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The government is planning to import 7 mn tonnes of wheat at an average cost of USD 220 mn per tonne during FY2018-19, Al Mal reports. As we noted yesterday, the government is also planning to increase its reliance on imported, rather than locally produced, wheat for subsidized bread production. The Supply Ministry is planning […]
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
Amer Group signs contracts to establish EGP 3 bn “Porto Said” tourist resort
Amer Group signed on Monday an agreement with the Port Said governorate to construct a EGP 3 bn tourist resort spanning 90 feddans, to be named (wait for it) “Porto Said,” Youm7 reports. They get points for originality.
Posted inTourism
German tourists’ strong demand for Egypt, Turkey continues in March
German tourists continued to show strong demand for travel bookings to Egypt and Turkey in March, according to tourism portal FVW. “Egypt maintained its comeback of the last year with strong double-digit growth for both Hurghada and Marsa Alam. The main Red Sea destination airport saw a 44% [y-o-y] rise in bookings.” Marsa Alam saw […]
Posted inTourism
Marriott’s new hotel rooms in the region will mostly be in Egypt, UAE, and Saudi Arabia
Marriott’s five-year expansion plan will add 32,000 new hotel rooms to the region, mostly in Egypt, the UAE, and Saudi Arabia, Middle East and Africa Director Alex Kyriakidis tells Gulf News. The new rooms come as part of the hotel brand’s plans to increase its portfolio in the region by 50%. On geopolitical concerns, Kyriakidis […]
Posted inTelecoms + ICT
IKU Mobile plans to establish USD 15 mn mobile assembly facility
IKU Mobile is planning to establish a USD 15 mn mobile phone assembly facility in one of Egypt’s tech zones, the company’s General Manager Sherif Akef said yesterday, Al Shorouk reports. This would be IKU’s second phone assembly factory in Egypt and is expected to have a production output of 1.8 mn units per annum.
Posted inTelecoms + ICT
TE hopes to complete 70% of fiber optics internet cable network by year’s end
Internet users, rejoice, Telecom Egypt is hoping to complete the installation of 70% of Egypt’s fiber optics internet cable network by the end of this year, CEO Ahmed El Behery tells Youm 7. The state-owned company has already completed 52% of the project, he adds.
Posted inAutomotive + Transportation
Canada lifts its ban on EgyptAir cargo flights following two-year suspension
Canada has agreed to lift its two-year ban on EgyptAir direct cargo flights, according to a Trade Ministry statement. The move comes after a Canadian delegation inspected security procedures for cargo flights departing from Egypt, according to the statement.
Posted inBanking + Finance
Pioneers Holding planning a EGP 1.1 bn capital increase
Pioneers Holding is planning new investments and expanding on its existing portfolio through a EGP 1.1 bn capital increase, a 30% jump in the company’s current capital, CEO Walid Zaki tells Reuters on Wednesday.
Posted inOther Business News of Note
El Sisi meets with Boeing, Orange Egypt heads
President Abdel Fattah El Sisi met yesterday with Boeing International President Marc Allen to discuss potential plans to use Egypt as a regional hub for the company’s maintenance operations, in addition to upgrading national flag carrier EgyptAir’s fleet, according to an Ittihadiya statement. El Sisi also met with Orange Egypt CEO Stephane Richard to look […]
Posted inOther Business News of Note
Turkish clothing brand DeFacto plans expansion in Egypt
Turkish ready-to-wear clothing brand DeFacto is planning to expand its presence in Egypt, Kazakhstan, Iraq, and Morocco as part of its plans to open 330 new stores in the next three years, Bloomberg reports. The affordable clothing retailer is targeting a nearly 100% increase in revenues from sales at its international branches by 2020. No […]