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Madinet Nasr Housing and Development (MNHD) is targeting contracted sales of EGP 5.5-6 bn during 2018, the company said in a bourse statement (pdf). MNHD sees new phases of the Taj City reeling in EGP 2.5-3 bn, while contracted sales for its Sarai projects are projected to reach EGP 2-3 bn.
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
PHD launching West Cairo project in April, Alexandria project 2H2018
Palm Hills Development (PHD) is preparing for the April launch of the first phase of a new residential project it’s developing in Six October in partnership with the New and Urban Communities Authority (NUCA), CEO Yassin Mansour tells Al Mal. PHD will also launch a new residential development in Alexandria in 2H2018, Mansour added, without […]
Posted inTourism
Ramses II statue discovered in Kom Ombo
Archaeologists discovered parts of a Ramses II statue in Aswan’s Temple of Kom Ombo, the Antiquities Ministry announced yesterday, The Associated Press reports. The statue’s head and chest were found during work to shield the site from groundwater. WCBI and Asharq Al-Awsat also carried the story.
Posted inTelecoms + ICT
EGX approves Orange’s EGP 15.4 capital increase
The EGX listing committee approved yesterday Orange’s request to increase its issued capital to EGP 16.4 bn from EGP 1 bn, according to an EGX filing. The EGP 15.4 bn capital increase will be by financed through a rights issue to existing shareholders. The new shares will be added to the EGX database as of […]
Posted inAutomotive + Transportation
ENR’s 1,300 new locomotives expected to cost EGP 19 bn -Arafat
The purchase of 1,300 new locomotives for the Egyptian National Railways (ENR) is expected to cost EGP 19 bn, Transport Minister Hisham Arafat told reporters yesterday, according to Al Shorouk. Arafat had said back in November — when the tender had been for 1,000 cars — that the locomotives would cost c. EGP 16 bn. […]
Posted inEgypt Politics + Economics
Potential governor reshuffle to follow presidential elections
The Local Development Ministry is contemplating a governor reshuffle after the March presidential election, sources tell Al Shorouk. Officials are currently evaluating governors’ performance to assess whether they have been meeting their targets and expectations.
Posted inEgypt Politics + Economics
Former Helwan governor sentenced to five years, fined EGP 50,000 over bribery
Former Helwan Governor Hazem El Qowaidi was sentenced to five years in prison and fined EGP 50,000 yesterday on charges of bribery, Al Shorouk reports. He was arrested last year on allegations that he received a Mercedes-Benz in exchange for illegally transferring ownership of a government-owned land plot in Maadi to a private company. In […]
Posted inEgypt Politics + Economics
Genena remanded for another 45 days
Military prosecutors extended former top auditor Hisham Genena’s detainment for 45 days pending further investigation into charges of him spreading false news,according to Al Shorouk. Genena was released on bail last week and had been detained after claiming he held incriminating evidence against top military officials.
Posted inON YOUR WAY OUT
Jupiter’s massive swirling clouds
NASA snapped some dazzling pictures of Jupiter’s swirling clouds via its Juno spacecraft earlier this month when it did a close flyby, Global Times reports. The spacecraft was roughly 8,000 km above the clouds when it grabbed the color-enhanced shots of Jupiter’s northern temperate belt.
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.59 | Sell 17.69 EGP / USD at CIB: Buy 17.58 | Sell 17.68 EGP / USD at NBE: Buy 17.56 | Sell 17.66 EGX30 (Tuesday): 15,523 (+0.5%) Turnover: EGP 1.2 bn (6% ABOVE the 90-day average) EGX 30 year-to-date: +3.4% THE MARKET ON TUESDAY: The EGX30 ended […]