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Three-year-long FBI investigation into Egyptian-American citizen Mohamed Elshinawy unveiled an atypical model of cross-border terrorism funding, according to the Associated Press. Rather than sending funds to Daesh, Elshinawy — who was sentenced to 20 years in prison in the US on terror charges on Friday — had been receiving wire transfers from Daesh to act […]
Author Archives: enterpriseam admin
Posted inOn Deadline
Gov’t should conduct a cost-benefit analysis on the effect of raising electricity prices
The government needs to conduct a thorough cost-benefit analysis on how raising electricity prices will affect the country’s economy as a whole, Medhat Nafei writes for Al Shorouk. The gradual phaseout of subsidies might actually do more harm than good in the grander scheme of things, since higher power costs might push some manufacturers to […]
Posted inWorth watching
Egyptian swimmer defies the odds despite Down syndrome
Tear jerker alert: Meet the Egyptian swimming champion that won’t let Down syndrome keep him from the podium. 21-year-old Mahmoud Abdel Bary, who has been swimming since he was six, has won gold and bronze medals in world championships and continues to break his own records, Al Shorouk reports (watch, runtime: 02:26).
Posted inDiplomacy + Foreign Trade
Chinese business delegation in town for cooperation on tourism, agriculture
A Chinese business delegation of 10 companies discussed investment opportunities with the Egyptian Businessmen Association (EBA) on Sunday, Al Mal reports. The delegation representing the Chamber of Trade and Industry from China’s Hainan province signed an MoU with EBA to cooperate on tourism, agriculture, and e-marketing. They also discussed possible cooperation in real estate and […]
Posted inEnergy
NREA to form JV to operate, maintain wind farms
The New and Renewable Energy Authority (NREA) is planning to establish what it says is the country’s first company specialized in the operation and maintenance of wind-powered energy projects, an authority source tells Al Mal. The authority wants to hold a minority stake in the company and plans to partner with a major player in […]
Posted inEnergy
Egypt to receive second shipment of Iraqi crude oil in two weeks
Egypt is set to receive 2 mn bbl of Iraqi crude oil in two weeks, a source from the EGPC said. The shipment is the second since Egypt renewed an agreement to import crude oil from Iraq back in January. Under the agreement, Egypt imports 12 mn bbl of Iraqi crude delivered in 2 mn […]
Posted inEnergy
EAEA reaches agreement to construct EGP 35 mn nuclear fuel factory
The Egyptian Atomic Energy Authority (EAEA) reached an agreement with Nile Valley Company to construct a EGP 35 mn nuclear fuel factory, authority chief Atef Abdel Hamid told reporters yesterday, according to Al Mal. The facility will be constructed over two phases, with the first phase slated for completion within three years. Meanwhile, the authority […]
Posted inInfrastructure
Gov’t looks to incentivize private sector investment in water desalination projects
The government is looking into offering incentives such as tax cuts for private sector participation in water desalination projects, Irrigation Minister Mohamed Abdel Aty told reporters yesterday, according to Al Mal. The move is part of the government’s water resource management and conservation strategy, which will rely in part on setting up desalination plants in […]
Posted inBasic Materials + Commodities
Tecnimont asks for five-month extension, extra USD 76 mn for KIMA 2 project
Italian engineering and construction firm Tecnimont has asked for a five-month extension and an extra USD 76 mn to complete the Egyptian Chemical Industries Company’s (KIMA) fertilizer production facility in Aswan, unnamed KIMA sources said, according to Al Mal. KIMA has referred Tecnimont’s request to its legal advisor, Zaki Hashem & Partners, to decide on […]
Posted inReal Estate + Housing
OCI wants an FRA to stop Golden Pyramids Plaza from issuing corporate bonds
Orascom Construction Industries (OCI) has reportedly requested that the Financial Regulatory Authority (FRA) stop Golden Pyramids Plaza from selling corporate bonds until it repays OCI and Consolidated Contractors International c. EGP 305 mn in damages awarded by 2015 arbitration ruling. Reports suggest that FRA is considering the decision. An Appellate Court had rejected an appeal […]