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South Korea’s Daewoong Pharma signed a five-year, USD 5 mn agreement with the Egyptian International Medical Services to distribute its self-developed Botox product in Egypt, which is the region’s second-largest Botox market, The Investors reports. The Korean company’s product, Nabota, has yet to receive market authorization in Egypt.
Author Archives: enterpriseam admin
Posted inHealth + Education
BBC International announces closure at the end of the school year
BBC International School caused an uproar with parents after announcing it would be shutting down at the end of the school year, according to AMAY. The school, which has been around for 32 years, claims their decision not to raise school fees over the last few years resulted in them incurring heavy losses. Parents have […]
Posted inTourism
Sharm El Sheikh, Hurghada occupancy rates expected to rise significantly in 1Q2018, Colliers says
Hotel occupancy rates in Sharm El Sheikh and Hurghada are expected to rise to 47% and 55%, respectively, during 1Q2018, Colliers International said in its latest MENA Hotels Forecast report (pdf). The market in Sharm El Sheikh is forecasted to grow “from the low base of Q1 last year, in which the demand was adversely […]
Posted inTourism
Bristol Airport re-introduces direct flights to Egypt, excluding Sharm El Sheikh
Bristol Airport has re-introduced direct flights to Egypt with Thomas Cook for the first time since the Foreign Office issued a travel warning against the country last year, Bristol Post reports. The flights include new summer routes to Hurghada, but not to Sharm El Sheikh. Many airlines suspended direct flights to the Red Sea resort […]
Posted inAutomotive + Transportation
New company to introduce Electric Vehicles to the Egyptian market
A new company called Revolta Egypt is planning to import electric vehicles and install supporting infrastructure, CEO Mohamed Badawy tells Daily News Egypt. With initial investments of EGP 100 mn in infrastructure, the company set 11 February as the launch date for the first phase, which he said will see it build c. 65 charging […]
Posted inBanking + Finance
Bank consortium waiting on Finance Ministry to lend the SCA c. USD 602 mn; SCA will likely look abroad for financing of dredgers
A banking consortium is waiting on the Finance Ministry to issue a guarantee for a USD 602 mn loan for the Suez Canal Authority (SCA). The facility will finance several of the authority’s planned construction projects, unnamed industry sources tell Al Shorouk. Consortium members include CIB, Banque Misr, NBE, AAIB, Banque du Caire, and the […]
Posted inBanking + Finance
SANAD loans Banque Du Caire USD 10 mn for MSMEs
The Sanad Fund for MSMEs announced on Monday that it will finance USD 10 mn in loans for Banque du Caire’s lending capabilities for micro, small, and medium enterprises (MSMEs), according to a press statement picked up by Al Mal. This is the second USD 10 mn financing package SANAD gives to a local bank […]
Posted inBanking + Finance
AICC subsidiary obtaining factoring license
Arab Investment & Development Holding Company (AICC) announced that its subsidiary Upper Egypt Leasing is applying for and has made headway in obtaining a factoring license, according to Al Borsa.
Posted inBanking + Finance
Customs rate remains unchanged for another month
The Finance Ministry will keep the exchange rate for customs pinned at EGP 16 per USD 1 for February 2018, the ministry announced in a statement on Tuesday.
Posted inOther Business News of Note
Raya Holding looking to acquire minority stake in USD 70 mn agricultural products factory in Uganda
Raya Holding is looking to acquire a minority stake of no more than 25% in a USD 70 mn agricultural products factory in Uganda, according to an EGX disclosure (pdf). The factory’s capital is USD 24 mn, and Raya’s potential stake will be valued at a maximum of USD 5.8 mn.