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The New Administrative Capital Company for Urban Development plans to begin selling homes at the residential district of the new administrative capital in 1Q2018. The New Urban Communities Authority had given district developers a June 2018 deadline to complete infrastructure works and another in 3Q2018 to complete development, Housing Ministry sources tell Al Borsa.
Author Archives: enterpriseam admin
Posted inTourism
Travco begins development of four hotels worth a combined USD 120 mn
Tourism developer Travco has begun construction on four hotels in Marsa Alam, Marsa Matrouh, Safaga, and Hurghada worth a combined USD 120 mn, Travco chief Hamed El Chiaty said, according to Al Borsa. The company plans to complete development on the hotels in 2018, with an eye towards opening the hotels in 2019. Travco is […]
Posted inTelecoms + ICT
Vodafone Egypt’s 4G network to cover the country in five years
Vodafone Egypt apparently plans to have its 4G network cover the country completely in five years’ time, as per an agreement with the National Telecommunications Regulatory Authority, the company’s head of External Affairs and Legal Director Ayman Essam tells Al Shorouk. Right on time for when 7G becomes a thing all over the world.
Posted inAutomotive + Transportation
Automotive prices to decrease 10-20% by beginning of 2018?
Auto dealers are expecting car prices to drop 10-20% over the next two months and through the beginning of 2018 to reflect improved USD exchange rates and customs tariffs, they tell Al Masry Al Youm. Distributors are looking to clear current inventory before announcing reduced price tags, they explain, adding that prices are also expected […]
Posted inBanking + Finance
EgyptAir in the market for a USD 870 mn loan to finance new fleet additions
EgyptAir is looking to borrow USD 870 mn from local banks to finance a portion of its planned purchase of 33 new planes, Al Mal reports. EgyptAir has already begun negotiations with National Bank of Egypt, Banque Misr, and Banque du Caire, sources say. The national flag carrier has reportedly set this month’s end as […]
Posted inOther Business News of Note
Cottonil to open 60 new branches by end of current fiscal year
Garment manufacturer Cottonil plans to open 60 new branches by the end of the current fiscal year, bringing its total number of branches to 400, General Manager Mohamed Eissa said, Al Masry Al Youm reports.
Posted inEgypt Politics + Economics
Court sentences 11 to death in 2014 terror case
The Giza Criminal Court’s terrorism circuit handed down death sentences to 11 defendants yesterday from a 2014 terror case, Ahram Online reports. The charges include “joining an illegal group, attacking personal freedoms, manufacturing explosive materials, and attempted murder of two police officers, as well as destroying a police vehicle.” Four of the 11 were convicted […]
Posted inSports
Egypt will not participate in 2018 African Nations Championship
The Egyptian Football Association (EFA) has decided against Egypt’s participation in the 2018 African Nations Championship in Morocco next January, King Fut reports. The EFA said that the tournament would interfere with the Egyptian Premier League.
Posted inON YOUR WAY OUT
Beyoncé wears handbag from Egyptian designers Okhtein
Beyoncé posted a series of pictures on Instagram wearing a bag from Egyptian designers Okhtein, the brand’s co-founder Mounaz Abdel Raouf announced over the weekend. The pop icon purchased the handbag from a boutique in Los Angeles, where Okhtein displays its products, Abdel Raouf told online tabloid CairoScene.
Posted inON YOUR WAY OUT
Supreme Media Council investigates Ahmed Moussa for broadcasted fabricated recordings
The Supreme Media Council launched an investigation into television host Ahmed Moussa for broadcasting a fabricated recording during his coverage of Friday’s Wahat attacks, Al Shorouk reports. The council also investigated the channel on which Moussa’s show airs, whose president promised to broadcast an apology for the “mistake.” Don’t expect that this is Moussa’s last […]