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Wadi Degla Developments is launching a new EGP 2 bn residential project in Ain Sokhna, CEO Maged Helmy announced at the CityScape Egypt real estate conference yesterday, Al Mal reports. The compound will span 600k sqm, Helmy said, but did not clarify when the project is expected to be completed. Helmy also said the company […]
Author Archives: enterpriseam admin
Posted inTourism
Military airbase in Siwa might start hosting civilian flights
The air force base in the Siwa might be start receiving civilian aircrafts soon as part of an initiative meant to boost tourism to the area, Marsa Matrouh Governor Alaa Abou Zaid said on Sunday, according to Al Mal. The governor is in talks with top military commanders to hammer out an agreement.
Posted inAutomotive + Transportation
Discounts for cars in place until mid-April amid continued decline in sales
Discounts on cars will remain in place until mid-April or until a quota of car sales is reached, Volkswagen marketing manager at the Egyptian Automotive Company Maha El Naggar tells Al Mal. Distributors had announced a number of discounts last month to combat the slump in the industry’s sales which continues unabated. Industry sales fell […]
Posted inAutomotive + Transportation
Tuk-tuks assembled in free zones banned from entering local market, to be exported only
Tuk-tuks assembled in free trade zones will no longer be admitted into the local market and must be exported, an unnamed Customs Authority official told Al Borsa on Sunday. The ban is meant to close a loophole that allows free zone manufacturers to benefit from perks meant primarily for exports. Trade and Industry Minister Tarek […]
Posted inBanking + Finance
Egyptian Stock Exchange Foundation for Sustainable Development launched
The EGX board agreed to found the Egyptian Stock Exchange Foundation for Sustainable Development, with EGP 5 mn support from the EGX, according to a statement. It targets development projects in health including supporting Abu El Reesh hospital. The initiative was launched by assistant president for national and strategic projects and former interim President Adly […]
Posted inLegislation + Policy
House Manpower Committee gives preliminary nod to Labor Act, to begin discussions starting tomorrow
The House of Representatives’ Manpower Committee gave a preliminary nod to the new Labor Act on Sunday, Ahram Gate says. The committee approved most of the bill’s articles but plans to hold discussions starting from today to discuss pending issues, such as strikes, penalties, and health and safety codes, with business associations, labor union representatives, […]
Posted inLegislation + Policy
EFSA sends Leasing and Factoring Act to Ismail government for review
The Leasing and Factoring Act is with the Ismail cabinet for review before it’s delivered to the House of Representatives to be issued, Egyptian Financial Supervisory Authority boss Sherif Samy said in a statement on Sunday, according to Al Shorouk. New clauses were added to regulate SME financing, Samy added.
Posted inNational Security
Egyptian military air raid kills Daesh leader in Sinai
The Egyptian military says a Daesh leader in Sinai called Abu Anas Al Ansari was killed in an air raid last month, according to Reuters. Al Ansari “was one of the founders of the group which was formerly called Ansar Bayt al-Maqdis, now called Egypt's Sinai Province, and was responsible for arming and training militants. […]
Posted inON YOUR WAY OUT
Egyptian startups starting to looking for growth outside of Egypt
Egyptian startups are starting to look for growth opportunities beyond Egypt’s borders. “The last year has seen five startups leave for different climes, and four others are making their push out of Egypt in the next six months,” Rachel Williamson writes in Wamda. “The UAE is the most popular location for Egyptian entrepreneurs to scale […]
Posted inON YOUR WAY OUT
MP proposes allowing Christians to attend Al Azhar
An Egyptian MP stirred controversy by proposing opening the door to Christians to enroll in Al Azhar University, Christian Daily says, citing Al Monitor.