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Egypt, Hungary sign five MoUs for investment, agriculture, ICT, sports: Egypt and Hungary signed on Thursday five MoUs to increase investments and cooperation in agriculture, ICT, sports, and accreditation, according to an Investment and International Cooperation Ministry statement (pdf). The agreements were signed on the sidelines of the third Egyptian-Hungarian Joint Committee on Economic, Scientific, […]
Author Archives: enterpriseam admin
Posted inEnergy
Arrears to oil producers are now below pre-2011 levels, El Molla promises no more subsidy cuts this calendar year
Egypt’s arrears to oil producers have fallen to their lowest levels yet, coming in at USD 1.2 bn at the end of FY2017-18, lower than the previous trough of USD 1.35 bn in 2010, Oil Minister Tarek El Molla announced on Thursday. Egypt intends to fully repay amounts owed to international oil companies by the […]
Posted inEnergy
SDX Energy begins drilling at final well in South Disouq concession
SDX Energy announced on Thursday that it began drilling the final well at its South Disouq concession in Egypt, the SD-3X. “The well is anticipated to take up to 30 days to drill and if successful, will be completed, flow tested, and connected to the infrastructure being developed at the SD-1X discovery location,” the company […]
Posted inInfrastructure
IDA signs EGP 4 bn contracts with SDM, Pyramids Industrial Parks to develop 4 mn sqm in Sadat City
The Industrial Development Authority (IDA) signed contracts on Thursday with Elsewedy Group subsidiary SDM and Pyramids Industrial Parks to develop two 2 mn sqm industrial zones in Sadat City at a combined investment cost of EGP 4 bn, Al Mal reports. Under the contracts, the two companies will be required to complete Infrastructure and development […]
Posted inBasic Materials + Commodities
Egyptian-Chinese Black Sands Company to invest USD 24 mn in first phase mineral extraction
The Egyptian-Chinese Black Sands Company is planning to invest USD 24 mn in the first phase of its mineral extraction project in Ghalyoun Lake, Deputy Chairman Ahmed Shaltout said, Al Ahram reports. The company, a JV between the Egyptian Black Sands Company and an unnamed Chinese investor, expects to extract 500k tonnes of minerals per […]
Posted inBasic Materials + Commodities
Eastern Tobacco denies raising cigarette prices
Eastern Tobacco Company has not raised the prices of any of its cigarette products, the company said in a statement to the EGX (pdf). The local press had reported last week that the company announced price increases on four local cigarette brands following last month’s fuel price hikes.
Posted inTourism
Thomas Cook targets 500k tourists to Egypt in 2018
Thomas Cook is planning to bring in 500k tourists to Egypt this year from various countries, said Moudy El Shaer, chairman of Blue Sky Travel, which markets travel packages for Thomas Cook. The company reported a 50% y-o-y jump in the number of inbound tourists during 1H2018, according to El Shaer. Marsa Alam and Hurghada […]
Posted inTourism
Officials are mulling making some beaches in Alexandria exclusive to foreigners
Officials are mulling making some beaches in Alexandria exclusive to foreigners in a bid to lure tourists to the coastal city, according to the Sun. The idea is meant to create the privacy that foreigners seek. Several locals are naturally disgruntled, saying that there is “already a class barrier in place” when it comes to […]
Posted inAutomotive + Transportation
Transport, housing ministries to issue terms for Alamein-Ain Sokhna train, new capital monorail
The transport and housing ministries are set to issue the terms and conditions for the tenders for the Alamein-Ain Sokhna train and the new capital-6 October City monorail projects this week, unidentified sources tell Al Mal. The tender will be opened to 16 local and international companies and consortia that had pre-qualified for the two […]
Posted inOther Business News of Note
Green Valley to invest EGP 35 mn to reclaim 1,000 feddans to plant olives
Green Valley for Reclamation and Agriculture is planning to invest EGP 35 mn to reclaim 1,000 feddans in Wadi El Natrun to plant olives, Managing Director Sayed El Sammak tells Al Mal. The company expects to pick its first harvest to take place in three years’ time, according to El Sammak.