Author Archives: enterpriseam admin

New cement plant to open with market already in state of oversupply. The Armed Forces-owned El-Areesh Company for Cement, will inaugurate a USD 1.1 bn cement plant in Beni Suef in the coming few days, officials tell Reuters. The plant, whose Chinese builders say is the biggest plant to be built all at one time, […]

Urban planning authority now competes in sector it is supposed to regulate: The New Urban Communities Authority (NUCA) and the Housing and Development Bank (HDB) have joined forces to launch a EGP 1.3 bn real estate development outfit, Housing Minister Mostafa Madbouly announced yesterday, Al Shorouk reports NUCA holds 60% of City Edge, while HDB […]

EARNINGS WATCH- CIB posts record full-year earnings. Our friends at Egypt’s largest private-sector bank delivered a 25% rise in net income to EGP 7.5 bn in FY2017 on revenues of EGP 14.9 bn (up 32% y-o-y). In comment on the results, management noted that the bank delivered “strong growth across its different revenue lines … […]

Egypt ranked 130 of 165 on the Economist Intelligence Unit’s 2017 Democracy Index, which saw the average global score drop to 5.48 in 2017 from 5.52 in 2016, as 89 countries “experienced a decline in their total score compared with 2016.” While Egypt’s score improved slightly to 3.36 in 2017 from 3.31 in 2016, the […]

President Abdel Fattah El Sisi reaffirmed Egypt’s plans to achieve natural gas self sufficiency this year during the official inaugural ceremony of the supergiant Zohr gas field yesterday, according to an Ittihadiya statement. Oil Minister Tarek El Molla had said last week that Zohr, which began production in December ahead of schedule, could help Egypt […]

President Abdel Fattah El Sisi issued a stern warning yesterday against calls to boycott the upcoming presidential poll, threatening “to take strong action against anyone trying to disrupt the country’s stability,” the Associated Press reports. “In a thinly veiled warning to critics, [El Sisi] vowed there won’t be another uprising against the government on his […]

State Department designates Hasm, Lewa El Thowra, Ismail Haneya as terrorist: The US State Department has designated the Hasm and Lewa El Thowra gorups as as Specially Designated Global Terrorists, the US Embassy in Cairo said in a statement on Wednesday. The State Department also designated Hamas political leader Ismail Haneya as a terrorist, a […]

The Donald is again threatening aid cuts to those unsupportive of his Jerusalem move: In his State of the Union address on Tuesday night, US President Donald Trump once again used the threat of cutting US to countries that do not back US foreign policies, USA Today notes. Trump said he will ask Congress to […]

MAF still pursuing growth plans despite revenue slowdown in 2017: Despite a drop in earnings in 2017, the UAE’s Majid Al Futtaim Group (MAF) is still pursuing regional expansion plans that should see it double in size by 2020, CEO Alain Bejjani said yesterday, The National reports. The company is planning to open new “cinemas […]