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Saudi Binladin Group subsidiary Al Marasem International for Development signed an MoU on Saturday with a consortium of doctors to establish a joint venture to oversee the completion of a new medical complex in New Cairo, Al Borsa reports. Al Marasem will hold a controlling stake of 50% in the new company, with the other […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Careem launches services in Canal governorates
Ride-hailing app Careem launched services in Suez, Port Said, and Ismailia, under a campaign dubbed “Careem in Canal,” the company said in a press release. This expands Careem’s coverage network to 14 cities and c. 50,000 drivers.
Posted inBanking + Finance
Foreign investors seeking exposure to Egypt could use ETFs or ADRs
Foreign investors seeking exposure to the Egyptian market could invest in “ETFs that offer diversification through investment in a single US security,” Ridhi Khaitan writes for Frontera. While those looking for direct exposure can “consider ADRs of Egyptian companies.” The most popular ETF for US investors is the Market Vectors Egypt Index ETF with AUM […]
Posted inBanking + Finance
Electricity Ministry receives EGP 1.3 bn tranche of EGP 37.4 bn loan
The Egyptian Electricity Transmission Company received a EGP 1.3 bn tranche of the EGP 37.4 bn facility it signed with a banking consortium last month to upgrade the national grid, Al Mal reports. More tranches will be disbursed in the coming days. The National Bank of Egypt and Banque Misr are set to provide EGP […]
Posted inBanking + Finance
EFSA approves MTO by Arafat Sakr to acquire ICON
The Egyptian Financial Supervisory Authority (EFSA) has approved a mandatory tender offer by Arafat Sakr to acquire the remaining 46.5% shares of Industrial Engineering Company for Construction and Development (ICON), according to a bourse filing. As we noted last month, Sakr serves as ICON’s chairman.
Posted inBanking + Finance
Raya’s Aman to expand with 50 branches
Raya Holding subsidiary Aman is set to expand into the Delta and Canal governorates by opening 50 new branches, according to Al Masry Al Youm. The financial services arm is looking to invest EGP 20 mn in its new branches, through which it will offer bill payment services.
Posted inOther Business News of Note
Egyptian startup helps photographers manage content and increase exposure
Egyptian startup Mosawer launched what is claims to be the region’s first platform for photographers and videographers to manage workflow and increase their exposure, Tom Jackson reviews for Disrupt Africa. Mosawer allows photographers to “showcase their work, add rates and packages, manage their schedules, accept bookings and receive payments.” CEO Mohab El Mandouh says “our […]
Posted inOther Business News of Note
Moukhtar Ibrahim snag Omani project
The Societe Egyptienne D'entreprises (Moukhtar Ibrahim), won a EGP 10 bn contract for the development of a water station in Oman, Al Masry Al Youm reports. Petrojet and Hassan Allam Construction are partners on the project, which should take around three and a half years to complete, with a 30% stake each. Work is expected […]
Posted inEgypt Politics + Economics
Council of State judge Yehia El Dakroury appeals presidential decision to bypass him
Egyptian Council of State (Maglis El Dawla) judge Yehia El Dakroury has filed a formal appeal against the presidential decree that bypassed him as head of the Maglis, Al Mal reports. President Abdel Fattah El Sisi had appointed Ahmed Aboul Azm as head of the judicial body, despite El Dakroury being the only nominee for […]
Posted inEgypt Politics + Economics
Another MP looks to extend the presidential term
Parliament member Ismail Nasr El Din plans to make a formal proposal to the House of Representatives to extend the presidential term to six years from four currently, Al Shorouk reports. The MP said he would be proposing several other constitutional amendments as well. The idea is already being met with resistance. Ex-foreign minister Amr […]