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Mars Wrigley Confectionery sees Egypt becoming its production hub for the MENA region in the near future, Vice President of Corporate Affairs for the AMEA region David Kiu said at a roundtable we attended yesterday. He added that the recently inaugurated EGP 750 mn production lines at its 6 October City factory will surpass its […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Oil Ministry to decommission Höegh Gallant’s FSRU in mid-2018
The Oil Ministry is reportedly planning to end its five-year contract for the Höegh Gallant FSRU in mid-2018, EGAS sources tell Al Borsa on Wednesday. The move, which comes on the back of Egypt’s plan to begin exporting gas by 2019, would end the contract one year ahead of schedule, presumably with the payment of […]
Posted inSpeed Round
Orascom inaugurates MATS plant in Alexandria
Orascom Construction (OC) announced it has completed a Multipurpose Applications by Thermodynamic Solar (MATS) plant in Borg El Arab in Alexandria, which we noted yesterday the Electricity Minister had inaugurated on Tuesday. “The MATS plant is comprised of an integrated concentrated solar power (CSP) and water desalination facility with a capacity that can serve a […]
Posted inSpeed Round
Earnings Watch: Elsewedy Electric reports 2017 results
EARNINGS WATCH- Elsewedy Electric reported a 65% y-o-y growth in net profit after minority interest to EGP 6.368 bn in 2017, up from EGP 3.85 bn in 2016, according to the company’s earnings release (pdf). Revenues also increased 74% y-o-y to EGP 42.91 bn, driven largely by growth in the turnkey projects and wires and […]
Posted inSpeed Round
Elamien steps down as MD of Flat6Labs Cairo
MOVES- Our friend Willie Elamien, Flat6Labs Cairo Managing Director, is stepping down after two years at the helm effective today. Elamien will be succeeded by Moustafa Khater, a licensed innovation consultant, who comes with 12 years’ experience with Shell.
Posted inSpeed Round
Egypt, Greece, Turkey among the top summer destinations for German travelers
Egypt continued its comeback with German travelers, as bookings for this summer rose 64% y-o-y, Reuters reports, citing German market researcher Gfk. According to Gfk, German travelers are also returning in droves to Turkey, where “the security situation and political tension appeared to be easing,” spurring a 101% y-o-y rise in German summer bookings. Meanwhile, […]
Posted inSpeed Round
Egypt, Russia reach consensus on Dabaa nuclear plant designs
Egypt and Russia have agreed on the final design plans for the Dabaa nuclear power plant, Electricity Minister Mohamed Shaker said yesterday, Al Shorouk reports. Sources said on Tuesday that the ministry had drawn up a list of 10 Egyptian contractors it will recommend to Russia’s Rosatom to work on the USD 30 bn plant, […]
Posted inSpeed Round
Dina Powell returning to Goldman Sachs
Egypt-born Dina Powell, who most recently served as deputy national security adviser to US President Donald Trump, is returning to Goldman Sachs, Bloomberg reports. Powell will join Goldman Sachs’ management committee and will focus on boosting relationships with sovereign clients. Powell was a partner and the firm’s global head of impact investing before joining the […]
Posted inUncategorized
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Posted inImage of the Day
Corridor painting inspires an in metro art exhibition space
The Transport Ministry is transforming an Opera metro station corridor into an art space after it was painted into a mural showing the solar system by the cultural association ‘Mobde’oon,’ according to Egypt Today. The corridor was painted by 11 young artists and will serve as an exhibit space paintings and music from other artists […]