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Irish national Ibrahim Halawa may be released from pre-trial detention “on humanitarian grounds,” Irish Foreign Affairs Minister Charlie Flanagan said, according to BreakingNews.ie. Halawa’s lawyers said in court yesterday that the medical examiner who visited the detainee last week had recommended more medical exams, which necessitate Halawa’s release. The judge said he would consider the […]
Author Archives: enterpriseam admin
Posted inManufacturing
Tahya Misr and Vacsera complete insulin plant feasibility study, to start construction in July
State-owned company Vacsera and the Tahya Misr Fund have completed feasibility studies for the USD 30 mn insulin plant that they will begin building in July, Fund Director Mohamed Ashmawy told Al Borsa on Wednesday. The plant is part of a joint Vacsera-Novo Nordisk project that aims to help Egypt meet its domestic demand for […]
Posted inManufacturing
Holding Company for Chemical Industries looking to establish USD 400 mn tire factory
The Holding Company for Chemical Industries is looking into establishing a USD 400 mn tire factory with the Transport and Engineering Company, the company’s president Yasser El Naggar said, according to Al Ahram.
Posted inHealth + Education
Korea International Cooperation Agency to provide USD 5.83 mn grant for new university in Beni Suef
The Korea International Cooperation Agency will offer a USD 5.83 mn grant to fund an Egyptian-Korean university in Beni Suef, the Korean embassy said in a statement picked up by Ahram Gate. The Higher Education and the Investment and International Cooperation Ministries signed an MoU with the agency regarding the project’s feasibility studies.
Posted inReal Estate + Housing
90% increase in number of Egypt’s vacation homes over past 11 years -Colliers International
The number of vacation homes in Egypt has increased 90% in the past 11 years, with the North Coast remaining the most popular destination for Egyptians to purchase a second home, according to Colliers International’s report on Egypt’s second home market. The depreciation of the local currency has driven up real estate sales as a […]
Posted inTourism
Tourism Ministry committee recommends minimum charge prices for hotels
The Tourism Ministry committee mandated with setting a minimum charge for hotels in Egypt is recommending that five star hotels in Cairo charge a minimum of USD 110 per night, committee head Magdy Naguib tells Al Borsa. The committee is also recommending that five star hotels in Sharm El Sheikh, Hurghada, Alexandria, and Luxor charge […]
Posted inTelecoms + ICT
Silicon Waha looking into establishing new tech zone in SCZone
Silicon Waha is looking into establishing a new technological zone over 30-40 feddans in the Suez Canal Economic Zone, Al Borsa reports. The company will discuss the project with officials from the SCZone next week, and is aiming to launch the zone next year, according to an unnamed government source.
Posted inAutomotive + Transportation
Kenya terminates 25-year concession for Qalaa to operate RVR
The Kenyan government terminated Qalaa Holdings-owned Rift Valley Railways’ 25-year concession last Thursday, according to Kenya’s Business Daily. The validity of the termination notice was the subject of the ongoing suit before court, Qalaa reportedly said in a statement on Wednesday. “Should a valid termination notice be issued, RVR shall have six months to cure […]
Posted inBanking + Finance
Banque Misr in talks to borrow USD 700 mn from international institutions
Banque Misr is in negotiations for USD 700 mn in funding to support its foreign currency liquidity, vice Chairman Akef El Maghraby told Al Mal. Banque Misr is in talks with Afrexim Bank for a USD 200 mn loan and USD 500 mn from the European Investment Bank. El Maghraby expects an agreement with Afrexim […]
Posted inLegislation + Policy
House tourism, industry committees voice objections to Investment Act
MPs are continuing to object to the Investment Act, with the House tourism and industry committees bellyaching over claims that the act neglects the needs of these sectors, Al Mal reports. Progress on the act has also been complicated by internal disputes within the House Economic Committee over the selection of Amr Ghallab as its […]