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South Korean investors are in talks with the Industrial Development Authority (IDA) to establish a 2 mn sqm private-sector industrial zone in Marsa Matrouh, government sources told Youm7.
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
First Group launching projects worth EGP 1.3 bn this year
Real estate developer First Group is launching two new projects this year with investments valued at EGP 1.3 bn, Chairman of the Board of Directors Bashir Mostafa said in statements picked up by AMAY.
Posted inReal Estate + Housing
Samcrete investing EGP 300 mn in Pyramids Heights project this year
Real estate developer Samcrete is investing EGP 300 mn into its Pyramids Heights project this year, Managing Director Hisham Al Khashin said, according to AMAY. The EGP 1.2 bn project is set to be completed by 2020 and has already achieved sales of EGP 550 mn.
Posted inTourism
Air Arabia to start flights to Milan in May
Air Arabia Egypt is launching a new biweekly route between Alexandria’s Borg El Arab Airport and Milan starting 4 May, according to a company statement carried by Al Borsa. The flights will be Sundays and Fridays. Sharjah-based Air Arabia uses Borg el Arab as its operational hub in Egypt.
Posted inTelecoms + ICT
NTRA imposes EGP 25,000 fines for wrong KYC data
The National Regulatory Telecommunications Authority (NTRA) has imposed fines of up to EGP 25,000 on mobile network operators for every customer whose data has not been logged correctly by the company, government sources tell Al Borsa. The move is the latest in a series of decisions by the NTRA to ensure KYC data is collected, […]
Posted inTelecoms + ICT
Raya Contact Center looking to expand to Saudi Arabia in 1Q2018
Raya Contact Center is looking into opening up shop in Saudi Arabia in 1Q2018, Chairman Reem Saad said, Al Masry Al Youm reports. The company is currently in talks with officials from the Saudi Arabian Commerce and Investment Ministry over the legal details of the expansion.
Posted inAutomotive + Transportation
Transport Ministry studying offers from global firms for maintenance of 100 locomotives
The Transport Ministry is reportedly studying offers from global firms, including Canada’s Bombardier and the US’ EMD, on a maintenance contract for 100 locomotives, according to unnamed ministry officials. Feasibility studies set the project’s estimated value at USD 125 mn and the offers include financing options in the form of facilitated loan agreements, the sources […]
Posted inBanking + Finance
Golden Pyramids Plaza seeks shareholders’ approval to issue USD 200 mn in bonds
Golden Pyramids Plaza is looking to issue USD 200 mn in USD-denominated bonds to pay for a previous issuance, according to a bourse statement. The company is seeking its shareholders’ approval for the issue in an EGM.
Posted inOther Business News of Note
European commission to finish Egypt-Chad road study in March
The European Commission is preparing a feasibility study for an overland route connecting Egypt to Chad and six other central African countries that will be ready in March, secretary general of the Federation of Egyptian Chambers of Commerce Alaa Ezz said in statements picked up by Al Borsa. The government agreed in principle for the […]
Posted inEgypt Politics + Economics
Court clears El Adly’s convictions, orders retrial
The Court of Cassation has quashed former Interior Minister Habib El Adly’s conviction and prison sentence and ordered a retrial, Reuters reported. El Adly was released from Tora Prison yesterday, security sources said, according to Al Masry Al Youm. El Adly’s lawyer had told Reuters that the court’s decision would allow for the former minister, […]