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Pickalbatros Hotels launched its newest EGP 1 bn hotel in Sharm El Sheikh on Tuesday in a ceremony featuring Portuguese football star Cristiano Ronaldo and his family, Al Borsa said on Tuesday. The project will open on 19 May and features what company officials claim is the Middle East’s largest water park.
Author Archives: enterpriseam admin
Posted inTelecoms + ICT
CIT Ministry signs MoU with Visa Inc
CIT Minister Yasser El Kady signed an MoU with Visa President Ryan McInerney to develop Egypt’s digital infrastructure for financial transactions, according to a cabinet statement. McInerney also met with President Abdel Fattah El Sisi to discuss cooperating on the government’s electronic payment program, Al Mal reports.
Posted inAutomotive + Transportation
China’s JAC Motors, Hawtai planning to increase investments in Egypt
China’s Hawtai is looking to invest as much as USD 1 bn in Egypt’s auto manufacturing and component industries, the head of the company’s international department Jeffrey Zhang told Trade and Industry Minister Tarek Kabil, Ahram Gate reports. Kabil also met with deputy manager of JAC Motors’ international trade division Steven Wang, who told the […]
Posted inAutomotive + Transportation
Auto companies decrease sales targets due to market slowdown
Car distributors companies are slashing their sales targets for the remainder of the year by 30-50% due to the market slowdown following the EGP float, Al Mal reports.
Posted inAutomotive + Transportation
Plans to revive El Nasr Automotive not going so well, negotiations stalled
If there’s one company that has captured the attention of a certain generation of local-press journalists, it’s Nasser-era pet project El Nasr Automotive, where “a source” tells Al Mal that negotiations with potential foreign partners to restart operations at El Nasr have stalled. Shocking. To hear the local press tell it, the defunct national car […]
Posted inBanking + Finance
Crédit Agricole has no plans to exit its Egypt operations -Drion
Crédit Agricole is not planning on exiting its operations in Egypt, Crédit Agricole Egypt Managing Director François Edouard Drion told Al Mal. Drion added that Crédit Agricole Egypt has already received a USD 10 mn bridging loan from its parent to support operations in Egypt. He says there is a USD 20 mn tranche remaining, […]
Posted inEgypt Politics + Economics
Gov’t initiates EGP 1 bn employment program
The government has agreed to allocate EGP 1 bn to the Forsa employment program, which aims to create job opportunities across different governorates and villages Al Borsa reports. Social Solidarity Minister Ghada Waly said her ministry is already in negotiations with a number of private sector companies to increase employment. She added that beneficiaries of […]
Posted inON YOUR WAY OUT
Finance Ministry extends moratorium on capital market taxes until stamp tax is in place
The Finance Ministry issued a procedural document yesterday that extends the moratorium on implementing the capital gains taxes for stock-market transactions until the 0.125% stamp tax is approved by the House of Representatives and published in the official gazette, Al Borsa said on Tuesday. Deputy Finance Minister Amr El Monayer had said he expects the […]
Posted inON YOUR WAY OUT
Fetchr completes USD 41 mn series B financing
Dubai-based delivery business Fetchr announced raising USD 41 mn series B financing round led by New Enterprise Associates (NEA), according to CPI Financial. Other investors in the round include Nokia Growth Partners, Raed Ventures, Iliad Partners, BECO Capital, YBA Kanoo , Venture Souq, and Swicorp. The funding will be using to “continue expanding globally and […]
Posted inON YOUR WAY OUT
At least one quarter of MENA children live in poverty
At least one in four children in the MENA region live in poverty, according a UNICEF study. “These children are deprived of the minimum requirements in two or more of the most basic life necessities including basic education, decent housing, nutritious food, quality health care, safe water, sanitation and access to information.”