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It appears that 15 high profile renewable energy companies will be bidding on a tender next week to build and operate a EGP 3.5 bn 200 MW-capacity solar farm in the West Nile area, Electricity Ministry sources tell Al Mal. Leading the pack are a consortium made up of Elsewedy Electric and EDF, Orascom Construction, […]
Author Archives: enterpriseam admin
Posted inEnergy
Energy companies that bid for wind projects fail to reach financial close by deadline
None of the companies that bid for EGP 2 bn-worth of wind power projects under phase two of the feed-in tariff program have managed to reach financial close in time, a source from the New and Renewable Energy Authority (NREA) tells Al Mal. The deadline expired last Thursday, according to the source, who said that […]
Posted inEnergy
BP’s additional seismic mapping of Atoll gas field to be completed in 4Q2018
BP intends to conclude in 4Q2018 additional seismic scans it has been conducting at its Atoll gas field to locate additional reserves, a source tells Youm 7, adding that initial data brings “good news”. BP Group CEO Bob Dudley had announced in February that his company would invest USD 1 bn this year as production […]
Posted inBasic Materials + Commodities
Private sector role in wheat storage remains limited this season
The private sector’s role in wheat storage will continue to be limited to emergencies only this season, a Supply Ministry source tells Al Shorouk. Private silos will only be used if a governorate’s silos are maxed out, and even then, government employees will take over management of the private silos, the source adds. The government […]
Posted inBasic Materials + Commodities
PMI raises Merit cigarette prices to EGP 37 from EGP 34
Philip Morris International (PMI) has raised the price of its cigarette brand Merit to EGP 37 from EGP 34 per pack, Youm 7 reports. The company’s other brands, Marlboro, L&M, and Next remain unaffected by the price increase.
Posted inHealth + Education
El Nozha looking to open EGP 220 mn hospital in Fifth Settlement
El Nozha International Hospital is looking to open a new EGP 220 mn hospital in the Fifth Settlement district of New Cairo, according to Al Mal. The hospital reportedly completed payment of the land and is looking to hire consultants to design the 90-bed facility. The hospital is expected to open in 2020, and would […]
Posted inReal Estate + Housing
OCI sues Golden Pyramids Plaza and AAIB in bankruptcy court
Orascom Construction Industries (OCI) has kicked up a notch its ongoing legal battle with Golden Pyramids Plaza, suing the company and the Arab African International Bank (AAIB) in an Economic Court. AAIB appears to have been roped into the wrangling since it apparently acted as financial guarantor for Golden Pyramids. OCI and Consolidated Contractors International […]
Posted inBanking + Finance
NBE to explore commercial application of blockchain tech as part of R3 consortium
The National Bank of Egypt (NBE) has joined the R3 Blockchain Consortium, which aims “to explore commercial applications of blockchain technology,” according to BTC Manager, which describes the move as a “bid to encourage cryptocurrency and blockchain adoption in Egypt.” NBE staff will be trained to work with R3’s custom-developed software Corda.
Posted inSports
Egypt secures spot in Buenos Aires’ Youth Olympics Futsal after defeating Angola
Egypt qualified for the Youth Olympics Futsal tournament scheduled for 7-18 October in Buenos Aires after defeating Angola 3-2 in Cairo yesterday, according to the Confederation of African Football (CAF). Egypt joins Iran, Iraq, Costa Rica, Cuba, Brazil, Solomon Islands, Russia, Italy, and Argentina for the final tournament.
Posted inON YOUR WAY OUT
Prosecutor General orders probe into fire at the Grand Egyptian Museum construction site
Prosecutor General Nabil Sadek ordered an investigation into the fire that broke out at the Grand Egyptian Museum (GEM) construction site yesterday, Al Shorouk reports. There were no injuries and no damage to any artefacts, Orascom Construction confirmed in a statement, saying the fire only affected scaffolding. The cause of the incident remains unclear, but […]