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The Prosecutor General issued indictments against nine medical equipment suppliers with the Economic Court on Sunday on charges of bid-rigging and price fixing on on public hospital tenders, according to a statement from the Egyptian Competition Authority (ECA). The ECA had conducted a year-long investigation back in 2016 and 2017, which found that seven companies, […]
Author Archives: enterpriseam admin
Posted inTourism
Egypt to open four new museums by June
The Antiquities Ministry is preparing to open four new museums in Marsa Matrouh, Sohag, Tal Basta, and Tanta by the end of June, Minister Khaled El Enany tells El Mal. This year will also see the transfer of the 80-tonne Ramses II statue to its permanent exhibition at the Grand Egyptian Museum on 25 January, […]
Posted inTourism
Egyptian-Spanish tourism companies discuss launching Aswan/Luxor-Madrid charter flights
Egyptian and Spanish tour operators are in talks to launch weekly charter flights from Madrid to Luxor and Aswan, from July to December in a bid to boost tourism, Egyptian tour operators tell Al Shorouk. Talks are taking place on the sidelines of the Fitur 2018 International Tourism Trade Fair in Spain, which comes days […]
Posted inTourism
EGOTH reviews two offers for Continental Downtown development
The Egyptian General Company for Tourism and Hotels (EGOTH) is reviewing two offers from foreign and local companies for the renovation and developmentof the Continental Hotel in downtown Cairo, company head Mirvat Hataba tells Al Borsa. The winning company, whose name will be announced next month, is expected to provide the EGP 1.2 bn needed […]
Posted inAutomotive + Transportation
Construction to start on auto freezone project in February
Egypt is set to begin work on the Ain Sokhna Automotive Logistics City in February, a government source tells Al Mal. Feasibility studies and designs should be complete by next week, at the end of which stakeholders will hold a meeting to agree on final details. China’s TEDA Holding had been tapped to run point […]
Posted inTelecoms + ICT
Raya Contact Center to leave Maadi Technology Park
Raya Contact Center has allocated EGP 124 mn to move to a new administrative building away from its current premises in Maadi Technology Park, CFO Hossam Hussein told Al Mal. Hussein cited the high rent rates and Maadi Technology Park’s insistence on receiving payment in USD as the reason behind he move. He said the […]
Posted inBanking + Finance
Banque Misr to retain 2016-17 earnings to support capital
Banque Misr is planning on retaining 2016-17 earnings to support the bank’s capital, Vice Chairman Akef El Maghraby tells Al Mal. El Maghraby refused to disclosed the bank’s net profit for the year, but says it showed good growth levels. He added that Banque Misr plans to expand internationally and open more representative offices internationally, […]
Posted inBanking + Finance
ODE board proposes share split to widen shareholder base
Orascom Development Egypt’s (ODE) board of directors proposed implementing a share split yesterday that would change the par value of the company’s share to EGP 1 from EGP 5, the company said in a filing to the EGX (pdf). The move aims to widen ODE’s shareholder base by increasing the number of traded shares and […]
Posted inBanking + Finance
FRA approves Samcrete's capital increase
The Financial Regulatory Authority (FRA) approved yesterday Samcrete’s request to increase its issued capital to EGP 230.46 mn from EGP 69 mn, according to a bourse disclosure.
Posted inOther Business News of Note
Supply Ministry issues tenders for four logistics zones
The Supply Ministry has issued tenders for four logistics zones in Behera, Gharbiyah, and Sharqiyah that are expected to draw in c. USD 13 bn in investments, Minister Ali El Moselhy said yesterday, Al Mal reports. The ministry is also working on four logistics zones in Asyut, Luxor, Beni Suef, and Aswan, that are costing […]