Author Archives: enterpriseam admin

EARNINGS WATCH- The National Bank of Kuwait Egypt reported a 77.07% y-o-y jump in net profit to EGP 1.5 bn in FY2017, according to the company’s earnings release (pdf). EARNINGS WATCH- Global Telecom Holding (GTH) reported a net loss attributable to shareholders of USD 133 mn in 4Q2017, down from a net profit of USD […]

Four consortia of domestic and Arab investors are competing for contracts to build cooling plants in the new administrative capital with a total capacity of 120k tonnes per day, sources tell Al Borsa. The bidding consortia are Orascom-Engie, Elsewedy-Unicool, Gas Cool-Petrojet, and a Hassan Allam-led consortium. The New Administrative Capital Company for Urban Development is […]

Our friends at CIB received the UNDP’s Energy Efficiency Award for being the first organization to use efficient lighting systems across all its branches in Egypt, AmCham announced last week.

INFRASTRUCTURE WATCH- European funding in the pipeline for Cairo Metro Line One, dry ports, desalination plant and Alexandria tram: The Transport Ministry expects to sign in May a EUR 600 mn loan agreement with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the French Development Agency (AFD) to finance […]

Russian media wants Egypt to get the message that the US doesn’t want us to have Rafale jets: “The US government doesn't want a country like Egypt to possess such technology," Alexandre Vautravers, an official at the Geneva Center for Security Policy (GCSP), told Russian state-owned outlet Sputnik on Saturday. He is referring to reports, […]

The number of passengers traveling to Egypt from German airports rose 69.1% y-o-y in 2017 to 1.39 mn passengers, according to the German Federal Statistics Office. The increase comes as Germany’s outbound tourism reached a new all-time high in 2017, driven in part by a 35.2% boom in air traffic to African countries, including Morocco.

Abraaj undergoes restructuring following allegations of “misuse” of health fund: Emerging markets private equity giant Abraaj Group announced on Friday that it is undergoing a management restructuring and corporate reorganization that will see Omar Lodhi and Selcuk Yorgancioglu promoted to co-CEOs alongside the firm’s founder Arif Naqvi, effective immediately. The reorganization will see the spinoff […]

Sources confirm North Korea hacked OTMT: North Korea’s hacking units did attack desktop computers and laptops at Orascom Telecom Media and Technology (OTMT), people familiar with the matter tell Bloomberg. Hackers gained access through emails laced with malware that exploits a security hole in Adobe Flash. The vulnerability has since been patched by security experts, […]

The US plans to open its embassy in Jerusalem this May to coincide with the 70th anniversary of Israel’s founding, US State Department spokeswoman Heather Nauert said on Friday. The embassy will initially be comprised of the ambassador and limited staff and will be working out of the US consulate in Jerusalem. The US is […]

The United Nations Security Council has unanimously adopted a resolution calling for a 30-day ceasefire in Syria to allow aid deliveries and medical evacuations, Reuters reports. The vote came after hundreds of civilians were killed in the past week as the government bombarded the Eastern Ghouta rebel enclave near Damascus.