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The ICT Ministry is planning to launch a government based blockchain project in 4Q2018, in cooperation with an unnamed technology company, an unnamed source tells Amwal Al Ghad. The blockchain platform is expected to be used by government institutions at a later stage, the source adds. The National Bank of Egypt (NBE) has already been […]
Author Archives: enterpriseam admin
Posted inTelecoms + ICT
SICO to invest EGP 200 mn on new production lines at its Assiut factory
Egyptian electronics manufacturer SICO plans to invest EGP 200 mn to add new production lines to its Assiut factory this year, CEO Mahmoud Salem said, Amwal Al Ghad reports. Salem had previously said the company plans to raise its CAPEX to EGP 1 bn over the coming three years, from a current EGP 422 mn.
Posted inAutomotive + Transportation
China's CRR front runner to supply 1,300 railway cars
CRRC Corporation Limited (CRRC) is now the front runner in a tender to supply the Egyptian National Railways with 1,300 railway cars, offering EGP 19-20 bn for the project, sources close to the matter tell Al Mal. Under the 15-year supply and maintenance contract, Egypt will pay for the project through a loan with a […]
Posted inAutomotive + Transportation
NRA gearing up to launch tenders to conduct feasibility studies on three rail projects
The National Railways Authority (NRA) is gearing up to launch tenders to conduct feasibility studies on three rail projects, an unnamed government source tells Al Mal. The NRA is currently working with the European Bank for Reconstruction and Development (EBRD) to prepare the terms and conditions for the project, according to the source. The projects […]
Posted inBanking + Finance
CI Capital funds top EIMA’s 1H2018 rankings
CI Capital said yesterday it topped all classes in the Egyptian Investment Management Association (EIMA) Funds’ 1H2018 report. CIB’s Istethmar was the best-performing equity fund, with returns of 22.1% compared to an average return of 10.2% for peers. Aman was the top sharia-compliant fund, while Takamol ranked first in the balanced funds category. Tap or […]
Posted inBanking + Finance
BdC studies participation in EGP 2.3 bn loan to Al Ghurair Group’s Al Canal Sugar
Banque du Caire (BdC) is considering joining a consortium of local banks in providing Al Ghurair Group’s Al Canal Sugar with a EGP 2.3 bn short-term bridge loan that will be used to fund its USD 1 bn sugar refinery, Al Shorouk reports. Qatar National Bank Ahli, AlexBank, National Bank of Egypt, and NBK Egypt […]
Posted inBanking + Finance
MBE to offer EUR 100 mn to Egypt’s export companies as credit facilities
Misr Bank-Europe is planning to provide Egyptian exporters with as much as EUR 100 mn in credit facilities “in the coming period,” CEO Gerald Bumharter tells Al Mal. MBE plans to allocate between EGP 25-30 mn per company and is in talks with Deutsche Bundesbank to arrange the loan to finance the export of various […]
Posted inOther Business News of Note
India’s SPP Pumps to invest EGP 100 mn in Egypt by 2020
India’s SPP Pumps is planning on investing EGP 100 mn in Egypt by 2020, Chairman Mohammed Hassan said on Saturday, Al Masry Al Youm reports. The company has already invested a total of EGP 55 mn in Egypt, and recently won a contract to supply pumps for the construction of the government district in the […]
Posted inLaw
Alex Port Authority taps Sarie Eldin to advise on multipurpose platform project
The Alex Port Authority has tapped Sarie Eldin & Partners as legal advisor for the USD 450 mn multipurpose platform project at the Alex Port, an unidentified source tells Al Mal. The port authority had signed an agreement with the Suez Canal Authority and the Land Maritime Transport Holding Company to establish a EGP 500 […]
Posted inON YOUR WAY OUT
Young Nubians revive dream of return to homeland
The Associated Press cast a spotlight on Egypt’s Nubian community yesterday in a series of articles meant to highlight their struggle and attempts, through the years, to revive the dream of their once cherished homeland. While the older generation appears to have largely accepted the “trauma” of mass displacements, younger activists say they are more […]