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An Elsewedy Electric subsidiary, ABB Switzerland, and ABB Arab have signed a EGP 138 mn contract to develop a transmission control center for Suez Canal governorates, Elsewedy said in a statement to the bourse (pdf). Elsewedy Electric will own 99.97% of the facility, which will serve 115 power stations across Sharqiya, Ismailia, Suez, Port Said, […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Egypt looks to export agri products to Ethiopia, Burundi, and Rwanda
The Agricultural Exports Council is looking to Ethiopia, Burundi, and Rwanda as potential export markets for agricultural products, council member Mostafa Al Nagari said, according to Al Mal. Al Nagari did not specify which products the council is looking to push in these markets.
Posted inManufacturing
FEI, Union Capital sign MoU on idle factories bailout fund
The Federation of Egyptian Industries (FEI) and Union Capital signed yesterday a memorandum of understanding on the latter’s EGP 150 mn bailout fund for idle SME factories, according to MENA. The agreement will see Union Capital providing financing packages to idle factories registered with the FEI, Union Capital Managing Director Sahar Damaty said, according to […]
Posted inReal Estate + Housing
Palm Hills to invest EGP 1.539 bn from capital increase in four new projects
Palm Hills Development (PHD) is looking to invest EGP 1.539 bn from its latest capital increase in four real estate projects, according to an EGX disclosure. The investments will include infrastructure works at its megaproject Badya in West Cairo, adding a commercial zone to its Palm Hills New Cairo, and developing two new mixed-use projects […]
Posted inTourism
EGOTH invites investors to participate in JV to develop Shepheard Hotel
The Egyptian General Company for Tourism and Hotels (EGOTH) has invited hotel developers and investors to participate in a joint venture to develop the Shepheard Hotel in downtown Cairo, according to EGOTH head Mervat Hataba. EGOTH is offering investors a 51% share of the JV, and will accept investor offers until 16 October. The Public […]
Posted inBanking + Finance
TE to reach financial close on USD 550 mn loan from UAE banks next week
State-owned Telecom Egypt will reach financial close next week on a five-year USD 550 mn syndicated loan jointly arranged by Emirati banks Mashreqbank and First Abu Dhabi Bank, unidentified sources told Al Mal. The Union National Bank and Arab Banking Corporation were among entities that participated in providing the loan, which, according to a statement […]
Posted inBanking + Finance
S&P’s raises credit rating for NBE, Banque Misr
Ratings agency Standard & Poor’s raised its long-term issuer credit rating for the National Bank of Egypt (NBE) and Banque Misr to B from B- and is currently revising their outlooks to stable from positive, according to a release. The agency stated that the banks’ upgrades came as a result of Egypt’s strengthening GDP growth, […]
Posted inBanking + Finance
EFG Leasing in talks with four int’l institutions for USD financing package
EFG Hermes Leasing is in talks with four international institutions for a USD-denominated loan to provide financing for its exporting clients, Chairman Fatma Lotfy said, Al Mal reports. The firm is currently in talks with the European Bank for Reconstruction and Development, Saudi’s Alinma Investment Fund, ResponsAbility, and the German International Cooperation Agency (GIZ). Lotfy […]
Posted inBanking + Finance
Global Lease to form new factoring company before the year is out
Global Lease has filed paperwork with the Financial Regulatory Authority to form a factoring arm before year’s end, CEO Hisham Abdel Fattah said yesterday, according to Al Mal.
Posted inBanking + Finance
NI Capital’s Tamweely officially begins operations
NI Capital’s Tamweely announced yesterday that it has officially launched its operations after receiving its final microfinance license in July, according to an emailed statement (pdf). The company will focus largely on providing funding to women and youth and working to merge informal businesses into the formal economy as part of the state’s financial inclusion […]