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President Abdel Fattah El Sisi met with Libyan Armed Forces chief General Khalifa Haftar in Cairo yesterday to discuss developments in the Libyan crisis, according to an emailed Ittihadiya statement (pdf). The president generated international headlines by stressing “the need to lift the arms embargo imposed on the Libyan army, given it is a fundamental […]
Author Archives: enterpriseam admin
Posted inEnergy
Dana Gas net income nearly doubles, output increases by 16% in 1Q2017
Dana Gas’ output increased by 16% y-o-y to 69,900 boepd in 1Q2017 driven by increased production from Egypt, according to Bloomberg. The company’s net income in 1Q2017 rose to AED 40 mn, from AED 22 mn a year earlier. Dana Gas says it is owed USD 1 bn from Egypt and Kurdistan, up from USD […]
Posted inEnergy
Shell to supply South Helwan plant with industrial oils
Shell signed an agreement to provide the South Helwan Supercritical Power Plant with industrial oils need for electricity generation, Al Borsa reports. The plant is operated by Mitsubishi Heavy Industries and Toyota Tsusho Corporation.
Posted inEnergy
Electricity Ministry reaches agreement with ACWA Power for 2.25 GW power plant
The Electricity Ministry has reached an agreement with ACWA Power to establish a USD 2.2 bn, 2.25 GW power plant in Luxor, unnamed ministry sources tell Al Borsa. The plant was originally planned for Dairut, Beheira, but was moved to Luxor to increase energy production in Upper Egypt. Cabinet had granted the Saudi company a […]
Posted inEnergy
EETC signs PPA with India’s Shapoorji under FiT phase 2
The Egyptian Electricity Transmission Company signed a power purchase agreement with India’s Shapoorji Pallonji Group for a USD 75 mn, 50 MW solar power plant under phase two of the feed-in tariff program, Al Borsa reports.
Posted inInfrastructure
Titan Cement reduces losses, increases sales in Egypt
Titan Cement reported a net loss of EUR 3.9 mn in 1Q2017, a decrease from the EUR 18.6 mn loss recorded a year earlier, according to Global Cement. “In Egypt, the group’s plants have been in full operation utilising locally-ground solid fuels, which allowed for an increase in production and sales volumes in the first […]
Posted inInfrastructure
Tunneling completed for the Cairo Metro Line 3’s Phase 4A
Tunneling operations of Cairo Metro Line 3’s phase 4A was completed at a total cost of EUR 257 mn as well as local currency portion of EGP 1.8 bn, Transport Minister Hisham Arafat said, according to Ahram Gate. Phase 4A, which is 5.15 km long and includes five stations will be for an earlier delivery […]
Posted inInfrastructure
Arab Contractors, Hassan Allam awarded infrastructure development project in New Cairo
The New Cairo City Authority awarded the Arab Contractors, Hassan Allam, and the Arab Contractors’ Association a EGP 350 mn infrastructure development project for mid-income housing in the area, Al Borsa reported on Thursday.
Posted inBasic Materials + Commodities
Domty bakery production line completed, to be operational in 4Q2017
Domty’s baked products line will begin production in 4Q2017, according a regulatory filing.
Posted inBasic Materials + Commodities
Sugar prices reduced for regular, commercial, industrial use
Sugar traders and manufacturers reached an agreement to reduce the price of sugar sold to regular consumers to EGP 10 per kg from EGP 10.50 per kg, effective immediately, Supply Minister Ali El Moselhy announced yesterday, Al Borsa reports. The decision also reduces the price of sugar sold to traders at EGP 9,000 per tonne […]