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Royal Dutch Shell repaid the final installment in the second tranche of a USD 2 bn loan issued to BG to build the Idku liquefaction plant ahead of schedule, a statement from the Petroleum Ministry picked up by Al Mal says. The company had said in January that it would complete the payments by December […]
Author Archives: enterpriseam admin
Posted inEnergy
Chinese-operated natural gas station to come online in September
The China Petroleum Technology & Development Corporation, a subsidiary of the China National Petroleum Corporation, will begin pumping natural gas in September from the Beni Suef regulator station, Xinhua reports, citing a company representative. It is the first natural gas station to be operated by a Chinese company in Egypt.
Posted inInfrastructure
Ships at Damietta Port piers now required to purchase power from port’s authority
Ships docked at the Damietta Port will now have to purchase electricity from the port authority at USD 0.50 per kWh, Al Mal reports. Ships will be allowed to use their generators only while loading and unloading cargo, the Damietta Port Authority decided in a bid to boost its USD revenues. The decision, which was […]
Posted inBasic Materials + Commodities
Eastern Company raises low-cost Cleopatra cigarettes prices by 4.2%-17.6%
The Eastern Tobacco Company hiked prices for three of its Cleopatra products by 4.2-17.6% due to increasing production costs, Chairman Mohamed Othman Haroun tells Reuters. The company justified the increases with the 100 bps rise in the value-added tax (VAT) that came into effect with the start of the new fiscal year, in a filing […]
Posted inBasic Materials + Commodities
Supply Ministry to set regulations to keep rice prices from soaring too high in upcoming season
The Supply Ministry will be setting strict regulations to keep the price of rice from soaring too high during the upcoming marketing season, sources with knowledge of the matter tell Al Shorouk. The remarks come in response to a statement on Tuesday saying that rice prices will be liberalized and left up to market forces […]
Posted inBasic Materials + Commodities
Egypt poultry imports from Brazil up by 40% y-o-y in 1H2017
Egypt’s poultry imports from Brazil rose 40% year-on-year in 1H2017 to 76k tons, according to data from the Brazilian Association of Animal Protein that ran in the Brazilian-Arab News Agency. The increase in imports is partly driven by the “favorable costs of the Brazilian product.” Egypt is the only Arab country to see an increase […]
Posted inHealth + Education
Health Ministry advises citizens against buying infant formula from private pharmacies
Citizens should stop purchasing infant formula from private-sector pharmacies, since the government has large quantities of subsidized formula on offer through its retail outlets, Health Ministry spokesperson Khaled Megahed said on Wednesday, according to Al Borsa. Pharmacists were naturally outraged by the remarks, accusing the government of trying to ruin business for them and squeeze […]
Posted inManufacturing
Samsung manufactures QLED TV in Beni Suef
Samsung Egypt began to locally manufacture its latest TV model, the QLED, at its USD 270 mn Beni Suef plant, Vice Chairman Sherif Barakat tells Daily News Egypt. The plant will export about 2.8 mn screens to over 36 countries in the MENA region.
Posted inReal Estate + Housing
NBE to provide social mid-income housing project Dar Misr with EGP 2 bn
The National Bank of Egypt (NBE) has agreed to provide EGP 2 bn in funding for clients looking to finance residential units in the social mid-income housing project Dar Misr before the end of 2017, Retail Credit Risk division head Karim Sous tells Al Mal. The amount is expected to finance around 5,000 units in […]
Posted inTourism
Dutch investors interested in establishing tourism project west of Suez Canal
Dutch investors are in talks with Egyptian officials, in coordination with the Egyptian-Dutch Advisory Council for Water Management, to establish a tourism project to the west of the Suez Canal, Al Mal reports. No information was given on the size of the investment or who these “mysterious” investors were. !_StoryHed_ UAE’s Etihad Airways to increase […]