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Elsewedy Electric’s Trading & Distribution unit signed a EGP 620 mn agreement with El Mostakbal Urban Development that will see it establish electricity and communications infrastructure for sections of the Mostakbal City project, according to an EGX filing (pdf). Work should be complete within 18 months. The Mostakbal City project is being developed near the […]
Author Archives: enterpriseam admin
Posted inInfrastructure
Developers complete 6.8 km of two 13 km tunnels connecting Suez Canal banks
Developers have completed 6.8 km of the two 13 km tunnels that will run under the Suez Canal to connect its eastern and western banks, sources tell Al Mal. The tunnels, which are being constructed by Petrojet and Concorde, will be inaugurated by 30 June next year, sources add. Dutch firm Arcadis was tapped as […]
Posted inBasic Materials + Commodities
Gov’t stepping up wheat purchases to account for drop in private sector’s
Egypt’s grain purchases have “surged” this year, “partly driven by government efforts to fill a gap left by a shrinking private sector hit by a crackdown on fraud and smuggling,” Reuters reports. Government wheat purchases increased 80% y-o-y for the first seven months and GASC says it aims to buy 7 mn tonnes of wheat […]
Posted inHealth + Education
Orthomed E to open new factory in Sixth of October
Medical supplier Orthomed E is expecting to open a new EGP 60 mn medical equipment factory in Sixth of October next year, according to Al Borsa. The facility will rely on locally sourced goods and will save the company nearly USD 3 mn in imported raw materials. The company exports 30% of its goods regionally […]
Posted inHealth + Education
Education Ministry looking to use revenues from selling state land to raise teachers’ salaries
The Education Ministry is drafting a bill to increase teachers’ salaries and finance the development of public schools using funds from selling reclaimed state lands, Minister Tarek Shawki told reporters yesterday. The details of the legislation will be released “soon,” Shawki said.
Posted inON YOUR WAY OUT
EBRD launches literature prize for literary fiction translated to English from its countries of operation
The European Bank for Reconstruction and Development (EBRD), in partnership with the British Council, is launching a literature prize that will be granted to this year’s best work of literary fiction from the Bank’s countries of operations translated into English. The prize aims to “recognise and promote the extraordinary richness, depth and variety of culture […]
Posted inON YOUR WAY OUT
On this day: 6 September
ON THIS DAY- On this day in 1915, the first tank ever produced rolled off the assembly line in England, according to the History Channel. The prototype nicknamed “Little Willie,” developed in response to trench warfare of WWI, “weighed 14 tons, got stuck in trenches and crawled over rough terrain at only two miles per […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.61 | Sell 17.71 EGP / USD at CIB: Buy 17.6 | Sell 17.7 EGP / USD at NBE: Buy 17.63 | Sell 17.73 EGX30 (Tuesday): 13,415 (-0.0%) Turnover: EGP 624 mn (29% below the 90-day average) EGX 30 year-to-date: +8.7% THE MARKET ON TUESDAY: The […]
Posted inCALENDAR
September — The House of Representatives is due to begin discussion of the proposed bankruptcy bill. 06 September (Wednesday): The Emirates NBD Egypt PMI report for August released. 06-09 September (Wednesday-Saturday): 2017 China-Arab States Expo (Egypt is the Guest of Honor), Ningxia, China. 08-09 September (Friday-Saturday): Educate Me's Conference for Egyptian Education (Mo'allem), AUC, Cairo […]
Posted inWhat We're Tracking Today
What we’re tracking on 05 September 2017
Welcome back, ladies and gentlemen. Sahel season is ending — and summer with it — and it’s back to the grind for you and for the kiddies, with most private schools in Egypt heading back in between this morning and Sunday, 10 September. Traffic will get worse over the coming days, but D-Day is Saturday, […]