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Dairy manufacturer Katilo is building an EGP 120 mn cheese factory in New Damietta, Chairman Abdel Moneim Katilo tells Al Borsa. The project will price an annual 12,000 tonnes of cheese, once it’s complete in four months’ time, most of which will be earmarked for export, he says.
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Raya Holding partners with Italy’s UVCC for USD 70 mn agricultural products factory in Uganda
Raya Holding is partnering with Italy’s UVCC to establish a USD 70 mn food production facility in Uganda, Raya CFO Hossam Hussein tells Al Mal. The two companies will form a new joint venture, to which Raya will contribute 24% of the capital — USD 24 mn — of which USD 6 mn will come […]
Posted inBasic Materials + Commodities
Egypt’s cotton exports drop 36.7% y-o-y in 1Q2017-18
Egypt’s cotton exports dropped 36.7% y-o-y in 1Q2017-18 to 128,300 qintars, down from 202,500 qintars during the same period last year, according to CAPMAS statistics carried by Al Masry Al Youm. The decline in exports is a direct result of the previous season’s reduced cultivation area, according to the state census bureau.
Posted inBasic Materials + Commodities
GASC purchases 120k tonnes of Russian wheat
The General Authority for Supply Commodities (GASC) purchased 120k tonnes of Russian wheat at USD 223.5 per tonne on Wednesday, according to Reuters’ Arabic service. The price includes shipping fees and the amount will be delivered in two shipments of 60,000 tonnes each.
Posted inReal Estate + Housing
Madbouly gives Maspero residents an ultimatum to relocate
Housing Minister Mostafa Madbouly issued yesterday an ultimatum to Maspero Triangle residents who have refused to relocate from their homes, causing delays in a redevelopment plan for the area, Al Masry Al Youm reports. Madbouly told the residents during a meeting yesterday that this is their “last chance” to either agree to permanently relocate to […]
Posted inTourism
EgyptAir working on resuming flights with Benghazi, launching new route to Hong Kong
EgyptAir is working on resuming flights between Cairo and Benghazi and starting new routes to Hong Kong and an undisclosed African city, Chairman Safwat Musallam tells Ahram Gate. The airline has been growing its fleet and is set to receive the first of a dozen planes from an agreement with Bombardier between November 2018 and […]
Posted inTourism
Tourism Ministry considers SAR 2,000 fee as part of new Umra regulations
The Tourism Ministry is considering imposing a SAR 2,000 (c. EGP 10,000) fee on umra requests this season for anyone who has performed the smaller of the two Muslim pilgrimages in the last three years, Al Shorouk reports. The news caused a stir among tour operators, who said the fee was too high and would […]
Posted inBanking + Finance
CI concludes sale of QNB shares on EGX
CI Capital concluded yesterday the sale of 2.125% of the Qatar National Bank’s (QNB) stake in its Egyptian unit QNB-Al Ahli, sources tell Al Mal. The sale, which reduced the bank’s stake to 95% from 97.125%, was necessary for QNB-Al Ahli to comply with new EGX regulations that require at least 5% of a listed […]
Posted inOther Business News of Note
EMPC grants Al Hokair Group rights to redevelop Magic Land
The Egyptian Media Production City’s board of directors has agreed to grant Saudi Arabia’s Al Hokair Group the rights to redevelop and manage Magic Land under a 30-year license, according to a company disclosure (pdf). Al Hokair will invest a minimum of USD 30 mn over the 30 years in the project. The agreement will […]
Posted inLegislation + Policy
Housing Committee will not approve three-month legislation on settling building violations
Members of parliament’s Housing Committee have agreed that the government’s proposed three-month legislation to settle building code violations cannot pass without the Unified Building Code amendments, Al Masry Al Youm reports. At a meeting on Wednesday, the committee agreed that both laws would have to pass together as they are too closely intertwined and complement […]