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SODIC and Talaat Moustafa Group (TMG) are among 15 companies that have submitted bids to buy land in the New Administrative Capital, a source at the company managing the project told Reuters’ Arabic service. The companies submitted financial and technical offers, the source said. The source said the technical bids were evaluated and the financial […]
Author Archives: enterpriseam admin
Posted inTourism
Ismail cabinet to discuss possibly repealing entry visa price hikes this Wednesday
Tourism Minister has been taking some flak at the ITB Berlin Travel Expo this weekend over the government’s decision to raise entry visa prices to USD 60. Concerns about travel to Egypt were less about security and more about visa fees jumping to USD 60 from USD 25 and reflecting negatively on the sector, according […]
Posted inTelecoms + ICT
CIT Minister heads to US to discuss ICT partnerships
CIT Minister Yasser El Kady is heading to the US tomorrow for a 10-day visit to promote investment in the ICT sector, according to a ministry statement. El Kady is set to meet with the heads of ICT development, research and advisory, and big data management companies to develop partnerships in the ICT industry.
Posted inAutomotive + Transportation
Auto companies to reimburse distributors for losses incurred during promotional wave
Some auto companies will be reimbursing their distributors for losses incurred after a recent wave of promotions that saw prices slashed by as much as EGP 55k for some brands, Al Mal reports. The amounts will be determined based on an average price calculation and paid in quarterly installments to distributors who paid a higher […]
Posted inBanking + Finance
Union National Bank to expand in Egypt, open branch in China
Union National Bank, which is 50% owned by the Abu Dhabi government, plans to expand "aggressively" in Egypt by opening more branches this year, CEO Mohammed Nasr Abdeen said, according to Reuters. The bank has 42 branches in Egypt currently. Abdeen also announced that Union National Bank has gotten approval from China's central bank to […]
Posted inBanking + Finance
Banque Misr looking to borrow USD 600 mn from international institutions
Banque Misr is in negotiations to secure USD 600 mn in funding, Chairman Mohamed Eletreby told Al Mal. Eletreby says Banque Misr is in talks with the African Development Bank, the EBRD, and “some Chinese institutions” and he expects the negotiations to be concluded within months.
Posted inLegislation + Policy
EGX tightens controls on “harmful activities” in the market, gives chairman right to suspend trading
The EGX issued executive regulations on Thursday giving the bourse chairman the right to intervene to limit “harmful activities” in the market. According to the regulations, the chairman reserves the right to suspend trading for any market participant under investigation for violating the capital markets law by EFSA for periods of up to one month. […]
Posted inEgypt Politics + Economics
Mubarak defense team permitted to amend appeal in trial on cutting communications during 25 January revolution
Former President Hosni Mubarak’s defense team will be allowed to re-submit an appeal against a verdict handed down to Mubarak, former Prime Minister Ahmed Nazif, and former Interior Minister Habib Al Adly for cutting electronic communications during the 25 January uprising, Ahram Online reports. The three were fined EGP 540 mn in May 2011 for […]
Posted inNational Security
Egypt participates in joint military drills with Bahrain, UAE
Egyptian ground, air and naval forces are participating this week in joint exercises with Bahrain and the United Arab Emirates, Al Masry Al Youm and Ahram Online report.
Posted inON YOUR WAY OUT
EBRD, EU celebrate 500th SME project in Egypt
The European Bank for Reconstruction and Development (EBRD) and the EU celebrated the conclusion of the 500th advisory project for small businesses in Egypt under the Bank’s EU-funded Advice for Small Business Program. “SMEs are a priority for the EBRD in Egypt as they are the largest job creators in the country. Up to 90 […]