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Polish agriculture machinery manufacturer Ursus is considering opening USD 50-100 mn tractor factory in Egypt, said Trade and Industry Ministry Tarek Kabil. The company would be working with a local partner on the project, he said, following a meeting with Ursus’ Director for Domestic Trade Marek Włodarczyk. The move comes as part of the company’s […]
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
Kato sells stake in ERC in EGP 121.8 mn transaction
Kato investments has sold its 11.5% stake in Egyptian Resorts Company (ERC) to Red Sea Hotels Holding Company for Tourism Investments in a EGP 121.8 mn transaction, according Al Mal reports, citing an EGX filing. The transaction took place on the market during live trading and now makes Red Sea Hotels one of the largest […]
Posted inBanking + Finance
NI Capital establishes Tamweely for Microfinance
State-owned investment bank NI Capital has launched a EGP 50 mn micro-financing arm called Tamweely, the bank said in an emailed statement. The National Investment Bank subsidiary, whose financial services will be backed by its own technology platform, will primarily focus its operations in Upper Egypt and the Delta. “Tamweely for Microfinance is an important […]
Posted inOther Business News of Note
Fawry launches new company to cater to broader market
Fawry, backed by a consortium of investors that includes the Egyptian American Enterprise Fund and Helios Partners, is launching a new company named ‘Fawry Plus’ that will cater to institutions, according to Al Borsa. Fawry also signed an agreement with Uber on Tuesday to facilitate a cashback rebate system for their clients and intends to […]
Posted inEgypt Politics + Economics
Solid waste management company to be established in six weeks
The government has set a timeframe of six weeks to establish its new solid waste management holding company that the cabinet approved last week, Al Borsa reports. Officials from the concerned ministries will be holding periodic meetings to formulate the company structure and determine which government body to affiliate it with.
Posted inEgypt Politics + Economics
Court acquits Al-Zawahiri
The Court of Cassation acquitted on Tuesday Qaeda leader Ayman Al-Zawahiri’s brother Mohammed from terror charges, AMAY reports. Al-Zawahiri, who was arrested in 2014, had been charged with establishing a terrorist group and attacking government institutions and his ruling had flip-flopped before landing at the Court of Cassation.
Posted inEgypt Politics + Economics
Media Syndicate suspends TV host Riham Saeed
The Media Syndicate suspended talk show host Riham Saeed’s program for three months after she pulled a Jerry Springer and hosted a married woman and the man with whom she had an affair, Al Masry Al Youm reports. The syndicate will inform Al Nahar, which broadcasts Saeed’s show, of its decision, according syndicate head Hamdy […]
Posted inNational Security
Egypt, Greece begin naval joint-exercise
Egypt and Greece have begun a multi-day joint naval and air force exercise in the Mediterranean, the Defense Ministry said in a statement. The joint-exercise, called Medusa 2017, will include Egypt’s Mediterranean-based Mistral-class carrier Anwar Sadat along with F-16 fighter jets, among other vessels. Egyptian air and naval forces participated in the Medusa 2016 exercises […]
Posted inON YOUR WAY OUT
New hedge fund is named after an ancient Egyptian goddess, but you want to hope they don’t want to invest in you
Who knew there was an ancient Egyptian goddess of math, accounting and knowledge? Her name was apparently Safkhet, and she’s the namesake for a new hedge fund out of the US of A. Don’t hope for investment: Founder Fahmi Quadir says her edge is identifying shorts with accounting or other irregularities “that could cause a […]
Posted inON YOUR WAY OUT
Three Egyptians won seats in elections for the International Council of Small Business (ICSB)’s board of directors
Three Egyptians won seats in elections for the International Council of Small Business (ICSB)’s board of directors held in Argentina, reports Daily News Egypt. Ahmed Othman was elected as the first vice president, Tanmeyah co-founder Amr Abu Al Azm is now vice-president for microfinance, and Ahmed Shalabi is VP for private projects. ICSB is a […]