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Elsewedy Electric subsidiary EgyTech Cables has signed a EGP 430 mn contract with the Egyptian Electricity Transmission Company (EETC) to supply and install ground and fiber optics cables to connect the Zahraa power transmission station to the national power grid, Al Mal reports.
Author Archives: enterpriseam admin
Posted inManufacturing
Local investors eye industrial projects worth EGP 500 mn in Sohag
Several local investors are looking into setting up food and heavy industry projects worth a combined EGP 500 mn in the industrial zone in Sohag’s Girga, Sohag Investors’ Union head Mahmoud El Shandaweely said. The union is set to meet with these investors by the end of next month to look into diversifying their investments […]
Posted inReal Estate + Housing
OUD breaks ground on EGP 350 mn Heliopolis Hills residential compound
Oriental Weavers subsidiary Orientals for Urban Development (OUD) has broken ground on its EGP 350 mn Heliopolis Hills residential compound in Obour City, Chairman Mohamed Farid Khamis said yesterday, Amwal Al Ghad reports. OUD expects to complete the 18-feddan project by 1Q2020.
Posted inTelecoms + ICT
GTH taps KAMCO, Fincorp as financial advisors for Veon acquisition offer
Global Telecom Holdings’ board of directors has tapped KAMCO Investment Company and Fincorp Investment Holding as financial advisors for Amsterdam-based Veon Holdings’ acquisition offer, the company said in a statement to the EGX (pdf). Veon had made an offer last week to acquire GTH’s Pakistan subsidiary Jazz and its associated operations, in addition to Bangladesh […]
Posted inTelecoms + ICT
Sales of new mobile lines drop 50% after increase in regulatory fees
Sales of new mobile lines have dropped 50% following the government’s recent decision to hike regulatory fees for new mobile lines to EGP 70 from EGP 20, industry sources said, according to Amwal Al Ghad. The drop was an “expected reaction” to the price hike, sources say, predicting sales to hike back to normal after […]
Posted inAutomotive + Transportation
Egypt receives EUR 100 mn from AFD to finance Cairo Metro Line 1 infrastructure
Egypt has received the first EUR 100 mn tranche from the French Development Agency (AFD) to finance the infrastructure development of Cairo Metro Line 1, National Authority for Tunnels head Tarek Gamal Al Din said, according to Amwal Al Ghad. It’s unclear whether this financing is part of a EUR 600 mn funding agreement that […]
Posted inAutomotive + Transportation
EgyptAir Chairman discusses fleet expansion and development with Boeing delegation
EgyptAir Chairman Ahmed Adel met yesterday with a delegation from Boeing International to discuss the airline’s plans to expand and develop its fleet, Al Shorouk reports. The national flag carrier received late last year the ninth and final aircraft from Boeing under an EGP 864 mn agreement signed in 2016.
Posted inBanking + Finance
NBE to direct USD 150 mn of USD 750 mn loan towards SME financing
The National Bank of Egypt (NBE) is planning to direct USD 150 mn of a USD 750 mn syndicated loan it received towards SME financing, Al Mal reports. The bank will use the remaining USD 600 mn for corporate credit, according to an unidentified source. NBE had signed the USD 750 mn loan agreement last […]
Posted inOther Business News of Note
Egyptian-Saudi company looks to establish EGP 10 bn-worth of projects, including medical city in new capital
An Egyptian-Saudi venture that goes by the name of Spine Medical (which appears to have no solid internet presence) is allegedly looking to invest EGP 10 bn in projects at the new administrative capital, New Administrative Capital Company (NACC) spokesperson Khaled El Hosseini said yesterday, Al Masry Al Youm reports. El Hosseini claimed that a […]
Posted inLaw
Zaki Hashem & Partners legal advisor on 20 M&As worth c.EGP 400 mn each
Zaki Hashem & Partners has been tapped as a legal advisor for 20 M&A transactions valued at around EGP 400 mn per transaction, Managing Partner Yasser Hashem tells Amwal Al Ghad. The acquisitions are across different sectors, including financial services, industrial and healthcare sector.