Author Archives: enterpriseam admin

NEOM is getting 1,000 sq km in Sinai: Egypt has committed more than 1,000 sq km of land in South Sinai to developing its side of the transnational robot utopia better known as NEOM, for USD 10 bn, a Saudi official told Reuters yesterday. “Saudi Arabia plans to build seven cities and tourism projects, while […]

Total new orders for Egypt’s non-oil private sector returned to expansion and new export business witnessed an uptick in February, the Markit-compiled Emirates NBD PMI showed. The PMI reading for the month still remained below the 50.0 neutral mark at 49.7, but was over its long-run average. “Panelists noted stronger demand from both domestic and […]

The Finance Ministry is targeting a budget deficit of between 8.5 and 8.8% of GDP in FY2018-19, according to an initial outline Minister Amr El Garhy presented to Prime Minister Sherif Ismail yesterday, Youm7 reports. The ministry is also hoping to achieve a primary surplus of 1.8-2%. El Garhy also said that Egypt’s GDP growth […]

IPO WATCH- The EGX is looking forward to as many as seven IPOs in 2018, Chairman Mohamed Farid told Bloomberg TV. “An IPO this month is likely to be followed by another in April, and a further four or five share sales before year-end,” he said, without revealing any names. Farid had said last month […]

Ibnsina Pharma’s sales practices did not break competition rules, the company’s Co-CEO Omar Abdel Gawad told Bloomberg. His comments followed the Cairo Court of Appeals agreeing to hear Ibnsina’s appeal on a ruling that fined the company, alongside three other pharma manufacturers, a combined EGP 5.6 bn for alleged antitrust violations. “The opinion of the […]

Elsewedy Electric lands EGP 3.6 bn power lines contract for Dabaa nuke plant? The Egyptian Electricity Holding Company (EEHC) has contracted Elsewedy Electric to build power transmission lines worth EGP 3.6 bn to connect the Dabaa nuclear power plant to the national electricity grid, an unnamed EEHC source tells Al Borsa. The news comes as […]

Qalaa Holdings’ Egyptian Refining Company (ERC) expects to recover the cost of its delayed launch in six-years’ time, Managing Director Mohamed Saad told the press yesterday, Reuters reports. The company is on track to begin trial operations at the Mostorod facility in 3Q2018 and launch operations by the end of 2018 or early next year, […]

INVESTMENT WATCH- The Ismail Cabinet is studying offers from four global firms to develop the Abu Tartour USD 750 mn phosphoric acid and fertilizers plant, according to a statement. The government has received offers from companies in Spain, Germany, China, and South Korea. The plant, which will be developed in partnership with the state-owned Misr […]