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Just like rival Blom, Lebanon’s Bank Audi sees a lot of potential for growth from its Egyptian business, particularly on the private banking side, which requires fairly low capital and generates around 12-15% of the bank’s bottom line in the country, Chairman Samir Hanna tells Bloomberg in an interview (watch, runtime: 6:12). The government does […]
Author Archives: enterpriseam admin
Posted inWorth watching
The Economist thinks universal basic income can make capitalism more fair
The Economist thinks universal basic income can make capitalism more fair: As the debate on the merits of universal basic income, the Economist appears to have been one over from the looks of this video (watch, runtime: 1:41). The publication suggests that a social welfare system under which the government pays every citizen a regular […]
Posted inDiplomacy + Foreign Trade
El Sisi, Museveni sign energy, industrial, agricultural agreements
President Abdel Fattah El Sisi and his Ugandan counterpart Yoweri Museveni signed yesterday a number of agreements and MoUs for energy, industrial, and agricultural projects in Uganda, according to an Ittihadiya statement. The projects will include a 4 MW solar power plant, industrial zone development, and a potential Nile river shipping route. The two also […]
Posted inBasic Materials + Commodities
Egypt, Italy to build 15 vertical wheat silos worth EGP 250 mn
The Internal Trade Development Authority reached an agreement with the Italian Development Authority to cooperate on building 15 vertical wheat silos at a total cost of EGP 250 mn, according to an emailed statement (pdf). Under the agreement, Egyptian companies will be tapped to construct the silos, while Italian companies will be mandated with carrying […]
Posted inBasic Materials + Commodities
REMD targets 30% increase in sales this year
Confectioner REMD El Rashidy El Asly is targeting a 30% increase in its sales this year to reach EGP 260 mn, and plans to almost quadruple sales to EGP 1 bn by 2023, CEO Mohamed Kandil tells Reuters’ Arabic service. Kandil had said yesterday that REMD is also planning an IPO of 20% of the […]
Posted inManufacturing
UK’s iBrit studies opening mobile phone factory in Egypt
London-based smart devices manufacturer iBrit has partnered with Egypt’s electronic products distributor One Trading to open a factory in Egypt, One Trading announced. The exclusive partnership agreement, through which iBrit targets a 5% market share in Egypt during the first year, is part of the company’s plans to expand into the MENA region.
Posted inManufacturing
Military Production Authority, China’s Poly Group agree to establish tire factory
The Military Production Authority signed an MoU with China’s Poly Group yesterday to jointly establish a tire production facility, Al Mal reports. No further details were provided on the expected investment value, timeline of implementation, or location of the facility.
Posted inHealth + Education
Health Ministry shuts down Golf Specialized Hospital in Heliopolis over “life threatening” violations
The Health Ministry shut down the Golf Specialized Hospital in Heliopolis yesterday over what it says are “life threatening” violations, Al Masry Al Youm reports. The alleged violations include failing to meet infection control requirements in operation theaters and the ICU. The inspectors also found that the hospital stores expired medications and uses loaded syringes […]
Posted inTourism
Milan Bergamo airport receives Air Arabia Egypt’s first Europe-bound flight
Milan Bergamo Airport became Air Arabia Egypt’s first European service destination from the carrier’s base at Borg El Arab, eTN reports. The biweekly flights mark the reopening of the Milan route following a four-year hiatus. Sharjah-based Air Arabia uses Borg el Arab as its operational hub in Egypt.
Posted inAutomotive + Transportation
Metro company to sign maintenance contract with Mitsubishi for Cairo Metro Line 2
The Egyptian Company for Metro Management and Operation is expected to sign a contract with Japan’s Mitsubishi to maintain four trains on the Cairo Metro Line 2, an unnamed source tells Al Mal. The contract, whose duration remains unclear, will see the metro company paying EGP 3 mn per month for the maintenance works. Separately, […]