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Engineering designs are being drafted for a new USD 160 mn pier at Damietta Port to expand shipping and storage services, according to an Oil Ministry statement. The pier, set to be completed in 3Q2020, will support urea and ammonia exports by MOPCO. The Ministry is also studying building a refinery in Suez, a propylene […]
Author Archives: enterpriseam admin
Posted inEnergy
Solar companies complain of delays in infrastructure development for Benban solar power complex
Solar power companies developing projects under the second phase of the feed-in tariff program are complaining about the slow pace at which infrastructure is being built for the solar power complex Benban, Aswan, Al Borsa reports. Sources from the companies tell the newspaper that they haven’t seen any work being done on site over the […]
Posted inInfrastructure
Transport Minister to break ground on Dekheila port’s liquid bulk terminal
Transport Minister Hisham Arafat is set to break ground today on the EGP 350 mn liquid bulk terminal at the Dekheila port, which the Middle East Oil Tankage & Pipelines (MIDTAP) is constructing in partnership with the Alexandria Port Authority, Al Mal reports. Arafat will also break ground on a EGP 260 mn project to […]
Posted inBasic Materials + Commodities
Poppy-seed wheat cargoes could require eight months for sieving -source
Hopes for a quick ending over the poppy seed-containing wheat cargoes have been dashed as the two cargoes rejected by agricultural quarantine will most likely have to be moved for sieving. The process could take up to eight months and sieving is not possible in Safaga, Reuters notes. “The wheat silos that are present in […]
Posted inBasic Materials + Commodities
Domty sees revenues hitting EGP 700 mn in 3Q2017
Domty expects to generate a total of EGP 700 mn in revenues in 3Q2017, driven by an increase in sales in July and August compared to the first two quarters of the year, according to an EGX filing (pdf).
Posted inHealth + Education
Saudi’s SAJA buys 51% stake in Biopharm
Saudi Arabia’s SAJA Pharma bought a 51% stake in Egyptian pharma company Biopharm, according to Al Borsa. The acquisition, whose was not revealed, was followed by an additional EGP 132.6 mn by SAJA into the company. The move comes as part of a strategy to increase their presence in Egypt. Baker and Mckenzie was the […]
Posted inHealth + Education
EGP 1 bn Canadian university to be built in New Capital
A Canadian university in the New Administrative Capital will be completed by the end of 2018 at a cost of EGP 1 bn, Youm7 reports, citing remarks by Fayez Ezeldin, chairman of the Canadian Chamber of Commerce in Cairo. The Higher Education Ministry announced in August the building of four universities, one of them the […]
Posted inTelecoms + ICT
Schneider looking to build four labs in Egypt
Schneider Electric intends to build four specialized engineering laboratories in collaboration with the Information Technology Industry Development Agency and under the auspices of the Communications Ministry, according to an official statement from The Ministry.
Posted inBanking + Finance
Banque Misr plans to exit investments worth EGP 10 bn in FY2017-18
State-owned Banque Misr is planning to exit private equity investments worth EGP 10 bn during FY2017-18, Vice Chairman Akef El Maghraby tells Al Borsa. The bank is looking to redirect the funds towards new projects in sectors such as tech and is currently running an evaluation to determine which companies to cut from its EGP […]
Posted inBanking + Finance
Barclays getting a name change to Attijariwafa Egypt
Barclays outlets in Egypt be rebranded Attijariwafa Egypt in November, according to Al Borsa. Morocco’s Attijariwafa bought Barclays Egypt operations last year in a transaction worth between USD 400-500 mn.