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The Finance Ministry issued financial guarantees to 30 solar power companies implementing projects under phase two of the feed in-tariff (FiT) program, government sources told Al Borsa. The projects are being funded by the European Bank for Reconstruction and Development and International Finance Corporation, they said. Companies are now waiting to receive their permits to […]
Author Archives: enterpriseam admin
Posted inEnergy
Government to approve Al Nowais power station’s technical plans “within days”
The Electricity Ministry is expected to present the Ismail cabinet with the technical plans for Al Nowais’ Oyoun Mousa “clean coal” power station within days, a ministry source tells Al Mal. Negotiations over the project’s feed-in tariff rate should begin once the government signs off on the plans. The company’s proposed tariff ranges from USD […]
Posted inBasic Materials + Commodities
Egypt is now the third largest exporter of citrus to China
Egypt is now the third largest exporter of citrus products to China, Xinhua reports. Citrus exports started out with 23,000 tonnes in 2015 and reached 101k tonnes last year, chairman of Egypt's Horticultural Export Improvement Association (HEIA) Mohsen Al Beltagy told the Chinese newswire. Only the US and South Africa are ahead of Egypt as […]
Posted inTourism
Egypt sees 66.5% surge in 2017 group travel
Group travel to Egypt saw a 66.5% y-o-y surge in 2017, according to research by ForwardKeys, which also finds that travel to the Middle East and Africa grew by 10.5% in 2017. The report says that tourist arrivals are up thanks to a “recovery from terror attacks that hit North Africa in 2015.” It also […]
Posted inTourism
Diyar El Medina setting up Cairo branch next week
Saudi Arabia’s Diyar El Medina plans on opening a branch in Cairo next week, company head Saeed Makki said, according to Al Shorouk. The hospitality group owns hotels in the holy cities of Mecca and Medina and would like to work with local tour companies to facilitate visas and travel for pilgrims.
Posted inAutomotive + Transportation
Construction for Salam City-New Capital electric railway line delayed to mid-2018
Work on the USD 1.2 bn electric railway line connecting Salam City with the New Administrative Capital has been delayed until mid-2018, Transport Ministry Aide Amr Shaath tells Al Mal. The project was initially set to break ground in late 2017, before being delayed until February 2018. Shaath said the project has been delayed to […]
Posted inAutomotive + Transportation
Armed Forces launch new smart, double-decker buses in Cairo
The Armed Forces Engineering Authority has introduced 40 Wi-Fi and AC- equipped double-decker buses to Cairo’s streets, authority chief Kamel El Wazir announced on Wednesday. The made-in-Egypt buses, which have a total capacity of 68 passengers each, will begin operating commercially within the next few days.
Posted inBanking + Finance
EBRD-led consortium agrees to renew and increase value of NBE loan to USD 750 mn
A global banking consortium led by the European Bank for Reconstruction and Development (EBRD) has agreed to renew and increase the value of a loan agreement with the National Bank of Egypt to USD 750 mn, sources close to the matter told Al Mal. The new agreement will be signed soon, once the pending paperwork […]
Posted inBanking + Finance
Western Union looking to break into fintech in Egypt
Western Union is in talks with the central bank to obtain approval to begin offering mobile cash transfer and bill payment services through its local outlets, Al Borsa reports.
Posted inOther Business News of Note
Ahmed Bahgat to disclose details of settlement agreement with the Gov’t
CEO of Bahgat Group and owner of Dream TV Network Ahmed Bahgat will disclose within days the details of a settlement agreement he has reached with the government and some banks, according to a statement carried by Al Masry Al Youm.