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Apparently, some of us are more genetically inclined to divorce, new research suggests, according to the Economist. Using Swedish national registries that store information on all Swedish residents, including marital status and children’s adoptive and biological parents, American scientists found that children were 20% more likely to divorce if their biological parents had divorced. (Watch, […]
Author Archives: enterpriseam admin
Posted inEnergy
Acta Marine deploys new specialist vessels to work on Zohr field for second year
Acta Marine will continue to work on the Zohr gas field for the second year running. The company announced yesterday that it has called in two of its DP Multicat vessels to aid in the completion of its pipe installation activities in shallow waters. The Coastal Chariot was the company’s selected vessel to work off […]
Posted inEnergy
Kami Group looking to establish solar, wind energy industrial complex
Egypt’s Kami Group is looking into establishing a solar energy industrial complex in Beni Suef to manufacture and assemble solar and wind energy plant parts, the company said in a letter it sent to potential investors picked up in the press. The complex is expected to house 64 production facilities manufacturing 16 different products, including […]
Posted inInfrastructure
Elsewedy Developments plans to invest EGP 700 mn to develop 1.4 mn sqm in Sadat City
Elsewedy Group subsidiary SDM is planning to invest EGP 700 mn in completing industrial development works for 1.4 mn sqm in Sadat City it was allocated through tenders, CEO Mohamed El Kammah says. The development work is expected to take two years to complete, after which the land will be equipped to house around 50 […]
Posted inFOOD AND CONSUMER
Domty postpones launching its baked-goods line to 3Q2018
Domty is postponing launching its baked-goods line to 3Q2018 instead of 1Q2018 as was originally planned, due to a slowdown in sales of baked goods, Vice Chairman Mohamed El Damaty said.
Posted inFOOD AND CONSUMER
Gov’t targets EGP 7 bn increase in tobacco tax revenues in FY2018-19
Egypt is looking to increase revenues from taxes imposed on tobacco by EGP 7 bn in FY2018-19, according to a document seen by Reuters. The government is targeting tobacco taxes of c. EGP 58.5 bn, up from an expected EGP 51.452 bn this fiscal year.
Posted inReal Estate + Housing
OUD plans EGP 350 mn mall in New Cairo
Oriental Weavers subsidiary Orientals for Urban Development (OUD) is planning to build an EGP 350 mn mall in New Cairo, company director Asser Hamdy tells Al Shorouk. The 7,000 sqm Sidewalk Mall should be complete in 2019.
Posted inTourism
Steigenberger Hotels expands Egypt portfolio with new Luxor hotel
Steigenberger Hotels & Resorts is set to open the new Steigenberger Resort Achti in Luxor in 3Q2018, Hotelier Middle East reports. The new hotel on the East Bank of the Nile will include 281 rooms, suites and bungalows, as well as six restaurants and bars. The Steigenberger Resort Achti brings the company’s Egypt portfolio to […]
Posted inAutomotive + Transportation
Construction on 10 Ramadan-Salam high-speed train to begin in July
Construction on the high-speed electric rail line linking Salam City with 10 Ramadan City and the new administrative capital will begin in July, the National Authority for Tunnels (NAT) chief Tarek Gamal El Din tells Youm 7. The project, which will be financed by a USD 1.2 bn loan from the Export-Import Bank of China, […]
Posted inBanking + Finance
Al Baraka Bank plans to set up new investment arm
Al Baraka Bank is planning to set up a new investment arm in Egypt sometime during 2H2018, CEO Ashraf El Ghamrawy says. The company will likely have a capital of EGP 200 mn. Feasibility studies on the new company are in their “final phases,” according to Ghamrawy.