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Maridive and Oil Services has landed two contracts, one each in Saudi Arabia and Tunisia, worth a combined USD 14 mn, Al Mal reports. The contract signed a contract with a Saudi client to rent one vessel for seven years beginning in February, and another contract with a Tunisian client for a three-year terms starting […]
Author Archives: enterpriseam admin
Posted inInfrastructure
Egypt Gas to build natural gas network for new administrative capital
Egypt Gas announced signing a contract with the New Administrative Capital Company to implement the first phase of the project’s natural gas network, according to a company statement. The contract is worth EGP 771 mn and will be executed over two years.
Posted inReal Estate + Housing
First Group to spend EGP 450 mn on Kenz project in 6 October
First Group Real Estate is expecting to spend EGP 450 mn this year on their Kenz Compound project in 6 October City, Chairman Bashir Mostafa tells Al Mal. The investment will go toward completing construction work on the project sometime mid-next year. 65% of the project has already been finished, with First selling 60% of […]
Posted inReal Estate + Housing
The Egyptian Company for Development to develop EGP 200 mn mall
The Egyptian Company for Development is planning to invest EGP 200 mn into the construction of a mall in 6 October City, project manager Gad Samir said in statements picked up by Al Borsa. He added that the company is to begin work in April.
Posted inTourism
Egypt Air and Prime Tours sign MoU to fly World Cup fans to Russia in charter flights
EgyptAir signed an agreement yesterday with Prime Tours Group clearing the way for charter flights to carry passengers to and from the 2018 World Cup in Russia, Al Shorouk reports, citing the MENA state news agency.
Posted inAutomotive + Transportation
Sandstorm Automotive to open a Cairo office in March
The UAE’s Sandstorm Automotive is planning on opening a regional office in Cairo in March, MEA Manager Karim Saleh said, according to Al Mal. Saleh added that Sandstorm wants to use Egypt as a hub for its African operations. The company expects to launch in the UAE by April and is hoping to launch in […]
Posted inAutomotive + Transportation
Transport Ministry receives 23 offers for high-speed electric train line
The Transport Ministry is studying offers from 23 local and international firms to build, operate and maintain a high-speed electric railway line linking Ain Sokhna to Al Alamein, Minister Hisham Arafat said yesterday, Al Mal reports. A joint committee from the ministries of housing and transport is expected to conclude its review of the offers […]
Posted inBanking + Finance
Banks to begin reporting financials under IFRS 9 starting from 2019 -CBE
Banks in Egypt will be requiredto begin presenting their financial statements in accordance with the IFRS 9 accounting standards starting from FY 2019, the central bank announced. The central bank is expecting all banks to present it with a plan to implement IFRS 9 with a clear timeline by the end of June 2018. Banks […]
Posted inOther Business News of Note
Orange successfully completes capital increase to EGP 16.4 bn
Orange successfully completes capital increase to EGP 16.4 bn: Orange Egypt’s capital increase was 99.49% subscribed when it closed on Sunday, the company said in a bourse filing yesterday. The transaction brings its total issued capital to EGP 16.4 bn from EGP 1 bn in compliance with new listing requirements that could have otherwise forced […]
Posted inOther Business News of Note
Investment Ministry okays 50 feddan investment zone in Wadi El Gidid
Investment Minister Sahar Nasr approved establishing a 50 feddan investment zone in Wadi El Gidid governorate, according to Youm7.