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Al Tayyar Group-Egypt is looking to borrow EGP 1.6 bn from a consortium of banks led by Bank Audi and Abu Dhabi Islamic Bank, Al Mal reports. The funding would allow it to develop a project in Nasr City.
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
EGP 8-10 bn invested in first phase of New Alamein city
Phase one of the government’s New Alamein City in Matrouh governorate will cost EGP 8-10 bn Al Mal quotes Housing Minister Mostafa Madbouly as saying. That compares with a pre-float estimate of about EGP 3 bn suggested last summer. The first phase of the project, with the exception of the residential tower blocks, is slated […]
Posted inTourism
King Tut’s funerary bed, Ramses II statue to be transferred to Grand Egyptian Museum
King Tutankhamun’s funerary bed will be transferred tomorrow to the Grand Egyptian Museum (GEM), after a team of Egyptian and Japanese team restored the bed at the Egyptian Museum in Tahrir, Al Borsa reports. The Ramses II statue currently at the Tahrir museum is also expected to be moved to the GEM within months, the […]
Posted inTelecoms + ICT
4G frequencies cleared and ready for use, NTRA says
The National Telecommunications Regulatory Authority (NTRA) is ready to hand over 4G spectra to the four local MNOs whenever they’re ready, sources close to the mattertell Al Mal. The MNOs are in the final steps of technical preparations to launch 4G services, CIT Minister Yasser Al Kadi tells Reuters. On a related note, Vodafone Egypt […]
Posted inBanking + Finance
El Said heads committee to restructure NIB
A government committee was formed to restructure the National Investment Bank (NIB), Planning Minister Hala El Said said, according to Al Borsa. The committee is headed by El Said and includes Deputy CBE Governor Lobna Helal, Deputy Finance Minister Mohamed Maait, and NIB’s Deputy Chairman Ahmed El Sayad. NIB’s mandate is to finance projects included […]
Posted inOther Business News of Note
Demand for glasses drops 40% as prices double y-o-y
Demand for prescription eyeglasses and sunglasses have dropped by about 40% from the levels of summer 2016 as prices have increased by more than 100% since then, Chairman of Magrabi Optical Ibrahim El Maghrabi told Al Mal. He says prices were impacted by the float of the EGP and, for sunglasses, the new value-added taxes […]
Posted inLegislation + Policy
House Manpower Committee disagrees over Labor Act clause on child labor
An article of the Labor Act guaranteeing child laborers’ right to pay sparked disagreements in the House Manpower Committee during discussions yesterday, Al Shorouk reports. MP Galila Othman claims the article would encourage children to drop out of school, while committee chairman Mohamed Wahaballah and Manpower Ministry representative Ehab Abdel Aty maintained it is geared […]
Posted inNational Security
Prosecutor General refers 48 to military judiciary over accusations of church bombings
48 people were referred to military judiciary on accusations of being members of Daesh and for allegedly being involved in three church bombings, Reuters reports. “Public prosecutor Nabil Sadek said in a statement on Sunday that some of the suspects held leadership positions in Islamic State and formed cells in Cairo and the southern province […]
Posted inON YOUR WAY OUT
Egyptian artisan modernizes fawanees Ramadan to compete with Chinese imports
An Egyptian fanous (lantern) maker is producing his lanterns with acrylic posters of celebrities in hopes of guarding local lantern production against competition from China, Reuters reports. Working out of his shop in Imbaba, Mohamed Gamal adorns his fawanees with the familiar faces of figures like President Abdel Fattah El Sisi, footballer Mohamed Salah, and […]
Posted inON YOUR WAY OUT
Conviction against Naji dropped, court orders retrial
The Court of Cassation dropped the verdict leveled against writer Ahmed Naji and ordered a retrial, Al Shorouk reports. Naji was convicted on public morals charges on the basis of an allegedly “obscene” chapter in a book he had written.