Author Archives: enterpriseam admin

GDP growth is expected to hit 5% by the end of the current fiscal year, up from 4.1% in FY2016-17, said Planning Minister Hala El Saeed, according to Reuters. The Finance Ministry had previously said it expects GDP growth during FY2017-18 to come in at no less than 4.6%. Egypt's exports are expected to increase […]

MOVES- Former EGX Chairman Mohamed Omran has been named interim head of the Egyptian Financial Supervisory Authority (EFSA) until the House of Representatives reconvenes this fall and confirms his appointment. Speculation arose last week that Omran was being tapped for the job along with Deputy Justice Minister Khaled El Nashar who was reportedly being considered […]

Egypt netted EUR 659.9 mn from the sale of one-year treasury bills on Monday, the CBE said according to Reuters. The sale attracted offers for EUR 734.9 mn of the EUR-denominated bill whose yields averaged 1.80%.

Third USD 1 bn tranche of World Bank loan coming before year’s end: The third and final USD 1 bn tranche of the USD 3 bn World Bank loan to support the economic and social reform program is expected to be signed before the end of the year, Investment Minister Sahar Nasr said in a […]

God bless the DFIs — EBRD, Proparco offer USD 116 mn to finance Benban power plants: The European Bank for Reconstruction and Development and France’s Proparco are each committing USD 58 mn to finance the construction and operation of two 50 MW solar power plants in Benban, according to an EBRD statement. Egyptian subsidiaries of […]

INVESTMENT WATCH- The UAE’s Al Habtoor Group is eyeing potential investment in Al Alamein and could also sink more into existing investments in Egypt, chairman Khalaf Al Habtoor said after a recent visit to Al Alamein, Al Mal reports. The group is looking to invest in Egypt’s education, tourism, and cinema sectors, and is studying […]

This is not ergot-related: Egypt is considering rejecting a 63k tonne shipment of Romanian wheat in the port of Safaga, sources told Reuters. The Agriculture quarantine authority found the shipment to contain poppy seeds and has rejected it, the Agriculture Ministry spokesperson told the newswire. A final decision will be made by the prosecutor's office, […]

OC subsidiary completes largest student housing development in the US for Texas A&M: Orascom Construction (OC) announced on Monday (pdf) that its wholly-owned subsidiary, the Weitz Company, has completed construction of the largest student housing development in the US. Construction of the 2.2 mn sqm residential facility at Texas A&M was completed in just two […]