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23 solar power companies, including Scatec Solar, Orascom Construction, Al Fanar, and Acwa Power have presented initial approval letters from international finance institutions to fund their projects in the second phase of the feed-in tariff program, Al Borsa reports. Separately, the Egyptian Electric Utility and Consumer Protection Agency’s (Egyptera) board of directors is set to […]
Author Archives: enterpriseam admin
Posted inEnergy
Total to begin drilling at North Mahalla concession beginning of May
Total is set to start drilling the first exploration well in the North Mahalla onshore concession in the beginning of May, Al Shorouk reports, citing an unnamed EGAS official. According to the official, seismic scans of the concession indicate reserves of 3-5 tn cubic feet of natural gas. This comes as the Oil Ministry is […]
Posted inBasic Materials + Commodities
Gov’t imposes export tariff on fish for four months
The Trade Ministry imposed an EGP 12,000 per tonne tariff on the exports of fresh and frozen fish for four months, according to Reuters. President Abdel Fattah El Sisi had ordered “halting” fish exports last week over domestic price concerns. "This decision comes within the framework of the ministry's keenness to provide fish for the […]
Posted inBasic Materials + Commodities
Raya to build EGP 200-300 mn pasta manufacturing plant by year-end in SCZone
Raya Holding for Financial Investment will establish a EGP 200-300 mn pasta plant by year’s end in partnership with Poland’s Makarony Polskie in which Raya owns a 20% stake, CEO Medhat Khalil tells Al Mal. The factory will be located at the Suez Canal Economic Zone. Raya also plans to acquire a food industries company […]
Posted inBasic Materials + Commodities
160k tonnes of wheat collected during first two weeks of harvest season
The Supply Ministry has collected 160k tonnes of local wheat from farmers since harvest season began on April 15, an unnamed ministry source said, Al Shorouk reports. This comes as Beheira governor Nadia Abdo issued a decision yesterday imposing fines on trading the governorate’s supply of wheat in other governorates, Al Borsa reports.
Posted inHealth + Education
ACDIMA in talks to acquire United Pharma IV Solutions
The Arab Company for Drugs Industries & Medical Appliances (ACDIMA) is in talks to acquire United Pharma IV Solutions, Health Minister Ahmed Rady said, Al Borsa reports. According to chairman Abdallah Mahfouz, United Pharma has postponed deciding on three acquisition offers it previously received in anticipation of possibly reopening its IV factory. As we noted […]
Posted inTourism
Egypt feels disappointed by continued UK flight ban to Sharm
Egypt feels let down by the UK for keeping the flight suspension to Sharm El Sheikh, BBC’s Frank Gardner writes. “We have implemented all the recommendations made for improvements at Sharm and received regular and positive reports back from the UK. This means that Sharm el-Sheikh is comparable to the safest airports in the world, […]
Posted inAutomotive + Transportation
Alexandria Container Company to sue Canal Harbor & Great Projects for overdue port project
The Alexandria Container & Cargo Handling Company is planning on taking legal action against the Canal Harbor and Great Projects Company, which the Suez Canal Authority owns, for allegedly failing to complete a project at Dekheila port, Al Mal reports. The EGP 88 mn project, which the two companies agreed upon three years ago, was […]
Posted inAutomotive + Transportation
House ICT Committee meets with Uber, Careem reps
The House ICT Committee met with representatives from Uber and Careem to discuss the quality of their services and ensure their drivers follow legal requirements, Youm7 reports. The committee later issued a statement calling on ride-sharing apps, including Uber and Careem, to pay taxes and insurance as per the country’s legal requirements.
Posted inBanking + Finance
LG Egypt receives EGP 1.9 bn facility from Banque Misr
LG Egypt received a two-year EGP 1.9 bn facility from Banque Misr to finance supplier facilities, Al Borsa reports. Banque Misr and LG signed the agreement last week, and the bank will disburse the facility over one or two weeks, according to unnamed banking sources.