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Housing Minister (and acting Prime Minister) Mostafa Madbouly met with executives from Schneider Electric in Cairo yesterday to discuss possible collaboration on a new water desalination and treatment project, Al Mal reports. The company is hoping to land new contracts in Egypt to supply components of desalination, smart city, and power distribution infrastructure, said Walid […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
GASC purchases 120k tonnes of Russian wheat
The General Authority for Supply Commodities (GASC) purchased yesterday 120k tonnes of Russian wheat, to be delivered between 11 and 20 January, Reuters’ Arabic service reported. Traders tell Reuters that the lowest offer GASC received in the tender issued on Monday was USD 192.99 per tonne free-on-board from Russian trading firm GTCS.
Posted inManufacturing
Tahya Masr to market excess production capacity at state-owned factories to private sector
The Tahya Masr Fund is reportedly holding talks with seven public sector petrochemicals, pharma, paper and textiles companies to see if they would allow private sector companies to use their excess capacity, Al Borsa reports. The move is part of a drive by the fund to market excess production capacity in government factories to the […]
Posted inHealth + Education
FEI reaches out to Parliament to raise med prices
After failing to convince the government to look into possibly raising prices again, the Federation of Egyptian Industries (FEI) pharma division is taking its case to the House of Representatives, sources tell Al Borsa. The division plans to send a memo to the House beseeching them on the “tough time the pharma sector is going […]
Posted inHealth + Education
ACDIMA looking for new pharma acquisition, planning expansion
Pharma company ACDIMA is shopping for a new acquisition target, CEO Olfat Ghorab tells Al Borsa. The company’s board of directors has also signed off on new planned investments that will see ACDIMA either add new production lines to its existing capacity or invest in a promising pharma manufacturer, she adds. The state-owned ACDIMA had […]
Posted inTourism
Nile Air pending approval to launch new flights to African and Middle Eastern cities
Nile Air is planning to launch new flight routes between Egypt and other cities in Africa and the Middle East, CEO Ahmed Ali tells Al Mal. The charter airline is waiting for approval from different airports to begin mapping out flights. We noted this week that Nile Air’s IPO plans were back on, with the […]
Posted inBanking + Finance
Banque Misr abandons plans to establish independent mortgage finance arm
Banque Misr appears to have abandoned its plan to establish an independent mortgage financing arm, which Chairman Mohamed El Etreby had announced in May. Management found the decision currently untimely and decided instead to extending mortgage finance facilities, under the central bank’s initiative, through its existing administration, an unnamed bank official tells Al Mal. The […]
Posted inEgypt Politics + Economics
Prosecutor General refers Alexandria deputy governor to trial for corruption
Prosecutor General Nabil Sadek referred yesterday Alexandria Deputy Governor Soad El Kholy and six others to a criminal court over charges of corruption, Al Masry Al Youm reports. El Kholy, who has served in her post since 2015, was arrested in August alongside five businessmen.
Posted inNational Security
Security forces kill 14 militants, arrest six in raids
Security forces killed 11 militants and arrested six more during two raids on hideouts in Ismailia and 10 Ramadan City yesterday, the Interior Ministry said in a statement. The militants were reportedly planning to launch a series of attacks against state institutions and churches in North Sinai. The ministry did not link these militants with […]
Posted inON YOUR WAY OUT
Archaeologists uncover link to Alexander the Great in Kom Ombo
Archaeologists working on the Kom Ombo Temple have uncovered a sandstone carving that dates to Alexander the Great’s successor,according to an Antiquities Ministry statement. The piece bears the name of Emperor Philip Arrhidaeus, half-brother and successor to Alexander the Great in Macedonia. His mention on the artefact potentially makes it the oldest piece in the […]