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EGAS is planning on having a bid round for oil and gas exploration in east Mediterranean and onshore Delta blocks in 1H2018, Chairman Osama El Bakly said, according to Al Masry Al Youm. EGAS will also move ahead with its seismic mapping of blocks in west Mediterranean before setting them up for a bid round.
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
China approves Egyptian dates exports, considering pomegranates
Egypt will begin exporting dates to the Chinese market after is government officially approved the Agriculture Ministry’s quality and safety checks, the Agriculture Ministry announced in a statement carried by Al Mal. Egypt, which produces up to 1.3 mn tonnes of dates annually, will now expand the cultivation of high quality date palm for export […]
Posted inManufacturing
Guangzhou Goodsense breaks ground on aluminum composite panels factory
China’s fortunately named Guangzhou Goodsense Decorative Building Materials broke ground yesterday on a USD 100 mn aluminum composite panels factory in Ataka, Suez, Al Masry Al Youm reports. Chinese investments made up 30% of the project, while Saudi Arabian investors owned a 45% stake in the project. The factory, the first of its kind in […]
Posted inHealth + Education
Egypt, UK sign MoU to facilitate British universities expansion in Egypt
Higher Education Minister Khaled Abdel Ghaffar signed an MoU with the UK’s Universities Minister Sam Gyimah which would facilitate British Universities opening branches in Egypt, The National reports. The signing took place yesterday at the annual Education World Forum in London.
Posted inReal Estate + Housing
ODH to complete exit of Tamweel in 1Q2018
Orascom Development Holdings (ODH) plans to complete the sale of its 87% stake in Tamweel Financial Holding in 1Q2018, the company’s IR Director Sara El Gawahergy tells Al Borsa. ODH plans to use the proceeds of the sale to help lighten its EGP 1 bn debt burden. No word yet on which of the four […]
Posted inReal Estate + Housing
Arco expecting to invest EGP 1.7 bn and generate revenues of EGP 5 bn in 2018
Al Arabia Company For Real Estate Development (ARCO) is planning to invest EGP 1.7 bn in 2018 and is expecting sales for the year to reach EGP 5 bn this year, CEO Ayman Ibrahim said in statements carried by Al Borsa.
Posted inTourism
Lindblad Expeditions announces return to Egypt
Lindblad Expeditions has announced its return to Egypt with a 13-day journey it is calling Passage Through Egypt. “I am so pleased to announce the resumption of our program in 2018… Things are very much on the upswing, and there is a pervasive optimism there about the future. And the resplendent antiquities remain,” CEO Sven […]
Posted inTelecoms + ICT
TE reaches international calls settlement with Etisalat Misr, to pay USD 48 mn
Telecom Egypt (TE) announced it has reached a final settlement agreement with Etisalat Misr in regards to a dispute on international calls services. According to the settlement terms, TE will pay Etisalat Misr USD 48 mn “to mitigate an exposure of more than USD 100 mn” and it would cover amounts relating from the start […]
Posted inAutomotive + Transportation
Transport Ministry in talks for EUR 400 mn worth of trains from French suppliers
The Transport Ministry is in talks with a French company to buy 34 trains for Cairo Metro’s first line, sources told Al Mal. The cost of the transaction is estimated to be EUR 400 mn and the Ministry is now waiting for an official letter.
Posted inBanking + Finance
Foreign currency trading on interbank system climbs to USD 14.5 bn, Amer says
Foreign currency trading on the interbank system domestically climbed to USD 14.5 bn since the EGP float in November 2016, Central Bank Governor Tarek Amer told Bloomberg. The current volume increased from the USD 9 bn reached last September, which Bloomberg says reflects growing confidence. “The continued growth in activity in the interbank market comes […]