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Total Egypt is planning on expanding its operations next year with nine new gas stations, Managing Director Ian LaPetit tells Daily News Egypt. The gas stations will be located in Cairo, Alexandria, and the Delta region. The company’s strategy next year will be focused on the Delta and Upper Egypt, LaPetit added, explaining that the […]
Author Archives: enterpriseam admin
Posted inInfrastructure
Damietta Port Authority meet with local banks to talk financing
Head of the Damietta Port Authority Ayman Salah met with a syndicate of local banks to discuss funding of a second container terminal, according to Al Mal. The syndicate includes CIB, NBE and AAIB. The consortium, which will be a conduit for EBRD financing of the project, confirmed that funding proposals would be presented within […]
Posted inBasic Materials + Commodities
Tariffs on steel rebar imports to stay for five years
Tariffs on steel rebar from China, Turkey, and Ukraine will be maintained for five years, the Trade and Industry Ministry said yesterday, according to Reuters. “The tariff was first implemented in June to protect local manufacturers and set at 17 percent for Chinese steel, 10-19 percent for Turkish steel, and 15-27 percent for Ukrainian steel.”
Posted inBasic Materials + Commodities
Agriculture Ministry planning to increase wheat cultivation area
Egypt is planning to increase its wheat cultivation area this season to around 3.74 mn acres, up from 3.11 mn acres last year, an Agriculture Ministry spokesperson said. Around 1.66 mn acres have already been plated this season, Reuters reports. Egypt’s wheat reserves currently stand at 3.4 mn tonnes, enough to cover a period of […]
Posted inReal Estate + Housing
NUCA planning to disburse EGP 4 bn of compensation to contractors by year’s end
The New Urban Communities Authority (NUCA) is planning to disburse by the end of the year a total of EGP 2 bn in compensation payments to contractors for losses incurred on state contracts after the EGP float, a Housing Ministry official tells Al Borsa. The remaining payments owed to contractors will be determined in accordance […]
Posted inTourism
3,000-year-old gate moved to Grand Egyptian Museum
The Antiquities Ministry has moved a 3,000-year-old gate from north Cairo to the Grand Egyptian Museum, according to The Associated Press. The Ministry says the gate is made from pink granite and bears royal cartouches referring to Amenemhat I, the first king of the 12th dynasty of ancient Egypt. It will undergo restoration and be […]
Posted inTelecoms + ICT
FRA approves Orange’s capital increase
The Financial Regulatory Authority (FRA) approved Orange Egypt’s capital increase to EGP 16.4 bn from EGP 1 bn, according to Al Borsa. The ex-rights date has been set for end of trading on 24 December. The company approved the capital increase in their EGM on 4 December. Orange has also appointed Grant Thornton to conduct […]
Posted inAutomotive + Transportation
JICA prepared to disburse second tranche of USD 1.2 bn loan for Cairo Metro Line 4
The Japanese International Cooperation Agency (JICA) is prepared to disburse the second tranche of its USD 1.2 bn loan to finance construction of the Cairo Metro Line 4, a source close to the matter tells Al Borsa. JICA is in talks with the National Railway Authority (NRA) to disburse the second payment once the NRA […]
Posted inBanking + Finance
CBE to issue new financial inclusion measures in January
The central bank is planning a raft of new measures to drive financial inclusion in Egypt, said Ehab El Dorra, head of retail banking at Banque Misr, at the Cairo ICT Expo. These new measures, which he did not specify, are expected to be announced in January, according to Al Masry Al Youm.
Posted inOther Business News of Note
Court rules ERTU must repay NIB for EGP 886 mn loan
The Cairo Economic Court issued a ruling last week compelling the state-owned Egyptian Radio and Television Union (ERTU) to repay an EGP 886 mn loan from the National Investment Bank, judicial sources tell Al Borsa. The court granted the ERTU a grace period that expires at the beginning of January to repay the sum in […]