Author Archives: enterpriseam admin

INVESTMENT WATCH - China Fortune Land Development Company (CFLD) is at it again and looking to invest USD 4 bn in developments in the New Administrative Capital over the next five years, according to an Ittihadiya statement picked up by Al Borsa. This latest wave of mega investments from CFLD will be geared towards developing […]

NTA signs USD 4 bn MoU with Bombardier for development of Metro’s Line 6: The National Tunnels Authority (NTA) signed an MoU on Tuesday with Canada’s Bombardier to begin conducting feasibility studies and preparing designs ahead of constructing the Cairo Metro Line 6, a Transport Ministry statement says. The agreement, which sets the project’s initial […]

In a sign that we may be heading towards becoming an energy hub by 2018, the Oil Ministry is letting go of one of its FSRUs next year, just as production from the Eni’s Zohr field comes online later this year, Oil Minister Tarek El Molla tells Al Borsa. He tells the newspaper that Egypt […]

The Supply Ministry is looking to revert back to an old wheat milling system that would allow it to give companies a set price for their milling services, Al Borsa reports. Under the new system, the Supply Ministry would also have to acquire wheat bran for the Agriculture Ministry’s livestock projects. The ministry is currently […]

Contractors want state to include new fuel and electricity price hikes under Contractors Compensation Act: Contractors are requesting that the state factor in the effects of the latest fuel and energy price hikes when repricing their contracts under the Contractors’ Compensation Act, New Urban Communities Authority (NUCA) chief Zein Al Abidin Mohamed tells Al Borsa. […]

Belarus’s MAZ bids on EUR 9 mn auto factory in Egypt: Belarusian automaker MAZ could be launching a new factory in Egypt under a EUR 9 mn contract if it wins a tender issued by the ministries of defense and military production, the Belarusian Telegraph Agency reports. The fate of the project, which would produce […]

M&A Watch- The Egyptian Financial Supervisory Authority (EFSA) has approved a mandatory tender offer by Saudi outfit NAD Development & Investment Company to acquire the remaining to acquire 100% of Egypt for Poultry (Egypco) at a share price of EGP 2.57, according to an EFSA notice. NAD, which already owns a 38% stake in the […]

Several new British companies are looking to enter the Egyptian market with new investments, having been encouraged by the country’s recent economic reforms and improvements to the business climate, according to UK Ambassador John Casson. Casson did not provide details on the companies or the expected size of investments. According to the ambassador, the companies […]

Cairo’s hotel market appears to be on track to achieving pre-2011 occupancy levels, says Colliers International’s latest MENA Hotel Forecasts report for June-August 2017. Occupancy levels in Cairo are seen rising to a 72% average, despite a 17% year-on-year drop in revenues per available room due to the exchange rate. Occupancy rates for Sharm El […]

EARNINGS WATCH- Qatar National Bank Alahly reported a consolidated net profit of EGP 2.73 bn in 1H2017, up from EGP 1.97 bn in the same period last year, according to Reuters.