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Defense Minister Sedky Sobhi met with US Assistant Secretary of Defense Robert Karem in Cairo on Tuesday as part of an Egyptian-American Military Coordination Committee meeting discussing security cooperation, according to a statement by the Armed Forces.
Author Archives: enterpriseam admin
Posted inEnergy
Oil and gas services subject to the VAT
The Finance Ministry will be applying the value-added tax on 20 petroleum services that had been subject to a sales tax, according to Al Mal. While E&P operations are still exempt from the VAT, ancillary goods and services provided to operations at rigs are not. The list sent to the Oil Ministry last week includes […]
Posted inEnergy
Shaker, UK’s Atkins discuss potential cooperation on renewable energy projects
Electricity Minister Mohamed Shaker met with high-level executives from the UK’s Atkins to discuss potential cooperation on renewable energy projects in Egypt. Atkins is particularly interested in wind, but also in waste and nuclear energy projects, according to Al Mal. This comes one day after news reports claimed that the electricity and environment ministries had […]
Posted inBasic Materials + Commodities
Egypt more than doubled its tea imports from India
Egypt bought 8.54 mn kg of tea from India in the first 11 months of 2017, India’s state-run Tea Board said, according to Reuters. Egypt’s purchases of Indian tea are up from the 3.4 mn kg bought in the first 11 months of 2016. “India, the world’s second-biggest tea producer, exports CTC (crush-tear-curl) grade mainly […]
Posted inBasic Materials + Commodities
Cotton production to increase to 2 mn qintars this year
The Agriculture Ministry is aiming to increase cotton production this year to 2 mn qintars (100k tonnes) up from 1.4 mn (70k tonnes) last year, according to Al Mal. The current season is off to a strong start with exports up 126% y-o-y on the back of cultivation area increasing to 220k feddans.
Posted inManufacturing
Jushi begins work on fourth phase of Sokhna fiberglass factory
China’s Jushi has begun work on the fourth phase of its fiberglass factory in Ain Sokhna, Trade and Industry Minister Tarek Kabil announced yesterday, Al Masry Al Youm reports. The USD 60 mn expansion should be complete and online within the next few months, adding raw material processing and packaging to the USD 520 mn […]
Posted inTelecoms + ICT
NTRA banning sales of mobile phone lines through distributors starting in March?
The National Telecommunications Regulatory Authority (NTRA) will ban sales of new mobile phone lines through distributors as of March and has informed the nation’s mobile network operators, Al Borsa reports. From March onwards, all MNOs will be selling new phone lines through their own branches and retail sales stores. The NTRA had limited sales of […]
Posted inTelecoms + ICT
Orange to buy back its shares if its capital increase does not meet EGX requirements
Orange Egypt will buy up its own shares at fair value if its capital increase does not meet EGX requirements and the bourse forces it to delist, the company said in a statement to the bourse. The company is still studying its planned additional share issuance to ensure its compliance with EGX requirements, according to […]
Posted inAutomotive + Transportation
Transport Ministry in talks for USD 220-230 mn loan to finance railway upgrades
The Transport Ministry is in talks with international funding institutions to secure a USD 220-230 mn loan needed to complete railway track upgrades USD 40 mn of that amount will be used to purchase new equipment needed for the project, sources tell Al Mal. The ministry has already completed work on 200 km of a […]
Posted inBanking + Finance
Naeem shareholders approve DFM listing
Shareholder of Naeem Holding approved the dual listing of shares on the company on the Dubai Financial Market (DFM), according to a bourse disclosure. The shareholders authorised the company to list up to a third of its capital on the DFM.