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US wheat exports to Egypt will stay rare, despite the most recent transaction in which Egypt bought 115k tonnes of US wheat, Reuters says. The purchase was just a stopgap measure to ensure enough supplies were present until offerings from Egypt’s favored sources in the Black Sea region were more readily available, traders say. Reuters […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Gov’t targets increasing grape exports by 25% y-o-y this season
The Agriculture Ministry wants to increase grape exports by 25% y-o-y to 126k tonnes during the current season that spans May to November, Al Borsa reports. An agreement signed by the ministry last year with Chinese companies is expected to boost grape exports, food producer Belco’s Chairman Sherif El Beltagui says. China imported only about […]
Posted inHealth + Education
Orascom Construction, BPE Partners among those said to have qualified for 200 schools PPP project
Al Borsa released the names of the companies it says have qualified for the 200 schools PPP construction project. 43 companies have been qualified for the project that has an estimated value of EGP 3 bn. Among the qualified companies, it says, are BPE Partners, Al Madaen Holding, Carillion, a consortium led by the UK’s […]
Posted inReal Estate + Housing
Housing Minister launches first phase of EGP 50 bn iCity October
Ground broke yesterday on the first phase of the EGP 50 bn iCity October development, Al Borsa reports. The residential project is being developed by the New and Urban Communities Authority in partnership with the Mountain View and Saudi’s SISBAN JV.
Posted inTourism
Tourist arrivals up by 48.6% y-o-y in March
The number of incoming tourists increased in March by 48.6% y-o-y to 654.9k tourists, according to CAPMAS statistics, Al Borsa reports. 31.9% of the arrivals were from Western European countries, with Germany topping the list. Tourists from the Middle East followed, with 24.6% of all arrivals. With Russian tourists still absent, Eastern European tourists made […]
Posted inTelecoms + ICT
CIT Ministry in talks to free up additional 4G frequencies
The CIT Ministry is negotiations with security entities to clear up additional frequencies for MNOs to use in providing 4G services, Al Mal reports. CIT Minister Yasser El Kady says the ministry will deliver the frequencies to MNOs once it is done redistributing them and after the agreements for domestic roaming are signed with Telecom […]
Posted inAutomotive + Transportation
Committee studying alternatives to automotive directive to submit report next week
The joint CBE-auto industry committee studying alternatives to the automotive directive will submit a report to bank Governor Tarek Amer next week, Al Borsa said on Monday. Back in April, it was announced that the committee — which has the backing of detractors of the automotive directive — had completed its report, the results of […]
Posted inBanking + Finance
EG Bank to borrow USD 20 mn from EIB for SME financing
EG Bank signed an agreement with the European Investment Bank (EIB) for a USD 20 mn loan to finance SME projects, the bank said, according to Al Mal. The funding’s details and maturity were not disclosed.
Posted inOther Business News of Note
VAT hikes movie production costs by EGP 2 mn per movie -Cinema Chamber head
Applying the value-added tax (VAT) increases the cost of movies filmed in Egypt by an average of EGP 2 mn, the Federation of Egyptian Industries’ Cinema Chamber head Farouk Sabry tells Al Borsa. The Chamber has been pushing for lowering the VAT rate, but the Tax Authority refused. The Chamber is also looking to get […]
Posted inOther Business News of Note
PureLife Filters to establish USD 1.3 bn chemical industries factory
PureLife Filters is planning to establish a USD 1.3 bn chemicals plant in Ain Sokhna, company chairman Sayed Habish announced yesterday, Al Mal reports. Habish says the investment is backed in part with Saudi and Japanese funding and disclosed no further details on the project.