Author Archives: enterpriseam admin

INVESTMENT WATCH- Saudi Arabia’s Al Hokair Group plans to invest EGP 3 bn in various projects at the Damietta Furniture City, said Damietta Governor Ismail Taha, according to Al Masry Al Youm. The company had signed an MoU on Wednesday which would see it run and operate the commercial hub of the furniture manufacturing complex, […]

The Oil Ministry signed on Saturday three oil and gas exploration agreements worth USD 79 mn in the Western Desert with Apache and Merlon, according to Al Mal. Separately, Oil Minister Tarek El Molla sat down with Philip Olivier, CEO of Engie Global LNG to discuss both the company's current operations in importing LNG, and […]

M&A WATCH- ASCOM sells 64.46% of APM Ethiopia to Allied Gold for USD 14.5 mn: ASCOM Company for Mining divested 64.46% of its shares in Ethiopian subsidiary APM Ethiopia to Allied Gold Corp. for the equivalent of USD 14.5 mn (c. EGP 256 mn), according to an EGX filing. The sale will be completed and […]

The Transport Ministry has reportedly finished drafting legislation that would end the state’s monopoly on rail service and allow private sector participation in building, managing, and maintaining infrastructure, Al Ahram reports. The amendments target one clause of the law establishing and regulating the Egyptian National Railways, which enshrines its monopoly over railway services and projects. […]

Manufacturers are looking to press the government once again on repricing natural gas to industry, with the Union of Egyptian Investors Associations planning to meet with Oil Ministry officials sometime in the next few days to push for the issue. An official from EGAS tells Al Mal that it is unlikely that the government will […]

Kabil announces plans to established five new industrial zones, inaugurates new factories during Sadat City media tour: The five new zones will be in Badr City, Upper Egypt, Port Said, and Tenth of Ramadan City, according to Al Mal. Sadat City itself is expected to house some 300 factories before year’s end, all of which […]

EARNINGS WATCH- Orascom Construction Limited (OC) reported net income attributable to shareholders in 2Q2017 of USD 23.7 mn, down from USD 26.4 mn in the same period last year. Revenues came in at USD 947.2 mn in 2Q2017 against USD 1.024 bn in the same period last year. Revenue was up slightly YTD at USD […]

REGIONAL- Qatar has restored diplomatic ties with Iran “in a move set to further inflame tensions with the four Arab states it has been locked in a regional dispute with since June,” Financial Times reports. Qatar and other GCC countries had recalled their ambassadors from Iran after mobs damaged Saudi diplomatic facilities in the country […]