Author Archives: enterpriseam admin

IDH to launch new Egyptian radiology business under Al Borg brand name: The London-listed Integrated Diagnostics Holdings (IDH) is launching a new radiology business in Egypt under the Al Borg brand name as part of plans to develop into a “one-stop shop diagnostics service provider,” the company announced in a press release yesterday (pdf). The […]

Dana Gas says fresh investments in Egypt delayed over unpaid arrears: Egypt’s irregular repayments of its arrears to Dana Gas is putting a damper on the company’s investment plans in the country, the company said in its earnings release yesterday (pdf). “Due to the lack of regular and predictable payment the Company will continue its […]

Ocean Alliance quits East Port Said to protest high fees: International shipping alliance Ocean Alliance has decided to cease operations in East Port Said as of today due to high port fees, an unnamed executive tells Al Mal. The group — which includes CMA CGM Group, APL, Evergreen, and China’s COSCO Shipping — will continue […]

Zotye Auto, Changhe Automobile cars to be assembled locally in 2019: China’s Zotye Auto’s local agent, IFG Group, is planning to build an auto assembly plant in 6 October City by 2019, Chairman Mohamed Farag tells Al Mal. The new factory will produce 4,600 cars a year when operations start. No details on the investment […]

INVESTMENT WATCH- Evergrow in talks with IDA for land to complete second phase of fertilizer complex: Fertilizers producer Evergrow is in talks with the Industrial Development Authority (IDA) to acquire a 100k sqm land plot in Sadat City to complete the second phase of its fertilizer project, Marketing and Sales Director Mostafa Foad tells Al […]

EARNINGS WATCH- Elsewedy Electric reported a 21% y-o-y decline in net profit after minority interest in 1H2018 to EGP 2.37 bn, down from EGP 3.01 mn in the same period last year, according to the company’s earnings release (pdf). Revenues for the period fell 3% y-o-y to EGP 20.1 bn, largely due to a drop […]

MOVES- Gold miner Centamin appointed former Mubarak-era minister Ibrahim Fawzy to its board as an independent non-executive director, according to a company statement (pdf). Fawzy was most recently the chairman of the Egyptians Abroad Company for Investment & Development.

MOVES- Preferred Hotels & Resorts named Nicolas Villemin as regional director for Middle East and North Africa, according to Hotelier Middle East. The appointment was made in June. Villemin previously served as a consultant for hotel brands like Viceroy, Shangri-La, and Habtoor Hospitality.

MOVES- Suez Canal Authority (SCA) head Mohab Mamish will remain in his post for another year, according to a presidential decree yesterday picked up by Al Masry Al Youm. Mamish has been head of SCA since 2012.

Egypt may face challenges as it ventures into the realm of nuclear power generation, which requires substantial and sophisticated infrastructure to support it. Egypt needs “USD 18 bn of investment in transmission and distribution to support generation capacity in the next five years,” according to a report by Arab Petroleum Investments Corporation (Apicorp), which implies […]