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China’s Angel Yeast Company is planning to establish a USD 40 mn yeast factor in Beni Suef, Al Borsa reports. The company had set up another factory in Egypt with an investment value of USD 80 mn in 2013, according to head of sales Ahmed Azazy.
Author Archives: enterpriseam admin
Posted inHealth + Education
AFD lends Health Ministry EUR 30 mn to improve healthcare, Japan grants Egypt USD 18 mn to build new Abou El Reesh hospital
The French Agency for Development (AFD) is giving Egypt a EUR 30 mn loan to improve healthcare services, Health Minister Ahmed Rady says, Al Mal reports. The facility is earmarked for equipment and training in Ismailia, Suez, Port Said, Sharqiya, and Daqahliyah. AFD is also providing the ministry a EUR 1 mn grant. Meanwhile, Japan […]
Posted inBanking + Finance
EETC to sign EGP 18 bn loan agreement with NBE, Banque Misr this week
The Egyptian Electricity Transmission Company (EETC) is expected to sign an EGP 18 bn loan with the National Bank of Egypt and Banque Misr this week, EETC head Gamal Abdel Rehim tells Al Borsa. The loan is one of two the banks are arranging to fund expansions to handle a production capacity of 18 GW […]
Posted inTourism
Hajj demand to fall by at least 30% as prices go up
The number of applicants for hajj is expected to fall by 30-40% y-o-y as prices increased, tour operators told Al Borsa. They blame the cost increases entirely on the EGP devaluation. A source tells Al Borsa the cheapest hajj package will be by bus and is expected to cost a minimum of EGP 40k.
Posted inTourism
Ras Sudr Investors Association plans to establish medical tourism resort
The Ras Sudr Investors Association looking into the feasibility of a medical tourism resort in Ras Sudr featuring sulfuric springs and other natural medical remedies, association head Ali El Sherbany tells Youm7.
Posted inTourism
JWT to launch tourism campaign in Europe by month’s end
JWT is planning to launch a tourism promotion campaign in Europe by the end of the month, Tourism Development Agency head Hisham El Demery said, Al Borsa reports, targeting Germany, Italy, and Ukraine. The TDA is also sending a delegation of Egyptian tourism and aviation companies to four Indian cities next month to attract Indian […]
Posted inTourism
Hurghada-bound Thomas Cook flight returns to Manchester due to technical fault
A Hurghada-bound Thomas Cook flight with 219 passengers on board was forced to return to Manchester one hour into its flight “as a precaution due to a possible technical fault,” The Sun reports.
Posted inOther Business News of Note
Sawiris in North Korea
Naguib Sawiris was reportedly in Pyongyang and met with senior officials of the Workers Party of Korea, RT reported on Saturday, citing North Korean news sources. Details of what was discussed remains scant, but it is likely discussions included talks of the mess with Koryolink.
Posted inLegislation + Policy
Amendments to Anti-trust Act to combat subsidies fraud
The government has apparently written up amendments to the nation’s anti-trust act to toughen penalties for retailers who defraud the subsidy system. The State Council has completed its review of the amendments, according to Al Borsa. The Council has also completed reviewing the executive regulations of the Civil Service Act and has received the Universal […]
Posted inNational Security
Airstrikes kill 19 militants including three Daesh-affiliated leaders
Airstrikes killed 19 militants, including three leaders of Daesh affiliate Ansar Bayt Al Maqdis, the military said in a statement on Thursday, two days after an attack on a checkpoint in St. Catherine that left one policeman dead and four others injured.