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The Supply Ministry denied yesterday that it is raising the prices of any subsidized goods next month, Al Masry Al Youm reports. Each 1 kg bag of sugar is sold for EGP 10, while an 800 gm bottle of oil is priced at EGP 14, and one bag of rice at EGP 6.50. Subsidy card […]
Author Archives: enterpriseam admin
Posted inManufacturing
Polaris and CPC to bid for industrial parks
Polaris International Industrial Parks and Construction Products Holding Company (CPC) will both be bidding on industrial park projects in Upper Egypt, according to Al Borsa. The contracts are for the management and development of three ready-made industrial parks that are part of an Industrial Development Authority initiative. Conditions for the tender should be set by […]
Posted inHealth + Education
Pharmaplast spending EGP 40 mn to new plant first phase in Alexandria
Pharmaplast began work on the EGP 40 mn first phase of a new production facility in the Alexandria public free zone, Al Borsa said on Wednesday. The new plant will manufacture meds and equipment for the treatments of wounds and burns, according to CEO Mamdouh Attiya. The project will come online in mid-2018 and expects […]
Posted inTourism
New tourist bookings not affected by recent killings in Hurghada
Red Sea resort bookings were not affected by recent killings in Hurghada, Egyptian Travel Agencies Association VP Moudy Al Shaer tells Al Masry Al Youm. There were no significant cancellations either, he adds, noting that Hurghada’s occupancy rate currently stands at a 75% average. Separately, German tour operator FTI announced that the Hurghada attack will […]
Posted inAutomotive + Transportation
Gov’t wants 10th Ramadan - new capital electric train ready in two years
The Transport Ministry is looking to cut the execution period for the electric train linking 10th of Ramadan to the New Administrative Capital down to 24 from 30 months, sources tell Al Masry Al Youm.The ministry is currently in talks with the consortium handling the project, which is comprised of Petrojet, Arab Contractors, and Orascom […]
Posted inAutomotive + Transportation
Mowasalat Misr acquires two transport companies, in talks with banks for funding
Private transport company Mowasalat Misr recently acquired Al Hiba and Cairo Transport and is currently in talks to acquire a third company, Al Borsa reports. Many of the total 150 buses acquired through both companies were sold off while others are being renovated, Mowasalat Misr CEO Hisham Taha says. The company will launch operations at […]
Posted inBanking + Finance
EFSA and EBRD look into developing short-term debt instruments in Egypt
The Egyptian Financial Supervisory Authority (EFSA) is looking into the prospect of issuing short-term debt instruments in cooperation with the European Bank for Reconstruction and Development (EBRD), EFSA boss Sherif Samy said on Wednesday. The move would facilitate financing of SMEs, particularly those whose products and services. The move would also help facilitate factoring operations […]
Posted inBanking + Finance
Two banks to finance USD 4 mn LCs for LG new washers production line
LG inked an agreement with two unnamed state-owned banks that will see it receive a monthly USD 4 mn in letters of credit, an unnamed source tells Al Borsa. The LCs will be used to cover operational costs for LG’s new washing machines production line and purchase external components. Locally-manufactured components are expected to make […]
Posted inNational Security
Germany told Israel about plans to sell submarines to Egypt
German Chancellor Angela Merkel told Israel’s President Reuven Rivlin that a senior Israeli official “had given Germany permission” to sell Egypt four submarines and two anti-submarine ships, Ynet reports. The agreement got the greenlight despite objections from “top” Israeli defense officials. Unlike past agreements, this one “involved advanced submarines similar to those purchased by Israel,” […]
Posted inNational Security
Egypt thwarted 3,000 illegal migration attempts in 1H2017
Egyptian authorities detained 3,000 would-be illegal migrants as they attempted to leave the country in 1H2017, the Armed Forces announced yesterday, according to Ahram Online. The announcement comes as Egypt works to hammer out a Turkey-style anti-migration agreement with the EU, a notion initially floated by Austrian Chancellor Christian Kern, and backed by German Chancellor […]