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Preliminary gold production from the Sukari gold mine rose 14% y-o-y in 1Q2018 to 124.3 ounces, Centamin announced yesterday (pdf). Despite production during quarter coming in “lower than planned due to the transitional zone of the open pit delivering lower than expected grades,” the company is maintaining its target of producing 580k ounces of gold […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Egyptian Countryside Co. to tender 800k feddans this year
The Egyptian Countryside Development Company is planning to tender 800k feddans this year as part of the 1.5 mn feddans project, CEO Ater Hanoura tells Al Masry Al Youm.
Posted inHealth + Education
Saudi German Hospital Group signs with Al Hanove Travel to promote medical tourism
The Saudi German Hospitals Group (SGH) has signed an MoU with Al Hanove Travel, a subsidiary of Saudi Arabia’s Al Tayyar Travel Group, to promote medical tourism at its facilities in Egypt, Al Shorouk reports. Egypt has been working to promote its burgeoning medical tourism sector through the Tour n’ Cure hepatitis C medical tourism […]
Posted inReal Estate + Housing
Golden Pyramids Plaza to issue USD 60 mn in corporate bonds
Golden Pyramids Plaza’s board has agreed to issue a second tranche of USD 60 mn under a USD 400 mn bond program, according to a company statement. This comes only days after Orascom Construction Industries (OCI) reportedly requested that the Financial Regulatory Authority (FRA) stop Golden Pyramids Plaza from selling corporate bonds until it repays […]
Posted inTourism
Tourism Ministry to relaunch Papyrus Private Equity Tourism fund, to issue tender for new promotional campaign
The Tourism Ministry is relaunching the Papyrus Private Equity Tourism fund to help finance struggling hotels and tourism-related businesses, Minister Rania Al Mashat told reporters last week. The ministry will work with state-run Ayadi Company for Development and Investment, which had established the EGP 50 mn fund back in 2016 to revitalize the battered tourism […]
Posted inOther Business News of Note
Oriental Weavers targets 8% export revenue growth in 2018
Oriental Weavers is targeting 8% growth in its export revenues in 2018, according to a bourse filing (pdf). The target growth is based on new export orders from customers in new and existing markets. The company is also expanding in Africa “through securing a new order from a big South African retailer,” and entering new […]
Posted inEgypt Politics + Economics
FRA targets growing insurance industry share of GDP to over 1% in five years
The Financial Regulatory Authority (FRA) is planning to grow the insurance industry’s contribution to GDP to over 1% in five years, according to Youm7. FRA hopes to double insurance premiums to EGP 50 bn by 2022, up from EGP 24 bn. The authority’ strategy also targets raising the sector’s investments to EGP 150 bn by […]
Posted inEgypt Politics + Economics
Court of Cassation orders retrial in NGO foreign funding case
The Court of Cassation has overturned jail sentences against 16 NGO workers and ordered a retrial of the notorious 2013 “foreign funding case,” Ahram Online reports. The defendants were charged with operating an NGO without the necessary approvals and receiving illicit foreign funding. Most of the foreign defendants, including at least 15 Americans, were tried […]
Posted inON YOUR WAY OUT
Google pays homage to Omar Sharif on his would-be 86th birthday
Google is paying homage today to late Egyptian actor Omar Sharif on what his would-be 86th birthday. Sharif — who earned a degree in mathematics and physics from Cairo University — began his acting career in Egypt in the 1950s, but was catapulted to international fame following his role in the 1962 film Lawrence of […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.6281 | Sell 17.7281 EGP / USD at CIB: Buy 17.63 | Sell 17.73 EGP / USD at NBE: Buy 17.57 | Sell 17.67 EGX30 (Thursday): 17,411 (-0.6%) Turnover: EGP 2.2 bn (91% ABOVE the 90-day average) EGX 30 year-to-date: +15.9% THE MARKET ON THURSDAY: The EGX30 ended […]