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Investment Minister Sahar Nasr signed a USD 150 mn financing agreement with the African Development Bank (AfDB) yesterday that will help fund upgrades at the Abu Rawash sewage treatment facility, reports Al Mal. The upgrades, which aim to narrow the station’s environmental impact and help preserve water resources, will be carried by Orascom Construction and […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Egypt large contributor to Indian tea export growth
Egypt was the top contributor to India’s record growth in tea exports in 2017, which reached a 36 year-high, climbing 9.3% y-o-y to USD 726.7 mn, according to The Hindu. Tea exports to Egypt increased by 166% y-o-y, followed by Sri Lanka with 84.8% y-o-y, and China with 50%.
Posted inHealth + Education
Saudi Arabia to establish business and technology university in Egypt
Saudi Arabia is planning to establish a business and technology university in Egypt, Chairman of Jeddah’s University of Business and Technology (UBT) Abdullah Dahlan tells Al Borsa. Talks with Egyptian authorities are underway to determine the location and total cost of the project, he adds.
Posted inTourism
Antiquities Ministry to buy electric buses for Giza Plateau
The Antiquities Ministry is studying offers from 10 local companies on a tender for 35 electric-powered buses to transport tourists around the Giza Plateau, according to Mohamed Ismail, the director of the area’s development project. The winning company, which will manage the service and take charge of maintenance, will receive a share of ticket sales, […]
Posted inAutomotive + Transportation
Saudi shareholders file complaint with GAFI over GM Egypt capital increase plans
Saudi shareholders in General Motors Egypt have reportedly rejected a board decision to increase the company’s issued and paid-in capital by EGP 1.78 bn to EGP 1.99 bn, from EGP 219.8 mn currently, according to Daily News Egypt. The General Authority for Freezones and Investment (GAFI) agreed to freeze Saudi Arabia’s Kaaki family’s 14.7% stake […]
Posted inAutomotive + Transportation
Used car listings grow 27% y-o-y on OLX Egypt
Online trading platform OLX Egypt saw used car listings climb 27% y-o-y in 2017 to 1 mn vehicles valued at a total EGP 200 bn, OLX said in a press statement reported by Ahram Online. OLX attribute the increase to increased fuel prices, the value-added tax, and a primary market that is too expensive.
Posted inOther Business News of Note
EMPC signs with Saudi company to develop Magicland theme park
The Egyptian Media Production City Company (EMPC) says it will sign a contract with an unnamed Saudi company by the end of this month to redevelop the Magicland theme park, EMPC Chairman Osama Heikal tells Al Borsa. The agreement comes after a Chinese company hired to redevelop and refurbish the entertainment park in 2016 failed […]
Posted inOther Business News of Note
EGP 1 bn eco-tourism company in the works?
It seems that there are plans to establish a EGP 1 bn company to manage wildlife and nature reserves in Egypt, according to statements made at the first Arab Economic Forum for Ecotourism and Protected Areas in Cairo, Ahram Gate reports. No details were revealed beyond statements that the company will include regional (and possibly) […]
Posted inOther Business News of Note
Nasr forms investors appeals committees at GAFI
Investment Minister Sahar Nasr established two investor appeals committees at the General Authority for Freezones and Investors (GAFI). The order was published on the Official Gazette on Tuesday.
Posted inEgypt Politics + Economics
El Zend and others acquitted in Genena slander case
A Cairo criminal has cleared former Justice Minister Ahmed El Zend, media figure Ahmed Moussa, businessman Mohamed Abu El Enein and lawyer Samir Sabry of charges of slander leveled by former anti-corruption boss Hesham Genena, according to AMAY. Genena had faced a backlash joining the political opposition calls to boycott the upcoming presidential election.