Author Archives: enterpriseam admin

El Sisi inaugurates combined-cycle power plants, Gabal El Zeit wind farm: President Abdel Fattah El Sisi inaugurated yesterday the three 14.4 GW combined-cycle power plants in Burullus, Beni Suef and the new capital, which were developed by Siemens and our friends Orascom Construction (OC) and Elsewedy Electric. OC said in a press release yesterday (pdf) […]

INVESTMENT WATCH- Germany’s FTI plans massive expansion of Labranda World resorts in Egypt: German hospitality group FTI, which counts Samih Sawiris as a minority shareholder, is planning a massive expansion in Makadi Bay in the Red Sea, CEO Dietmar Gunz tells German tourism publication FVW. The company has bought three hotels on a 500,000 sqm […]

EFG Hermes concludes Humansoft Holding’s USD 226 mn Kuwait Exchange accelerated book build in record timing: EFG Hermes announced yesterday that it successfully concluded the secondary offering of Al Othman Commercial Enterprises Company’s education outfit, Humansoft Holding Company, on the Kuwait Stock Exchange. The USD 226 mn transaction saw Al Othman Commercial Enterprises sell 17% of Human […]

EARNINGS WATCH- Etisalat Misr reported revenues of AED 1.35 bn (c. EGP 6.58 bn) for 1H2018 on total consolidated group revenues of AED 26.2 bn, an increase of 3.6% y-o-y, the company said in its earnings release (pdf).

A drought across the Europe and the Black Sea region will force Egypt to pay a higher price for new wheat imports, Gianlucca De Paoli writes for Bloomberg. The General Authority for Supply Commodities (GASC) purchased yesterday 420k tonnes of Russian, Ukrainian, and Romanian wheat, according to Reuters’ Arabic service. The lowest price presented at […]

One step closer to global gas export hub status: Egypt is expected to resume LNG exports to Jordan via pipeline on 1 January 2019, an unnamed government official tells Hellenic Shipping News. Oil Minister Tarek El Molla had said a few months back that Egypt was planning to resume LNG exports to Jordan — which […]

LEGISLATION WATCH- State coffers to claim as much as 25% of slush funds: The House of Representatives’ general assembly granted its preliminary approval yesterday to a draft bill approved by the Madbouly Cabinet last week earmarking a portion of ministerial “private funds” to support the state budget, Al Masry Al Youm reports. The bill was […]

Egyptian state-owned and private television channels have begun airing ads warning against rumors and false news. Several of the ads refer to specific “fake stories” that have been circulating and provide the real story behind the rumors. The broadcasting of these ads comes a few short days after President Abdel Fattah El Sisi warned that […]