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Schneider Electric has connected its 5 MW solar power plant in South Sinai to the national grid after completing construction in November, Schneider’s Regional Cluster Head of North East Africa and Levant countries Walid Sheta said, Al Masry Al Youm reports.
Author Archives: enterpriseam admin
Posted inInfrastructure
Transport Ministry launches int’l tender for 6 October dry port
The Transport Ministry launched an international tender for the 6 October dry port project last week at a special workshop promoting the project hosted by the EBRD in London. Also up in a public-private partnership tender is a second container terminal at the Damietta Port, which the port authority is looking to have the EBRD […]
Posted inHealth + Education
Alleged penicillin shortages revives push for raising med prices
Penicillin prices have reportedly skyrocketed to EGP 250 on the black market, from an original EGP 7 for local products and EGP 9 for imports, due to a severe shortage in supply, head of the Egyptian Center for the Right to Medicine Mahmoud Fouad tells Al Shorouk. Health Ministry spokesperson Khaled Megahed refuted these reports, […]
Posted inReal Estate + Housing
Talaat Moustafa expects sales in 2017 to reach EGP 13 bn
Talaat Moustafa Group expects sales in FY2017 to reach EGP 13 bn, the company said in a bourse filing on Thursday. The company also expects to reach new record sales in 2018.
Posted inTourism
EgyptAir, Royal Air Maroc sign code sharing agreement
EgyptAir and Royal Air Maroc signed a code sharing agreement that will see the airlines offer 12 weekly flights between Cairo and Casablanca, Arabian Aerospace reports. The agreement came into effect yesterday.
Posted inTelecoms + ICT
Orange Egypt’s fixed line services to launch in early 2018
Orange Egypt expects to begin offering fixed line services early next year, CEO Jean-Marc Harion said yesterday, Al Masry Al Youm reports. The company is still in talks with state-owned monopoly Telecom Egypt to use its landline infrastructure, according to Harion.
Posted inAutomotive + Transportation
Auto sales drop 37% y-o-y in 10M2017
Auto sales declined 37% y-o-y in 10M2017 to 108.7k vehicles from 173.5k last year, according to an Automotive Information Council (AMIC) report picked up by Al Mal. Passenger car sales dropped 36% y-o-y to 79k units from 124.2k last year, with locally assembled and imported passenger cars dropping 27.8% and 42.8%, respectively. Bus sales also […]
Posted inBanking + Finance
Another delay in launch of Acumen-BPE’s real estate fund
Acumen-BPE Partners will begin marketing the Housing and Development Bank’s EGP 1 bn real estate fund in early 2018, after it receives approval from the Financial Regulatory Authority (FRA) in the first half of December, Chairman Hany Tawfik said yesterday, Al Masry Al Youm reports. In related news, Acumen Asset Management is planning to launch […]
Posted inOther Business News of Note
Mintra, Souq team up to set up two logistics centers
Mintra Group is teaming up with regional e-commerce platform Souq.com to establish two logistical centers with initial investments of EGP 1 bn, Mintra CEO Hany Cassis tells Al Masry Al Youm. The centers will be constructed in 6 October and 10 Ramadan cities and are scheduled for completion by end-2018. Under the agreement, Mintra will […]
Posted inEgypt Politics + Economics
Egypt to keep customs exchange rate at EGP 16 in December
The Finance Ministry will keep its customs exchange rate steady at EGP 16 per USD 1 for December, the ministry said in a statement on Wednesday. “The decision is consistent with the currency price stabilisation in the past period,” the statement said.