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Energy Recovery was awarded a USD 4 mn contract for pressure exchangers for multiple desalination facilities in Egypt, the company announced. The desalination plants will produce up to 160,000 cubic meters of water per day. “We have and will continue to target Egypt as a strategic territory for Energy Recovery. The country was one of […]
Author Archives: enterpriseam admin
Posted inInfrastructure
EGP 80 bn needed to develop East Port Said Port, according to El Sisi
Development projects in the East Port Said Port require EGP 80 bn to complete, President Abdel Fattah El Sisi said yesterday, Al Mal reports. The projects include establishing logistics, industrial, and residential areas and are aimed to serve the Suez Canal Economic Zone (SCZone), according to SCZone chief Mohab Mamish.
Posted inTourism
Tourist arrival numbers showing a rebound -TRT World
Egypt tourist arrival numbers are showing a rebound after the slide that began in 2011, Joseph Hayat reports for TRT World. The rebound, despite being slow, is welcome news for tour operators, but Sharm El Sheikh’s recovery continues to lag behind other destinations. The number of visitors from emerging markets is increasing and traditional markets […]
Posted inTourism
Hilton to add nine new hotels in Egypt within five years
Hilton Worldwide is planning to expand in Egypt with 2,390 rooms in nine new hotels within five years, Hilton's Vice President of Development for MENA and Turkey Carlos Khneisser tells Al Borsa. The company will focus on opening more new hotels outside Cairo, with new locations including Port Said, Ain Sokhna, and New Damietta. Hilton […]
Posted inAutomotive + Transportation
Transport Ministry to select best offer for 1,300 locomotives by month’s end
The Transport Ministry is reportedly planning to select the best offer for the supply of 1,300 locomotives as early as the end of the month, unidentified sources tell Al Mal. The ministry is currently reviewing seven offers from Chinese, Indian, Italian, Romanian, and Austrian companies, in addition to a German-Hungarian consortium. Transport Minister Hisham Arafa […]
Posted inOther Business News of Note
EgyptAir Cargo to cut Russia flights over drop in agricultural exports
EgyptAir Cargo will cut its twice-weekly flights to Russia by half due to a drop in agricultural exports, Chairman Bassem Gohar tells Al Mal. The company resumed cargo flights to the Russian capital in November for the first time since the 2015 Metrojet plane crash.
Posted inEgypt Politics + Economics
Former Culture Minister Farouk Hosny acquitted in illicit gains case
The Court of Cassation has acquitted Mubarak-era Culture Minister Farouk Hosny of corruption charges, Al Mal reports. Hosny stood trial for allegedly misappropriating EGP 9.8 mn during his tenure from 1987 to 2011. He was acquitted in 2013 but stood retrial following an appeal by the prosecution.
Posted inON YOUR WAY OUT
If you’re a Zamalkawy, the silver lining of exiting the Confed Cup was the exit of Mortada
If you’re a Zamalkawy, the silver lining of exiting the Confed Cup was the exit of Mortada: Zamalek was kicked out of the CAF Confederation Cup round of 32 after losing 4-3 on penalties to Ethiopia's Wolaitta Dicha, Ahram Online reports. The sting of the loss was only mitigated by reports that Mortada Mansour announced […]
Posted inON YOUR WAY OUT
Squash champion Ramy Ashour beats Mohamed ElShorbagy to win 2018 Grasshopper Cup
Squash champion Ramy Ashour won the 2018 Grasshopper Cup yesterday after beating compatriot Mohamed ElShorbagy in the final match, according to the Professional Squash Association. The win “underlines a return to full fitness for Ashour following a torrid two-year spell that has seen him withdraw from seven events” due to injuries.
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.5692 | Sell 17.6689 EGP / USD at CIB: Buy 17.55 | Sell 17.65 EGP / USD at NBE: Buy 17.55 | Sell 17.65 EGX30 (Sunday): 17,271 (+1.6%) Turnover: EGP 2.1 bn (82% ABOVE the 90-day average) EGX 30 year-to-date: +15.0% THE MARKET ON SUNDAY: The EGX30 ended […]