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Raya Holding’s board of directors approved a decision for the company to move into assembling cars and two- and three-wheelers, according to a regulatory filing (pdf). The company will invest EGP 100 mn in this expansion, with EGP 60 mn self-financed and the remainder through a loan.
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
New Red Sea ferry starts operation
Hurghada received the first passengers on Thursday from a new ferry connecting Aqaba, Ain El Sokhna, and Hurghada, according to Al Mal. We had cited an incorrect report from Al Borsa on Wednesday saying that the third port was Aden. The story has been corrected on our website.
Posted inOther Business News of Note
ECETA to manage, operate EGP 600 mn mall in Cairo next year
The Egyptian Company for Entertainment and Tourist Attractions (ECETA) will manage and operate a EGP 600 mn mall in Cairo as of next April, Chairman Sherif Sultan said, Al Masry Al Youm reports. ECETA is preparing the feasibility and market studies for the project, which is being constructed by another unnamed company, according to Sultan.
Posted inEgypt Politics + Economics
Morsi’s son handed prison sentence
Former president Mohamed Morsi’s son has been sentenced to three years in prison on Thursday, Gulf News reports. Osama Morsi was handed the prison sentence over charges of illegally possessing a weapon.
Posted inNational Security
Egypt receives warship from South Korea
The Egyptian Navy announced it received a frigate from South Korea, Ahram Online reports. South Korea gifted Egypt the vessel, which was named “Egypt Youth.” En route to Egypt, the vessel was part of “a joint military drill was conducted between Egyptian naval forces and their South Korean and Indian allies.”
Posted inON YOUR WAY OUT
USAID cosponsors entrepreneurship competition in Upper Egypt
USAID cosponsored entrepreneurship competition “Minyathon” in Minya over the weekend, according to an embassy statement. The competition brought together over 100 aspiring Egyptian entrepreneurs who developed and pitched ideas to start new businesses.
Posted inON YOUR WAY OUT
On this day: 29 October
ON THIS DAY- On this day in 1956, the Tripartite Aggression on Egypt by Israel, France, and the United Kingdom began with the aim to regain Western control of the Suez Canal and to remove Egyptian President Gamal Abdel Nasser from power. Black Tuesday, or the Wall Street Crash of 1929, also took place on […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.5993 | Sell 17.6991 EGP / USD at CIB: Buy 17.58 | Sell 17.68 EGP / USD at NBE: Buy 17.60 | Sell 17.70 EGX30 (Thursday): 13,955 (+0.4%) Turnover: EGP 1.2 bn (28% above the 90-day average) EGX 30 year-to-date: +13.0% THE MARKET ON THURSDAY: The […]
Posted inCALENDAR
29 October (Sunday): Announcement of financial close for Benban solar power plants, Fairmont Nile City Hotel, Cairo. 31 October (Tuesday): The State of Ransomware Threat in Egypt& Insights into the Middle East Cyber Underground press briefing by Trend Micro, Nile Ritz Carlton, Cairo. 06-07 November (Monday-Tuesday): Crisis Communications Conference, Four Seasons Nile Plaza Hotel, Cairo. […]
Posted inWhat We're Tracking Today
What we’re tracking on 26 October 2017
**WE ARE USING A NEW DISPATCH PARTNER THIS MORNING. If you or your colleagues are using corporate email and need us to help you whitelist our new sender to guarantee deliverability, please reach out to us on editorial@enterprise.press. Expect a little more hassle on those flights to JFK from Cairo: EgyptAir announced it is “tightening […]