Egypt Edition 
MENA+ Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridors 
Logistics (MENA) 
Climate (MENA) 
Sales in Palm Hills Developments’ Palm Valley Mall and Palm Central projects in West Cairo recorded EGP 470 mn since their launch in April, the company said (pdf). Palm Valley Mall’s new sales reached EGP 360 mn and is set to be completed in 2019. EGP 110 mn came from the mixed-use multi-tenant building, Palm […]
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
Heliopolis Housing taps Global Lease for EGP 100 mn funding
Heliopolis Company for Housing & Development tapped Global Lease for a financial lease contract worth EGP 100 mn, according to an EGX filing. The funds will go towards water treatment projects for the New Heliopolis development. The contract matures in seven years and repayment will be made quarterly.
Posted inReal Estate + Housing
North Coast’s Stella Heights records EGP 2 bn in sales from 2009 till 2016
Remco Tourism Villages Construction’s Stella Heights in the North Coast generated EGP 2 bn in sales between 2009 and 2016, according to an EGX filing. Remco says it sold 80% of project and expects to generate EGP 2.5 bn once the entire project is sold.
Posted inReal Estate + Housing
Gov’t allocates extra EGP 500 mn for informal housing development
The Planning Ministry approved allocating an extra EGP 500 mn for the Housing Ministry’s fund for informal housing development for FY 2016-17, Al Masry Al Youm reports. Funding will go to Cairo, Gharbiya, Alexandria, and Port Said. 65% of the money will be spent on Al Asmarat neighborhood in Moqattam.
Posted inTelecoms + ICT
32.5% of internet users in Egypt were exposed to cyber threats in 1Q2017
32.5% of internet users in Egypt were subjected to cyber threats in 1Q2017, according a report by Booz Allen Hamilton cited by Al Masry Al Youm. This puts Egypt among MENA countries with the highest rates of cybercrimes, the report suggests. Booz Allen Hamilton had published a report in February called The Field Guide to […]
Posted inTelecoms + ICT
TE tries to capitalize on 4G smartphones
Infinix is in talks with Telecom Egypt (TE) to offer 4G smartphones once Egypt’s 4G network is officially launched, and expects to sign an agreement “soon,” Infinix Business Development Manager Ahmed Wagih tells Youm7. TE is also negotiating with other smartphone producers to capitalize on the mns of smartphone users who will need to purchase […]
Posted inTelecoms + ICT
Sony signs agreement with Jovi Tronix to become authorized retailer in Egypt
Sony signed an agreement with Jovi Tronix to make it an authorized retailer in Egypt for Sony’s Xperia smartphones and smart accessories, in addition to providing customer services, Al Borsa reports. The agreement is part of Sony’s plan to expand its activities in Egypt, Sony’s Regional Director Younis Sharkawy said.
Posted inAutomotive + Transportation
Auto sales down a bottomless pit
Auto sales dropped 43% year-on-year during April to 9.5k vehicles from 16.8k last year, according to a report from the Automotive Information Council (AMIC), picked up by Al Borsa. Passenger car sales were down 45% y-o-y to 6.3k units from 11.55k units in April 2016. Bus sales also dropped 44.6% y-o-y in April, while truck […]
Posted inBanking + Finance
HSBC hikes interest rates on short-term deposits, variable interest savings accounts
HSBC Egypt raised interest rates on its short-term deposit certificates of by 100 bps to 6.5% for one-week CDs and 10.3% on one-year CDs, Al Borsa reported on Tuesday. Variable interest savings accounts will also now carry interest rates ranging from 3.75% to 11%, after the bank issued a 75-200 bps hike. CIB, BLOM Bank, […]
Posted inOther Business News of Note
No private investment in national nature preserves –Fahmy
The Environment Ministry has not offered private companies the opportunity to invest in national nature preserves, Minister Khaled Fahmy said, according to Al Mal. Contractors were selected to develop three natural prreserves in the past to make them financially sustainable, Fahmy explained. These included the Petrified Forest Protectorate in Cairo, from which 10,000 tonnes of […]