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Real estate firm Residence Egypt has broken ground on its EGP 950 mn (and horribly named) Aroma 2 development in Ain Sokhna, according to Al Mal. The project consists of 350 homes and a 650 room four star hotel. Delivery on Aroma 1 has been complete with total sales coming in at EGP 350 mn.
Author Archives: enterpriseam admin
Posted inTourism
TPA approves disbursing charter flights incentive program payments
Tourism Promotion Authority (TPA) head Hisham El Demery has signed off on disbursing payments to foreign charter airlines under the 2015 charter flights incentives program through to December 2016, TPA Deputy President Ahmed Hamdy said, Al Masry Al Youm reports. A second package of the payments for the January-March 2017 period will be reviewed soon […]
Posted inTourism
Air Leisure organizing charter flights from Japan to Egypt
Air Leisure is running charter flights from Japan to Egypt, said Deputy Minister of Tourism Adla Ragab according to Al Mal. Ragab met with five tour operators and addressed issues of security and increased demand for Egypt as a destination. Aside from the charter flights there were also requests for EgyptAir to increase their frequency […]
Posted inTourism
Air Cairo to offer two weekly flights to Tbilisi
Charter airline Air Cairo will start offering two direct weekly flights to Georgian capital Tbilisi on Mondays and Thursdays starting 3 November, Russian news website Vestnik Kavkaza reports.
Posted inAutomotive + Transportation
Construction on Cairo Metro Line 4 to begin in 1Q2018
The Transport Ministry expects to break ground on the first phase of Cairo Metro Line 4 in 1Q2018, an unnamed ministry source tells Al Shorouk. The process of preparing Haram Street for digging to begin will take two more months to complete, the source says. The ministry is also closing in on a final agreement […]
Posted inAutomotive + Transportation
Transport Ministry reviews AVIC’s plans for Sokhna Alamein rail line
The Transport Ministry is looking to a Chinese consortium led by AVIC for implementation of a new rail line running from Ain Sokhna to El Alamein, according to Al Borsa. Transport Minister Hesham Arafat reviewed the plans proposed by the Chinese consortium which maps out five main stations for the 482 km line which will […]
Posted inAutomotive + Transportation
Shell becomes exclusive engine oil suppliers to FCA after sales centers
Fiat Chrysler Automobiles (FCA) has signed an agreement with Shell for it to become the exclusive supplier of engine oils in all of FCA’s after sales service centers for the Chrysler and Jeep cars across Egypt. Shell Egypt CEO Saher Hashem says the strategic partnership between the two companies follows the international agreement between the […]
Posted inBanking + Finance
NEST to delist, approves buyout plan to delist
Real estate firm North Africa Company for Real Estate Investment’s (NEST) is planning to delist, with its extraordinary general assembly approved a plan to buyout shareholders opposed to the move, according to Reuters. The buyout price approved will be EGP 1.2 per share.
Posted inBanking + Finance
Alexandria Portland Cement approves EGP 200 mn loan
Alexandria Portland Cement’s board approved a EGP 200 mn revolving loan facility from HSBC to finance working capital, capex, and “general purposes,” according to an EGX disclosure. The loan carries a tenor of 33 months and an aggregate interest rate of the CBE lending rate plus a 3% margin. Alexandria Portland Cement is part of […]
Posted inEgypt Politics + Economics
Egypt bond yields drop 115 bps in a week
The average yields on Egypt’s five- and 10-year government bonds dropped significantly in yesterday’s auction, Reuters reports. The yields on both bonds dropped to 15.00% from 16.15% in the last similar auction. Finance Ministry data notes that the two bond auctions were covered 3.4 and 3.8 times, respectively. CI Capital Senior Economist Hany Farahat attributed […]