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Here he is, now let them be: We don’t usually engage in tabloid fodder. But since Egyptian social media, and now even Fortune Middle East, can’t shut up about Nayel Nasser — the Egyptian dating Bill Gate’s daughter Jennifer Gates — here he is. We don’t get why an entire nation is now laying claim […]
Author Archives: enterpriseam admin
Posted inDiplomacy + Foreign Trade
El Sisi meets Italian parliamentary delegation
Egypt is committed to cooperating with Italy on the investigation of Italian student Giulio Regeni’s murder last year, President Abdel Fattah El Sisi told an Italian parliamentary delegation visiting Cairo yesterday, according to an emailed Ittihadiya statement (pdf). El Sisi’s statement comes amid complaints that Cairo has been stalling the investigation, causing Rome to withdraw […]
Posted inDiplomacy + Foreign Trade
Egypt says opening Rafah border crossing is contingent on PA forces being present -Fatah leader
Egypt has reportedly agreed to open the Rafah border crossing with Gaza only in the presence of Palestinian Authority (PA) forces, Fatah leader Azzam Al-Ahmad announced on Monday, Haaretz reports (paywall). The move, which shows Egypt is trying to maintain a balance in its relations with the PA and rival faction Hamas, conflicts with recent […]
Posted inDiplomacy + Foreign Trade
Polish President to visit Egypt before the year’s end, Polish delegation discusses industrial zone land plot in SCZone
Polish President Andrzej Duda will visit Egypt by the end of 2017, at the head of a delegation of 150 investors, Trade and Industry Minister Tarek Kabil told the press on Tuesday, according to Al Masry Al Youm. The announcement came at the minister’s meeting with a delegation from Poland’s Pomeranian Special Economic Zone, where […]
Posted inBasic Materials + Commodities
Government to increase price of purchasing local cotton from farmers
The government be paying more for cotton it purchases from local farmers, Al Borsa reports. Prime Minister Sherif Ismail will be meeting with the ministers of agriculture and manpower to set a final price, according to Agriculture Ministry spokesman Hamed Abdel Dayem. As it stands, the proposed price increases would have the government buying long-staple […]
Posted inBasic Materials + Commodities
Supply Ministry targets doubling rice production this season
The Supply Ministry is looking to double the country’s rice production this harvest season to 6.5 mn tonnes, up from 5.1 mn tonnes last year, Reuters reports. Strategic rice reserves are also expected to increase over the next 10 days to fulfill domestic needs for 12 months, up from four months currently, an unnamed ministry […]
Posted inHealth + Education
Boehringer Ingelheim’s investments in Egypt to jump 15-20% in 2018
German pharma manufacturer Boehringer Ingelheim is planning to increase its investments in Egypt by 15-20% in 2018, Al Mal reports. The company invests around EGP 20 mn in Egypt each year and is eyeing new investments during the coming period in light of improving business conditions,Marketing Director Mohamed Dababy tells the newspaper.
Posted inTelecoms + ICT
Telecom Egypt signs agreement to borrow EGP 13 bn from banking consortium
Telecom Egypt (TE) signed an agreement with the National Bank of Egypt to arrange a EGP 13 bn loan from a consortium of banks to upgrade its infrastructure and mobile internet services, Al Mal reports. CIB, QNB Al Ahli Bank, Banque Misr, and Credit Agricole will contribute to the loan. The state-owned landline monopoly is […]
Posted inBanking + Finance
Arabian Cement borrows EGP 231 mn from National Bank of Egypt
Arabian Cement Company signed a seven-year EGP 231 mn loan agreement with the National Bank of Egypt on Tuesday, according to an EGX filing. The loan will be used to finance the purchase of a new coal mill. It will also be used to finance a mechanical, energy-saving bucket elevator and to establish a new […]
Posted inOTHER BUSINESS NEWS OF INTEREST
Shipping companies hike prices for e-commerce platforms by 50%-Jumia
Express shipping companies verbally informed e-commerce platforms last week that they would be raising their prices for customer deliveries by 50% after the recent fuel prices increases, Jumia CEO Hesham Safwat tells Al Mal. Official notice should be sent in a few days’ time, but Jumia will not be passing the full increase onto customers. […]