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Egypt repaid Dana Gas USD 40 mn that were overdue, CEO Patrick Allman-Ward announced. The payment, which came as part of the USD 750 mn Egypt paid IOCs, brings repaid debts by Egypt to Dana Gas in 2017 to USD 135 mn. Dana Gas says it is still owed USD 187 mn from Egypt. Dana […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Will Egypt have to scrap its policy on ergot, at least temporarily?
The Egyptian government can appeal an administrative court’s decision to return to a zero-tolerance policy on ergot in wheat imports, but the decision will have to be implemented during the appeals process, Khaled Ali, one of the lawyers who brought up the case, tells Reuters. If this is true, the government may be forced legally […]
Posted inBasic Materials + Commodities
PMI to pay back USD 100 mn arrears to Eastern Company by end of June
Philip Morris International (PMI) will pay about USD 100 mn in dues to Eastern Company by the end of June, government relations managers Ahmed El Sharkawi said, according to Al Shorouk. Eastern Company had reached an agreement with PMI to get it to pay back its dues dating back to July 2016 in EGP-equivalent.
Posted inReal Estate + Housing
Heliopolis Housing to offer 193 feddans for co-development
Heliopolis Company for Housing & Development is considering offering 193 feddans to be co-developed with a partner to build a services complex, according to an EGX filing. The land plot is on Cairo-Suez Desert Road and the development aims to serve the New Heliopolis project. It is set to include healthcare, education, entertainment, and commercial […]
Posted inAutomotive + Transportation
9.4 mn vehicles in Egypt as of 2016’s end -CAPMAS
There were 9.4 mn registered vehicles in Egypt as of the end of 2016, according to a CAPMAS report. Some 2.3 mn of the registered vehicles were in Cairo, 1.1 mn in Giza, and 622.2k in Alexandria. Other remaining 4.7 mn cars registered nationwide, 373.5k are taxis.
Posted inAutomotive + Transportation
Sahar Nasr meets with Careem reps
Careem Egypt CEO Ramy Kato discussed expanding in Egypt and industry regulation with Investment and International Cooperation Minister Sahar Nasr yesterday, according to a ministry statement.
Posted inEgypt Politics + Economics
Supreme Media Council takes on mantle of morality police
The Supreme Media Council decided during its meeting yesterday to impose a 200k fine on satellite channels and other media outlets “that broadcast material violating public morals.” The council will also revoke the outlet license if the offense is repeated three times within a six-month period, Ahmed said. According to Zakareya, citizens who report such […]
Posted inON YOUR WAY OUT
Sisi administration looks to net up to EGP 65 bn by selling, leasing reclaimed land
The Sisi administration thinks it can net some EGP 65 bn from the sale and rental of property it has confiscated as part of a drive to reclaim state land that was being used illegally or by squatters, according to a report by Al Borsa yesterday. The state has recovered some 1.7 mn feddans so […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.0388 | Sell 18.1418 EGP / USD at CIB: Buy 18.05 | Sell 18.15 EGP / USD at NBE: Buy 17.95 | Sell 18.05 EGX30 (Wednesday): 13,633 (+0.1%) Turnover: EGP 960 mn (40% below the 90-day average) EGX 30 year-to-date: +10.4% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
26 May-23 June (Friday-Friday): Window for firms to submit expressions of interest to the European Bank for Reconstruction and Development for consulting on Egypt’s oil and gas sector reform, London, UK. 07-09 June (Wednesday-Friday): 19th Annual Africa Energy Forum, Copenhagen, Denmark. 22 June (Thursday): Nile Summit scheduled to be held in Uganda. 26-28 June (Monday-Wednesday): […]