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US begins talks with Arab officials over NATO-style regional alliance: US State Secretary Mike Pompeo met with the foreign ministers of Egypt, Saudi Arabia, UAE, Bahrain, Kuwait, Jordan, and Qatar in New York on Friday to further discussions on the creation of a NATO-style Arab military alliance to promote regional security. Talks on the establishment […]
Author Archives: enterpriseam admin
Posted inEnergy
ANRPC launches trial operations at USD 219 mn fuel production unit
The Alexandria National Refining and Petrochemicals Company (ANRPC) has launched trial operations at its new USD 219 mn octane production unit, according to an Oil Ministry statement (pdf). The project will produce an annual 700k tonnes of 92-95 octane fuel, bringing the country’s total output to 1.5 mn tonnes a year. The facility — which […]
Posted inEnergy
ENOC to distribute and market jet fuel in Egypt
Abu Dhabi’s Emirates National Oil Company (ENOC) signed an agreement with the EGPC on Thursday that would allow it to market and distribute jet fuel, according to an Oil Ministry statement.
Posted inInfrastructure
Bolloré, Toyota and NYK to build car-trade center in Port Said
The Suez Canal Authority signed on Friday a USD 220 mn initial agreement with France’s Bolloré Transport & Logistics, Japan’s Toyota Alliance, and NYK to build a car trade terminal at the East Port Said Port, according to a statement. The 240k sqm terminal will be constructed under a build-operate-transfer framework. The final contract will […]
Posted inBasic Materials + Commodities
India offers to sell Egypt rice at EGP 6,600 per tonne
India has offered to sell Egypt rice at EGP 6,600 per tonne, the head of the Federation of Egyptian Industries’ rice division, Ragab Shehata, told Al Shorouk. Shehata did not clarify how much rice Egypt is looking to buy from India. A report from the US Agriculture Department’s foreign service expected Egypt to import 300k […]
Posted inTourism
Gov’t plans to make use of Oyoun Moussa’s therapeutic tourism potential
The Madbouly government is looking to potentially collaborate with the Austrian and Hungarian governments to build a healing center in the city of El Tor in Sinai, as part of a plan to turn the area around Mount Sinai into a hotspot for medical tourism, Al Mal reports
Posted inBanking + Finance
EBRD to provide Banque Misr with additional USD 50 mn in funding
The European Bank for Reconstruction and Development (EBRD) is providing Banque Misr with a new USD 50 mn trade facility its Trade Facilitation Program (TFP), the lender said in a press release on Thursday.
Posted inOther Business News of Note
Kazyon looks to open 310 new retail outlets by 2019-end
Discount supermarket chain Kazyon is planning to increase the number of stores it operates by 310 stores by the end of 2019, Marketing Head Ismail Hafez told Amwal Al Ghad. The company presently owns 420 outlets across 17 governorates and is planning to add an average of 20 stores a month. Hafez made no mention […]
Posted inEgypt Politics + Economics
SCZone settles EGP 3.4 bn worth of investor disputes
The Suez Canal Economic Zone (SCZone) has collected some EGP 3.4 bn from settling investor disputes dating back to 1998, SCZone boss Mohab Mamish said. The SCZone had decided last month to withdraw 41 mn sqm of land from companies for failing to complete projects on time.
Posted inEgypt Politics + Economics
Turkey releases Egyptian fishermen detained in Northern Cyprus
Turkey released yesterday the five Egyptian fishermen detained by the Turkish coast guard last week for trespassing over the waters of Northern Cyprus, according to a Foreign Ministry statement. The men paid EUR 500 in fines each.