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Egypt to receive USD 380 mn tranche of USD 3 bn loan from ITFC: The International Islamic Trade Finance Corporation (ITFC) signed off on the disbursal of the first tranche of a USD 3 bn loan agreement signed with Egypt last January, ITFC CEO Hani Sonbol said yesterday, Al Mal reports. Preparations are currently underway […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Encouraged by political stability, tourists are flocking back to Egypt, says Marriott CEO
Marriott CEO sees tourists flocking back to Egypt amid political stability: Tourists are flocking back to Egypt as the stable political situation has helped to quell travelers’ fears, President and CEO of Marriott International Arne Sorenson said, according to Hotel Management. Sorenson added that the country is seeing more stability and optimism now than there […]
Posted inSpeed Round
Timothy Collins resigns as PHD vice chairman
MOVES- Timothy Collins has resigned as Palm Hills Developments’ Vice Chairman of the board of directors, the company announced yesterday (pdf). Collins is stepping down “as a result of having to manage various competing investments.”
Posted inSpeed Round
Abu Dhabi Capital Management makes USD 55 mn offer for Abraaj Group’s assets
Abu Dhabi Financial Group’s Abu Dhabi Capital Management has made a USD 55 mn offer for Abraaj Group’s assets, “challenging a bid from Cerberus Capital Management,” sources told Bloomberg yesterday. The firm told Abraaj — which is liquidating and undergoing a court-ordered restructuring after allegations surfaced about the misallocation of funds — that “it would […]
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
President Abdel Fattah El Sisi will inaugurate the three Siemens combined-cycle power plants next Tuesday, according to government sources. The fully-commissioned plants in Burullus, Beni Suef, and the new administrative capital will have a combined production capacity of 14.4 GW. The Electricity Ministry had reportedly settled on Siemens to also run the day-to-day operations and […]
Posted inEGYPT IN THE NEWS
Commentary on the Press and Media Act leads the conversation on Egypt
Commentary on the passing of the controversial Press and Media Act is leading the conversation on Egypt in the foreign press this morning. Critics are concerned that the legislation’s “vague wording” will allow the government to legally crack down on dissent and freedom of expression, BBC and Reuters say. “The law comes as a conclusion […]
Posted inOn Deadline
Opinion writers giving us lessons on the need for public health
Opinion writers giving us lessons on the need for public health: The poor quality of Egypt’s healthcare services has a direct negative effect on the country’s development, Ashraf Abdel Aal says. He explains that poor healthcare means that Egypt’s working class is not as productive as it could be if citizens had access to quality […]
Posted inWorth reading
China’s mobile payments revolution is being spearheaded by millennials
Over the span of a few short years, China has undergone a mobile payments revolution that now sees the country’s reliance on cash payments dwindling, Yuan Yang writes for the Financial Times. Last year alone, China accounted for nearly half of the world’s digital payments. Chinese citizens have become accustomed to using mobile payments for […]
Posted inDiplomacy + Foreign Trade
EU agrees to lend Egypt USD 50 mn to finance Irrigation Ministry
The EU has agreed to provide Egypt with a USD 50 mn loan this year to finance some of the Irrigation Ministry’s mechanical and electric projects, Minister Mohamed Abdel Aati tells Al Mal. The projects would include upgrading aerial networks at some 850 water stations and purchasing EGP 120 mn worth of spare parts for […]