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Only 56% of the country has access to sewage networks, Housing Minister Moustafa Madbouli says, according to Al Mal. The rate in rural villages drops to 26% but 94% of cities are covered, he says. Madbouli added that 97% of the country has access to potable water.
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Domty denies freezing investment, says Rwanda expansion moving ahead
Domty denied circulated reports that it is halting investment plans and says it is moving ahead with planned expansion, according a bourse disclosure. The company’s plan to set up a branch in Rwanda is progressing, Domty says. It also adds that, domestically, it is launching a bakery line by the end of 1Q2018 as well […]
Posted inBasic Materials + Commodities
Researchers develop compound that strengthens wheat against arid conditions
Researchers at the National Research Center have developed a genetically modified compound that allows wheat to grow more efficiently in arid conditions, according to the Genetic Literacy Project. The compound reduces the strain on wheat by concentrating the grain’s protein and carbohydrates content, while strengthening it against disease. This potential scientific breakthrough is apparently caught […]
Posted inBanking + Finance
Arabian Cement reschedules USD 30.9 mn loan
Arabian Cement announced receiving approval to reschedule a USD 30.9 mn loan from National Bank of Egypt, according to a bourse disclosure. The company will now repay the loan over 15 quarterly installments of USD 2 mn at an interest rate of LIBOR+5%. Arabian Cement says the loan will be repaid fully by 1 July […]
Posted inBanking + Finance
ARCO secures EGP 1 bn loan from Arab African
Al Arabia Company For Real Estate Development (ARCO) has secured an EGP 1 bn loan from Arab African International Bank, according to statements from Sarie Eldin & Partners Legal Advisors, who advised on the loan. The loan will go toward financing ARCO’s new urban development projects, the firm said on Monday in a statement picked […]
Posted inOther Business News of Note
FEP Capital to set up EGP 350-400 mn private equity fund to invest in startups
FEP Capital plans to establish a EGP 350-400 mn private equity fund to invest in startups, CEO Mahmoud Khalifa says, Al Mal reports. This fund is separate from another USD 100 mn fund FEP Capital plans to set up for investments in the food, health, and education sectors and idle factories.
Posted inOther Business News of Note
GAFI approves Arab Cotton Ginning Company demerger
The General Authority for Freezones and Investment (GAFI) approved on Thursday the Arab Cotton Ginning Company’s demerger into two separate companies, the company announced yesterday in a statement to the bourse (pdf).
Posted inEgypt Politics + Economics
Two policemen held following death of prisoner
Two policemen are being held after the death of a detainee in a Mokattam police station, unnamed officials told the AP. The death sparked protests outside of the prison and 43 protesters were arrested. Prosecutors are holding the policemen for 24 hours and the protesters for at least 15 days.
Posted inON YOUR WAY OUT
Street Libraries in Cairo
Businessman Nader Riad has set up street libraries around Cairo, according to TRT World. The premise is modeled on the Little Free Library system: Set up a few cabinets to serve as book shelves and ask the public to stock them with books they don’t need. The libraries then run on an exchange system where […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.6456 | Sell 17.7456 EGP / USD at CIB: Buy 17.63 | Sell 17.73 EGP / USD at NBE: Buy 17.65 | Sell 17.75 EGX30 (Monday): 14,953 (+1.2%) Turnover: EGP 1.3 bn (20% above the 90-day average) EGX 30 year-to-date: -0.4% THE MARKET ON MONDAY: The EGX30 ended […]