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EETC inks contracts for USD 400 mn Gulf of Suez wind farm: The Egyptian Electricity Transmission Company (EETC) signed contracts yesterday for the 250 MW Gulf of Suez wind farm being developed by a consortium of Orascom Construction, Engie, and Toyota Tsusho Corporation, according to a Cabinet statement. The USD 400 mn will be established […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Arabian Cement, LafargeHolcim plan to up cement exports amid market oversupply
Arabian Cement, LafargeHolcim plan to up cement exports amid market oversupply: Arabian Cement is planning to increase its exports this year to 550k tonnes, from 400k tonnes in 2017, CEO Sergio Alcantarilla tells Al Borsa. The company is eyeing more exports to countries including the US, Kenya, Yemen, and Madagascar, given the Egyptian market’s state […]
Posted inSpeed Round
Gov’t expected to raise local wheat buying price EGP 15-20 per ardib
Gov’t expected to raise local wheat buying price EGP 15-20 per ardib: The government will set the price of buying local wheat for the upcoming harvest season based on the average local and global prices, an unnamed government source tells Arabic Reuters. The formula will likely see the buying price increase EGP 15-20 per ardib […]
Posted inSpeed Round
Earnings Watch: Telecom Egypt reports FY2017 results
EARNINGS WATCH- Telecom Egypt reported an 18% y-o-y rise in net profit after tax in 2017 to EGP 3.2 bn, up from EGP 2.7 bn during the previous year, according to an EGX filing (pdf). Consolidated revenues recorded EGP 18.6 bn, marking a 33% y-o-y increase.
Posted inSpeed Round
Dahab returns to becoming a popular resort
Dahab is on its way back to becoming a popular beach resort, after the past few years yielded “circumstances [that] certainly affected a pause in tourism development,” Nick Redmayne writes for The Independent. However, there are many who remain wary about the town’s rising popularity and are concerned that there are efforts to shape it […]
Posted inSpeed Round
Etisalat shares rise as it plans USD 2 bn share buyback
Etisalat shares popped around 4.1% yesterday as the UAE-based telecom company announced its plans for a USD 2 bn stock buyback, Bloomberg reports (paywall). The company’s board had recommended purchasing some around 5% of its paid-up capital. “The buyback is intended for canceling or reselling the shares, it said, without providing the terms.”
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
British MPs requesting permission to visit Morsi in prison top int’l coverage of Egypt
A group of British MPs have petitioned the Egyptian government to allow them to visit ex-Islamist president Mohammed Morsi in Tora prison “to review conditions of [his] detention” and look into claims that he was denied adequate medical care, The Associated Press reports. The bipartisan group said they made the request on Morsi’s family’s behalf. […]
Posted inEGYPT IN THE NEWS
Also worth noting in brief this morning
Also worth a brief note this morning: The natural gas agreement between Israeli producers and Dolphinus Holdings in Egypt is a sign that diplomatic ties have never been better, Sharyn Mittelman writes for AIJAC. Hotel Business reports on the opening of the Hilton Cairo Heliopolis under global hospitality company’s expansion in the country. A self-proclaimed […]
Posted inOn Deadline
Tourism Ministry ignored implications of new umrah fees
The Tourism Ministry has completely ignored the implications of the new umrah fee on thousands of Egyptian families whose incomes depend on religious tourism, Mohamed Salah El Badry writes for El Watan. He argues that the move could force many small companies out of business and add to their existing financial strain, especially since a […]