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Two trains collided in Beheira yesterday, killing 12 and injuring 39, Reuters Arabic reports. “Two passenger carriages separated from one train and collided with a cargo train,” according to a local security official. The incident is topping coverage of Egypt in the foreign press this morning. Other international stories worth a skim this morning: Egypt […]
Author Archives: enterpriseam admin
Posted inOn Deadline
Losing confidence in traditional media
The growing reliance on social media reflects a loss of confidence in traditional media, Al Masry Al Youm’s Amr El Shobaky says as he takes a look at social media’s “negative role” in spreading false news, inciting hatred, and affecting voters’ decisions. El Shobaky says the country needs to look at the underlying causes rather […]
Posted inDiplomacy + Foreign Trade
Egypt receives Ethiopia’s five-year plan to fill GERD reservoir?
Egypt has reportedly received Ethiopia’s official five-year plan for filling the reservoir behind the Grand Ethiopian Renaissance Dam, GERD tripartite committee member Gedion Asfaw tells Al Shorouk. The plan includes a number of scenarios that Egypt can choose to adopt during that period, he says without elaborating, adding only that further negotiations are in order […]
Posted inEnergy
SIDPEC selects Honeywell UOP, W.R. Grace & Co. to construct propylene, polypropylene factories
Sidi Kerir Petrochemicals (SIDPEC) has selected Honeywell UOP and W.R. Grace & Co to construct its planned propylene and polypropylene factories, respectively, SIDPEC announced yesterday, Al Shorouk reports. SIDPEC had received six offers for the licenses to construct the factories. The propylene facility has a targeted production output of 500k tonnes per annum, while the […]
Posted inReal Estate + Housing
Pyramisa Hotels and Resorts to invest EGP 500 mn in developing its hotels
Pyramisa Hotels and Resorts is earmarking EGP 500 mn to develop and upgrade its hotels in Cairo, Luxor, Aswan, Sharm El Sheikh, and Sahl Hasheesh next year, chairman Magdy Azab tells Al Mal. The company plans to self-finance the upgrades rather than rely on loans, which Azab says require collateral the company cannot afford. Separately, […]
Posted inTelecoms + ICT
MNOs begin halting sales of new phone lines through distributors
Mobile network operators have stopped selling new phone lines through distributors and cut them off from SIM cards and ways to wirelessly recharge phone lines on Wednesday, distributors tell Al Borsa. The move comes in accordance with a National Telecommunications Regulatory Authority decision to limit sales of new phone lines only to official branches of […]
Posted inBanking + Finance
EFG Hermes Assets Management plans to grow AUM by up to 15% this year
EFG Hermes Asset Management plans to grow its assets under management 10-15% this year, Managing Director and head of Fixed Income Khalil El Bawab tells Al Borsa. The firm is planning to snag two money market funds in the coming six months he added. One of the funds will be issued by a bank, which […]
Posted inBanking + Finance
Global Lease sets up real estate assets management arm
Global Lease has set up a real estate assets management arm with an initial portfolio worth EGP 200 mn, CEO Hatem Samir tells Al Borsa. Separately, Global Lease is looking to increase its leasing 30-40% this year and is targeting syndicated leasing activities worth EGP 900 mn. Ezdehar Egypt Mid-Cap Fund had acquired 60% of […]
Posted inOther Business News of Note
Environment agency, FEI, NBE sign EGP 7 mn facilitated loans agreement for SMEs
The National Bank of Egypt signed an agreement with the Environmental Affairs Authority and Federation of Egyptian Industries yesterday that will see it extend facilitated loans to SMEs to help them comply with environmental standards, Al Masry Al Youm reports. The bank will offer loans of up to EGP 7 mn that can be repaid […]
Posted inEgypt Politics + Economics
NPA to take charge of state newspapers’ HR affairs
The Council of State (Maglis Al Dawla) has given the National Press Authority (NPA) it’s blessing to take charge of state-owned newspapers’ HR affairs, Al Shorouk reports. This would give the NPA autonomy in drafting HR regulations and setting the minimum and maximum wages for journalists and administrators in state-owned papers. This comes as Daily […]