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Egypt is expected to receive two more fuel shipments from Saudi’s Aramco this week, with next month’s shipments set to follow a regular schedule, Egyptian General Petroleum Corporation CEO Abed Ezz El Regal tells Al Borsa.
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Egyptian Steel to build EGP 6 bn cement manufacturing plant
Egyptian Steel broke ground on a EGP 6 bn cement manufacturing plant in Sohag, Al Mal reports. The project is part of a building materials complex that is being established by China’s Sinoma-CDI. The plant, which is scheduled for completion in 2018, is projected to have an annual production capacity of 2 mn tonnes.
Posted inBasic Materials + Commodities
El Garhy Group for Steel to establish USD 200 mn pellet manufacturing plant
El Garhy Group for Steel is building a USD 200 mn iron ore pelletizing plant, Chairman Gamal El Garhy tells Al Mal. Once completed, the plant will have a production capacity of 1.5 mn tonnes of pellets annually, covering the needs of the group’s steel rolling mills. New production lines will also increase the Group’s […]
Posted inManufacturing
Sima Food Industries looking to increase prices, exports
Sima Food Industries is looking to raise its prices 5% and its exports 10% this year to offset increased costs, Al Mal reports. The company is eyeing new export markets, including Russia, Ukraine, and Kazakhstan and is also looking to increase its annual production capacity to 25k tonnes from 20k tonnes, according to Sima’s head […]
Posted inTourism
Egypt, Saudi Arabia refuse to allow private companies to fly Egyptians for umrah
Civil aviation authorities in Egypt and Saudi Arabia have refused to grant private charter airlines licenses to fly Egyptians to Saudi Arabia for the current umrah season, Al Shorouk reports. The refusal came despite the shortening of the umrah season and the increase in airfares. Tour operators organizing umrah trips suggest the cost this year […]
Posted inTelecoms + ICT
NTRA asks MNOs to buy equipment to prevent frequency interference
Mobile network operators will receive their 4G spectrum after they take possession of equipment the National Telecommunications Regulatory Authority required them to import in order to prevent frequency interference between the networks, an unnamed source tells Al Mal. The equipment will cost 10% more than the operators paid for the 4G licenses, according to the […]
Posted inTelecoms + ICT
ICT Minister inaugurates Huawei Customer Solution Innovation and Integration Experience Center
Huawei’s USD 5 mn Customer Solution Innovation and Integration Experience Center (CSIC) was inaugurated today by ICT Minister Yasser El Kady, according to a ministry press release.
Posted inBanking + Finance
EGPC in the market for an EGP 10 bn loan
The Egyptian General Petroleum Company (EGPC) is negotiating for a EGP 10 bn loan with a banking consortium led by CIB to finance oil imports, Al Mal reports. Four-to-five private banks are funding the facility that is expected to carry a tenor of five-to-eight years, unnamed sources said. The sources add that the Egyptian Electricity […]
Posted inBanking + Finance
Blom Bank Egypt records revenue growth in 2016
Blom Bank Egypt recorded revenues of EGP 539 mn in 2016 compared to EGP 372 mn in 2015, Managing Director and CEO Mohamed Ozalp said on Sunday, Al Borsa reports. The bank will be focused on expanding its domestic activities, which in the near term include a EGP 12 mn securities firm that will launch […]
Posted inOther Business News of Note
A15 partners with Dell EMC
Orascom’s tech arm A15 signed a partnership agreement with Dell EMC to provide technological support and training programs to startups, Al Mal reports.