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Egyptians smoked EGP 36.7 bn-worth of cigarettes in FY 2016-17, up form EGP 28.5 bn a year earlier, data from Eastern Company showed. The company increased its production output to 83 bn cigarettes from 80 bn a year earlier, the data also showed. Eastern Company exported EGP 103.5 mn worth of cigarettes in FY2016-17, up […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Evergrow settles on site for EGP 9.5 bn plant, in talks with partners to set ownership stake
Fertilizer producer Evergrow has settled on East Beni Suef as the site of the EGP 9.5 bn fertilizer plant it announced it was building late last month, said company chairman Mohamed El Kheshen. He tells Al Mal that Evergrow is in talks with a consortium made up of Borealis and EcoPhos to determine their ownership […]
Posted inReal Estate + Housing
First Group to establish EGP 4 bn compound in Fouka North Coast
Real estate developer First Group is planning to establish a new EGP 4 bn compound in the North Coast’s Fouka area, Chairman Beshir Moustafa said, according to Al Masry Al Youm. The 95-feddan compound will include a four-star hotel and 1,600 residential units. Work on the first EGP 1 bn phase will begin by mid-next […]
Posted inReal Estate + Housing
Heliopolis Housing to begin marketing new EGP 2 bn residential compound
Heliopolis Housing is planning to begin marketing a new EGP 2 bn residential compound in Heliopolis this month, Deputy Chairman Wael Youssef announced, Al Masry Al Youm reports. The compound will span 100 feddans and is expected to be complete within five years.
Posted inTourism
Vatican expected to designate Holy Family Trail a spiritual pilgrimage site in January
The Vatican is expected to designate the path of the Holy Family’s flight to Egypt as a spiritual pilgrimage site in January, said Nader Girgis, coordinator of the committee to revive the Holy Family Trail. The first wave of pilgrims is expected to arrive in May, he tells Al Borsa.
Posted inAutomotive + Transportation
Kayan Egypt invests EGP 15 mn in logistics zone, says assembling Seats depends on Automotive directive
Kayan Egypt is investing EGP 15 mn in a logistics service zone in Alexandria, Al Mal reports. CEO Karim El Naggar says the zone will be used to hold imported cars and also export car part and vehicles to markets including Libya and Sudan. El Naggar expects the zone to be ready by 1Q2018 and […]
Posted inBanking + Finance
Banque Misr drops interest rates on deposits after CBE raises local currency deposit reserves
Banque Misr reduced its interest rates on deposits by 75 bps on Wednesday in response to the CBE’s decision to raise the required reserve on local currency deposits to 14%, the bank’s Deputy Chairman Akef El Maghraby says. This will exclude deposit certificates, he added. Analysts cited by Al Mal expect the trend to spread […]
Posted inBanking + Finance
SCA in the market for EUR 300 mn loan to finance dredger purchase
The Suez Canal Authority (SCA) has asked Banque Misr and National Bank of Egypt for a EUR 300 loan to buy two new dredgers, sources tell Reuters. The banks are now preparing the terms of the agreement, they noted. SCA had signed a EUR 300 mn agreement with Dutch Royal IHC to purchase two dredgers […]
Posted inBanking + Finance
Egyptian Agricultural Bank gets EGP 250 mn in financing for SME development
The Microfinance Projects Development Authority (formerly known Social Fund for Development) is extending EGP 250 mn to the Egyptian Agricultural Bank (EAB), Al Mal reports. EAB, which was formerly the Principal Bank for Development and Agricultural Credit, will use the funds to finance SMEs in the fields of agriculture, farming, livestock, and irrigation.
Posted inEgypt Politics + Economics
Oil price movements cost state budget EGP 3-4 bn for every USD 1 movement -Maait
A USD 1 increase in the price of oil costs the state’s FY2017-18 budget EGP 3-4 bn, Vice Minister of Finance Mohamed Maait tells Al Mal. He says the budget was drafted on the base assumption of oil prices hovering around USD 55 per bbl.