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Electricity Minister Mohamed Shaker and Suez Governor Ahmed Hamed inaugurated yesterday the Middle East’s first 500/220/66 kV transformers factory in Ain Sokhna, Al Masry Al Youm reports. The factory is part of a drive to locally manufacture equipment for power stations in order to reduce costs and increase efficiency, according to Shaker.
Author Archives: enterpriseam admin
Posted inInfrastructure
Housing Ministry to bring six desalination plants into service by year’s end
The Housing Ministry is expecting to bring six out of 19 desalination plants it is constructing into service by the end of the year, Minister Mostafa Madbouly said yesterday, Egypt Independent reports. The six plants are expected to produce 1.6 mn cubic meters of desalinated water per day. The government is looking to establish several […]
Posted inBasic Materials + Commodities
Gov't to import 180-200k tonnes of wheat this month, local wheat price to be announced today
The Supply Ministry plans to import 180-200k tonnes of wheat this month, Supply Minister Ali El Moselhy tells Al Mal, adding that Egypt’s wheat reserves will last until mid-July. El Moselhy said that the ministry would announce the price of buying local wheat from farmers during the upcoming harvest season today. Farmers are pushing to […]
Posted inBasic Materials + Commodities
Univert’s majority shareholder seeks FRA approval to purchase remaining stake
Univert Food Industries’ majority shareholder Mohammed Ahmad Basamh is seeking approval from the Financial Regulatory Authority (FRA) to make a mandatory offer to purchase 100% of the company, according to a company release (pdf). Basamh, who owns 60.1% of the company, is looking to purchase the remaining 39.9% at EGP 1.00 per share.
Posted inAutomotive + Transportation
Transport Holding Company reaches agreement with China’s Yutong to provide 900 buses
The Holding Company for Maritime & Land Transport has reached an agreement with Chinese bus manufacturer Yutong to provide 900 buses for the East Delta, West and Middle Delta, and Upper Egypt Transport and Tourism companies, Youm7 reports. Under the agreement, the Engineering Automotive Manufacturing Company will assemble the buses in Egypt and provide after-sales […]
Posted inBanking + Finance
Prime Holding planning acquisitions of food and education companies
Prime Holding is planning to acquire majority stakes in a food industries company and an education firm, according to statements attributed to CEO Mohamed Maher. The company is reportedly also considering getting into financial leasing as part of plans to diversify its activities.
Posted inBanking + Finance
El Sisi meets with Visa CEO
President Abdel Fattah El Sisi met with Visa CEO Alfred Kelly and other company officials yesterday to discuss cooperation on upgrading financial services and increase investments in Egypt, according to an Ittihadiya statement. The meeting also saw discussion on developing ICT infrastructure.
Posted inOther Business News of Note
Eastern Company’s board approves capital increase through bonus share issuance
Eastern Company’s board of directors has approved a decision to increase the company’s paid-in and issued capital by EGP 750 mn to EGP 2.25 bn, and EGP 1.5 bn to EGP 4.5 bn, respectively. The board agreed to raise capital through a bonus share issuance that will be funded through company reserves, the company announced […]
Posted inON YOUR WAY OUT
Egyptians outraged about Beyonce’s Nefertiti collection
Beyonce’s latest spring collection featuring ancient Egyptian queen Nefertiti has upset many Egyptians, who have called out for cultural appropriation, according to Metro. Apparently, the collection is an example of how Egypt’s culture has been “brutally commoditized and commercialized,” according to one angry Egyptian. “I’m not spending a dime on her,” she says.
Posted inON YOUR WAY OUT
Google is offering pro-bono training to 4,000 journalists in the Middle East
Google will offer pro-bono training to 4,000 journalists in the Middle East through its recently-launched Google News Initiative, Gulf News reports. The initiative, which aims to “help journalists advance their editorial, research, writing, fact-checking and editing skills,” will begin with media professionals in Dubai before expanding to Egypt, Saudi Arabia, Tunisia, Lebanon, and Jordan.