Author Archives: enterpriseam admin

Oil Ministry announces results of EMRA’s gold exploration tender: Four companies, including two foreign ones, have won the Egyptian Mineral Resources Authority’s gold mining exploration tender for five concessions in the Eastern Desert and the Sinai Peninsula, Petroleum Minister Tarek El Molla said in a statement on Monday. The UK’s Veritas Mining Limited won exploration […]

Private sector hikes prices in response to the fuel subsidy cuts: Food producers are days away from announcing new prices that are expected to be 10-15% higher, industry executives tell Al Borsa. The move comes as part of a series of measures companies are taking to offset production costs as a result of last Thursday’s […]

Administrative Court ruling could force government to pay out unemployment benefits: The Supreme Administrative Court issued a verdict on Monday that could force the Sherif Ismail government to pay out unemployment benefits under its social welfare package, Al Shorouk reports. The right to unemployment benefits is guaranteed by article 17 of the 2014 constitution and […]

EFSA implements amendments to general assembly provisions Companies Law amendments: The Egyptian Financial Supervisory Authority (EFSA) began enforcing on Monday amendments to the Companies Act mandating that listed companies issue their first call for a general assembly at least 21 days in advance rather than 15 previously, Al Borsa reports.

Amazon has completed its acquisition of Souq.com, the Dubai-based online retailer said on Monday. The company said that the firms now would work on the "next phase of the integration to bring more products and offerings to the region's customers even faster." Users can now also log into their website using their Amazon account, the […]

Orascom Construction (OC) signed a USD 100 mn contract to build a 650 MW steam turbine power plant in Assiut’s Walidiya, according to a filing with the EGX. OC is mandated with the full civil work for the plant. OC had completed a USD 420 mn project in cooperation with General Electric to convert a […]

Abraaj Group plans to acquire 100% of Kenya-based coffeehouse and dining chain Java House from private equity firm Emerging Capital Partners (ECP), and the Company’s founder and chairman, Kevin Ashley, the company announced in a statementon Monday. Java House, which runs three flagship brands, runs 60 stores across 10 cities in Kenya, Uganda and Rwanda. […]

Market trends show Egypt’s property boom looks set to continue on the back of demand from abroad: Egypt’s property boom appears to show no signs of slowing down, particularly since the EGP float, according to OLX Egypt’s most recent report (pdf). The appeal appears to be significant among foreign investors and expats, with traffic of […]

The tourism industry’s revival continued in May with the number of tourists visiting Egypt in May increasing 32.9% year-on-year, according to a CAPMAS report picked by Youm7. The number of nights tourists spent in Egypt increased by 145.8% y-o-y in May to 5.9 mn nights, up from 2.4 mn during the same month last year. […]

CORRECTION - In yesterday’s issue we had mistakenly referred to Mohamed Elsewedy as the CEO of Elsewedy Electric in our Talk Shows segment. The President and CEO of Elsewedy Electric is Ahmed Elsewedy. Mohamed Elsewedy is the head of the Federation of Egyptian Industries and the leader of the Support Egypt coalition in the House […]