Author Archives: enterpriseam admin

At long last, Russian flights will be back in February: Egypt and Russia signed a civil aviation security cooperation protocol that would allow direct flights between Moscow and Cairo to resume, starting from February, Reuters reports. The agreement signed between Russian Transport Minister Maxim Sokolov and Civil Aviation Minister Sherif Fathy took place on Friday […]

More good news this morning: The Zohr gas field goes live, bringing us one-step closer to energy self-sufficiency and becoming an exporter of gas. Gas from Zohr is being pumped to a treatment facility in Port Said city before delivery to the national grid at an initial rate of 350 mcf/d, Oil Minister Tarek El […]

IPO WATCH- Al Tawfeek Leasing Co. (AT Lease) announced that it plans to IPO 24% of the company (19.2 mn shares) and has established a fair value of EGP 6.93 per share. 75% of the shares on offer will be sold through an institutional offering, with the rest earmarked for retail investors. Book-building and subscriptions […]

Uber, Careem, and other ride-hailing apps are increasing their investment in Egypt and providing innovative solutions to beat Cairo’s traffic, Tamim Elyan writes for Bloomberg. Both Uber and Careem are also increasing investments in Egypt. Careem is planning to triple its USD 25 mn investment in Egypt to USD 75 mn and MD Ramy Kato […]

IPO WATCH- Arab Contractors plans to list around 40% of its investment arm Arab Contractors for Investments on the EGX in 4Q2018, Arab Contractors Chairman Mohsen Salah said, according to Al Borsa. The companying had been readying itself for a listing as part of the state IPO program for the past year, with the company […]

SODIC has recorded EGP 1.8 bn in contracted sales at its Sodic East project, CEO Magued Sherif told Al Mal. The project’s first phase, involving 350 units, was sold out in seven days, he says. The project is being co-developed with Heliopolis Housing over a 655 feddan land plot. Sherif added that he does not […]

INVESTMENT WATCH- Saudi Arabia’s Al Tayyar Travel Group is planning to expand into Egypt in early 2018, its CEO Abdullah Aldawood told Reuters on Wednesday. The move is part of a broader restructuring to build the firm’s leisure, hospitality and online sales services and will consolidate subsidiaries into four new business units, Aldawood added. The […]

INVESTMENT WATCH- Indian smartphone manufacturer Lava Mobiles is looking into establishing a mobile phone factory in Egypt in 2019, Senior Vice President Vikram Singh Parmar said, Al Masry Al Youm reports. No further details were provided on the expected investment value. Lava recently began selling its lower-cost mobile phones and smartphones in Egypt, as we […]