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Eni and EGPC JV Belayim Petroleum Company (Petrobel) awarded ADES International Holding the contract for a three-month drilling campaign in an offshore concession in Egypt, Alliance News reports. Petrobel also agreed to renew ADES’ existing contract for an offshore jack-up drill rig for another six months, with the possibility of extending for another term. ADES […]
Author Archives: enterpriseam admin
Posted inEnergy
El Molla discusses investments with Greece-based Vegas CEO
Greece’s Vegas Oil and Gas intends to increase its investments in Egypt in the coming period and will be participating in upcoming oil and gas exploration tenders, CEO David Evans told Petroleum Minister Tarek El Molla in a meeting yesterday, according to a ministry statement. Vegas operates in the East Lagia concession in Sinai, where […]
Posted inBasic Materials + Commodities
BIM to expand retail outlets to 300 this year
Turkey’s BIM is increasing its retail outlets in Egypt to 300 this year from 256, Al Borsa reports. There is a need for commercial chains in the Delta and governorates other than Cairo, the company’s regional director says. BIM, which has invested around USD 77 mn in Egypt since it entered the market in 2013, […]
Posted inBasic Materials + Commodities
Egypt buys 50k tonnes of sugar in global tender
The state-owned Egyptian Sugar and Integrated Industries Company bought 50k tonnes of raw sugar from France’s Tereos in a global tender at USD 349 per tonne, Reuters reports. The shipment is scheduled to arrive in November.
Posted inHealth + Education
Health Ministry to open 50 refurbished Takamol hospitals in September
The Health Ministry plans to open 50 refurbished Takamol hospitals in September to be used as liver treatment centers and family health clinics, an unnamed ministry source tells Al Shorouk. The hospitals make up phase one of the ministry’s plans to rollout 402 Takamol hospitals that will be developed through public-private partnerships at a cost […]
Posted inTourism
Air Cairo begins running flights from Copenhagen to Sharm El Sheikh
Air Cairo began running flights from Copenhagen to Sharm El Sheikh yesterday, according to a Civil Aviation Ministry statement (pdf). EgyptAir Chairman and CEO Safwat Musallam said that the company will “soon” begin operating flights between Cairo and Alamein in the North Coast on Thursdays and Fridays, in Monday statement (pdf).
Posted inTourism
Sheraton Cairo reopens after extensive renovation
The Sheraton Cairo Hotel and Casino reopened its doors on Monday after completing extensive renovation work on its 326-room facility, according to a press release (pdf).
Posted inBanking + Finance
Government cancels sale of five-year treasuries on Monday
Egypt canceled its sale of five-year t-bills at an auction on Monday, according to CBE data. This was reportedly due to the high yields demanded by potential buyers, a Finance Ministry official told Reuters. Interest rates on the five-year bonds reached 23.6%, said the official, who speculated that higher rates were prompted by banks’ anticipation […]
Posted inBanking + Finance
Banque Misr arranging EGP 500 mn facility for Tanmeyah
Banque Misr is arranging a EGP 500 mn facility for micro financier Tanmeyah to fund upcoming expansion plans, sources in the banking sector tell Al Mal. The loan agreement will be signed in a few weeks’ time with a consortium of five-six banks, the sources say.
Posted inEgypt Politics + Economics
Prime Minister forms Food Safety Authority’s board of directors
Prime Minister Sherif Ismail announced yesterday the formation of the board of directors that will manage the Food Safety Authority, established after parliamentary approval back in January, AMAY reports. The board, which now includes 15 members representing the relevant ministries and state authorities, will report directly to the presidency and will be responsible for ensuring […]