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Hotels to pay real estate taxes based on their investment value? The ministries of finance and tourism reached an agreement yesterday on the assessment of real estate taxes for hotels, Tourism Minister Rania Al Mashat told the press yesterday. Under the agreement, taxes for hotels will be calculated based on the project’s nominal investment value […]
Author Archives: enterpriseam admin
Posted inSpeed Round
OC reports strong 2Q2018 earnings, Natgasoline gets provisional acceptance
EARNINGS WATCH- Orascom Construction (OC) reported net income attributable to shareholders in 2Q2018 (pdf) of USD 50.6 mn, up 113.5% y-o-y from USD 23.7 mn in the comparable period last year. Revenues came in 20.8% lower y-o-y at USD 750.1 mn compared to USD 947.2 mn in 2Q2017, which is “mainly attributable to the completion […]
Posted inSpeed Round
Cabinet approves contracts with Russia’s Transmashholding, sets up unified rights committee
CABINET WATCH- Cabinet approves contracts with Russia’s Transmashholding, sets up unified rights committee: The Madbouly Cabinet approved yesterday the Egyptian National Railways’ agreement with Russia’s Transmashholding to supply 1,300 railway cars, according to an official statement. Egypt will pay around EGP 17 bn for the cars, with delivery expected to take place in six months […]
Posted inSpeed Round
Careem Egypt appoints Wael Abou El Ela as new country GM
MOVES- Wael Abou El Ela was named yesterday as Careem Egypt’s new general manager, Youm7 reports. Abou El Ela was most recently the chief marketing officer at Etisalat Misr.
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
El Sisi to hold meeting on GERD in China this Saturday? President Abdel Fattah El Sisi is reportedly scheduled to discuss the Grand Ethiopian Renaissance Dam with Ethiopian Prime Minister Abiy Ahmed on the sidelines of the China-Africa Cooperation Forum in Beijing this coming Saturday. Contracts for the USD 4.4 bn Hamrawein coal-fired power plant […]
Posted inImage of the Day
Asteroid larger than Giza Pyramids makes close approach to Earth
An asteroid greater than the Great Pyramids of Giza zipped past Earth yesterday, according to Canada’s CTV News. Named 2016 NF23, the massive lump of rock was labelled “potentially hazardous” by NASA for having an estimated diameter of 160m, nearly 20m larger than Khufu.
Posted inEGYPT IN THE NEWS
Egypt in the News on 30 August 2018
The death of two UK tourists in a Hurghada hotel nearly a week ago continues to be the top story on Egypt in the international press, particularly in Britain. The Guardian is noting that tour operator Thomas Cook has previously been forced to pay GBP 26k to tourists who fell ill in the past at […]
Posted inOn Deadline
Egypt’s FDI ambitions are too small
Egypt is not aiming high enough when it comes to attracting foreign direct investment, Nashwa El Houfi argues in a piece for El Watan. The USD 11 bn FDI target the government has set for this year and even the USD 20 bn target for 2022 is not nearly high enough, according to El Houfi, […]
Posted inWorth reading
Extended exposure to air pollution is destroying our cognition, not just our lungs
Extended exposure to air pollution is destroying our cognition, not just our lungs: A study in China has found there is a probable link between long-term exposure to air pollution and impaired language and math skills, according to the New York Times. The researchers cross-referenced pollution levels in 162 Chinese counties with people’s performance on […]