GASC issues first international rice tender
The General Authority for Supply Commodities (GASC) held Egypt’s first international rice tender on Thursday, with a request for 25,000 tonnes of short or medium grain milled white rice, Reuters reports. The tender closes on 12 November, with delivery dates in January and February. “Every supplier should submit four samples, each two kilograms, of their […]
Posted inManufacturing
Geyushi plans to set up production line to manufacture FAO cars
Egypt’s Geyushi Motors aims to set up a production line to manufacture FAO cars, said sources from Egypt Automotive. The sources did not disclose the expected investment value of the planned production line. Geyushi had signed a strategic cooperation agreement with China’s FAO last year to sell its cars in the domestic market.
Posted inReal Estate + Housing
NUCA grants developers one-year grace period to complete residential, service projects
The New Urban Communities Authority (NUCA) has agreed grant real estate developers a one-year grace period to complete residential and service projects that are 95% complete without facing fines for missing the completion deadline, Al Shorouk reports.
Posted inTourism
Egypt announces details on new phase of charter flights incentive program
The second phase of the Tourism Minsitry’s charter flight incentive program will run from November 2018 to the end of April 2020, according to a Tourism Ministry announcement picked up by the local press. Airlines that send between 2-25 trips to Hurghada per week will receive a cash payout of USD 2,000-3,500 per trip on […]
Posted inTelecoms + ICT
TE signs USD 500 mn syndicated loan
Telecom Egypt has signed for a USD 500 mn medium-term syndicated loan, which will be used to support its capital and operational expenditure, and refinance an existing short-term facility, the company said in a statement on Thursday (pdf). First Abu Dhabi Bank and Mashreq Bank were mandated as Joint Bookrunners and Mandated Lead Arrangers of […]
Posted inAutomotive + Transportation
Trial runs for phase 4A of Cairo Metro Third Line kick off
The Transport Ministry began trial operations on a section of phase 4A of Cairo Metro Line 3 yesterday, according to a ministry statement. The ministry will continue running trial operations on different sections of the phase for two months. The story got some air time on Hona Al Asema (watch, runtime: 16:50).
Posted inBanking + Finance
Fawry receives SME lending license
E-payments firm Fawry received its license to lend to small- and medium-enterprises earlier this week, the firm’s MD Mohamed Okasha tells Al Mal. Fawry’s SME lending arm, which will begin operations early next year, will focus initially on lending to smaller retailers, he added.
Posted inBanking + Finance
Sarwa Capital approves EGP 700 mn issued capital increase
Sarwa Capital’s board of directors approved on Wednesday increasing the company’s issued capital by EGP 700 mn through new shares to existing shareholder Consolidated Financial Holdings at the IPO price of EGP 7.36 per share, the company said in a bourse disclosure (pdf).
Posted inBanking + Finance
HDD BoD approves EGP 1.2 bn loan offer from gov’t bank
State-owned Heliopolis Housing and Development’s (HDD) board of directors approved on Wednesday an offer from an unnamed government bank for a EGP 1.2 bn long-term loan, according to an EGX disclosure (pdf). The company will use the funds to finance utility and infrastructure works at its New Heliopolis project, and cover interest expenses for other […]